Hidden Expenses That Could Be Bleeding You Dry

A small leak can sink an entire ship, if taken for granted. Hidden costs can damage your pocket a lot more than you think, so it’s time to take note. While certain expenses are absolutely necessary, some are not.

Often, these come in such small amounts as to seem negligible to the spender but over time, the damage accumulates. Are you a victim of these hidden money suckers?

Bottled Water

Often times, you see people buying bottled water in supermarkets and convenient stores to quench their thirst during a shopping trip or outing. Bottled water is clean and easily available for pocket change. But if you take a step back and calculate, you are actually spending loads on drinking water.

For example, if you purchase 2 of the Tesco Everyday Value Drinking Water bottles (1.5 litre bottle for RM0.85) everyday, here is your rough expense:

RM0.85 x 12 months = RM 10.20 per year

RM0.85 x 24 months = RM 20.40 for 2 years.

It may not seem like a huge number, but the calculations above consider the cheapest type of bottled water but most other brands are more expensive. A Spritzer 1500ml bottle costs approximately RM2.85 each from a grocery store. Your calculations would be:

RM2.85 x 12 months = RM34.20 per year

RM2.85 x 24 months = RM68.40 for 2 years.

Now that’s quite a sum isn’t it? We will let these calculations speak for themselves.

To save on your thirst, here’s a tip: Make it a habit to boil tap water and take it with your wherever you go. That way, you will never have to purchase water, and yet have clean drinking water to quench your thirst.

Ineffective Use of Appliances

Many electronical devices that we use at home
consume quite a bit of energy even when we are not using it.
 A strange but true fact, this is the biggest factor in the additional digits that pop up every month in your electricity bill.

But there are also other reasons you could be wasting good money through ineffective use of appliances. Using badly maintained appliances, those with no power saving feature and plain overuse can all cause your bill to sky-rocket.

Opt to buy more energy saving bulbs and replace or repair faulty appliances quickly. As a rule of thumb; keep everything switched off and plugs out of the socket to prevent electricity leaks.

Restaurant Extras

When you are dining in, waiters will often lure you to get that extra cheese or dip, or maybe just a dessert item to go with the meal. They would also recommend you to upgrade your meal with another add-on.

Add-ons will lead to expensive food bills, even though you might not notice it so if you’re not particularly ravenous – avoid ordering anything more than the necessary.

Usual money-making items on a restaurant’s menu include their drinks, desserts, side dishes and appetisers. For a particularly small amount of food and drink, they can easily charge you up to a third of your meal price.

Other ways to save at restaurants include:

1) Look for bottomless beverages so that you can share it with your family in just 1 order;

2) Look for meal combos for saving more and getting more;

3) Opt for dining in places where the kids get to eat for free. Kids don’t eat much anyways, so ordering a huge plate just for them will only result in massive left overs for you to force down your full tummy.

Store Bought Instant Baby Food

If you are a mother who is always on the go, you might stock up your baby food at home. Purchasing easy to prepare baby food is convenient, but your child may be exposed to high levels of sugars, processed ingredients and higher amount of calories. No matter how many vitamins and minerals the thing claims to have – nothing beats fresh, home made baby food.

Store bought baby food is also much more expensive than making a vegetable puree of your own. A single bottle costs RM5 each and you will need 3 a day for baby. At RM15 per day you will be spending RM105 per week on baby food alone.

Vegetables and rice for homemade porridge and puree will cost a fraction of that a week. Making your own baby food is more nutritious as you decide what’s going to be in it. It is also not as hard as you think and you can
cook it within minutes at home.

Delivery Fees

Whether ordering food, or shopping online, you may sometimes get charged with high delivery fees that you often brush off. Certain brands offer free delivery services, but many charge flat fees and even handling charges.

Although its alright to pay a little amount for doorstep delivery, make sure that you make the most out of your delivery payment. Ordering 2 packets of bread with a RM2 delivery charge is totally not worth it, right?

Where possible opt to combine shipping. You can consider ordering your groceries/necessities in bulk or you can even share the cost with friends and family. If you help them order, both of you will pay a 50-50 charge rate which will lessen the burden of your delivery costs.

Of course, the point is to save on delivery fees so if you find that the online store/delivery service actually does charge more according to what you order (as opposed to the flat fee); then you might want to plan the purchase properly so as not to pay much more on combined shipping.

Greeting Cards

We tend to purchase greeting cards and gifts on a regular basis. There would be some occasion, whether a birthday, an anniversary, or maybe just a graduation of your loved ones when you might feel it necessary to make such a purchase.

The price of greeting cards these days vary from RM3 to a high of RM40, with some imported, novelty cards breaching that upper limit. For many people, the card simply takes up place and may be eventually thrown out.

To avoid paying a huge amount for something that might soon be trashed; why not make your simple card or simply forego the card business completely?

Banking Interest Rates and Late Fees

Are you not the most dilligent in repaying your commitments? This tardiness is probably costing you a lot more than you notice. Interest rates for credit card balances can cost hundreds and year and late payment fees further compound the problem.

Beat the cost by paying off your credit card in full every month and doing it on time!

However, if you had a massive cost on your bill that is not so easy to repay in a month; why not opt for a
balance transfer
 to save on the interest charges?

Many banks offer 0% interest on their balance transfers and you could save hundreds (depending on your balance) by making the switch.

Stop the Leak

Oftentimes we find ourselves losing money even though we haven’t really bought anything expensive or done a whole lot of shopping. This little leaks are usually what is draining us without us even noticing.

The biggest hurdle in plugging the leak is in determining where it is in the first place. If the above suggestions didn’t help you; how about trying to make a list of everything you spend on and just how much? It’s the most effective way in finding out where your money is going!

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Win Up To 9,000 GrabRewards Points With Grab’s Latest Maybank Bonanza Challenge

Between today until 31 December 2021, Grab is running a Bonanza Challenge for Maybank credit cardholders that allows them to win up to 9,000 GrabRewards Points. To earn these bonus Points, you need to spend a specified amount on your Maybank credit cards by making GrabFood or GrabMart purchases, or by topping up your GrabPay e-wallet.

This campaign occurs in two variations: Challenge 1 and 2, which requires you to spend either a total of RM3,000 to win 8,000 GrabRewards Points, or RM4,500 to earn 9,000 GrabRewards Points (local spend only). The total spend criteria for each challenge must be met via two milestones, as is shown below:

Note that you will not be able to choose the challenge that you’d like to participate in. Instead, Grab will assign either Challenge 1 or 2 to you based on your eligibility, and you can then activate it within your Grab app to play it once. You can also keep track of your progress status within the app at any time, under the “Challenges” tile in your Grab account page.

Grab further clarified that all cardholders who participate in this challenge must save their credit card details when reloading their GrabPay; opting out of this step will disqualify them. Do be aware as well that discounts and promo codes do not count towards the spend requirement. To illustrate, if you use an RM5 promo code to deduct from an RM20 GrabMart purchase, only the final RM15 paid will contribute to the required spend amount for the challenge.

Finally, upon the completion your assigned challenge, the GrabRewards Points earned will be awarded to you within five working days. These Points do not count towards tier upgrades, and their validity will not be extended either.

(Source:
Grab
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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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Grab Launches Food Courts Feature, Allows Multiple Orders With One Delivery Fee

Grab has introduced a new feature called Food Courts by GrabFood, which allows customers to order from a variety of hawkers from one food court – while paying only one delivery fee.

This “mix-and-match” approach by Grab was first introduced during the movement control order (MCO) period through Grab’s
Pasar
 and
e-Kitchen Bazar
 initiatives. According to a statement by Grab, this mix-and-match feature has been extended to include food court hawkers in an effort to champion the livelihoods of more traditional businesses nationwide.

“With Food Courts by GrabFood, customers will now be able order from different vendors in a single food court and pay only one delivery fee. This allows users to support local and traditional eateries affordably while still practising social distancing,” the lifestyle app said in a statement. Food Courts by GrabFood is currently available in food courts across Klang Valley, Penang, Johor Bahru, Kuching, Kota Kinabalu, Melaka, and Ipoh.

To further its efforts to help traditional vendors participate in the digital economy, Grab is also expanding its
Pasar
 by
GrabMart
 feature to more markets in Penang and Kota Kinabalu. This follows on from its success with markets in the Klang Valley and Chowrasta in Penang.

“Beyond helping traditional businesses expand their customer base by reaching more Malaysians on the app, these initiatives also provide the greater public an affordable option to daily necessities,” said Sean Goh, managing director of Grab Malaysia.

“Moving forward, we will continue to look at further opportunities to innovate our ecosystem of services to continue supporting all Malaysians, from the various types of businesses looking for an opportunity to grow, to our customers through technology enabled convenience.”

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Citi Revises Cash Back Credit Card Minimum Spending Requirement

Here’s some good news for Citi Cash Back cardholders or those on the lookout for a rewarding cashback credit card. The Citi Cash Back Credit Card’s minimum spend requirement has been halved, from RM1,000 a month to just RM500 – making it a whole lot easier to unlock the sweet 10% cashback.

Previously, you would have to spend RM1,000 and above to unlock the Citi Cash Back credit card’s main cashback benefit, which was 10% on petrol, groceries, dining, and Grab rides (GrabPay wallet counts too!), capped at RM10 for each category. If the cardholder does not hit the minimum spend on the card, the cashback rate is only 0.2% for all categories.

With this change, which was actually in effect since 5 December 2018, the Citi Cash Back becomes a much more attractive cashback credit card – especially for those who do not spend much every month. Hitting RM500 in the four categories is a lot more realistic than RM1,000, allowing you to be able to a theoretical total of RM40 worth of cashback each month. Over a year that’s RM480 in cashback, more than enough to cover the RM120 annual fee and RM25 SST.

Interestingly, Citibank has only lowered the minimum spend requirement for the classic version of the Citi Cash Back Credit Card. The
Citi Cash Back Platinum
, which offers a higher monthly cap of RM15 for each category, retains its minimum spend of RM1,500 required to unlock the 10% rate.

With this change, the Citi Cash Back Card becomes arguably one of the best cashback credit cards for first-time cardholders. We’ll be updating
Citi Cash Back Credit Card review
 or you can apply for the
Citi Cash Back Credit Card
 on our website and receive additional rewards!

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Malaysia Airlines Unveils New In-Flight Offerings For Premium Class Travellers

Business Suite and Business Class passengers flying selected routes on Malaysia Airlines can expect new amenity kits, in-flight Wi-Fi, and a newly refurnished cabin starting this month.

These upgrades are available on selected Airbus A330 and A350 flights to Melbourne, Adelaide, Sydney, Brisbane, Tokyo Narita, Seoul Incheon, Beijing, Jeddah, Medina, Auckland, and London.

Lau Yin May, the airline’s chief marketing and customer experience officer said, “Malaysian Hospitality encompasses all aspects of a customer’s experience. Hence, we are constantly improving our services and products to provide only the best for our passengers and ensure it mirrors the true vision of Malaysian Hospitality.”

To craft its new amenity kits, Malaysia Airlines collaborated with luxury leather goods manufacturer Aspinal of London – making it the first airline in the world to partner with the brand. These new kits were crafted based on the results of a survey the airline held to understand passengers’ preference for amenity kits. Business Class travellers have three colours to choose from: navy blue, burgundy, and black, while Business Suite travellers get a navy blue amenity kit.

These travel kits are based on the Aspinal washbag that’s sold commercially, and will contain amenities from French skincare brand Payot consisting of its Lip Balm and Hand and Body Lotion, while other travel products included in the kit are an eye mask, earplugs, socks, and other toiletries.

In-flight Wi-Fi has also been extended from Malaysia Airlines’ existing Airbus A350-900 flights to include its Airbus A330 fleet as well. This paid option comes in 3 plans: “Lite” (US$2 for 10MB/ 200kbps) designed for instant messaging, “Social” (US$10 for 50MB/ 512 kbps) for light usage, and “Business”, ideal for business travellers (US$25 for 200MB/ 512 kbps). Passengers can purchase these plans on board by cash or credit card.

(Source:
Malaysia Airlines
)

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Shopee Revises Ability To Stack Free Shipping Vouchers With Platform Vouchers

Shopee Malaysia has removed the ability for users to stack free shipping vouchers with platform vouchers in a single order. This restriction came into effect without notice starting yesterday (8 July), catching many shoppers by surprise.

This is further compounded by the fact that Shopee had also silently lowered the subsidy values for its Free Shipping Vouchers just a few weeks ago to a maximum of RM3 (RM8 for East Malaysia) for up to three merchants per order. Given that the minimum shipping fee for standard delivery in Peninsula Malaysia is RM4.90, users would now have to pay at least RM1.90 for every order on Shopee (and thus not really being “free shipping”).

However, since yesterday (8 July), Shopee users were no longer able to stack free shipping vouchers with any platform voucher (such as coins cashback vouchers or bank vouchers). Instead, users can now only apply a maximum of one store voucher with one free shipping OR platform voucher. Initially seen as a possible bug due to the ongoing 7.7 Mid Year Sale, this was confirmed by responses by Shopee’s customer service as well as on its social media pages:

“Hi, thank you for your feedback. The voucher stacking issue you’re currently facing is not a system error. From 8 July, Shopee users will be able to apply up to 2 vouchers per checkout:

At least 1 Shop Voucher; and 1 Shopee Platform Voucher (Shipping, Discount, or Coins Cashback). Apart from these, you may also make use of earned Shopee Coins for additional discounts. Fret not, we will continue to find new ways to help users save more on Shopee. Should you have any other concerns, you may also check this help center link to learn more about vouchers.”

It is surprising to note that Shopee has not made any official announcements regarding this matter, as it greatly changes the Shopee shopping experience. The ability to stack free shipping across different merchants in a single order, combined with platform vouchers, allowed for considerable savings and made Shopee a firm favourite for online shoppers.

This overnight change is already seeing many angry users venting their frustrations on
Shopee’s social platforms
. It is possibly made worse because of the timing – Shopee was still running an “after party” sale on 8 July, while
Lazada’s own 7.7 sale
 is still running until 9 July where, it must be said, Lazada is still allowing users to stack up to
four

vouchers in a single order, including free shipping, platform, Lazada Bonus, and store vouchers. Coincidentally (or not), it is also offering a lot more free shipping vouchers with varying values (RM4.30, RM5, RM8, and even RM10) during this sale.

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Pang Tun Yau

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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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    Anonymous

    1 year ago

Why fret? Just boycott Shopee and jump ship to LAZ will do, end of story!

15

Reply

    Lissa

    10 months ago

    Reply to

        Anonymous

Totally agree. I was a bug fan of shopee for years, now seldome use shopee anymore. Now im Big Fan of LAZ 😆

0

Reply

    vr2turbo

    1 year ago

Thanks, now I know why can only chose one voucher, either this or that. Looks like have to switch to Lazada, see if can find alternatively cheaper buys there….

14

Reply

    Annoyed

    1 year ago

Sad that Shopee didn’t even bother to inform buyers about the change. On my way to Lazada…bye Shopee.

8

Reply

    Anonymous

    1 year ago

Bye bye shopee

3

Reply

    33zero

    1 year ago

Oh Shopee what a stupid move. You gonna lose me as a customer who spend min 20-30k per year buying stuff online.

4

Reply

    Anon

    1 year ago

    Reply to

        33zero

20-30k and you think that’s a big deal? You’re nowhere close to being a big spender on Shopee LOL

1

Reply

    Anonymous

    1 year ago

    Reply to

        Anon

Imagine 20-30 K per customer… How money was relying on shopee during those pandemic era. People bcm more dependent. But now… This has really upset their users. We do discuss abt this to our family and friends and all of us decided not to use shopee anymore. Well done shopee.

2

Reply

    Anonymous

    1 year ago

Just got caught unaware after topping up Rm360 to checkout! Googled it and found this article. How insincere of Shopee -treating customers as if we are dumb. Aside from that, what i noticed is a considerable rise in the number of dubious sellers. That was the very reason i left Laz last time for Shopee. Poor decision, Shopee -that’s all i can say. Disappointing.

4

Reply

    Abang Pilot

    1 year ago

I thought it was a bug, but sadly it was a silent move by shopee, i had start to buy items on Lazada since it offer free shipping with cashback that shopee already removed.

4

Reply

    11234vovov

    1 year ago

Bye shopee..Hello Lazada

2

Reply

    Anonymous

    1 year ago

Thanks for the confirmation. Very poor customer service and very poor business strategy in the face of fierce competition from Lazada.  BYE Shopee. I used to be your cheerleader

1

Reply

    Anonymous

    11 months ago

You’re not the only ones. Shopee in the Philippines has no longer allowed voucher stacking since sometime mid April or May.

0

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Maybank Releases MAE Card, A Debit Card For The MAE Wallet

Maybank has introduced its very own wallet-tied debit card, the MAE Visa Debit Card. The MAE Visa Debit Card is tied to Maybank’s MAE e-wallet, which now has a new home in the new MAE by Maybank2u app.

With a trendy vertical design and striking yellow colour, the MAE Visa Debit Card allows MAE users the additional option of paying by card at merchant outlets instead of the sole QR scan method previously. Transactions paid using the MAE Visa Debit Card will be deducted from the MAE wallet – unlike a conventional debit card, which is linked to your savings or current account.

Keeping track of your expenditure on the MAE card is also easy as all transactions are recorded on the new MAE app. Furthermore, the MAE Visa Debit Card can be conveniently frozen or unfrozen with a simple tap on the MAE app should you lose or misplace it.

The MAE Visa Debit Card comes with its own set of travel perks, including competitive foreign exchange rates. Moreover, the MAE wallet has helpful features such as automatically converting the wallet balance to the currency of the country you are in. With international travel not currently an option now, cardholders can still capitalise on the favourable rates when using the MAE debit card to shop online from foreign brands. Maybank also said that the debit card will come with exclusive perks for cardholders to enjoy both locally and abroad.

Another attractive feature of the MAE Visa Debit Card is that you can apply for it digitally without having to make a visit to the bank. Both new and existing MAE users can apply for the debit card through the new app and carry out the eKYC process without the need for in-person verification. The MAE Visa Debit Card will then be delivered straight to your doorstep in seven working days.

You can apply for the MAE Visa Debit Card by downloading the new MAE app on
Google Play
 or the
App Store
.

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    Dylan

    2 years ago

Still doesn’t understand the benefits of mae card vs the saving debit card

 Mae card need to pay rm8

87

Reply

    abd hadi mohd radzi

    2 years ago

how to activte mae debit card…

0

Reply

    Anonymous

    1 year ago

    Reply to

        abd hadi mohd radzi

you need to follow the steps that you will receive once you applied, then to activate wave, you need to first pay by pin first.

0

Reply

    JUNDY PAREJA LATO

    2 years ago

My mae maybank card  until now not yet deliver in my place

42

Reply

    Hamidi Nor

    2 years ago

How competitive is your currenct exchange rate? Does it includes processing fee and does it as competitive as Bigpay?

27

Reply

    Anonymous

    1 year ago

I still haven’t received the Mae card yet its more than a week.

14

Reply

    Dannel

    1 year ago

Haven’t received my MAE Card since my application from last year. Tried to apply another but being informed already applied.

0

Reply

    Anonymous

    1 year ago

I ODER MY CARD ON 10TH OF APRIL 2022 SO WITHIN HOW MAY DAYS I WILL GET HE CARD IS THERE ANY NOTICATION IF THE CARD IS OTW .

-1

Reply

    Anonymous

    1 year ago

    Reply to

        Anonymous

same why cant they be like bigpay ,

0

Reply

    Anonymous

    1 year ago

Why my mae card until now not deliver i dont know how to track if they coming

0

Reply


Digi Unveils Digi Prepaid NEXT, Offers Plans With 30-Day Validity Starting From RM15

Digi has launched Digi Prepaid NEXT, its latest prepaid offering that features a range of 30-day high-speed internet plans starting from RM15. The plans are divided into two categories: the Cili Padi Unlimited plans and the biGBonus Unlimited Voice plans, both tailored to meet different needs.

Cili Padi Unlimited Plans

The Cili Padi Unlimited category offers three internet plans that come with high-speed internet and unlimited data use for selected social media, priced at RM15, RM28, and RM35. The RM15 plan offers 2GB of data, with unlimited access to Facebook, Instagram, and Twitter. As an introductory bonus, you’ll also get another 1GB of extra data.

Meanwhile, the RM28 plan gives you 4GB of data and unlimited access to Facebook, Instagram, Twitter, and YouTube. Additionally, there is also 2GB of extra data as introductory promo. As for the RM35 plan, you’ll get 6GB of data and unlimited access to Facebook, Instagram, Twitter, and YouTube, with 3GB of promo internet.

Calls, on the other hand, will cost 10 sen/minute, whereas SMS messages will be charged at 10 sen each.

biGBonus Unlimited Voice Plans

The biGBonus Unlimited Voice plans cater to users who need to make frequent voice calls, offering high-speed internet, daily data bonuses, and unlimited calls to all networks. However, they are priced slightly higher than the Cili Padi Unlimited plans.

The cheapest biGBonus plan costs RM28, giving you 4GB of high-speed internet, a daily bonus of 1GB data that you can use between 1pm to 7pm, and unlimited calls. There are also the RM50 and RM70 plans that offer 9GB and 14Gb of data, respectively. Both plans come with an additional 3GB daily data (1pm to 7pm) and unlimited calls.

***

One new feature that is introduced in the Digi Prepaid NEXT plans is the Always Active feature. According to the telco, internet plans with this feature allows users to extend both their line and internet validity together, matching the subscription validity of the internet plan. Previously, the line and internet validity are treated separately, and you are required to keep track of two different periods as well as to reload additional airtime to keep your line active. With the introduction of this new feature, it’ll be much more convenient for you to stay connected.

In addition to this, Digi is also offering loyalty data bonuses of up to 2GB to users who renew their monthly plans regularly. The amount offered will depend on how long you’ve stayed with the telco.

If you’re interested in the Digi Prepaid NEXT plans, its starter pack costs RM15 and comes with 3GB of data and unlimited access to Facebook, Instagram, and Twitter – with a validity period of 30 days. However, the pack doesn’t have preloaded credit. Once its initial validity period is over, you can top up and subscribe to a Digi Prepaid NEXT plan that suits you best.

(Source:
Digi
)

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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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Malaysians Can Start Claiming RM30 E-Tunai Rakyat From Today, Here’s How To Claim It

Starting today, eligible Malaysians can begin claiming their free RM30 e-wallet credit as part of the government’s e-Tunai Rakyat initiative.

Announced in October 2019
 during Budget 2020, the e-Tunai Rakyat initiative is designed to encourage Malaysians to use e-wallets and drive the nation towards a cashless society. A RM30 credit will be given to Malaysians who fulfil the following criteria:

Malaysian

Aged 18 years and above as of 31 December 2020

Earned less than RM100,000 in the year 2018 (RM8,333 per month)

Eligible Malaysians can claim their RM30 e-wallet credit from one of the
three e-wallets selected for this initiative
: Boost, Grab, and Touch ‘n Go eWallet. Malaysians can only select one e-wallet to claim from – once you’ve claimed from one e-wallet, you won’t be able to claim from another.

To claim the e-wallet credit, you’ll just need to go to your chosen e-wallet app, and a pop-up will appear where you can begin the verification process. For all three e-wallets, the verification process will be done within the app, and follows the standard eKYC (electronic Know Your Customer) verification process, which is:

Snap and upload a photo of your MyKad on the e-wallet app

Capture a quick video selfie (a more secure verification process compared to a photo selfie)

Eligibility check (conducted within the app)

Confirmation of e-wallet credit (process complete!)

 eKYC process on Boost (via: Facebook)

 eKYC process on TNG eWallet (via: LYN Forums)

 Successful claim on TNG eWallet (via: Facebook)

 Successful claim on Grab (via: Facebook)

Remember, the RM30 e-wallet credit can be claimed
starting
 today, and not
only
 for today. You can claim anytime from today until 14 March 2020, but note that any unused credit cannot be used after that date.

Just like an election, all three e-wallets are going all out for Malaysians to select their e-wallet to claim the credit from. Boost, Grab, and TNG eWallet are offering all kinds of additional perks, which you can
read all about here
. In the meantime, here’s
everything else you need to know about the e-Tunai Rakyat initiative
.

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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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Grab Officially Launches Intercity Feature, Includes Direct Routes To Singapore

Grab has officially launched its Intercity feature, which allows users to purchase bus and ferry tickets from within the app itself. The service – which is offered in collaboration with Splyt and Easybook – now includes not only routes within Malaysia, but also direct bus routes from Malaysia to Singapore.

In a statement, Grab said that the Intercity feature currently offers more than 15,000 routes. Grab users are also able to purchase bus tickets to over 30 destinations in Singapore from 11 different states and cities across Malaysia.

If you wish to test out Grab’s new Intercity feature, you can find it by scrolling sideways through the feature/services tiles located beneath the search bar on app’s home screen. Note that the only accepted payment method on Intercity is GrabPay (which will earn you GrabRewards); cash payments are not accepted. The fare is also inclusive of administration fees.

The director of country operations and mobility of Grab Malaysia, Rashid Shukor said that the roll-out of the Intercity feature is one of the company’s efforts to help Malaysians plan their travels conveniently and affordably with the use of technology. “By growing our travel offerings, users can plan their holidays without the need for multiple apps or log-ins. We hope this enables a more convenient way for Malaysians to prepare for the upcoming Hari Raya Aidiladha too,” he said.

In conjunction with the official launch of Intercity, Grab users will be able to enjoy a 10% discount on all tickets booked through the service. To note, Grab’s Intercity feature was actually rolled out much earlier – back in
November 2021 in a pilot test
. During this period, users were only able to purchase bus and ferry tickets for routes within 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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Public Bank Launches Red Carpet Bank Exclusives And New Premier Debit Cards

Public Bank Bhd has launched its latest premier banking programme,
the Red Carpet Bank (RCB) Exclusives
.
 The bank also announced two new RCB MasterCard Premier Debit Cards: the RCB Elite Debit Card and the RCB Gold Debit Card for RCB Exclusives clients.

The Red Carpet Banking is Public Bank’s premier banking programme which allows clients to enjoy privileges such as Premier ACE Account, well-equipped RCB centres, One Stop Banking Solutions with a range of banking products and services, VIP Points, and priority access at all Public Bank branches worldwide.

To commemorate the new RCB Exclusives programme, Public Bank will be offering incentives like the PB RCB Premier Fixed Deposit (FD)/Term Deposit-i Campaign, PB RCB Current and Savings Account (Casa) Campaign, RCB Membership Sign-Up Campaign, and the RCB Customer Referral Programme. For instance, RCB Exclusives clients will be able to enjoy interest/profit rates of up to 4.4% p.a. for a one-year placement with the FD/Term Deposit-i Campaign. RCB Exclusives clients will also receive sign-up gifts when they sign up for the Casa Campaign. Other gifts will be given to new clients.

Meanwhile, the RCB Mastercard Premier Debit Cards reward users with 5% cash back on online and overseas transactions by spending a minimum of RM100 per transaction. Cardholders also get complimentary access to Plaza Premium Lounge in Malaysia. Finally, new cardholders will get Bonus Activation Points of 8,000 to 10,000 VIP Points when you spend a minimum of RM1,000 on retail transactions.

Public Bank currently has seven RCB Centres across Federal Territories, Johor, and Melaka. It plans to expand RCB services across Malaysia next year in hopes to reach a wider high net-worth market and allow its customers to enjoy RCB incentives and privileges.

(Source:
The Edge Markets
)

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Use EnrichMoney Abroad Or At Home And Enjoy Rewards

After a prolonged period of time being restricted in our homes, many of us have started yearning for a vacation away from the everyday hustle and bustle. Whether it is to relax and unwind, or to go on an adrenaline-packed adventure, more people are now travelling both domestically and internationally, with vacation plans already booked throughout the year.
As the act of travelling has returned to our lives and cemented itself as a part of our plans this year, we must be prepared financially before going on our respective holidays. That is why if you’re looking to go on a trip in the near future, the EnrichMoney digital money app and Visa Prepaid Card would make a great travel essential for your overseas travels!
EnrichMoney, by Enrich, the award-winning travel and lifestyle programme by Malaysia Airlines, is a digital money app and Visa Prepaid Card that combines to function as a cashless travel wallet that allows you to enjoy the convenience of cashless payments with the best currency rates on your travels. The travel wallet app and the card aim to provide added value for Enrich members within the Enrich Travel and Lifestyle Loyalty programme ecosystem and to enhance their experience of member rewards and privileges.
Interested? Read on to learn more about the EnrichMoney app and card:

Go Cashless On Your Next Trip Overseas

Powered by Merchantrade, the EnrichMoney app and card is able to store and transact in 20 foreign currencies with zero transaction fees, which include US Dollar (USD), Japanese Yen (YEN), Saudi Riyal (SAR), and Chinese Renminbi (CNY), just to name a few.
You’ll also be able to remit money to over 14 countries, whether it’s directly to a personal or company bank account, or via an authorised cash pickup agent, with the added benefit of being able to directly transfer money from one EnrichMoney wallet to another. The ‘Rate Alert’ feature on the app also helps to notify users if a certain currency is dropping, so that you’ll always be on top of the best times and rates to purchase foreign currency!
As you’ll be taking your EnrichMoney multicurrency wallet app and Visa Prepaid Card with you on your travels, you’ll be able to use it at any of the approximately 430,000 Visa merchants in Malaysia and 100 million Visa merchant locations worldwide. If you prefer to have cash on hand, you can also use it to withdraw funds from approximately 13,000 Visa Plus ATMs in Malaysia and 2.5 million Visa Plus ATMs worldwide.

Not Your Typical Travel Wallet

Of course, when you’re travelling, you’ll need to be prepared for any unpredictable events or emergencies, which is why travel insurance might come in handy. You can purchase travel insurance policies by insurance partner Chubb Travel Insurance from the EnrichMoney app directly, so you’ll be covered throughout your trip, giving you peace of mind.
The EnrichMoney app also has the ability to book consultations with general practitioners and specialists, or even purchase medical supplies online from trusted pharmacies, and have them delivered directly to you. You’ll also be able to reload mobile credit, pay bills, or buy exclusive e-vouchers from online merchants and retail partners.

Track Your Travel Budget And Save For Your Next Vacay

Even if you haven’t decided on where to go on your next vacation, you can still use the EnrichMoney app to track your daily expenses and save for your next vacation. By spending with the Visa Prepaid Card, you’ll be able to track your expenses with the app’s built-in analytical tools. Plan, track your expenses, and even create categories for recurring expenses.
Set aside funds by using the Savings Box feature, with multiple categories for Travel, Emergencies, Family, Shopping, and more. You’ll be able to store up to RM10,000 in the EnrichMoney wallet app, which can be upgraded to RM20,000 if you have more to store in converted currencies, which is great for larger purchases and payments.

***

EnrichMoney users will find that the travel wallet app and card simplify the travelling experience through the convenience of currency conversions with zero transaction fees, in addition to expanded offerings such as exclusive in-app deals and rewards, insurance and healthcare features and more. As part of the Enrich travel and loyalty programme ecosystem, you’ll also be able to earn, redeem, and convert Enrich points, making this a useful tool in any Enrich member’s arsenal.
If you’re interested to try out the features of Malaysia Airlines’ EnrichMoney, you can download the app for free from
Google Play
 or the
App Store
, and apply for the EnrichMoney Visa Prepaid card via the app.
From now until 31st August 2023, new EnrichMoney users are entitled to
1,000 Enrich Points and one Malaysia Airlines Golden Lounge Access e-voucher
 upon signing up. New users that top up 40,000 Enrich points will be
upgraded to Silver Status
, and those that top up 80,000 points will be
upgraded to Gold Status
 on the Enrich travel and loyalty programme ecosystem.
You can find out more about EnrichMoney
here.

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Public Bank Revises Visa Infinite Card Features, Now Offers Increased Overseas Cashback

Public Bank has revised the benefits of its
Visa Infinite
 credit card. Beginning 15 May 2019, the card’s cashback benefits will see an improvement, but the card’s airmiles benefit will be removed.

As one of the bank’s higher-end cards, the
Public Bank Visa Infinite
 has a number of useful benefits. It offers 3x complimentary access to Plaza Premium Lounges in Malaysia every year, as well as unlimited 0.3% cashback for local and overseas spending.

However, beginning 15 May 2019 the Public Bank Visa Infinite’s features will be revised. The table below reflects the changes:

Existing Features

New Features (w.e.f. 15 May 2019)

Unlimited 0.3% cashback for local and overseas spend

– unlimited 0.3% cashback for local spend

– 2% cashback for overseas spend

*cashback is capped at RM80 per month

7,000 Air Miles for every RM10,000 overseas spend

(7,000 Air Miles = 1,000 Enrich Miles/2,000 BIG Points)

Removed

3x complimentary access to Plaza Premium Lounge in Malaysia

3x complimentary access to Plaza Premium Lounge in Malaysia (no changes)

Up to RM500,000 automatic travel insurance

Up to RM500,000 automatic travel insurance (no changes)

The changes would definitely make the card more appealing for cashback hunters – the jump from 0.3% to 2% cashback for overseas spend is huge, especially those who travel overseas regularly.

The removal of the Air Miles benefits isn’t actually a bad thing, since the conversion rate for the Air Miles (1,000 Enrich/2,000 BIG Points for every RM10,000 spend) isn’t as competitive as other
air miles cards
.

(Source:
Public Bank
)

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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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Get Promos Every Day Of The Week With Your Standard Chartered Credit Card

Life just got a lot better for you If you are a Standard Chartered credit cardholder, thanks to daily promotions you can take advantage of to get significant savings on your everyday needs!

Every day, from Monday to Sunday, you can use your Standard Chartered Bank (SCB) credit card at different popular merchants to get discounts on your purchases.

Money-saving Mondays With Shopee

Go crazy with your Shopee shopping experience on Mondays and get 10% off by using the promo code “
SCBMON
” at checkout! The code is limited only to the first 500 redemptions per day, and is capped at RM15 with a minimum spend of RM150, so do plan your purchase to maximise the discount.

Treat Yourself Tuesdays With RebateMango

RebateMango is a platform that offers either cashback or rewards in the form of airline/lifestyle loyalty points based on your preference. Click through RebateMango to your favourite e-commerce store on Tuesdays, and charge it to your SCB credit card to earn RM15 cashback and an extra 10% on your chosen reward scheme. Don’t forget to apply the promo code “VISA” (for Visa credit cards) or “MAST” (for Mastercard credit cards)!

Wednesday Wishlist With Zalora

For those needing a wardrobe upgrade, use your SCB credit card on Zalora on Wednesdays to get 25% off sitewide – with no cap on the discount! The promo code to enjoy the offer is “
SCZ25
“. Zalora is a lifestyle clothing e-commerce site which offers clothes, shoes, accessories, and even skincare products for men, women, and children; so, if not for you, shop for your loved ones here on Wednesdays.

Thrifty Thursdays With PrestoMall

If you want to continue getting great deals for everyday items, hop on to PrestoMall on Thursdays to receive a RM15 shopping cart coupon for your purchases (limited to 300 redemptions per day) using your SCB credit card. No promo code is required for this offer, just claim the coupon before purchase! Previously known as 11street, PrestoMall continues to offer a wide range of items from large and smaller sellers around the world.

Friday Favourites With HappyFresh

Cut off your to-do list and get your groceries delivered to your doorstep to you on Fridays using HappyFresh! SCB credit cardholders get RM18 off (limited to first 300 redemptions) when they use either the app or the website to place their order. That’s quite an amount of savings considering that someone else will shop for you while you Netflix on the couch or finish up on that book you have been putting off.

Saturday Savings With Lelong

Get 10% off when you shop at Lelong.my, by using the promo code “SCBSAT” when you pay with your SCB credit card. Lelong is one of the first e-commerce sites in Malaysia, and they are well-known for the sale of electronic gadgets. That being said, sellers on Lelong offer an extensive list of other items for purchase as well.

Sunday
Syiok
With Superbuy

An e-commerce site dedicated to the masses, Superbuy is offering 10% off purchases made using an SCB credit card on Sundays! Superbuy is a good platform to visit if you want to explore the types of items you can find on Taobao and other equivalent Chinese e-commerce sites but are not able to shop there due to language barrier or payment option constraints.

Maximise Your Savings By Making Use Of Your SCB Credit Cards

As you can see, you stand a chance to save a lot by using your Standard Chartered credit card on the associated days at the popular merchants mentioned above. The best part? These offers are valid until the 31
st
 of December 2019!

If you plan your purchases carefully and use the promo codes above, you’ll be saving quite a bit even as you are spending money on essential items. Not to forget, these offers are on top of all the other perks you get with a Standard Chartered credit card, including cashback and exclusive privileges including airport lounge access and even complimentary airport limo rides. Check out
all the perks of a Standard Chartered card
 and find the best one for you.

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CIMB Customers: Dine at Silver Spoon For 10% Less

Get 10% discount off your food bill when you pay with a CIMB credit card at
Silver Spoon
. With branches in Publika, Solaris Dutamas and Wisma Menjalara offers a Western dining experience with Italian influenced cuisine. Enjoy fusion dishes such as Smoked Duck, Hoisin Sauce, Poached Pear, Red Onion, and Cilantro.

This offer is valid till 31 December 2013. For further details on this promotion please refer to the
Terms & Conditions
 page.

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Ikea Malaysia Is Now Allowed To Carry Out Contactless Delivery Services During MCO

Those of you looking to purchase DIY furniture from Ikea may do so now as the home furnishing company has received approval from authorities to roll out its contactless delivery service during the movement control order (MCO) period.

According to Ikea’s safety precaution guideline, all delivery workers are required to follow a strict process of sanitising their hands and putting on gloves and surgical masks before entering customers’ premises. Following that, they can bring the purchased items in as per the customer’s directions.

The driver then needs to confirm the delivery via the ePOD (electronic proof of delivery) system, which requires customers to rate the service. Alternatively, customers may request for the driver to complete the steps on their behalf – with their confirmation – if they do not wish to touch the driver’s device.

(Image: Msentral)

For now, Ikea will prioritise deliveries for orders that were made before 27 April 2020. The company said that it will reach out to affected customers to schedule the earliest available delivery. If you’re one of the affected customers, you should expect a call from Ikea in the next couple of days.

For the rest of you who are planning to
purchase online
 and request for a delivery in the near future, note that the Ikea charges its truck delivery service according to zones. The fee for truck deliveries in Peninsular Malaysia begins at RM98, and may go all the way up to RM258. Parcel deliveries, on the other hand, are typically priced at RM25, but are currently discounted at RM15 – an offer which will last until 31 May 2020. Online shoppers can also tap into Ikea’s
Maybank instalment payment plans
, ranging from 6 to 24 months, to make their purchases.

That said, the company’s assembly service is still unavailable due to restrictions placed on the home furnishing industry during the movement control order (MCO) period. Ikea added that it will continue to follow up with authorities to find a contactless assembly solution that abides by the MCO directives.

Additionally, Ikea is providing remote planning support for Kitchen, PAX wardrobe or BESTÅ storage solutions as part of its Covid-19 assistance measures. While you can plan and design the storage solutions online on your own using the company’s
planning tools
, you may also contact Ikea’s planning support team if in need of more help or if you’d like to finalise your plans for purchase.

For more information, you can head on over to
Ikea’s
 website.

(Source:
SoyaCincau
)

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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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Should You Have a Joint Account with Your Spouse?

Share everything with the love of your life? Ever think about sharing a bank account too?

Many couples enter into marriage (and some even into steady relationships!) sharing joint bank accounts. If you are aspiring to do the same in hopes it will tidy up your financial management – you’ll want read on.

What is a Joint Account?

You probably know the answer to this, but just in case you didn’t, a joint account is much like a regular savings account, but where two or more people have access to withdraw and manage the money in the account.

Seems simple enough, but is it a right fit for you and your spouse?

The Pros and Cons to Owning a Joint Account with Your Spouse

There are many upsides and downsides to utilising a joint-account, here’s a few for you to consider.

Pro 1 – Earning More Interest

Putting your money together will obviously mean a bigger sum that allows you to access better interest rate tiers or accounts with banks.

Moreover, if you need to save quickly for a nice holiday or other big event, you’ll accumulate your funds in a shorter timespan when diligently making deposits together.

Pro 2 – Know the (Full) Condition of Your Finances

Combining your money gives you a better idea of your family’s financial state. It provides you the opportunity to be proactive and make changes early on rather than at the last minute when circumstances are dire.

Furthermore, a joint-account keeps both spouses in the loop, helping you track your money. This could function as a check-and-balance to prevent any one party from bleeding the account dry.

Pro 3 – Borrow More Money

If you’re looking to take out a loan, showing healthy pooled savings may help you gain greater financing. A fat bank account is a confidence booster to banks in that it shows you have a good habit of saving and are financially liquid as well.

Pro 4 – Better Money Management

By merging deposits, you’ll make it easier to cover monthly expenses with more accessible cash. In addition, you can further simplify your life by setting up auto-debit payments from this account to pay bills without the fear of going into overdraft.

Sounds good, but before you head on over to the bank, hand-in-hand and declare financial love for each other, take a look at our list of cons to see both sides of the coin.

The Downsides to Sharing a Bank Account

Of course, deciding to merge your money isn’t completely a bed of roses. There are some niggling negatives you’ll have to deal with.

Con 1 – Lack of Financial Privacy

Sharing an account means you’re also sharing all information with regards to your financial activities. Though some people may accept this as part of marriage, others may not appreciate having zero privacy.

This is of course, based on the assumption that you do not have a separate personal bank account, choosing instead to use your joint account for all your banking needs.

Con 2 – Freezing of Accounts

Accounts may be frozen for several reasons, namely the death of one or both account holders, divorce and bankruptcy. When the account is frozen, no one is allowed to make any withdrawals until the issue is settled.

Be sure to check if your account has a Survivor Clause in place, as it still enables the surviving account holder to withdraw money in the sad and unfortunate event of death.

Con 3 – Access and Security Issues

For the most part, a joint-account gives both holders equal access to withdraw from the account, unless otherwise stated. However, this also means that realistically, either one of you has the ability to drain the account without the permission of the other.

Again, since both have access, security could be a cause for concern, because now more people are responsible for one account. Any act of carelessness (e.g. losing your debit card or becoming a victim of online-banking fraud) from one party could result in both suffering the consequences.

Con 4 – For Better and Worse

Seeing that both of you own the money in the account, if either one has accumulated heavy debt or is a sole proprietor who needs to make good with creditors, assets like the money in your joint account is liable to be used for the settlement of debt incurred.

This means that the sin of one could end up the baggage of both so do understand the repercussions of joining up.

Should You Do it?

“Honesty is the best policy – when there’s money in it”, said Mark Twain, and he wasn’t lying. In order for a joint account to successfully work, 100% truthfulness at all times from both parties is an absolute must, because as mentioned above, the liabilities involved will affect both husband and wife.

In that same vein, spouses who put their money together can make managing family finances much simpler. Nevertheless, we’d be hard-pressed to actually answer this question for you, so here’s our checklist to help you decide for yourself.

You can consider having a joint account if you and your spouse.

1) Have clear rules from the get-go regarding how much each shall deposit and can use at any one time.

2) Understand all the bank’s flexible and inflexible terms and conditions.

3) Write a comprehensive will that includes specific distribution of the money in your joint account (especially if a survivor clause is not in place).

4) Define the specific uses of the account. You could also opt to have your own personal account beyond the joint account you share with your spouse.

You may not want a joint account if you and your spouse.

a) Constantly disagree on financial activities and how money is being spent.

b) Do not have a monthly budget.

c) Are in heavy debt (one or both).

d) Have trust issues when it comes to money management.

e) Are simply not comfortable with the idea of sharing in such a way.

If you’ve decided to go ahead and open a joint account, look around to find the savings account with the best facilities, services and offers. This way you can make the most of a joint-account and fully reap the benefits of having robust savings.

Why not try our savings account comparison page to find the one most appropriate for you and your spouse? It’s much easier than hunting on your own.

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Everything You Need To Know About EPF Investment Schemes

What Is The Employees Provident Fund (EPF) Members’ Investment Scheme All About?

It’s essentially an option to invest a certain percentage of your EPF funds in EPF-approved unit trust funds. How it works is that those with sufficient funds in their Account I can use it to grow their money for retirement purposes. Members are allowed to invest a maximum of 30% of their eligible savings in Account I, and the minimum amount for most investment schemes is RM1,000. Have a look at the EPF Investment Scheme eligibility
here
.

If you have sufficient funds, investing in any one of the EPF Investment Schemes is a good idea to grow your savings for your retirement days. Besides, the dividends earned from your investment scheme will be channeled back into your EPF account and can only be withdrawn (either partially or completely) after you hit your retirement age.

Types of Investment Schemes Available

The EPF agency has listed (as of March 2017) over
20 fund management institutions
 to manage unit trust funds under their investment scheme. Members may choose from the list of approved funds which include bonds, equities, money markets, and balanced (mixed) unit trust funds to invest in.

Each of these asset classes provides different earning potential and have varying levels of risk. Bonds and money market funds are typically low-risk investment options, but are also low in returns.

Equity funds are usually higher up on the risk spectrum and have the potential to bring in higher returns, although low-risk, low-return versions are also available for you to choose from. Balanced funds, on the other hand, offer a mix of asset classes and can be defined as a medium to high-risk investment option (depending on the specific fund).

To determine the actual risk and return potential however, you’ll still need to study individual funds before you invest.

Now, as an investor, you’ll need to decide your investment’s objective. Investors typically look to either earn a regular income stream, make capital gains or a combination of both.

Let’s take a look at some of the schemes on offer:

AFFIN HWANG Aiiman Income Plus Fund
 is classed as a low-risk bond fund. This type of investment will provide a steady income (disbursed quarterly, if any) and is best for those with mid to long-term investment goals.

Hong Leong Money Market Fund
 is also another low-risk option. It’s more suited to those who want to invest for a short time only i.e. less than a year and are looking to receive a regular income stream.

RHB Smart Balance Fund
 is classified as moderately risky and might suit investors who want to participate for a longer period (five to seven years). It allows investors to earn from two types of returns; which are current income and capital growth (if any).

AmCumulative Growth
 is a high-risk equity fund that suits investors who are looking for capital growth over regular income streams. The fund is also a long-term investment at five years or more.

Do note that these funds are not ‘capital guaranteed’ or protected, and returns are not certain. This means that the money you put in can be subject to both loss and potential income earnings (where stated).

So Should You Invest With Your Retirement Money?

While it is good of EPF to allow its members to use their retirement savings for investment purposes, is it wise to invest with your safety net? Check out this list of pros and cons to help you decide:

Pro #1: You are in better control of how your money is invested

You have the opportunity to decide on how you want to invest your savings based on your risk appetite. Shrewd investors will especially benefit from being in the driver’s seat to select funds and diversify their portfolio.

Pro #2: You could receive higher returns

The EPF has returned dividends averaging from 5% to 6% between 2009 and 2016, but you could certainly earn more through unit trust investments, if you are a savvy investor. If you make a profit, you can simply reinvest the sum and start building a strong portfolio.

Pro #3: You don’t have to use your liquid savings to invest

Using EPF funds means that you won’t have to dip into your savings to invest. Thus, attempting to grow your money should have very little bearing on your current lifestyle or saving goals. In addition, the EPF schemes provide low-cost access to funds that will not charge any interests.

While these are good reasons to give an EPF investment scheme a try, it is not without risks and drawbacks. Here are some of the cons of EPF Investment Scheme that you should be aware of:

Con #1: Investment growth is not guaranteed

While unit trusts are a great starter investment, your money isn’t guaranteed to grow. In fact, you can lose your money and therefore decrease your retirement fund.
Risks
 are part of most investments and anything – from inflation to poor fund management – can affect your investment.

Con #2 Fees can eat into your profits

Your investment is subject to service, transfer, and management fees as well as exit charges which could equal 2% to 4% (depending on the fund management institute). So if your dividend earnings are scanty, you might not see as big a profit as you’d like. Moreover, if your fund does the same or better than the average dividend rate declared by EPF, you would be losing out from potential EPF earnings which do not apply such fees.

Con #3 Your profits may be subject to tax

While some investment schemes such as Amanah Saham Bumiputera are approved by the Ministry of Finance to be exempt from tax, dividends for other funds are taxable. You’ll need to carefully select your funds to limit investment costs and increase your returns as much as possible.

Read also:

Should You Invest In Property?

What to Do Once You Have Decided

If you’ve decided to hold off withdrawing from your EPF account for the time being, you can still find other ways to safely grow the money or savings you already have. Short-term, high-interest Fixed Deposit accounts are a safe way to accumulate your money as you sort out your investment goals.

On the other hand, if you think this might be a good way to wet your toes in the world of investing, be sure to do check all the items in this list first:

Do your homework and learn all you can about investing
 – unit trusts in particular. The
Federation of Investment Managers of Malaysia
,
Bursa Malaysia
, and the
Securities Commission of Malaysia
 provide a wealth of resources and information to help you get started.

Determine your risk appetite and investment goals
. Can you afford more risky stock investments or would you simply prefer a smaller but fixed return? Think about these before you invest.

Read and research the financials
. Read and understand the prospectus of the funds you are considering and research the reputation of the fund management company as well.

If you aren’t ready to invest just yet, why not put your money in a high-interest Fixed Deposit Account? Visit our
comparison page
 for help finding an account with the most attractive rates and promos!

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Standard Chartered is handing out 10 iPhone 5s

Standard Chartered customers are a fortunate bunch. They
stand to win an iPhone 5 just by conducting transactions online as well as over the bank’s Breeze mobile banking app.

Every RM100 they transact earns them one entry. Eligible transactions include third party fund transfers for loan/financing and credit card repayments, interbank GIRO fund transfers, telegraphic transfers and bill payments.

Contest period is from now until 30 April, with five iPhones being given away this month and another five the next.
Terms and conditions
 apply.

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Survey: 69% Of SMEs Anticipate Business Recovery Within 3-12 Months

(Image: Pixabay)

In a survey conducted by SME Corporation Malaysia (SME Corp), it was found that nearly 70% of small-medium enterprises (SMEs) believed that their business could recover within three to twelve months.

The 69% of respondents who foresaw recovery in the next three to twelve months were mostly in the textile, wholesale, and retail sectors, revealed SME Corp chief executive officer Rizal Nainy. Meanwhile, 17% of the 982 respondents expect their business to recover in the next three months and these SMEs were mostly from the food and beverage sector. Lastly, SMEs in the worst-hit sectors such as tourism were projected to take more than a year to recover.

According to Rizal, the PENJANA economic recovery plan managed to aid businesses affected by Covid-19 in achieving business recovery. 24 of the 40 initiatives under the PENJANA plan worth RM14.5 billion were viewed as being able to boost the activities of SMEs hit by the pandemic.

(Image: Malay Mail)

Entrepreneur Development and Cooperatives Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar added that the key initiatives introduced under PENJANA were financial assistance, the loan moratorium period to ease cash flow, tax incentives, and the wage subsidy programme, which helped to cushion the adverse impact of Covid-19 and spur SME growth.

“According to data from the Companies Commission of Malaysia (SSM), 4,542 companies ceased operations during the April 1 – July 19, 2020 period,” said Wan Junaidi. “On the other hand, 82,555 new businesses were registered in the same period.”

As such, the minister said, the challenge now lays on the agility of SMEs in Malaysia to adopt differentiated strategies to survive in the new normal. Wan Junaidi further said that this can be done by embracing digitalisation for business operations, developing a business continuity plan, and working closely with financial institutions to manage cash positions.

(Source:
Malay Mail
)

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COVID-19 Self Test Kits Now Available At Supermarkets & Convenience Stores From RM6.60

Image: Bernama

Consumers can now purchase the COVID-19 self-test kits at supermarkets, convenience stores, and petrol stations for as low as RM 6.90 per unit, expanding the availability from clinics and pharmacies prior to this. Prior to this, the
COVID-19 self-test kits were only sold at selected clinics and pharmacies
 upon receiving conditional approval from the Medical Device Authority.

According to Domestic Trade and Consumer Affairs Minister Datuk Seri Alexander Nanta Linggi, the sale of these kits at a low purchase price is good news as far as consumers are concerned, considering the demand for self-tests kits for the foreseeable future. Even better, the new prices are considerably lower than the
ceiling prices of RM19.90
 per unit.

“The decision to expand the sales of the COVID-19 test kits would be seen as beneficial and result in a drop in prices, improve competitiveness in the retail sector, and maintain supply,” he explained further. Nanta also added that although his ministry was informed that the prices of these kits are now at RM 6.90 per unit, there were kits being sold at outlets such as KK Super Mart at an even lower price of RM 6.60 per unit.

(Image: The Edge Markets)

As of Thursday, 28 October 2021, 2,570 business premises nationwide were given the green light to sell the self-test kits, of which 494 outlets are under the management of KK Supermart & Superstore Sdn Bhd.

A new ceiling price of the test kits would be announced soon, which would be determined based on several aspects, including the interest of consumers and traders. “The existing ceiling price will be reduced to a level that is considered fair to consumers and businesses. We need to ensure that consumers can purchase the items according to their needs for brand and quality while, at the same time, the price must also take into account that businesses will need to import the kits,” Nanta said.

(Source:
The Star
)

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Content writer with a penchant for perfection in her work and can't stand having her name misspelled or mispronounced.

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Malaysia, Indonesia Launch Cross-Border QR Payment Linkage

(Image: Digital News Asia)

Bank Negara Malaysia (BNM) has announced the launch of a cross-border QR payment linkage with Bank Indonesia (BI), which will enable citizens in both countries to perform instant and secure cross-border payments when making purchases.

With this latest update, consumers in Malaysia and Indonesia will be able to conveniently and safely pay for their purchases at online and offline merchants by scanning the DuitNow or QRIS (Quick Response Code Indonesian Standard) QR codes. The service, which is part of the pilot phase that has already begun, will eventually lead to a full commercial launch in the third quarter of 2022. There are also plans for the linkage to be expanded to support cross-border remittances.

“The cross-border QR payment linkage between Malaysia and Indonesia marks a key milestone in the long history of collaboration between both countries. Phase 2 of the QR payment linkage between Malaysia and Thailand has also gone live this week,” said the deputy governor of BNM, Jessica Chew Cheng Lian, adding that these developments will bring the nations closer to the vision of creating an Asean network of fast and efficient retail payment systems.

(Image: The Malaysian Reserve/Muhd Amin Naharul)

Malaysia’s cross-border payment linkage with Thailand
 has been established since June 2021, with the first phase allowing users in Thailand to make payments to Malaysian merchants by scanning DuitNow QR codes. The second phase, meanwhile, allows Malaysians to perform similar transactions with merchants in Thailand. Aside from Thailand, Malaysia has also formed payment linkages with
Singapore
 and
the euro area
.

Meanwhile, the deputy governor of BI, Doni P Joewono said this initiative marks another milestone of the Indonesia Payment System Blueprint. “This will give more options for users in the cross-border payment space and serve as a key to improve transaction efficiency, support the digitalisation of trade and investment, and maintain macroeconomic stability by promoting a more extensive use of the Local Currency Settlement (LCS) Framework,” he said.

(Image: CNBC Indonesia)

BNM and BI further commented that this linkage will not only strengthen the economic tie between Malaysia and Indonesia, but also give a big boost to the tourism sector of both countries. During pre-Covid days, an average of 5.6 million travellers travelled between the two countries per year. Additionally, both countries are also key remittance corridors for their nationals working abroad, who stand to benefit from faster, cheaper, and more transparent cross-border remittances via this initiative.

(Sources:
Bank Negara Malaysia
,
The Edge Markets
)

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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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Finance Minister: Government Examining Ways To Further Reduce Price Of Covid-19 Self-Test Kits

(Image: Bernama)

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has said that the government is examining ways to further reduce the price of Covid-19 self-test kits by the end of the year. The effort will be led by the Domestic Trade and Consumer Affairs Ministry (KPDNHEP) and the Ministry of Health (MOH), he said.

“To expand testing efforts, the Ministry of Health has recognised RTK Antigen and approved several Covid-19 self-test kits which can be bought in pharmacies nationwide. In making the self-test kits accessible to everyone, KPDNHEP and MOH have set the ceiling price at below RM20 per set,” said the minister. Briefly, the government had set the
ceiling price for Covid-19 antigen rapid self-test kits
 at RM16 per unit (wholesale price) and RM19.90 per unit (retail price) last week.

Aside from that, Tengku Zafrul also shared several other updates with regard to the government’s Covid-19 response efforts. Some measures in the pipeline for implementation under the National Recovery Plan (NRP) include setting up a call centre to offer immediate assistance in managing Covid-19 causes, as well as factoring in booster shots or multi-year vaccination programmes into public healthcare protocols.

(Image: The Malaysian Reserve)

Additionally, Tengku Zafrul said that the Institute of Medical Research is undertaking the Whole Genome Sequencing to better detect the presence and spread of new variants. There are also plans to expand the use of technology and mobile data usage to enhance contact tracing.

“Potential close contacts will soon be identified and notified on the need to quarantine themselves. Asymptomatic and cases with minor symptoms are now subject to a Home Surveillance Order,” said the minister.

Tengku Zafrul further said that although the country has shown some progress under the NRP, more needs to be done, particularly in strengthening the capacity of the healthcare system and nurturing the recovery of the economy. On top of that, he expressed hope that the NRP and Budget 2022 will serve both as a template to exit the pandemic and to navigate pressing challenges ahead.

(Source:
The Sun Daily
)

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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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AmBank’s Mobile Banking App, AmOnline, Bags Four Prestigious Awards

(Image: The Star)

AmBank Group has won four prestigious awards for its AmOnline digital banking platform from two different entities, The Asset and Global Business Outlook.

Through the Asset Triple A Digital Awards 2020 organised by Asset Asia, AmOnline was presented with the Best Retail Mobile Banking Experience and Best Wealth Management Experience awards. Separately, Global Business Outlook also recognised AmOnline as the Best Mobile Banking App and the Most Innovative Mobile Banking App in its Global Business Outlook Awards 2020.

According to the group chief operations officer of Ambank Group, Datuk Iswaraan Suppiah, this is the second consecutive year that the bank has been acknowledged by The Asset. It is, however, the bank’s first win from Global Business Outlook.

(Image: The Star)

“Customer preference has shifted definitively from desktop computers to the mobile phone to access online services. We are among the first in the country to spot this trend and provide the full spectrum of banking services from our app,” said Datuk Iswaraan. He added that AmOnline has empowered AmBank’s customers with uninterrupted access to their financial needs from their mobile phones, especially during the Covid-19 pandemic.

The managing director of AmBank’s retail banking, Aaron Loo, concurred. “These awards are a testament to our breakthrough efforts. In this unprecedented and challenging time, our investments in AmOnline are ensuring our customers have contactless, seamless, and secure access to all their financial needs,” he said.

The AmOnline app offers a full range of services through its app, allowing customers to open a savings account, purchase motor insurance, and apply for a credit card or personal loan without walking into a branch. Additionally, they can conduct transactions such as money transfers, bill payments, cash advances from credit cards, and balance transfers via the app.

Aside from that, AmOnline has been upgraded with a virtual assistant, AMY, which focuses on providing personalised aid to customers with their credit card enquiries. There is also a new “Wealth” feature on the app that allows customers to carry out their unit trust investments through a fully online process, including opening an investment account, performing research, as well as purchasing and redeeming their unit trusts.

The
Asset Triple A Digital Awards
 by The Asset is intended to acknowledge financial institutions and technology firms that have contributed to a more innovative digital experience for their customers within the Asia Pacific and Middle East regions. Meanwhile, the
Global Business Outlook Awards
 seeks to recognise businesses around the world that have shown excellence in innovation, creativity, and a drive to create value.

(Source:
The Star
)

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Planning To Set Up An Online Store For Your Business? Here’s How

In today’s highly digitised and competitive world, having an online presence is very important. It’s critical that people can easily search up businesses they’re interested in, learn more about them, and decide whether to engage with them. When businesses can’t be found online, it’s easy for people to simply lose interest or forget about them.

Having A Website & Web Store Offers A Myriad Of Benefits

Being on different social media platforms alone may not be enough as the user experience may be limited. Instead, having a website and webstore may be the best solution as it offers extensive benefits.

With a website, a business can curate a personalised user experience that the target consumer can resonate with. They are able to pick and choose which messages come first and map out which ones come later.

Besides that, a website is mostly customisable so they can freely choose their desired elements, shapes, colours, and layouts that best align with the business branding. On top of that, with a website, the business can add pages that customers would usually enquire about. This may be anything from an FAQ page to a contact page with different outlet locations and opening hours. Web stores also share the same benefits, with an added advantage of allowing customers to securely complete their purchases.

Plus, most websites and web stores come with analytical tools that allow data collection that could better improve site traffic. For example, if the highest traffic falls on a certain product category, the website could then be designed in a way where that product category is more easily accessible or visible so users would land on it even faster.

Having a website and web store can also be time-efficient, especially when they’re well-integrated between different platforms. For example, CIMB has made the digital journey more cohesive for SMEs or merchants with a streamlined auto-update feature. Businesses can simply upload new products on their website or web store and it will automatically be updated on their social media platforms like Instagram and Facebook, as well as their preferred marketplace like Lazada or Qoo10.

Build A Website & Enhance Your Digital Journey With CIMB

CIMB has partnered with Shopmatic and iPay88 for SME Go eCommerce 2022 Campaign to offer Malaysian Small and Medium Enterprises (SMEs) an opportunity to elevate their digital experience. SMEs can now explore having their very own digital storefront, enjoy 50% off on Do-it-For-Me Webstore & Website Packages, and start selling products digitally.

Learn how to begin by following the steps below:

Step 1:

To get started, sign up for your preferred Shopmatic Design Service and use the promo code provided, which CIMB customers will receive via email. If you did not receive the promo code, you can request via email by reaching out to
[email protected]
.

Choose between two Shopmatic Designing Services solutions: Do-It-For-Me Webstore or Do-It-For-Me Website. The website is a combination of multiple webpages that includes about us, products information, contact us and policy page whereas the webstore is an eCommerce store that allows users to perform transaction activities such as the purchase of a product/ service.

Both solutions include:

The design of five pages (Home, About Us, FAQ, Contact Us + A page of your choice) with up to 50 product listings

Set up of four functionalities – chats, social media links, linking site to a custom domain & enabling Facebook business extension (if Facebook business page is available)

A 90-minute online training session, post-delivery of the completed website

Step 2:

Activate the iPay88 payment system on your Shopmatic Webstore or Website to get even further reductions on your selected option. With iPay88, you will be able to facilitate transactions and payment services which include checkout options such as online banking, e-wallets, and more via a link on the Shopmatic promo page.

Registered CIMB Business Account/-i holders can register their iPay88 account for just RM 488 and receive a RM 500 yearly subscription fee waiver.

You may be wondering –
why should I sign up for iPay88?

There are several benefits that you will get to enjoy:

Easy integration
 – Begin your journey with ease. No highly technical skills required.

Low Pricing MDR from 1.20% –
Enjoy Merchant Discount Rate (MDR) from as low as 1.20%.

Dedicated customer service support
 – Get the support you need with a team that’s ready to address your every concern.

Real-time dashboard reporting
 – Timely insights that will help you learn more about your target customers.

Secure payment gateway
 – All personal data is protected with PCI DSS Level 1 Compliance.

How To Enable iPay88

***

Having a website has its fair share of advantages, such as the flexibility to curate customers’ digital journey, the ability to add custom pages, and the freedom to design the website in ways that work hand-in-hand with the brand identity. On top of that, having an online webstore allows the business to pick and choose their preferred payment gateway, which could be a smart financial move, especially if other merchants or platforms eat into the revenue margin.

If you have always wanted your business’ very own website, the SME Go eCommerce Programme allows Malaysian SMEs to easily start their digital journey at a 50% off discount.

Click here
 to learn more about SME Go eCommerce Campaign.

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Grow Your Start-Up With Maybank SME First Account/-i Ready-Made Business Solutions

The global economy has demonstrated significant resilience through the COVID-19 pandemic. As economic momentum continues to grow, businesses across the globe are encountering various challenges including supply chain disruption, a growing priority towards digitalisation – all while battling inflation.

With a potential recession underway, businesses need to safeguard their growth strategy to avoid potential setbacks and significant losses. To meet new demands, companies are making digital and technology investments across the business model.

If your business is seeking to start out on the right foot, guarantee customer accessibility, and work on a digital platform that operates seamlessly, then Maybank SME First Account/-i may just be the solution for you.

Maybank has long established an ecosystem of platforms that ensures seamless customer transactions and financial management, which is reflected in its user base. According to data from
Maybank Group’s Analyst Presentation 4Q & Full Year FY2022
, Maybank currently has:

53.1% Mobile Banking Market Share in Malaysia’s digital transaction volume

8.9 million active users on their MAE and M2U platforms

760K customers having adopted Apple Pay

It is thus no surprise that Maybank is considered an ideal partner for businesses, as a significant percentage of the Malaysian population has adopted Maybank as their preferred online banking platform.

Tailored to small and medium businesses, here’s how Maybank SME First Account/-i is able to enable your business with a boost:

Simplifying Business Banking Management

Maybank SME First Account/-i is open for most business types including sole proprietorships, partnerships, private limited companies and professional businesses. Hence, it uses existing online business banking platforms which are easy to manage – M2U and MAE for sole proprietors, and M2U Biz for non-sole proprietors, i.e. Sdn Bhd.

All 3 platforms come with their own set of advantages. The M2U platform allows business owners to transact  and keep track of payments with an easy-to-view dashboard, whereas MAE is built for consumers to enjoy additional lifestyle features alongside the banking platform. On the other hand, M2U Biz comes with a myriad of useful business tools including a simplified overview of accounts, with clear Assets & Liabilities on the main dashboard, multiple approvals and a built-in invoicing tool.

M2U Biz’s Simplified Accounts Overview

 M2U Biz‘s Multiple Transaction Approvals
(up to 10)

M2U Biz’s Invoicing Tool with customisable template

Most importantly, all 3 platforms come with Maybank’s industry-leading security feature – Secure2u. These platforms also ensure transactions are authorised by designated devices to prevent TAC fraud and Mobile Operator delays in SMS TAC.

Secure2u on M2U/MAE

Secure2u on M2U Biz

Ready-Made Solutions

The Maybank ecosystem ensures that every part of the business journey is taken care of thanks to its customised add-ons available on your Maybank SME First Account. Here are a few prime examples of business solutions that could help you on your entrepreneurial journey:

Maybank QRPayBiz:
 Allows Cashless transactions for your business with a single unified QR Code and lets you manage all your transactions within a single app for your business.

Sama-Sama Lokal:
Gives your business a free digital presence with 0% Commission for easy customer accessibility towards your products/services, with 8.9 million users as potential customers on the MAE app.

Maybank SME Digital Financing:
 Fast online financing for Businesses of all sizes, from RM3,000 up to RM500,000 over 7 years with 10 Minute Approvals and 1 Minute Disbursement. Maybank SME Digital Financing aims to give businesses a quick boost of capital with flexible payment options to minimise business disruptions, with over RM2.93 Billion in loans approved for SMEs since its launch in September 2020.

Hassle-Free Sign Up

If you’re looking to kickstart your business with Maybank SME First Account, you can do so in 4 simple steps:

You’ll only need to deposit a minimum of RM1,000 at the branch to activate your account.

***

Having a solid banking partner can help smoothen your everyday business banking processes. With
58% out of SMEs
 in Malaysia currently being served by Maybank, this makes Maybank an ideal choice as a banking partner for those looking to grow their business. Coupled with its existing platforms and customised add-on solutions, Maybank SME First Account may be able to help your business navigate various business challenges in the future.

Apply for Maybank SME First Account
here
.

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

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