Looking For An SME Loan? Here’s A Guide To Finding The Right Loan

In a post-pandemic environment, SME owners continue to face challenges including staff shortages, supply chain disruptions, and raw material cost increases. In the midst of rebuilding your business, you are required to maintain resilience, adapt to changes, and grow your company. To achieve your goals, you may require extra funds for hiring, inventory, digital transformation, and others. Whether it’s to increase working capital or expand your company, getting a loan is an important decision that can impact your cash flow and more.

When applying for a loan, SME owners would perhaps consider a few factors like the loan amount and which bank to apply from. However, there may be other things that you can take into account as well when preparing for your loan application to ensure a smoother journey.

Here are 4 things you can think about before applying for a SME loan.

1.
Finding out how much you really need

Start by defining the purpose of your loan application. Whether it’s a short- or long-term loan, being clear about how much you really need is important. Otherwise, you might get too big of a loan and run the risk of committing to one that is beyond your affordability. On the other hand, an insufficient loan might cause you to not achieve your objectives.

Having a specific purpose in mind helps determine the type of financing you need as well.

If you’re thinking about getting a short-term loan to boost your cash flow for daily operational activities, you can consider getting a working capital loan that provides quick access to financing.

Or, if you require a long-term loan to open a new factory, you can consider property financing with collateral. Some banks offer property financing that provides up to 90% of your property’s valuation or more.

2.
Simplified and fast application

Loan application process has become easier than ever these days with some financial providers starting to offer fully online services to further convenient customers. With that, SME owners can make quick applications safely anytime from within the comforts of their home or office.

Applying for a loan can involve a lot of preparations at times including face-to-face meetings and documentations. A simplified loan application process lets you access funding easily and focus on what’s more important – your business.

In fact, SME owners can now easily apply for financing with
Alliance Bank Digital SME online via the RinggitPlus chatbot
. You’re only required to furnish one document, which is the latest 6-month bank statement, and Alliance Bank customer service will get back to you with a decision in as fast as 3 working days.

3.
Fulfilling requirements

Depending on which loan you’re applying for, the requirements and documentations will vary. In general, when it comes to fulfilling required criteria, you can look at three aspects:

Period of being in operation – to apply for a business loan, your company would usually have to be in operation for at least one to two years with sufficient documents that show your company’s activities and financial situation such as financial statements, legal documents, and tax receipts

Establishment

– the determination of whether a business qualifies as a SME in Malaysia lies on two qualifying measures namely annual sales turnover and size of company, as stated by SME Corp

Healthy cash flow – before approving your loans, banks will evaluate your credit records to check if your business is viable. A healthy cash flow indicates good financial management and repayment ability.

Sector
Micro SMEs
Small SMEs
Medium SMEs
Manufacturing
Annual sales turnover < RM300,000
Full time employees < 5
Annual sales turnover < RM15 million
Full time employees < 75
Annual sales turnover < RM50 million
Full time employees < 200
Services & Others
Annual sales turnover < RM300,000
Full time employees < 5
Annual sales turnover < RM3 million
Full time employees < 30
Annual sales turnover < RM20 million
Full time employees < 75

Malaysian-owned – a company that operates and trades in Malaysia must be locally-owned meaning a majority of shareholders must be of Malaysian nationality.

4.
Services beyond banking

Amid the current challenging environment, SME owners have diverse needs including adopting technologies, streamlining day-to-day operations, and tapping into new audience pools.

Alliance Bank is ever ready to support SME owners with a myriad of services on its BizSmart Solution portal. Available for all SME clients, the portal features expert solutions for accounting, payroll, digital marketing, telecommunication, delivery, and training at value prices.

Through the BizSmart Solution portal, SME owners will also get access to the latest updates in the business world and tips for managing various aspects of their companies.

Apply with Alliance Bank Digital SME for an easy approval

Now that you know more about applying for an SME loan, you can consider Alliance Bank as a fast and simple way to access up to RM500,000 collateral-free financing via the RinggitPlus chatbot.

If your SME has been in operation for at least one year with a minimum annual sales turnover of RM50,000, you may apply for a loan with Alliance Bank Digital SME to enjoy:

Simple digital application
– apply within a few minutes via the RinggitPlus chatbot on WhatsApp.
Fast approval
– only need to furnish a 6-month bank statement to apply and get approval in as quick as 3 working days.
Convenient
– only one document is required*. Simply upload the latest 6-month bank statement during the application via WhatsApp. For loan amounts below RM200,000, only a virtual interview is required.
*Other supporting documents may be required subject to the Bank’s discretion.
Mobile banking
 – full mobile banking services via
BizSmart® Mobile app
.
Access to value-added services
 – Alliance Bank SME customers get access to business   solutions   at   discounted   rates   from  partners such as SQL Malaysia, Celcom, Avana and many others on
BizSmart® Solution
.

***

Finding the right business loan that suits your needs and capabilities could help you secure the financing that you need. So, when applying for a loan, be sure to take into account all the factors mentioned above such as types of financing, minimum requirements, application process, and more.

Apply for Alliance Digital SME financing for your business
here
.

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Chee Jo-Ey

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Which Insurance Providers Accept E-Wallets For Premium Payment?

Most people pay for their insurance premiums by signing up for an auto-debit, usually with a credit or debit card. This is undoubtedly convenient as the price of your premium will be automatically charged to your card at regular intervals. However, the drawback is that debit cards rarely offer rewards for your spending, and many credit card providers limit their cashback or rewards benefits for insurance payments. While there are selected credit cards that do offer benefits for insurance transactions, another payment option you could explore to earn rewards is e-wallets.

Currently, not all insurance providers accept e-wallets as a mode of payment for insurance premiums, so we’ve made things a bit easier for you. Here is a list of insurance providers in Malaysia that do accept e-wallets for insurance premiums.

What’s The Benefit Of Paying Your Insurance Premiums With E-Wallets?

Insurance premiums can easily go to the thousands of Ringgit each year – it isn’t unheard of for the heads of the house to be forking out five-figure sums in insurance premiums for the family. So, any kind of returns (either in cashback or rewards points) can add up to be a significant value.

As mentioned earlier, many credit card providers limit their cards’ benefits for insurance payments. On the other hand, many of these providers do offer rewards and cashback for e-wallet top ups, so the big advantage of using e-wallets is the ability to “double-dip” on rewards. In addition to using a cashback or rewards points credit card to top up your e-wallet, you are also entitled to the rewards and benefits offered by the e-wallet providers, too.

All the same, this benefit varies from e-wallet to e-wallet; for example, GrabPay has included insurance transactions under its list of transactions that do
not
qualify for GrabRewards points (so no double dipping here), but you can still earn Boost Coins from insurance-related payments on the Boost app. Meanwhile, Touch ‘n Go eWallet doesn’t have a rewards points system, but transactions above RM10 earn stamps to unlock rewards.

Prudential Malaysia

Accepted e-wallet:

Boost
Touch ‘n Go eWallet

Prudential
 allows customers to pay for their premiums online via its online portal, PRUAccess Plus. Accepted modes of payment through PRUAccess Plus include current and savings accounts, Mastercard or Visa credit or debit cards, and the Boost and TNG e-wallets.

Hong Leong Assurance

Accepted e-wallets:

Boost
Touch ‘n Go eWallet
GrabPay
Maybank QRPay
Presto Pay

The
Hong Leong Assurance
 online Customer Portal HLA360° offers the widest array of e-wallets that you can pay your insurance premiums with online. Besides that, the online portal also accepts FPX payments, and Visa/Mastercard debit or credit cards.

Gibraltar BSN

Accepted e-wallets:

Boost
Touch ‘n Go eWallet (OTC only)
AliPay (OTC only)
WeChat Pay (OTC only)

Gibraltar BSN
 is listed under Boost’s in-app Bill payment option, allowing you to easily pay your Gibraltar BSN premium directly from the Boost app. Just go to the Bills tab and look for Gibraltar BSN under the Insurance category to start paying your premiums conveniently via Boost.

You can also use Boost, Touch ‘n Go, AliPay, and WeChat Pay e-wallets over the counter at Gibraltar BSN branches. However, this is less convenient as you will have to physically visit a branch to settle your premium payments.

Zurich Malaysia

Accepted e-wallets:

Boost (OTC only)
Touch ‘n Go eWallet (OTC only)
GrabPay (OTC only)
AliPay (OTC only)
WeChat Pay (OTC only)

Zurich
 also accepts as many as six different e-wallets that you can pay your insurance premiums with. However, you can only pay via e-wallet if you visit one of Zurich’s Life and Family Takaful branches in person. Moreover, e-wallets are only accepted for life insurance and family takaful policies, and not for general insurance and general takaful.

FWD Takaful

Accepted e-wallets:

Boost
GrabPay
Touch ‘n Go eWallet

According to FWD Takaful’s customer service representative, FWD Takaful accepts these three e-wallet payments for annual contribution payments only. You can find out more about using e-wallets as a method of payment for your premium by emailing
[email protected]
.

Great Eastern Malaysia

Accepted e-wallets:

Boost (selected products only)

Generally, Great Eastern Malaysia does not currently support any e-wallets as a mode of payment for its premiums. However, Boost allows you to purchase and pay for a range of specialised micro-insurance products that are offered as part of a partnership between Boost and Great Eastern. These insurance products can be found exclusively on the Boost app, and you can use your Boost e-wallet to set up recurring payments. For some products, you can even cover the cost of insurance using Boost Coins.

Should you use e-wallets to pay for your insurance premiums?

Here’s the short answer: if you have a credit card that offers valuable returns on e-wallet transactions, then yes, it’s worth considering. By topping up your e-wallet with a credit card and subsequently using your e-wallet to pay for your premium, you are effectively earning some form of return from both your credit card and e-wallet. As we mentioned earlier, many credit cards exclude insurance transactions from getting any benefits, so this is a good way to get around that and reap some rewards on your insurance spend.

Of course, it also depends on the method of acceptance used by the various insurance providers. If you are only able to use e-wallets when you pay over the counter at physical branches, the inconvenience and time spent may outweigh the benefits you gain by paying via e-wallet. Similarly, while paying online is much easier, manually making payments via an online portal is still slightly less convenient than a standing instruction on your card.

In conclusion, the question of whether to use e-wallets for insurance premiums will depend on a variety of factors – from the type of credit card you use, how your insurer accepts e-wallet payments, and your own personal preference. Hopefully, this article will have given you the necessary information to weigh up your own options – and decide which is the best method of payment for you.

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Gibraltar BSN

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Maybank QRPay

Presto Pay

Prudential Malaysia

Touch 'n Go eWallet

WeChat Pay

Zurich Malaysia

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Jacie Tan

Jacie Tan

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    John

    2 years ago

FYI,  Prudential also accept TNG ewallet

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Setel Introduces Programme That Lets You Sell Your Used Cooking Oil

Setel has partnered with BioLestari Energy to roll out a new pilot programme that allows users to earn extra cash by selling their used cooking oil, while instilling environmental awareness at the same time. Currently running only in selected areas – namely Kajang, Semenyih, Bangi, and Serdang – the initiative is expected to be expanded to more areas soon.

According to Setel, interested users can participate in the programme via its website or app by clicking on the “Recycle used cooking oil” tile, then “Request Collection”. From there, you’ll be required to fill in an online form, after which a licensed collector will contact you within four working days to arrange a place and time to collect your used cooking oil.

As for payment, Setel said that your earnings will be calculated based on the weight of the used cooking oil that was collected, to be paid in cash by the licensed collector. The collector will also inform you of the latest market rate, although it may differ slightly depending on the collector. It was also highlighted in the
FAQ
 that BioLestari will accept any kind of used cooking oils – from vegetable oil to canola oil, to olive oil – but the rates paid are standardised for all used cooking oils based on current market trends.

Additionally, you’re advised to sieve and filter the used cooking oil before storing it in suitable containers for collection, such as the original plastic bottle used to package the cooking oil. When the licensed collector comes by, the oil will then be deposited into his or her tank, and the container will be returned to you. If this is your first collection request, you’ll also be given a free jerrycan container to store your used cooking oil for future collections.

Setel further explained that after collection, your used cooking oil will be processed to separate out impurities (such as water content and food leftovers) so that it can be transformed into environmentally friendly biofuel. Ultimately, the whole programme will help to reduce our carbon footprint as well as reduce waste in our environment.

In conjunction with the launch of this programme, Setel is currently running a campaign that offers an additional RM10 Setel credit to the first 200 users who sell their used cooking oil via Setel (minimum 5kg of used cooking oil). This is on top of the payment that will be paid to you by the licensed collector. Already ongoing, this campaign is set to end on 31 March 2023.

(Source:
Setel
)

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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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Unbox This Week’s Guaranteed Gifts Of RM600 Cash Or RM600 Lazada e-Voucher

Perk up your week while working from home with guaranteed gifts for all successful applications in RinggitPlus’ Unbox This Week Campaign.

Just like we have in previous weeks, we are laying out fantastic flash deals from our featured bank partners as part of the RinggitPlus’ Unbox This Week Campaign. All you need to do is apply for selected credit cards from these banks of the week through RinggitPlus and you’ll take home some great prizes.

This week (17 May – 24 May) the featured ban
ks are
Citibank and Standard Chartered Bank
 —
if you’ve considered applying for a credit card with any of these banks, make the most out of your application and check out the rewards they’re offering below.

Citibank: RM600 Cash via DuitNow

Cha-ching! Apply, get approved, and spend with selected Citibank Credit Cards and you’ll be rewarded with a guaranteed gift of RM600 Cash via DuitNow.

Be sure to submit your application by 24 May 2021 to be in the running, as well as activate and spend a minimum of eight retail transactions on your new card within 60 days upon gaining approval. Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift.

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

Standard Chartered: RM600 Lazada e-Voucher

Updated as of 20 May 2021

Tired of staring at your Lazada cart? Check out your shopping list with a guaranteed RM600 Lazada e-Voucher. Now, from 20 to 24 May 2021, just apply and get approved for selected Standard Chartered credit cards

While this gift is guaranteed for ALL approved applicants, you’ll still need to activate your 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 six months are not eligible for this campaign. If you qualify, then you can
apply for your new Standard Chartered credit card here
.

***

Lastly, be sure to start your application with our WhatsApp chatbot to guarantee your eligibility, and so that we can always be at hand to help you if you need us.

While this week’s flash deal ends on 24 May 2021, 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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Xiaomi Redmi 9C

About THE AUTHOR

Katrina Balan Quiroz

Katrina Balan Quiroz

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

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Choose Between An iPad, An Apple Watch, Or RM500 Lazada e-Voucher & More With Selected Credit Cards!

As the festive season inches closer, we’re in the mood for giving out some of the most sought after gifts with this week’s unboxing!

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 (15 – 22 November), our featured bank partners include
Citibank, HSBC, Standard Chartered Bank, CIMB, and Maybank
 – if you have considered applying for any of these banks, check out our latest deal below!

The Big Prize: Apple iPad 9th Gen or Apple Watch Series 7

Start applying for any selected credit cards this week and you’ll get the chance to choose your reward of either an Apple iPad 9th Gen or an Apple Watch Series 7. All you need to do is be one of the 50 randomly selected successful applicants to take home the gift of your choice.

Applicants who submit their application from 15 to 22 November, and meet the respective bank requirements are eligible for the prize. Other successful applicants will receive an RM300 Firefly e-Voucher.

Apple iPad 9th Gen

An incredible machine that provides you with a visually pleasing 10.2-inch Retina display and a powerful A13 Bionic Chip. The latest Apple iPad now allows you to do more with up to 10 hours of battery life, all with extreme ease at an exceptional value. Couple it with the Apple Pencil and the Smart Keyboard to complete your on-the-go workstation.

Apple Watch Series 7

Track your workouts, health, and everything in between with the Apple Watch Series 7. You’d be delighted to get better insights on your health with its more durable and even larger always-on Retina display. Easily measure your blood oxygen level and take an ECG anytime throughout the day to stay focused on your fitness goals.

Read on to find out the individual bank requirements:

Citibank: Activate and spend a minimum of 8 retail transactions on your 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 prior to this campaign do not qualify for this promotion.

Apply for a Citi credit card here.

Standard Chartered Bank: Activate your card within 30 days upon approval to be eligible for this prize. Do 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.

Apply for a Standard Chartered Credit Card here.

HSBC Bank: Activate and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval. Current cardholders and applicants who were denied within 6 months prior to this campaign, as well as those who have cancelled their HSBC credit cards within 6 months prior to this campaign are not eligible for our campaign.

Apply for an HSBC Credit Card here.

CIMB Bank: Only applications for CIMB e Credit Card are valid for this campaign. Upon approval, you do have to activate and spend any amount to meet the requirements of the campaign and be eligible to win the prize. Existing cardholders of any CIMB credit card and individuals who have held or cancelled a CIMB credit card in the 6 months are not eligible for this campaign.

Apply for the CIMB e Credit Card here.

Maybank: Guaranteed RM500 Lazada e-Voucher, Huawei Band 4 & RM100 Cashback

Shop for more goodies on Lazada with RM500 Lazada e-Voucher, when you apply, get approved, and successfully perform the first swipe with a new Maybank credit card. You’re required to activate and perform the first swipe of any amount to be eligible for this gift.

Not only that, you’ll be getting a Huawei Band 4 plus RM100 Cashback from Maybank as well!

These gifts are guaranteed for all successful applicants. Existing cardholders of any Maybank Credit Card and those who had cancelled any of his/her Maybank Credit Card within 6 months before the date of application are not eligible to participate in this campaign.
Apply for a Maybank 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 22 November (12 noon), 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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Katrina Balan Quiroz

Katrina Balan Quiroz

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Civil Servants, Govt Pensioners To Receive Special Appreciation Aid Of Up To RM300

(Image: New Straits Times)

Civil servants Grade 56 and below will be receiving a special cash aid of RM300 from the government as a gesture of appreciation, said Prime Minister Datuk Seri Anwar Ibrahim. Additionally, a special RM200 cash aid will be provided to government pensioners, including army veterans (with or without pension).

Announced during the launch of the
Ekonomi Madani
framework, the prime minister said that this special aid will benefit 1.3 million civil servants, including contract appointments and more than a million pensioners. He also highlighted that these cash aids are only provided as a temporary measure to assist civil servants while the government work on adjusting a better salary structure for them.

“We are committed to restructure the salary of civil servants according to the financial capability of the government,” said Datuk Seri Anwar, adding that the cash aids announced for civil servants and government pensioners will be disbursed in two weeks’ time.

Earlier this month, Datuk Seri Anwar – who is also the Finance Minister – had shared that a proposal will be made for the
civil service salary scheme to be improved in stages
. He expects to discuss this in the next few weeks with the Chief Secretary of the government, Mohd Zuki Ali, and the director general of the Public Service Department, Zulkapli Mohamed.

(Sources:
New Straits Times
,
Free Malaysia Today
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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Why ‘The Sooner, The Better’ Is Key When It Comes To Insurance

In life, we face several unanticipated ups and downs. Positively, it could be winning a lucky draw or reconnecting with an old friend; on the other hand, it could be losing your phone or unfortunately being diagnosed with a serious medical condition.

Following a medical diagnosis, a few issues may arise, not to mention, an endless list of concerns, such as job loss, unemployment stress, household expenses, and high medical costs.

Due to these well-known and unnerving reasons, insurance is often advised to cushion these worries and act as a financial safety net, if ever an unfortunate event occurs.

The Basis Of Critical Illness Coverage

Most of us are familiar with medical insurance coverage, which essentially covers the high costs of medical treatment and hospitalisation; critical illness coverage plans, on the other hand, offer policy owners a lump-sum payout in the event of a life-threatening critical illness diagnosis such as cancer, heart attack, and stroke.

While public hospitals do offer more affordable medical treatments, private hospitals tend to be more favourable as they provide higher quality treatment and care with significantly less waiting time,
at a steep cost that will continue to rise.

The cost of treatment for most critical illnesses can vary from RM4,000 for one chemotherapy cycle to RM75,000 for stroke treatment. It is important to note that these costs are exclusive of medical post-treatment care, which is essential to a patient’s road to recovery.

The Older You Are, The More Costly Your Premiums

When it comes to buying insurance, especially medical, life, and critical illness insurance, typically the younger you are, the better – as good health justifies lower insurance costs and lower premiums.

The older you are, the more expensive your premiums will be as it is assumed that you are more likely to develop health problems such as diabetes or heart diseases, especially since there have been reports that
heart diseases are now occurring in younger individuals
 – thus reiterating the importance of acquiring insurance in case of an unprecedented medical emergency.

Extensive Coverage Of Over 150 Critical Illness Conditions with Allianz Prime Care+

Taking these concerns into account, Allianz Prime Care+ is a unique critical illness plan that provides extensive coverage of more than 150 critical illnesses, such as heart attack, cancer, Parkinson’s Disease, and stroke.

For individuals below the age of 19,
Juvenile Coverage
 will be included in their Prime Care+ plan, which consists of additional coverage for 7 critical illnesses, namely:

Still’s Disease
Severe Dengue Haemorrhagic Fever
Insulin-Dependent Diabetes Mellitus
Hand, Foot, Mouth Disease with complications (life threatening)
Severe Hemophilia
Spinal Amyotrophy Children with Type 1
Rheumatic Fever with Heart Valve Disorders

Seek Early to Advanced Stages Treatment

One of the key features of a Prime Care+ plan is the
Early to Advanced stages wide critical illness coverage.

Upon diagnosis, you will be able to seek early treatment to improve the chances of recovery as well as support any lifestyle changes. This can include acquiring home medical equipment or paying for outpatient treatments.

If diagnosed with an early stage critical illness, 50% of the Prime Care+ Insured Amount (up to RM250,000) will be payable and can be claimed twice under a different Critical Illness category.

If diagnosed with either an intermediate or late-stage critical illness, a lump-sum payout of 100% of the Insured Amount will be payable.

Diabetes, Cancer Recovery & Catastrophic CI Benefit

Policyholders who are unfortunately inflicted with
diabetes-related critical illnesses
 such as amputation, kidney failure, retinopathy, and diabetic coma will receive a lump-sum payout in addition to their respective Prime Care+ Insured Amount.

An additional
cancer recovery benefit
 will also be payable to respective policyholders if diagnosed with early, intermediate or advanced-stage cancer to assist with recuperation and recovery after cancer treatment.

Lastly, a
catastrophic critical illness benefit
 shall be payable to help policyholders and their loved ones alleviate their financial struggles if the policyholder is unfortunately diagnosed with either of the following 6 catastrophic illnesses:

Cancer with Metastasis
Extensive Heart Attack
Severe Stroke
Transplantation of both Heart and Lung
Total Quadriplegia as a Result of Spinal Cord Injury
Loss of Limbs

***

While no one wishes to be struck with a serious medical crisis, it’s better to be prepared for the unpredictable, now than later.

The entry age for
Allianz Prime Care+
plan is from 16 years. If Allianz Prime Care+ is part of a Life Assured plan, then the minimum entry age would be 15 days old. Policyholders are covered till the age of 100 years and the respective Insured Amount is dependent on the amount discussed with the servicing agent, as well as other factors such as age, sex, health status, smoker status, etc.

Check out
Allianz Prime Care+
 at their
website
 or contact an Allianz servicing agent to learn more about Allianz’s most comprehensive Critical Illness plan.

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Katrina Balan Quiroz

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Year-End Financial Checklist: 5 Things You Should Review Before The New Year

We’re just about one week shy from crossing over into 2023, and no doubt everyone’s excited about new beginnings and fresh starts. But before you dive into the new year with renewed goals and resolutions, it’s always wise to take a step back and reassess your existing financial affairs, especially since the exercise isn’t as time- and effort-consuming as you think. And more importantly, it is
worth
doing.

So consider this an annual year-end exercise to encourage you to pause before making grand new year plans, take stock of your financial situation, and ultimately make better financial resolutions that improves your relationship with money in the new year.

Here are some of the most important aspects to review:

Check for remaining tax reliefs

Take time to review your assets and see if there are any remaining tax reliefs that you can tap into to further reduce your taxable income before 2022 ends. Some last-minute
tax reliefs that are still available
 to you before 2023 rolls in include:

Up to RM3,000 for Private Retirement Schemes (PRS)

Up to RM3,000 for life insurance and RM4,000 for EPF contributions (for private sector employees, public servants with no pension, and voluntary contributions)/Up to a total of RM7,000 for life insurance (pensionable public servants)

Up to RM3,000 for premiums paid for education plans and medical insurance

TUp to RM1,000 for full medical check-up expenses,
including mental health services

Special tax relief of RM2,500 for the
purchase of phones, computers, and tablets

As you check for these tax reliefs to take advantage of them, do keep one thing in mind – don’t financially overstretch yourself just to get the tax reliefs!

It may also be a good idea to start gathering relevant documents that you need to file your taxes for the following year. These include receipts for charities, medical costs, educational expenses, book purchases, and other tax-deductible transactions. This step can be especially helpful if you are
someone with a side business
 or a
freelancer
, and need to collect all your receipts to prove your income source, or invoices for tax-deductible business expenses.

Hopefully, these early preparations will help to make your tax filing process less hectic when the tax season rolls around (on the 1
st
 of March each year!)

Review your investments

It is important to recognise that 2022 has not been an easy year for investors, with many industries and global economies still struggling to recover from the impact of Covid-19. This is on top of new crises, like the
Russia-Ukraine conflict
 and burgeoning inflation rate. It is likely that these setbacks will continue into 2023, with
economic recessions also in the cards
.

As such, take stock of the investments that you’ve made throughout 2022, and how they’ve done thus far (earnings and losses, which asset had the best yields, and so on) to plan your next steps. Consider also whether your current portfolio still matches your risk appetite; you would have made gains or incurred losses over the course of the year that may have affected the asset and risk allocation of your portfolio, so it may be time to rebalance.

On a related note, you should always remain focused on your investment goals. If your investment horizon is long, a bear market is an opportunity to invest. Tap into strategies like
dollar-cost averaging (DCA)
 to help you manage market volatility and risk and ride the bear market out.

A quick reminder here, though: while investing is certainly important to help you achieve various financial goals, don’t forget to prioritise and ensure that you have enough cash for emergencies first! At the very least, your emergency fund should be enough to last you at least three to six months. If you don’t have that yet, it’s better to focus on building or replenishing your emergency fund instead.

Review your credit cards

While we’re often reminded to review our insurance, will, and investments come year-end, we frequently forget to do the same for our credit cards as well. Credit cards – if optimised and used responsibly – can help you save hundreds of even thousands of Ringgit every year, it’s worth taking time to review your current cards.

To start, check if you are already aware of the benefits of the cards that you have. If you don’t, find out whether your card(s) offers perks such as cashback or rewards points that applies to your usual spending; you’ll want a card that rewards you
without
changing your spending habits.

But that’s not the end of it. Even if you are aware of your card’s benefits when you applied for it, these are
regularly revised by the banks
 – so the original perks of your cards may no longer apply. Take time to find out the latest features of your cards and see if they still reward you for your spending needs.

While you’re at it, also do a quick survey to see if there are new cards in the market with better benefits that cater to your existing lifestyle. For instance, there may be a new cashback credit card that offers better cashback rates than your current one(s). Finally, remember that even though they may seem like small amounts, when you total them up over a year the savings you earn can be substantial.

Check your credit score

A credit score is essentially a
measurement of your overall financial health
, as well as your creditworthiness – defined as how able you are to repay your debts in a timely manner. Financial institutions use it as one of the ways to help them determine whether they should offer credit facilities, such as credit cards and loans, to you. So if you have a higher credit score – which means you have better credit health and are a good paymaster – then there is a higher chance of getting your credit facilities approved.

Aside from having better approval rates, there are also other benefits to possessing a good credit score. For instance, banks may be more open to offering you a higher credit limit for your credit cards, or even better, you may even enjoy lower interest rates on loans!

Given these reasons, it’s always a good idea to check in periodically (like the end of the year!) and make sure that your credit score is in good standing. In Malaysia, you can check your credit score via the services of credit reporting agencies, such as
Experian
 and
CTOS
. Your credit report will also contain information such as your litigation history, bankruptcies, shareholding/directorship and business interests, as well as PTPTN payments.

Review your insurance and will

Re-evaluate your insurance policies – especially life and medical – to ensure that they still meet your needs. This is especially if you have gone through some major life events, such as starting your own family or purchasing a house. This means your obligations will have changed, and you must ensure that your insurance protection is sufficient to cover these new items as well.

In the case of life insurance, for instance, policyholders are typically advised to purchase a policy with a coverage of 10 to 15 times their annual gross income. So if your annual income has recently increased to RM48,000, your minimum coverage should now be at least RM480,000.

As for medical insurance, you may have noticed that your current coverage has reduced or there may be an increase in your premium. This is due to the rising cost of insurance, and you should speak to your agent (if you have one) to review your options.

Remember, reviewing your insurance does not always mean increasing your coverage; it could also mean dropping unnecessary coverage or adjusting deductibles that you don’t actually need. That said, don’t neglect or compromise on important protection – such as
flood or special perils coverage
 for your home and cars – just to save money.

(Image: The Malaysian Reserve/Muhd Amin Naharul)

On a separate note, make sure to also update your insurance policies to list the right beneficiaries. This is crucial so that your insurer will know the right person to contact in the event of unfortunate events.

This applies to your will as well, if you have one. Have you acquired new assets and listed them in your estate? Are your list of beneficiaries up to date? If you have a complex family situation or own various assets, it may be wise to consult a financial planner as well.

***

Of course, this list is by no means exhaustive; there are many other matters that you may also want to consider looking into to check on your financial health, but these few are as good as any to start with. We’ll also share some tips on the various steps that you can take after doing your year-end financial review, so keep an eye out for that!

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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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Deputy Finance Minister: Government Monitoring Effects Of OPR Increases On Consumer Loan Repayments

(Image: Bernama)

Deputy Finance Minister I Datuk Mohd Shahar Abdullah has said that the government is actively monitoring the effects of the overnight policy rate (OPR) increases on the amount of consumer loan repayments. He also noted that the increases should not significantly impact the economy or the people, especially the B40 income group, as they are being done in a controlled manner.

During a parliamentary session, Datuk Mohd Shahar explained that the B40 group will not be significantly impacted because one-third of their loans are fixed-rate loans, including car loans and personal financing. He also highlighted that various assistance programmes have already been put in place to assist financially vulnerable borrowers, such as targeted loan repayment assistance by banks and advisory services by the Credit Counselling and Debt Management Agency (AKPK).

Meanwhile, small and medium enterprises (SMEs) that are in need of assistance can tap into
BNM’s Fund for SMEs
. Established by Bank Negara Malaysia (BNM), the facilities provided include the Micro Enterprises Facility (MEF) and the Business Recapitalisation Facility (BRF).

(Image: The Malaysian Reserve)

Moreover, Datuk Mohd Shahar stated that the decision by BNM to raise the OPR by
25 basis points (bps) last May
 and
another 25 bps in July
, was made when the country’s economy was beginning to recover. “When the economic indicators are showing positive signs such as the unemployment rate decreasing and foreign direct investment (FDI) increasing, it is timely for BNM to increase the OPR,” he said, adding that the total amount of the OPR hike is still under control.

Datuk Mohd Shahar also remarked that the government is aware that a drastic and significant increase in the OPR can adversely affect the country’s economic growth and the people’s well-being. He cited several countries as examples, including the United States, the Philippines, and Turkey – all of which are facing soaring inflation rates after implementing significant rate hikes.

As such, Malaysia will take care to adjust its OPR gradually, complemented by various measures to control the increase in prices of basic goods and services. This, in turn, will ensure that Malaysia’s inflation rate remains at a moderate level.

(Image: Utusan Malaysia/Mohd. Shahjehan Maamin)

“This step can further prevent hyperinflation, which is when the inflation rate remains at a very high level from one month to the next, so much so that it can erode the value of a country’s currency,” Datuk Mohd Shahar further explained, adding that Malaysia’s inflation rate in 2022 is expected to range between 2.2% to 3.2%. Headline inflation from January to June is recorded at
2.5%
.

Malaysia’s OPR – which currently stands at 2.25% – is expected to settle somewhere between 2.50% to 2.75% by the end of this year. Several
local investment banks
 and
financial and research institutions
 have predicted that the OPR will be gradually increased over the remaining two Monetary Policy Committee (MPC) meetings for 2022, set to take place in September and November.

(Source: The Edge Markets [
1
,
2
])

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Get Rewarded with RHB Smart Account & RHB Smart Account-i

Putting your money in a savings account is great, but the interest or profit returns are often nothing to shout about. If you want a better rate of return, you can put your cash in a fixed deposit but with those accounts, you’re often restricted with how much you can withdraw to maintain a higher interest / profit rate.

Wouldn’t it be much better if there was a deposit account that can give you a higher rate of return while still allowing you to take money out whenever you want without affecting the rate?

RHB Smart Account and RHB Smart Account-i
 are the answers you’re looking for. Recently launched on 1 March this year, these accounts reward you with higher returns when you
save, pay, spend and invest
. The more you transact, the more you earn in interest or profit rates.

<a href=”
https://ringgitplus.com/en/credit-card/?utm_source=ringgitplus&utm_medium=banner&utm_campaign=my-rpint-crcd-gen&utm_content=blogcta_crcd_bestcreditcardinmalaysia_ringgitplus_mid”title=”Compare
 credit card”>

You start off with a base interest or profit rate of 0.5% with a minimum balance of RM1,000 in your account. Then once you start saving, paying, spending, or investing, your return percentage will increase like so:

With this, you can earn up to 3.0% p.a or more interest / profit rate on your RHB Smart Account / RHB Smart Account-i account. All this without having to worry about not being able to withdraw your cash whenever you want.

On top of that, for a limited time only, RHB Bank will accept your transactions with this account as entries into the
#RHBSmartLifetimeExperience campaign where you stand a chance to win
 :

This promotion is
only valid until 30th June 2017
, so you should hurry and sign up before then. In fact, you can apply for these accounts
right from your browser
! Visit
www.rhbgroup.com
 for more information including the terms and conditions.

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How much bubble tea are you getting for your buck (or ringgit!)?

Bubble Tea, Pearl Milk Tea, Boba, whatever

you call it these tea-based concoctions with treasures of tapioca balls

underneath are a hit among Malaysians. In seemed like just yesterday when we

noticed this Taiwanese import making an appearance in shopping malls around the

Klang Valley. Back then there was only one dominant franchise but nowadays you

hardly need to walk a stretch without running into a few bubble tea kiosks.

We’re sure everyone has their favourite

brand of slushy bubble teas, just like the crew at RinggitPlus. We decided to

find out which bubble tea brand was the ‘best’. Of course we realise that taste

is a matter of personal opinion but just to satisfy our curiosity we hit the

town to find the franchise that sells the best bubble tea in terms of taste and

value.

The contenders lined-up for the challenge

are: Cha Time, Ochado, Gong Cha and Come Buy.

Our methodology was simple. Armed with an

electronic scale and self-made strainers fashioned out of coffee filters we

measured the amount of tea and tapioca balls from each brand and gave a rating

based on those criteria.

After an afternoon of merry tea drinking

and cleaning up after we present you the results; hopefully answering that pivotal

question, “how much bubble are you getting for your buck? (or ringgit!)”:

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Citi Mid-Year Campaign Offers Grand Prize Of RM5,000 Cashback, Flight Tickets To Barcelona

(Image: Bloomberg/Samsul Said)

UOB Bank is currently running a Citi-branded Mid-Year Spend campaign that allows eligible cardholders to win grand prizes in the form of Singapore Airlines flight tickets to Barcelona, on top of RM5,000 cashback. In addition to that, the campaign also offers exclusive monthly, weekly, and daily prizes to be won.

Open to all customers with valid Citi-branded credit and debit cards, the campaign requires you to meet differing sets of criteria in order to win the various prizes. For instance, to win the grand prize, you’ll need to first earn entries by spending a specified minimum amount via selected transactions. Meanwhile, the monthly, weekly, and daily prizes will be awarded to cardmembers with the highest cumulative spend for a certain category or the collection of the most entries during a certain period.

Here’s a table to summarise the prizes that are on offer, as well as the campaign mechanics to win them:

Prizes
Details of prizes
Campaign/Winning mechanics
Allocation
Grand prizes
– Singapore Airlines flight tickets to Barcelona for 2 pax (Economy Flexi Fare Family type)
– RM5,000 cashback
Cardholders must earn entries via selected transactions, after which potential winners will be selected
10x throughout whole campaign period
Monthly prizes
– Apple AirPods 3
rd
 generation (MagSafe)
– Paul Smith AirPods case (limited edition)
Cardholders with the highest cumulative spend in travel (airlines, accommodation, and tourist attractions) and foreign currencies in a campaign month
200x per campaign month
Weekly prizes
RM500 cashback
Cardholders with the highest cumulative spend in a campaign week
20x per campaign week
Daily prizes
RM200 cashback
Cardholders who earn the most entries in a day (cumulative)
20x per day

For the purpose of winning the grand and daily prizes, specifically, here’s the list of transactions and banking activities that can earn you different amounts of entries during the campaign period:

Categories
Number of entries earned
Every RM50 local spend in a single transaction
1
Every RM50 overseas spend in a single transaction (foreign currency)
5
Each successful new application/booking of the following:
– Citi 0% Easy Pay plan
– Citi PayLite
– Citi Quick Cash
– Citi FlexiBill
– CreditShield Plus
– Citi credit card application (approved and activated with one eligible spend within the campaign period)
10

Meanwhile, eligible spend for this campaign refers to any spending using your Citi-branded cards, whether in local or foreign currency.

Note that all cardholders can only win one daily prize in a day, one weekly prize in each campaign week, one monthly prize in each campaign month, and finally one grand prize throughout the whole campaign period. For daily and weekly prize winners, the cashback rewards will be credited into your account within 12 weeks from the end of each campaign month, and will be reflected in your card statement accordingly as well.

As for monthly prize winners, you will be informed of your win within 12 weeks from the end of each campaign month, and your gift will be sent to your mailing address by 30 November 2023.

Those chosen as potential grand prize winners, meanwhile, are required to go through a few more hurdles before they can be confirmed as actual winners. Upon earning the required entries, 100 eligible cardmembers will be selected by the bank’s randomiser programme to be in the running to win the ten grand prizes. These cardholders are then required to answer some questions that will be sent to them via SMS; the first ten cardholders who respond correctly in the fastest time will be named as the grand prize winners.

(Image: The Edge Markets)

Once confirmed, you will receive your flight tickets within 12 weeks from the end of the campaign period – but do be aware that they come with their own set of terms and conditions to use, so make sure to check! Similarly, the RM5,000 cashback will also be credited into your account within the same duration.

Finally, cardholders are not required to take special steps to register for this Citi-branded Mid-Year Spend campaign; if you’re eligible, simply go ahead and perform the necessary expenses. The campaign is already ongoing and is set to run until 31 August 2023.

(Source:
Citi
)

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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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Debit Card Payments At LRT Station Gates To Be Scheduled For Trial Soon

(Image: Meng Yew Choong/The Star)

LRT passengers may soon be able to pay for their travel fares with debit cards, following confirmation by Prasarana Malaysia Bhd that it has begun installing debit card readers at selected LRT stations. This is in anticipation of a trial stage, which is scheduled to begin at the end of the year.

A spokesperson from the company – which owns and operates Malaysia’s urban rail services, including three LRT networks, the MRT line, and the KL Monorail  – also said that more details will be revealed later.

The confirmation from Prasarana came after a
Twitter user
 posted about spotting a card reader for MyDebit at the Wangsa Maju LRT station, noting that it has yet to be activated. Local tech portal,
Lowyat.NET
, subsequently reported that the card readers were also installed at the Lembah Subang and Pasar Seni LRT stations.

Perasan benda ni kat LRT Wangsa Maju tadi. RapidKL pun dah boleh buat direct payment guna kad ATM. Touch n Go pulak nak tunggu tahun 3030 baru boleh topup online agaknya.
pic.twitter.com/YJhGyTwu7Z

— snowman (@orangsalji83)
September 22, 2020

Additionally, Lowyat.NET said that the card readers are likely to have been programmed to accept only MyDebit cards – despite having the capability to accept transactions from debit and credit cards, as well as other contactless payment methods.

The tech site arrived at this conclusion after a round of testing the device, noticing that it showed different error readings for debit and credit cards, as well as near-field communication (NFC) mobile payments. Debit cards registered an error message stating that it was unable to complete the transaction, whereas credit cards and NFC mobile payments were simply not allowed.

(Source:
Lowyat.NET
,
The Star
)

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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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Kenanga: Riskier Investment Environment May Lead To Higher Market Risk In 2H21

(Image: The Malaysian Reserve)

Kenanga Investment Bank has commented that the investment environment is currently riskier than six to twelve months ago, which consequently may cause a heightened market risk in the second half of 2021 (2H21). Several factors contribute to this, including the impacts of prolonged lockdowns, Malaysia’s weakening fiscal balance sheet, heightened political risk, and a risk of a Budget 2022 impasse.

“One of the reasons for that is because we are trying to get into the 18 months of dealing with this Covid-19 crisis. So much has been spent in the form of aid packages by the government, and so much resources have been put in to help support the economy. The longer we deal with this, the less room for error that we can afford,” said the research head of the bank, Koh Huat Soon.

Koh also shared that the government’s finances are strained following borrowings, causing the need to tap into alternative sources – such as the National Trust Fund – to manage the fiscal deficit. Briefly, the National Trust Fund (KWAN) was established in 1988 as an emergency fund for the country. In April 2021, the government withdrew
RM5 billion out of RM19.5 billion from KWAN
 for Covid-19 vaccine procurement.

As such, Koh said that the government’s balance sheet is much weaker today, with its debt standing at a record high of RM95 billion to RM100 billion – equivalent to 6.3% of the country’s gross domestic product (GDP). This, in turn, will lead to limited fiscal capacity going forward as well as a need for fiscal consolidation when the country begins to recover next year.

Additionally, Koh said that the government may face challenges in passing Budget 2022 due to the political issues that it is currently facing, as well as doubts on its capacity to fund the spending.

(Sources:
The Edge Markets
,
The Malaysian Reserve
)

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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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Boost E-Wallet To Increase Wallet Sizes & Transaction Limits Soon

Boost e-wallet users will soon enjoy larger wallet limits for both the basic and premium versions as well as some changes to the e-wallet’s features. Users can now look forward to larger wallet sizes as well as transaction limits, but the bank withdrawal feature will soon be removed.

The update will affect both Basic and Premium wallet users, where the biggest change will be to the wallet size. Basic wallet size is now set at RM1,000, while Premium wallet size will see a jump to RM4,999. Monthly transaction limits will also increase accordingly, with Basic wallet being RM2,000, and Premium wallets just 10% higher at RM4,999.

On top of that, there are a few minor tweaks in terms of P2P transfers as well as the withdraw-to-bank feature. For Basic wallet users, P2P transfers will be removed. Meanwhile, starting 18 May 2020, the withdraw-to-bank feature will be disabled permanently – about one and a half months after reducing the withdrawal limit to RM200 per transaction (from RM1,498 previously).

The table below summarises the upcoming changes:

Wallet Type

Basic (New)

Basic (Current)

Premium (New)

Premium (Current)

Wallet Size

RM1,000

RM200

RM4,999

RM1,500

Monthly Transaction Limit

RM2,000

RM1,000

RM4,999

RM4,500

Annual Transaction Limit

RM24,000

RM12,000

RM59,999

RM54,000

P2P Transfer

Yes, up to RM100/month

No

Yes, amount TBC

Yes, up to RM4,500/month

Withdraw To Bank

No

No

No (effective 18 May 2020)

Yes, up to RM1,498/trx

Interestingly, Boost is also tightening its stance on users who own multiple Boost accounts. In its early days, Boost allowed for multiple Premium accounts to be verified with a single IC number (as long as they are using different phone numbers). This has since been suspended, but with the coming update it looks like Boost is looking to purge these multiple accounts. In the latest app update description, one of the two highlighted updates reads “Premium users will only be able to have one premium account if you’ve multiple accounts currently”.

For now, Boost hasn’t looked to have pushed the new update to users yet (even in the latest build of the app), but now that the announcement has been made, it appears to only be a matter of time.

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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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    tan_aniki

    3 years ago

Aiyo, can’t withdraw after this.. How to cash out all credit card cashback?

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AmBank Research: Malaysia Unemployment Rate Likely To Linger Between 6% To 8% In 2020

(Image: The Star)

The country’s unemployment rate is expected to linger between 6% to 8% in 2020 as the labour market continues to remain under pressure amidst uncertainties, said AmBank Group Research.

According to AmBank’s chief economist and head of research, Dr Anthony Dass, the labour market is weighed down by concerns of a potential second wave of the Covid-19 pandemic. This would bring on another round of lockdowns and movement control order (MCO), causing further disruptions to the country’s economy. Other risks – such as political uncertainties, post-moratorium concerns, and the end of the wage subsidy programme – also contribute to the flagging job market.

Dr Anthony further noted that the increase of the
unemployment rate in May to 5.3%
 was expected. This is due to the impact from the construction and services industry (tourism, accommodation, event planning, arts and entertainment, as well as sports and recreation) as health authorities escalated their checks for Covid-19 clusters among foreign workers.

(Image: The Star)

That said, Dr Anthony commented that the rise of the unemployment rate from April to May is less drastic compared to the spikes in the months before. “Despite the increase in the numbers of unemployed to 826,100 in May or up 47,300 from April, it is still lower compared to the 168,300 rise between March and April when the unemployed number rose to 778,800 in April,” he said. For comparison, the unemployment rate rose
1.1% from March to April
, and
0.3% from April to May
.

“Also, the number of temporarily not working fell from 4.87 million in April to 2.27 million in May,” said Dr Anthony. He attributed this to the
Prihatin and PENJANA stimulus packages that are worth RM295 billion
 in total, which offered fiscal, monetary, and financial support to the economy. Additionally, the economy is gradually reopening post-MCO, which sees businesses bringing back its workers to restart operations. This also contributed to the drop in number.

(Image: The Straits Times)

“The upside to the unemployment rate is likely to be contained to some degree from the stimulus measure and should the global economy also start to bottom out,” added Dr Anthony, who is an adjunct professor in economics at the University of New England, Sydney, Australia and member of the National Secretariat of the Economic Action Council.

Malaysia’s highest unemployment rate to have been recorded thus far is 7.4% in 1986.

(Source:
The Edge Markets
)

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Enjoy Up To 8X Bonus Points & 1-For-1 Deals At Selected MICHELIN Restaurants With CIMB Preferred

It’s common that our financial needs change as we progress through each stage of life. When you first started out in the working world, you may be occupied with pursuing your dream of owning your first property or setting up a business. As you build your own family, you may be looking to secure their financial well-being.

CIMB Preferred is premium banking that offers its affluent clients
solutions to suit every step in their financial journey
. From growing your wealth with CIMB Preferred’s tailor-made investment solutions to getting preferential rates for mortgages, loans, or financing, CIMB Preferred is always ready to assist you in achieving your goals.

Being a CIMB Preferred client means that you are entitled to the CIMB Preferred Visa Infinite or CIMB Preferred Visa Infinite-i Credit Card that comes with a
 multitude of dining and travel perks
. For starters, you will be earning up to 8x bonus points when you spend on dining and overseas. In addition, you also will be entitled to exclusive 1-for-1 dining deals at selected MICHELIN restaurants.

If you’ve been looking for an exclusive banking experience, read on to find out more.

Finding the right credit card for you is important as it will offer benefits that you can enjoy or make use of. The CIMB Preferred Visa Infinite or CIMB Preferred Visa Infinite-i Credit Card offers some of the most exclusive credit card dining and travel benefits available in the market which include up to 8x bonus points on dining, 1-for-1 dining deals at selected MICHELIN restaurants, and more to suit your premium lifestyle. Visit the nearest CIMB branch to apply for the CIMB Preferred Visa Infinite or CIMB Preferred Visa Infinite-i Credit Card.

For more information about the CIMB Preferred Visa Infinite Credit Card,
click here
.

For more information about the CIMB Preferred Visa Infinite-i Credit Card,
click here.

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Tesco Launches Scan&Shop App Nationwide To Help Shoppers Save Time

The next time you head to your nearest Tesco for groceries, make your shopping experience a more convenient one with the hypermarket’s Scan&Shop app – now officially launched nationwide. The app essentially lets you scan the products to add them to your bill, keep track of how much you’re spending, as well as perform a faster self-checkout process.

The Scan&Shop app does not require registration, and is relatively easy to use:

Scan one of the QR codes displayed around the store to start your shopping session.

Scan the barcodes on the items that you wish to purchase. This lets you see the price of the items, which will then be added to your virtual bill if you decide to purchase them.

Once you’re ready to pay, tap on “Finish Shopping” to generate a barcode. Scan the barcode at the self-checkout or cashier counters, and pay.

(Image: Amanz)

The app will let you know if there are discounts or promotions for the items that you wish to purchase. Additionally, you can easily remove items from your in-app shopping list if you change your mind about purchasing certain items.

According to the customer director of Tesco Malaysia, Vivian Yap, the app was created to help Tesco customers save time.

“By allowing customers to scan items and pay through their payment of choice using the Scan&Shop app, we are hoping that we can lessen the queue time and congestion at stores, especially during peak hours,” said Yap.

Yap also added that the app benefits those who are budget conscious: “One of our major objectives at Tesco is to help customers manage their cost of living. Scan&Shop takes this to the next level as it allows customers to view and determine the total value of their basket simply through the app, even before making their purchases.”

The Scan&Shop app was first rolled out in
September last year
 at Tesco Kepong and Tesco Ampang. Since then, Tesco Malaysia has gone on to equip 59 out of the 60 stores nationwide with the infrastructure needed to support the app. The final store, Tesco Extra Selayang, is expected to be equipped as well by June 2020. All future Tesco stores will also be built to support the use of the app at launch.

The Scan&Shop app is available for download at
Google Play
 and the
App Store
.

(Source:
The Star
)

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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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Budget 2020 Malaysia: Government To Review Employment Act

The Government has revealed that it plans to review the Employment Act 1955, as a measure to remain relevant to the current needs of the labour market.

As the workforce evolves, the Government believes it should also modernise the local labour market and enhance the employment conditions of workers in the country. As such, it has announced plans to review the Employment Act 1955 on the following:

Increase maternity leave from 60 days to 90 days effective 2021.

Extend the eligibility to overtime from those earning less RM2,000 to those earning less than RM4,000 per month.

Improve protection and procedures for handling sexual harassment complaints.

Introduce new provisions on the prohibition of discrimination on religion, ethnicity, and gender.

In addition to the review, the Government is also looking to increase the minimum wage in major cities around the country to RM1,200 per month, effective 2020, to counter the higher cost of living in those areas. This comes a year after it announced a minimum wage of RM1,100 applicable nationwide in Budget 2019.

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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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All Government Hospitals And Clinics To Fully Accept E-Payments

(Image: Hong Kong News)

The Ministry of Health will upgrade all government hospital and clinic payment counters in Malaysia to accept e-payments fully.

The plans to introduce cashless payments in all government clinics nationwide were first introduced by the former health minister Datuk Seri Dr Dzulkefly Ahmad in
2019
. The current minister of health Datuk Seri Dr Adham Baba said that in 2019, 99 facilities were equipped with point-of-sale terminals to process e-payments, while 413 ministry facilities received the upgrade in 2020. This was achieved with the assistance of RHB Bank Berhad, CIMB Bank, Maybank, and Public Bank.

Overall, the ministry has 1,300 health clinics and 144 government hospitals in Malaysia and efforts need to be made to ensure the facilities are capable of processing cashless payments. “This is a national digitisation effort, we want to reduce the use of cash to lower the risk of spreading viruses or germs,” said the health minister.

(Image: Damai Vista)

Dr Adham Baba added that the assistance and determination of all ministry employees – especially counter staff – will be needed in order to encourage patients to use e-payment methods. “The ministry’s goal of inculcating cashless payments will be realised with everyone’s cooperation. This step will hopefully reduce the use of cash and increase the efficiency and integrity of the public service,” he said.

The minister further urged all state health directors to start the digitisation process by encouraging cashless payments until it becomes the norm at the facilities under their supervision.

The health minister was speaking at the a prize-giving ceremony for the MyDebit campaign, where he shared that the use of debit cards in payments for health services showed an increase from 1,841 transactions in early 2020 to 7,217 transactions at the end of the same year. “I urge all ministry facilities to increase the use of debit or credit cards among patients at payment counters even though the campaign has ended,” he said.

(Source:
The Sun Daily
)

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Jacie Tan

Jacie Tan

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Sabah Officially Launches State E-Wallet, Sabah Pay

(Image: The Star)

Sabah has launched its own state e-wallet, Sabah Pay, to enable cashless payments at various government departments, public service agencies, and commercial entities.

Developed and managed by the Sabah Credit Corporation (SCC), Sabah Pay can be used for the payment of all government bills, such as water bills, house assessments, compounds, permits, loans, and so on. The application can also be used to pay for e-hailing and food delivery services.

Additionally, the state e-wallet will have tabs where it shares news by the government departments and agencies, announces upcoming events in Sabah, as well as notices on offers and deals by business/commercial entities. It also allows users to report and highlight incidents to the relevant government agencies.

(Image: Borneo Post Online)

As of the moment, 27 state government departments and agencies are participating in Sabah Pay. They are also joined by another 28 business and commercial entities from sectors such as services, retail, hospitality, chambers of commerce, and associations.

However, only 5 government agencies are currently listed in the newly launched e-wallet: Kota Kinabalu City Hall, Land and Survey Department, Water Department, Environment Protection Department, and Veterinary Services Department.

“We want to get (the involvement of) all departments, including the district and municipal councils. We start with five agencies this month and will increase the following month. Hopefully, we will manage to get 80 per cent on board by year-end,” said the chief executive officer of SCC, George Taitim Tulas. He added that they are also looking at bringing Sabah Railway, the public transport, and other government agencies that charge an entrance fee on board the effort.

(Image: Buletin Sabah)

George further commented that they hope to introduce more services in the next phase of the e-wallet, like virtual accounts, e-Parking, e-Ticket for parking entrance fees and transport, and smart loans.

Tourists may also benefit from Sabah Pay in the near future, such as being able to make cashless payments at Sabah Parks. George also hinted that they may soon engage with Alibaba Group to enable Chinese tourists to make payments using Sabah Pay through their existing Alipay e-wallet.

“I do hope that everyone will be on board and use Sabah Pay. It is (a) convenient and cost-effective money transfer (process). You can do a transaction without having to carry your money around,” said the Chief Minister of Sabah, Datuk Seri Mohd Shafie Apdal. He added that he hopes to see a possibility of the e-wallet being utilised outside of Sabah in the future.

(Image: Borneo Post Online)

The Sabah Pay initiative was initially greenlit in
October 2019
, and SCC eventually partnered with Boost, Sunline International (Malaysia) Sdn Bhd, and Alibaba Cloud Malaysia Sdn Bhd for the project.

Sabah Pay is now available for download on
Google Play
, and is expected to be rolled out on the Apple App Store soon.

(Source:
The Star
,
New Straits Times
)

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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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Durian Capital Launches Malaysia’s First Licenced Durian Investment Scheme

Homegrown agriculture management company Durian Capital Bhd has launched its Durian Capital Investment Scheme, allowing Malaysians to invest in the Musang King durian market. It is Malaysia’s first durian investment scheme to be
licensed under the Interest Scheme Act 2016
 by the Companies Commission of Malaysia (SSM).

Under this scheme, Durian Capital has dedicated 200 acres for the cultivation of Musang King durians, and interested individuals can invest in it with a minimum amount of RM10,000 per unit. They can do so via an online platform hosted on Durian Capital’s website, with prospectuses and semi-annual reports sent to them for regular updates.

In terms of returns, the Durian Capital Investment Scheme is expected to offer a projected return on investment (ROI) of 7x, as well as approximately 14% of annualised returns (compounded). It is also looking to provide a 3% interim yield between Year 1 to Year 4, and 30% revenue share between Year 5 to Year 15.

The company further reassured potential investors that the Durian Capital Investment Scheme will be assisted by an experienced agriculture team, who are – in turn – supported by technical advisors from Universiti Putra Malaysia (UPM). They will also leverage on best practices in durian cultivation and modern agri-technologies to optimise the yield of the Musang King produce, including drone surveillance and data analytics.

Durian Capital said that the launch of this scheme is timely as global demand for durians is projected to remain robust in the near future, up to US$30 billion by 2025. This growth will be supported by the strong market demand in China, where the fruit is growing in popularity. In fact, durians have replaced cherries as the top fruit category imported by China in terms of value in 2019. Musang King is expected to continue its reign as a premium durian product as it becomes more accessible to international markets.

The chief executive officer of Durian Capital, Afiq Johar said that moving forward, the company aims to play a role in strengthening financial literacy and resilience among Malaysians. “We hope that our Durian Investment Scheme can democratise agriculture investing and offer an inclusive and attractive product that will help Malaysians prepare for a better future,” he shared.

Meanwhile, the managing direct of Durian Capital, Dr Vijay Pillai expressed his gratitude to SSM for providing companies with alternative financing opportunities to grow. “We hope that being licensed under the Interest Scheme Act 2016 will help strengthen investor confidence in our offering as it ensures governance, transparency, and clear investor protection. We hope that our Durian Investment Scheme will be a success and spur the growth and advancement of Malaysia’s agriculture sector,” he said.

(Source:
Durian Capital
)

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Win A Mini Fridge When You Sign Up For A New AEON Credit Card

Keep Your Stuff Cool With The New AEON Card Mini Fridge

Here’s a great offer from AEON for customers signing up for one of the New AEON Credit Cards before 31
st
 March 2013. Get approved and you’ll be given a stylish free Mini Fridge that’ll keep your stuff cool all year round.

Offer is limited to 3,000 units, so
get in quick if you want to apply
.

Terms and Conditions.

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PNB Launches New Micro-Investing Mobile App, Raiz

Permodalan Nasional Bhd (PNB) has launched Raiz, an innovative micro-investing app that lets the public invest in Amanah Saham Nasional Bhd (ASNB) unit trust funds with amounts as low as RM5.

Raiz seeks to make investing more effortless and accessible to all Malaysians, allowing them to proactively save and invest in ASNB’s unit trust funds. Users are not required to maintain a minimum amount to open or keep their Raiz accounts or pay any commission fees to invest. Additionally, the app will recommend a personalised investment portfolio when you register, customised to fit your risk appetite and financial goals.

To invest with Raiz, you have the usual options of putting in a lump sum amount or setting up recurring investments on a daily, weekly, fortnightly, or monthly basis. However, what sets Raiz apart is its round-up feature, which lets you automatically save and invest the virtual spare change from your everyday purchases. It essentially rounds up your daily transactions to the nearest amount when you pay with your card linked to the app, and “collects” the spare change for the minimum RM5 needed to invest in your selected funds.

“With the launch of the Raiz app, and with more than 90% of Malaysians now using the smartphone, it means that almost anyone can start investing this way. As the saying goes, “
sikit-sikit lama-lama jadi bukit
“. In today’s technological age, we no longer need to save in coin boxes. Instead, we can do it with Raiz,” said the group chairman of PNB, Tan Sri Dr Zeti Akhtar Aziz.

At present, however, users can only link the Raiz app to their Maybank debit cards and accounts as Raiz has partnered exclusively with the bank. “At the initial stage, we are starting with Maybank, given its extensive customer reach. Next year, Raiz will be made available to other partners and we will welcome more partners from other banking institutions and e-wallet providers to be part of this, because our agenda is to encourage Malaysians to save and invest even with a very small amount of money,” said Tan Sri Zeti.

Interestingly, the Raiz app has actually been made available online since1 June 2020, and has since garnered 15,000 users. PNB has set a target of 60,000 signups by the end of 2020.

The Raiz app is developed by Raiz Malaysia Sdn Bhd, a joint-venture company between Jewel Digital Ventures Sdn Bhd (a subsidiary of PNB) and Raiz Invest Australia Ltd (a subsidiary of Raiz Invest Ltd). You can download the app for free from
Google Play
 and the
App Store
. Alternatively, find out more about the
Raiz app
 on its website.

(Source:
The Star
)

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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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