Finance Minister: Government To Double Microinsurance, Microtakaful Policyholders By 2026

(Image: The Star)

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz has said that the government is aiming to double the number of persons subscribed to microinsurance or microtakaful by 2026, as set out under the
Financial Sector Blueprint (2022-2026)
.

Announced by Bank Negara Malaysia (BNM) back in January 2022, the Financial Sector Blueprint outlines the vision and strategies for the development of the nation’s financial sector over the next five years. In addition to doubling microinsurance or microtakaful subscription, it also aims to achieve several other key outcomes, such as achieving insurance and takaful penetration rates of between 4.8% and 5%.

Yet other objectives listed in the blueprint include increasing the adoption of digital payments per capita at a compound annual growth rate of more than 15%, as well as implementing cheaper and more accessible cross-border payments. Additionally, it seeks to drive steady growth in alternative finance focused on new and innovative businesses.

(Image: The Star)

“The blueprint’s strategies will be critical for the financial sector to navigate the upcoming challenges and opportunities, complementing the 12th Malaysia Plan. Among others, the blueprint outlines strategies for the use of technology and the introduction of innovative financial solutions to improve the well-being of Malaysians,” said Tengku Datuk Seri Zafrul.

The Finance Minister also stated that the government is in the process of implementing policies to enhance financial and digital inclusion among the people and businesses. Additionally, he said that his ministry is committed to cultivating conducive environments and trends for the people and companies to thrive.

“This is done to better respond to changing needs of the economy and society, where healthy competition and innovation coexist with prudent and responsible conduct,” added Tengku Datuk Seri Zafrul.

(Source:
The Edge Markets
)

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How to Make Your Own Beauty Products on the Cheap!

The True Cost of Beauty

How much of money are you spending on beauty and personal care? Your answer is probably, “too much”, and the stats would support your sentiments because Malaysians apparently spend approximately
RM1.6 million a year
 (2013) on beauty supplies!

Shocking as that amount is, overspending is not the only concern when buying commercial cosmetic and personal care products. For one, with homemade varieties, you know exactly what’s going into the mix, whereas many off-the-shelf items contain thousands of unknown chemicals. Furthermore, according to
PETA
, many top beauty brands still perform clinical testing on animals.

For these reasons and more, the idea of substituting regular products for more natural ones has been gaining traction. We went online to find the right ingredients needed to whip up homemade beauty potions and what we found reads like a grocery list! But don’t let that stop you from trying them out:

1. Hair Shampoo

Save money and use less chemicals on your hair with this super-easy
two-ingredient shampoo
 formula. All you will need is baking soda and water, that’s it!

Keep in mind that this recipe works best with soft water, and the shampoo is best used only every other day or 3 times a week, maximum, as it can dry out your hair. You can follow up with a customisable
homemade conditioner
 for various hair types as well to keep yours feeling soft and smooth.

2. Facial Cleansers and Masks

Natural ingredients are kinder on your skin than the ones found in most store-bought cleaners.

Rinse your skin with gentle cleansers you can find in your kitchen like
organic honey
 and
Chamomile tea
. You can also use
Aloe Vera
 growing in your garden to make a soothing facial (and hair) mask which is both effective and low-cost.

3. Makeup

Now this you probably did not expect, but yes, you can make your own makeup with all- natural ingredients. Mix batches of
eye-shadow
,
bronzers
,
blushers
 and
lip-stains
 in a few simple steps.

What’s great about making your own makeup is that you don’t have to worry about wasting money buying the wrong shade or not being able to find the right one, because you can simply experiment with lighter or darker hues, inexpensively.

4. Makeup Remover

Removing your makeup every day is an ultimate must but store-bought solutions can be quite expensive and harsh.

Moreover, if you need to remove heavy makeup from the eye area, you’ll need an extra-gentle cleanser. Try this
olive oil and castor oil mix
 or the two-ingredient, extra virgin
coconut oil and water
 cleanser for a cheaper alternative.

Caution When Using DIY Products

Although DIY products are mostly natural, it may not be suitable for everybody. For instance, some are allergic or overly sensitive to certain ingredients (e.g.
essential oils
). Dr Doris Day, a New York dermatologist (as quoted by
CNN
) advises to think twice before using white vinegar, egg white, spices, citrus and hydrogen peroxide in your homemade concoctions.

As a further safety precaution, use DIY products in moderation at first to see how your hair and skin respond. Stop use immediately if you experience any allergic reactions or irritation. Furthermore, some recipes may call for items that are difficult to obtain locally, leading you to purchase them online. But before you do, be sure the online vendor is providing authentic products. Do read reviews and ratings before buying and using.

Be sure to put all the savings you’re getting with our tips somewhere safe where it can grow well like in a high-interest savings account. Find out which banks are offering the best rates with the help of our super-cool
comparison tool
.

Do you know of more homemade beauty helpers? Share your ideas with us in the comments section below!

Image Credits: the Italian voice’s
photostream
,
thank your body
, and
Dunn Orthodontics

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New RHB Mobile Banking App Targets 1 Million Users By Year End

(Image: Fintech News
)

RHB Bank has launched its new RHB Mobile Banking app, which will eventually replace its existing RHB Now app. The bank has set a target of hitting 1 million users by the end of this year, which is double the users of RHB Now.

Managing Director of RHB Banking Group Dato’ Khairussaleh Ramli also shared that by the year 2022, the new RHB Mobile Banking app is expected to increase transaction volume via digital channels to over 80% compared to the present 66%.

Dato’ Khairussaleh said that these goals are to be achieved through the new app’s “killer features”. Its “One Touch Payment” function allows users to make payments of up to RM500 to 8 recipients without requiring a full login into the app. Besides, the app also features push notifications for upcoming payments where users can make payment with a single touch by simply tapping the notification.

“This is the first phase of our new mobile banking app and we will develop a quick response (QR) code and integrate it later into the app, in conjunction with Payments Network Malaysia Sdn Bhd’s (PayNet) implementation of the real-time Retail Payments Platform,” he told the press after the app’s launch ceremony. The bank is also looking to develop its own e-wallet service in the new app.

(Image: Fintech News
)

The RHB Mobile Banking app will co-exist with the old RHB Now app before gradually being integrated into a single platform over the next 12 months. Current RHB Now users will be given six months to transition to the new app.

You can download the new RHB Mobile Banking app from the
App Store
 and
Google Play
.

(Source:
Fintech News
,
The Star
)

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Hayatun Razak

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Economists: Ringgit May Continue To Weaken, But No Need For Alarm

(Image: European Pressphoto Agency/Ahmad Yusni)

Several economists have cautioned that Malaysia’s currency is likely to depreciate further, and may even breach 4.50 against the US dollar. However, they reassured that Malaysia’s situation is not as dire as one would expect.

For context, the ringgit has been slowly depreciating against the greenback in the past month, from about 4.20. At the close of trading yesterday, it settled at 4.44 – which is a 27-month low. This depreciation has been chiefly attributed to the US Federal Reserve’s recent aggressive interest rate hikes in a bid to combat inflation and recession; last June, the US Federal Open Market Committee (FOMC) raised its rate by 75 basis points instead of the predicted 50 basis points, bringing it from 1.5% to 1.75%. This is the most aggressive rate hike since 1994.

Not only that, the FOMC is even said to be considering another 100 bps rate hike in September.

(Image: Focus Malaysia)

“With a greater demand for the greenback (following another rate hike), the currencies of other countries, including ours, will feel the negative impact,” said the chief economist of Bank Islam Malaysia, Dr Mohd Afzanizam Abdul Rashid, adding that another 100 bps increase by the US Federal Reserves could push the ringgit beyond the 4.50 resistance level against the greenback.

Despite that, Dr Afzanizam reassured that all is not lost. He emphasised that Malaysia’s banking system and financial fundamentals are still holding out well. As such, the public should still be able to gain reasonable access to credit, and in the process, help the country’s economy with its growth.

“Malaysia still has a lot to offer. We have a talent pool that is conversant in English as well as decent infrastructure such as ports, airports, expressways, railroads, and electricity that make the movement of goods convenient,” Dr Afzanizam further said.

Economics professor at Sunway University, Professor Yeah Kim Leng also attributed the ringgit’s descent to the aggressive rate measures introduced by the US. “But how much more the ringgit will depreciate depends on how aggressive the US Federal Reserve is in its efforts to put a cap on inflation,” he said.

Prof Yeah commented as well that this dip is likely to only be temporary. “Raising rates to correct inflation tends to overshoot its target, and this could put pressure on the dollar as the world’s largest economy faces recession risks,” he highlighted. The US economy is projected to have a
40% chance of entering recession next year
.

Back in May 2022, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz also reassured the public that the
ringgit’s current depreciation is caused only by temporary factors
. It is expected to strengthen eventually given Malaysia’s prudent management of the currency and strong economic fundamentals.

(Source:
Free Malaysia Today
)

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Alex Cheong Pui Yin

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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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Mubi Offers A Curated Selection Of Local & Global Movies From Just RM10 A Month

Malaysians now have yet another entertainment option as streaming platform, Mubi, begins offering movies from Malaysia and the Nusantara region via its local channel, Mubi Sinema.

Mubi is a specialised streaming platform that offers a curated selection of movies to its subscribers. Each day, it will feature a new title, which is then made available for viewing for 30 days before it is removed.

According to Mubi’s director of content, Ho Hock Doong, the channel will feature some of the best Nusantara films. “Whether it is a film you missed at the cinema or something you just want to watch again, I am delighted that we can spotlight regional cinema on Mubi with great new movies every single day, and we will keep bringing more amazing movies to Mubi Sinema for our audience in Malaysia,” he said.

Aside from Mubi Sinema, there are another two channels available on the platform for Malaysian subscribers: Mubi Boo and Mubi World. Mubi Boo is a channel that is curated in collaboration with Astro to feature horror films, such as Korea’s
Mourning Grave
 and local production,
Perjanjian Syaitan
. Meanwhile, Mubi World offers award-winning international films.

“Titles playing today will include Edmund Yeoh’s 2014 drama
River of Exploding Durians
, Pablo Larraín’s latest feature film
Ema
, and
The Orphanage
from Shahrbanoo Sadat,” said Ho, adding that the films will be available for streaming on the web, mobile devices, smart television, and streaming sticks. Mubi will also include Koleksi, a film library that gives you access to hundreds of movies at a time.

Apart from its streaming service, Mubi also prides itself in its extensive movie-related database, which features reviews as well as in-depth discussions and content. Additionally, there is a section titled Notebook, where Mubi posts daily articles that are relevant to films.

If you’re interested, Mubi is currently offering a special introductory promotion, allowing you to subscribe to the streaming platform for three months at just RM10 – payable via Digi or Maxis. After the three months are up, you can continue your subscription with a monthly fee of RM10. Alternatively, you can also sign up for a basic account, which is free, but it only gives you access to Mubi’s database and Notebook.

Mubi has actually been available since in Malaysia since June 2019, partnering Digi and Maxis to begin operations. Back then, the streaming platform noted that it will debut in the country with two new channels, Mubi Sinema and Mubi Dekho! Channel, in addition to its regular offering of Western movies. This will subsequently be followed by another two channels, one focusing on Chinese and Korean films while another on South Indian films.

To find out more about
Mubi
, you can head on over to its website.

(Sources:
The Malaysian Reserve
,
Variety
)

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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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Get Up To 5% Cashback Benefits On Contactless Transactions With BSN Visa Cash Back Credit Card

When visiting a supermarket to stock up on your daily necessities, or while making a quick stop at the restaurant for takeaway – chances are, you would choose to simply wave your card at the payment terminal considering the current pandemic situation.

It is no surprise given a study showing that
22% of Malaysians have reported increased use of their credit card’s contactless feature since the start of the COVID-19 pandemic
. Contactless payments are encouraged as the “new normal”, especially after it was revealed last year that
exchanging banknotes could contribute to the spread of COVID-19
.

Having said that, while keeping yourself as safe as possible by choosing contactless payments, why not get yourself rewarded for your daily purchases with a credit card which offers you cashback benefits?

Introducing
BSN Visa Cash Back Credit Card,
 a credit card that is suited for everyday spending as it gives you up to 5% cashback on necessities such as groceries, petrol, dining, and more. Read on to find out how you can get cashback benefits with this credit card on your everyday contactless spend.

First Up, Groceries! (And Up To 5% Cashback)

Closeup portrait, beautiful, pretty young woman in sweater picking up, choosing green leafy vegetables in grocery store

A staple in any household is groceries and that includes lots of snacks. After all, for so many of us that are working from home, munching on snacks like chips or fruit is a convenient way to get an energy boost throughout the day.

Plus, if you’re handy in the kitchen, it’s more budget-friendly to go grocery shopping and make your meals at home. While you’re doing that, don’t forget to use the
BSN Visa Cash Back Credit Card
 to get your cashback. This credit card offers up to 5% cashback on grocery spend in grocery stores and supermarkets, capped at RM15 per month per card member. For added convenience (and safety), use the credit card’s contactless feature and just wave your card at the terminal to make your payment.

Next, Stay Safe, Fuel Up & Get RM15 Cashback Per Month

Hand refilling the white pickup truck with fuel at the gas station. Oil and gas energy.

Even though working from home is the new norm, you may still need to use your car to go and buy groceries, pick-up meals, or even head out for a short drive to ensure your car battery remains charged and to protect your engine.

For those short trips and any unexpected emergencies, you’ll need to keep your fuel tank full so that your car is ready to go whenever needed.  And of course, fuelling up with the
BSN Visa Cash Back Credit Card
 will give you up to 5% cashback, capped at RM15 per month! At the end of the day, even with the short drives, you’ll definitely appreciate these added savings on your petrol expenditure.

Splurge (And Save) On Your Take-Away Dinners For The Family

excited asian muslim people served with food for lunch during eid mubarak celebration

While home-cooked meals are more wallet-friendly and healthy, it’s nice to give yourself and the kitchen a break every once in a while. So, why not splurge a little on a nice takeaway dinner for the family over the weekend? Whether it’s the rare treat of fast food, pizza and pasta, or scrumptious Nyonya cuisine, go ahead and enjoy whatever tickles your fancy. Whatever you choose, do be on the lookout for restaurants that are close to home and heed proper physical distancing SOPs to be on the safe side.

For extra safety, be sure to use the contactless feature when paying for your takeaway dinner with the
BSN Visa Cash Back Credit Card
 and receive up to 5% cashback on all dining, capped at RM15 per month.

Get Up To RM540 Cashback Annually With BSN Visa Cash Back Credit Card

With the monthly cashback capped at RM45 per month per card member, if you maximise your cashback benefits in each category — namely, grocery, petrol, and dining — every month, you can get up to RM540 cashback annually with the
BSN Visa Cash Back Credit Card
.

The
BSN Visa Cash Back Credit Card
 offers a tiered rate of cashback for each category, so while the maximum cashback you could earn is 5%, it depends on how much your expenditure is in a given month. If you spend under RM1,000 in a month, you will get 0.2% cashback, while monthly expenditure of between RM1,000 and RM2,000 will receive 1% cashback. Meanwhile, those who spend RM3,000 and above will get 5% cashback — and this is all capped at RM15 each for groceries, petrol, and dining categories.

Other cashback benefits offered by the card also include 0.2% unlimited cashback on other retail spending and 1% unlimited cashback on overseas spending.

Cashback percentage by monthly spend tier and categories

What’s more, the
BSN Visa Cash Back Credit Card
 does not charge annual fees for life for both principal and supplementary cardholders, thus maximising your savings even more.

So, if you’re looking for a credit card that gives you cashback benefits on your contactless spend for daily necessities such as groceries, petrol, and dining, as well as one that doesn’t charge annual fees for life, take a closer look at the
BSN Visa Cash Back Credit Card
.

Contact a BSN Sales Advisor today to apply, or learn more about the BSN Visa Cash Back Credit Card
here
.

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Pine Labs Partners With BSN To Introduce Pay Later Option For BSN Cardholders

Merchant commerce platform Pine Labs has joined hands with Bank Simpanan Nasional (BSN) to introduce a new digital Pay Later payment option, which can be accessed via Pine Lab’s point-of-sales (PoS) terminals across Malaysia. With this, BSN credit cardholders will be able to spread the cost of their purchases across several instalments at 0% interest.

In a joint statement, Pine Labs explained that the Pay Later option will allow Malaysians to pay for their purchases in instalments for up to 36 months, with the maximum amount allowed depending on the credit line that they have with the bank. This, in turn, will provide them – particularly those in the M40 income group – with some flexibility in managing their expenses as they do not need to immediately cough up a huge sum for full payment, such as when making big-ticket purchases.

“During their in-store purchases, consumers in Malaysia increasingly prefer the affordable Pay Later route where they convert their regular purchase into instalment purchase options. The seamless process enables offline retailers to drive sales, especially of big-ticket items,” said the head of payment business for Pine Labs (APAC), Chayan Hazra.

(Image: MalaysiaKini)

Meanwhile, the chief business officer of BSN, Mujibburrahman Abd Rashid said that BSN hopes to help ease its cardholders’ worries on late charges and interest or management fees via this collaboration with Pine Labs. “Cardmembers can plan their spending and expenses with a 0% instalment benefit rate,” he said.

The Pay Later option has actually already been made available to eligible cardmembers since July 2022, but was only officially launched now. If you’re also a BSN cardholder, you can tap into the Pay Later option at more than 10,000 merchant outlets in Malaysia that are powered by Pine Labs.

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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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What Do You Do if You’re Harassed by Road Bullies?

Ever been in a situation where a car tailgates or blinds you with high beam as you’re driving peacefully? Worse, have you been forced to stop or been given rude gestures by another motorist when on the road? These sounds ridiculous and highly dangerous, but many have reported incidents where they’ve been harassed by other drivers.

According to research done last year by the Malaysian Institute of Road Safety (MIROS), Malaysia has shown a staggering number of
2.4 million highly angry drivers
 out of the total 13.3 million registered drivers.

That means nearly 2 out of 10 of Malaysian drivers on the road tend to lose their cool when driving! With the statistic of the angry drivers in our country being so high, you might find yourself in a road rage situation at some point, although we sincerely hope you won’t (knocks on wood). But still, better be safe than sorry! Here are a few things you need to remember should you find yourself being confronted by a road bully:

1. Don’t Panic and Stay Calm

In an intimidating situation, not everyone can stay as cool and smooth as Bruce Willis. But, when you find yourself face-to-face with an angry driver, your best bet to get out of the situation safely is by keeping your temper and panic at arm’s length and stay calm.

Don’t allow yourself to be provoked, even if the offender shouts abuse and performs rude gestures. If possible, try to apologise or raise your hand in an apologetic manner to diffuse the tension. It doesn’t matter whose fault it was, if the other driver has stooped to harassing you on the road, he or she is already beyond rational thoughts.

2. Don’t Leave Your Car and Keep Your Doors Locked

Your car is the safest place to be in, no matter how frightful the offender might look like. Even if he or she tries to damage your car, it will take time and a lot of effort to physically reach you – unless the offender is endowed with Kryptonian superpowers.

Keep your doors locked and
do not
 worsen the situation by retaliating to the other driver. Eventually the offender will tire and drive away, or if things start to go on a downward spiral and you feel physically threatened, call for help immediately. Honk, flash your hazard lights, do anything that will capture other drivers’ attention so they’ll stop and help you before the police arrive.

3. Take Down as Many Details About the Offender as You Can

Take down the offender’s vehicle registration number, vehicle make and model, a picture, and even a video if you can. This is where a dash cam can come in handy, as it can record the entire incident and you can use it as evidence. Once you’ve taken down everything you need to lodge a police report, drive away or call for help if the offender attempts to block your way.

4. Don’t Drive Home or To Dark Areas

When someone is angry and following you closely, the last thing you would want to do is lead them home or deserted places where you’ll only make it easier for them to target you. Keep calm and drive to a crowded area (such as a petrol station) or straight to a police station.

If you feel threatened, call the police and tell them on your situation. They’ll advise you on what to do and direct you to the nearest police station.

<a href=”
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Protect Yourself First, Get Angry Later

Understandably, anyone would get angry when provoked, especially when it (most probably) wasn’t your fault. But at the end of the day, you need to think about what’s best for your own safety.
Road rage has led to deaths before
, and you wouldn’t want to add to the death toll, would you?

So, no matter how angry you might get, think about your loved ones and how they would feel if they get hurt – or land in jail. Refrain from taking matters into your hands – even though you’re built like the Incredible Hulk – and let the authorities take charge and punish the perpetrators. According to
The Star
, the police have the authority to investigate road rage cases under Section 506 – which falls under criminal intimidation of the Penal Code.

Read also:

Why You Motor Insurance Claim Might Get Rejected

How Do You Claim for Damages Caused by a Road Rage Case?

If you’re familiar with your car insurance policy, you’ll notice a clause which states that any damage caused by strike, riot, or civil commotion will not be covered. However, a road rage case is a far cry from an act of terrorism and war. So, don’t be afraid to make a claim under your car insurance if your vehicle suffers damages from a case of road rage.

The procedure is the same as claiming for accidental damage. You will need to obtain a police report and submit it to your insurer along with your other documentations and claims form.

An adjuster would be appointed to assess the damage and come up with a monetary sum that is fair for the reported damage. Read our article on
Motor Vehicle Insurance Claim Made Simple
 for more details!

Which Car Insurance Offer Coverage Against Road Rage Related Damages?

Of course, it’s unlikely for you to be able to make a claim if your car insurance is under the Third-Party or Third-Party Fire and Theft category. Be sure to get a Comprehensive car insurance policy instead to enjoy a better coverage and protection – such as coverage against a road bully.

If you already have a Comprehensive car insurance policy, check if it covers damages against road rage related cases. If it doesn’t, ask if you can add a rider that covers it, or switch to a better Comprehensive car insurance to safeguard your car – and finances – for the long term.

You can check out the available Comprehensive car insurance on the market on our
car insurance comparison
 page, and choose the one that suits you – and your car – best!

We hope you’ll always stay be on the road and if you have any stories of road bullies, share it with us in the comment section below and help others on how to handle such a situation!

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Bank Muamalat Introduces Maiden Credit Cards, Bank Muamalat Visa Platinum-i And Visa Infinite-i

Bank Muamalat has partnered with Visa to launch its maiden credit cards, the Bank Muamalat Visa Platinum-i and the Bank Muamalat Visa Infinite-i. Both cards are fully
shariah
-compliant, and will offer cashback for e-commerce, contactless, as well as overseas spend.

Specifically, the Bank Muamalat Visa Platinum-i will allow cardholders to earn 1% cashback on e-commerce spend and 0.3% cashback on contactless spend – capped at a maximum of RM50 per month for each spend category. On top of that, they can get unlimited 1% cashback on overseas spend, but only for offline retail transactions. There is also an ongoing 0% balance transfer plan for 12 months that cardholders can tap into via the card (valid until 30 September 2022).

Meanwhile, cardholders of the Bank Muamalat Visa Infinite-i credit card will also be entitled to 1% cashback on e-commerce spend, but it is capped at a higher maximum limit of RM100 per month. Additionally, they get to enjoy 0.5% cashback on contactless spend (capped at RM50 per month) as well as unlimited 1% cashback on overseas spend (also for offline transactions only). The 12-month 0% balance transfer plan is also made available for these cardholders.

As for annual fees, the Bank Muamalat Visa Platinum-i card has a charge of RM168.00 per year to use, waived for the first year. For subsequent years, this fee can be waived with a minimum of 12 swipes of the card. Cardholders of the Bank Muamalat Visa Infinite-i credit card, on the other hand, will be able to enjoy a lifetime annual fee waiver.

Here’s a table from Bank Muamalat to better summarise the features of each card:

The president and chief executive officer of Bank Muamalat, Khairul Kamaruddin said he expects the two new cards will meet consumers’ everchanging needs. This is especially as Malaysia is now removing all restrictions to business operating hours following the nation’s transition into the endemic phase with regard to Covid-19.

“The Bank Muamalat Visa Platinum-i and Visa Infinite-i will allow cardholders to consolidate their everyday purchases, including online, contactless, and physical shopping into one card, and at the same time provide cardholders with savings from cashback every time they spend on their daily essentials,” said Khairul, adding that Bank Muamalat is aiming to sign up 20,000 new cardholders within the first year, with a primary focus on its internal customer base.

(Image: The Star)

Meanwhile, the country manager of Visa Malaysia, Ng Kong Boon said that Visa is excited to launch its first credit card product with Bank Muamalat, and that the move is timely.

“In the last 18 months, we have seen rapid adoption of digital payments and digital commerce among Malaysians, and believe that this product caters to the current needs of our Malaysian cardholders. We are also seeing many Visa cardholders who were previously inactive on e-commerce now shopping online for the first time,” said Ng, adding that this trend affirms Bank Muamalat’s move to launch their credit cards in this period.

(Source: Bank Muamalat [
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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    KK Man

    1 year ago

does eWallet reload consider as e-commerce spend ?

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    Pang Tun Yau

    1 year ago

    Reply to

        KK Man

it depends on whether the bank determines “e-commerce spend” via MCC codes, keywords (Lazada, Shopee etc), or a combination of both. best to check with the PDS and/or the bank to confirm.

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StashAway Re-Optimises Portfolio In View Of Possible Secondary Sanctions Due To Russia-Ukraine Conflict

Robo-advisor StashAway has said that it will be re-optimising its clients’ portfolio once more in view of possible new sanctions that is brought on by ongoing geopolitical turmoil, specifically the Russia-Ukraine conflict.

“The Russian invasion of Ukraine has set geopolitics into disarray. While our portfolios have very limited exposure to Russia, they do have exposure to China. Currently, China is at risk of secondary sanctions due to its close relationship and continued dealings with Russia,” the robo-advisor explained in an email sent to clients, adding that the US could weaponise the delisting of Chinese ADRs (American Depositary Receipts) and use secondary sanctions to pressure China. This, in turn, has caused China assets to become significantly volatile over the past period.

As such, StashAway will be re-optimising clients’ portfolios to minimise direct and indirect allocations to Chinese assets and other affected emerging markets. “Depending on your chosen StashAway Risk Index (SRI), this re-optimisation will reduce your portfolios’ China exposure from 3% – 20% to 0% – 0.4%. For most portfolios, incremental allocation is going to Australian and Japanese equities, international treasure bonds, and international inflation-linked bonds,” it said.

(Image: azernews.az)

Finally, StashAway urged investors to stick to their investment plans despite the market upheavals. “We know it’s easy to get caught up in the news about the current global situation. We’re keeping a close eye on event risks and global economic trends, so you can focus on your long-term goals,” it said.

This round of re-optimisation is the third to be carried out by StashAway in the past nine months. The previous two rounds of re-optimisation were performed to protect clients’ investments against rising inflation, following the economic effects of Covid-19 –
first in the United States
, and then
globally
. Meanwhile, there has been a total of six re-optimisation exercises since the robo-advisor’s launch in 2017, including this latest round.

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Alex Cheong Pui Yin

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What Makes A Travel Credit Card “Good”?

Credit cards are always designed with different users in mind, and are usually categorised as cashback credit cards, rewards credit cards, and travel credit cards. This latter part is particularly interesting because over time, they’ve evolved to branch out to cover different aspects of travel (and for different income levels).

Today, travel credit cards have become more popular as consumers are more aware of the various benefits that come with these cards – in fact, there’s a whole different subset of travel credit cards focused on accelerated air miles accumulation. So, how do we determine what makes a good travel credit card? As always, there is no “best” card out there that fits the needs of everyone, but here are some aspects that all good travel credit cards must have.

Start Your Journey In Style

In the age of revenge travel, it is not uncommon that airports are now recommending arriving up to six hours before your departure time.  After hustling through check-in and airport security, it’s always nice to be able to wait for your flight in more comfortable chairs than the ones near the gate. Or, at the very least enjoy a snack that does not cost substantially more than what you normally pay for outside the airport.

Hence, a good travel credit card must always offer complimentary airport lounge access – especially at your departure airport. Previously a benefit reserved only to those in business class and above, airport lounge access is a perk you always want to have on hand. While waiting for boarding, wouldn’t it be fantastic to rest in comfortable chairs, eat as much as you’d like…or even better, enjoy a quick shower or an indulgent massage?

Plaza Premium Lounge, KLIA Terminal 2

For casual travellers, airport lounge perks are a great perk to start your trip on a positive note. Meanwhile for those who travel regularly for work, you’d want a card that offers a higher quota to accommodate your travel needs.

Make Your Journey Home A Comfortable One

At the end of your holiday, the last thing you want is a long line waiting for the airport taxi or taking the express train before hopping on to another vehicle to head home. Thanks to ride sharing services like Grab, your trip home is made much smoother with just a few taps on your phone. In fact, Grab’s airport ride services is a much better option in other local airports besides KLIA Terminals 1 and 2, where taxi services are often less reliable – or prone to issues like touts and unreasonable fares.

A good travel card should handle the last leg of your trip well. Look for airport transfer perks like complimentary rides or cashback that can offset the cost of your trip home. Do check the T&Cs too, as these perks usually come with some spending requirements – the good cards usually don’t make them too difficult to meet.

Prepare For Your Next Journey – While In Your Current One

A big appeal of travel credit cards is the accelerated rate that you earn points which can be redeemed for air miles. These air miles can then be used to redeem flights for your next trip!

Of course, different travel cards have different earn and redemption rates – it’ll need a bit of math to figure it out and may seem complicated at first. But for those who do, the rewards can be as luxurious as flying Business (or even First!) class at a fraction of the price.

A good travel credit card should offer competitive earn and redemption rates for air miles – the goal is to earn the most air miles by spending the least amount of money. Since different cards from different banks offer varying rates, enthusiasts have coined a common denominator, known as “miles per dollar” (or mpd for short) to create a uniform standard to better identify how much air miles are earned per dollar (or Ringgit). The higher the card’s mpd, the better the card’s ability to earn air miles and thus the better it is as a travel credit card.

Enjoy Exclusive Travel Benefits On Your Journey

Banks or card issuers (like Mastercard) usually offer targeted campaigns exclusive only to specific cards. These are usually year-long campaigns that – admittedly – are not as easy to find, as they’re usually located in a different microsite and may require you to sift through various offers that you may not be keen on.

That said, there are some gems that can make your trip extra memorable. It’s not uncommon to find offers like hotel-related perks like room upgrades, free breakfast buffet (highly valuable in expensive countries!), and complimentary nights if you meet specific conditions. There’s also plenty of shopping and dining perks in various cities around the world in these campaigns, giving the opportunity to stretch your travel budget and make your trip extra memorable.

Journey With Peace Of Mind

All good travel credit cards will always offer value-added benefits – in addition to the previous perks. Complimentary travel insurance is an often neglected benefit, which cardholders are automatically entitled for when you purchase your flight ticket and accommodation with it. Of course, not all travel insurance plans are the same, so look out for coverage on the most common inconveniences like baggage or flight delays (and the minimum number of hours required before you are entitled to claim), as well as for theft – these tend to occur more frequently than the other areas of coverage.

You may also want to look out for other value-added benefits like competitive foreign exchange rates and fees – some cards even waive the bank fees. Lastly, smaller touches like a dedicated customer service hotline (separate from other cards) make a big difference when you need them the most.

Introducing The Standard Chartered Journey Credit Card

Refining the benefits of one of Malaysia’s most popular travel credit cards, Standard Chartered has launched the new Journey credit card for the Malaysian market. This card, which replaces the WorldMiles World Mastercard – is designed to enhance the existing perks to benefit more cardholders around the country.

Enjoy unlimited airport lounge access in KLIA Terminal 1 and Terminal 2 with the Journey credit card, starting your international trips in comfort and style – no matter your departure time. This is one of the best benefits of the WorldMiles card, and is now one of the very few cards in Malaysia to offer this benefit. No need to worry about how much quota you have left, just show your card and your international boarding pass and you’re good to go.

Plaza Premium Lounge, KLIA Terminal 1

The Standard Chartered Journey card also enhances the WorldMiles card’s airport transfer benefit, now allowing those traveling locally to also enjoy a comfortable ride home.  All cardholders will enjoy cashback capped at RM65 for any Grab ride from any airport in Malaysia, as long as you meet the spending requirements of RM2,500 in Travel-related expenses (airlines, hotels, and online travel agents) within 90 days before the Grab ride.

Meanwhile, the points earning mechanic of the new Journey card has been revised as well. Cardholders now enjoy an accelerated rate of 1 Miles Point for every RM1 spent on Travel, foreign currency, and a new Dining category. 2 Miles Point can be redeemed for 1 air mile from a choice of AirAsia, Malaysia Airlines Enrich, and Singapore Airlines KrisFlyer frequent flyer programmes. Additionally, Miles Points can be redeemed for cashback, gifts, and vouchers as well.

Cardholders will also enjoy exclusive access to Mastercard Travel Experiences, a dedicated platform offering exclusive offers to Mastercard-issued cards (including the Journey credit card, which is a World Mastercard tier). With campaigns running all year long, enjoy exclusive hotel offers including Free One Night with Mastercard across various hotel and resort chains; hotel upgrades such as complimentary breakfast, room upgrades, and early check-in and late check-out options; as well as shopping deals with instant rebates at participating outlets around the world with Mastercard Travel Rewards.

Not to forget, flight and accommodation purchases made with the SC Journey credit card will be entitled to complimentary travel insurance with up to US$100,000 medical coverage. This plan will also include Covid-19 coverage as standard, in addition to the other medical benefits as well as travel inconvenience coverage.

Ready to take your Journey to the next level? Find out more about the new Standard Chartered Journey Credit Card
here
, or apply now and
enjoy exclusive sign-up rewards on RinggitPlus
!

To further sweeten the deal, Standard Chartered is making it even more rewarding to own the Journey card. From now until 10 September 2023, every RM100 spent with the SC Journey credit card will earn entries towards a grand prize of 200,000 Enrich Points – that’s enough for a return business class trip from Kuala Lumpur to London with Malaysia Airlines! There’s a total of 1 million Enrich Points to be given away exclusively for SC Journey cardholders – get a head start with 10 bonus entries if you apply and activate your card during this period. Find out more about the campaign
here
.

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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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PTPTN Announces 4% Dividend For SSPN Account Holders

(Image: The Malaysian Reserve)

The National Higher Education Fund Corporation (PTPTN) has announced that National Education Savings Scheme (SSPN) account holders will be receiving a 4% dividend this year. Eligible individuals who have opened an account prior to 2017 will also be given an additional 1% dividend as a loyalty reward through the SSPN-i Loyalty Rewards programme.

In all, an estimated total of RM147.25 million will be paid out to more than 4.39 million SSPN depositors. The dividends will be paid out on 8 February 2020.

According to the chairman of the National Higher Education Fund Corporation (PTPTN), Wan Saiful Wan Jan, the SSPN scheme had received as much as RM1.37 billion in deposit for 2019. This amount is the scheme’s highest to date, with a 21.24% increase from 2018.

(Image: The Sun)

Wan Saiful also revealed that 455,952 new SSPN accounts were opened in 2019. He commented that this is a positive sign of more Malaysians being aware of the importance of financial planning for their children’s education.

SSPN’s profit also rose by 25.52% over the previous year, the increase translating to RM41.73 million. As such, the total profit for SSPN this time amounted to RM205.27 million.

“I’m grateful that with the determination and management efficiencies, PTPTN was able to declare a dividend of 4% in 2019 despite a challenging economy,” said Wan Saiful in a statement, adding that the depositors actually benefit more than just the 4% dividend paid out. This comes from other non-monetary privileges that they enjoy, such as tax reliefs of up to RM8,000, takaful coverage, and loyalty rewards.

2019 is the fifth consecutive year that the SSPN scheme is paying out a 4% dividend to their depositors.

(Source:
New Straits Times
,
The Malaysian Reserve
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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RMCD: Govt To Impose 10% Tax On Imported Low-Value Goods Bought Online From April 2023

(Image: Malay Mail/Miera Zulyana)

The Royal Malaysian Customs Department (RMCD) has confirmed that the Malaysian government will begin implementing a 10% sales tax on imported low-value goods (LVG) that are purchased online, set to take effect from 1 April 2023 onwards.

With this, Malaysians will soon need to pay an extra 10% in tax for imported goods that are priced less than RM500, purchased online and delivered from overseas to customers in Malaysia by air, sea, or land transport (including duty-free areas and free zones). Such goods – excluding specific items, such as cigarettes, tobacco, and liquor – are currently exempted from sales tax when they are brought in using air courier services through selected international airports.

Along with this confirmation, the RMCD also clarified that this new tax will not be imposed on the delivery charges or insurance costs for transporting the items into Malaysia; it will only apply to the base price or value of the goods. Additionally, alcohol, tobacco products (including smoking pipes and pipe bowls), and cigarettes (including electronic cigarettes, vapes, and non-nicotine liquid or gel preparations) are not subjected to the 10% tax.

So to illustrate, if you’re buying an imported item at the price of RM300 from an e-commerce site (with a delivery charge of RM10) after April 2023, your total will then come up to RM340 (RM300 + RM30 + RM10). This is in comparison to the amount of RM310 charged if you made your purchase before April 2023.

(Image: The Star/Raja Faisal Hishan)

Do note as well that this sales tax will be charged during order confirmation by the online shopping platform. This means that if you made your imported LVG order before 1 April 2023, but the goods are scheduled to arrive only after 1 April, you will not be charged the 10% LVG sales tax.

Meanwhile, merchants who will be affected by the implementation of this new LVG tax can already
begin applying to be a registered seller
 with the RMCD because the legislations related to the tax have already come into force since 1 January 2023. All sellers (whether in Malaysia or a foreigner) who meet the following criteria will be required to apply:

Sell LVG that are brought into Malaysia via land, sea or air transport

Have an LVG annual sales value that exceeds RM500,000 in Malaysia

The 10% LGV sales tax was first
proposed during the tabling of Budget 2022
 to level the playing field for domestic and imported goods, as local manufacturers are already being charged a 5% or 10% tax. It was eventually
passed with a majority voice vote by Dewan Rakyat
 in August 2022. It was also initially proposed for the tax to take effect starting from 1 January 2023, but was subsequently
postponed to April 2023
.

If you have any queries regarding the implementation of the new LVG tax, you can reach out to the RMCD via
email
 (
[email protected]
).

(Sources:
Royal Malaysian Customs Department
,
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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    Anonymous

    7 months ago

the f?

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    Anonymous

    6 months ago

🤡🤡🤡🤡🤡🤡🤡🤡🤡

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Citi Names Standard Chartered As Preferred Bidder For Its Malaysian Consumer Assets

(Image: Global Business Outlook)

Citigroup Inc (Citi) has named Standard Chartered Bank as the preferred bidder for its Malaysian retail consumer assets while Citi proceeds with its plan to exit from retail banking in several markets, including Malaysia.

That said, Citi clarifies that no final decision has been made yet, and that deliberations are still ongoing with numerous other interested bidders. “Citigroup continues to focus on securing the best outcomes for its people and clients, and its strategy refresh prioritising wealth and institutional businesses across the region is showing strong results, bolstered by a record year for capital raising,” said a spokesperson for Citi, who also declined to comment on the ongoing discussions.

Aside from revealing Standard Chartered as Citi’s preferred choice for Malaysia’s retail assets, the bank also disclosed the top picks for its other markets. For instance, the New York-based group has shortlisted Bank of Ayudhya Pcl as the leading suitor to buy its retail assets in Thailand, while Taiwan’s Fubon Financial Holding emerged as the preferred bidder for Citi’s Chinese assets. Citi also chose Singaporean lender United Overseas Bank Ltd as the preferred bidder for its Indonesian market.

(Image: The Edge Markets)

Earlier this year,
Citi had announced that it will exit its consumer franchises
 in 13 markets across two regions – Asia, as well as Europe, the Middle East, and Africa (EMEA) – in a bid to focus on more profitable sectors instead, such as investment banking and wealth business. This move will also allow the bank to free up approximately US$7 billion (RM29.6 billion) of tangible common equity over time, bolstering its ability to deal with potential losses.

Since the announcement, Citi has been reaching out to
bidders who are interested in acquiring its consumer banking assets
 in these affected markets. Citi’s consumer business encompasses credit cards, wealth management, and mortgages – with the credit card segment being the main draw for potential bidders. Each successful sale could likely rake in an earning of several hundred million to billion dollars – depending on the market.

(Source:
The Star
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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Affin Bank To Issue Affin Duo+ Cards For Affin Visa Signature Renewals

Affin Bank has announced that starting from 1 December 2022, all cardholders who opt to renew their Affin Visa Signature credit card upon its expiry will receive the Affin Duo+ pair credit cards instead. This comes as Affin Bank has also discontinued the application and issuance of new standalone Affin Visa Signature following the introduction of the Affin Duo+ cards last year.

“Effective 1 December 2022, Affin Visa Signature renewals will be issued with the Affin Duo+. As your card is due for renewal soon, we are pleased to inform you that you will be issued with the Affin Duo+ comprising of both Affin Duo+ Visa and Affin Duo+ Mastercard,” the bank shared in a notice to clients.

Meanwhile, in
an FAQ
, Affin Bank emphasised that although this re-carding exercise is set to take effect from 1 December onwards, you will only be issued the Affin Duo+ cards when your Affin Visa Signature is due for renewal. If your card is not due for renewal, you can still continue to use your existing Affin Visa Signature card as per usual.

Additionally, the bank will mail the two Affin Duo+ cards to you separately. You can expect to receive the Affin Duo+ Visa card first, and then subsequently the Affin Duo+ Mastercard card. Once the cards have been mailed out, you will be notified via SMS. You can also track the delivery of the new cards by contacting Affin Bank’s contact centre at 03-8230 2222.

For those who are unaware, the Visa half of the Affin Duo+ cards is actually a
reiteration of the Affin Visa Signature card
; they both offer 3% cashback for contactless transactions (excluding government services and charity transactions), with a cap of up to RM100 per month. The RM100 cap is applicable only if you have a previous statement balance of RM8,000 and above; if less, then the maximum cashback that you can earn is limited to RM50.

Meanwhile, the Affin Duo+ Mastercard card complements the Visa half as a rewards points card, awarding you 3x AFFIN Rewards Points for every RM1 spent on airlines, e-commerce/online purchases, duty-free purchases, hotels, and overseas transactions. There is no cap on the amount of points that you can earn each month, but note that these points are only valid for three years from the date of issuance.

The Affin Duo+ cards were
launched back in December 2021
 with a minimum annual income requirement of RM48,000. The annual fee stands at RM100 per card (RM50 for supplementary cards), although they are waived for the first three years. For subsequent years, the fee can also be automatically waived with a minimum of 12 swipes for retail transactions per annum.

(Source:
Affin Bank
)

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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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    Lau

    10 months ago

According to Affin bank website that contactless transaction is a transaction made by tapping/waving AFFIN DUO+ Visa in front of the Contactless Reader and without having to insert or swipe the card whenever you see the universal contactless symbol.

So in another way this means reloading ewallet with DUO+ card will not get 3% cash back.

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LG Unveils Latest Self-Service Tankless Water Purifier, Available In Five Shades

LG Electronics Malaysia has unveiled its latest LG PuriCare Self-Service Tankless Water Purifier | Objet Collection, which focuses on not only advanced purification technology that will benefit LG customers, but also aesthetics to complement and enhance their home decoration.

LG says that its new appliance marks the introduction of a new concept that “reimagines the role of a water purifier”, where it goes beyond just being an item of utility; rather, it also serves as “a design statement that enhances and accentuates the beauty of a home”. With this aim in mind, the LG PuriCare Self-Service Tankless Water Purifier | Objet Collection will be made available to clients in five shades to match unique house décor styles, namely:

Calming Cream White

Calming Beige

Calming Pebble Grey

Calming Pink (available in October)

Calming Cream Sky (available in October)

As for its tech, the LG PuriCare Self-Service Tankless Water Purifier | Objet Collection features the advanced 4-stage All Puri Filter System that can remove nine types of heavy metal, 99.99% of norovirus, and other harmful contaminants for customers’ peace of mind. Given that it is tankless, the product is also in line with LG’s commitment to environmental sustainability; its innovative green design has, in fact, won it the 2022 Energy Winner Award and the 2022 GOOD DESIGN Award.

This water purifier also comes with a control that dispenses water at three temperatures (40°C, 75°C, and 85°C) and at various volume settings (120ml to 1,000ml), on top of an automatic adjustable tap. The former feature provides you with immediate access to hot water for different beverages – so no more waiting for your morning coffee or tea! – while the latter ensures safety by accommodating cups with different heights to eliminate splashes.

Another key feature that makes the LG PuriCare Self-Service Tankless Water Purifier | Objet Collection unique is its first-in-the-market self-service filter subscription plan, which you can sign up for up to seven years. Subscribers will be provided with new filters every six months, and these are sent straight to their doorsteps, after which they can replace it at their own convenience with a simple twist-and-pull mechanism. This ultimately eliminates the need to wait for customer care services, which can be quite time-consuming.

If you’re interested in purchasing the LG PuriCare Self-Service Tankless Water Purifier | Objet Collection, you have the option to pay for your purchase either in a lump sum (starting from RM3,200) or via monthly rentals (starting from RM60 per month, up to seven years):

Lump-sum payment
Monthly rental payments

Self-service filter subscription (2 years)

RM3,200
Regular customer care visits (2 years)

RM4,000
Self-service filter subscription

– 5 years: RM90/month
– 7 years: RM60/month
Regular customer care visits (2 years)

– 5 years: RM110/month
– 7 years: RM80/month

LG is also currently running an exclusive promotion where you will receive a front cover (blue/pink) for free upon the installation of your water purifier. Offered until 31 October 2023, this is provided on a first-come first-served basis.

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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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AEON: Product Prices Have Increased By 3% To 5%

Retailer AEON Malaysia revealed that the prices of products sold at its outlets have actually increased by between 3% to 5%. However, it has temporarily refrained from implementing price hikes in a bid to help consumers get used to the ongoing inflation.

“To give you some perspective, [prices of] some of our products have been increased [from] 3% to 5%, however we have been able to push down the price increases to be delayed to about 3-6 months in order for us to give space to our consumers to adapt to the current conditions,” said the managing direct of AEON Malaysia, Shafie Shamsuddin.

(Image: Inside Retail)

Shafie also shared that many suppliers have actually been putting significant pressure on AEON – and other retailers, in general – to increase the prices of its products, especially under the current inflationary pressure. Despite that, AEON has been able to resist it, and remained agile as it reacted quickly to the challenging situation.

“We believe – as retailers and as any other businesses, we need to constantly find ways to innovate and reduce our cost of goods sold, and reduce our operating costs of running the businesses. In return, we will be able to offer better quality products and services to consumers,” said Shafie in a virtual media briefing, adding that AEON will soon collaborate with its partners to launch an anti-inflation campaign.

(Sources:
The Edge Markets
,
The Sun Daily
)

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Alex Cheong Pui Yin

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Bank Negara Expected To Raise OPR Again In This Week’s MPC Meeting

(Image: The Sun Daily)

Several research firms and financial institutions have projected that Bank Negara Malaysia (BNM) will increase the overnight policy rate (OPR) once more in the Monetary Policy Committee (MPC) meeting that is happening this week.

Moody’s Analytics believes that BNM will lift the OPR by another 25 basis points (bps), bringing it from the current 2% to 2.25%. If it does, this will be the second time that the central bank is raising the OPR this year, after
hiking it for the first time back in May 2022
 since the OPR fell to a record low of 1.75% in 2020.

Similarly, MIDF Research also expects BNM to raise the OPR by another 25bps due to the continuous increase in core inflation, which hints at a growing domestic demand. “In addition, the upbeat momentum in distributive trade sales, dip in unemployment rate to a new pandemic low at 3.9% in April 2022, and the double-digit expansion rate of external trade provide positive signals of strong recovery in the economy,” it said.

Maybank Investment Bank, too, shares a similar opinion – and even adds that BNM is likely to increase the OPR by 100 bps between the second half of 2022 (2H22) and the first half of 2023 (1H23). Its chief economist Suhaimi Ilias said that he expects the OPR to be raised by 25bps this week, another 25bps by the fourth quarter of 2022, and a final 50bps in 1H23.

“Our estimation is every 25bps hike will basically shave real gross domestic product (GDP) growth by 0.2 percentage points spread over 12 months. And the implications of increasing the OPR include the raising of mortgage repayment by 3%,” said Suhaimi, adding that Maybank Investment Bank has also revised its inflation forecast for 2022 (from 2.7% to 3.4%) and 2023 (from 2.5% to 4.1%).

Suhaimi explained that this revision was made because Maybank Investment Bank took into account the higher prices of food items, like chicken and cooking oil. This is following the implementation of a
higher ceiling price for chicken
, the
removal of price subsidy for bottled cooking oil
, and the likelihood of a
fuel subsidy review
 next year.

(Sources:
Free Malaysia Today
,
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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Unbox Guaranteed Gifts Like RM600 TNG Credit & RM600 Shopee e-Voucher All Week

Furnish your home with shiny, new gifts as successful applicants get to take home guaranteed rewards from all our bank partners!

For those who are new, the Unbox This Week Campaign is a weekly campaign where we present the best deals from our featured bank partners. All you have to do is apply for selected credit cards from these banks through RinggitPlus and you’ll receive exclusively selected gifts!

For this week (27 June – 4 July 2022), our featured bank partners include
Citibank, HSBC, Standard Chartered Bank, Alliance Bank, and Ambank
 – if you have considered applying for any of these banks, check out our latest deal below!

Citibank – RM600 Touch
 ‘n
 Go e-Wallet Credit

Whether you choose to offset your toll spending, share some with loved ones, or use it to purchase daily necessities, having an extra RM600 Touch ‘n Go e-wallet credit would definitely come in handy.

So, apply, get approved, and spend with a Citibank Credit Card to earn your chance of getting either gift.

To be eligible, applicants are required to apply for a Citibank credit card, get approved, and spend a minimum of 8 retail transactions on their new card within 60 days upon gaining approval.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year before this campaign do not qualify for this promotion. Otherwise,
apply for a Citi credit card here.

HSBC – Apple Watch SE &

RM600 Shopee e-Voucher

Want to keep a closer eye on your fitness levels? This week, 10 lucky winners will stand a chance to win the Apple Watch SE, which allows users to measure workouts, monitor heart rates, stay connected to their phones, and make emergency alerts!

On the other hand, those who don’t win the Apple Watch SE will still take home a guaranteed RM600 Shopee e-voucher – perfect for checking out the items you’ve been eyeing!

Just remember that current cardholders and applicants who were denied or have cancelled their HSBC credit cards within 6 months before this campaign are not eligible to take part in this campaign. Otherwise, you can
apply for your HSBC credit card here.

Standard Chartered Bank – PerySmith 4.2L 3D Air Fryer or URBANlite Trapez 24” 8-Wheel Spinner Luggage

What’s not to love about air fryers? The PerySmith 4.2L 3D Air Fryer encourages less use of oil, has a 3D airflow heating system, makes cleaning simple, and sports a sleek, contemporary design.

Or if you have travel plans in your itinerary, perhaps the URBANlite Trapez luggage will interest you. Your needs will be made mobile in a polished 8-wheel spinner luggage that you can take with you no matter your destination.

Either one of these guaranteed gifts is yours when you apply, get approved, and activate your new Standard Chartered credit card. Applicants are still required to activate their card within 30 days upon approval to be eligible for this prize.

Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past 6 months are not eligible for this campaign. If you qualify, then you can
apply for your new Standard Chartered credit card here
.

Alliance Bank – Guaranteed RM200 Shopee e-Voucher or
URBANlite Edge PP 20″ inch Expandable 8-Wheel Spinner Hard Case Luggage

Apply, get approved, and activate your new Alliance Credit Card to pick out the guaranteed gift of your choice. Will it be a RM200 Shopee e-Voucher or the URBANlite Edge PP 20″ inch Expandable 8-Wheel Spinner Hard Case Luggage?

Whether you’re looking to shop or travel soon, applicants are required to activate their credit card upon approval to be eligible for 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.

Ambank –
Morgan Air Fryer

Some people swear by their air fryers and for good reason – they’re easy to clean, use less oil, and don’t require constant monitoring, which is very helpful when you’re busy with other things. This week, successful Ambank applicants will get to take home a guaranteed Morgan Air Fryer that may quickly become their kitchen’s most prized appliance.

To score the Morgan Air Fryer, all you need to do is 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, just as a reminder, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed, and so that we can always be at hand to help you if you need us.

While this week’s flash deal ends on 4 July 2022 (11am), you can also 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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OpenSys Launches New Digital Payment Solution, X-KIOSK, For Underserved Communities

(Image: New Straits Times)

OpenSys (M) Bhd has rolled out a new digital lifestyle payment solution that is targeted at underserved communities, including the B40 income group. Dubbed the X-KIOSK, it was launched in collaboration with several partners, namely GoBiz by U Mobile, TNG Digital, dobiQueen, and ECO-Shop.

Specifically, X-KIOSK is a self-service solution where a range of transactions – such as prepaid reloads, e-wallet top-ups, SIM card purchases and replacements, bill payments, and loan repayments – can be conducted. It also provides better convenience by offering multiple payments options using cash, credit and debit cards, as well as e-wallets. On top of that, X-KIOSK is also a platform to convert cash into e-wallet credit, and consumers can conduct payment services for themselves or on behalf of others.

(Image: Digital News Asia)

In explaining the purpose of X-KIOSK, OpenSys said that some communities – such as the B40 group – have been unable to keep up with the accelerated adoption of e-commerce and digital payments in recent years. For these groups that suffer from poor digital connectivity and lack of accessibility to bank accounts, cards, and e-wallets, cash is still the preferred form of payment. As such, X-KIOSK was developed to support them in adopting a digital lifestyle.

The chief executive officer of OpenSys, Eric Lim cited data from a research to justify the relevance of X-KIOSK. “A recent study showed that 29.3% of Malaysians aged 18 to 54 still prefer to pay by cash, while 28.6% choose to use digital wallets.
We believe that X-KIOSK will be well-positioned to support this initiative and encourage more Malaysians to adopt a digital payment
lifestyle
,” he said.

Meanwhile, on the matter of transaction security, Lim said that the X-KIOSK is fully encrypted and adheres to international standard. “We have certified using the Payment Card Industry Data Security Standard. In terms of physical safety, we also have equipped our kiosks with 24-hour CCTVs,” he explained, adding that the screens also have an antiviral film as a form of precaution against Covid-19.

(Image: Business Today)

Aside from bridging the digital divide for its users, OpenSys said that X-KIOSK will also benefit participating merchants as it functions as an extended payment service channel without the need of brick-and-mortar investment from them. Through X-KIOSK, these merchants will be able to build the presence of their brands at community locations, and ultimately help to increase footfall to their businesses.

OpenSys plans to install 120 units of X-KIOSKs nationwide per year starting from 2021, and expects to roll out 360 units by the end of 2023. These kiosks will be deployed at high-traffic community locations, including retail outlets, convenience stores, condos, apartments, universities and colleges – with a target of around 3,000 users per month per kiosk.

(Sources:
OpenSys
,
The Malaysian Reserve
)

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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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Exclusive RinggitPlus Raya Campaign 2018 FAQ

Q: What is the promotion about?

A:
 The Exclusive RinggitPlus Raya Campaign 2018 is an exciting collaboration between RinggitPlus and 5 banks in Malaysia to reward new credit card and personal loan applications via RinggitPlus. Approved applications will receive a set of Campaign Gifts.

Q: Which banks are part of the Raya Campaign?

A:
 The five participating banks are:
Alliance Bank
,
Al Rajhi Bank
, Citibank (
personal loan
 &
credit card
), RHB Bank (
personal loan
 &
credit card
), and
Standard Chartered Bank
.

Refer to the individual banks’ T&C for the list of applicable products (credit cards & personal loans).

Q: What are the Campaign Gifts?

A:
 The Campaign Gifts consist of three items: one (1) RM40 Agoda e-voucher, one (1) one-year iflix subscription e-voucher, and a choice of either one (1) Acer Iconia One 7 tablet, or one (1) Khind Multi Cooker MC50D.

Q: Can I mix and match the Campaign Gifts?

A:
 No. All approved applications are eligible for the two e-vouchers, and a choice of the Acer Iconia One 7 tablet or the Khind Multi Cooker MC50D. Customers cannot select any other variation.

Q: How do I apply for this and get the Campaign Gifts?

A:
 It’s really simple. Just apply for a qualifying credit card or personal loan (as stated on the individual banks’ T&C) on
www.ringgitplus.com
 during the Campaign Period (1 June 2018 – 20 July 2018). Once your application is approved, you will automatically be eligible for the Campaign Gifts.

Q: I already have a credit card or personal loan with one of the banks. Am I still eligible for the gifts if I apply for another card with the same bank during this campaign?

A:
 No. Existing personal loan and principal credit card holders are not eligible for this campaign. Of course, you will be eligible for the gifts if you do not have a personal loan or credit card with any of the five banks.

Please refer to the respective banks’ T&C for more info.

Q: If I apply for more than one credit card/personal loan, can I get more Campaign Gifts?

*
A: *
Yes, customers are eligible for one set of Campaign Gifts for each successful application (i.e. received bank’s approval). Do note that application for multiple financial products simultaneously may affect the approval process by the banks.

Q: How long is the approval process?

A:
 Each bank has different processing timelines for different products, and thus it is at the bank’s discretion. Customers will be notified by the bank once the bank has started processing their applications.

Q: When can I get the Campaign Gifts?

A:
 Customers can expect to receive their chosen Campaign Gifts within 28 days from the date the Approved Customer claim the Campaign Gifts . Refer to the individual banks’ T&C for more info.

Q: If my application is rejected, am I still eligible to get the Campaign Gifts?

A:
 No. Only applications which have been approved by the banks are eligible to get the Campaign Gifts.

Q: How long will this promotion be available?

A:
 The Exclusive RinggitPlus Raya Campaign 2018 will run from 1 June 2018 to 20 July 2018.

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Get Much-Needed Business Financing Approved Within 10 Minutes

If you’re an SME owner in need of financing, you’re definitely not alone. The Covid-19 pandemic wrought far-reaching effects on the health, business, and economic landscape globally, with SMEs in Malaysia being no exception.

SMEs in Malaysia need solutions that are fast and hassle free – so that they can access extra funds to continue their business operations and at the same time cope with the uncertainty of the pandemic, and also for selected SMEs who aim to expand their business. Echoing to the needs of SMEs today, Maybank recently introduced Maybank SME Digital Financing. The platform facilitates SME financing from application until disbursement.

Maybank SME Digital Financing is the top solution for those who want a convenient, completely online application process that is available 24/7 without having to visit a branch. Existing Maybank customers can just apply for financing from RM10,000 up to RM250,000 via Maybank2u or Maybank2u Biz with zero documentation needed! You can even be informed of the decision of your application in as quickly as 10 minutes if all your records are order, with the funds being disbursed within 1 minute upon acceptance of the offer for eligible customers.

What if you are a new customer? Don’t worry! You just need to undergo a brief on-boarding verification process, which can be done without going to the branch in person, and you will be informed of the outcome within 2 working days.

Take a look at this info graphic below to see exactly how easy it is to apply for Maybank SME Digital Financing via
https://www.maybank2u.com.my/smefinancing.

The funds will then be disbursed into a Maybank Business Account. Remember, to enjoy these advantages, you have to be a Maybank Business Accountholder first – so do apply for a Maybank Business Account now to enjoy quicker disbursement. And yes, you can apply for one online via
Maybank2u
.

If you already have a Maybank Business Account, then head on over to the
Maybank SME Digital Financing page now
!

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Start 2023 On The Right Foot With AIA Total Wealth Solution

Now that we’ve settled into the first quarter of 2023, many of us may have already set new resolutions and goals to accomplish for the following 11 months. They could range from getting into a healthier lifestyle and learning a new skill, to fostering relationships or building a comfortable retirement fund.

If cultivating healthy financial habits is what you’re after, there’s a high possibility that you may benefit from AIA’s Total Wealth Solution, a comprehensive range of solutions aimed at supporting you to achieve your life goals.

Plan Well Toward A Brighter Future

When it comes to building our savings or investing, many of us often delay it or lack the discipline to commit to it. Although we believe we’re likely to be more financially comfortable later in the future, there’s arguably nothing better than starting early.

Taking charge of your finances, be it saving for your emergency funds or tackling your debts, is highly important in ensuring you have a bright financial future ahead of you.

You are encouraged to review your financial and protection levels whenever you undergo a life change such as a job change, getting married or having a child. AIA’s
Financial Health Check
 helps you to review your standing to ensure there are no gaps in your protection as well as provide you with insights on which areas require your attention.

Retirement planning is also something that we need to prioritise. After decades of working hard to make ends meet, we surely deserve a comfortable and enjoyable retirement where we can make golden memories with our loved ones. So why not contribute to a
Private Retirement Scheme

so you can further boost your retirement savings?

Planning for the future should also include preparing your will. You could enjoy special benefits and preferential rates offered by AIA’s partner as part of their
Will Writing and Trust Services
. Having your will prepared can ensure that your loved ones can access your prized possessions and assets according to your wishes.

Live Well & Be Rewarded For Fostering Healthy Habits

Maintaining good health should be a top priority for everyone, as it enables us to lead a happy, active and productive life. Not only that, it allows us to reap the fruits of our labour and without it, it may be difficult to fully enjoy the benefits of our wealth or engage in activities that bring us joy and satisfaction. Hence, health truly is wealth

AIA strives to help Malaysians cultivate a healthy lifestyle so they can live a fulfilling and enriching life. Do you know that you could get incentivised for your healthy habits when you sign up for
AIA Vitality
? Complete a health assessment and reap the benefits that await you–the more you progress, the bigger the rewards.

AIA Vitality offers a variety of benefits and exclusive offers including:

20% off on selected Adidas sports gear

Up to 35% off Samsung products

FREE AIA Vitality Health Check at Guardian

Up to 30% discount on selected Fitbit products

Up to 55% off at Fitness First

Protect Well With Wealth And Protection Plans Designed To Keep Your Legacy Safe

While most people prioritise building wealth, many often forget the importance of wealth protection. When you’ve invested so much time and energy to build the life that you’ve earned, surely you’d want to keep it protected from potential risks.

AIA
offers a myriad of savings and investment plans that can preserve your financial growth as well as offer you comprehensive protection. Built to be personalised, these plans can be tailored to suit your personal goals, whether it’s for your kids’ education, realising your dream business, or to fulfil a dream travel adventure.

On top of that, many Malaysians may be unsure about how to manage their wealth or they may not have the access to expert fund managers or professionals that can help them protect their wealth. That’s where AIA comes in with AIA Investment Management. Having your investment managed professionally may also allow you to achieve long-term stable returns. These earnings have the potential to boost your progress in accomplishing your financial goals. If you’re looking to have experienced fund managers manage your funds,
AIA Investment Management
 provides active guidance from a network of global asset managers.

This exclusive access allows you to leverage the expertise, experience, and knowledge that you otherwise may not have access to. Instead of figuring out which route to take and how to invest as best you can, consider having a seasoned fund manager pave the way for you.

As parents and caretakers, we often seek ways to care for our loved ones in the present and also in the future, when we’re no longer around.

***

No matter what your goals and resolutions are this year, AIA’s Total Wealth Solution offers a multitude of tools, products, offers, and services that can help you plan well, live well, and protect well. Whether you want to safeguard your legacy, develop your savings, or be rewarded for your lifestyle, there is a solution tailored especially for you.

Want to learn more about the AIA Total Wealth Solution?
Click here to visit the landing page
.

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New Setel Share Feature Allows You To Share Your E-Wallet With Other Users For Refuelling

Petronas-owned petrol e-wallet Setel has introduced a new feature that lets you share your e-wallet with friends and family for the purpose of refuelling their vehicles. Dubbed Setel Share, you are allowed to invite up to two persons in a Setel Share group to use your e-wallet balance when purchasing petrol at Petronas stations.

According to Setel, this new feature seeks to provide users with a seamless, safe, and convenient way to “pay, track, and budget fuel for people you love”, given that many people do pay for the fuel of family and friends. In fact, a previous survey by Setel indicated that 71% of users already do so for their loved ones – hence the rollout of this feature.

Aside from that, the Setel Share feature also lets Setel Share group members earn and combine their Mesra points in a single account via a virtual card. This means you won’t need to go through the hassle of passing around a physical Petronas Mesra card anymore.

If you’d like to give this new feature a try, you can activate Setel Share by first upgrading your Setel account and performing a standard electronic Know Your Customer (eKYC) procedure. When you’re done, go ahead and invite at least one family member or friend from your contact list (who must also be a Setel user) to join your Setel Share group. Once they accept your invitation, you’re ready to go!

A few things to take note of, though, one of which is that Setel Share uses a shared e-wallet – referred to as the Setel Share wallet – which is separate from the owner’s
personal Setel Wallet
. As such, group owners must ensure that the balance of the Setel Share wallet is sufficient at all times so that their group members can refuel seamlessly. Also, Setel Share cannot be used to pay for items bought at Kedai Mesra; it is currently enabled solely for fuel purchases.

Aside from that, note that only Setel Share group owners are allowed to add or remove members in a group, and each Setel user can only join one Setel Share group at a time. Setel Share group owners are also not allowed to join other Setel Share groups as members.

Setel further reassures users that the Setel Share feature is protected by stringent safety measures, as every transaction carried out will require PIN or biometric verification before payments can be processed. On top of that, all of its business operations are also regulated by relevant e-money regulators and guidelines.

You can download the latest version of the Setel app for free on
Google Play
, the
App Store
, and the
Huawei AppGallery
 to test out the new Setel Share feature at
more than 700 Petronas stations nationwide
. Additionally, there is an ongoing Refer-A-Friend campaign that you can tap into, letting you earn RM5 Setel credit when you invite friends or family members to sign up for Setel.

(Sources:
Setel
,
Lowyat.NET
)

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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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MBF Cards Win A Prada Handbag

Sign up with Reebonz and get RM68 shopping credit immediately

Online Shopping? We love it, seriously. No fuss, no hassle, no crowds and no parking – just surf and spend.

The fashionable folks at the Reebonz online store have got together with MBF Cards to offer you the chance to
win a Prada Handbag worth RM6,800
. Simply spend RM500 or more and you could win the Grand Prize or a runner-up Prize of RM888 store credit.

Not bad. Excuse us, but we’re
heading over to Register
.

Terms and Conditions Apply

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Etiqa Partners With Petotum To Roll Out Pet Insurance Products

Insurer Etiqa General Insurance Berhad has announced a partnership with tech and pet services company, Petotum, to introduce comprehensive pet insurance products as well as other pet-related services soon. This, in turn, will hopefully provide enhanced coverage and streamlined services for pet owners who are seeking for such services.

In a joint statement, Petotum said that through the collaboration, it can leverage on advanced technologies, data analytics and a customer-centric approach to better meet the needs of pet owners. Those who use Petotum’s platform can look forward to an easy experience in managing their pet insurance policies. In addition to that, they can also tap into a personalised pet health monitoring service to ensure the wellbeing of their pets in the long run.

“By integrating our ecosystem with Etiqa General Insurance’s industry-leading insurance solutions, we can provide pet owners with an all-inclusive ecosystem that encompasses insurance, healthcare, and various pet-related services. Together, we will revolutionise the perception and experience of insurance for the pet industry in Malaysia,” said the chief executive officer of Petotum, Afifah Basir.

The chief executive officer of Etiqa General Insurance, Fukhairudin Mohd Yusof, also shared a similar sentiment, noting that there has been a growing demand for pet insurance in the country. “By leveraging on our combined expertise, Etiqa General Insurance aims to offer comprehensive insurance products that protect what matters most to pet owners with seamless customer experience,” he said.

Aside from Etiqa, one other insurer in Malaysia known to provide pet insurance is
MSIG Insurance, who had partnered with digital platform Oyen
 back in 2021 to offer the product.

(Source:
Petotum
)

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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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