Save Up To RM1,000 On Car Insurance With PolicyStreet

For most people, a car is the second biggest purchase in our life after a property and requires a huge sum of money to own. It’s only understandable that we want to save as much as possible on peripheral costs that come with purchasing a car like insurance premiums.

In Malaysia, every person who owns a car and drives it on public roads is required by law to get car insurance. Insurance premiums used to be tariffed, which means that prices for policies are fixed. But with the liberalisation of the car insurance industry in 2016, insurance companies now have more free room to adjust premiums according to the consumer’s risk profile.

When buying car insurance, it’s crucial to do your research on comparison websites or speak to agents to ensure that you get the best deal. One such website that you can refer to is PolicyStreet, an insurance marketplace that specialises on car insurance products from up to 20 insurers. In addition, it is also approved by Bank Negara Malaysia as a financial advisor, which means that they can customise and advise customers on which insurance products best suit their needs.

Here are three reasons why you can consider PolicyStreet when buying car insurance.

Pay Only What You Need

Car insurance is a long-term commitment that you will need to pay for as long as you drive.   The annual premiums for car insurance can get pricey indeed, but there are ways to help you save on premiums.

One way to do so is to compare the prices of insurance products available in the market. You can easily use PolicyStreet’s comparison tool and get multiple quotes within three steps. From there, you can compare the quotes, choose the best price, and save up to RM 1,000 including on agent fees and more when purchasing your car insurance with PolicyStreet.

Plus, you’re also entitled to Price Match Guarantee* as a customer of the platform. What this service offers is a guarantee that the policy you bought through the platform has the lowest premium price out of other insurance marketplaces offering the same coverage. Should you find evidence to prove otherwise, PolicyStreet will match all advertised prices from competitor marketplaces.

It’s easy to get started. After purchasing your insurance on PolicyStreet, you can do your own comparison based on advertised prices on other insurance marketplaces. Should you find that there is a marketplace offering a lower premium, you can submit a screenshot of the original and complete advertisement within seven days after making a purchase to PolicyStreet. After verification, PolicyStreet will refund the price difference to you. Note that you are allowed to do the comparison only as long as the policy is from the same insurer on both platforms.

Get Multiple Quotes In As Fast As One Minute

Motor insurance is one of the largest sectors in the industry and there are many types of motor insurance with the common ones offering third party, third party fire and theft, and comprehensive coverage.

With so many insurance products in the market, it could take hours to scour the internet and go back and forth between websites to find a policy that fulfills all your needs at the right price. What if there’s a way to do the same but in just a few clicks?

As mentioned earlier, PolicyStreet has a tool that generates car insurance quotes within minutes and allows you to compare these quotes easily without having to move from one website to another. It’s free to use and the process is simple. You only need to enter information like car number, residential postcodes, IC number, and contact details to get an instant quote. For selected insurers, you can get instant quotes in as fast as one minute.

Complete Your Purchase In Just Three Steps

Since the pandemic, more financial and insurance service providers have introduced fully online procedures to convenient consumers who are still practising social distancing. You can now experience the simplified process of purchasing a car insurance online safely within the comforts of your own home at any time with PolicyStreet.

There are only three steps required to complete the purchase process:

Step 1: Fill up details and get instant quotes in as fast as one minute for certain insurers
Step 2: Compare quotes based on price and features of the policy
Step 3: Purchase car insurance through PolicyStreet’s safe and user-friendly online payment system

The entire process is online with no physical branch visits required. Should you have any further enquiries on your policy, you can even reach out to advisors on the platform for clarification. After payment, you can expect your e-policy to be sent to you via email in as fast as a few minutes, depending on the location and insurer company.

***

Purchasing car insurance is an important decision as it’s likely that we would stick to a provider once we buy a plan for a long period. So, it’s crucial to get the policy that serves all your needs at the right price from the very beginning. If you’re looking to buy car insurance, consider PolicyStreet to easily compare quotes and complete your purchase. As PolicyStreet is one of only 32 approved financial advisers in Malaysia, you can rest assured that you will be in good hands.

Find out more on their
website
.

*Terms and conditions apply.

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

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Chee Jo-Ey

Chee Jo-Ey

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Govt Announces i-Citra Facility For EPF Members, Withdrawals Of Up To RM5,000 Allowed

The government has introduced yet another withdrawal facility via the Employees Provident Fund (EPF) members, dubbed i-Citra. Announced during the reveal of the latest PEMULIH stimulus package, EPF members will soon be allowed to withdraw up to RM5,000, depending on the balance in their accounts.

According to Prime Minister Tan Sri Muhyiddin Yassin, the total RM5,000 will be disbursed across a period of five months, with RM1,000 to be credited each month. EPF members who are in need of this assistance will be able to apply for it via an online portal starting from 15 July 2021, and the first payment is expected to begin in August 2021.

Muhyiddin further said that this aid will channel up to RM30 billion worth of financial aid to the public, allowing them to cover their daily needs. It is expected to benefit up to 12.6 million members. That said, he also reminded the public to be prudent in tapping into the i-Citra withdrawal facility as their EPF funds are intended for retirement purposes.

(Image: Bernama)

“This is a difficult decision as the government is aware that the EPF fund is your old-age savings. The i-Citra solution takes the middle road by accommodating the people’s urgent needs as well as allowing reasonable returns for EPF members who do not require withdrawals,” said Muhyiddin in his speech.

For context, this is the third withdrawal facility to be introduced by the EPF, with the initial two being i-Lestari and i-Sinar. The
i-Lestari facility
 allowed members to withdraw from their Akaun 2, whereas
i-Sinar
 provided withdrawals from Akaun 1.

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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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    M Jayianti muthucanum

    2 years ago

Want to get my epf number

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Take Your Home Sound System To A New Level With Sonos

The living room may be one of the most vital components in a home as that’s where we socialise with guests, lounge to our favourite music, and unwind by immersing ourselves in a cinematic film. Regardless of what your living room is typically used for, having a high quality home sound system can make all the difference regardless of your preferred form of entertainment.

If you’re a tech geek or audiophile, you may have already heard of Sonos and their wide range of audio products. Here are five reasons why people – casual listeners, audiophiles, music lovers, and everyone in between – invest in Sonos’ line of premium audio products:

1.
Personalised, amazing sounds

One single speaker may produce different sounds depending on the size of the room it’s placed in. To create truly enjoyable and immersive experiences, Sonos boasts its proprietary TruePlay technology,

which scans the room it sits within and personalises the sound to better suit its environment.

For example, a bigger room may require further projection and vice versa. Regardless of its placement, Sonos speakers are able to tweak its sound profile thanks to the technology and adapt accordingly.

Besides that, do you wonder how Sonos products are able to produce clear, accurate, and incredible sounds? The founders sought sound experts from the film industry and put together a team of Oscar-winning audio engineers to fine-tune Sonos products. This way, users can rest assured that their homes are equipped with expert-certified sound.

Speaking of film, Sonos speakers also support Dolby Atmos to create an even more enjoyable at-home cinematic experience. Having this allows users to hear crisp individual sounds whether it’s the swoosh of a Katana from an action-thriller or the growling bass from a live orchestra performance.

2.
Simple and effortless setup

Not all of us are as tech-savvy as we’d like to be. What makes matters easier is the simple setup for Sonos devices. Say you’ve taken home a brand new soundbar, the Sonos Beam, and you’d like to start it up for the first time.

With the power of a stable WiFi connection and the Sonos mobile app to guide you through the installation, it’ll be mere minutes before you can unravel the true potential of your Sonos speaker. The app allows you to control each Sonos device and you could also sync them to your voice-enabled virtual assistant (Google Assistant, Amazon Alexa) through the app.

3.
Connects over WiFi

You’ve probably heard of Bluetooth speakers but have you heard of speakers that connect via WiFi? Sonos speakers are all WiFi connected and there are several benefits of having speakers that connect via WiFi instead of Bluetooth.

A WiFi speaker connects wirelessly to your home network and phone so range is hardly an issue. You could also connect to multiple speakers across different rooms when they’re all connected via WiFi and app. With WiFi speakers, you can set up the sounds to complement each room individually.

In fact, Sonos’s latest generation of speakers, the Era 100 and Era 300, supports both WiFi and Bluetooth connectivity, offering flexibility of choice in wireless connection.

4.
Modular system

If you’re building a sound system, chances are you’re going to deck out more than just a single room. One good thing about buying Sonos products is that their products are all modular. This means that you can continually add one product in the future and connect them to one another.

Let’s say your initial purchase is the Sonos Arc for your living room. Some time has passed and you’re ready to create a fuller sound ecosystem so you make your next purchase, the Sonos Sub. You could pair them via the app and have them play from the same source for a more sonorous sound.

Alternatively, you could also pair them with other Sonos speakers around the house including the soundbars and subwoofers.

5. There’s one for everyone

Sonos offers a variety of products across different ranges. Regardless of which you choose, they’re all stylishly designed and many come in a choice of white or black, making it easy to match just about any room.

Sonos Era 300 (New!)

The Sonos Era speakers are the latest additions to Sonos’ line of home audio devices.

Designed in a unique hourglass shape, the Sonos Era 300 delivers an impressive
spatial audio
 experience with six drivers that drive sound in every direction. It features Bluetooth and line-in capabilities so you could connect other devices such as your vinyl turntables for a fuller, more immersive sound. On top of that, it’s also equipped with Dolby Atmos for all your home theatre needs.

The Era 300 features a volume trough which allows you to change tracks or adjust the volume with a simple sliding motion.

Sonos Era 100 (New!)

Next is the Sonos Era 100, which fits perfectly in any given bookshelf. The Era 100 can connect via Wi-Fi, Bluetooth and line-in. Powered by a 47% faster processor, this next-gen dual-tweeter acoustic architecture produces detailed stereo separation while a 25% larger midwoofer deepens the bass as compared to its predecessor, the Sonos One.

You could control the Era 100 with the Sonos app, Amazon Alexa, Apple AirPlay 2, and others after a simple and quick set-up process.

For added privacy, there’s a switch located at the back of the speaker that allows you to turn off the voice assistant. Alternatively, if you’re frequently using virtual assistance to play your favourite tracks, you can just leave it on.

Sonos Arc

Movie buffs and music lovers would love the Sonos Arc for its Dolby Atmos support. It’s able to map out 3D sound effects to elevate your home theatre experience with its 11 internal speakers.

If your hands are tied up with other tasks, you could simply ask your voice-enabled assistant to help with checking the news, weather or control other smart home devices as it offers voice assistance.

Whether you choose to wall mount it or place it on your console, the Sonos Arc is tuned to offer great sounds and you could always calibrate it the way you want with the mobile app. Besides that, it supports Apple AirPlay 2, has TV remote sync, and touch controls.

Sonos Beam

Like Sonos Arc, Sonos Beam also offers Dolby Atmos support to enrich all your entertainment needs. It sports a more compact design so if space is an issue, you can consider getting the Beam.

It is also voice-enabled, supports Apple AirPlay 2, has TV remote sync, and touch controls for maximum accessibility. With Apple AirPlay 2, you could send sounds directly from your iPhone, iPad, or Mac and even get Siri to help with volume control.

Sonos Ray

Gamers who intend to upgrade their speakers may want to consider getting the Sonos Ray. It’s compact but has impressive capabilities and can project blockbuster sounds that are clear and powerful, especially considering the size of it. Due to how compact it is, you can easily tuck it away when not in use and its understated design allows it to easily blend into the background of your home.

The split waveguides of the Sonos Ray project sound from wall to wall to ensure you get to enjoy a fuller, more enjoyable experience. If you’re not much of a TV or movie person, you could always play your audiobooks or podcasts on the Sonos Ray for an elevated sound quality.

The Sonos Ray also offers optical connectivity and is compatible with the regular IR remote. Like the others, it too has Apple AirPlay 2 support, touch controls, TV remote sync, and WiFi connectivity.

Sonos Sub Mini

Get more bass for your home when you pair your other Sonos devices with the Sonos Sub Mini. It delivers rich, clear, and balanced lows while projecting enhanced audio transmission speeds for all your preferred content.

Whether you want to watch movies, shows, play games, or listen to music, it can deliver high-quality sound reliably when synced to your TV. No matter which you choose to play, everything plays more nuanced with the Sonos Sub Mini. Its stylish cylindrical design only needs a single cable for the power outlet but to connect with others, it can do so wirelessly, so no messy cables to worry about.

Sonos Sub

Enjoy the dual orientation of the Sonos Sub as it produces higher highs and lower lows with zero distortion. While most subwoofers tend to buzz, shake, and rattle to deliver the same amount of bass, Sonos Sub does so effortlessly thanks to its uniquely positioned drivers.

Its iconic and structural design in a high-gloss finish is set to be a conversation starter whether you plan to stand it upright or lay it on its side. Just pair it with your Sonos Arc or Beam and you’re ready to have a good time.

***

Experience it yourself at the Sonos Concept Store by TC Acoustic in The Starhill

Get expert advice and experience the sound yourself at the all-new and first-ever
Sonos Concept Store
 in Malaysia at The Starhill. Get to know each product, have all your questions answered, and find out which one best suits your needs.

Visit the store at Lot UG-05 to discover how you could elevate your home sound system.

To learn more about Sonos products, you can
click here
 to visit the website.

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Lisa Ameera Azman

Lisa Ameera Azman

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BNM Instructs iPay88 To Strengthen Cybersecurity Controls After Data Breach Investigation

(Image: Salty News Network)

Bank Negara Malaysia (BNM) has instructed online payment gateway, iPay88 to undertake additional measures to further strengthen its cybersecurity controls and IT infrastructure. This came following the completion of an independent forensic investigation that was carried out due to the cybersecurity breach encountered by iPay88 earlier this year.

With the investigation recently concluded, BNM noted that iPay88 has taken the necessary containment and rectification measures to address the gaps that were identified. However, it also said that additional safeguards must be implemented to better protect iPay88’s operations and data against future threats, ensuring that similar incidents do not reoccur.

“BNM will continue to closely monitor iPay88’s implementation of these measures, and where appropriate, will undertake further supervisory or enforcement action,” the central bank further noted in a statement, adding that it has also directed banks and card issuers to remain alert and continue monitoring cards that may be at risk. Customers will be contacted if suspicious activities are detected.

(Image: The Star)

Furthermore, BNM reassured the public that Malaysia’s banking and payment systems continue to remain secure. “Under existing payment card rules, customers will not be liable for any fraudulent or unauthorised transactions, as long as customers have taken reasonable precautions to safeguard their payment cards,” it stated.

Meanwhile, in a separate statement, iPay88 clarified that the cybersecurity incident was “the product of a sophisticated intrusion by an unidentified party or parties”, targeting specifically card data from online transactions. There was no impact on the data from transactions made through other channels, including Android terminals, e-wallet QR payments, online banking, BNPL vending machines, point-of-sales (POS), and batch card payment.

iPay88 also acknowledged its responsibility in protecting its customers’ card information, and confirmed that it has taken the necessary steps to contain the situation as well as ensure all transactions are secure. These were successfully completed by 20 July 2022. “We respectfully apologise to the Malaysian public, our business partners, and merchants for this incident,” it further said.

(Image: iPay88)

“We would also want to reassure the Malaysian public that, substantively, Malaysian cards are protected against unlawful and fraudulent use by the 3D secure system which requires online transactions to be verified by the use of a one-time pin sent directly to cardholders,” iPay88 added, noting that it is already cooperating with other industry players to reduce the risks that could have stemmed from this incident, and will invest more resources to enhance its cybersecurity.

In August 2022,
iPay88 revealed it was the victim of a data breach
 back in May 2022, which in turn, caused customers’ card data to be compromised. While it did not offer any explanation as to why the breach was only disclosed two months after its occurrence, iPay88 stated that it had immediately initiated an investigation on 31 May upon discovering the breach, and had been working closely since with the authorities and other relevant parties on the matter.

(Sources:
BNM
,
iPay88
)

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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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UOB Launches UOB Infinity To Improve Digital Banking Experience For Corporate Clients

(Image: The Star)

UOB Bank has launched a new service dubbed UOB Infinity for its corporate clients, enabling them to now manage their banking needs in a simpler and personalised manner. It comes with several features, including having a customisable online dashboard as well as the ability to track cross-border payments in real time.

In a statement, UOB highlighted that UOB Infinity’s customisable online dashboard will allow clients to prioritise and visually display information that are most relevant to them, thereby offering offer a consolidated view of your company’s finances at one glance (including overseas market). Additionally, it functions as a sort of one-stop centre; clients can manage a range of domestic and cross-border banking activities – from checking their accounts across various markets to making local and international payments – without having to log into multiple platforms.

Aside from that, UOB Infinity also lets you to track cross-border payments in real time – something that is often neglected for the corporate client segment. With this service, corporate clients will be able to receive real-time notification of their payments via SMS or email, which means they will not need to manually check on the status of their transactions.

UOB Infinity will also clearly display all its fees and charges for cross-border transactions, including those from the intermediary banks. This provides greater transparency on the costs incurred, which will be beneficial in the event of any disputes. Security-wise, all transactions are authenticated with digital soft tokens and multi-factor authentication.

In terms of payment options, UOB Infinity is also equipped with a comprehensive range of payment functionalities. Clients can make a wide range of payments from the service itself – such as local bill payments to domestic and cross-border fund transfers – via various payment services, including Interbank GIRO (IBG), JomPAY, Real-Time Electronic Transfer of Funds and Securities System (RENTAS), and telegraphic transfers. Not only that, clients can also generate QR codes through UOB Infinity to request for DuitNow payments from their own customers.

While customers can access
UOB Infinity via its dedicated website
, it is also available as an app for those who are always on the go (downloadable from
Google Play
 and the
App Store
). Once downloaded, clients will have the option to set up their biometrics on the app for better security and convenience. Meanwhile, clients using UOB’s existing business internet banking platform, UOB BIBPlus, can go ahead and log in to UOB Infinity using the same credentials.

“Today’s launch of UOB Infinity is yet another proof point of UOB Malaysia’s commitment to help corporates adapt to the new realities of the digital economy. By leveraging insights from our clients, we have developed UOB Infinity to address the diverse needs of corporates, including their trade requirements and the ability to keep track of their company in real-time across the markets where they operate,” said the chief executive officer of UOB Malaysia, Ng Wei Wei.

Ng also emphasised that UOB’s goal is to help its client improve their operational efficiency and make better business decisions through digitalisation. This is on top of offering support so that they can seize opportunities regionally through the bank’s connectivity.

(Source: UOB [
1
,
2
])

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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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The New TNG Visa Prepaid Card Cannot Be Used As A TNG Card – Here’s Why

The new TNG Visa prepaid card was
officially launched to the public today
, and while it does open up a new way to pay within the TNG ecosystem, it has one major – and confusing – shortcoming: the card cannot be used for payments at TNG terminals.

This means that you will not be able to use the TNG Visa prepaid card to pay for transactions that use TNG terminals such as public transportation and tolls. Instead, you are required to swap over to the classic TNG or
enhanced TNG NFC card
 – which poses some inconvenience to users as they’ll have to carry two cards, as opposed to just one card that can cover all bases.

Responding to this, chief executive officer of TNG Digital, Alan Ni explained that TNG did research the idea of a single card that combines the capabilities of both the Visa prepaid card and the enhanced TNG NFC card. However, it was eventually discovered during the development phase where a single card that had both NFC and Visa Wave chips resulted in interference problems.

As a result of this, TNG Digital had little to no choice but to resort to two separate cards in its effort to cater to the various cashless payment needs of its users. After all, the Visa Prepaid Card unlocks the TNG eWallet to access millions of Visa merchants around the world, and allows you to use it without an active internet connection.

Note that there’s a fee of RM10 (inclusive of RM5 delivery fee) to apply, but TNG is currently offering a waiver of RM5, so you only need to pay the RM5 delivery fee. Additionally, there is also an annual fee of RM8, along with withdrawal fees when you make ATM withdrawals – both locally and abroad.

(Source:
Lowyat.NET
)

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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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    Hoseekeong

    7 months ago

Ok

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BNM Seeks Public’s Feedback On Targeted Repayment Assistance

(Image: The Sun Daily)

Bank Negara Malaysia (BNM) is conducting an online survey to get the public’s feedback on the targeted repayment assistance offered after the current moratorium ends at the end of this month.

According to the central bank’s announcement, the survey will be used to help BNM gain insights into banking consumer experiences in discussing assistance needs amidst this challenging period. All individuals and small and medium enterprises (SMEs) are invited to participate in the survey, which is estimated to take less than 10 minutes.

“The responses will be kept confidential by Bank Negara Malaysia, and will not be shared with other parties including banking institutions, without your consent, as provided by the Personal Data Protection Act 2010,” the central bank reassured.

Both
individuals
 and
SMEs
 can find out more or participate in
BNM’s survey
 here.

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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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Apple Ventures Into BNPL Space With Apple Pay Later

Apple has revealed that it will be rolling out a new buy-now-pay-later (BNPL) service, dubbed Apple Pay Later. Announced during its WWDC developers’ conference, it is set to be one of several upgrades made to the existing Apple Wallet.

Users who tap into Apple Pay Later will be allowed to split the payment of their purchases into four equal instalments, to be paid over six weeks. Payments can be managed through the Apple Wallet app. Additionally, Apple Pay Later will be interest free, with no fees applicable either.

The tech giant also shared that it will conduct credit checks on applicants to determine if they qualify for the service. This includes drawing on data such as their purchase and payment history with Apple (in both its stores and online services, including the App Store).

Apple Pay Later will be made available at any payment points where Apple Pay is accepted – both online and offline stores. It also shed some light on other technicalities, noting that payments made to merchants will be conducted over the Mastercard network, while payment credentials will be issued by Goldman Sachs (as the official banking identification number (BIN) sponsor).

Apple also clarified that it plans to use its corporate balance sheet to fund the loans for its upcoming Apple Pay Later service, which was revealed just earlier this week. Although Apple did mention that the funding sources for Apple Pay Later may change over time, its current reported finances has been
noted to be resilient enough to support the move
. For instance, its most recent quarterly results indicated that it had a
net cash of US$73 billion
 at the end of March 2022, and as of 2021, Apple reported a
revenue of US$378.55 billion
.

The tech giant highlighted as well that its treasury department will be responsible for determining the mechanism that should be adopted for the Apple Pay Later service. Meanwhile, Apple Financing LLC – a wholly owned subsidiary – is in charge of other decisions regarding loans and creditworthiness.

As with many of Apple’s products, Apple Pay Later will be launched first in the US, and is expected to arrive in September 2022 with the drop of the latest iOS 16. Other financial products that Apple has also launched thus far include its
Apple Card, which was introduced back in 2019
.

(Sources:
CNBC
,
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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    Anonymous

    1 year ago

More importantly, when is Apple Pay coming to M’sia?

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How Does Your Financial Health Impact You?

If someone were to ask you whether you want to maintain good financial health, it’s highly likely that you would say “Yes, of course!” However, do you have a clear idea of
why
exactly it’s important to have a good financial health record? Your financial health isn’t just limited to the results of your credit score on a piece of paper. When it comes to your credit score and thus your financial health overall, there are practical effects of good or bad financial history that can leave a noticeable impact on your daily life.

Let’s take a look at the different ways in which having good financial health can positively impact your life.

Higher chances for loan or credit card approval

Your financial health comes into play most significantly when you are
making an application with your bank
 – this could be a personal, hire-purchase, housing, or business loan, or even an application for a credit card. If you have a good credit score and financial health rating, banks will see you as a lower risk and are more willing to lend you money – so your chances of getting approved are higher. If you’ve ever wondered why you’ve been rejected for a loan or credit card application before, the state of your financial health is probably the reason why.

A faster application process

Just like with your chances for approval, having a good financial health record will encourage the banks to
speed up your application process overall
. After all, if you have a high credit score and solid debt repayment history, your application won’t have as many roadblocks and hurdles to go through. This means that banks are able to spend less time weighing you up as a candidate before stamping “approved” on your loan or credit card application.

You have more options

Have you ever applied for a credit card with benefits that perfectly suit your needs, only to be rejected and told that you are better off applying for another card instead? Well, this is what happens when you have poor financial health – banks tend to view you as a risky customer and you might not be able to get the specific product that you want because of it. However, if you have
good financial history
 to back you up, most banks will be happy to deal with you and your options can be a lot wider.

Get higher credit limits

You are probably aware that banks
determine credit limits
 based on your income; if you earn more in a year, you are more likely to get a higher limit on your credit card or be offered a bigger amount on your loan. However, banks also take into account the state of your financial health when it comes to determining your credit limits. If you have a good credit rating, it will be easier for them to trust you with a higher credit limit.

Better negotiating power

Sometimes, the occasion will arise where you want to ask your bank for more flexible payment periods or lower interest rates, especially when it comes to high credit amounts. When this happens, you will find that having a
promising financial track record
 to back you up will put you in a much better bargaining position. As we’ve highlighted above, having positive financial health means that you are less of a risk to the bank, and this comes in handy when you need to negotiate with them.

It can even help with employment

Did you know that some employers in countries like the
United States
 actually check for credit score as part of their hiring process? While this isn’t exactly the norm here in Malaysia, it means that having poor financial health could actually affect your chances of getting hired! While this concept may sound surprising to you, it does make sense – after all, individuals with good financial health are seen as prudent and responsible, which are good traits to have in the workplace.

So, yes, it’s a big deal

As you can see, your financial health is vital when it comes to important dealings that you have with the banks. You may think that credit card or loan applications are just one-off events that you have to deal with, but the impact of these applications and loans are far-reaching.

Good financial health can be your key to getting a credit card with all the best cashback benefits and features that you need. Bad financial health can be the reason why you have an incredibly difficult time getting a loan for the house of your dreams instead of a smooth and painless process. Put simply, yes – your financial health matters!

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HLB Credit Cardholders Can Now Apply For Annual Fee Waivers Via HLB Connect Online

Hong Leong Bank (HLB) has updated its HLB Connect Online banking service with a new feature that lets eligible credit cardholders seamlessly apply for an annual fee waiver. This is provided they meet specified spend requirements, or tap into selected banking services with the bank.

“If your credit card has an annual fee, you can now waive this fee by simply accumulating six (6) spends on your credit card within a year, or requesting for any of these payment plans (i.e. balance transfer, quick cash, or flexi payment plan),” the bank said in a notice sent to its cardholders. This means that cardholders will no longer need to specifically make calls to HLB’s customer service just to request for a waiver of their cards’ annual fees, and can instead do so at their own convenience. This update also frees up the bank’s representatives to attend to other urgent matters such as scam reports.

In our quick check with HLB’s customer service, it was also revealed that this new feature will be applicable to all HLB credit cards with annual fees, with the exception of the HLB Wise card (Gold and Platinum) and the Emirates HLB cards. The Emirates HLB cards include the Emirates HLB Platinum Card, the Emirates HLB World Card, and the Emirates HLB World Elite Card.

Already made live for use, eligible cardholders who wish to tap into the feature can do so by logging in to their HLB Connect Online account, and then accessing their Credit Card account. From there, click on “Apply For Waiver”, select your preferred method to get your annual fee waived – and you’re done!

Aside from the new annual fee waiver application feature, other credit card services that are also available on HLB Connect Online include new credit card activation, notification of overseas travel, and application for increase in credit limit. You can also temporarily freeze and unfreeze your cards (available only on HLB Connect Online, and not the HLB Connect app). You can
find out more here
.

(Source:
Hong Leong Bank
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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A Series of Unfortunate Business Decisions by Kanye West

Mr West, this is your business manager. Your slightly delayed album is finally released on Tidal. We didn’t think it would do very well considering how young the music streaming service is, but it exceeded our expectations. It even propelled Tidal to the number 1 spot on the App Store. Good work.

Once that growth slows down, we can think about rolling the album out on the other services so more people can get to it. While growth for Tidal is good, with your friend Jay Z being the owner of the app and all, we do still need to sell more copies. Limited release to a single platform just isn’t smart for the long run.

Um… Alright. That’s fine. Maybe your one album can make users of Spotify, iTunes, and the rest switch over to Tidal for good? It’s a gamble, but it might be worth it. Although we did allocate a budget for the cover art. Not having a physical copy of that to at least sell as a collectible item feels like a waste. What does the cover look like, by the way?

I see. That looks…artistic. Perhaps the decision not to sell a physical copy makes sense after all. As long as Tidal’s servers hold up and the service can handle the influx of new users, we have nothing to worry about. In fact, I’m confident that making it exclusive to this one platform, it reduces our losses from illegal file-sharing.

Whoa. That has to be some sort of record. Okay, Mr West, here’s what we can do. We need to recoup some of these losses. Let’s start working on a tour. You can perform the hits from your album. This way we can start making some money off of your new songs. What’s also important is to maintain the image that you’re doing fine. You can co-headline with a top name. Drake is hot right now and he has an excellent image. He’s on top of the charts and if we put him standing next to you, you’ll look a million bucks.

Is that why you haven’t been paying me on time? Mr West, it’s clear that you value honesty, and I can respect that. But this is getting a little out of hand. We really have to buckle down now and I suggest you stop sharing too much sensitive information with the public in this manner.

Mr West? Is that the organisation chart for the project you said you wanted me to work on? Why didn’t you let me finish it before tweeting it out? Also, what is a Comminications Company? It looks like under “transportation” you put there something called “Yatchs”? Mr West, as good as these ideas are, you mustn’t forget that you’re currently in debt as you yourself tweeted. Where are you going to get the funds to pull this off?

After careful consideration Mr West, I’m coming to the conclusion that you may not be the best client for me to continue providing business management for. Perhaps it’s time that we dissolve this professional relationship.

Goodbye, Mr West. I would’ve loved to help you #GetMore For Your Money and bring those beautiful ideas to the world but this just isn’t working.

This exchange is a work of fiction and any similarities to real-life is merely coincidental. The news clipping and tweets are real, however.

Photo credits:
SOCIALisBETTER on flickr
 and
Mashable Asia
.

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MBF Cards credit cards’ Power Holiday promotion

Isn’t it time to take that much needed break? If you’re an MBF Cards credit card holder, you should grab the opportunity to do just that thanks to
the bank’s Power Holiday promotion.

From only RM298 nett, you’ll get to enjoy a
3D/2N stay at several attractive locations throughout the country
 inclusive of daily breakfast.

You can also go on a
4D/3N overseas vacation
 from as low as RM598 nett. There are a few great destinations on offer and the packages include daily breakfast as well as return airport transfers.

Promotion ends 31 March for the local programme and 28 February for the overseas one, so better start packing now!

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Halloween Special - Scary Things You Can Do With Your Money

Toilet rolls, check. Fake blood, check. Vampire teeth. Check. It’s Halloween and everyone is gearing up in their undead best; carved pumpkins seem to come to life; candies for trick or treating promising scary bouts of diabetes for all; and you’re probably wondering what positively frightening thing you can do with your money tonight.

It’s a day to face your fears or be conquered by them. Whatever you dread; we’ve got a scary list of possibilities for you. Be warned; these are not for the faint of heart (or broke in wallet).

The Scary Spending List

1. Swim with the sharks

Make your
Jaws
 nightmares a reality with this not-for-faint-of-heart diving adventure that lets you get thisclose to these awesome giants of the deep. With it’s powerful jaws and 20,000 shredder-like pointy teeth; you can be sure of a pretty scary night.

Have this pants-wetting experience with the ultimate water predator by having a
“cage dive” at the Aquaria, KLCC
. At
RM199
, a few “friendly” sharks along with a plethora of marine fishes will keep you company while standing in the “dive cage”. Do I need a diving license? Not required. All you need is some guts. Besides, you will be supervised by professional divers.

2. Buy a haunted house

Haunted houses aren’t necessarily advertised as such. A little problem about the added guest affecting it’s price. But sometimes, it’s reputation will preceed it and you’ll not only hear about it from your neighbours; the price might be suspiciously low. But if you’ve dreamt about being the lead in your own Amityville Horror; you’re in luck: there have been houses known to be haunted in Malaysia. Because no one really can prove hauntings and it’s not the kind of thing estate agents want going about: you’ll have to find your property the old fashioned way: through word of mouth. Check out
forums online
 or ask around. Of course, actual ghost addition may or may not be guaranteed.

While you’re at it; check out some
notoriously haunted locales in Malaysia
. Take a visit instead if you haven’t the money for a house or if you don’t fancy living with ghosts the rest of your life.

3. Buy a haunted doll

If watching Annabelle is just not enough of a thrill for you; you’ll be happy to know that the doll is in fact, real. In fact,
the real Annabelle
 is locked in a glass case in the Warren Occult Museum with a Giant sign warning visitors to not touch it. It’s been reported that the doll is in fact possessed and the last person who touched it ended up in a fatal accident.

Although it’s impossible to buy the real Annabelle, there are
listings of haunted dolls available on e-Bay
. If you think your bedside table in need of some decor, these dolls could use a lovely home. Hauntings not guaranteed so you might end up simply stuck with a doll. But imagine the amazing stories you could tell your friends about your new toy.

4. Escaping the Escape Room

For claustraphobics; nothing could be scarier than being confined in a small space for a long time. Add a person they don’t like into the scene and you’re looking at a truly terrifying time! Why not bring on the heart races with a quest in the
Escape Room
? Unlike your usual action role-playing video game, you are required to solve puzzles and riddles using elements found inside the room and escape within 45 minutes.

You will be given 5 theme selections. The Overlook Hotel Room 13, Prison Break and The Slaughter House are the most difficult levels. Each entry would cost you at least
RM32
 if you’d have the chops to take up the challenge.

5. Bungee jumping

Afraid of heights? We have just the thing. Standing at 22m above water, bungee jump is one of our scariest activities to attempt for those who prefer flat ground under their feet. As part of the New Zealand Unlimited Companies initiative,
Bungy Jump Malaysia
 has set up a bungee jumping site in Sunway Lagoon for adrenaline lovers. Although New Zealand is known for having one of the best bungee jumping site in the world companied with beautiful scenery, our local site offers people a first taste of this heart racing activity. Each session is priced at
RM130
 whereas My Kad holders will be charged a lower rate at
RM75
. When you’re ready to trailblaze on your first bungee jump, head over to Sunway Lagoon.

A change of pants not provided.

6. Spend all your money in binge shopping

If you blinked wondering what could be so scary about a shopping trip; let us paint a picture for you. Imagine spending your entire paycheck (it is October 31; you’ve most probably just been paid) in a day. No cash to pay the bills nor the loans. Imagine facing your spouse to share this news but even better; imagine eating cup noodles and water for the rest of the month. We definitely felt a chill run up our spine with that thought.

Because it’s true, my friends, in this world of immense commercialism – there’s nothing scarier than an empty wallet!

And that’s our list of some of the scariest things you could do with your money this Halloween! Do you have other frightening ideas? Tell us in the comments! But in the meantime, Happy Halloween.

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The Different Types of Job Search Sites in Malaysia and Their Advantages

Even if you’re not actively looking for a job, it’s always worth updating your resume and checking out what skill sets other companies in your industry are looking for. Doing this is a lot easier with the help of the many job search sites our there. But did you know different job search sites offer different advantages and features? We go through them all and tell you which sites are best for what.

JobStreet

We can’t start a list of job sites without mentioning
JobStreet
. One of the biggest job sites in terms of public awareness in Malaysia, most employers look to it to advertise their open positions too.

Using it is quite simple also, you just need to key in your skills and an equivalent of a resume then their search engine will match you to companies looking for people with criteria that match yours.

Monster

Monster
 is another big name in the job search world. Similar in use with JobStreet, you just key in your particulars and off you go.

They will also occasionally email you positions they think you’ll fit even after you’ve gotten the job, so you always have a sense of what the market needs and can improve your skills accordingly. Handy.

<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
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MauKerja

This site is a relative newcomer to the scene but it does have plenty of promise. The site’s interface is very welcoming with adorable mascots and easily navigable menus. Important information is laid out neatly as well.

At the moment,
MauKerja
 is good for those looking for part-time jobs or for contract employment if you’re in between jobs or waiting for your exam results to come out. While it does have listings for more serious, career-building work, it’s not yet as extensive from what we’ve found. This may change in the future as the company gets more known, of course.

SPA Malaysia

If you’re looking for governmental positions or jobs offered by government agencies, try checking out
SPA Malaysia
. Also known as
Suruhanjaya Perkhidmatan Awam Malaysia
, SPA Malaysia’s official site is where you can find up-to-the-minute job openings relating to positions in government.

The sign-in and navigation is a bit cumbersome and tricky, but once you get past that, SPA Malaysia is the unrivalled when it comes to finding a cushy government gig.

Glassdoor

Job search sites are places where potential employers get to know potential employees, but what if prospective workers want to know more about potential companies?
Glassdoor
 provides that by having an employee reviews section.

Employees can review their employers and let potential recruits get to know a company right from the people who work there. This is especially useful for things that are difficult to know without working there like office culture, location annoyances, problematic co-workers, or other similar details.

Read Also:

Why You Should Look At Job Listings Even if You Already Have a Job

LinkedIn

While people may use this service more to connect with each other professionally and keep each other updating on career moves, it’s also a good place to advertise your current skills, achievements, and value to prospective employers.

Outside of
LinkedIn
, it might be much too difficult to connect with others in your field or industry in a purely professional manner if most of your time is spent in the office. LinkedIn provides this service well and is a great tool for networking.

Indeed

Of course, if you’re only interested in sending your application to the most number of available positions out there without thinking about company culture or networking, look no further than Indeed.

Indeed
 is a giant database of nearly every job listing available online. It even collects listings that appear on other sites like JobStreet or JobsDB. By doing this, you get the most comprehensive list of available positions without having to dig around online too much.

Now that you know the many different sites and services you can use to help yourself find a new job, we wish you good luck in your future endeavours! Of course, you don’t need to switch jobs just to earn more. You can always either
generate a comfortable side income
, or
enjoy the perks of a good credit card even with your modest salary
.

Do you know any other online services that help people look for jobs? Share your thoughts, questions, or stories with us in the comments section down below!

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    david

    2 months ago

nice info, thanks

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GrabPay Is Named Best E-Wallet In Malaysia For 2019

GrabPay has been named the Best E-Wallet in Malaysia this year by Payments Network Malaysia (PayNet) at the recent Malaysian e-Payments Excellence Awards 2019, making Grab the first non-Financial Services Institute to be win the award.

The award “recognises GrabPay’s sustainable ecosystem and rapid growth in the digital payments arena and contribution to push Malaysians to adopt cashless payments,” Grab said in a statement. What’s even more impressive is the speed at which Grab has managed to expand the GrabPay ecosystem to what it is today – Grab began supporting cashless payments using credit and debit cards since December 2016, before rolling out the GrabPay e-wallet in June 2018, expanding the use of Grab beyond paying for rides.

Grab has continued expanding its range of services, offering features such food delivery, prepaid top ups, on-demand parcel delivery, bill payments, and even in-store and online payments – with the promise of more to come in the future.

In addition, Grab’s loyalty program GrabRewards offers users discounts for rides, food and beverage, and even
high-value product redemptions
 or services, making it one of the
most rewarding e-wallets for Malaysian consumers
. Other noteworthy features include
GrabClub
, a monthly subscription cost-saver plan for regular customers of GrabFood and Grab rides, and
Grab Challenges
, that rewards users with more points through interactive in-app tasks.

“GrabPay has stayed true to its vision of providing convenience, security and value to both our consumers and merchant-partners,” said Ooi Huey Tyng, the Managing Director of GrabPay Malaysia, Singapore and the Philippines.

She added, “Our partners benefit from our ecosystem and as we celebrate our first anniversary in Malaysia, the recognition from Paynet is a further validation of our approach to develop a robust and user-friendly ecosystem that caters to a seamless cashless solution to our consumers and merchants.”

(Source:
Grab
)

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A Wholesome Urban Life With 40 Recreational Facilities Awaits At Prestige Residence

When it comes to spending time with the people we love, we often push it to the back burner and instead, focus on excelling in our careers and keeping ourselves occupied. In doing so, we may forget to reconnect with our family and friends, as well as keep in tune with ourselves because we’re too busy juggling our day-to-day tasks.

If you need to ease your way into a more wholesome lifestyle, perhaps Prestige Residence is the choice for you.

When there are 40 facilities designed with the community in mind, it’s easy to enjoy simple pleasures with your loved ones.

Whether you feel like you’re in the mood to challenge your endurance with quick swim laps, just want to chill with your friends and family over a decadent homecooked meal at the gazebo, have an easy read by the pool deck, or chase your kids around the playground, there’s always something for you and your family to bond over.

If you want to read more about Prestige Residence serviced apartments, you could
click here
 to read a previous article we wrote.

Alternatively, you can
click here to visit the Prestige Residence website
 and get more details.

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How to Lend Money to Friends or Family... and Have Them Pay You Back

Sooner or later (or perhaps this has already happened to you) some close friend or relative will want to borrow money from you. The big fear with this potential arrangement is if the relationship would sour if the person takes too long or doesn’t pay you back.

But what if we told you you can still financially help out those close to you and get your money back, too? Stick to our guide below and we’ll show you how this can be accomplished!

1. Before You Lend The Money…

#### Understand What Lending Means

Even more crucial than checking to see if you have enough cash to lend them in the first place, is understanding what you’re about to do.

If a person close to you has to borrow money directly from people, then it’s possible this person has already exhausted other means of getting loans, which may indicate a bad paymaster. So you have to be aware of this fact before lending them the case and realise the risks you’re taking (that the banks are no longer willing to).

In the event that they actually have no negative history with the banks, then it might be smarter to point them to options like personal loans or credit cards to help them out. If they turn out to be bad at returning the money, then at least the headache isn’t yours to deal with. After all, borrowing money and taking a loan are
two completely different things
.

Know Who You’re Lending to

This is a bit of an extension to the previous, but instead of just knowing how good the would-be borrower is at paying his debts, it’s also important to know how well they’re managing their finances. While you can’t know exactly how they deal with their money, there are questions you can ask that can help you know whether or not you should lend them cash.

What kind of commitments do they have (spouse, children, car, mortgage), what challenges are they trying to overcome with the cash (injury, accidental damage, important family expense), and what kind of lifestyle they’re keeping up. Knowing more about how they handle their money can teach you a lot about how they will treat yours when you want it back.

2. When You’re Lending The Money

#### Get Collateral

This is a good move to make when you want to lend somebody cash, and you’re not entirely sure if they’ll pay you back. Take posession of something they value or use often and offer to only give it back once they’ve made payment in full.

This can be something like their TV or iPad or desktop computer, to help incentivise them to pay you back. If it’s a big enough amount and they need it urgently enough, there’s little reason they won’t put their money where their mouth is.

Get it in Writing

The act of asking to sign their name down on paper should be enough of a signal that you’re serious about being paid back. Having witnesses present when you both sign it is also a good way to ensure the lending is made known to mutual acquaintances and won’t just be ignored like a forgotten promise.

Alternatively, you can use a clever app to keep track of your debts, like
the one we mentioned before on our blog
.

3. When Getting The Money Back

#### Be Understanding

Just because they might look like they’re tying to avoid paying you, doesn’t mean they’ve decided to default. When lending to your close relatives, it’s important to be understanding of their position and don’t jump at their neck too excitedly. You may come across as the bad guy and sour the relationship. Have patience and trust them as long as it makes sense to. And while you’re doing that..

Offer Payment Options

A real benefit of lending money person to person instead of via banks is that you can make the repaymnent rules as forgiving as you want. Introduce an instalment system so they can take their time paying you wihout feeling guilty,.

If this person has a business or is close enough to you you can maybe replace some of the money owed with goods or services they’re selling, or maybe some of their babysitting time or equivalent. Most people really do want to pay what they owe, but have no avenue or resources to do so. You can be the one to provide that for them.

If All Else Fails…

The last and (really should also be the first) thing to remember when giving out money to your close relatives and buddies is that you should value the relationship more than the money. Even if you cant stand the fact that the other person has cut you off of their life and refused to acknolwege you asking them for the money, you mustn’t get stressed out by cash you might not ever see again.

The best way to get ahead of that emotion is to let go of any notion of the money being returned in the first place. Think of it as charity. You’ll feel better about yourself anyway. Speaking of charity, check out how
donations can be used to lower your tax burden
! Have anything to contribute to the article? Share your thoughts with us in the comments section down below!

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PruBSN Microtakaful Jariyah To Expand Distribution, Include Sabah & Sarawak

Prudential BSN Takaful (PruBSN) will be continuing the distribution of its accessible PruBSN Microtakaful Jariyah plan, involving around 9,000 low-income recipients in Sabah and Sarawak. The distribution is done through PruBSN Prihatin, the takaful provider’s charitable arm, in collaboration with the Implementation Coordination Unit of the Prime Minister’s Department (ICU JPM).

Following this update, the PruBSN Microtakaful Jariyah plan will be distributed to a total of 25,000 recipients by the end of December 2020, including those in East Malaysia. Meanwhile, 11,034 recipients are already benefitting from the plan as of August.

In short, PruBSN Microtakaful Jariyah offers a 12-month basic life coverage for the breadwinners of selected B40 households at no cost. A one-of-its-kind initiative within Malaysia, the plan will provide beneficiaries with a lump sum of RM10,000 upon the death of the family’s breadwinner. Eligible breadwinners are selected from the national poverty database, eKasih, which is managed by ICU JPM.

(Image: The Malaysian Reserve)

The chief executive officer of PruBSN, Wan Saifulrizal Wan Ismail further explained that PruBSN Microtakaful Jariyah is primarily backed by PruBSN Prihatin’s zakat fund. Customers and members of the public who wish to contribute to a good cause and help fund the plan can do so by subscribing to the Ihsan rider plan, which is offered alongside PruBSN’s flagship products (
PruBSN AnugerahPlus
,
PruBSN WarisanPlus
, and
PruBSN Aspirasi
). PruBSN is also currently running a donation campaign among its staff members and agents to give to this cause.

“This programme is a testament to the compassion, collaboration, and dedication between the government, non-profit charities, and corporates to the socioeconomic development of our society and the country, in line with initiatives by the government and Bank Negara Malaysia,” said Wan Saifulrizal. He also elaborated that following the
recent revision of the poverty line income (PLI)
, the total number of poverty-stricken households has spiked up to 400,000 nationwide.

(Image: Aliran)

“This further emphasised the importance of what we do in raising awareness of financial protection among the hardcore poor and poor households, among which takaful and insurance penetration is very low,” said Wan Saifulrizal.

When it was launched in 2018,
PruBSN Microtakaful Jariyah
 was distributed to 12,500 recipients within Peninsular Malaysia. In the following year, the number increased to 13,207, including 1,885 first-time recipients in Sabah.

“Currently, 92 people have received their death benefits totalling RM920,000 since its launch in 2018,” said Wan Saifulrizal.

(Source:
The Edge Markets
)

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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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Gifts for those who made the ‘naughty’ list

So you’ve probably heard that old Christmas carol about Santa and his list of naughty and nice people. Whilst the ‘Santas’ of yesteryear had only the lump of coal as a valid option for those undeserving of gifts; the internet now affords you limitless possibilities of undesirable presents ranging from the useless to the downright insulting.

If you’ve little else to do with your money this year, how about buying a gift for each of your enemies?

Packaging filled with nothing

The best way to tell someone how little they mean to you, is by not giving them a gift but what if you could look like you’re giving them a gift which in reality is nothing? We kid you not. You can actually
buy pre-packaged nothing
 for £5 online. The website appears to have no prohibition against shipping items to Malaysia but you’ll also have to pay that £10 Royal Mail fee to have your ‘nothing’ shipped here.

Save £15 by filling a paper bag with… you guessed it: nothing.

The gift of nothing is yours to discover…

Cat Food Scented Soap

“Aahh… the lovely smell of catfood!” Said no one (we know) ever. Instead of the usual Body Shop, sweet smelling stuff, how about a bit of pungent pong for the person you find less than sweet? This
cat food scented soap
 is just the thing to tell people how little you think of their catty ways. These guys ship to Malaysia as well so you can have this mildly disturbing gift for only £4.49 plus shipping.

Even if they miss the message; the cats in the neighbourhood won’t.

Sarcastic Ball

Much like the Magic 8 ball… only, sassier.
The Sarcastic Ball
 responds to your queries in blunt, borderline offensive tones. It’s the perfect gift for that ‘special’ person in your life who can’t stop asking you silly questions.

Unfortunately, unless you have a shipping buddy in the US or Canada, you’ll miss out on these sarcastic one-liners as the store only ships to the US.

Insult-a-Day

Do you have a long-distance nemesis whom you’d love to insult on a daily basis? Let this quirky gift do it for you. This box of insults is the perfect way to say, “I don’t really like you all that much.” The
version pictured
 isn’t available to ship outside the UK (perfect for those UK-living enemies!) but you can get slightly
differently packaged insult boxes
 from Amazon including in handy Kindle format.

With classics such as “You make plastic look real,” you can’t go wrong.

Sculpt your own Boyfriend

Nothing says “you’re single and desperate” better than a kit that allows you to
make your own boyfriend
. Send it to a woman or even a man and watch the silent treatment ensue. Should this gift result in hair-pulling; be sure to point out that you were thoughtful enough to send a ‘customisable’ boyfriend and not the kind of which she (or he!) deserves.

We caveat…

In case you haven’t guessed, we’re kidding. Christmas is an awesome time to show people you care and the last thing you want to do is send animosity. In fact, for the friend into pranks they may actually like these oddball gifts.

Have a great holiday season!

*All pictures courtesy of respective websites of sale.

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5 More Things to do Before You Apply for a Home Loan

Unless you’re really making big money or own a business, a home loan is likely to be the largest loan you’ll ever take in your lifetime. The tenure is often several decades and you’ll usually be borrowing a few hundred thousand ringgit in one go. With such a heavy commitment, it stands to reason that you should think long and hard before applying for one.

We’ve written about the kinds of things to look out for and pay attention to before, but now we have even more important tips on what to do before you apply for that home loan.

Decide the Utility of Ownership versus Rental

As a decision like this will impact your financial management for years to come, it’s important to consider whether or not it’s the right choice to make. Ownership of a property might not be the best course of action for you if you value mobility, flexibility, or are thinking about relocating permanently some time in the future.

Take your time to sit down with yourself (or if you’re buying a house to start a family, sit down with your partner) and properly outline your goals, targets, and finances to be absolutely sure that purchasing a property is really what you want to go for.

Understand the Value of Your Property

Once you’ve decided that buying your own property is the best move, it’s time to study up on the property you want. Much like purchasing a car, you may want to consider the eventual resale value of the property you’re going for. There are plenty of factors that contribute to the value of a property, so be sure to consider them all.

Things like location, accessibility, future developments in the vicinity and the reputation of the developer are all criteria that you should examine closely to ensure that the property you want won’t just be good for you right now, but will also be a worthwhile investment for the future.

Know Your Loan Inside Out

Now that you’ve decided on the property, it’s time to shop around for the right kind of home loan. You can go to different lenders and ask their representatives or you can go to a comparison page like ours to see the kind of loans that best fit your budget, capacity, and price.

Remember that there are several different kinds of home loans out there including Islamic home loans where the profit rate works differently, flexi-home loans that link to your current account, and other variations that help you manage your commitments differently as well.

Figure Out if You Can Pay a Higher Down Payment

The standard 10% down payment is the typical amount to save for, but if you can afford it, we recommend saving up a little more so you can pay a bit higher than that amount. Why do this? A larger down payment is a strong indication that the borrower is a good enough paymaster, and this might improve your chances of getting the loan approved.

In addition, a higher down payment can help you save on cumulative interest charges, which is a good move if you want to keep your commitments low.

Make Sure Your Credit Looks Good

Paying a higher down payment isn’t the only way to help increase your chances of getting your loan approved. You can also make sure your credit health and credit score is up to snuff. A good credit score reflects well on your creditworthiness in the eyes of banks and lenders, so the best first step is to obtain your full credit report with credit score, such as the MyCTOS Score report.

The easiest way to get your full MyCTOS Score report is to
visit the CTOS website
 and sign up for a CTOS User ID online (or via their mobile app). If you aren’t familiar with CTOS, it’s a credit reporting agency that helps to compile and provide credit information in Malaysia. It offers the MyCTOS Score report – a comprehensive credit report that can help you understand your credit health better and help identify the areas you need to work on to improve your creditworthiness.

A MyCTOS Score report contains your personal details, CCRIS records, directorships, legal action records, the number of times you’ve been searched, as well as your CTOS Score – a credit score that ranges between 300 (lowest) and 850 (highest). You can find out more about MyCTOS Score report and sign up for your CTOS User ID at
ctoscredit.com.my
.

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BNM Maintains OPR At 2.75% In First MPC Meeting Of 2023

The Monetary Policy Committee (MPC) of Bank Negara Malaysia (BNM) has announced it will hold the country’s overnight policy rate (OPR) at 2.75% for now. This came after four consecutive hikes in the rate since May 2022.

In a statement, BNM explained that it decided to maintain the OPR in its first MPC meeting of 2023 because the current rate is suitably accommodative and supportive of Malaysia’s economic growth at present. Additionally, the pause will allow the MPC time to assess the impact of the previous adjustments to the rate, given the lag effects of monetary policy on the economy.

The central bank also highlighted that although Malaysian economy has shown great recovery in 2022, growth in 2023 is expected to moderate amid a slower global economy and will be supported primarily by domestic demand. It foresees as well that household spending will be sustained chiefly by improvements in employment and income prospects.

Meanwhile, the recovery of the tourism industry – with an increasing number of tourist arrivals – will boost tourism-related sectors moving forward. The realisation of multi-year infrastructure projects, too, will support investment activities.

(Image: The Star)

“Downside risks to the domestic economy continue to stem from a weaker-than-expected global growth, higher risk aversion in global financial markets amid more aggressive monetary policy tightening in major economies, further escalation of geopolitical conflicts, and re-emergence of significant supply chain disruptions,” BNM further said.

As for inflation, BNM said that it has peaked in the third quarter of 2022, but is expected to remain escalated all throughout 2023. “Over the course of 2023, headline and core inflation are expected to moderate but remain at elevated levels amid lingering demand and cost pressures. Existing price controls and fuel subsidies, and the remaining spare capacity in the economy, will continue to partly contain the extent of upward pressures to inflation,” the central bank shared.

Finally, BNM said that further adjustments of its monetary policy will be informed by the evolving conditions and their implications to the domestic inflation and growth outlook. “The MPC will continue to calibrate the monetary policy settings that balance the risks to domestic inflation and sustainable growth,” it said.

Prior to this, BNM had implemented four consecutive OPR hikes in
May
,
July
,
September
, and
November 2022
 to raise the rate back from a
historical low of 1.75%
.

(Source:
BNM
)

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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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My First Ringgit Puts Kids On The Right Track

ERA teaches toddlers how to manage money.

They say that you’re never too old or too young to learn anything, the RinggitPlus.com team believes that good financial habits taught early can last a lifetime. We’re pleased to see that the
Education and Research Association for Consumers, Malaysia
 (ERA) has a similar approach to responsible budgeting.

ERA’s My First Ringgit program, part of their on-going
Stretching Your Ringgit
 series, is a financial education initiative aimed at kindergarten children between the ages of 4 and 6 years.

Speaking to The Star at the launch of the programs second year of operation at
Kinderland Mutiara Damansara
, ERA Consumer President,
Datuk Marimuthu Nadason said
:

“Financial education should begin with children. Only then can we shape the appropriate financial attitudes towards more responsible behaviours at a later age.”

About 800 children will benefit from this year’s workshops, learning good money sense through fun activities, such as board games, and being taught the value of helping those in need.

If you’re a teacher concerned about money management and want to understand how the program works you can
download a copy of The My First Ringgit Educator’s Manual
 to get started.

Targeting a wider (and older) audience ERA will be running further workshops for 18 to 35 year olds in ten states across Peninsular Malaysia

Image:
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Crypto Tax In Malaysia: What You Need To Know

We can all agree that Covid-19 has made the past few years particularly challenging, wreaking havoc on businesses and global economies alike. But for some, the turbulent period came as an unexpected opportunity, with one good example being the investment sector.

With financial insecurities plaguing them, many individuals took to investing as an additional source of income, or a way to better secure their financial future. 2020, for instance, saw the
retail average daily trading value (ADTV) at Bursa Malaysia grow by 236%
 – the highest retail ADTV to have been recorded in the stock exchange operator’s history. Investors’ interest in robo-advisors and
cash management solutions
 also escalated.

Amidst all these, there’s also cryptocurrency, which rose to the height of its popularity globally –
including Malaysia
 – during the pandemic years. Although it is undeniable that crypto investors’ excitement has cooled somewhat throughout 2022, there is still keen interest, as indicated by recent data released by the Securities Commission Malaysia (SC). The SC had noted that there was an
increase in the number of new digital asset accounts that were created in 2022
, despite the drop in average daily transaction value.

Given this trend, there may be some local crypto investors who aren’t sure whether their digital assets are subjected to any form of tax. With the publication of the
Guidelines On Tax Treatment Of Digital Currency Transactions
, the public now have better understanding regarding the tax treatment of crypto. Here, we’ll highlight some of the key points in the document that are most applicable to you as an investor.

Crypto & tax: What does LHDN say?

(Image: New Straits Times)

LHDN’s guideline defines digital currencies and tokens as “digital financial assets” that are “recorded on a distributed ledger whether cryptographically-secured or otherwise”. They also function as “a medium of exchange” and are “interchangeable with any money”. Of course, these include the various digital currencies that you’d be familiar with – such as Bitcoin, Ether, and Litecoin, just to name a few – as well as stablecoins.

In terms of tax treatment, the document said that crypto will only be taxed if it is used in
business or trading transactions,
 where the business’ key activities and operations are performed in Malaysia, or if the business has a presence in Malaysia. It further included the following:

As Malaysia does not tax capital gain, only revenue gains arising from the disposal of digital currency is taxable.

A person who trade digital currencies actively may be viewed as generating revenue from the activity, thus gains from this digital currencies trading is taxable. On the other hand, gains derived by individual who trade occasionally may be viewed as capital gains and not taxable in Malaysia.

To clarify, capital gain refers to earnings that you obtain via investments. In other words, if you purchase crypto as a form of investment – holding on to it for a period of time the way you do with other investment instruments – then you will not be required to pay tax. However, if you use crypto as part of your business transactions or trade regularly to earn revenue or income, then it will be taxable.

This explanation echoes what the
LHDN had already mentioned in early 2021
, where it also mentioned that crypto traders and businesses must use
Form B
 (for individuals with business income) to declare their earnings. Back then, however, the board did not specify the particulars of what would constitute trading and non-trading transactions. This time, LHDN has identified a total of eight “badges of trade” to help the public determine whether elements of trade exist for transactions involving digital currencies. You can read about them in a later section in this article.

OK but any specific examples?

Along with the explanation above, LHDN has also shared a list of specific transactions/circumstances to better illustrate the tax treatment that is applicable for each of them. Here’s a summary for your reference:

1) Taxable crypto transactions (business/trading transactions)

Transaction
Details
Tax treatment
Active trading of crypto
Businesses/individuals that buy and sell digital currencies regularly as part of their business operations to obtain profit
– Taxed on the profit derived from the trading, similar to trading of stock
– Expenses will be tax deductible, and losses can be set off against income
Crypto mining
Businesses/individuals who mine crypto for profit (e.g. to trade, or offer crypto mining services for a fee)
– Profit to be taxed if the miner meets the criteria of trading (see next section)
– Expenses will be tax deductible, and losses can be set off against income
Business transactions conducted in crypto
Businesses/individuals that use crypto as a mode of payment
– Profit to be taxed in a manner similar to regular business transactions
– Crypto payments and expenses should be recorded in ringgit
Salaries paid/received in crypto
– For employers, this will count as an expense
– For employees, this will count as income
– Value of the salary or wage will be based on the employment contract and value of employment service performed
Crypto conversion
Converting one crypto to another crypto
Profit to be taxed (if the gain is revenue in nature)

2) Non-taxable crypto transactions (non-business/trading transactions)

Transaction
Details
Tax treatment
Crypto as an investment
– Businesses/individuals who buy crypto for long-term investments
– Crypto acquisitions that are not continuous, systematic, or active, and does not carry financial risk or are not aimed at making a profit
Not taxed as Malaysia does not tax capital gains
Acquisition of crypto as currency to make payments
Individuals who purchase crypto to pay for goods and services (in part or full payment)
Not taxed
Crypto obtained via free distribution or splitting
– Crypto received for free as part of a promotion
– Crypto received for free during splits, such as airdrops and hard forks
Not taxed, unless the recipient subsequently sells the tokens to obtain gains that are revenue in nature (active trading)
Crypto conversion
Converting one crypto to another crypto
Profit not taxed (if the gain is capital in nature)

Elements of trade in crypto: Eight “badges of trade”

By now, you’d probably have noticed that the “element of trade” plays a decisive role in determining whether a crypto transaction is taxed or not. But how do we determine if a certain transaction has elements of trade?

LHDN’s guideline has also listed out eight criteria that it considers when determining whether elements of trade exist for transactions:

Criteria / ”Badges of trade”
Details
Nature of the crypto (e.g. quantity)
Crypto bought or sold in large quantities could be flagged as possessing element of trade
Length of ownership
Crypto that are held only for a short period will be more likely regarded as having elements of trade
Frequency of transaction
High frequency of similar transactions of crypto points to the possibility of trading, as opposed to isolated transactions
Supplementary work
Crypto transactions with the following may be treated as possessing elements of trade:
– Additional work done on crypto to make it more marketable
– Extra effort made to find/attract purchasers
Circumstances of the realisation
Some circumstances are less likely to indicate trading, such as being forced to sell crypto due to urgent need of cash or threat of foreclosure (for companies)
Motive
Individual’s intention when purchasing crypto, such as whether he or she undertook the activities in a business-like manner (e.g. developing business plans, advertising digital currencies business, etc.)
Mode of financing
– Purchase of crypto that is financed with short-term financing is more indicative of trading than long-term financing
– Company’s financial position and ability to hold on to the crypto will also be considered
Other relevant factors
Other factors include:
– Whether any feasibility studies were conducted
– Availability of documentation
– Other evidence that indicates a business or individual’s intention

As you can see, the list above is quite comprehensive. But with this, it will also be easier for us to recognise a taxable/non-taxable crypto transaction.

Calculating the valuation of your crypto transactions

For the purpose of tax calculation, LHDN noted that businesses (or individuals) should record all their acquisition and sale of crypto based on the market value, in ringgit (RM). This includes situations where transactions are agreed based on the number of crypto (e.g. one Bitcoin, or one Ether); the value of goods sold or purchased should be determined based on the crypto’s value at the point of the transaction.

Additionally, the acquisition cost of your crypto should be determined on the basis of the first-in-first-out principle, meaning assets purchased first are disposed of first. This is unless you are able to prove otherwise.

To better illustrate this, here’s an example from LHDN:

A company that trades digital currency as part of its business bought crypto A as per the following schedule:

Date purchased
Number of units purchased
RM per unit
Total (RM)
1 Sept 2022
500 units
10,000
5,000,000
1 Oct 2022
300 units
15,000
4,500,000
1 Nov 2022
700 units
5,000
3,500,000
Total
1,500 units
 –
13,000,000

The company then sells 600 units of its crypto, at the value of RM20,000 per unit in January 2023. As such, the company’s calculation of its profit will be:

= (600 units x RM20,000) – [(500 units x RM10,000) + (100 units x RM15,000)]
= RM5,500,000 profit

However, if the company is able to prove that the sold units were among those purchased on 1 November 2022, then the calculation will be:

= (600 units x RM20,000) – (600 units x RM5,000)
= RM9,000,000 profit

If you are unable to determine the exact acquisition cost for any reasons, then the calculation of your crypto will be valued using fair value. This means you will use the rate that is in force on the day of your transactions, based on registered crypto exchanges (namely Luno, MX Global, SINEGY DAX, and Tokenize Technology).

Meanwhile, in the event that you receive payment for goods and services in crypto without published value (as it is not traded on any crypto exchanges), then its fair value will be equivalent to the price of the property or services offered for the crypto.

LHDN checks: Important records to keep!

As a rule of thumb, taxpayers are always advised to keep their tax documents – such as receipts and invoices – for at least seven years. As you can expect, this applies to your crypto transactions too!

Here are several crucial documents and details that you should keep or record in relation to crypto transactions:

Records that determine the nature of your crypto transaction, including whitepaper

Records to determine the value of crypto based on online exchange

Date of transaction

Name of the other party, i.e. crypto address

Receipts of purchase/transfer of crypto

Exchange records

Other relevant records, including records of agents, wallet keys, and software used

Bank statements

Receipts/invoices of business expenses

A matter for concern: retrospective tax application

While the guideline is dated 26 August 2022, some tax consultants have highlighted that LHDN will impose retrospective or backdated tax on businesses or individuals trading crypto. The rationale for this is that
LHDN is merely clarifying the law as it stands today
; it has not implemented a new law, and is merely providing guidance on how crypto should be taxed. As such, LHDN is in its right to do so if it wish to.

Neither LHDN nor its document have specifically highlighted this possibility, but there have been some
examples of LHDN applying even new tax laws retrospectively
 before. As such, it may be a good idea to take some time to compile any existing documents or records that you still have of your previous crypto transactions – just to be safe.

***

With the tax season already here for 2023, we hope that this article clarifies some of your questions regarding how to declare your crypto earnings! You can also check out our
main income tax guide for 2023 (YA 2022)
, as well as other
income tax-related articles
.

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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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    Ronnie Abdullah

    11 months ago

Hi, I invested in crypto since 2014 when I worked overseas. I was retired since 18months ago and have been cashing out portion of these crypto in to fiat currency as part of my household expense. May I know if this is subject to tax?

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No Increase For Insurance Premiums On Current ILP Policies After 1 July

(Image: The Star)

Insurance premiums will not be going up for current investment-linked product (ILP) policyholders once the new guidelines by Bank Negara come into force, says the Life Insurance Association of Malaysia (LIAM).

CEO Mark O’Dell gave assurance that nothing would change for current policyholders after the guidelines are in effect on 1 July 2019 and that the premiums for ILPs bought before that date should sustain the policy for the full contract term. These statements should quash any misinformation spread by insurance agents that premiums would increase following the implementation of the new guidelines.

In January this year, Bank Negara issued a policy document containing guidelines on investment-linked insurance with the primary objective of protecting the interests of consumers. A key requirement is the implementation of standards on the minimum allocation rates (MAR) to protect account values. MAR refers to the minimum proportion of premium that needs to be retained in the unit fund before deduction of any charges. From 1 July onwards, the MAR for ILP policies longer than 20 years will be set a minimum of 60%.

Furthermore, there will be minimum standards on sustainability tests and communication to improve long-term persistency and awareness. Disclosure standards will also be improved so that consumers can make more informed decisions. As such, starting from 1 January 2020, policyholders will receive an annual statement detailing the length of their remaining coverage based on their current fund value. “If you find you need a longer coverage, you can voluntarily increase your premium payment,” said O’Dell.

O’Dell highlighted that it was important to differentiate between policies bought before 1 July 2019 and new policies purchased afterwards, as insurance companies would quote premiums for the entire duration of the contract as required by Bank Negara. Those with existing policies and new buyers intending to purchase policies before 1 July are advised to check the terms of the contract and take note of the length of their coverage.

ILPs were first introduced in Malaysia in 1999 as a novel combination of investment and protection elements in one product. Since then, ILPs have taken the lead in terms of market share of life insurance products, constituting 45.1% of new business premiums and 52.9% of in-force premiums in 2018.

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