Tune Protect Rolls Out Tune CyberSecure, Cybercrime Insurance For Individuals

Malaysian insurer Tune Protect has launched its first personal cybercrime insurance for individuals, dubbed Tune CyberSecure. Offering coverage of up to RM10,000, the new product protects policyholders against several types of cyber risks, including electronic fund transfer fraud and online retail fraud.

Specifically, Tune CyberSecure will offer annual protection against the following cyber threats with premiums starting from as low as RM145 per year (excluding 6% service tax and RM10 stamp duty):

Cyber threat
Details of the threat
Benefits provided
Electronic fund transfer fraud
– Policyholders become the victims of email phishing attacks, where their e-banking login credentials are disclosed
– The data is then used to steal funds from their online bank accounts, including e-wallets and cards
– Reimbursement of financial loss due to unauthorised use of your online payment services
– Immediate advice and support by Tune Protect team on how to minimise potential losses
Online retail fraud
– Policyholders make purchases from fake websites that look like those of known retailers
– Orders made are not fulfilled
Reimbursement of the purchase price of goods you bought online, but which are not delivered
Identity theft
– Policyholders’ credit card details are stolen and sold on the dark web
– The data is then used to fraudulently to buy goods
– Reimbursement of the cost to rectify record with banks and authorities
– Costs to restore credit records and personal identity

In addition to these reimbursements, Tune CyberSecure also comes with the support of cybersecurity experts at all times of the day (24/7) to advise policyholders should they have any doubts or queries. The team can be contacted via a toll-free line at 1800 819 783. On top of that, the team will also help you to identify online vulnerabilities or data breaches with cybersecurity monitoring tools if needed.

Tune Protect further clarified that the policy will cover the entire family and electronic devices that are connected to the internet at the registered address. Note as well that if fraud does happen, you must notify the insurer within seven days and submit all relevant supporting documents within fourteen days.

If you’re interested in purchasing the Tune CyberSecure policy, you can do so via Tune Protect’s insurtech partner for this product, Senang. The entire process can be performed quickly online; simply visit
the website here
 and fill in the online form. Once you have submitted the form and made your payments – Tune Protect says that it can provide coverage confirmation within just seven minutes – your insurance policy will be activated. Meanwhile, a soft copy of the insurance certificate will be issued to you within an hour from your successful payment.

“Cyber insurance has previously been seen as something only relevant to businesses, but this is no longer the case due to the rapidly increasing number of cybercrimes against individuals. In line with our digital and mobile-first strategy, we are thrilled to introduce Tune CyberSecure as one of our initiatives to make cybersecurity accessible to everyone,” said the chief executive officer of Tune Protect Malaysia, Jubin Mehta, adding that
more than 4,700 online fraud cases
 were reported in 2022 alone.

Those who have enquiries regarding Tune CyberSecure can contact Tune Protect at 1800 88 5753. Alternatively, you can email them at
[email protected]
.

(Source:
Tune Protect
)

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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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HSBC Customers Can Now Open Bank Accounts 24/7 With New Online Service

(Image: Finance Brokerage)

HSBC has become the first bank in the country to enable an online account opening service that utilises 24/7 self-service machines for the identity verification process. With this, the bank’s customers will be able to open and verify their new bank accounts at any time of the day, thereby providing both convenience and flexibility.

To use the new service, you start by submitting an online application, which will require your personal, contact, and financial details. Once you receive the confirmation email shortly after, you can then opt to either complete the verification process within 30 days at an HSBC or HSBC Amanah branch, or a self-service machine. Given that most self-service machines are available 24/7, this means you can carry out the process at any time convenient to you. At present, however, self-service machines offering this facility are only available at selected branches in Klang Valley.

Don’t forget to bring your MyKad along with other supplementary documents, such as your driving licence or passport, for the verification process. Once that is done, you’ll get your debit card through the post within 3 to 6 days, although you can also request for it at any branch.

Note, though, that you must be a Malaysian citizen and a new HSBC customer to utilise this service. If you have an existing account or credit card with HSBC, then you’ll need to visit a branch to open your new bank account instead. Aside from these conditions, you’ll also have to be 18 years of age and above, and are applying for a sole account.

(Image: Bernama)

HSBC’s new online account opening service is applicable for those looking to open the following accounts:

Premier Account

Everyday Global Account

Advance Account

Basic Savings Account

Junior TopRate Statement Savings Account

Basic Current Account

Time Deposit Account

Foreign Currency Account

Gold Account

While HSBC is the first bank to allow its verification process to be completed at self-service machines, it is not the first bank to introduce an online-to-branch account opening process for banking customers.
CIMB
 and
Bank Islam
, too, have introduced similar efforts.

Find out more about
HSBC’s new online account opening service
 on its website.

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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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Get Up To 5,000 GrabRewards Points For One Day Only On 31 January

You can get up to 5,000 GrabRewards Points when you pay for your online transactions with GrabPay on 31 January. Thanks to GrabPay Power Up, GrabPay users will earn 5,000 GrabRewards Points for a minimum spend of RM250 – or 2,500 GrabRewards Points on a minimum spend of RM150.

You can use this GrabPay Power Up deal at any of Grab’s existing online merchants, ranging from fashion brands like Zalora to other sites like Mr DIY, Senheng, Domino’s, and more. To qualify, you just need to use GrabPay as your payment method upon checkout at an online merchant on 31 January 2021 and the points will be awarded to you instantly. Each Grab user is allowed to make one redemption for this campaign.

However, the redemptions are subject to a cap of 3,000 redemptions for the minimum spend of RM150 and 4,000 redemptions for the RM250 minimum spend, given out on a first-come first-served basis. It would be wise to quickly snap up this one-day-only deal when it begins at 12.01am on 31 January, because as we’ll show below, it’s quite worth the while.

Assuming you are on the Platinum GrabRewards tier (earning 3x points for online transactions) and use your GrabRewards Points to redeem Grab vouchers (800 points for a RM5 voucher), you will normally get an
effective rate of return of 1.875%
. However, with the GrabPay Power Up deal, the addition of the bonus points will put your effective rate of return at 12.29% if you spend RM150 and 14.38% if you spend RM250 – that’s a huge step up!

Do note that GrabPay Power Up is not valid for any bill payments or insurance payments. Moreover, the additional GrabRewards Points awarded under GrabPay PowerUp will not contribute towards your tier progression or upgrade.

You can find out more about the
GrabPay Power Up
 that will take place on 31 January here.

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YES, Shopee Launch YES DATABACK To Offer 5GB Free Data For Every RM50 Spent

YTL Communications has partnered with Shopee to introduce an exclusive programme that rewards YES customers with free data when they shop for their daily needs on the e-commerce platform.

Dubbed YES DATABACK, the programme lets YES customers earn 5GB worth of data for every RM50 that you spend on Shopee, capped at a maximum of 100GB. The spend requirement is applicable for all purchases on the platform, and the free data that you earn via this initiative will be provided to you in the form of a redemption voucher on Shopee by the end of the month. You can then redeem the voucher on the MyYes mobile app for your use in the following month.

So for instance, if you’ve spent a total of RM120 on Shopee in December 2020, you will be rewarded with 10GB of free data that you can use in January 2021. The maximum cap of 100GB also means that you will be able to earn free data for expenses of up to RM1,000 on the e-commerce platform.

Note that these vouchers have a validity of four months upon issuance, and that they can be stacked if you want to make multiple redemptions. However, the redemption order will be based on the sequence that they are claimed; the latest activation of the free voucher codes will be utilised first. Meanwhile, the free data has a utilisation period of 30 days once it is redeemed, and it will not extend the validity of your subscribed plan.

According to the managing director of YTL Communications, Dato’ Yeoh Seok Hong, the rapid digitisation of the consumer buying experience over this past year has urged businesses to explore new ways of meeting and exceeding consumer expectations in the digital space. This includes helping the people to stretch their money further.

“Our mission to help the nation digitise with the most affordable plans in the market began with the launch of our Kasi Up initiative last week. The partnership with Shopee, which gives data back to the rakyat as they shop for their daily essentials is a further expression of our Kasi Up philosophy. We are creating a virtuous cycle of consumption by making every ringgit the rakyat spends give much more value in return,” said Dato’ Yeoh.

The
Kasi Up initiative
 that Dato’ Yeoh referred to was launched last week with the introduction of three out of its four pillars: the Kasi Up Prepaid 15 plan, Kasi Up Postpaid 49 plan, Kasi Up Refer & Earn. Briefly, here are what these pillars have to offer:

Kasi Up Prepaid 15 plan
: 10GB worth of 4G data for RM15/month

Kasi Up Postpaid 49 plan
: 100GB worth of 4G data for RM49/month

Kasi Up Refer & Earn
: Get a referral fee of up to RM50 when you refer YES to friends and family, with the referee earning as well

The latest YES DATABACK programme serves as the final pillar to complete the Kasi Up initiative.

The managing director of Shopee, Ian Ho, also chimed in to say that Covid-19 and the movement control order (MCO) has made Malaysians more dependent on the internet in all facets of life. “The growing importance of both data and e-commerce in the lives of consumers has led us to come together with YES to offer something really special to Malaysians – the first-of-its-kind reward programme, which incentivises users with free data when they spend on Shopee,” he said.

If you’re interested in joining the Kasi Up initiative but are not yet a YES customer, the telco is currently offering the
Kasi Up Prepaid 15 starter pack at the price of RM1
 on its official Shopee store to get you started. The SIM will be delivered to you for free. You can also check out Shopee’s page to find out more information about the
YES DATABACK programme
.

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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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    MOHD EDI RUSDI BIN SABLI

    2 years ago

Ya terima kasih pasal sya dpt yes ini

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Transport Minister: Government May Extend SST Exemption For New Vehicles

(Image: Reuters)

Transport Minister Datuk Seri Dr Wee Ka Siong has said that the government may extend the sales and services tax (SST) exemption that is currently offered for new vehicle orders, and will announce a decision on the matter very soon. This is following appeals from a number of associations.

“I am aware that the Federation of Motor and Credit Companies Associations of Malaysia (FMCCAM) is requesting for the exemption to be extended further as some car buyers may not get to enjoy the incentive due to delays in car deliveries. This delay is caused by the shortage of chips and the supply chain disruptions due to the [Covid-19] pandemic. Nevertheless, the government is considering this proposal and a decision will be announced very soon,” said Datuk Seri Dr Wee.

The minister also acknowledged that the motor industry had been badly affected by the numerous lockdowns implemented over the past two years in a bid to combat the spread of Covid-19. He also agreed that extending the exemption will lead to more potential car buyers, thereby aiding in the recovery of the motor industry.

(Image: The Star)

In May 2022, the president of FMCCAM, Tony Khor had noted that about 80,000 new car orders will be affected if the government declines to extend the ongoing SST exemption – which is set to end by 30 June 2022. These buyers will be forced to pay SST if they do not receive their vehicles by the end of this month, which in turn, may affect the sales of vehicles.

Aside from FMCCAM, the
Malaysian Automotive Association (MAA)
, too, had previously appealed to the government for an extension of the SST exemption. However, MAA said that it did not receive a response from the relevant ministries at that time.

The ongoing SST exemption allows car buyers to enjoy a full waiver of SST for locally assembled cars, and a 50% waiver on imported cars. It was originally introduced as part of the
PENJANA stimulus package back in June 2020
, in an attempt to stimulate the economy after the first movement control order (MCO). Initially scheduled to end on 31 December 2020, it was eventually extended three times after that – to 30 June 2021, 31 December 2021, and then finally to
30 June 2022
.

(Sources:
Free Malaysia Today
,
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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Maybank’s Manchester United Visa Credit Cards Campaign Offers Rewards Including 10x TreatsPoints

Maybank has several promotions for Manchester United Visa credit cardholders, with the highlight being a generous 10x TreatsPoints for groceries spending. Additionally, you get to enjoy a 20% discount when you make purchases at the Adidas online store, as well as have the opportunity to win exclusive Manchester United 2020/2021 home jerseys.

The three promotions available under the umbrella campaign that you can tap into are as follows:

10x TreatsPoints

From today until 31 December, you will be able to earn 10x TreatsPoints (instead of the current reward of 5x TreatsPoints) for every RM1 that you spend on groceries when you pay with any of the two Manchester United co-brand credit cards: the
Maybank Manchester United Visa Gold
 and the
Maybank Manchester United Visa Infinite
 (MUVI).

The 10x TP earning is capped at RM1,500 for your grocery spend, and will be credited to your account 12 weeks from your credit card statement date. To participate in this promotion, SMS the code WINMU to 66628. After the RM1,500 spend threshold, you’ll earn the standard 5TP per RM1 on groceries.

If you are a MUVI cardholder, this campaign is a fantastic one to accummulate air miles as you earn twice the TPs for your grocery runs. The MUVI offers 2TP for every RM1 in retail spend, and 5TP for every RM1 when Manchester United wins a Premier League match. It also earns 5TP for every RM1 spent on groceries – this campaign doubles the amount, giving it a better rate than the Amex Reserve that the Maybank 2 Premier cards comes with (which gives 5TP for every RM1 spent on all retail).

20% Sitewide Discount At The Adidas Online Store

Aside from the two promotions above, you are also entitled to a 20% sitewide discount on the Adidas online store when you pay for your purchases with the participating cards. Between 17 to 31 August, you can use the promo code “ADIMAYB” at the checkout page to redeem the discount voucher to be used for your transaction.

Manchester United Home Jersey 2020/2021

300 pieces of Manchester United 2020/2021 home jerseys are up for grabs from now until 31 October, which you can win by completing the two tasks below:

Applying for a Maybank Manchester United Visa Infinite or Gold credit card through Maybank2u

Activating your card and spend a minimum of RM800 within the first 45 days upon approval

This promotion is open to all new-to-bank or existing Maybank customers who do not yet have a credit card with the bank.

***

In general, the Maybank Manchester United Visa credit cards offer additional benefits that appeals to fans of the club. These include special discounts at the Manchester United Megastore and for stadium and museum tours, as well as 5x TreatsPoints when Manchester United wins a Premier League match. With these extra promotions lined up, there are now more reasons for the cardholders of these cards to use them for daily purchases.

For more information about the
Maybank Manchester United Visa Credit Cards 2020 Campaign
, head on over to Maybank’s website.

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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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Popular Local Investment Discussion Channel Appears On SC's Investor Alert List

The Securities Commission has updated its Investor Alert List to include six new entries, with the most prominent among them being the Pelham Blue Fund, a popular investment discussion group which provides regular updates on local stock market movements via its Telegram and Twitter accounts.

According to the SC, the group running the Pelham Blue Fund channel has been found to be “carrying out unlicensed capital market activities of providing investment advice”. Its website and Twitter pages have been taken down, while its Telegram channel has stopped posting updates since 12.40pm today.

Over the past year, the Pelham Blue Fund Twitter page has grown popular among young Malaysians thanks to its mix of combining local stock market price updates with jokes, popular memes, and timely references to local events. Meanwhile, its Telegram channel posts regular updates on local stock market price movements, and it also has a Market Insights private Telegram group as well as a blog.

The SC has regularly updated its Investor Alert List to include more and more stock investment “gurus”, a phenomenon that has grown in tandem with the
increase in retail investors in Malaysia since the start of the Covid-19 pandemic
. These “gurus” usually provide a buy call on a specific stock with some research and a target price, but already build a position on that stock before posting them to their followers – a strategy known as “front-running”. When the followers buy into the stock, these “gurus” then sell their positions, effectively profiting from their influence.

In recent times, the SC has also included
Remitano
and
Binance
into its Investor Alert List as they are operating without authorisation from the SC (so far, only
three digital asset exchanges (DAX) have been approved to operate in Malaysia
: Luno, Tokenize, and Sinegy). It also added Trading View, a popular charting platform, to
its list in March
.

The SC continues to advise local retail investors to conduct their own research before making an investment decision, and not rely on advice from unlicensed individuals.

(Source:
Securities Commission
 (Twitter))

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SERC: Subsidy Reforms Necessary For Malaysia’s Economic Recovery

(Image: Utusan Malaysia/Mohd. Shahjehan Maamin)

The Socio-Economic Research Centre (SERC) has commented that subsidy reforms are necessary for Malaysia’s economic recovery. As such, it urged the government to progress steadily with its plan to carry out such reforms.

The executive director of SERC, Lee Heng Guie acknowledged that reforming existing subsidies is not an easy task; many governments around the world that attempted this have found themselves met with public resistance. However, he stressed that it still needs to be done.

One of Lee’s suggestions is for the government to introduce a comprehensive and transparent subsidy mechanism as it shifts from a general blanket subsidy approach to targeted subsidies. This is in hopes that the mechanism will enable the government to better identify financially vulnerable households, and provide assistance to the targeted groups.

(Image: Bernama)

“The government should also introduce automatic pricing mechanisms and phased-in price increases to smoothen adjustment,” Lee also suggested, adding that transparency and clarity of the objectives for these reforms can help ease public resistance.

Lee further emphasised that the people must be made aware of the misconception that the financial burden of specific income groups can be eased by controlling the price of certain goods. Instead, they should realise that the provision of subsidies actually comes with high economic and fiscal costs.

“Unsustainable subsidies can deepen the budget deficit, forcing the government to borrow more and increase debt,” Lee explained, adding that Malaysia’s share of subsidies to total revenue has been increasing annually since 2012. In fact, the
total amount of government subsidies for 2022 is projected to reach almost RM80 billion
 – estimated to make up 31.2% of the country’s total revenue and 4.6% of its gross domestic product (GDP).

(Image: The Star)

On top of that, the executive director of SERC also pointed out that the current subsidies are regressive in nature as most of the subsidies benefit higher-income households. He cited Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz, who revealed that
a substantial portion of the subsidies is actually enjoyed by the T20 income group
.

Lee further said that the massive expense of subsidies has caused the government to divert annual budget allocations from key sectors, such as education, healthcare, infrastructure, and housing. Additionally, the provision of subsidies may even cause wasteful spending, and adversely impact economic activities as well as the environment. “When the product prices are cheap and heavily subsidised below (the) market prices, it encourages excessive consumption and wastage as demand shifts toward subsidised products,” he explained.

Lee further remarked that the subsidies provided may encourage arbitrage – which is essentially a simultaneous act of buying a specific item in one market, and then selling it in another market to take advantage of the differing prices and earn a profit. Ultimately, this may lead to hoarding, black market, and smuggling activities across the national borders.

(Image: The Star)

Finally, Lee shared that the provision of subsidies and implementation of price controls also mean that the prices borne by consumers are below the real market prices and producers’ costs. This will negatively affect the producers’ profit margin, and in turn, drive away investors from the country as they seek a better return elsewhere. “There will be less investment, production, and supply of products made available to consumers,” he added.

To date, several ministers had already hinted that the government is looking to change the country’s approach in providing subsidies. For instance, Tengku Datuk Seri Zafrul had said that
Malaysia may adopt a targeted fuel subsidy mechanism
 so that it will benefit those who truly need it. International Trade and Industry Minister,
Datuk Seri Mohamed Azmin Ali
, and Minister in the Prime Minister’s Department for Economic Affairs,
Datuk Seri Mustapa Mohamed
 have also shared similar comments.

(Source:
Malay Mail
)

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EPF Declares Dividend Rates Of 6.15% And 5.9% For Syariah For 2018

(Image: New Straits Times)

The Employees Provident Fund (EPF) has declared dividend rates for 2018 of 6.15% for conventional savings and 5.9% for syariah savings. The total dividend payout for 2018 amounted to RM47.31 billion (RM43 billion for conventional, RM4.32 billion for syariah), which is 1.7% lower than the payout in 2017.

Commenting on the announcement, Finance Minister Lim Guan Eng stated that the dividend rate was “examplary”. “Experts had predicted that the dividend rate will not reach 6%, to reach even 5% would be difficult. As such, this announcement is beyond expectations,” he said. “Against a sluggish economic backdrop because of the conflict between the United States and China, Malaysia can be considered as one of the best-performing economies.”

For 2018, the EPF recorded a gross investment income of RM50.88 billion. RM46.26 billion was attributed to conventional savings, while the remaining RM4.62 billion was attributed to syariah savings. In a statement, the EPF stated that the syariah portfolio recorded a lower income in 2018 due to the underperformance of the telecommunications, construction, and oil and gas sectors in the domestic portfolio.

While the 2018 EPF dividend rate is better than expected, it is lower than the record 6.9% for conventional and 6.4% for syariah savings in 2017. Nevertheless, the EPF dividend rate for 2018 is still around the average rate recorded by the EPF for the past 10 years.

EPF Chairman Tan Sri Samsudin Osman said that the EPF is pleased that the fund’s portfolio has achieved favourable returns despite 2018 being a difficult year in global financial markets. “More importantly, we consistently deliver above-inflation returns to preserve and increase the value of our members’ savings over the long term and help them to achieve a better retirement future,” he said.

(Sources:
The Star
,
Free Malaysia Today
)

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More Savings With Agoda and Air Asia Citibank Visa Credit Cards

If you’re a holder of an AirAsia Citibank Visa or Platinum Visa credit card and are planning a trip anytime this year here’s some good news, hotel aggregator Agoda.com is offering discounts of up to 7% for any accommodations made before 30 June 2013.

Bookings must be made via this
website
 staying period must be no later than 30 September 2013. AirAsia Citibank Visa cardholders are entitled to 5% discount off room rates while Platinum Visa cardholders will receive a 7% discount.

Please note that the discount does not take into account any additional tax and service charges. Have a run through the Terms & Conditions before deciding your next big adventure.

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First American Express Card Made From Recycled Ocean Plastic Coming Soon

American Express will be re-launching its iconic Green Card later this year in the US with a unique twist: it will be made from recycled plastic – currently the only one of its kind in the world.

The Amex Green Card will be made from 70% plastic debris recovered from islands, beaches, and coasts. This first-ever ocean plastic card by Amex is the result of a collaboration with environmental organisation Parley For The Oceans.

Besides the ocean plastic card, this collaboration –
first announced in June 2018
 – aims to reduce marine plastic pollution while simultaneously raising public awareness about ocean conservation.

“Our oceans play a vital role in our communities worldwide, and we want to do our part to protect them and help combat marine plastic pollution,” said Doug Buckminster, American Express Group President of Global Consumer Services. “We hope our new Green Consumer and Corporate Cards will serve as a helpful reminder for card members who want to reduce the use of plastic in their daily lives,” he added.

In addition to the Amex Green Card made from ocean plastic, Amex will also be introducing a card recycling programme in the US next year. This initiative will enable cardmembers to responsibly dispose of their expired or non-working Amex cards by sending them back to the company for recycling. It is not currently known if the company will expand both the ocean plastic Green Card and its other activities with Parley to other markets, though the company did issue press releases on this initiative to various markets outside the US, including to Southeast Asia.

(Source:
American Express
,
Fast Company
)

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Christine Tay

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Govt Reintroduces PTPTN Loan Repayment Exemption For All First-Class Degree Graduates

(Image: Bernama)

Prime Minister Datuk Seri Ismail Sabri Yaakob has said that the government will reinstate the National Higher Education Fund Corporation (PTPTN) loan repayment exemption for all students who graduate with a first-class bachelor’s degree.

“I wish to announce that the government will once again be giving the special waiver to any student with a PTPTN loan, and have a first-class honours degree, whereby they are allowed to change their loan to be exempted from repayment without taking into account their economic background, race, or religion,” said Datuk Seri Ismail Sabri during PTPTN’s 25
th
 Silver Jubilee Celebration, adding that this benefit will be provided to graduates from 2019 onwards.

For context, this exemption was originally offered to tertiary students from all income groups as long as they earn first-class honours for their bachelor’s degree and meet specific conditions. However, it was eventually
narrowed down to only students from B40 households in 2019
 (under Budget 2019), and those from other income groups were required to continue servicing their loans.

(Image: Malay Mail)

Following this latest update, Datuk Seri Ismail Sabri said that the PTPTN will need to reach out to the Ministry of Finance regarding the matter to determine the allocations involved. He also hoped that the reintroduction of this exemption will serve as an encouragement for students to do their best in their studies.

Aside from this announcement, Datuk Seri Ismail Sabri also took the opportunity to urge all PTPTN borrowers who have yet to settle their loans to do so as soon as possible. “Repayment of study loans is important to ensure continuity and availability of the fund for new students who are also heirs of the nation,” he said, noting that over 82.04% of PTPTN borrowers have settled their loans as of last month, totalling RM17.8 billion.

Additionally, the prime minister applauded several of PTPTN’s initiatives thus far, including the introduction of
Simpan SSPN
 to reduce the public’s dependence on loans, as well as the launch of the Education Savings Club to increase financial literacy among children. He also highlighted PTPTN’s cooperation with state governments to increase its loan repayment collection – such as the
PTPTN Anak Sarawak repayment incentive
 – adding that such efforts should be further expanded.

(Sources:
Malay Mail
,
The Star
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Your Ideal Family Home Awaits At KITA Sejati Serviced Apartment

Deciding on where to settle down as a family can be a challenging ordeal. In fact, there are several factors that come to mind when looking to buy a family home. Working parents with young families typically prefer homes that are accessible to highways for work commutes, within close proximity to potential schools and healthcare centres, as well as family-friendly facilities for kids to enjoy.

At a starting price of RM270 000, a home at KITA Sejati Serviced Apartment could be an ideal family home for you and your family. Located in Dengkil, KITA Sejati Serviced Apartment is located within KITA @ Cybersouth’s gated and guarded township sited on Malay-reserved land in the up-and-coming southern corridor of the Greater Klang Valley.

Strategic Location for Education

Among the advantages of staying in the area is having many options for established schools nearby, spanning from kindergarten to university. This makes it ideal for parents looking for long-term options for their children’s education. Whether your kids are settling into kindergarten, or heading off to university, there are a number of educational institutions located within the vicinity of the area.

Esteemed educational institutions located just a few kilometres from KITA Sejati Serviced Apartment include SK Dengkil, SMK Dengkil, UiTM Kampus Dengkil, Limkokwing University, Multimedia University, University Islam Malaysia, Heriot-Watt University, Nilai University, and Xiamen University.

Convenient for Grocery Runs and Shopping

Parents with young families will be spoilt for choice with the abundance of malls to bring your family to on the weekends for dining and entertainment. Weekend grocery runs are just a short drive away thanks to the proximity to popular malls.

With the closest mall (D’Pulze Shopping Centre) being a little over 6km away, you and your family have a variety of interesting places to hang out on the weekends including AEON BiG, Mitsui Shopping Outlet, Alamanda Shopping Centre, and IOI City Mall. Apart from that, the strategic location of KITA Sejati Serviced Apartment provides its residents with accessible roadways to some of the major highways including MEX, SKVE, ELITE, and the Putrajaya Link for convenient commutes.

Child-Friendly Environment

As the old saying goes, all work and no play makes Jack a dull boy! A formative part of growing up is playtime so a conducive environment plays a big part in a child’s development in becoming a well-rounded adult. Living in KITA Sejati Serviced Apartment means kids will get to enjoy a total of 29 facilities for recreation. Just picture hours of fun by the pool with your children during the school holidays!

Apart from the lush greenery that dots the landscape around the apartment, families will get to enjoy a number of indoor and outdoor facilities for the whole family to enjoy and bond. These include a swimming pool with a pool deck, multipurpose court, games room, an integrated playground, BBQ deck, and more.

A Safe Community for The Family

With so many tempting locations just around the corner, residents with families can rest assured that their safety is prioritised as it is a guarded and gated residence. The properties available at KITA Sejati Serviced Apartment are built to be practical and adaptable to your current lifestyle. This means that whether you are a newlywed couple looking to start a family, or a family of four with two young children, you’ll have options that can be customised to your familial circumstances.

The two types of units available are perfect for the small family looking to build a home. The smallest unit has 2 bedrooms, 2 bathrooms, and is sized at 602 sq. ft, whereas the biggest unit has 3 bedrooms, 2 bathrooms, and is sized at 850 sq. ft. Both are cosy and comfortable options for your family to call home.

***

With various amenities, schools, healthcare centres, and accessibility to important highways, KITA Sejati Serviced Apartment is an ideal choice for your family if you’re looking for a convenient home that is situated in a convenient location for everyone. No matter which unit you pick, you’ll be able to build a home that’s suited to your family’s needs and wants and live a harmonious life with your children as you watch them grow.

Book your KITA Sejati home for RM1,000 with a starting price for units beginning at an affordable RM270,000.
Click here to visit the website
 and learn more about KITA Sejati.

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Eloise Lau

Eloise Lau

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Other Perks to Look For in a Job Beyond Salary

We all remember that spiel our elders used to give us about school: “You should study hard, get good grades, so you can get a good-paying job.” For the most part that makes sense, but is salary the only thing to look for in a job?

Income is one way to get what we want, but there are other things that can make a job more valuable that’s not directly tied to your paycheque.

We’re not talking about things like corporate culture or how meaningful the work is to you, either. While those things are important, we want to talk about things with monetary value.

Often these other perks aren’t paid attention to as much, but together they add up to things you may have to pay for elsewhere. Once you know to keep these in mind, you can make better decisions when choosing a new career path.

Insurance and Coverages

Typically a reasonable job offer would include some form of health coverage. If you have specific recurring medical needs (physical therapy for an old injury, allergies, prescription medication) you can find out if they’re covered by the employer.

With some health plans, dental and maternity benefits are included while in others they may be only partially covered or not at all.

Consider whether surgical care or preventative care is included and to what extent. Don’t shy away from asking for specific details like deductibles, co-pays, and annual or lifetime maximums.

A robust coverage plan is worth a lot especially as it saves you not just the cost of medical bills, but also the headache of paying extra high premiums on your own.

That said, however, whether or not you have adequate health insuranc at work; it would be advisable to have your own
personal medical insurance policy
. Find a complimentary plan that is suited to your needs and plugs the gaps of your company policy.

Claims and Reimbursements

Claimable expenses you incur in the service of the company need not be restricted to just travel and phone calls. Some employers offer reimbursements for professional training courses, conferences, or even continuing education.

Some of these reimbursements may require you to be bonded to the company by a number of years that correspond to the cost they’re covering.

In fact, there are also many education-focused companies that offer scholarships to spouses and children of employees. Malaysian companies may even offer paid leave for Hajj if applicable which, while not technically work-related, is a nice perk to have.

Flexible Working Hours and Spaces

In the current globalised knowledge economy where businesses trade information all over the planet, the traditional 9 to 5 can sometimes be less than optimal. Some firms offer its full-time employees flexible office hours as long as they get their tasks done within deadlines.

Long commutes can not only be a source of stress that can impair your work quality, you also waste a good chunk of time you could spend getting the work done!

Flexible working hours mean that you’re more in control of your work, more free to pursue other things outside of work like taking care of family members, a private business venture, or just general housekeeping. If an organisation is open to flexible hours, it can be a good bonus to you even if the salary may be slightly lower than comparable positions.

Stock Options

Traditionally, an option to buy a share of the company at a discounted price is only offered to senior executive positions. However, recently local startup companies have began to offer stock options in addition to regular employee benefits as well. If you foresee the company doing great in the future, stock options can be quite a lucrative offer to take.

Embarking on a new career is an important step in growing our skills and maximising our potential as productive citizens of the world. In choosing one, you will be well-served to remember that there are many other considerations to take into account besides what you get in your bank account every month.

Did we miss any other perks and advantages that may come with a job besides salary? Share the love and let us know in the comments section below!

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Ahmad Mudhakkir

Ahmad Mudhakkir

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Apply For A Credit Card This Week To Win An iPad Air M1, Apple Watch Ultra, And More

The Raya season will soon be upon us! If you’re looking to apply for a credit card ahead of the festive season, you’ll be able to celebrate with the opportunity to take home impressive gifts including Apple products this week.

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

From 17 April to 25 April, our featured bank partners are

none other than
Standard Chartered, HSBC Bank, Citibank, RHB, Alliance Bank, and Public Bank
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Standard Chartered – RM800 Touch ‘n Go eWallet Credit

You’ll be guaranteed up to RM800 TNG eWallet Credit when you apply and activate a Standard Chartered Credit Card. Treat yourself to a shopping spree, pay for utilities, or spend it on a nice meal for yourself – there are just so many options to choose from.

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

HSBC Bank – Apple iPad Air M1

Stand a chance to win an Apple iPad Air M1 when you apply for a HSBC credit card this month!

With an immersive 10.9-inch Liquid Retina display, the iPad Air M1 utilises the breakthrough Apple M1 chip, making it a creative and mobile gaming powerhouse. Featuring  Touch ID, 12MP front and back cameras, blazing-fast wireless, and USB-C charging port, the iPad Air M1 is the go-to device for both work and play.

You’ll still be able to take home guaranteed RM500 Touch ‘n Go eWallet Credit if you don’t win the Apple iPad Air M1!

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

Citibank – Apple Watch Ultra

Win the new Apple Watch Ultra when you apply for a Citibank Credit Card! The newest Apple Watch comes with a 49mm aerospace-grade titanium case, extra-long battery life, specialised apps that work with advanced sensors, and a new customisable Action button – making this a watch designed for exploration, adventure, and endurance.

For those who are not selected, you will still walk away with a guaranteed pair of Apple AirPods (2nd generation).

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

Take note, though, that current card members 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
.

RHB – Apple Watch SE

Stand a chance to win an Apple Watch SE when you sign up for an RHB Credit Card this week!

The trendy Apple Watch SE has essential features to help you stay connected, active, healthy, and safe. Take calls and reply to texts directly from your wrist, track your daily activity and workout sessions, and even send emergency alerts to the authorities with its advanced safety features including Fall Detection, Emergency SOS and Crash Detection – the Apple Watch SE has everything you need in a smartwatch!

For those who are not selected, you will still walk away with guaranteed RM200 Cash via DuitNow.

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

Alliance Bank – HP F560X Car Dash Cam Or Russell Taylors Vacuum Cleaner VC-20

Apply for a new Alliance Bank Credit Card and you’ll be able to take home a guaranteed HP F560X Car Dash Cam or Russell Taylors Vacuum Cleaner VC-20 this week!

You’ll be guaranteed the HP F560X Car Dash Cam when you apply for an Alliance Credit Card with Balance Transfer. The dash cam is equipped with the SONY IMX307 Starvis sensor – which helps it capture great video quality even in low-light environments. This 1080p rear camera is the perfect partner to accompany your daily journeys on the road.

Applying for an Alliance Credit Card without Balance Transfer? You’ll receive the Russell Taylors Vacuum Cleaner VC-20. What makes this handheld vacuum the perfect household cleaning tool is its powerful 600W motor and 20KPA suction power – which can remove both small and large dust and dirt particles, and meet all your cleaning needs.

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

Public Bank – Xiaomi Poco M5 Smartphone

Stand a chance to win the Xiaomi Poco M5 Smartphone this week when you apply, get approved and spend with a Public Bank Credit Card.

Featuring an impressive 50mp ultra HD AI triple camera, the Xiaomi Poco M5 will be able to take high-grade photos, thanks to its ability to handle various shooting scenarios including dark environments to make your photos more vivid. Its 5000mAh fast-charging battery also ensures that you’ll be able to use your phone all day long on a single charge.

For those who are not selected, you will still walk away with a guaranteed Midea 2-in-1 Stick Vacuum Cleaner.

All you need to do is complete your application via the RinggitPlus website, get approved by Public Bank, and make an accumulative spend of RM250 within sixty (60) days of approval to be guaranteed this gift. Apply for your Public Bank credit card
here
.

***

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

While this week’s flash deal ends on 25 April 2023 (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Public Bank

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RinggitPlus Unbox This Week Campaign

Russell Taylors Vacuum Cleaner VC-20

Standard Chartered

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About THE AUTHOR

Eloise Lau

Eloise Lau

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    Janardhan Dorale

    2 months ago

This offer is very Awesome and special for me  this offer  provides a great service

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5 Home Insurance Myths You Need To Stop Believing

In comparison to other types of insurance, home insurance is not a well-known or widely talked about topic especially among Malaysians. This is why there are a few misconceptions floating around regarding home insurance, such as what it is for and what it can do for you. Here, we address some of the most common assumptions Malaysians make when it comes to their views of home insurance.

Myth #1: Home insurance is not important

Home insurance is not compulsory by law, although your mortgage lender may require you to take out a mortgage insurance policy for your home loan. Those who are less aware about the long-term advantages of home insurance may see it as just another hidden cost in the expense of owning a home – but there are important reasons why home insurance isn’t just another box to tick off.

Just like why you would insure your life and your car, a home insurance policy protects your financial interest should anything go wrong. Your home is likely to be one of your biggest investments, so why wouldn’t you want to protect yourself should anything bad happens to it? Accidents or damage to one’s home can happen to anyone. Burglaries are all too common in some parts of the country. Getting an insurance policy for your home and its contents offer you peace of mind and could save you financially in the long term.

Myth #2: All home insurance policies are created equal

Home insurance isn’t just one standard-benefit policy that all homeowners take out. There are many different types of home insurance policies out there. Don’t worry too much about the naming of the various policies (such as the difference between houseowner and householder policies) but take time to look instead at what each policy covers. Remember to compare the extent of coverage between different insurance providers too.

There are three main aspects of coverage for home insurance policies:
fire
,
property
, and
contents
. Fire insurance covers you for damage to your home caused by fire, gas explosions, and the like; property insurance covers non-fire-related damage to the building of your home; while contents insurance gives coverage for the items in your house that are included in the policy. When you are deciding on an insurance policy, look at which aspects are covered by that particular policy – whether it’s just fire insurance, or fire insurance and property cover, and so on.

Myth #3: Home insurance policies cover all disasters

Let’s say you decide to take out a home insurance policy that protects you from fire, other types of damage, and insures the contents of your home as well. Unfortunately, this does not necessarily mean that your home is now insured against every type of damage out there. You’ll find that there are two types of damage that are commonly excluded in most insurance policies: damage caused by landslides, and by termites.

Damage caused by fire, burst pipes, and floods are commonly covered by the average policy, but landslides aren’t. There are a few policies which do cover landslides, but you may have to pay extra for it. The second type of damage that is often excluded is damage caused by termites. Pest control company Rentokil estimated that termites cause as much as RM40 million worth of damage to buildings and structures in Malaysia annually. So, if your home is hit by termites in the future, don’t assume that the damage is covered under your home insurance unless your policy specifically states so.

Myth #4: Home insurance isn’t for apartments, condominiums, or rented properties

For flats, apartments, and condominiums, it is compulsory for the management corporation (MC) of the building to ensure that the whole building is insured against fire. As the owner of a unit, you are required to only pay your portion of the premium to the MC. However, the extent of fire insurance policy is limited to damage by fire – some properties may subscribe to a policy that covers other types of damage too, but check with your MC to make sure. At any rate, the contents of your unit will not be covered, so if you want the extra protection, you can look into additional insurance coverage yourself.

If you live in a rented house, you may not be thinking about home insurance since the house belongs to your landlord – but remember, you could lose the things in the house belonging to you due to any number of causes. You can buy a contents-focused insurance policy that will cover only the contents of your rented home, but do some calculations first to see if it is worth doing so.

Myth #5: You don’t need to review your home insurance

The premium you pay for home insurance is based on the type of building, extent of your policy coverage, and sum insured. You decide on all of this at this at the start of your home insurance period, but you can make changes to your insurance policy if you think it is necessary as time passes.

Persatuan Insurans Am Malaysia (PIAM), the national trade association of insurance companies in Malaysia, recommends that you conduct a yearly review of your property and belongings before renewing your policy. This way, you can avoid under- or over-insurance. The insurance sum itself should be reviewed as property values can rise due to market price appreciation or renovations. At the same time, take into account any depreciation costs to avoid paying a higher premium than necessary.

Now that you’ve busted these myths about home insurance, you have a clearer idea of what to look for when shopping for a home insurance plan. Want to find all the available home insurance plans in one place and make the necessary comparisons? Go ahead and use the
RinggitPlus Home Insurance Comparison Tool
 for the easiest way to find the right policy for you.

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Jacie Tan

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The Spirit Of “Muafakat” And Ta`awun Go Digital, Offering A Community-Based Takaful Protection

Recently launched in November 2020 by Prudential BSN Takaful Berhad (PruBSN), PruBSN Aman is the first mobile app in Malaysia to offer peer-to-peer (P2P) community-based Takaful protection with death benefit of up to RM7,000 and
khairat
 benefit of RM3,000 for its participants.

What’s special about PruBSN Aman is that since it is developed on a mobile app platform, you can easily subscribe to the Takaful coverage and upon successful subscription, be instantly connected to a community that supports one another during challenging times, which also allows you to give back to the community for the greater good.

For those who are not familiar with the concept of P2P, it is a risk sharing network where every individual in the community shares the cost of a pre-defined risk. Think of it like a
gotong-royong
– where the spirit of “muafakat” or togetherness and the concept of Ta`awun, an arrangement to help one another based on mutual assistance are clearly demonstrated within the community.

If you grew up in a
kampung
 – chances are that you would be familiar with how everyone would come together to help out when a family is holding a
kenduri
 for a special occasion. Working together brings joy as the community supports one another, whilst also bringing mutual benefits that can be enjoyed by everyone.

Join the Community with Only PruBSN Aman Mobile App

To subscribe to PruBSN Aman takaful coverage, you can simply download the PruBSN Aman mobile app which is now available on
Google Play
 and
App Store
. Its user-friendly interface allows for an easy registration process, with no medical examination required.

Participants of PruBSN Aman are required to make an Advance Contribution of RM120 to get started. As PruBSN Aman is a Shariah compliant Takaful coverage an upfront
wakalah
 fee of RM30 will be deducted from your Advance Contribution with the remaining RM90 deposited into your Mutual Account. Besides the upfront
wakalah
 fee, there are also an
annual
wakalah
 fee of RM15
and
wakalah
 claims fee
 chargeable to your account, accordingly.

So How Does PruBSN Aman Work?

As mentioned above, to participate in PruBSN Aman you would need to pay an Advance Contribution of RM120. After the RM30 upfront
wakalah
 fee deduction, the remaining RM90 will go into your PruBSN Aman’s Mutual Account.

The bigger the community that you participate in, the bigger the pool of contributions that will be used to support claims payments made by any of your community’s members, in the event of death that occurs within the community.

Let’s say for example, there are 3,000 members in the community that you participate in. In this case, the collective Advance Contributions deposited into the Mutual Accounts would have totaled to RM270,000 (3,000 x RM90).

What Happens When A Community Member Makes A Claim?

Your Mutual Account will only be deducted when a member of your community makes a death claim. As PruBSN Aman offers takaful coverage of RM7,000 for death benefit and RM3,000
khairat
 benefit, every member is entitled for a claim of RM10,000 in total.

Besides that, with 4%
wakalah
 claim fee payable for claims made within a month (regardless of the number of deaths),
RM10,000 + 4%
wakalah
 claim fee = RM10,400
 is the total claims payout that would be shared equally among community members.

In this instance where the size of community consists of 3,000 members, it would mean that each member would be contributing RM3.47 (RM10,400 ÷ 3,000) to the total claim payout, deducted from the participant’s Mutual Account.

The maximum claims share deduction is capped at RM20 per participant every month. In the case where there are a high number of death claims made within a particular month, the remaining claims share deduction will be carried forward to the following month. If your Mutual Account balance falls below RM40, the contributions in your account will be automatically topped-up via the app.

PruBSN Aman – Made Even More Convenient for Claim and Nomination

PruBSN Aman is thoughtfully designed to provide transparent details of your account. Not only you can view the live statistics which include the number of participants in your community, your Mutual Account balance, and other details, you can also easily nominate your nominee and submit a claim (if you are a nominee) via the app.

In the case of unfortunate events when a participant has passed away, PruBSN Aman enables his or her nominee to remotely submit the death claim via the app. If the participant’s nominee or next of kin decided to engage any funeral services management with MyAngkasa Mukmin, PruBSN Aman’s affiliated Funeral Service Provider, the RM3,000
khairat
 benefit will be paid directly to MyAngkasa Mukmin. Alternatively, if the nominee chooses not to utilise this exclusive funeral services, a total of RM10,000 shall be paid to the nominee.

***

PruBSN Aman is truly an exciting P2P concept mobile app-based takaful coverage that marries tradition with technology. Not only is it developed with a complete line of features which caters for easy subscription and profile maintenance, accessing e-statements, claims submission and processing status, and more – you would also get to enjoy referral rewards of RM5 deposited into your Mutual Account as your Advance Contribution, for every new sign up recommended by you. This RM5 reward can be utilised for any subsequent Claims Share deduction incurred within the PruBSN Aman community!

That’s not all, as from now until 31 December 2021, new participants who subscribe to PruBSN Aman are also entitled for
free Covid-19 coverage
 which offers RM1,000 cash relief upon hospitalisation and RM10,000 death benefit paid in lump sum upon death due to Covid-19 within the coverage period. If you would like to learn more about the free Covid-19 coverage by PruBSN Aman, you can
read further here.

Meanwhile, the PruBSN Aman app is available for download on both
Google Play
 and
App Store
. To find out more about PruBSN Aman, you can read the
product disclosure sheet here
. Additionally, you can also
visit PruBSN Aman’s website
 for more information.

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Caltex Will Soon Enable E-Wallet Payments, Supporting Boost, Grab, & Touch 'n Go eWallet

Caltex customers will soon have the option to pay for their petrol and other purchases through Touch ‘n Go eWallet, Boost, or GrabPay. This comes as Chevron Malaysia Ltd teamed up with cashless payment solutions provider Revenue Group Bhd to enable e-wallet services at all Caltex petrol stations nationwide. Chevron Malaysia owns and markets the retail brand Caltex in Malaysia.

The partnership will see more than 420 Caltex petrol stations be equipped with smart digital payment terminals to accept payments from the selected e-wallets. The installation is expected to wrap up by the end of August.

The country chairman of Chevron Malaysia, Jay Gomez, said that customer convenience has always been a priority for Caltex. Through this collaboration, Caltex customers will be able to choose from more and safer payment choices.

(Image: AutoWorld)

“At Caltex, we are committed to offering excellent fuel products and services. A key focus is ensuring we have industry-leading payment systems in place for our customers, and we are very pleased to be working with Revenue to introduce e-wallet payments at our petrol stations. These digital upgrades enhance the customer experience at Caltex by allowing motorists to refuel and pay with their mobile phones,” Gomez added.

Meanwhile, the managing director and group chief executive officer of Revenue Group, Eddie Ng Chee Siong, said that the partnership is timely as consumers now prefer digital payments due to the Covid-19 pandemic. “This partnership with Caltex expands our merchant footprint and is in line with our longstanding aim to drive cashless adoption in the country,” he said.

(Sources:
New Straits Times
)

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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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PayNet, Alipay+ Sign MOU To Promote Seamless Cross-Border Payments

Payments Network Malaysia Sdn Bhd (PayNet) has signed a memorandum of understanding (MOU) with Ant Group, which is set to further enhance cross-border payments between Malaysia and several other Asian countries, namely Thailand, Hong Kong SAR, the Philippines, and South Korea. This is enabled via Ant Group’s global digital cross-border payment and marketing solutions platform, Alipay+.

Specifically, those using Malaysian e-wallets and mobile banking apps that are supported by PayNet can soon use their apps to pay at Alipay+ merchants globally by scanning their QR code, starting in 2024. Similarly, visitors to Malaysia who use AlipayHK (Hong Kong), GCash (the Philippines), Kakao Pay (South Korea), and TrueMoney (Thailand) will be able to pay for their purchases in Malaysia by scanning a DuitNow QR code using their home country’s e-wallets – to be enabled by the end of this year.

According to the chief commercial officer of PayNet, Gary Yeoh, this collaboration – which will also see Ant Group and PayNet working on digital marketing efforts to promote businesses within the users’ e-wallets – is timely as overseas travel and tourism have fully resumed. To note, as many as 4.5 million tourists have made their way to Malaysia in the first quarter of 2023 – with most of them coming from ASEAN countries. Malaysia hopes to achieve a target of 16.1 million tourist arrivals in 2023 and generate more than RM49 billion in tourism revenue.

“Consumers and merchants in both countries who are already accustomed to digital payments expect the same seamless and hassle-free experience when travelling overseas. They also expect this to be conducted at competitive exchange rates. This collaboration will address both these needs. Since Malaysia has long been a favourite and popular destination with Asian tourists, and vice versa, this collaboration will likely result in higher trade growth between the two nations,” said Yeoh, adding that the use of QR code payments is expected to grow by 590% by 2028 – driven primarily by Southeast Asian users.

Meanwhile, general manager of Alipay+ offline merchant services at Ant Group, Dr Cherry Huang said that the collaboration will bring local businesses and international visitors closer together. “Travellers today have greater expectations when they travel, particularly the use of digital solutions to enhance their experience. They want it to be simpler, with less complexity and less hassle, and in working with our local partners, this is exactly what we want to achieve – personalised, seamless, and borderless experiences,” she said.

(Image: Malay Mail/KE Ooi)

Prior to this latest MOU, Alipay+ has already partnered up with various other parties to bring cross-border payments to Malaysia, including
Touch ‘n Go (TNG) eWallet
 and local
7-Eleven stores
. Alipay+ is widely accepted in many destinations, including Malaysia, Mainland China, Macao SAR, Singapore, Thailand, Japan, and South Korea – among others.

Meanwhile, PayNet is the national payments network for Malaysia, and has been involved in facilitating payment linkages between Malaysia and other countries, including
Thailand
,
Indonesia
, and
Singapore
. It also operates and manages the DuitNow ecosystem.

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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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Maybank Credit Card: One Swipe, Win Six Apples

Maybank is running an enormous credit card giveaway in their
One Swipe, Win Six Apples
 competition which runs from 1
st
 November 2012 until 28
th
 February 2013.

If you’re a Maybank credit card customer you could win an iPhone 5 iPad 16GB, iMac 21.5”, iPod Touch 16GB, Macbook Air 11”, Apple TV and RM500 EpiCenter Apple vouchers! There are a total of thirty-two weekly and and one hundred and twenty daily prize winners throughout the the contest.

The competition is only open to Malaysian Maybankard Visa or Mastercard holders. All you need to do is spend at least RM100 on retail transactions in a single credit card receipt and you’ll automatically be in to win.

Competition entries can be doubled by registering an NRIC number via SMS. Newly applied and approved Principal Maybankard Visa or Mastercard credit cards will also gain double entries during the contest period.

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Practical Tips for Surviving Your First Year of Work with a Limited Income

Welcome to adulthood, young people! Here you’ll find many a day of non-stop work; brain stretching budgeting; and the accumulation of new responsibilities you may never have known existed! Many youngsters often struggle upon entering this new phase in life, more so if they fly the nest in search of greener pastures or independence.

Suddenly, the only worry of passing exams is replaced a thousand-fold by job responsibilities, home responsibilities and more than anything else; money responsibilities. Fresh graduate jobs are known to pay a lot lesser than their fully experienced counterparts so trying to manage on your own can prove challenging but not impossible! Whilst we can’t help make the graduate to worker transition easier in other ways; we can offer some tips to make the money situation less daunting.

Trying to survive on a lean income in your early years? These survival tips might help fresh graduates to stay afloat and even come out the other side with a small savings.

Cut the Commute by Living Nearby

Whilst we can’t always choose where we find good jobs – if you are moving to a new city anyway, finding a place near your workplace can save you both money and stress from lengthy commutes.

There’s no doubt that you want to make the best impression possible, so factor what a 2 hour commute on a crowded bus or train is going to do to your productivity and motivation. The last thing you want is to be exhausted before you even get in to work! Not to mention what it will do to your finances if you are commuting long distances to-and-fro everyday.

Of course, please don’t ask your parents (if you are planning to continue staying with them) to move for you! If you are planning to save money by staying at home, look into finding a job close by or investing in an inexpensive vehicle.

Opt to Go Air-Cond Free

Found the house of your dreams? Great! Whilst you might be tempted to ask for a unit or a home with all the comforts built in such as air-cons and cable TV; think about what the additional cost will do to your strained first job pay cheque. Air conditioning units are notorious for running huge electricity bills and tariffs aren’t coming down.

You might think that it’s impossible to live without a Frozen-like atmosphere considering the Malaysian heat but it’s terribly doable (psst, we know people who do it and continue to do it well into their executive years!).

If your home doesn’t have the wiring for ceiling fans, try investing in one as this will save you tonnes on your electricity bill.

Cook!

You don’t need to be the next Kylie Kwong or Chef Wan to make meals for yourself – but in an age of indiscriminate price increases, you’ll be surprised how much a bit of home cooking can save you.

Start by
meal prepping
 for a few days a week. Give yourself ‘cheat days’ on Thursday and/or Fridays to eat out so you don’t feel like you’re giving up too much to save.

Plus, cooking can sometimes even be therapeutic and you may find you like your home-cooked options much more than what you get at the stores!

Compare Prices

Advertising is a tricky thing – you often believe the shouts of ‘lowest prices here’ without checking if their prices really are lower! Why not do comparisons of your own? Whilst online portals (like us!) can do undercover sleuthing for you; we won’t know the exact brands or items that will make up your list. The best way, is to do your own comparisons!

Check out the different hypermarkets in town but don’t forget the weekly
pasar
. There are many weekend markets available all over Malaysia and we hear bargaining is still possible if you’re a frequent customer. But again, don’t be fooled by impressions. We’ve heard of some wet markets charging much more than the supermarkets so always do your comparisons!

Save, Save and Save!

It may seem impossible on an already stretched budget but even a little bit counts. A token RM50 or RM100 saved per month will go a long way to train you to save.

If you are afraid of spending your savings, open a separate
savings account
 to funnel the savings and keep it ATM card-less. Once a good sum is collected (usually a minimum of RM1,000), you can choose to transfer it to a
Fixed Deposit (FD)
. FD’s help in maintaining your discipline for saving and the risk factor is low. You will also earn cool interest on your savings – a great motivation to save more!

Be a Little Creative!

There are many creative ways to stretch your ringgit during tough times.

1) Save on clothing and laundry costs by having a set ‘uniform’ for work. Many young men and women have 5-6 pairs of similar looking formal wear that they can wear throughout the week. it may sound boring but you alleviate a lot of stress by knowing exactly what you will be wearing tomorrow! Beyond that, you’ll also save on laundry as you will only have 7-8 pairs of clothing (including weekend wear) to be laundered weekly. You can save on laundry costs even further by choosing a vending machine type laundry centre as opposed to the usual laundrette.

2) Carpool with workmates. If you’ve found workmates who live in the same area or town as you, ask if you could all carpool to work. This saves everyone money for the commute and offers you a chance to get to know your colleagues.

3) Monetise a hobby. A good way to have work-life balance is to have a hobby. But hobbies can also help you make some extra cash. Do you enjoy importing special CDs of lesser known bands? Or perhaps you buy gourmet tea overseas. Buy a few of these in bulk and sell them to either to people you know or online. If your hobby is more artsy, why not sell your handmade items at flea markets? Whatever it is you enjoy, there are surely ways to monetise it – you just may need to do some research.

4) Shop sales and source freebies. Malaysian retailers seem to be constantly on sale – so there is bound to be some offer to be had if you look hard enough. Of course, don’t just buy something because it’s on sale – make sure you do actually need it! Also, what better way to save than to take advantage of freebie offers? Even using your credit card gives you cashback and rewards points that can be exchanged for items – why not take advantage of that? (Psst, we also give you free gifts for signing up, like
tablets
 and
vouchers
 – feel free to take advantage of our promos!)

You might think it all sounds really difficult but there’s much to be enjoyed in your new-found independence. Sometimes, we just have to embrace the slightly difficult with the truly awesome.

Good luck, freshies!

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BNM Celebrates 50th Anniversary Of Kilang Wang With Issuance Of Commemorative Coins

Numismatists are in for another treat as Bank Negara Malaysia (BNM) has announced that it is issuing another set of commemorative coins in conjunction with the 50
th
 anniversary of its mint, Kilang Wang.

In a statement, BNM noted that Kilang Wang is the official mint for Malaysia’s coins, and has been operating since its establishment on 10 July 1971. In celebration of this, a total of four commemorative coins have been made available for sale: the copper commemorative coin (proof) in the shape of the
wau, gasing,
and
congkak
, as well as the Nordic gold brilliant uncirculated (BU) commemorative coin.

Here are the full details of the coins:

Copper commemorative coin (in three designs/shapes)

The copper commemorative coin is the highlight of this series, available in three distinct shapes – the
wau, gasing
, and
congkak
 – and despite the different designs, will all share the same face value of RM5. In terms of manufacture, the coins are made of copper with 99.9 purity, with the
wau, gasing,
and
congkak
coins weighing 36.6 grammes, 21.7 grammes, and 22.8 grammes, respectively. The three copper commemorative coins will be sold at RM220 per piece, with 1,200 pieces available for each type.

Design-wise, here are BNM’s detailed description of the obverse and reverse of each uniquely shaped coin:

Design of coin
Obverse
Reverse
Wau
– Top left corner features the text “50 TAHUN PENGHASILAN DUIT SYILING” in conjunction with 50 years of coin minting by Kilang Wang
– The numerals 5 and 0 are styled to mimic to shape of two coins
– Top right features the
wau
 with floral motif, flying across a trail of stars to symbolise Kilang Wang’s evolution and progress over the years
– Top centre features the text “BANK NEGARA MALAYSIA”
– Text “5 RINGGIT” in the middle of the coin to represent its face value
– Background design adopts a touch of traditionalism with its floral motif
Gasing
– Left side features the text “50 TAHUN PENGHASILAN DUIT SYILING” in conjunction with 50 years of coin minting by Kilang Wang
– The numerals 5 and 0 are styled to mimic to shape of two coins
– Right side features circuitry and mechanical gears to symbolise progress, modernisation, and technology
– Background features linear stripes depicting movement and speed, inspired by
gasing leper
– Top centre features the text “BANK NEGARA MALAYSIA”
– Text “5 RINGGIT” in the middle of the coin to represent its face value
– Background features the numbers 1, 5, 10, 20, and 50 in various typefaces to depict the different series of coins issued over the years. Also to symbolise five decades of coin minting.
Congkak
– Left side features the text “50 TAHUN PENGHASILAN DUIT SYILING” in conjunction with 50 years of coin minting by Kilang Wang
– The numerals 5 and 0 are styled to mimic to shape of two coins
– Textured background resembles a
mengkuang
 mat, with seven images and motifs from various series of coins issued by Kilang Wang over the years superimposed on it. These include the Parliament building (first coin series), the
wau, rebana,
and
gasing
 (second coin series), as well as Mah Meri motif and
sulur kacang
 (third coin series).
– Designed to look like a
congkak
 board. Middle of the coin features two rows of
congkak
 houses containing marbles with frosted tones, designed to reveal an optical illusion of 5 and 0, signifying 50 years of coin minting by Kilang Wang.
– Left side features the text “BANK NEGARA MALAYSIA”
– Text “5 RINGGIT” on the right side to represent its face value

Nordic gold brilliant uncirculated (BU) commemorative coin

Meanwhile, the Nordic gold BU commemorative coin has a face value of RM1, and is made of copper and several other metals at the weight of 8.5 grammes. It will be sold at RM13.20 per piece, with a quantity of 5,000 pieces available.

The obverse side of the Nordic gold BU commemorative coin carries the words “50 TAHUN PENGHASILAN DUIT SYILING” and “JUBLI EMAS”, while the numerals in the middle (5 and 0) are styled to mimic the shape of two coins, with the addition of a
kijang
 to represent BNM. Furthermore, the circumference features a decorative circular motif, symbolising market circulation.

The reverse side, on the other hand, will see the Nordic gold BU commemorative coin featuring the text “BANK NEGARA MALAYSIA” to depict the issuing authority, followed by “1 RINGGIT” next to it to indicate the face value. The top left circumference on this side also features the image of a 5 sen coin issued back in 1971, when Kilang Wang first began minting coins. The bottom left, meanwhile, has the image of a 50 sen coin issued in 2021.

***

(Image: Bernama)

The governor of BNM, Tan Sri Nor Shamsiah Mohd Yunus noted that the designs of this series of commemorative coins are particularly memorable. “For the past five decades, Kilang Wang has been minting beautiful coins with designs that Malaysians love. With their distinctive shapes and designs, the commemorative coins issued in conjunction with the 50
th
 anniversary of the Kilang Wang celebrates our country’s cultural heritage, while showcasing the mint’s expert craftmanship and technology,” she said.

The public can already begin to submit online orders for these commemorative coins starting from today, all the way up until 9 October 2022 (11pm). Aside from being able to purchase each coin on its own, those interested in the copper commemorative coin can also obtain them in a set of three (comprising one
wau, gasing
, and
congkak
 coin) at the price of RM605. A total of 1,200 sets are available for purchase.

Additionally, the public should note that each individual will be restricted to a purchase limit of one copper commemorative coin set (set of three), one copper coin for each shape (
wau, gasing,
and
congkak
), and up to five Nordic gold BU coins.

BNM further reminded the public to place their orders through
its online system
 and not with any other unauthorised ordering facilities. As always, balloting will be done in the event of oversubscription.

(Source:
BNM
)

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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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PEMERKASA+: One-off Payments For Taxi Drivers, Tour Guides, And Others

Under the PEMERKASA+ aid package, the government will be offering special one-off payments to bus, taxi, and e-hailing drivers, as well as tour guides. The PEMERKASA+ package will also see the Prihatin Special Grant given to micro small and medium enterprises (MSMEs) increased by RM500.

“It is undeniable that during movement control order (MCO) times, it will affect the drivers of taxis, rental cars, and school buses,” said Prime Minister Tan Sri Muhyiddin Yassin. “To reduce their burden, the government agrees to offer a special one-off assistance of RM500 to 17,000 tour guides, 40,000 taxi drivers, 11,000 school bus drivers, 4,000 tour bus drivers, and 62,000 rental car and e-hailing drivers.”

This one-off payment will amount to RM68 million and will be channelled to registered recipients starting in July.

(Image: Hari Anggara)

Meanwhile, the government will be increasing the amount of the Prihatin Special Grant for MSMEs from RM1,000 to RM1,500. “This means nearly 1 million SMEs and micro enterprises will receive RM1,000 in the middle of the month of June and RM500 more in July,” the prime minister explained. The
Prihatin Special Grant
 had been introduced before under previous economic stimulus packages over the course of the Covid-19 pandemic.

According to the prime minister, these initiatives fall under the objective of supporting business continuity through the PEMERKASA+ aid package. “The government will continue to help to ensure the continuity of business, especially for SMEs in ensuring their cash flow,” he said.

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The Faulty Thought That is Costing You Money

Suppose you open up a restaurant. It’s in a good location, your food is good, and the prices are reasonable, so you go into business. However, after being in business for 3 years, you still haven’t made back the money you put in. In fact, you’ve been losing money for the past several months. What do you do?

If you decide to keep on putting in resources into the business, believing that you need to keep going because you’ve spent so much on the restaurant already, you have fallen victim to a thought process many people term as
the sunk cost fallacy
.

In simple terms, a sunk cost is a cost one incurs that cannot be recovered. Any expenses we’ve already made counts as sunk cost and a fallacy simply means mistaken belief.

So what is the sunk cost fallacy? It is when one believes that a decision or action is justifiable because of how much cost have already been put into it.

Falling into the trap of the sunk cost fallacy can lead you to make bad financial decisions, condemn you to more debt, and influence you to hold onto bad investments for longer than is good for you.

Knowing to quit when you’re ahead is important. Here are some of our tips on how to avoid falling into the trap of the sunk cost fallacy.

Avoid “Going with it” Just Because a Purchase Has Been Made

Sometimes we may choose to pre-order an item, back a product on a crowdfunding site, or purchase tickets in advance in order to save money.

It’s true, certain items can be bought for cheaper depending on how early you buy them. However, sometimes you can get caught in a bad bargain just because you don’t want to ‘waste’ whatever has been put into the purchase – be it time, effort or money.

Say you pre-ordered a book that you thought would be exciting with a payment of 30% the purchase price but upon it’s release you find reviews to be not so great. You’re now not sure you want this book but instead of asking to cancel, you think – “oh well, might as well just go with it since I already paid the 30% and went through all the trouble of making a pre-order”.

Instead of taking the less hassled way; how about checking with the seller if you can cancel the pre-order? If you can’t, then you can’t but most good businesses will be more than happy to at least afford you store credit.

Sometimes, a little more effort is better than shelling out more cash needlessly.

Be Realistic With Passion Projects

In the example given above, a restaurant is not doing well and the owner is losing a lot of money. Continuing to borrow cash and refinancing the place might seem like obvious mistakes.

However, we all have the potential of making the exact mistakes if we well and truly believe in what we’re selling.

Suppose we learn that the restaurant owner is actually taking over from a family business and seeks to keep the family tradition of selling
chap fan
 alive. It’s not unreasonable to assume this person will bleed themselves dry financially to keep the restaurant afloat.

As noble as those intentions are, they will lead to financial ruin should the desire to succeed not be tempered by realistic expectations.

Running the numbers and looking at the figures objectively is an exercise we should do with all our investments. It’s important to do so regularly so we don’t get swayed into thinking our sinking losses can somehow be made up by continuing to pour funds into the same coffers.

It’s a nice motivational speech to believe that “everyone can achieve their dreams with self business” but reality comes hard and fast when the spare change you’re making on your ‘business’ can’t even pay for the food on your table.

Cutting losses is hard, but it’s a vital skill to develop in order to ensure the health of our financial investments.

Don’t Be Swayed By the Faulty Opinions of Others

The problem with a faulty thought process that is textbook famous is that well, it’s famous because it’s more than you who many fall prey to it. Perhaps you don’t believe this method of thinking at all but you are surrounded by well-meaning people who do (or even the less well-meaning).

For example, say you want to stop your self-business because you realise there is really no money coming in but well-meaning friends and relatives tell you otherwise.

“How can you give up now after all the money you’ve spent?” or “You’ve put so much time and effort into this; now you want to give up?”

How often have we heard this and how often do we give in?

The very problematic basis of the sunk cost fallacy is that it is a decision made on a factor that has really nothing to do with the problem at hand. How much you have invested has no real correlation to how much you will make in future or how successful your endevours will be.

Nobody likes to admit that the money they spent is gone and there’s no way of getting it back. But recognising that a sunk cost can’t be recovered is one of the best ways to stop ourselves from losing even more money.

Do you have a story of that one time you fallen victim to the sunk cost fallacy? Did you get out of it? Perhaps you have some tips of your own? Share them with us in the comments section.

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BNM Asst Governor Warns Against Unethical Advice On EPF Withdrawals

(Image: The Edge Markets)

Members of the Employees Provident Fund (EPF) should take caution against “unethical advice” which encourages those who are not in financial distress to withdraw from their Akaun 1 to invest in high-risk investments.

This was highlighted by Bank Negara Malaysia (BNM) assistant governor Fraziali Ismail following the announcement of the enhanced i-Sinar Akaun 1 withdrawal facility by the government and EPF. According to Fraziali, self-proclaimed financial gurus on social media were also irresponsibly advising borrowers who are not facing financial hardships to seek loan moratoriums or channel their savings from deferred loan repayments into higher-risk investments to make quick returns.

“What they fail to mention is that while it helps in easing cash flow problems for those affected, moratoriums do come at the cost of higher overall borrowing costs to the consumers, who may even be faced with the prospect of loan defaults should these short-term investments go sour,” he said in his keynote address at the Malaysian Financial Planning Council – Professional & Ethics Forum 2020.

(Image: BNM)

“In such circumstances, I expect all financial practitioners to serve as a source of sound financial advice to counter such unscrupulous publications and to dissuade your clients from making irrational financial decisions that are not in their best interest,” said Fraziali. The assistant governor noted that this would require financial practitioners to take the “higher ground” and set aside the temptation to promote risky investments or insurance products that could garner high commissions.

“While this may dampen your earnings prospects in the short term, you stand to gain the trust, confidence, and loyalty of your clients over the long term. I have faith that all of you – who have taken the time to participate in this conference – will rise to this challenge and contribute to the building of a financial intermediation industry that is both profitable and ethical,” he concluded.

EPF i-Sinar
 allows affected contributors to withdraw up to RM10,000 from their Akaun 1 if they have a balance of RM100,000 and below, and up to 10% of their Akaun 1 savings capped at RM60,000 for those who have more than RM100,000 balance. The funds will be given out over a period of up to 6 months with a first payment of up to RM5,000. Applications for i-Sinar will open on 21 December 2020 for applicants who are eligible for automatic approval and 11 January 2021 for those who need to provide supporting documents.

(Source:
The Edge Markets
)

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Financial Literacy

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i-Sinar

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Jacie Tan

Jacie Tan

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