MOT: Airlines To Immediately Lower Airfares For Domestic Flights

(Image: Malay Mail/Choo Choy May)

The Ministry of Transport (MOT) has urged airline companies within the country to reduce their airfares for domestic flights immediately, without requiring further government intervention. This is especially with regard to the current airfares to Sarawak for the upcoming state election and holiday period, which has drawn intense public scrutiny over the past week.

“This is a matter of serious concern to the government and many discussions have been held to resolve this issue which affects many people, from the travellers themselves to the family members they long to reunite with after much time apart due to the Covid-19 pandemic,” said the Transport Minister, Datuk Seri Wee Ka Siong via a Facebook post, acknowledging that the current fares are taxing for consumers, and that the government is aware of the concern and feedback from the public.

Last week, the Malaysian public, along with non-governmental organisations (NGOs), has highlighted and
questioned the exorbitant price of flight tickets from Kuala Lumpur to Sarawak
. In fact, some netizens even pointed out that the price for one-way Kuala Lumpur-Sarawak flights from Malaysia Airlines (MAS) is even pricier than for Kuala Lumpur-London flights on Christmas day.

In response, MAS explained that the price of its flight tickets are
determined by the market’s demand and supply
. AirAsia also clarified that the high airfares to Sarawak is due to
limited flights and high seasonal demand
. Specifically, AirAsia said that the flight frequency to Sarawak was reduced due to limitations imposed by the Ministry of Transport Sarawak (MOTS) and Sarawak State Disaster Management Committee (SDMC).

To resolve the matter, Wee said that MOT has met with MAS, AirAsia, and Malindo to discuss the necessity of reducing airfares for the people’s benefit. “Malaysia Airlines has pledged to add additional flights to Sarawak in December, which should result in reduction in fares to the state. The Malaysia Aviation Commission (MAVCOM) and Civil Aviation Authority of Malaysia (CAAM) are also prepared to approve more flight frequencies,” he added.

Moreover, Wee said that the MOT has also contacted the Minister of Transport for Sarawak, Datuk Lee Kim Shin, requesting for the state government to return the decision-making authority over flight frequencies to MAVCOM. “Although we fully understand and align with Sarawak’s need to contain Covid-19, state governments and their related agencies must do their part to let market supply and demand prevail and fully allow airlines to increase their air passenger service frequencies based on market-driven consideration,” he said.

(Image: The Borneo Post)

Meanwhile, the SDMC and state transport authorities have decided to increase the frequency of flights into the state, from the current 223 to 307 per week. This new allowance will take effect from December 2021 to 5 January 2022, with the flights being operated by MAS, Firefly, AirAsia, Malindo, and Scoot.

MAS
, for instance, confirmed that it will increase the frequency of its Kuala Lumpur-Kuching flights from 21 to 35 weekly during this period, whereas Kuala Lumpur-Bintulu/Miri/Sibu flights will be increased from 7 to 14 per week. With this, it is hoped the fares will be reduced.

Finally, Wee reminded all industry players to avoid hiking air fares in a bid to address the wide public perception that airlines are trying to recoup their losses during the pandemic by doing so.

(Sources:
Malay Mail
,
Free Malaysia Today
)

0

0

votes

Article Rating

SHARE

TAGS:

AirAsia

Airlines

Civil Aviation Authority of Malaysia

Covid-19

Datuk Lee Kim Shin

Datuk Seri Wee Ka Siong

Domestic Flights

Domestic Travel

Firefly

Flight Tickets

Flights

Malaysia Airlines

Malindo

Malindo Air

MAS

Mavcom

Ministry of Transport Sarawak (MOTS)

Ministry of Transport Sarawak (MOTS) and Sarawak State Disaster Management Committee (SDMC)

Sarawak

Sarawak State Government

Scoot

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Credit Card Rewards Points vs. Cash Back is Chong Wei vs. Lin Dan

Chong Wei and Lin Dan have one of the most epic rivalries in badminton history. World Number 1 vs. Olympic Champion. Is there a real “winner” between these two? Nobody can really tell, and that is how the RinggitPlus.com team feels about credit card cash back and rewards points.

We recently took a good look at both areas (
Fight Rising Prices with The Best Cash Back Credit Cards
 and
What’s The Point of Reward Points
) so we thought it was about time to figure out how they compared.

Credit Card Reward Points vs Cash back Dollar for Dollar

The best cash back credit cards in the market are currently offering around 5% rebates. So every RM1 you spend you could earn back up to 5 cents. It might not seem like much but it can add up to RM50 a month and RM600 a year.

When it comes to rewards points, most credit cards only give 1 point for every RM1 you spend. So what is a single reward point worth?
Our research showed
 us that, in most cases, 1 reward point is worth around 0.5 cents.

In order to earn RM50 of rebates via the best cash back credit cards you would need to spend RM1,000. However, if you wanted to earn RM50 of rebates from your rewards points you would have to spend RM10,000!

If cash back is worth 10x more than rewards is the competition over already? Absolutely not.

Second Set Heats Up for Credit Card Reward Points

There are two reasons why cash back
credit cards
 haven’t smashed the rewards point’s hopes just yet.

Firstly, most of the cash back credit cards that offer attractive 5% rebates also cap the maximum you can earn to RM50 to RM100 per month. This means you are only earning the cash back rebate on the first RM1,000 or RM2,000 you spend. If your monthly credit card bills are higher than this then you are unlikely to earn very much on the additional spending.

Secondly, not all credit cards give you 1 reward point for every RM1 you spend, some give you many more. Maybank has a number of credit cards (such as the
Maybankard 2 Gold Card
) that offer 5 x Treatspoints for every RM1 you spend. In this case each RM1 you spend will earn you up to 2.5 cents worth of points.

So if you are using the
Maybankard 2 Gold Card
, you only need to spend RM2,000 to earn rebates worth RM50 from your rewards points.

Wait, we know what you’re thinking, “I have to spend twice as much on the
Maybankard 2 Gold Card
 to earn RM50 as I do on other cash back cards!”. You’re absolutely right. Is this game, set and match to cash back?  Not quite, and here’s why.

Game Over for Credit Card Reward Points?

If you usually spend around RM1,000 to RM2,000 a month on your credit card then a 5% cash back card would be best for you. The
OCBC Titanium
 would reward you with RM50 of cash back every month.

However, if your monthly credit card bills run to RM3,000 – RM5,000 then you should really think about switching to the
Maybankard 2 Gold Card
. In this case the
OCBC Titanium
 would only earn back RM50 of cash back whereas the
Maybankard 2 Gold Card
 would earn you RM60 to RM100 worth of Treatspoints.

This is the big advantage of rewards points – banks don’t cap the maximum amount you can earn. No matter how much you spend you will still be given rewards points. If you spend RM10,000, you will earn RM200 worth of points

The RinggitPlus.com Team’s Advice

So who’s the winner in this epic battle? 5% cash back or 5x Treatspoints? It really depends on how you use your credit card.

If you are a light spender with RM1,000 to RM2,000 a month, then a cash back credit card will give you more for your money. But if you’re addicted to your plastic and charging RM5,000 or RM10,000 a month you are better served by the
Maybankard 2 Gold Card
.

Just like Lin Dan and Chong Wei, there’s no real winner.

PS: The
Maybankard 2 Gold Card
 also offers 5% cash back on weekend spending. Find out more in
Fight Rising Prices with The Best Cash Back Credit Cards
.

2

1

vote

Article Rating

SHARE

TAGS:

Cashback vs Rewards

Credit Card Comparison

Credit Card Rewards Points

Rewards Points

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


EPF Withdrawals Will Cause Modest Negative Impact On Its Assets

(Image: The Star/Raja Faisal Hishan)

Head of regional equity research for Maybank Kim Eng, Anand Pathmakanthan has commented that withdrawals from the Employees Provident Fund (EPF) through facilities such as i-Sinar will have a modest impact on the provident fund’s assets under management (AUMs). However, it would not cause a dislocation event for the domestic capital market.

Briefly, a market dislocation event is described as any events or developments that could result in volatility in the commodities market.

According to Anand, the withdrawals were found to be more impactful in the past two quarters.  Given the substantial money market buffers that the EPF has in its portfolio, however, it was able to absorb it.

“If we look at the EPF’s investments make-up, there are always substantial money market buffers in their portfolio. They will invest 30% in equity, 40% in fixed income, 20% in properties, but always 5% to 7% in the money market instruments, which is highly liquid and substantial at about RM70 billion the last time we checked,” explained Anand. To note, the EPF presently has AUMs that total to
almost RM1 trillion
.

Anand also emphasised that there is always liquidity to ease the impact of the current withdrawal stress. “If you are asking me whether the EPF has to go into the fixed income market and start selling down holdings, that is definitely not something we would expect them to do,” he reassured.

(Source:
The Malaysian Reserve
)

0

0

votes

Article Rating

SHARE

TAGS:

Anand Pathmakanthan

Employees Provident Fund (EPF)

i-Sinar

i-Sinar Withdrawal Scheme

Maybank

Maybank Kim Eng

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Public Bank Credit Cards Will No Longer Offer Rewards, Cashback On Insurance Transactions

(Image: The Edge Markets)

Public Bank has announced a revision to its credit card benefits on insurance transactions. Effective 1 August, insurance transactions will be officially excluded from earning benefits and rewards from Public Bank and Public Islamic Bank credit cards.

Insurance transactions (MCC5960 and MCC6300) will be excluded from credit card benefits including but not limited to:

Cash MegaBonus
Cash Rebate/Cash Back
Air Miles Points
VIP Points.

While the new exclusion is meant to apply to all
Public Bank and Public Islamic Bank cards
 at large, these two particular card features below will not be affected by the revision:

Card
Benefit
Mutual Gold-PB Visa Platinum Credit Card
Additional 0.3% Mutual Gold Cash Bonus on cardmember’s birthday month
PB-AIA Visa

Gold Credit Card
0.2% cash rebate on AIA insurance premiums for AIA transaction acquired by PBB at AIA branches

If you have any enquiries, feel free to contact PB Card Services at 03-2176 8000 or email
[email protected]
.

3

2

votes

Article Rating

SHARE

TAGS:

Air Miles

Cash MegaBonus

Insurance Transactions

Public Bank

Public Bank Credit Cards

Public Islamic Bank

Public Islamic Bank Credit Cards

Rewards

VIP Points

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (2)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

2
 Comments

 Inline Feedbacks

View all comments

    Kk liew

    2 years ago

Where you find this source from? I don’t see any updates from PBE official news.

0

Reply

    Jacie Tan

    2 years ago

    Reply to

        Kk liew

It’s posted on the Public Bank announcement page
https://www.pbebank.com/Announcement.aspx

0

Reply


Finance Minister: Financial Knowledge And Planning Vital In Preventing Bankruptcy, Scams

(Image: The Star)

The government and its relevant agencies will always emphasise the importance of financial knowledge and planning to the people, said Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz. This is due to the role of financial knowledge and planning in helping Malaysians avert unmanageable debt, bankruptcy, and various scams.

According to the finance minister, lack of financial knowledge and planning could be a contributing factor to an uncertain future. “Through budgeting, you can avoid excessive spending, unmanageable debt, bankruptcy, and dependence on others,” he said.

Tengku Zafrul added that the issue would always remain current given its relevance to everyone at all stages of life. “There’s no age limit for planning finances. It is very much encouraged to start planning from an early age so that we can profit from the longer period to strengthen our financial situation and build our wealth,” the finance minister said.

The finance minister was speaking at the launch of the national “My Money and Me” programme, held in conjunction with Global Money Week 2021. Organised by the OECD International Network on Financial Education, the theme for the initiative was “Take care of yourself, Take care of your money” which highlights the importance of becoming financially literate in order to make responsible decisions in personal finance.

This year’s “My Money and Me” features speakers from various financial institutions including the Credit Counselling and Debt Management Agency, Federation of Investment Managers Malaysia, Inland Revenue Board of Malaysia, Bank Negara Malaysia, Securities Commission Malaysia, Life Insurance Association of Malaysia, Malaysian Takaful Association, and Malaysian Financial Planning Council.

(Source:
Malay Mail
)

0

0

votes

Article Rating

SHARE

TAGS:

Finance Minister

Financial Knowledge

Financial Literacy

Financial Planning

Global Money Week 2021

Minister of Finance

My Money And Me

Personal Finance

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Bursa Welcomes Malacca Securities As First Islamic Participating Organisation To Offer Shariah Discretionary Trading Services

Bursa Malaysia has welcomed Malacca Securities Sdn Bhd onboard as the first Islamic participating organisation that offers
shariah
 discretionary trading services. This is as the local bourse continues to enhance its infrastructure to provide wider and easier access for investors to participate in the equity market.

“With the addition of
shariah
 discretionary trading, the investing public will have more options when investing in the equity market,” said the chief executive officer of Bursa Malaysia, Datuk Muhamad Umar Swift, adding that other organisations should also consider offering
shariah
 discretionary trading services to their clients.

Discretionary trading is a form of trading that is suited for retail clients who wish to invest in equities, but are unable to monitor the market personally. As such, a participating organisation (in this case, Malacca Securities) will execute mandated trades on behalf of the client.

(Image: The Sun Daily)

The managing director of Malacca Securities, Lim Chia Wei said that the company has been offering conventional trading services since 2016. Meanwhile, its capability to provide
shariah
 discretionary trading came following the issuance of a pronouncement by the
shariah
 committee of Bursa Malaysia Islamic Service Sdn Bhd. Essentially, the pronouncement now permits Islamic participating organisations to offer such discretionary trading for their clients based on
shariah
 principles.

Ultimately, Lim said that Malacca Securities hopes to continue helping clients to achieve the best returns possible using reliable trading and execution strategies. “This will relieve clients of the need to spend excessive time formulating trading decisions when dealing with the stock market,” he said, adding that investors will attain a tailored, structured, and
shariah
-compliant discretionary equity portfolio via Securities Malacca’s services.

(Source:
Bursa Malaysia
)

0

0

votes

Article Rating

SHARE

TAGS:

Bursa Malaysia

Bursa Malaysia Islamic Service Sdn Bhd

Datuk Muhamad Umar Swift

Discretionary Trading

Equities

Lim Chia Wei

Malacca Securities Sdn Bhd

Shariah Discretionary Trading

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Top 5 Malaysian Money Myths to Discard

In your life as a working, financially independent Malaysian; you may have no doubt come across some one or the other saying one of these things to you as if it’s the gospel truth about money and finance. Whilst every one one of these prevailing bits of advice will have a nugget of truth imbedded somewhere in it; much like Chinese Whispers; it may have been convoluted along the way by inaccurate retelling; maybe had an ’embellishment’ or could just not apply in this day and age. But we have little else to fall back on. Most of the financial resources we have available come from the US or UK – it’s no wonder we continuously hold the death-grip on these Malaysian Money Myths as if they are the only way.

These ideas are ingrained in most Malaysians – including most of us in the content team until we started at RinggitPlus. Check out these common money myths that unfortunately, doesn’t hold up very well in our current reality.

1. Mortgages are Cheap

I guess this depends on your definition of cheap. Mortgages may give you numerically lower interest rates when compared to other consumer loans (usually 4.5% on a reducing balance compared to car loans which are 4.4% on a fixed level) but the usually large amounts and longer repayment makes it far from being ‘cheap’. This situation is expounded when people take additional amounts to pay off their house insurance (MRTA or MLTA); renovations and furniture purchases. The idea that a home loan is cheaper than a credit card or personal loan pushes them to apply for additional amounts for these extras and what inevitably happens is that that RM2,000 couch has accumulated another RM2,000 in interest over the 30 years you took paying it off. And the couch probably lasted only all of the first five years of that loan.

Perhaps the reason this idea lives is because of low percentage; but once you’ve done the math; it gets hard to call an interest charge of RM130,000 (estimated interest charge at today’s rate on a RM280,000 loan) accumulated over 25 years ‘cheap’. Are home loan interest rates lower than other consumer loans? Yes, and that’s because of the huge collateral you’ve put on top of it (your house!) but does a low rate make it cheap? Not so much.

Reality Bites
: Okay, so loans aren’t cheap but we’re not multi-millionaires who can afford homes on cash! Heck, even with loans some of us struggle. True; we need home loans but maybe it would help not to use your home loan for other items like furniture and kitchen renovations. In fact, a 7 year personal loan even at a higher interest rate may end up being cheaper if you pay it off quickly. For example; taking a personal loan of RM100,000 to pay for your furniture and renovation with 9% interest rate and the max tenure of 7 years will see you paying RM63,000 in interest. A top-up on your home loan for the same amount at half the interest (4.5%) will see you paying RM82,000 in interest after 30 years. Lower rate; yes but at long tenure- not cheap.

2. All Contracts “Are Standard”, So I Don’t Have to Read the Terms

Have you ever wanted to read your credit card sign-up form or your hire purchase loan agreement in detail only to have the bank officer or agent hurry you along saying “Ayaaaaa, no need to read all that, wan. These contracts all standard.” In the first place; few of us actually question what ‘standard’ is much less why the contract being ‘standard’ means we don’t have to read it. The result is, many Malaysians really do listen and opt to just skim over the fine print. What then happens is we end up signing off on things we don’t really want or worse; have no idea what we signed off on.

Reality Bites
: The ‘standard’ contract cry probably meant that the form does not deviate from usual industry forms on the subject matter but if you aren’t a conveyancing clerk reading Sale & Purchase Agreements everyday; or a bank clerk typing up hundreds of home loans; you probably aren’t familiar with everything that is contained in a standard contract for it’s purpose anyway. This is why it pays to read it thoroughly. Also, with a lot of new types of banking products in the market, it is possible that the form you remember from a couple of years ago is no longer industry template. Reading takes a bit more of your time but we cannot stress enough how important it is especially when signing on for new banking products.

Also, if you do read and find a term you are uncomfortable with; you will be able to address the issue with the other party.

3. Having Children is the Best Retirement Strategy

Asian Filial piety makes many a parent in Asia (not just Malaysia) assume that they don’t need huge retirement funds – all they need to do is have children. They even pass on this nugget of advice to their adult children – “Why don’t you have children? Who’s going to take care of you when you are old?” It’s by no means a bad practice and we are all for children taking care of their parents in old age but lately, tough economic conditions, low wages and high inflation is making it almost impossible for many offspring to carry out this expected duty. The average young exec today earns approximately RM3,000 – RM4,000. With costs of living increasing; wages stagnating and property being out of reach for these youths; so many young people can barely afford to support themselves much less aging parents with high medical bills. It’s not that they don’t want to; it’s just that they can’t even though so many make a valiant effort out of trying.

Reality Bites
: Young executives are taking longer and longer to move out of their parent’s home and live independent lives. The
prices of property just don’t
 allow them that ‘luxury’. Unable to build their own lives; it’s going to be a tall order to expect them to support not one but two aging parents (unless there are multiple siblings to help). There are no guarantees that the youth of the future are going to fare much better and whilst that uncertainty hangs in the air – perhaps the best thing to do is to actually have a retirement plan that involves saving more. Childbirth can always be Plan B.

4. “My Uncle/Grandfather/Best Friend’s Aunty Twice Removed Recommended This Product so it Must be Good”

We Malaysians love taking the advice of people close to us. We will buy almost everything they recommend. This social buying trend is heightened with the introduction of social media. You don’t even need to meet your girls at the
kopitiam
 to trade tips – you can just click share. “Hey, check out this awesome insurance policy!” And with that, you click buy. The problem isn’t that your friends or relatives are out to cheat you – they may genuinely think/believe the product to be the best ever. The problem is; if they haven’t done enough market research, it’s possible they don’t know every product in the market to know if this is the best. Secondly, financial attitudes and needs vary – what may be the perfect product for them, may not be for you.

Reality Bites
: We all love to share when we feel we’ve found a great product or service and the process isn’t just welcome; it’s the backbone of many a successful business. But buying a policy or applying for a banking product is a lot less like trying out a recommended restaurant and more like an arranged marriage to a stranger (wait, do we still do that?). It’s a big decision and one you should carefully weigh before committing to (the banking product; not the marriage – that isn’t really our forte). Best to compare (hey, like on our site!) and do the necessary question-asking at the bank before you sign up.

5. “If You Don’t Have a House/Investment Portfolio/Personal Financial Advisor by the Time You Are 30; You Are a Failure

…and will be selling RM0.99 garments in sweatshop factories at age 60 to make ends meet. Or something equally dire and exaggerated. This is not s much a Malaysian idea but one we seem to lately have borrowed from generic internet advice. Ideals are great on paper and generic advice is great when you’re “playing safe”. But as we spoke about
such goals in our article on turning the big 3-0 last week
; expectations like these are rarely helpful. Is it good to be a pro investor raking in moolah? Of course it is. Is it then awesome to have a personal financial advisor to help you count and plan your weekends with all this moolah? To be sure! Would it be over the top grand to do all of this in your very own penthouse in Mont Kiara? Sign me up! But should you buy a house when you’re not financially ready for it; invest money you don’t have much of with no investment know-how and hire someone you can’t afford to pay just because someone was of the opinion that “it is time?” No, absolutely not.

Reality Bites
: Not everyone earns enough to be able to afford a house at 30. Not everyone is savvy with investing nor has the funds to risk. It doesn’t mean there’s something wrong with you or that you have no options. Very few Malaysians actually have all these things people talk about in lofty advice columns. If you practice prudent money management: saving, budgeting and spending wisely – you’re doing it right already.

That’s the top 5 we could think of. Do you have anymore Malaysian money myths you’d like to debunk? Let us know in the comments.

0

0

votes

Article Rating

SHARE

TAGS:

Contract Terms

Contracts

Family

Financial Behaviour

Financial Myths

Mortgages

Personal Finance

Retirement Planning

About THE AUTHOR

Diana Chai

Diana Chai

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Bursa Malaysia Launches World’s First Shariah-Compliant Carbon Exchange

(Image: The Edge Markets)

Bursa Malaysia had officially launched its voluntary carbon market, dubbed the Bursa Carbon Exchange (BCX), which enables companies and other entities to trade voluntary carbon credits from climate-friendly projects and solutions in a bid to meet their climate goals. It is also said to be the first
shariah
-compliant carbon exchange in the world, and is set to conduct its first trade via auction in March 2023.

Carbon credits are essentially described as a kind of tradeable permit that allows an organisation the right to emit a set amount of carbon dioxide (one credit is typically equivalent to one tonne of carbon dioxide emission). The credits can be generated from nature- or tech-based solutions that result in the reduction, removal, or avoidance of greenhouse gas emissions. It is then sold on an exchange to interested companies that may use it to offset their own existing carbon footprint, keep it for future use, or re-sell standardised contracts with underlying carbon credits through a trading platform.

To clarify, standardised contracts refer to a collection of carbon credits that share certain attributes. These include traits such as project type (such as nature- or tech-based solutions), geography, or standards.

(Image: The Malaysian Reserve/Razak Ghazali)

In a statement, Bursa Malaysia stated that the BCX seeks to support Malaysia’s ambition of achieving its target of net zero greenhouse gas emission by 2050. At the same time, it helps corporates in Malaysia to gradually shift towards green economy and meet global demands for a sustainable supply chain.

Chairman of Bursa Malaysia, Tan Sri Abdul Wahid Omar said that Malaysia’s BCX will pay a significant role in supporting the nation’s and the world’s voluntary carbon market ecosystem. “In addition, leveraging on Malaysia’s position as the global Islamic financial marketplace as well as being the world’s leading exchange for Islamic fundraising and investment, Bursa Malaysia is the first exchange in the world to receive a Shariah Pronouncement for its carbon exchange and the standardised carbon products that the exchange will offer,” he said.

Meanwhile, the chief executive officer of Bursa Malaysia, Datuk Muhamad Umar Swift highlighted that the launch of the BCX is timely given the growing impact of global warming. He also stressed the role of voluntary carbon markets in supporting financing for climate-friendly projects and solutions.

(Image: The Malaysian Reserve/Arif Kartono)

“Both buyers and suppliers will now be able to transact high-quality carbon credits and use them to offset their existing climate impact alongside their other internal carbon reduction initiatives,” said Datuk Muhamad Umar.

Entities that are interested in supplying carbon credits on BCX and its first auction, as well as those who would like to participate and purchase carbon credits, are encouraged to register their interest. They can do so by
filling up an onboarding form
 or sending an email to the BCX at
[email protected]
.

(Source:
Bursa Malaysia
)

0

0

votes

Article Rating

SHARE

TAGS:

Bursa Carbon Exchange (BCX)

Bursa Malaysia

Carbon Credits

Datuk Muhamad Umar Swift

ESG Financing

ESG Investments

Shariah-ESG Investments

Tan Sri Abdul Wahid Omar

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


7 Signs You Should (Probably) Quit Your Job

Quitting is difficult especially in this harsh economy, but that’s exactly why people get stuck in dead-end jobs with no future. While your situation may be tolerable now, it’s important to recognise the optimal time to leave your job for bigger and better things. Here are some signs to look out for to know whether you should tender your resignation!

1. Your Health is Affected

This is a major one. A bad back, difficulty breathing, chronic fatigue, and poorer eyesight, are just a few of the several signs of declining health people ignore just to keep plugging away at their job. Pay attention to you body and remember that you must function before you can work.

2. You’ve Stopped Learning

Lack of excitement and passion at work can largely be attributed to a decline in learning new things on the job. What’s worse is that the more you go on working without learning, the worse your resume looks like when you eventually leave. This is also a big sign.

3. Your Skills Aren’t Put to Good Use

We all want to feel rewarded and valued for our unique contributions, but when we’re put in a position where we’re not used well, it’s either a sign of mismanagement or a sign that we should go and find a workplace that knows what to do with us.

4. You Don’t Fit Your Company’s Culture

Working as a team requires all members to understand each other’s expectations, quirks in communication, and how each other manages their position. A company culture naturally develops around the way the team members work, but if you can’t jive with them that well, going to work everyday can turn into a regrettable chore.

5. Your Relationships Are Suffering

This creeps up on you slowly and can be difficult to notice until it’s too late. Once you start prioritising your time at work over time spent with loved ones, it might be time to reconsider how much you value your job.

6. Your Company’s Outlook is Not Looking Good

Random restructuring, abnormal turnover rates compared to the rest of the industry, questionable management decisions, and more can signal a company that’s about to go down, or not as stable as you want it to be. Notice a sinking ship and abandon it fast, before you sink with it.

7. Your Side Gig is Taking Up More of Your Time and Earning You More

If you’re already doing side jobs (and many of you have) and you want to know whether or not you should go full time, take stock of how it’s doing for you. If you’re spending more time with it and it’s also earning you more, perhaps it’s time to strike out on your own.

These aren’t the only signs that your job might be worth leaving, but if you notice more than 4 of these at your current job, we recommend you polish up your resume and start searching. Good luck out there!

Have anything to add to the article? Do share your thoughts with us in the comments section down below!

0

0

votes

Article Rating

SHARE

TAGS:

Employment

Job Satisfaction

About THE AUTHOR

Ahmad Mudhakkir

Ahmad Mudhakkir

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Enjoy An Additional 3% p.a. Reward On Top Of Your Potential Returns When You Invest With OCBC Online Unit Trust

As a way to combat inflation, most of us have recently begun our journey in investing to build our wealth. One way to grow our savings is to invest in unit trust – it offers a diverse range of asset classes, from money market, fixed income, equity to a mixture of various assets.

If you’re looking to start investing, you could get started by investing in unit trust conveniently via OCBC Malaysia Mobile Banking App.

Whether your investment goal is to build wealth, grow your emergency fund, or simply produce enough savings for the future, OCBC allows you to invest toward your goals through the power of Online Unit Trust.

Launch Offer: Enjoy an additional 3% p.a. reward on top of your potential returns when you invest in any Money Market fund via OCBC Malaysia Mobile Banking app

Aside from enabling investors to invest in unit trust funds via the OCBC Malaysia Mobile Banking app, from 8 Feb to 8 May 2023 investors can enjoy an additional 3% p.a.  reward on top of their potential returns over 6 months when they purchase any money market fund through the OCBC Malaysia Mobile Banking app.

For instance, you invest RM10,000 in the Maybank Retail Money Market-I Fund on 8 February 2023. As shown in the table below, the Maybank Retail Money Market-I Fund has recorded a return of 2.32% p.a.

Throughout the following 6 months (8 February to 7 August 2023), you will receive an additional 3% p.a. reward which is calculated based on your investment amount. This reward will be accumulated daily and credited monthly.

Simple & Easy Way To Invest

As Malaysians are now more accustomed to doing things online, OCBC now allows investors to buy with just three easy steps. Better yet, it only takes a single click to open an account and you can get started from just RM10.

By investing online securely, OCBC provides you with the convenience and simplicity of buying and selling Unit Trust funds at any time, from anywhere on the OCBC Malaysia Mobile Banking app.

***

While some of us still find the act of investing a little complicated, OCBC provides you with a straightforward and affordable way of getting started.

So to get started on your journey of diversifying your investment portfolio, download the OCBC Malaysia Mobile Banking app today on the
Google Play Store
,
Huawei AppGallery
, or the
Apple App Store
.

Find out more about the launch offer
here
.

Terms and Conditions apply.

The contents of this article do not constitute financial advice. Readers should conduct their own research before making a financial decision.

4

1

vote

Article Rating

SHARE

TAGS:

Digital

Investing

money market instruments

OCBC

OCBC Malaysia Mobile Banking app

OCBC Online Unit Trust

About THE AUTHOR

Chee Jo-Ey

Chee Jo-Ey

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


RinggitPlus.com iPad mini Competition Winner

Kristina gets an iPad mini on us

A very big Thank You to everyone who took part in our
Win an iPad mini Competition
. It was wonderful to have so many entries and we were really impressed by your answers to the Competition Question:

“What is the most important feature or benefit when choosing a Credit Card.”

Over the Chinese New Year Holiday we met up with Competition Winner Kristina Musina to hand over the iPad mini Grand Prize. Here’s the lucky lady receiving her gift from
RinggitPlus.com
 CEO, Yuen Tuck Siew.

Congratulations, Kristina!

Make sure you don’t miss out on more competitions and special offers from RinggitPlus.com by
subscribing to our website feed
, following us on
Twitter
 and
Facebook
 or adding us to your
Google+
 Circles.

0

0

votes

Article Rating

SHARE

TAGS:

Contest

iPad

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Find A Home And A Retreat At Setia Seraya Residences, Only 2KM from Alamanda Putrajaya

Reality can sometimes be tiresome and tense. Whether you’re shopping for groceries, working at the office or simply taking your children to school. At the end of the day, home is where your family should come back to rest and a sanctuary to retreat to at utmost comfort.

Finding a home that is peaceful, safe, and convenient can be a challenge, but maybe Setia Seraya Residences at Putrajaya could be the one you and your family can finally call home.

Live Life On Top At Setia Seraya Residences

With the controlled density and restrictions against overdevelopment in the city of Putrajaya, Setia Seraya Residences sits centrally on 4.54 acres of elevated land surrounded by lush greenery and tranquillity.

As the tallest building in the city, Setia Seraya Residences is 40 stories high of modern living spaces, offering unblocked panoramic views and serves as the new landmark for the residents of Putrajaya.

Spacious Modernity For Growing Families

Setia Seraya Residences is designed to create a comfortable and convenient living environment for families from all walks of life. With a low density of only 363 units, the residence offers 3 generously spacious modern layouts to choose from.

Starting with the smallest layout of 1,002 sqft, Type A includes 3 bedrooms and 2 bathrooms – perfect for small families and newlyweds! It also features a balcony to let in the fresh air.

If you’re looking for more bedrooms to accommodate a growing family, the second-largest layout of 1,202 sq ft has 4 bedrooms and 3 bathrooms that feature a bigger balcony.

Lastly, the largest layout of Setia Seraya Residences has only 4 exclusive units available. At 1,420 sq ft, Type C has 3 bedrooms and 2 bathrooms, and a lanai that can turn into a small garden or even an outdoor patio if you desire.

Unwind & Recharge With Resort-Like Facilities

Taking advantage of the panoramic views, Setia Seraya Residences has a Sky Garden on the 22nd floor where families can lounge and relax in the sunset. Setia Seraya Residences also has an in-house clubhouse which offers a convenient nursery and kindergarten for families with small children.

Facilities include a small cafe, barbeque area, a playground, and a pergola for residents to spend time or have small celebrations. Moreover, there will also be an array of lounges for those who would like to have some peace and quiet, such as the hanging lounge and reading lounge.

Additional facilities also include a gym, outdoor fitness area, a jogging track and a reflexology walkway for residents who would like to break a sweat. There will also be 3 types of swimming pools such as an Olympic-length lap pool, a dedicated ladies pool, and a wading pool for children.

Conveniently Close By To Your Needs

Located within Precinct 15, Setia Seraya Residences is situated nearby educational institutions such as Nexus International School, Limkokwing University of Creative Technology, and Multimedia University (MMU). Healthcare facilities such as the Putrajaya and Serdang Hospital are also close by, as well as recreational parks like the Taman Rimba Alam and Taman Botani for a family hike.

Besides that, malls and shopping centres such as Alamanda Shopping Centre and IOI City Mall are also within walking, and driving distance. Accessible highways include the KL-Seremban Highway, the Maju Expressway (MEX), South Klang Valley Expressway (SKVE), Shah Alam Expressway (KESAS), and the North-South Expressway Central Link (ELITE). Residents will be able to get to areas such as Seri Kembangan, Kuchai Lama, Bukit Jalil, and Sri Petaling within 20 to 30 minutes in clear traffic.

*****

If you’re searching for a home that can accommodate your family plans, and give you the peace and security you need, then Setia Seraya Residences in Putrajaya could be the future home for your family.

With spacious units, glorious views, and a wide range of facilities to enjoy, take advantage of the ongoing Home Ownership Campaign (HOC) that includes no booking fees and no down payment required to reserve your unit from RM488,000. For more information, head to
Setia Seraya Residences’s website
 to chat with a sales representative today.

0

0

votes

Article Rating

SHARE

TAGS:

Property

Setia Seraya

Setia Seraya Residences

SP Setia

About THE AUTHOR

Katrina Balan Quiroz

Katrina Balan Quiroz

Copywriter. Katrina is fueled by a need to turn a confusing wall of text into something comprehensible, and drip coffee.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Axiata Set To Launch Digital Bank By End Of 2023

(Image: The Star/Low Lay Phon)

Axiata Group has revealed that it expects to launch its digital bank by the end of this year, with a range of product offerings to be gradually rolled out starting then. These include deposits for current and savings accountholders and insurance – among other products.

In a media conference, chief executive officer and managing director of Axiata Group, Vivek Sood also said that the digital bank – which has an initial capital commitment of about RM100 million – will likely be profitable over the next three or four years. He explained that he is optimistic about this potential outcome because Axiata Group has had enough prior experience of doing similar things, which can be tapped into to help run and manage the bank.

“For example, we have done around one and a half billion in loans to micro, small, and medium enterprises (MSMEs) within our existing business within Boost Credit. We also have a large number of a half million active customers on a monthly basis which could potentially be the customers of the digital bank from day one. We are preparing our plans and would require the central bank’s necessary approvals before we can launch it,” he said.

(Image: Mobile World Live)

Vivek also shared that although he does not foresee any obstacles for the digital bank now, the launch process will take some effort as it requires a thorough review and approval from Bank Negara Malaysia (BNM). As such, Axiata has been doing its due diligence, and is working closely with the central bank to meet all the necessary requirements. Of particular concern to the group is the implementation of a robust cybersecurity measures, which is crucial to protect its users’ privacy, he said.

“Not only that, the operational review done by the third party, as well as further review done by the central bank, will take into consideration whether the platforms are adequately secured,” Vivek commented.

BNM had announced the
successful applicants
 for its five available digital banking licences back in April 2022 – three of which were provided under the Financial Services Act 2013, and another two under the Islamic Financial Services Act 2013.
Axiata’s unit, Boost Holdings Sdn Bhd, had joined hands with RHB Bank
 to form one of the consortiums that successfully secured one of the licences issued. Upon securing the licences, these applicants will undergo a period of operational readiness that will be validated by BNM through an audit before they can commence operations – a process that may take between 12 to 24 months.

In the meantime, some conventional banks have also rolled out their own digital banks, such as
Affin Bank’s A1addin
,
Bank Islam’s Be U
, and
Al Rajhi Bank’s Rize
. Other banks – such as
Maybank
 and
UOB
 – are also making great investments in improving their online and mobile banking apps to cater to their customers’ digital banking needs.

(Source:
Bernama
)

0

0

votes

Article Rating

SHARE

TAGS:

Affin A1addin

Affin Bank

Al Rajhi Bank

Al Rajhi Bank Malaysia

Axiata

Axiata Group Berhad

Axiata Group Bhd

Bank Islam

Bank Islam Be U Digital Bank

Digital Bank

Digital Banking

Digital Banking Framework

Digital Banking Licences

Digital Banks

Maybank

Rize

UOB

Vivek Sood

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Insurance Companies And Special Covid-19 Coverage: What They’re Offering

When the first few Covid-19 cases cropped up in Malaysia, all insurance and takaful operators under the Life Insurance Association of Malaysia (LIAM) stated that they would indeed provide hospitalisation and treatment coverage for Covid-19. However, some insurance companies have gone one step further and are offering additional complimentary coverage specific to Covid-19 as well.

From lump-sum payouts upon diagnosis and daily hospitalisation allowances to death benefits, you can check what extra coverage your insurance provider is offering for cases of Covid-19 here.

Provider

Benefits

Eligibility

Period

Prudential Malaysia

RM5,000 payout upon diagnosis

In-force individual policies/certificates

1 February – 30 April 2020

Boost x Prudential Malaysia

· RM5,000 payout upon diagnosis

· RM1,000 payout upon death

Verified Boost Premium Wallet users who apply

Enrolment until 30 April 2020, limited to first 200,000 enrolments

Great Eastern Malaysia

· RM20,000 payout upon death

· Cash assistance of RM200 per day up to 60 days of hospitalisation

Life assured policyholders and their immediate family members

17 February – 31 December 2020, or until the exhaustion of the RM1 million financial assistance provided

AIA

· RM10,000 payout upon death

· Hospitalisation benefit of RM200 per day up to 30 days of hospitalisation

Individual Life, Family Takaful, and Flex PA customers

Until 30 June 2020

Tokio Marine

RM5,000 payout upon death due to Covid-19

Life assured policyholders and immediate family members

Until 31 March 2020

Manulife

· Hospitalisation income support of RM200 per day up to 30 days of hospitalisation

· RM10,000 payout upon death (RM15,000 for registered medical staff)

· Hospitalisation income support applicable to the insured

· Compassionate benefit applicable to the insured and immediate family members

26 February – 30 September 2020 (updated)

Hong Leong Assurance

·
Hospitalisation benefit of RM200 per day up to 30 days of hospitalisation

· RM10,000 payout upon death due to Covid-19

New and existing customers of individual policies with Hong Leong Assurance medical coverage

28 February – 30 June 2020

Etiqa

RM5,000 cash relief upon diagnosis

Etiqa Life Insurance and Etiqa Family Takaful customers

19 February – 30 June 2020

AXA Affin

· Hospitalisation waiver assistance (for all AXA Affin medical policyholders)

· Up to 14 days of hospitalisation income benefit

· Family assistance of RM3,000

AXA Affin medical policyholders who purchase a Hospitalisation Income Benefit Rider (HIB) during the application period

Application period: 1 February – 31 March 2020

Cover period: 1 February – 30 June 2020

mySalam

Hospitalisation income replacement of RM50 per day for up to 14 days

Registered B40 and M40 Malaysians

Ongoing

Government quarantine initiative

RM100 aid per day during the quarantine period

Individuals without fixed income or salary

Ongoing

Prudential Malaysia

Special Covid-19 Coverage

Special benefits:
 RM5,000 payout upon diagnosis of Covid-19

Eligibility:
 All in-force individual policies/certificates (including group policies, but excluding group employer-employee policies)

Period:
 1 February – 30 April 2020

Boost x Prudential Malaysia

Free Life Insurance With Special Covid-19 Coverage

Special benefits:

RM5,000 payout upon diagnosis of Covid-19

RM1,000 payout upon death due to Covid-19

Eligibility:
 Verified Boost Premium Wallet users who apply for this free coverage, limited to the first 200,000 enrolments, not applicable to existing Prudential customers

Period:
 Enrolment until 30 April 2020

Great Eastern Malaysia

Financial Assistance Programme For Covid-19

Special benefits:

RM20,000 payout upon death due to Covid-19

Cash assistance of RM200 per day up to 60 days of hospitalisation upon diagnosis of Covid-19 and quarantine in a designated hospital

Eligibility:
 All life assured policyholders (except for compulsory group employee benefits) and their immediate family members including spouse and children aged 18 and below

Period:
 17 February – 31 December 2020, or until the exhaustion of the RM1 million financial assistance provided

AIA

Extra Coverage For Covid-19

Special benefits:

RM10,000 payout upon death due to Covid-19

Hospitalisation benefit of RM200 per day up to 30 days of hospitalisation upon diagnosis of Covid-19 and quarantine in a designated hospital

Eligibility:
 All AIA Individual Life, Family Takaful, and Flex PA customers

Period:
 Until 30 June 2020

Tokio Marine

Covid-19 Extended Medical Coverage

Special benefits:
 RM5,000 payout upon death due to Covid-19

Eligibility:
 All life assured with in-force Tokio Marine policies (except group credit-related policies) and their immediate family members including parents, spouse, and children up to age 25

Period:
 Until 31 March 2020

Manulife

RM1 Million Special Financial Assistance

Special benefits:

Hospitalisation income support of RM200 per day up to 30 days of hospitalisation upon diagnosis of Covid-19 and quarantine in a designated hospital

RM10,000 payout upon death due to Covid-19, with additional RM5,000 if the individual is a medical staff who works in a registered hospital in Malaysia

Eligibility:
 Hospitalisation income support is applicable to the insured; compassionate benefit is offered to insured and immediate family members including parents, spouse, and children up to age 18

Period:
 26 February – 30 September 2020 (updated)

Hong Leong Assurance

Complimentary Dual Special Benefit Programme For Covid-19

Special benefits:

Hospitalisation benefit of RM200 per day up to 30 days of hospitalisation upon diagnosis of Covid-19

RM10,000 payout upon death due to Covid-19

Eligibility:
 New and existing customers of individual policies with Hong Leong Assurance medical coverage

Period:
 28 February – 30 June 2020; benefit to be given out on a first-come, first-served basis out of the RM1 million pledged by Hong Leong Assurance and Hong Leong MSIG Takaful

Etiqa

Special Novel Coronavirus (Covid-19 Cash Relief)

Special benefits:
 RM5,000 cash relief upon diagnosis of Covid-19

Eligibility:
 Customers insured by Etiqa Life Insurance or Etiqa Family Takaful (excluding group policies)

Period:
 19 February – 30 June

AXA Affin

Covid-19 Hospital Assistance Programme

Special benefits:

Hospitalisation waiver assistance (for all AXA Affin medical policyholders)

Urgent self-assistance payment of up to 14 days of hospitalisation income benefit (see eligibility below)

Family assistance of RM3,000 one-time payment (see eligibility below)

Eligibility: AXA Affin medical policyholders who purchase a Hospitalisation Income Benefit Rider (HIB) during the application period

Application period: 1 February – 31 March 2020

Cover period: 1 February – 30 June 2020

mySalam

National Health Protection Scheme

Benefit:
 Hospitalisation income replacement of RM50 per day for up to 14 days (existing mySalam benefit that covers Covid-19 as well)

Eligibility:
 Registered B40 and M40 Malaysians

Period:
 Ongoing

Government Quarantine Initiative

Daily RM100 Aid For Quarantine Period

Special Benefit:
 RM100 aid per day during the quarantine period

Eligibility:
 Individuals without fixed income or salary

Period:
 Ongoing

***

So, if you have a policy with one of the insurers above, check to see whether the additional Covid-19 coverage offered applies to you. After all, it’s always good to be aware of the benefits and coverage available to you under your insurance policy, whether it’s a global pandemic or not.

You can find out more about
Covid-19 and your insurance policies in this article here
. And if you’re on the lookout for a new
life insurance policy
 or
medical card
, you can find all the information you need in one place at RinggitPlus! Need medical card urgently due to COVID-19? The three
medical insurance offers COVID-19 coverage
, with an easy and fast online application.

2

1

vote

Article Rating

SHARE

TAGS:

AIA

AXA Affin

AXA Affin Life

Boost

Coronavirus

Coronavirus And Insurance

Covid-19

Great Eastern

Hong Leong Assurance

Insurance

Manulife

mySalam

Prudential

Tokio Marine

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Singaporean Fintech hoolah Introduces Interest-Free Installment Payment Solution In Malaysia

(Image: Tech In Asia)

Malaysians may soon be able to pay for their purchases via a new interest-free installment payment option as hoolah has announced its entry into the Malaysian market. The Singaporean fintech company offers a buy-now-pay-later (BNPL) solution to its merchant-partners, letting customers split the sum of their purchases into three monthly installments without any interest charges or hidden fees.

The BNPL payment service accepts both debit and credit cards issued by any banks, allowing for a seamless and convenient checkout. However, customers who fail to meet their obligations on time will be charged a late payment penalty. According to hoolah, the penalty is calculated by the order value, and will range from RM7.50 to RM75.

As of now, hoolah has partnered with two luxury fashion e-commerce platforms, Novelship and BlinQ, to introduce its payment solution to the Malaysian market. It marks the company’s entry into Malaysia, as well as its first foray into a foreign market after setting up in 2018. hoolah is also planning to expand across the Southeast Asian region.

“Malaysia was always a key market for our expansion given the proximity to Singapore as well as the growth in e-commerce. Both BlinQ and Novelship are fantastic partners and we are very excited to work with them in Malaysia and across the region to help drive more conversion,” said the chief executive officer of hoolah, Stuart Thornton.

(Image: Tech In Asia)

Within Singapore,
hoolah
 has collaborated with more than 300 merchants, including global brands such as Sennheiser and Skin Inc, as well as local brands like HipVan. The company claims that it has delivered an average of 20% to 30% increase in conversion and basket size.

(Source:
FintechNews Malaysia
,
Tech In Asia
)

0

0

votes

Article Rating

SHARE

TAGS:

BlinQ

BNPL Solution

Buy-Now-Pay-Later Payment Solution

hoolah

Novelship

Stuart Thornton

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Internet Service Provider nex.life Will Shut Down On 30 June 2020

nex.life, a fibre broadband and mobile internet service provider belonging to Webe Digital, has announced that it will be discontinuing its services on 30 June 2020. Webe Digital is a subsidiary of Telekom Malaysia (TM), which also owns unifi.

All existing nex.life customers will be given the option to switch over to unifi with a special introductory offer. The offer allows you to subscribe to a 30Mbps unifi Home Fibre Broadband with a unifi Media Box at RM99 per month. To further sweeten the deal, you are also allowed to enjoy this deal for free for the first six months.

With regard to the Media Box, you’ll be allowed to opt for your preferred TV service from three service packs: Aneka+, Ruby+, and Varnam+. The Aneka+ pack contains mostly exclusive local and Korean programmes, whereas the Ruby+ pack is mainly targeted at those interested in shows from Hong Kong, Korea, Taiwan, and China. The Varnam+ pack, on the other hand, is primarily populated with Hindi and Tamil shows.

(Image: SoyaCincau)

This introductory promotion is actually quite a catch, given how unifi’s 30Mbps unifi Home package with Media Box typically costs RM149 per month. Note that the deal will only be offered until 20 May 2020. nex.life further reminded its customers that if they do opt in for the offer, installations will be arranged after the movement control order (MCO) is lifted. That said, nex.life has not offered any replacement alternatives for its customers’ mobile internet line.

According to the announcement, the company will reach out to its customers soon to follow up on their decisions. Alternatively, you can also contact nex.life via
Live Chat at its website
 or email them at
[email protected]
.

nex.life was first launched in February 2019, offering an
unlimited home and mobile internet plan
 at only RM100. Subscribers would be able to enjoy data speed of up to 20Mbps, and are bound by a 12-month contract.

(Source:
SoyaCincau
)

0

0

votes

Article Rating

SHARE

TAGS:

Nex.life

Telekom Malaysia

TM

Unifi

unifi Home

unifi Media Box

Webe Digital

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Manulife Survey: Malaysians Are More Actively Involved In Managing Their Finances Now

A survey by Manulife has revealed that Malaysians are now more actively involved in managing their finances, following the belief that Covid-19 and its financial repercussions will last for at least another year.

Published in the latest version of its Asia Care Survey (November 2021) – which polled 8,276 respondents across Asia – 75% of them believe that Covid-19 will last for another year. The remaining 25%, meanwhile, said that it will never end. This, in turn, led to many survey participants within Malaysia to believe that the local economy will take a long time to recover.

Consequently, 44% of Malaysian respondents said that they now put in more conscious effort into managing their finances to cope with the circumstance. These included cutting back on unnecessary or big-ticket (35%), investing (17%), and tracking income and expenses regularly (13%). 43% also noted that they have saved more since the start of the pandemic, although 70% voted that their existing savings can only support them for a year at most if they were to lose their employment.

(Image: The Star/Raja Faisal Hishan)

In a statement, the chief executive officer of Manulife Malaysia, Vibha Coburn said that it is understandable that Malaysians are concerned about the economy and their finances given that they have endured two years of hardship. “The main reason for this is an overall limit on the amount of money that Malaysians can save. Nearly half (46%) of the respondents said they saw a decline in their monthly incomes because of Covid-19,” she said, adding that the data also showed 13% have lost their jobs due to the pandemic.

Aside from that, it was also found that insurance penetration is considerably higher in Malaysia as compared to other countries within the Asia region. About 83% of Malaysian respondents said that they owned insurance, while 70% planned to purchase more in the next year.

Manulife’s Asia Care Survey data for the Asian region

“For those who plan to buy insurance, nearly eight in 10 (78%) are Malaysians aged between 25 and 34 years old, an indication that younger Malaysians are increasingly savvy when it comes to financial planning. Most Malaysian respondents who regard insurance (75%) and retirement planning (75%) as important since the start of Covid-19 are millennials,” Coburn further elaborated. Meanwhile, some key barriers that are stopping Malaysians from purchasing insurance include affordability (67%) and the complexity of the insurance products (31%).

Other subjects that were also explored in Manulife’s Asia Care Survey included the respondents’ mental and physical health, both of which have deteriorated from the previous year. Less than two thirds of Malaysian respondents view their physical and mental health as very good (both 62%), as compared to 75% in the previous year. Main health concerns include heart disease (45%), cancer (44%), stroke (32%), and depression (28%) – all of which are higher than the regional average.

(Sources:
Manulife Malaysia
,
The Malaysian Reserve
)

0

0

votes

Article Rating

SHARE

TAGS:

Covid-19

Financial Management

Insurance Penetration

Manulife

Manulife Asia Care Survey

Vibha Coburn

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


CTOS Launches Fraud Protection And Credit Monitoring Service, CTOS SecureID

CTOS has launched the CTOS SecureID, a fraud protection and credit monitoring service that safeguards you on two fronts: keeping you safe from fraud and scams, and helping you stay on top of your credit health. It also boasts a dark web monitoring function, the first of its kind to be launched by a credit reporting agency in Southeast Asia.

In terms of fraud protection, SecureID will alert you of possible fraud activities such as new credit applications, credit limit changes, termination of credit facilities, and changes in addresses. CTOS SecureID will also trawl through data breach records to check if your personal details have been compromised, and send you alerts and prevention tips regarding any latest scams.

As for credit monitoring, CTOS SecureID will check and share your
MyCTOS credit score report
 every three months, as well as send you monthly alerts for any missed payments. Additionally, it lets you find out if there are bankruptcy claims and litigation cases made falsely under your name. You will also know if you are listed by non-financial institutions for outstanding debts.

Not only that, the service also comes with an additional personal accident takaful coverage of up to RM20,000, which requires an annual contribution of RM10 (excluding a 6% service tax). Ultimately, CTOS SecureID aims to let you be more proactive about safeguarding your identity and managing your credit health.

According to CTOS group chief executive officer, Dennis Martin, the growth of online transactions and digital footprint via social media platforms has made it easier for identities and data to be stolen. He also commented that these data breaches are a worldwide phenomenon, given that 4.1 billion personal records were leaked globally in just the first six months of 2019 alone.

“Many criminal elements use the dark web for the sale and purchase of people’s data, and our new monitoring tool allows us to alert consumers if their personal information is detected on the dark web,” said Martin.

Martin also commented that
CTOS SecureID
 is in line with the
government’s mission to improve financial literacy among Malaysians
. The service is available for subscription at RM9.90 per month.

(Source:
The Sun Daily
)

0

0

votes

Article Rating

SHARE

TAGS:

CTOS

CTOS SecureID

Dennis Martin

SecureID

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    EL

    3 years ago

can you share the different on CTOS SecureID vs RAMCI JagaMyID, thanks

0

Reply


Creating Work-Life Balance In Your Business

Becoming an entrepreneur is no easy feat. It requires commitment and effort. It requires sacrifices and taking risks. It requires you to get everything done, all the time, when the simple reality is you only have so many hours in a day and so many things you can do at once.

While the sacrifices may be worthwhile when the business succeeds, our personal lives often suffer and we find ourselves becoming slaves to the business – which may result in burnout. To remain successful for the long haul, you need to find a balance between your work and your personal life.

What is work-life balance?

The struggle of balancing work life and personal life is a familiar battle many entrepreneurs and small business owners face. Work-life balance is the idea that your life outside of work is just as important as your working life, and that the time you spend working should be balanced by time spent doing other things such as socialising, keeping fit, pursuing your hobbies, and more.

However, many entrepreneurs would probably tell you that their business and personal lives are so interconnected that it can be challenging to find a happy balance. You need to be aware of this and be mindful that you are not putting your business and work first at the expense of your family and friends, as well as your personal well-being.

Complete work-life balance is an unrealistic goal, but there are steps you can take to improve that balance. Here are some suggestions.

Establish your priorities

Make a list of everything that’s going on in your life and rank the tasks and responsibilities, in order, from most to least important. This will include your business, your friends and family, hobbies – everything. Remember to be 100% honest with yourself when ranking your priorities.

Learn to say “no”

Trying to please everyone can be time consuming and take away your time from work. Don’t be afraid to decline last-minute meetings or send an unscheduled call to voicemail. While that may feel difficult at first, you will soon feel comfortable saying “no,” especially when you notice how it improves your productivity and has a direct impact on your work-life balance.

Unplug from work

Two hours of quality family time on a weeknight that are completely distraction-free are better than an entire Sunday afternoon that includes checking your e-mails every 15 minutes and doing other work-related tasks. Remember that the quality of time and not necessarily the amount will play a bigger role than you expect in improving your work-life balance.

Hire, train, and empower other people

One of the main reasons so many business owners struggle with work-life balance is because they refuse to give up control. They fear passing the reins to someone else, worried the other person won’t be able to do what they do. This is flawed thinking, and here’s why: if you can’t teach someone else to do what you do, then you aren’t running a scalable business.

Smart entrepreneurs constantly look for opportunities to hire, train, and empower those around them to be successful on their own. Why? Because this is how you ultimately reclaim more time for yourself.

Learn to be efficient

As an entrepreneur, you’re going to be faced with the challenge of juggling a million different things at any one time. The best way to do this is to utilise technology and set clear boundaries for yourself and others. The more you can get yourself in a position where you and everyone else knows what you’re working on, when, and why, the easier it will be for you to improve your own personal efficiency.

HSBC Fusion

At HSBC, we understand that finding time to balance business and personal life can be challenging.

That’s why we have introduced
HSBC Fusion
 – a financial solution designed for entrepreneurs and small business owners whose personal and professional lives are increasingly interconnected.

By integrating your business and personal banking,
HSBC Fusion
 provides you with more clarity into your finances, helping you save time and get ahead with easy access to funding, advice, and opportunities.

Small businesses are not small versions of big businesses

You have distinctive needs, and your personal life as a business owner is often blended with your business. To support your unique business and personal financial needs,
HSBC Fusion
 provides you with the support of a dedicated Relationship Manager to attend to both your business and personal banking needs, as well as access to a highly trained Contact Centre team who can help you with both your personal and business needs. In addition, a single internet banking platform that provides you with views of your business and personal accounts simultaneously makes it easier for you to manage your finances and helps you save time.

HSBC Fusion
 also provides business owners with a business package, which includes digital banking tools such as HSBCnet online banking portal, essential business solutions related to lending, accounting and merchant payments, as well as employee benefits under HSBC’s Perks@Work salary accounts. You can benefit from better rates, access to value-added services and insights, new opportunities to grow, as well as exclusive privileges in the long-term.

To learn more about how
HSBC Fusion
 can help you better manage your business and personal finances, speak to your Relationship Manager today or visit one of our HSBC or HSBC Amanah branches. For more information, visit
hsbc.com.my/fusion
.

Disclaimer: The views and opinions expressed in this article are those of the author/RinggitPlus and do not necessarily reflect those of HSBC.

0

0

votes

Article Rating

SHARE

TAGS:

HSBC

HSBC Fusion

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Applications For EPF i-Sinar Category 2 Open From Today: Here’s How To Apply

Applications for the Employees Provident Fund (EPF) i-Sinar facility are now open for those who fall under Category 2. Starting from today 11 January 2021, eligible Category 2 members can visit the official i-Sinar website to apply online.

As determined by the
EPF
, members who fall under Category 2 for the i-Sinar programme are those whose
total

income has been reduced by 30% and above from March 2020 onwards. Total income includes your base salary and other benefits such as allowances and overtime.

On the main page for the i-Sinar portal, you begin your application as a Category 2 member by clicking “No” to the question asked. Those who answer “Yes” should be Category 1 members who have not contributed to the EPF for at least 2 consecutive months or those with a reduction of
base salary
 by 30% and above.

Category 2 members will have to go through a verification process based on supporting documents before being approved for i-Sinar. The documents that you will need to prepare are:

Payslip
before
 reduction in income (includes salary, fixed allowances, overtime, any other allowances; does not include any bonuses in the last 12 months from date of application)

Payslip
after
reduction in income (includes salary, fixed allowances, overtime, any other allowances; does not include bonus given between April 2020 up until the month of application)

Verification notice from your employer about the reduction in salary/allowance/overtime

Other supporting documents that prove your reduction income, eg bank statement (optional)

If you are not formally employed (eg self-employed, e-hailing driver, freelancer) but have also faced a reduction in income, you can submit any documents that will show your income before and after the reduction. For example, you can show your bank statement of any one month between April 2019 and March 2020, together with a bank statement showing reduced income in any of the months between April 2020 and January 2021.

Berikut adalah informasi ringkas tentang i-Sinar untuk melancarkan permohonan anda. Nantikan informasi terkini yang akan dikemas kini dari semasa ke semasa!

#isinar #kwspisinar #kwspinfo #kwspahli

Posted by
Kumpulan Wang Simpanan Pekerja
 on
Thursday, 7 January 2021

You can
upload these documents
 when you make your online application on the i-Sinar website. According to the EPF, even photos of the necessary documents taken via your
mobile phone
 will be sufficient; you just need to make sure that the photographs are clear and readable. In-person submission of documents is discouraged due to the Covid-19 pandemic, but you
can schedule an appointment
 if necessary.

Unlike the process for
Category 1 members
 who began their applications earlier from 21 December, the submission of supporting documents are a must for members in Category 2. Therefore, make sure that you have anything in order and that the photos you provide are clear. If there are issues with your supporting documents, you may be asked to
re-upload them
 – and you must do so before 30 June 2021 in order to complete your application.

So, if you fall under Category 2 and have
decided to make use of the i-Sinar facility
 to help with your financial difficulties, go on over to the
i-Sinar online portal
 to make your applications now.

5

1

vote

Article Rating

SHARE

TAGS:

Category 2

Category 2 i-Sinar

Employees’ Provident Fund

EPF

EPF i-Sinar

EPF Withdrawals

i-Sinar

i-Sinar Applications

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


MySalam Scheme Includes Coverage For Novel Coronavirus As Well

(Image: Malay Mail)

Malaysians who are eligible for the mySalam National Health Protection Scheme will also receive coverage for infections of the novel coronavirus, said an official from the .

According to the official, those infected are entitled to the existing mySalam scheme benefit where they can claim a hospitalisation income replacement of RM50 per day, for up to 14 days.

Additionally, the patients’ coverage under the mySalam scheme also lets them submit claims for a one-off critical illness payment if their condition develops complications due to the virus. Through this benefit, Bantuan Sara Hidup (BSH) recipients will be able to receive a payout of RM8,000, whereas non-BSH recipients will get RM4,000.

(Image: Bernama)

This comes following the recent launch of the
extended mySalam scheme
, which sees its coverage being increased from 36 critical illnesses to 45, including polio. It will also now cover eligible recipients until the age of 65 instead of the previous 55, as well as single and disabled Bantuan Sara Hidup (BSH) beneficiaries. Those from the M40 group with an annual gross income of RM100,000 and below, too, will receive protection under the extended scheme.

The extended scheme is expected to benefit up to 8 million Malaysians.

(Source:
Bernama
)

0

0

votes

Article Rating

SHARE

TAGS:

Bantuan Sara Hidup (BSH)

Coronavirus

Ministry of Finance

mySalam

mySalam National Health Protection Scheme

Novel Coronavirus

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Tabung Harapan Donations Surges Past RM40 Million In Just One Week

In just one week, donations from the public for the Tabung Harapan are showing no signs of slowing down. As of 3pm today (6 June 2018), the Ministry of Finance has announced that the government fund has collected a total of
RM43,162,922.76
.

Since its inception on May 30, the Tabung Harapan has garnered widespread attention from the Malaysian public. Within the first two days, citizens and companies have donated a total of
over RM 18 million
 to the government fund, which was established in an effort to reduce the country’s RM1 trillion debt. Today’s updated figures mean the donated amount has almost doubled from the RM18 million figure in just four days.

While donating for any cause is certainly a noble gesture, most tax-paying citizens will also be aware that
any contribution towards a government-approved organisation is tax deductible
. In
a recent press release
 by the Ministry of Finance, Finance Minister Lim Guan Eng advised all donors to
keep their receipts of the transaction for tax deduction purposes
 as stated under
Subsection 44 (6) of the Income Tax Act
”.

If you wish to contribute to the government fund, you can donate to the following account: Maybank account number 5660-1062-6452 under the name “Tabung Harapan Malaysia”.

In the midst of the staggering debt accrued from the previous government, it is certainly refreshing to see Malaysians coming out to support the government fund. In turn, the Ministry of Finance’s move to regularly update the amount in the spirit of transparency is a further reflection of a new Malaysia.

(
Image: treasury.gov.my
)

0

0

votes

Article Rating

SHARE

TAGS:

Donations

Tabung Harapan

Tax Deductions

About THE AUTHOR

Brian Chung

Brian Chung

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


TNG eWallet Enables TNB Bill Payment Feature One Day Ahead Of Schedule

Touch ‘n Go (TNG) eWallet has now enabled its bill payment feature for Tenaga Nasional Berhad (TNB), allowing users to conveniently pay their TNB bills via the e-wallet. This puts TNG eWallet one day ahead of the scheduled date stated in its
teaser post
, which hinted at this reveal on 13 November 2021 (tomorrow).

With this update, TNG eWallet users will now be able to find TNB listed as a biller under “Electricity” after tapping on the “Bills” tile in their main app homepage. If you wish to pay your TNB bill, you’ll be prompted to key in your account number and the amount that you need to pay. There is also a note to inform you that it may take up to one working day to update your account if the payment is successful.

Aside from TNG eWallet,
Boost also shared that it will be supporting TNB bill payment
 and that, too,
temporarily went live
 a few days ago, although it was eventually taken down again.

0

0

votes

Article Rating

SHARE

TAGS:

Tenaga Nasional

Tenaga Nasional Berhad

TNB

TNB Bills

TNG

TNG eWallet

Touch 'n Go

Touch 'n Go eWallet

Utilities

Utilities Cashback

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    Annie

    1 year ago

I paid my latest tnb bills. Can I pay my tnb bills in advance to get this cashback?

0

Reply


Personalise the 'Face' of Your Maybank Debit Card

The trusty debit card isn’t just a payment tool these days. It’s the added plastic your wallet needs to feel just a wee bit grander. But since it’s inception into the Malaysian landscape of plastic payment; the simple card has only come into our hands in the form the bank decides it should. We like cherries; let’s put that on.

Henry Cavill
 looks too hot not to have the
Man of Steel
 logo on our next card – or some similar design process of the sort.

All that is going to change as Maybank has decided to allow you to personalise the face of your debit card any way you choose.

Maybank’s Executive Vice President puts his own mug on the card.

While this is nothing new in the worldwide landscape of bank card designs, save for the
Alliance You:Nique
 credit card, there aren’t many card companies offering this feature in Malaysia. But now, Maybank Debit Card customers can also put peacocks on their bank card (or really, whatever they want! Although we hope it isn’t
Nick Nolte’s mugshot
).

Not the best look for your card.

So How Does it Work?

The new personalising feature allows you to stick any photo you want onto the face of your card. Whether you’re a fashionista, animal lover (cough, peacocks, cough) or a mother blessed with two beautiful children (or even with a not-so-beautiful partner; we daresay Maybank won’t disallow it), the design is entirely up to you, so feel free to put whatever your favourite photo is. Or even your least favourite photo, which may help you spend less (you won’t want to pull it out of your purse so often!). All you got to do is upload a photo and sent it to them.

The Step-by-Step

First, head on to
maybank2u.com.my
 and under
How to Apply?
 Click on the link which will then lead you to the online image uploader.

You will need to click
Accept
 on the terms and conditions box before you can upload your image.

Click on “Use Custom Image” and select the picture from your personal computer or tablet. Bear in mind that image resolution has to be in the 1036 x 664 pixels @ 300 dpi in
JPG
, *
PNG
, or
GIF
 format and the file size shouldn’t be bigger than 10MB.

Once you’re done, click on “Finalise” and “Submit” followed by “Finish”

At the Individual Card Request page, proceed by filling in your personal details

Once this is completed, you need to pay a RM25 fee (hey, such features and personalised printing doesn’t come free) upon which you will receive an email confirming that your payment has been accepted. Hold on to this receipt! You’ll need it to claim your brand-spanking new card.

And you’re done! Now you simply have to wait 7 working days to receive your card. After the 7 day waiting period, you will need to bring along the confirmation email to collect your newly pimped-out debit card. Just don’t freak out if you do happen to receive a phone call that starts “In 7 days….” because it’s seriously more likely to be followed by “…you will received your new debit card.”

*”You will receive your new card in 7 days.”*

5

1

vote

Article Rating

SHARE

TAGS:

Alliance You:nique

Maybank

Personalised Debit Card

Superman

About THE AUTHOR

Denise Chan

Denise Chan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


How do You Make a Medical Insurance Claim?

Cashless Vs Reimbursement Policies

Claims procedures tend to vary with insurance providers, claims types and policy features. For example, cashless admission policies are rather convenient since policyholders can be admitted for hospitalisation without having to pay upfront or provide a deposit.

For cashless policies, getting admitted or making a claim simply involves calling your insurance provider or agent beforehand and informing them of your situation. With most cashless policies, just presenting your medical card to a panel hospital will suffice for admission.

If you don’t happen to have your card on hand with you, just call your provider ask for a Letter of Guarantee to be issued to the hospital in question.

On the other hand ‘reimbursement’ policies will require you to pay for medical bills out of your own pocket initially and then make a claim for reimbursement later on.

Let’s take a look at how you should go about getting your claims with these scenarios:

Scenario 1 – Accident and Emergency or Hospitalisation Reimbursements

Assuming you been in a minor accident and require medical attention or if hospitalisation is necessary, your medical insurance policy can help to pay for treatment costs. With reimbursement policies you will need to pay the hospital bill first before you can make a claim.

The first thing to do is inform your insurance provider of your condition and have the hospital send your medical report over. Do check with the insurance provider which treatments are covered and which is not as you will have to pay for treatments that are not claimable.

Once you’ve received treatment and settled your bill with a panel clinic or hospital, you can proceed to make a claim from your insurance provider. To do this, you’ll need to file a claim form, submit supporting documents (e.g. X-ray, MRI and doctor’s report), in original form, along with receipts for the payments you’ve made.

Be sure to file your claim as soon as possible, if you wait too long, the insurance company may decline the claim. Most reimbursement policies will require you to submit your claim within
30
 days of the incident.

Scenario 2 – Medical Treatments While Overseas

If you get sick while travelling and require medical treatment, a good insurance policy will certainly come in handy.

To be safe, its best to contact your insurance provider and tell them about your travel plans, find out about the panel hospitals overseas and the types of treatments covered. This way, if you get sick while overseas, you’ll already know where to go and how to manage your medical bill. Note that many Malaysian-based medical policies will not cover medical treatments outside of Malaysia, Singapore or Brunei. If traveling outside of these places, adding on travel insurance is a better option.

To claim, do contact your provider’s customer service helpline and inform them of your situation. The insurance claims department will need to verify your medical condition and they’ll do this by obtaining a preliminary report by your attending doctor.

This should take approximately one to two hours depending on the circumstance. Once verified, the insurance company will issue a letter to the hospital, so they can proceed to treat you.

You will typically need to produce your passport and boarding pass or travel tickets, a detailed copy of your medical bill as well other support documents such as medical report, tests, police reports (if any), etc. when filing for reimbursements. If there is an online option to submit claims, it’s best you use it to speedily get your claims in.

General Tips When Making a Claim

Follow these tips to help smooth the claims process along and improve your experience while you’re at it:

Always notify your insurance provider or agent when you plan to get treatment or if hospitalisation is imminent to prevent delays or confusion when checking in.

Check that the treatments you are about to receive are covered by your policy.

Find out if the hospital you are seeking treatment is on the insurance provider’s panel. If your policy is a cashless one; a non-panel hospital will likely not admit you without an upfront payment. You would also need to pay the bill first and file a claim for reimbursement later on.

Ask a friend or relative to come with you if you are about to be hospitalised. You may require assistance to check in especially if yours is a reimbursement policy.

If in doubt, most insurance providers will state their claims procedures on their website. So just log on and follow instructions.

Are you looking to buy a health insurance policy for yourself or loved ones? Make sure you shop around first! Use our handy
comparison page
 to discover the most affordable plan with the best terms and benefits.

0

0

votes

Article Rating

SHARE

TAGS:

Insurance Claims

Medical Insurance Claims

About THE AUTHOR

Desiree Nair

Desiree Nair

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


TNG eWallet Users Can Now Transfer Money To Bank Accounts Via DuitNow Transfer

Touch ‘n Go (TNG) eWallet has updated its DuitNow Transfer function, enabling users to also transfer funds out of their eWallet instead of just receiving funds from other banks and e-wallets that are registered in the DuitNow ecosystem. With this, you can enjoy the full convenience offered by DuitNow Transfer, where you are able to both send and receive funds between your eWallet and internet banking accounts.

TNG eWallet had initially
enabled the DuitNow Transfer function back in August 2021
, where you can link your TNG eWallet account with DuitNow for a more convenient fund transfer experience. However, back then, it only permitted the receiving of funds from other bank and e-wallet accounts; the function to transfer funds out of TNG eWallet was set to be “coming soon”.

Now, this capability has been enabled, and if you’d like to try transferring money out from your TNG eWallet via the updated DuitNow Transfer function, go ahead and follow the steps below:

Tap on “Transfer” on the main page of your TNG eWallet app
Tap on DuitNow under the “Transfer” tab
Choose the type of DuitNow ID that you wish to use from a dropdown list, and enter all the required details
Key in the amount that you’d like to transfer, and tap on “Confirm Transfer”

As you can see, the process is quite straightforward, and you should also receive your funds immediately upon successful transaction (since it’s a real-time transaction). However, in the event of intermittent issues, your transfer may be flagged as “transfer in progress”, and TNG eWallet will attempt to resend your funds within 24 hours. If it fails for the second time, the money will be reversed to your TNG eWallet account.

Aside from that, TNG eWallet’s FAQ noted that you can also perform transfers from your TNG eWallet to your credit card and loan accounts – making it even more convenient for you to fulfill your debt repayment obligations. All you need to do is ensure that you key in the correct account number and select the corresponding transfer type.

If you want to tap into these new conveniences via TNG eWallet’s updated DuitNow Transfer function, remember that you will need to first link your TNG eWallet account with DuitNow. Take note as well of TNG eWallet’s recent move to
split users’ eWallet balance into two categories – transferable and non-transferable balance
  – which will affect how much of your eWallet balance that you can transfer to your bank accounts via the updated DuitNow Transfer.

(Source:
TNG eWallet
)

3.7

3

votes

Article Rating

SHARE

TAGS:

DuitNow

DuitNow ID

DuitNow Transfer

TNG

TNG eWallet

Touch 'n Go

Touch 'n Go eWallet

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    yanHtet

    1 year ago

Good

0

Reply


What You Need to Know About Home Loans

If personal loans are loans you take out for personal use, home loans are loans you take out specifically to buy a house. On the surface it sounds pretty straightforward, but there are some important wrinkles unique to home loans that’s worth exploring.

You Have to Put Some Money Down Yourself

First off, the bank won’t lend you all the money you need for your new house (with exceptions; more on that later). They will usually loan out 80% to 90% of the home’s purchase price to a borrower. This means that you have to come up with 10% to 20% of the property’s market price yourself before applying for said loan so you can buy the house.

Why don’t banks just loan you 100% of the money you need like they can with personal loans? The short of it is that historically, when they did, it hasn’t been profitable for them to do so. Houses are expensive and people often take 20 to 30 years at least to pay off their home loan. That’s a long time for a bank to wait on their returns. It’s also a long enough time that borrowers’ financial standing might change such that they may not be able to continue paying the loan, which means further losses on the banks’ part if they default.

To protect themselves from these risks, banks only elect to lend out a certain percentage. Big enough to make the loan worth it, but also just short enough to make the borrower commit to the loan.

Your House is Used as Collateral

Another difference between home loans and personal loans is that there are no unsecured home loans. The house you’re buying is always used as security. That is to say, if you can’t properly pay your dues, the bank can take the property over. This, together with the maximum amount of 80%-90% of the market price that the bank is willing to loan you are used to ensure that the bank doesn’t lose out too much by lending you money for your house.

What About That Exception You Mentioned?

Oh yeah. That’s referring to the My First Home Scheme or Skim Rumah Pertamaku set up by the government back in 2011. Aimed at assisting young adults to own a home, it allows homebuyers to obtain 100% financing from financial institutions so they can own a home without needing to have the 10%-20% down payment on hand.

There are specific conditions you have to meet to fit into this category of course. Also, if you’re borrowing under this scheme and not paying any down payment, it means you have to pay back 100% of the market price for the property you’re buying. This means a longer loan term, naturally.

Ah Okay. So What Kinds of Home Loans Are There?

There are three kinds, generally:

Term Loan

This type of loan uses a fixed interest rate that’s applied over the tenure of the loan. This means you pay the same amount every month plus interest. The good thing about these loans is that you pretty much know what to expect.

Fully Flexible Loan

This type of loan allows you the freedom to make additional payments as and when you’re able. Also, the interest rates are calculated against the reducing balance of your loan. In other words, the larger your payments, the lesser total interest is incurred over the tenure of your loan. You can also withdraw you over-payments without hassle as the loan is usually linked to a current account.

Semi-flexible Loans

This type of loan is a bit of a mix between the two. You’re still allowed to make additional payments, and those payments go toward reducing the interest rate for that loan. However, withdrawing over-payments requires a formal request from the bank, and you’re likely to incur some charges for doing so.

Documents! Which Ones Do I Need?

It depends on the bank and the loan you’re going for. You can call them ahead to know what sort of documents you need. The ones commonly asked for are:

Photocopies of your NRIC (or passport for non-residents)

Income statements (3 or 6 months depending on the type of loan)

Proof of your other existing loans (e.g. car loans)

Personal details of your guarantor if your application requires one

Booking receipt of your desired property

Educational qualifications

Latest EPF or LHDN statements

Now that you’re equipped with the essentials, be sure to check out our nifty little
home loan calculator
 to help you score some of the best deals around. Good luck, you.

If we’ve missed out anything you’ve learned from experience with home loans, be sure to drop us your thoughts in the comments section below – we’d love to hear from you.

0

0

votes

Article Rating

SHARE

TAGS:

Flexible Loan

Semi Flexible Loan

Term Loan

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments