Versa Launches Versa REITs, Versa Gold To Offer Real Estate And Gold Investment

Digital wealth management platform Versa has expanded its suite of investment offerings by launching two new products, namely Versa REITs and Versa Gold. Offered with underlying funds from asset management company AHAM Capital, these new products are meant to make investing even more accessible to the Malaysian public, while providing options that align with their current financial goals.

In a statement, Versa explained that Versa REITs – whose underlying fund is the Affin Hwang Select Asia Pacific (ex-Japan) REITs Fund – is an instrument that invests in multiple real estate sectors that are managed by Asia’s top real estate companies (as opposed to when you buy and own an entire real estate space). These sectors include shopping malls, offices, data centres, business parks, as well as factories and warehouses located in different locations across the Asia Pacific region.

With the fund diversified across not just different sectors, but also countries, investors can enjoy a heightened degree of stability in their portfolios. Moreover, the starting capital for Versa REITs stands at just RM100, which removes the high cost barrier in real estate investment for everyday Malaysians. In terms of fees, Versa REITs offers 0% sales, redemption and switching fees, as well as RM0 sales charges. However, there is an annual trustee fee of 0.07% and an annual management fee of 1.8%.

Meanwhile, Versa Gold – which taps into the Affin Hwang Shariah Gold Tracker Fund as its underlying fund – is the platform’s first
shariah
-compliant fund that closely tracks the performance of gold price. As most savvy investors would know, gold is considered a safe-haven investment and a hedge against inflation. It also serves as a good diversifying investment.

The starting capital for Versa Gold is also set at just RM100, as opposed to the cost of most gold investment accounts that require new investors to make a minimum first purchase of 1g (which typically costs more than RM250). It also promises low and transparent fees, with 0% sales, redemption, and switching fees, 0.3% management fee, and 0.03% trustee fee.

Note, though, that unlike traditional gold investment accounts, Versa Gold does not allow investors the option to make physical gold redemptions.

Chief executive officer of Versa, Teoh Wei-Xiang said that these offerings point at the platform’s commitment at empowering Malaysians to achieve financial wellness. “In uncertain and turbulent economic periods, investors look for assets that can provide a safe harbour against stock market volatility. Due to its intrinsic properties, asset classes like real estate and gold continue to be favoured by global investors alike due to its stable nature and role as a hedge against inflation,” he said.

Versa CEO, Teoh Wei-Xiang

Managing director of
AHAM Capital
, Dato’ Teng Chee Wai also highlighted the growing need for simple and affordable financial products for Malaysians. “With market cycles becoming shorter and sharper, asset classes like REITs and gold offer a way for investors to diversify their portfolios in order to grow and preserve wealth,” he said.

Aside from the newly launched Versa REITs and Versa Gold, Versa also has two other existing offerings: the cash management solution
Versa Cash
, and the investment solution
Versa Invest
. Versa Cash currently has an ongoing promotion that rewards clients with a
net return of 4% p.a.
 on the funds within their accounts, as well as an
exclusive cashback deal with RinggitPlus for new Versa users
.

(Source: Versa [
1
,
2
])

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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.

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How to Quit Your Job

Leaving a job when you have reached its peak and want to accomplish more is an acceptable reason to move on, but be sure to do it as gracefully as possible. While some people will tell you, the company has no love for you and will survive without you anyway, do the right thing and serve your notice as you would hope a staff or colleague of yours will if they had tendered.

Here are some tips and basic etiquette to play by when you are leaving a job.

Act Responsibly

You were hired to do something and you accepted the responsibility. While there is nothing much the company can do to you if you don’t, you shouldn’t deliberately cause any type of damage towards the company. Especially if it is out of spite and you think you have been treated unfairly. This by no means equates to justice. In the end, you may put yourself in a position that causes more damage than good to your own career. If the company loses a client due to your negligence and is able to prove it, you could end up facing a lawsuit.

Tie Up Loose Ends

Unless you work for the mafia, then this is an exception. Don’t tie up the loose ends (kill people). In any other aspect of a legal job, you should carry out your duties to your best capabilities despite it being the last few days of your employment. On top of that, it won’t be fair to your colleagues and friends to pick up the trail of dirt and clean up your mess after you leave.

Don’t Burn Bridges

There are cases where the employer does take advantage of the fact that you are leaving and does put a lot more on your plate, even to the extent of treating you unfairly. There are such cases where they are unhappy you are leaving and they want you to know it, or sometimes they realize you are the right person for the job and before you leave they want you to do them a favor and help them get things done. Relationships with past employers are important. They work as references and could very well help catapult you to the top of the food chain if you play your cards right.

Imagine a scenario if you go to a new company, and find yourself in a position where you think you fit in better at your old work place as compared to your new place of employment, you won’t be able to go back if you left on bad terms.

Don’t Steal

While it is not in everyone’s nature to do so, there are people who do take items out of the office. Just because these items are lying around, does not mean you should, even though it will go unnoticed. Especially if you work in a warehouse, where small items can easily be taken.

More importantly, do not steal privileged information. If you are going to a competitor, do not use that as a bargaining chip. How would you feel if someone took your secrets and showed it to someone else so they could get ahead?

Be Professional

If you intend to leave a company make sure you are firm about it and want to leave for a proper reason. Don’t try to tender your resignation just because you know the company is shorthanded with the hope they will give you something more in return for you to stay. While it may seem like a strategic move, it is not a good way to strong arm your employer into giving you more money or benefits. This could turn ugly and both parties could end up on the losing end.

Serve your notice properly, be responsible and at the end of your term, your employer would be more than happy to write you an exceptional referral letter when you leave.

If you are feeling a little tight on cash after you quit your job, try digging up some of your
old coins and banknotes
. It could be worth way more today.

Have you had any horrible or special memories of leaving your previous company? Tell us about it, in the comments section below.

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Households With High Electricity Consumption To Pay 10 Sen/kWh Surcharge In 2H23

(Image: The Sun Daily)

Domestic electricity users who consume more than 1,500 kilowatt hour (kWh) per month will need to pay an electricity tariff surcharge of 10 sen/kWh, starting from July until December 2023. This comes as the government begins implementing an updated imbalance cost pass-through (ICPT) mechanism that better reflects its targeted subsidy agenda for the second half of 2023 (2H23).

With this, these high electricity consumption domestic users – whose current bill exceeds RM708 per month – will no longer be able to enjoy the 2 sen/kWh rebate that was provided to all domestic users prior to this. Instead, their monthly electricity bill may see a minimum increase of RM187. This is expected to affect only 1% of the total domestic users, equivalent to 83,000 households – with a majority of them living in Selangor, Kuala Lumpur, Johor, and Penang.

Meanwhile, other domestic users who consume less than 1,500 kWh per month will continue to enjoy the existing 2 sen/kWh rebate.

(Image: The Edge Markets)

As for non-domestic consumers, the surcharge for those in the low-voltage category (such as MSMEs and SMEs) will remain unchanged at 3.7 sen/kWh. Water and sewerage operators will also be allowed to enjoy this surcharge rate of 3.7 sen/kWh, down from the rate of 20 sen/kWh that they had to pay during the first half of 2023 (2H23).

Similarly, medium- and high-voltage power users will also see a slight decrease in the surcharge that they need to pay in 2H23, reduced from the original 20 sen/kWh to 17 sen/kWh. The government explained that this is because fuel costs have gradually reduced since last year. With this, non-domestic medium- and high-voltage users will see a 28% to 35% decrease in their monthly electricity bills.

In announcing the new electricity tariff, Minister of Natural Resources, Environment, and Climate Change Nik Nazmi Nik Ahmad acknowledged that the new 10 sen/kWh surcharge for high-consumption domestic users will affect those with high electricity usage and not necessarily those in the high-income group, but it is still a start. He also clarified that the higher tariff is only imposed when a household’s consumption for a particular month surpasses 1,500 kWh; if that same household’s consumption does not exceed 1,500 kWh for the following month, they will once again get to enjoy the 2 sen/kWh rebate.

(Image: Bernama)

Nik Nazmi further highlighted that despite the imposition of the higher tariff for high-consumption domestic users, the government has not actually completely removed the subsidy for this category. A total of RM58 million is still being allocated to subsidise this 1% of domestic users as the ICPT rate is higher still.

To note, domestic users have been enjoying the blanket 2 sen/kWh rebate since January 2021, and this latest development marks the end of it. Meanwhile, non-domestic users were also allowed to enjoy the 2 sen/kWh rebate for the first half of 2021 (1H21), but were subsequently required to pay a
surcharge of 3.7 sen/kWh starting from July 2021 until December 2022
. Following that, the government implemented a
targeted electricity tariff on non-domestic users
 in the first half of 2023 (1H23).

(Sources:
The Edge Markets
,
Malay Mail
)

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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.

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INVOKE Launches Meniaga, An E-Commerce Platform With Zero Commission And Fees

Malaysian data firm INVOKE Solutions has launched the Meniaga app, an e-commerce platform for microbusinesses and individual traders alike. The cash-on-delivery (COD) only platform is completely free of charge for sellers and buyers, with no commissions or hidden fees.

The Meniaga app is designed to encourage small traders to digitalise at zero cost to them. Interested sellers just need to download the app, create an account, and upload their product catalogues in order to start selling on Meniaga. Buyers and sellers can communicate via phone call or WhatsApp message from the app, and you can choose to make a purchase through self pick-up or delivery. The app allows buyers and sellers to transact within a 10km radius.

Addressing the issue of security on its FAQ page, Meniaga explained that the app generates a specific set of codes that must be entered by both the seller and the buyer before a sale is considered complete. Incomplete transactions will negatively affect a buyer or seller’s profile rating, which will be taken into account both by other users and the app’s algorithm.

Meniaga is a COD-only platform as it is meant to cater to small-time local businesses selling foodstuff and produce. According to Meniaga, most existing platforms do not allow for cash on delivery. Moreover, many of these platforms withhold proceeds of sales and deduct up to 20-30% worth of commissions before remitting the remaining amount to the merchant. This causes small businesses who cannot sustain this model to be excluded from e-commerce.

“Since 2018, we have been working with 300+ companies to digitalise their advertising and sales channel. We realise there is a strong demand for a simplified cash-on-delivery platform for microbusiness, especially at the height of the Movement Control Order (MCO),” said INVOKE CEO and founder,
Rafizi Ramli on Twitter
.

“The objective is to encourage as many localised transactions as possible within a 10-km radius, where customers can self-pickup or merchants can deliver. We hope this brings down the cost of starting a trade so that people can start a microbusiness from home. Even if you don’t quit your full-time job to run a small trade, you can always use it for a side income,” Rafizi concluded.

The
Meniaga
 app is now available for download on the
App Store
 and
Google Play
.

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Standard Chartered Malaysia Launches SC WIN To Empower Female Entrepreneurs

(Image: Business Today)

Standard Chartered and Standard Chartered Saadiq have launched a new programme called the SC Women’s International Network (SC WIN), which is aimed at empowering women entrepreneurs who are looking to expand their businesses. Specifically, they will be provided with offerings like tailored financial services, education, and networking opportunities.

According to the bank, the SC WIN initiative is designed to be both comprehensive and holistic, and one of its key feature is that it will allow these women entrepreneurs to obtain credit guarantee loans, with the flexibility of an overdraft facility backed by government guarantee schemes. Additionally, they can tap into a six-month moratorium on their business instalment loans, along with exclusive lifestyle and banking privileges via Priority Banking and the Smart Business$aver business current account.

On top of financial services, the SC WIN programme will also provide women entrepreneurs with education and networking opportunities through business academic sessions and networking events. They can even take advantage of curated workshops with one-on-one coaching and mentoring by key industry leaders.

Managing director and head of consumer, private, and business banking for Standard Chartered, Sammeer Sharma said that the launch of SC WIN is crucial as women-owned businesses have been growing rapidly throughout the years. In fact, it now makes up 20% of the total small and medium-sized enterprises (SMEs) in Malaysia.

“In support of the country’s push to drive more economic participation of women entrepreneurs, the launch of SC WIN is timely to help them benefit from the right opportunities, navigate challenges, and ultimately, achieve long-term sustainable growth,” said Sharma.

(Sources:
Standard Chartered
,
The Star
)

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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.

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UN Agency: Malaysia Lost FDI At Twice The Rate Of ASEAN Region In 2020

In 2020, Malaysia lost foreign direct investment (FDI) at twice the rate of the ASEAN region, the Investment Trends Monitor of the United Nations Conference on Trade and Development (UNCTAD) found. Malaysia also bled FDI at a worse rate compared to the contraction of FDI globally.

According to UNCTAD, Malaysia’s FDI last year was down 68% from 2019, amounting to just US$2.5 billion (RM10.1 billion). In comparison, the whole of the ASEAN region only lost 31% on average last year while globally, all FDI contracted by 42%. The total FDI for ASEAN countries last year was US$107 billion while global FDI stood at US$859 billion.

While FDI in the Philippines bucked the trend by rising 29% to US$6.4 billion, other countries in ASEAN reported declines in the range of 50% and below. Thailand’s FDI contracted by 50% to US$1.5 billion, Singapore registered a decline of 37%, Indonesia recorded a contraction of 24%, and Vietnam’s FDI declined by 10%.

Such a level of decline in FDI had not been seen since the 1990s and was over a third more severe than the 2008-2009 global financial crisis aftermath, UNCTAD said. Despite projections for some level of recovery of the global economy this year, UNCTAD expects FDI flows to remain weak due to uncertainties surrounding the evolution of the Covid-19 pandemic.

In last year’s World Investment Report, UNCCTAD has projected a slide in FDI of about 5-10%. “The effects of the pandemic on investment will linger,” said James Zhan, director of UNCTAD’s investment division. “Investors are likely to remain cautious in committing capital to new overseas productive assets. For developing countries, the prospects for 2021 are a major concern.”

(Source:
Malay Mail
)

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New nex.life Connect Plan Offers Unlimited Home And Mobile Internet For RM110/Month

A new internet service provider called nex.life is offering a combination of home and mobile internet in one single plan. nex.life, which is run by TM’s wireless arm, is currently only available in two states in Malaysia.

The new nex.life Connect plan offers unlimited internet quota for subscribers in both home and mobile internet packages, at a fixed monthly price of RM110. The home internet plan is backed by a 20Mbps fibre-based broadband service (but subscribers are required to purchase their own Wi-Fi router), while the mobile internet plan follows a similar package to Unifi Mobile’s usage quota. Subscribers get unlimited 4G LTE quota, but in areas without LTE coverage, there is a 500MB monthly data quota. If this is used up, the connection speed will be throttled to 64kbps.

Meanwhile, calls and SMS are charged on a pay-per-use basis, at a rate of RM0.20/min and RM0.15 per SMS. 3G data passes can also be purchased in case of insufficient data, at a rate of RM15 for 1GB, RM30 for 3GB, and RM45 for 5GB. Finally, the plan is only available with a one-year contract period and a RM300 upfront fee that will be reimbursed via monthly rebates.

For now, nex.life is only available in two states: Kelantan and Terengganu. In conjunction with its launch, nex.life is offering an introductory price of RM100 per month for those who sign up for the nex.life Connect plan. The website does not indicate when this offer will end, however. Check out
nex.life’s official website
 for more information.

(Source:
Lowyat.net
)

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Get Protected No Matter Which Stage Of Life You’re At

Everyone stands to benefit from getting a life insurance policy, regardless of where they are in life. It doesn’t matter if you’ve just entered the working world, or if you’ve already advanced in your career and are married with kids. Whether it’s the affordability of the premiums or the level of coverage that is your concern, you should be able to find a life insurance plan that caters to your needs.

A life insurance policy can have different tiers or plans. Usually, you pay higher premiums for a higher benefit – which basically means a larger payout amount. Therefore, if your focus is affordability, you can look for a life insurance plan with low premium prices. Or if you really want a higher coverage to suit your circumstances, choose a plan with a bigger benefit payout.

Gibraltar BSN’s i-Care life insurance is a non-participating renewable term policy that protects you against death, accidental death, and total and permanent disability (TPD). You pay an annual premium based on your age and the plan that you are on, and the policy automatically renews every year. There are three plans as below:

Plan A

Plan B

Plan C

Death Benefit

RM100,000

RM300,000

RM500,000

Total And Permanent Disability Benefit

RM100,000

RM300,000

RM500,000

Additional Accidental Death Benefit

RM50,000

RM150,000

RM250,000

So, don’t just assume that life insurance policies are for a specific group of people and wouldn’t be suitable for you. With premiums as low as RM9.75 a month, you definitely can’t say that life insurance is unaffordable. Find out more about
Gibraltar BSN’s i-Care life insurance policies here
.

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Indonesian Celebrity Surprises Wife With Functioning ATM At Home For Her Birthday

(Image: RANS Entertainment via TikTok/HYPE)

No one dislikes a good birthday surprise, and popular Indonesian media personality Raffi Ahmad had certainly given his wife, actress Nagita Slavina, a delightful one by delivering a functioning automated teller machine (ATM) to their home for the occasion.

Raffi and Nagita – who both share the same birth date (17 February) – were forced to celebrate their birthdays separately this year as Raffi had contracted Covid-19 and was placed in isolation. However, that did not stop Raffi from giving his wife a birthday surprise by delivering and installing an ATM from Bank Negara Indonesia (BNI) in their home on 17 February.

Naturally, Nagita thought that the ATM was only an imitation, but was stunned when she was actually able to withdraw money from it. Here’s the full TikTok video of the surprise:

@herlin255

the real sultan sejati ini gaeess
#sultanandara

#raffinagita1717

#raffiahmad
#fyp

#viral

♬ suara asli – Susi Herlina – Susi Herlina

Raffi eventually clarified that the ATM is “merely a marketing gimmick” as both he and Nagita are semi brand ambassadors of BNI. BNI also agreed to play along with Raffi’s request as the couple was one of their top clients.

Raffi further explained that the ATM will not be permanently installed in his home. Instead, it will soon be moved to the compound of his entertainment company, RANS Entertainment – which he co-owns with Nagita. The office is one block away from their house, and the ATM is expected to provide better convenience to the community around the area.

(Sources:
HYPE
,
CNN Indonesia
)

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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.

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Non-Cheapskate Reasons to Wash Your Car Yourself

To many people, their cars aren’t just vehicles to get from Point A to Point B, or a huge piece of metal that provides transport. Many regard their cars as something more, perhaps a friend or even a family member.

As such, many people take very good care of their cars by regularly sending it to the mechanic for servicing, and keeping it clean by visiting the local car wash. What people don’t realize is that there are plenty of benefits to washing your car at home.

Here are some reasons you can start washing your own car too:

You Can Detect Problems Easily

When you wash your own car, you’ll be covering every area yourself by hand and be able to spot any scratches, rusty spots or dents that you haven’t detected before. This allows you to know if you need to perform any DIY repairs or get the parts fixed professionally. Most of the time, minor damages like scratches and sub surface paint defects can be polished off easily, so you don’t have to bother your mechanic.

You Can Save Water

A professional car wash uses up to 60 gallons of water to wash a single car. On the other hand, washing your car at home by yourself consumes much less water; only about 15 gallons. You can achieve this by learning how to dry wash your car so that you don’t use water unnecessarily, and minimize the amount of water involved in the washing. For example, if you wash your car under a shade, you’ll prevent water from evaporating faster and leaving water marks which you have to wash off all over again.

You Get to Enjoy Some Family Bonding Time

If you’re a parent, washing your car at home can be a fun family bonding activity involving the whole family. If you have younger children, assign them simple tasks like drying the vehicle with a soft rag after the final rinse. Older children can help soap and rinse the car with you. Not only are you spending precious time with your spouse and kids, you’re handing down important information by teaching your young ones about the technicalities of cars, and why car hygiene in important.

You Get to Exercise

When you wash your own car, you’re actually killing two birds with one stone. On one hand, you’ll get a clean and stain free car, but on the other hand, you get to stay fit and healthy by sweating it out. Car washing really is quite a vigorous physical activity, and the sense of accomplishment after seeing your clean car glisten under the sun is worth every drop of sweat.

In conclusion, washing your own car has many benefits and you should definitely try and schedule it into your busy life. All of the benefits above boils down to you being able to save a lot of resources, especially your finances. If you don’t have a car yet, or are planning to buy another one, you can choose from among the best loans for yourself using our
car loan comparison tool
.

Have something to contribute to this article? Do share your thoughts with us in the comments section down below!

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BNM Dispels Alleged Link Between OPR Hike And Rise In Bankruptcies

(Image: The Malaysian Reserve)

Bank Negara Malaysia (BNM) governor Tan Sri Nor Shamsiah Mohd Yunus has stepped forth to dispel the alleged link between the increase in overnight policy rate (OPR) and the rise in bankruptcies in the country. This came following claims by the Malaysian Association of Borrowers and Consumers Solution that more borrowers may go bankrupt if the OPR continues to increase.

In a rare open letter addressed to editors and the public, Tan Sri Nor Shamsiah noted that the number of individual bankruptcies in the country has actually been on a decline since 2016 – including when the
OPR was increased in 2018
. The number of bankruptcies had also continued to decrease between 2018 to April 2022. This is as indicated by data from seven domestic financial institutions, which accounted for 68% of the total banking system loans in Malaysia:

Year
Number of bankruptcy cases
2018
5,283
2019
3,948
2020
2,844
2021
1,884
January – April 2022
515

Tan Sri Nor Shamsiah further highlighted that the number of youths (individuals under the age of 35) who went bankrupt also showed a similar downward trend, accounting for 14% of the total bankruptcy cases between January to May 2022. This is lower than the average number of youth bankruptcies recorded between 2017 to 2019, which stood at 24.9%.

(Image: Malaysian Department of Insolvency)

“In accordance with the principles of
fair treatment of financial consumers
 and
responsible financing practices
 issued by Bank Negara Malaysia, financial institutions are required to ensure that borrowers who have difficulty in repaying their loans are treated fairly and given due consideration before any bankruptcy action is taken,” Tan Sri Nor Shamsiah emphasised, adding that financial institutions will only resort to taking bankruptcy action after all other measures to recover the money loaned to the borrowers are exhausted.

Meanwhile, the governor encouraged borrowers who have difficulty in repaying their loans to contact their respective financial institutions instead of defaulting. They can then work with the banks to come up with suitable loan repayment packages, and avoid bankruptcy petitions from being filed against them.

Tan Sri Nor Shamsiah also noted the success of such assistance, as borrowers who applied for them are gradually able to regain their ability to repay their loans. This is reflected in the loan repayment trend of the banking system, which improved in the first quarter of 2022 to an average of 92% of the pre-pandemic loan repayment level (first quarter of 2020).

(Image: Bank Negara Malaysia)

Aside from speaking to their banks, the governor said that borrowers may also consult the
Credit Counseling and Management Agency (AKPK)
 to be considered under its
Debt Management Programme (DMP)
. The programme can help the borrowers restructure their existing loans. This, in turn, helps prevent legal action, such as bankruptcy or property auction, from being taken against them.

Earlier last week, the Malaysian Association of Borrowers and Consumers Solution had cautioned that
as many as 32,000 borrowers may go bankrupt over the next two years if BNM continues to increase the OPR
. It also remarked that further interest rate hikes may cause borrowers as young as 25 years old to go bankrupt as they may not be able to meet their financial obligations.

BNM had raised the OPR in
May
 and
July
 this year with a total increase of 50 basis points, bringing it from a
record low of 1.75%
 to 2.25%. Several research and financial institutions also expect
BNM to gradually increase the OPR to 3.00% by 2023
.

(Sources:
BNM
,
The Edge Markets
)

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Save Money on Your Utility Bills

Are you always excited about the wondrous things you’ll do with your pay cheque, but before you’ve had a chance to spend any of it, your wallet seems sucked dry?

There are just so many home-related payments to make every month; the first lump sum goes towards rent or loan instalments and then comes your utility bills: electricity, water, sewage, phone, internet and satellite or cable TV subscriptions. Without a doubt, these utility costs draw out major chunks of your income, leaving you with very little to spend on anything else, let alone save.

One way to improve cash flow is to control your utility bills as they incur charges regularly but do not contribute to your ownership of anything. It’s time to rescue your finances from overbearing utilities – read on for our top 5 tips to help you cut costs.

Tip #1 – Energy Savers

Simply run through the number of items in your home that require electricity to function. It’s a long list, isn’t it? Before you decide to go completely off-the-grid and live without electricity, why not try purchasing energy-efficient products? They consume less energy and help you save more on electricity usage.

Look out for energy rating labels on appliances, usually rated in stars; 5 being the most efficient and 1 being the least. Do check out TNB’s guide on rating labels to help you understand the rating system when making purchases.

Consider also, the lighting fixtures in your home, replace bulbs and fluorescent tubes with energy-efficient versions when the old ones have fused or no longer work.

Tip #2 – Upkeep and Maintenance

Poorly performing appliances and other fittings in your home can contribute to excess consumption of energy. Air conditioners which unsurprisingly require a large amount of energy to run, use up even more electricity when filters are dirty or if insulation leaks are present, causing it to work harder. You should service your AC at least once a year to maintain optimum working condition and thereby lower energy consumption.

In addition, you can cool your home naturally by tinting sliding doors or windows with heat-deflecting materials and as well by painting your roof white, this lessens the amount of heat entering the home.

Tip #3 – Monitor Your Bills

You might have noticed leaky faucets and thought nothing of it, but water wastage, a little or a lot, equals money down the drain. By carefully examining your water bill, you can draw out a pattern on usage, and immediately take note if there’s a sudden spike in water charges.

If you cannot account for the undue increase, water is most likely leaking from somewhere and it’s not always visible. Do ask a contractor or handyman to inspect your home for leaks or other issues that may be causing your utility bill to rise.

The same may be for energy leaks. If you’ve suddenly noticed a spike in your electricity bill when you’ve done nothing differently – you may have a faulty electronic item in the house. Fridges, air-conditioners and ovens are usually the biggest consumption culprits so do check those first.

Moreover, make it practice to check the meters against bills for errors; do this for your electricity bills as well, you don’t want to be paying extra for clerical mistakes, and it does happen more often than you think.

Note also that the
electricity tariff was reduced at the beginning of March and will last through till June 30
, so expect a slight decrease in your bill (and some savings too!).

Tip #4 – Sweep Before You Sleep

Beware the electricity vampire, sucking energy and bleeding you dry. Check that all lights are switched off, pull the plug on your laptop, phone chargers and cable/satellite boxes. Likewise, check that all taps are tightly turned and no water is leaking. A nightly sweep like this helps to reduce your overall bill and you’ll be surprised by just how much.

Test it out for yourself, take this month’s bill and compare it with the next month’s bill, you could save at least 10% percent if you’re disciplined, we don’t swear by it, but it’s definitely worth a try.

Tip #5 – Substitute where Possible

Logically, if you could use less of your phone for calls and messages or limit usage of electricity and water, you would save more; the simplest way to do this? Find alternatives or use more of your own energy.

For instance:

1) Clean your house with a broom and mop instead of a vacuum cleaner;

2) Rake your leaves, forgo the leaf blower;

3) Trade in electric water heaters for solar-powered ones;

4) Use free mobile apps for calls and messages;

5) Water plants with rain water.

There are surely a lot more ideas on the internet – do what feels comfortable to you.

Other Considerations

If you’ve done all of the above and are still looking for more ways to save on your utilities, here are some hardcore suggestions not for the faint of heart.

1) Cut out unnecessary monthly subscriptions. Next to electricity, internet and satellite or cable TV packages greatly eat up your monthly budget and in some cases, it’s even higher than the electricity costs.

But we totally understand the magnetic pull of high-speed internet and the wonderful world of premium TV, in fact, some of us may even need it for work (that’s our story and we’re sticking to it).

Alternatively (and realistically), just downgrade your service, and choose a basic package – this way, you save some and you enjoy some. Win-Win! You always may end up spending less time on the couch watching TV or surfing the net, which will be even better for your health too!

2) Be disciplined when it comes to using your air-conditioner, remember less usage = more money. So turn off your AC when the weather is bearable, or use a fan for a couple of nights a week.

Again, it would be brutal to completely turn in your air-conditioner remote and fan yourself to sleep but remember, there are tons of people in Malaysia that do just fine without it.

Plus, if you could use less of the AC, you’d be reducing your carbon footprint, saving a little money and probably sweating too (yikes!).

Make Every Ringgit and Sen Count

The incentives for trying to save on your utilities are obvious but there’s more to it than just saving money. It indicates that you are carefully and cautiously spending, not merely throwing away hard-earned cash. That in itself is a satisfying notion, and now that you have extra funds, spend wisely or better yet, just save it.

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LIAM Proposes Increase In Tax Relief For Medical, Health Insurance Premiums Under Budget 2022

(Image: Channel News Asia)

The Life Insurance Association of Malaysia (LIAM) has proposed for the government to increase the tax relief for medical and health insurance premiums under Budget 2022, among other suggestions.

According to the president of LIAM, Loh Guat Lan, the suggested increase can be done via two options:

Expand the current tax relief of RM8,000 for medical expenses on self, spouse, and children (for serious diseases) to include medical insurance premiums as well
Increase the current combined tax relief of RM3,000 (for medical and health insurance premiums, as well as premiums for education insurance) to RM6,000

“The rationale behind this proposal is firstly, it will lift the burden of potentially large medical expenses from the taxpayer due to the pooling of risk. Secondly, the cost of medical expenses typically increases with age and taxpayers are utilising their current income to fund for their future long-term medical needs,” said Loh in a statement.

Loh also explained that basic medical insurance for an average family of two adults and three children typically costs at least RM2,500 per annum. With a tax relief of RM3,000 provided, there is only a savings of RM500 for premium per annum to support the education policy of three children – which is insufficient.

Aside from this proposal, LIAM also forwarded several other suggestions as part of its Budget 2022 wishlist, one of which is to increase the current limit of personal tax relief for life insurance premiums from RM3,000 to RM5,000. “Having a life insurance policy that can cover the total cost of the financial planning is important, such as costs associated with accidents, disability, illness and death,” said Loh.

Additionally, LIAM hopes that the government will consider waiving the 6% service tax on the Group Employee Insurance Scheme as this can encourage employers to insure their staff under a group insurance scheme. This, in turn, will increase the penetration rate of workers.

(Image: Malay Mail/Choo Choy May)

“Based on published statistics, less than half of employees is being covered by any form of group insurance. This leaves a significant insurance gap that needs to be closed, to extend the insurance safety net to as many Malaysians as possible,” Loh added, noting that with more individuals covered under private group medical insurance, the financial and capacity burden on the public healthcare system can also be reduced.

Lastly, LIAM also proposed the extension of the
Perlindungan Tenang Voucher (PTV) programme
 for another year. The PTV programme was introduced during the tabling of Budget 2021, and was intended as way to provide better social protection for the B40 group. Under this programme, all eligible recipients will be entitled to a voucher of RM50 to purchase products from Perlindungan Tenang, a basic insurance and takaful scheme.

Loh commented that the extension is essential as recipients need time to accept insurance or takaful protection as part of their families’ financial planning. “To instil the habit of securing insurance or takaful coverage as part of their social protection, having the second premium subsidised will be necessary, especially as the recovery from Covid-19 remains uncertain. Otherwise, many of the BPR recipients are likely to discontinue their coverage and the long-term benefits of the programme will be lost,” she said.

Ultimately, LIAM hopes that its proposals can be implemented to assist the government in achieving its 3R objectives (recovery, resilience, and reform), which will then lead to a more sustainable, productive, and higher value-added economy.

(Source:
LIAM
)

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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.

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How To Pick The Best Unit Trust Fund For You

For many people, one of the earliest instruments of investment that they are exposed to is the unit trust fund – sometimes also known as mutual funds. If you’ve ever come across names such as FSMOne, Public Mutual, or Affin Hwang, then you may have already encountered some of the funds offered by these unit trust marketplaces.

In general, unit trust funds are seen as a good kick-off point for individuals who are just starting out on their investment journey – for several reasons. A key factor is the convenience that it provides as a form of passive investment; your funds will be entrusted to professional fund managers, so you won’t need to personally monitor your portfolio at all times. On top of that, your can set a standing instruction to automatically invest a specific amount each month (or other period of time), making it even more easy and convenient to invest.

Aside from that, unit trust funds also tap into an important investment strategy – diversification – as they consist of a mix of assets, including shares and bonds. Many individual investors will find it difficult to diversify their investments due to the time and research required, so leaving it to a professional fund manager makes plenty of sense, as diversification helps to balance the risk and return in your investment portfolio. Finally, unit trust funds are regulated by the Securities Commission of Malaysia (SC).

That said, with hundreds of unit trust funds available to Malaysian investors, how exactly does one determine if a particular unit trust fund is worth investing in? What makes Unit Trust Fund A “better” than Unit Trust Fund B? Thankfully, the prospectus of a unit trust fund carries most of the information that you need, and in this article, we’ll tell you about some of the things that you should look out for. Read on and gain some insights from our licensed financial planners (CFP), Azril Ikram and Hann Liew.

Fees & other charges (aka Cost Of Investment)

Unit trust funds come with a few fees and charges at varying rates, so take time to identify the fees and charges that are applicable as they can significantly affect your returns in the long term. Some common fees that you should be aware of include:

Initial fee/Sales charge
: A one-off fee that is charged as a set-up cost for purchasing into and investing in your selected fund. Depending on the firm or bank that you’re purchasing from as well as the fund, the sales charge can be as little as 0% (yes, no sales charge!) or go up to more than 5% of the invested amount.
Annual management fee
: Covers the operating cost of the fund – such as audit and administrative charges – as well as the fund managers’ salary. Typically falls between 0.5% to 2%.
Trustee fee
: The trustee fee is often included as part of the annual management fee, and is charged for stewardship services to ensure that the assets held in a fund are managed appropriately.

Other additional fees that you may also come across include switching fees (incurred when switching from one fund to another within the same asset management firm) and exit/redemption fees (incurred when you sell your units from the fund) – all of which will eat into your initial investment and subsequent profit. As such, it only makes sense that you always aim for high-performing funds that come with low (or at least acceptable) charges. Do also take note of the minimum initial investment amount as well as minimum additional investment amount!

Insights from Azril and Hann
: Your selected unit trust fund should ideally have a
one-off total sales fee that is less than 1.5%
. Meanwhile, the
annual management and trustee fee combined should fall below 1.95%
. These recommended percentages will help you minimise your investment cost and ensure that it does not reduce your returns excessively.

Historical performance

Another key criterion to consider before making any moves is the historical performance of the fund. More importantly, don’t just look at how the fund performed in the last year or two – these may be influenced by cyclical events. A better way to do this is by looking at the performance of the fund over a longer period – preferably over the past 10 years (or more).

Of course, you should know the oft-repeated phrase that “past performance of a fund is not an indication of future performance”, but a fund that has recorded consistent returns over a long period of time is a key indicator to look out for. A historically stable performance over the last 10 years or more is a sign of long-term stability and potentially good management on the part of the fund managers – which should bode well for investors seeking long-term returns.

Insights from Azril and Hann
: Go for unit trust funds that showcase a return of
more than 9% p.a. for their 10-year historical performance
 as this is a good indicator of a stable and profitable fund.

Sharpe ratio

Aside from the past performance of the fund, you should also take an extra step to check out something called the Sharpe ratio – a method that can be used to calculate the risk and returns of your investments. Essentially, it lets you estimate the potential returns that you can gain for accepting a certain amount or risk. In other words, it can tell you that if you are willing to take X amount of risk, you will be compensated with approximately Y amount of profit.

As a general rule, funds that have a higher Sharpe ratio will offer better returns in relation to the risks that they bear. Note, though, that this ratio should only be used as an estimate as it can sometimes oversimplify the measure of risk in certain funds.

Insights from Azril and Hann
:
Look for unit trust funds that report a Sharpe ratio of
more than 0.35 across three years
 as these are good options to consider.

Liquidity

Most unit trust funds should have a percentage of its holdings in cash or cash equivalents – these are usually mandated by management policies. This is useful for two reasons.

First, having liquidity means the fund can invest into new opportunities that arise without having to sell its existing positions. The fund manager can then rebalance the portfolio to meet the mandated liquidity.

On the other hand, unit trust funds must also have some form of liquidity to assist investors who sell their units and withdraw their investment. Illiquid funds take a longer time to process the withdrawal (because it will have to sell some of its holdings to release to the investor). Since fund value per unit fluctuates every day, you may end up selling your investment at a different unit price than when you set your sell order.

However, since virtually all funds have some percentage of cash or cash equivalents, the scenario above is unlikely to happen. That said, different funds take different times to process withdrawals – some can be as swift as three working days, but it usually takes up to seven.

Insights from Azril and Hann
:
 Preferably, the unit trust fund that you’ve selected should allow for withdrawals to be processed and carried out in
 less than seven days
. It would also be a good idea to invest in funds that have a
fund size of more than RM50 million
. This ensures that there will be an available pool of cash so that the redemption of your units can be processed promptly.

Growth drivers

The prospectus of unit trust funds will also contain information regarding the various growth drivers that underpin the fund’s overall performance. Take time to find out about its growth-risk profile, fund categories, investment strategy and asset allocation, as well as global exposure; these factors will help you to determine if a particular unit trust fund matches your own risk appetite and investment profile.

Keep an eye out for the geographical exposure of the funds – in other words, the regions that the funds are investing in. Some unit trust funds may invest solely in domestic assets, making it relatively limited in terms of exposure and with similarly lower risks, whereas others may tap into high-growth powerhouses, such as United States and China. Finally, those with a higher risk tolerance may venture into riskier funds that invest in emerging markets like Vietnam and Indonesia.

Generally, investing in various overseas markets will help further diversify your investment portfolio, which in turn, reduces the risk of your portfolio. However, note that if you are diversifying mostly into riskier markets – such as emerging markets – the potential of encountering losses is also higher. Be sure to do your due diligence as the economic activities and growth in each region will be influenced by various factors, ranging from political and health issues to environmental and social governance (ESG) matters.

Time horizon

Finally, it’s crucial to recognise that unit trust funds is an effective way of building long-term wealth, usually rewarding individuals who stay invested over an extended period with higher potential returns. This is because the fund managers themselves invest the fund’s monies with a long-term horizon in mind, letting the investment grow gradually.

Additionally, a long-term investment horizon allows unit trust investors to better ride out the ups and downs of market cycles. The subprime mortgage crisis, which began in December 2007, lasted over 19 months. But what followed was the longest bull market in history, and the best-performing one since World War II ended.

Insights from Azril and Hann
:
 Try to stay invested for
more than five years
 (medium to long-term) in order to reap better returns. It would also be a good idea to invest in funds that have exposure to successful growth stories – such as Amazon, Facebook, and Alibaba – as they will give you the confidence to remain invested for a longer period of time.

***

Now that you know the key things to focus on when doing your research on a unit trust fund, you’re one step closer to embark on your own investment journey! If you’re ready to set out, why not check out one of the largest unit trust fund platforms within Malaysia: FSMOne?

Highly popular among Malaysian investors, FSMOne offers a broad selection of unit trust funds from multiple asset management firms, which means you will not be limited in terms of choice. The platform is well-known among investors for offering low fees, along with frequent offers of discounted sales charge – sometimes going as low as 0%. Recently, FSMOne has also upgraded its marketplace with the
Managed Portfolio feature
, an online asset management and advisory service. With this, you can request for assistance from FSMOne’s dedicated fund managers to manage your investments for you based on your risk appetite.

Thanks to our partnership with FSMOne, RinggitPlus readers can enjoy
0% sales charge on nine unit trust funds
 – recommended especially by our licensed financial planners, Azril and Hann:

KAF Vision Fund
PMB Shariah Growth Fund
Kenanga Growth Opportunities Fund
Principal Greater China Equity Fund (AUD Hedged, MYR, MYR Hedged, RMB Hedged, SGD Hedged, USD)
Eastspring Investments Dinasti Equity Fund
Affin Hwang Select Asia (Ex Japan) Quantum Fund (AUD, GBP, MYR, SGD, USD)
Manulife Investment US Equity Fund
Principal Global Titans Fund
RHB US Focus Equity Fund

This offer is valid only until 15 July 2021, and is available to new FSMOne customers who sign up through
this link
. Don’t miss out!

Disclaimer: The article above does not constitute as financial advice. Investors are encouraged to do their own research before making any investment decisions.

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Alex Cheong Pui Yin

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HSBC Amanah MPower Platinum's 8% E-Wallet Cashback To Remain As Permanent Feature

Effective 1 April 2020, the HSBC Amanah MPower Platinum Credit Card-i’s promotional rate of 8% cashback for e-wallet transactions will be retained as a permanent feature of the card. Previously, the
e-wallet cashback was introduced
 as a limited-time feature for the period of 3 October 2019 to 31 March 2020.

HSBC Amanah MPower Platinum cardholders get 8% cashback for e-wallet transactions with a minimum monthly spend of RM2,000 – capped at RM15 per month. If you spend less than RM2,000 using your card in a month, you are entitled to 1% cashback on e-wallet transactions. The e-wallet cashback is only limited to “closed” e-wallets that do not offer withdrawals, namely SamsungPay, GrabPay, Touch ’n Go, and FavePay.

The overall cashback benefits of the HSBC Amanah MPower Platinum Credit Card-i can be seen below:

Category

Cashback With Minimum Spend Of RM2,000 Per Month

Cashback With Monthly Spend Below RM2,000

Petrol

8%

1%

Groceries

8%

1%

eWallet

8%

1%

Other eligible spend

0.2%

0.2%

The monthly cashback for petrol, groceries, and e-wallet spend is capped at RM15 per category.

Find out more about the
HSBC Amanah MPower Platinum Credit-card-i here
.

(Source:
HSBC Amanah
)

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Factors That Affect Car Loan Interest Rates

If you are hunting for a new car, chances are you’ve looked at some websites, visited showrooms and the like. And while doing that, you’ve probably come across statements that read, “
Car loan
 with low interests starting from 2.5% to 3.3%”. Which rate you will you get, the ‘low’ 2.5% or the ‘higher’ 3.3%? The answer to this question depends on a number of factors, some of which are within your control, while others fall to the will of the federal bank, the financing banks, and the dealers.

Besides your credit standing and employment status (and these powers that be), the interest rate for you chosen car will have pre-set stipulations with respect to these car-related elements:

1) Make of the car

In Malaysia, the make of your car is an important interest rate determinant as both foreign and national cars have different tax commitments. Accordingly, it affects the way interests are charged. For instance, foreign-brand cars not assembled within ASEAN pay an import duty, excise duty and sales tax that could drive up the sale price to above 100%.

Such heavy costs spur the offer of lower interest rates to entice the purchase of these expensive, foreign cars. Nonetheless, even though national cars have lower selling prices (with low being relative), the higher per annum rates offered still equal lesser total interest costs.

2) Age of Car

Second-hand cars that are five years old or more tend to fetch higher interest rates – about 0.4% to 1.5% more than a new car. According to Datuk Tony Khor, President of the Federation of Motor and Credit Companies Association of Malaysia
as reported in The Star (10th April, 2014)
, used cars carry higher interest rates due to a higher assumption of risk. Logically, this would lead to lesser coverage of insurance, whereby the loan bearer (that’s you) takes on responsibility for balances not covered by the insurer. This is why financing a used car is a little more risky from the lender’s perspective.

Apart from the car itself, banks and dealers influence interest rates by way of special arrangements or promotions in line with a marketing push for certain car makes and models (dealers), and loan products (banks). Here are bank-dealer related features that impact interest rates:

1) Discretion of the Bank

Lending banks have specific tiers of interests applicable for each car make, model and age. Thus, the rate for your choice of car is pre-determined by the bank in addition to having the last say on whether or not to provide you financing at the advertised rate.

Note that the usual requirements for most banks when giving out loans and setting interest rates, such as good credit history and employment status still apply for hire-purchase loans.

Additionally, having an account with the lending bank may work in your favour to provide better rates, especially if it is a long and consistent relationship (showing a good history of savings, etc.).

2) Loan Amount and Down Payments

Interest rates also depend on the amount loaned out; higher borrowings (within a specified range) may be charged at a lower per annum rate.

Down payments as well do have footing in the way interests are charged. For example, under special aid programs where 100% margin of financing is given, rates charged may be a little higher than those with down payments pledged. Take a look at this comparison table on interest rates for loans with and without down payment:

Car Make

Down payment

Interest Charged (from)

National Car

10%

2.90%

National Car

0%

3.30%

Non-National Car

10%

2.50%

Non-National Car

0%

3.00%

Note: Rates compiled are estimates for evaluation purposes only and based on online research for July- August 2015. The rates shown do not take into account your personal situation, car model, loan amount, etc. For final rates, do check with banks and dealers.

3) Dealer-Bank Arrangements

Dealers and banks sometimes work hand-in-hand to help buyers with special offers to incentivize purchase (or take out loans). For example, ‘step-up’ or staggered financing plans give buyers the option to enjoy very low interests in the early years of the loan’s tenure (say, 0.99% for the first two years) but gradually increases in time.

How it works is that the dealer may pledge subsidy support to the financing bank to cover low initial interest costs thereby helping the buyer with smaller repayments for the first couple of years.

This is just one example of the many financing plans which could influence interest rates; however, it’s also possible that the dealer’s panel of banks could offer lower (or higher) rates.

To effectively compare, obtain a pre-approved loan or apply separately without the involvement of the dealer. This way you can factor in commission mark-ups and gain more information to help you make your decision.

All things considered…

With the interest rate in mind, a financially savvy buyer will go for the car that mostly fits all the criteria they are looking for and not the just the lowest interest rate.

Consider that even though a second-hand car may have a higher interest rate, the repayments could still be lesser than that of a new car if the selling price is lower. It’s also possible for the used vehicle to be of better quality.

As a final consideration, even if you feel that you’ve obtained the best interest rate, it’s a good idea to also check that you’ve gotten the best price for your car.

This is because a lower price (and borrowed amount) translates into smaller repayments and lesser total interests payable, as long as it falls within the same range of the applicable low interest rate.

As always, there’s nothing easier than using our very own
car loan tool
 to help you find the best deals, lowest interest rates and most suitable packages in the market. So go ahead and give it a try!

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Guaranteed RM600 Shopee e-Voucher & More Exciting Gifts Await You This Week

The Unbox This Week credit card campaign is back with exciting gifts from five participating banks!

For those who are new to this campaign, Unbox This Week is a weekly event where we present to you fantastic weekly flash deals from our featured bank partners. All you need to do is apply for selected credit cards from these banks of the week through RinggitPlus and you’ll take home some great prizes.

For this week (21 March – 28 March 2022), our featured bank partners are

Citibank, HSBC Bank, Standard Chartered Bank, Alliance Bank, and AmBank
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Go On A Shopee Spree With An RM600 e-Voucher

Enjoy some retail therapy with an RM600 Shopee e-voucher when you sign up for a Citibank credit card! Whether it’s a shiny new gadget you’ve had your eyes on or a decorative item to embellish your home office, a shopping spree on Shopee is guaranteed to be yours.

Remember to activate and spend a minimum of eight retail transactions on your new card within 60 days upon gaining approval. Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion. Otherwise, those who wish to apply for their new Citi credit cards can
head on over here to do so
.

Keep Your Home Clean With A Xiaomi G1 Robot Vacuum Or Panasonic Air Purifier

Ensuring your home is free of dust is no easy task but choose between two home appliances that may make it more convenient! The Xiaomi G1 Robot Vacuum has a three-stage filtration system that’s capable of cleaning the smallest particles. On the other hand, the Panasonic Portable Air Purifier Nanoe™X Generator can remove harmful viruses and bacteria from circulating your home.

Don’t forget to activate and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval to be eligible for this gift. That said, do note that current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have cancelled their HSBC credit cards within six months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your HSBC credit card
here
.

Simplify Daily Chores With An IROVA Robot Vacuum Or Riino Air Fryer

This week, choose between the IROVA K5A Robot Vacuum Cleaner or Riino 3.5L Rapid Air Fryer when you sign up for a Standard Chartered credit card. Cross off the other chores on your to-do list while the IROVA K5A Robot Vacuum Cleaner cleans all your indoor spaces. Whether it’s marble, carpet, wood, or tiles, the IROVA K5A Robovac is able to keep rooms spotless with its capable floor sensors, twin side brushes, and powerful motor suction.

Alternatively, take home the Riino 3.5L Rapid Air Fryer instead for a hassle-free and compact appliance that not only looks great but makes preparing food much easier with its food-grade non-stick coating.

Everyone’s a winner when you apply for selected Standard Chartered credit cards. Just remember, you will need to activate your card within 30 days upon approval to be eligible for this gift. Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign. If you qualify, then you can apply for your new Standard Chartered credit card
here
.

Elevate Your Photography Skills With A Herman Drone

Why settle with regular cameras when you can kickstart your journey in aerial photography? This week, take home a guaranteed Herman E88 Drone when you sign up for an Alliance Bank credit card and meet the requirements. Fly this dual camera quadcopter from as far as 150m away with a handy remote control.

Upon approval, you just have to activate to meet the requirements of the campaign and be eligible to get the prize. Existing cardholders of any Alliance Bank credit card and individuals who have held or cancelled an Alliance Bank credit card in the past six months are not eligible for this campaign. Apply for an Alliance Bank Credit Card
here
.

Indulge In Your Favourite Fried Treat With A Morgan Air Fryer

Many consumers choose to use an air fryer since it produces a similar effect to deep-frying but without the need for a lot of oil. The Morgan Air Fryer has a 2.8L capacity and can cook temperatures up to 200°C – perfect for tasty snacks. It also has a removable pot with a non-stick coating so cleaning is a breeze.

Apply, get approved and activate your Ambank credit card within 30 days upon approval to be eligible for this prize. Existing cardholders and individuals who have held or cancelled an Ambank credit card in the past year are not eligible for this campaign.
Apply for an Ambank Credit Card here.

***

Finally, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed, and we can always be at hand to help you when you need us.

While this week’s flash deal ends on 28 March (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Lisa Ameera Azman

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Finance Minister: Government May Consolidate Current Financial Aids After Budget 2021

(Image: Malay Mail)

Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz has commented that the government may look into consolidating its current direct crisis response programme, especially after the tabling of Budget 2021. This is in reference to the various financial aids that have been made available to Malaysians thus far, including the PENJANA handouts and the ongoing Wage Subsidy Programme.

By consolidating the programme, the government hopes to reduce the amount of time that spans between an individual’s loss of income and his/her confidence. Additionally, the consolidation will help the streamline the administration process across numerous social safety nets.

Tengku Zafrul also said that the government is already holding discussions with relevant stakeholders with regard to the effort. This includes the Social Security Organisation (SOCSO) on improvements that can be implemented on the Wage Subsidy Programme, as there are many aspects – such as the existing wage differences in Malaysia – that must be considered.

“For instance, the
employment insurance system (EIS)
 is for SOCSO and at the same time, the
Wage Subsidy Programme (Wage Subsidy 2.0)
 is from the government, and it is based on targeted approach based on the particular sector,” Tengku Zafrul further explained, speaking at the Malaysian Economic Summit 2020.

The minister had been responding to a question as to whether the government will consider steps to consolidate the existing direct crisis response programme into an automatic stabiliser, similar to various other countries. To clarify, automatic stabilisers are fiscal policies that help to moderate a country’s economy during extreme times – such as when it overheats or slumps – without direct intervention by policymakers.

(Source:
Malay Mail
)

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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.

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Outstanding Credit Card Balances To Be Converted To 13% p.a. Term Loans

Banks will convert outstanding credit card balances into 3-year term loans with a 13% p.a. interest rate to assist those who are in financial difficulty due to the Covid-19 outbreak. This step is one of the measures highlighted in Bank Negara Malaysia’s announcement regarding repayment deferment measures for households and SMEs.

Individuals who are unable to meet the minimum monthly repayment for 3 consecutive months will have their outstanding credit card balances automatically converted into term loans or financing. The term loan or financing will have a tenure of up to 3 years with an effective interest or profit rate of 13% p.a. and the cardholder can pay off the loan in fixed monthly instalments. You may still continue to use your credit card up to the remaining credit limit after taking into account the balance converted into the term loan.

The interest rate of 13% p.a. under this term loan is lower than the usual 15–18% p.a. that is usually charged on unpaid credit balances, and the monthly instalments make it easier for cardholders to manage their repayments. Moreover, cardholders who have converted their card balances into a term loan can then immediately ask for a
6-month deferment
 from their bank under the
loan deferment measures
 announced by Bank Negara.

(Image: The Star)

In 2019, banking institutions introduced a similar repayment programme known as
Auto Balance Conversion (ABC).
 Eligible credit cardholders who have not made a full payment for their outstanding balance for the past 12 months and with average credit repayment of not more than 10% of the outstanding balance over the past 12 months would be automatically enrolled for ABC. The ABC programme shares similarities with the current measure being offered due to the Covid-19 pandemic; outstanding balances would be automatically turned into a 3-year term loan at 13% interest per annum.

However, for the current term loan solution being offered, automatic conversion will be done when minimum monthly repayments are not reached for 3 consecutive months, instead of the 12-month requirement under ABC. Furthermore, ABC is only available to those who earn not more than RM5,000 per month – in the current instance, banks will initiate the conversion for those who fulfil the criteria regardless of income level.

Following the directive by Bank Negara, banking institutions will be carrying out the automatic conversions for relevant cardholders during the period of 1 April 2020 until 31 December 2020. The banks may also choose to continue extending this option beyond 31 December 2020 in the interest of their customers.

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Jacie Tan

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Former IGP: Security System For Malaysia’s Banking Industry Must Be Constantly Updated

(Image: The Star)

Former inspector-general of police (IGP), Tun Mohammed Hanif Omar has commented that the security system for the banking industry in Malaysia needs to be constantly updated with the latest technology to prevent hacks and intrusions on classified information.

Tun Mohammed Hanif said that although there is no specific or long-term solution to the issue, efforts should still be made to address such threats. “This (hacking of banking systems) is happening all over the world, even in the United States, China, Russia, as well as other countries. No one knows for sure (how to prevent hackers) from obtaining classified information. So, we have to ‘keep up-to-date firewall security’ systems and all this requires huge expenses to ensure the existing system is safe to use,” he stressed.

(Image: Utusan Malaysia)

Tun Mohammed Hanif made this remark following an earlier statement by former hacker Aman Shah bin Ahmad in an
exclusive interview with Utusan Malaysia
. During the interview, Aman Shah had claimed that the coding in the security systems used by some banks in the country was just a “copy-and-paste” from previous systems. He further criticised some institutions for using open-source software and programmes to build their coding as this is a cheaper alternative, despite it making them more vulnerable to the threats of hackers.

Aman Shah – who was formerly a banking executive at Hock Hua Bank – rose to fame after he carried out
an online fraud by transferring 1 sen
 from every account entrusted to his employer, to his own proxy account in another bank. He was subsequently sentenced to five years in prison in 1990 after being found guilty of criminal breach of trust.

(Source:
Bernama
)

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Auto vs Manual Cars: Which One is Truly Cheaper in the Long Run?

If you’re one of those geniuses who can drive both a manual transmission and an automatic, which would you choose to buy based on pocket-friendliness? We’ve got the numbers to help you figure it all out! To that end, we looked at car price, fuel consumption efficiency as well as maintenance costs to see which category of transmission vehicle wins.

To compare, we’ve chosen four cars randomly, with zero favouritism; the Perodua Myvi, Perodua Axia, the Toyota Vios and the Proton Saga. Now let’s put them to the test!

Car Make and Model

Price in RM (West Malaysia)

Maintenance Cost in RM (Service at 50,000km)

Fuel Consumption

Axia 1.0 Standarad G – Manual

32,127

182

21.6 km/l

Axia 1.0 Standard G – Auto

35,127

182

20.1 km/l

MyVi 1.3 Standard G – Manual

40,862

154

18.1 km/l

MyVi 1.3 Standard G – Auto

43,862

154

16.7 km/l

Vios 1.5 J – Manual

77,980

280

17.2 km/l

Vios 1.5 J – Auto

81,880

280

14.9 km/l

Saga SV – Manual

33,438

359

16.7 km/l

Saga SV – Auto

36,438

203

15.8 km/l

*Figures have been rounded off and are sourced from the official websites of Perodua, Toyota, and Proton.

It’s important to note, while all care has been taken to provide you with the most accurate information available at the time of writing, do contact your dealer for personal estimates. Now, let’s look at what the figures mean!

Car Price

Based on the brands and models surveyed,
all manual transmission versions registered a lower price range
 with the excess averaging around RM2,000 to RM4,000 in its individual variant.

Fuel Consumption

Manual cars are on average lighter than its auto counterparts and are sometimes fitted with fewer bells and whistles. Thus, the energy needed to power these cars tends to be lower as well. All the cars reviewed here show
lower fuel consumption for manual transmission cars
 as expected.

Maintenance Costs

The service fees for the automatic and manual transmission of Axia, Myvi and Vios models are the same (as are the costs for standard parts replacements). The Saga on the other hand, shows servicing will cost more for the manual at 50,000km. Clearly,
the brand, model and usage needs of the driver are a better determiner of cost
 than transmission in this case.

Other Factors to Consider

Even though it’s clear that manual transmission cars have the propensity to save you more money, your level of ease when driving shouldn’t be overlooked. Sure, automatics are generally more expensive to buy and maintain but to some, the relative effortlessness of driving in traffic-ridden city roads may compensate for the added costs.

Are you in the market to purchase your very own ride? Then do give our
car loan comparison
 page a look-see to find a financing package that really drives you, pun intended!

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Malaysian Banks Reduce Base Rates, FD Rates After OPR Cut

(Image: Bernama)

(Article updated with revised BR, BLR, and BFR rates for OCBC Bank and Muamalat Bank on 31 January 2020.)

Major banks around the country have announced that they are lowering their base rate (BR) and base lending rate (BLR). This follows on from the recent announcement by Bank Negara Malaysia (BNM) that slashed the overnight policy rate (OPR) by 25 basis points to 2.75%.

As such, these will be the new rates for the following banks:

Maybank

(Image: The Star)

Rates Before

OPR Cut (%)

New Rates (%)

Base Rate/Islamic Base Rate

3.00

2.75

Base Lending Rate/Islamic Base Financing Rate

6.65

6.40

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 24 January 2020 onwards.

Public Bank

(Image: The Edge Markets)

Rates Before

OPR Cut (%)

New Rates (%)

Base Rate

3.52

3.27

Base Lending Rate

6.72

6.47

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 28 January 2020 onwards.

RHB Bank, RHB Islamic Bank, and RHB Investment Bank

(Image: The Borneo Post)

Rates Before

OPR Cut (%)

New Rates (%)

Base Rate

3.75

3.50

Base Lending Rate

6.70

6.45

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 29 January 2020 onwards.

OCBC Bank and OCBC Al-Amin Bank

Rates Before

OPR Cut (%)

New Rates (%)

Base Rate

3.83

3.58

Base Lending Rate/Islamic Base Financing Rate

6.76

6.51

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 29 January 2020 onwards.

CIMB Bank and CIMB Islamic Bank

(Image: New Straits Times)

Rates Before

OPR Cut (%)

New Rates (%)

Base Rate

4.00

3.75

Base Lending Rate

6.85

6.60

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 30 January 2020 onwards.

Hong Leong Bank and Hong Leong Islamic Bank Bhd

(Image: The Malaysian Reserve)

Rates Before

OPR Cut (%)

New Rates (%)

Base Rate

3.88

3.63

Base Lending Rate/Islamic Base Financing Rate

6.89

6.64

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 31 January 2020 onwards.

Bank Muamalat

(Image: The Malaysian Reserve)

Rates Before

OPR Cut (%)

New Rates (%)

Base Rate

3.81

3.56

Islamic Base Financing Rate

6.81

6.56

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 31 January 2020 onwards.

***

If you’re wondering, the Base Rate or BR is the current reference rate that a bank refers to before it decides on the interest rate your loans. Before 2015, it was the Base Lending Rate or BLR that served as the main reference rate; as loans taken out prior to 2015 continue to be referenced against the BLR, banks are obligated to display both the BR and BLR to their customers.

The
reduction of the OPR
, and subsequently the BR and BLR, will have a
widespread effect
 on all Malaysians who have dealings with the banks.

(Source:
Bernama
,
Bank Negara Malaysia
)

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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.

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PEMERKASA+: HOC Stamp Duty Exemption, Passenger Car Sales Tax Exemption Extended

Under the PEMERKASA+ package announced by Prime Minister Tan Sri Muhyiddin Yassin, the stamp duty exemption for the purchase of residential properties under the Home Ownership Campaign (HOC) will be extended for six months until 31 December 2021. Besides that, the sales tax exemption on passenger cars will also be extended until the end of the year.

“As part of the PENJANA package in
June 2020
, the government had announced a stamp duty exemption under the HOC which was scheduled to end on 31 May. We are happy to announce that the government has agreed to extend the HOC stamp duty exemption until 31 December 2021,” said the prime minister.

Under this exemption, Malaysians are exempted from paying the stamp duty for land title transfers and loan agreements if they are purchasing homes valued between RM300,000 to RM2.5 million. The stamp duty exemption for land title transfers is limited to the first RM1 million of the value of the property, whereas the full exemption is given for loan agreements.

“The government also agrees to extend the sales tax exemption on CKD and CBU passenger cars which was previously announced under the
PENJANA
 incentive from 1 July 2021 to 31 December 2021,” said Muhyiddin. Prior to this latest extension, sales tax exemption was
first in
t
roduced
 for the period of 15 June to 31 December 2020 before being extended until 30 June 2021.

CKD or completely knocked down cars are eligible for 100% sales tax exemption whereas completely built up (CBU) cars get a 50% tax exemption. For reference, the sales tax for vehicles in Malaysia is currently set at
10%
 for both locally assembled and imported cars.

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4 Dishes for Buka Puasa You Can Make with Your Rice Cooker

It is the fasting month for our muslim friends, and coming home after work to cook can be quite tiresome. If you are lacking an extra pair of hands in the kitchen, why not use your rice cooker to cook up a storm for your
buka puasa
 (breaking fast) meal or dessert. Yes, that’s right, you can use it to make almost anything and here are a few delicious recipes that can prove it:

1. Chocolate Cake

No oven, no problem! Baking cakes in a rice cooker may sound strange but we found a recipe that ‘bakes’ just as well as if prepared with a top-notch, branded oven. What’s also great about this recipe is that it can be made without eggs so even your vegan friends can have a
slice right here
.

Want to experiment with other cakes? Go for it with these simple recipes for
carrot cake

cheesecake
 and
muffin cake
.

2. Banana Bread

You can skip the bread maker because this tasty evening treat comes out just as well with a rice cooker. All you need is a few ingredients that you probably already have in your kitchen cupboard, so making
some banana bread
 for guests (or just for you) would mean not having to spend much money. Isn’t that swell!

Feel like going bananas? Here’s another
banana-rific recipe
 to work on!

3. Steamed Fish

If you don’t have a steamer at home, you can still make healthy dishes with your rice cooker. We dug up an awesome recipe that teaches you how to make
Chinese-style steamed fish
 and rice, at the same time. Complete your meal by steaming a healthy serving of veggies in the same pot. Talk about a real time, energy and money saver!

Not a fan of fish? Here’s a similar
chicken and rice recipe
 to impress some people with instead.

4. Chicken Curry

Need something with a little more kick? What better way to buka puasa than with a hearty serving of that timeless Malaysian classic: chicken curry. You can have this filling dish with a combination of some rice, roti canai or simply some white bread.
This recipe
 is quick and easy to follow (you can omit the Jambalaya mix if you want) and it comes together in just about an hour.

These recipes prove that we could make some full blown main courses and some dessert should you want to host a few guest for
buka puasa
 even with a simple rice cooker as a cooking tool.

For days when you just don’t feel like cooking, use your credit card dining promos to eat out and still save big! Not enough tasty discounts on offer with the card you currently have? Then it’s time to look for a more appetizing card! Check out our
comparison page
 for suggestions on the best credit cards to take to dinner.

We hope you’ll try these recipes and let us know how it turned out in the comment section below!

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"Moratorium Untuk Rakyat" Task Force Proposes 8 Improvements To Current Repayment Assistance Programme

A task force comprising over 400 business associations and chambers of commerce has come up to propose wholesale changes to the current Targeted Repayment Assistance programme that it says isn’t enough to help businesses and the rakyat during the multiple movement control orders (MCO). Among others, the task force calls for a blanket moratorium with zero interest until 31 December 2021 or until Malaysia reaches herd immunity.

The task force, which by proxy represents 1 million businesses in Malaysia including self-employed and micro-SMEs, includes entities such as the Bumiputra Retailers Association Malaysia, the Federation of Malaysian Business Associations, Gerakan Ekonomi Malaysia, Malaysia Retailers Association, Movement For Monetary Justice Malaysia, and the SME Association of Malaysia. It states that the current Targeted Repayment Assistance that was proposed in the PEMERKASA+ stimulus package does not meet the needs of Malaysians, including businesses who are facing severe cash flow issues due to the MCO measures.

The task force believes that a “blanket zero interest opt-out moratorium” is possible due to the fact that the top 8 local banks recorded profits of RM93 billion in the last three years, and the group estimates that its blanket zero interest moratorium proposal would likely “cost” RM6.4 billion – or 7% of the 3-year profits mentioned above. Moreover, the task force stated that the banking industry should take a moral stand to help the country whose government bailed them out during the 2008 Global Financial Crisis.

In total, the task force has proposed eight parameters of improvement to the current repayment assistance programme under PEMERKASA+, and had sent a letter containing the proposal to the Prime Minister on 2 June. However, there was no response from the Prime Minister’s Office.

The eight parameters are:

Socio-Economic Denomination
All Malaysians – must include all individual having a banking facility – including employers and employees from the public and private sector. This must be for B40 as well as everyone else who needs it – both M40 and all individuals having defaults, unable to keep good repayment schedules and individuals who are defaulting their credit commitments – no one has been spared in this COVID pandemic.
Businesses
 Must include all Malaysians businesses – small, mid-tier and even large companies – numbering more than 1 million Malaysian business entities, their 7.2 million employees in the private sector and the 3.9 million micro business owners and self-employed individuals.

Facilities
 All personal facilities must be included – overdrafts, housing loans, car loans, credit cards, personal loans, mortgages must be of any nature.

Period

 This moratorium must be from now until the 31st December 2021 or when we reach 80% herd immunity (when 26.5 Million Malaysians get vaccinated for COVID) – whichever comes later.

Interest Rate During Moratorium

 We seek Zero Interest Moratorium – the banks cannot and must not charge any direct or indirect/hidden cost for this moratorium period.

Credit & Leasing Facilities:

 Credit and Leasing Facilities must be included though they don’t come under MOF ambit – the last moratorium (during MCO 1.0) did not include this very fragile yet large group that have high financial exposure especially in industries that have yet to restart their operations e.g. tourism-related sectors.

Opt-Out System

 Those who don’t want to take part in the moratorium will need to opt-out (same as MCO 1.0) of the system.

Waiver

 All bank charges for this restructuring and rescheduling (R&R) exercise must be waived.

The task force hopes that with the increased awareness, it can seek an audience with the government and banking industry to create a repayment assistance programme that will help all Malaysians.

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Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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KTM Komuter Users Will Get 20% Fare Discount Starting 1 April

(Image: The Sun)

Starting this April, KTM Komuter fares will be reduced by 20%. The discounted fare will be reviewed after a year to determine its effectiveness, said Minister of Transport Anthony Loke.

The lower fare also applies to those already enjoying a
20% discount when they go cashless
, which means they will get a total of 40% discount. However, foreigners will not be able to enjoy the 20% fare reduction and a mechanism to charge them a different rate is still in the works.

These five routes are eligible for the 20% discounted fare:

Padang Rengas – Butterworth

Butterworth – Padang Besar

Port Klang – Tanjung Malim

Seremban – Batu Caves

Sungai Gadut – Tampin

(Image: Bernama)

“The purpose of this discount is to boost ridership,” said Loke. “Of late, the number of KTM Komuter users has dropped due to railway upgrading projects that have jeopardised the frequency of the trains.”

The initiative is intended to benefit some 94,000 commuters and the ridership is expected to increase to 120,000 to 130,000 passengers daily. According to Loke, the government came up with the initiative because the cost of transportation is the third highest factor contributing towards the cost of living.

(Source :
The Sun Daily
)

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KTM Komuter

Ministry of Transport

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Hayatun Razak

Hayatun Razak

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