Save With These Bank Promo Codes During Lazada & Shopee 9.9 Sale 2023

With 9 September coming up, Shopee and Lazada are both also gearing up for another of their biggest online sale events in the year! That’s right, Shopee will be hosting its 9.9 Super Shopping Day Sale between now until 9 September, while Lazada brings on its 9.9 Mega Brands Sale from 9 to 13 September.

And what does this mean for you as a customer? Great discounts and exclusive shopping perks, of course! From promo codes to free shipping vouchers, to flash deals and special events – you can look forward to generous rebates this coming Saturday. On top of these perks offered by the e-commerce platforms, there are also partner vouchers provided by banks so that you can enjoy even greater savings during the sale events.

Here’s a list of bank vouchers that you will be able to use during Lazada’s 9.9 Mega Brands Sale and Shopee’s 9.9 Super Shopping Day Sale, so don’t forget to collect them!

Lazada 9.9 Mega Brands Sale

Lazada’s bank promo codes and vouchers will be released when the event starts on 9 September (12am), to be used on a first-come first-served basis (this differs from its previous mechanism, where you can claim the vouchers first, and then use them at your own time – as long as it is during sale event). This means you’ll have to load up your cart well beforehand, and be ready to hustle for your preferred vouchers at checkout!

Here are the bank vouchers on Lazada that you can claim for this round of 9.9 sale – up to RM100 rebate:

Affin Bank

Promo code:
Collect here
Discount: RM20 off with RM200 min spend
Quantity: 400 redemptions

Alliance Bank

Promo code:
ALB15LAZ
Discount: RM15 off with RM150 min spend
Quantity: 500 redemptions

Promo code:
ALB50LAZ
Discount: RM50 off with RM500 min spend
Quantity: 350 redemptions

AmBank (debit cards)

Promo code:
AMBLZD99
Discount: RM11 off with RM100 min spend
Quantity: 500 redemptions

Bank Islam (debit and credit cards)

Promo code:
Collect here
Discount: RM20 off with RM150 min spend
Quantity: 1,000 redemptions

Bank Simpanan Nasional

Promo code:
BSNLZD99
Discount: RM20 off with RM150 min spend
Quantity: 200 redemptions

CIMB Bank

Promo code:
Collect here
Discount: RM15 off with RM200 min spend
Quantity: 600 redemptions

Promo code:
Collect here
Discount: RM50 off with RM580 min spend
Quantity: 100 redemptions

HSBC Bank

Promo code:
Collect here
Discount: RM50 off with RM600 min spend
Quantity: 500 redemptions

Promo code:
Collect here
Discount: RM100 off with RM1,200 min spend
Quantity: 250 redemptions

Mastercard

Promo code:
Collect here
Discount: RM9 off with RM120 min spend
Quantity: 5,000 redemptions

Promo code:
Collect here
Discount: RM25 off with RM300 min spend
Quantity: 1,000 redemptions

There is also another offer where you can get RM9 cashback when you top up a minimum of RM120 into your Lazada Wallet using a Mastercard card. This is offered on a first-come first-served basis, to the first 2,000 Mastercard cardholders who meet the requirement. The cashback – which has a validity period of 60 days – will be credited to your Lazada Wallet within 30 days from the last date of the month of the rebate.

Maybank

Promo code:
MAYLZD99
Discount: RM15 off with RM130 min spend
Quantity: 2,500 redemptions

Promo code:
AMEXLZD99
 (AMEX cards only)
Discount: RM18 off with RM150 min spend
Quantity: 1,000 redemptions

RHB Bank

Promo code:
Collect here
Discount: RM20 off with RM150 min spend
Quantity: 1,000 redemptions

UOB Bank

Promo code:
Collect here
Discount: RM25 off with RM200 min spend
Quantity: 1,500 redemptions

Promo code:
Collect here
 (Lazada UOB credit card only)
Discount: RM28 off with RM200 min spend
Quantity: 1,000 redemptions

In addition to these bank partner vouchers, there are also
seller and cashback vouchers
 that you can tap into, as well as
Lazada Bonus
, and
free shipping vouchers
. A key benefit to shopping on Lazada is that it lets you stack numerous seller, platform, and payment vouchers in a single order, which means you get maximum savings! These include Lazada Bonus, free shipping vouchers, payment vouchers, Everyday Cashback vouchers, store vouchers, and even LazCoins.

That said, do note that certain categories of vouchers cannot be stacked together as of May 2023, so make sure to check the
guideline here
 before you start shopping!

Shopee 9.9 Super Shopping Day Sale

Unlike Lazada, you can already begin to claim the bank partner vouchers on Shopee so that they appear in your voucher list for your convenience, but these can only be used when the sale event starts. Use of these vouchers will also be on a first-come first-served basis on 9 September.

For the upcoming 9.9 shopping event, these are the bank vouchers that are available to you, offering up to RM100 discount:

Affin Bank

Promo code:
AFFIN20
Discount: RM20 off with RM200 min spend
Quantity: 400 redemptions

Alliance Bank

Promo code:
ABMB15
Discount: RM15 off with RM150 min spend
Quantity: 150 redemptions

Promo code:
ABMB50
Discount: RM50 off with RM500 min spend
Quantity: 70 redemptions

Bank Islam

Promo code:
BI20
Discount: RM20 off with RM170 min spend
Quantity: N/A

Bank Simpanan Nasional

Promo code:
BSN99
Discount: RM20 off with RM160 min spend
Quantity: 100

Promo code:
Collect here
Discount: RM100 off with RM800 min spend
Quantity: N/A

CIMB Bank

Promo code:
CIMB18
Discount: RM18 off with RM150 min spend
Quantity: N/A

Promo code:
CIMB9
 (CIMB Clicks)
Discount: RM9 off with RM80 min spend
Quantity: N/A

Promo code:
Collect here
 (credit card instalments)
Discount: RM30 off with RM1,000 min spend
Quantity: N/A

Promo code:
Collect here
 (credit card instalments)
Discount: RM50 off with RM1,500 min spend
Quantity: N/A

Promo code:
Collect here
 (credit card instalments)
Discount: RM50 off with RM500 min spend
Quantity: N/A

Maybank

Promo code:
MBB99
 (Visa, Mastercard, and AMEX cards)
Discount: RM16 off with RM120 min spend
Quantity: 4,800 redemptions

Promo code:
MBBAMEX99
 (AMEX cards)
Discount: RM20 off with RM120 min spend
Quantity: 880 redemptions

Promo code:
MSCC99
 (Maybank Shopee Visa Platinum credit card)
Discount: RM22 off with RM120 min spend
Quantity: 880 redemptions

RHB Bank

Promo code:
RHB15
Discount: RM15 off with RM120 min spend
Quantity: N/A

Promo code:
RHB18
Discount: RM18 off with RM150 min spend
Quantity: N/A

Promo code:
RHB60
Discount: RM60 off with RM500 min spend
Quantity: N/A

UOB Bank

Promo code:
UOBSEP25
Discount: RM25 off with RM200 min spend
Quantity: 2,500 redemptions

Aside from bank partner vouchers, Shopee has also stirred up considerable excitement among online shoppers this time round with its special
15% Shopee Coins cashback vouchers (minimum spend of RM100, capped at 17,000 Coins)
, as well as
90% discount vouchers
 for selected brands. This is in addition to the usual
10% instant rebate vouchers and free shipping vouchers
.

Do note, though, that unlike Lazada – which lets you stack quite a number of vouchers in a single purchase – Shopee only allows you to stack a maximum of two vouchers at one go: a shop voucher + a platform voucher (such as free shipping, coins cashback, bank voucher, or instant rebate vouchers). This means that you’ll need to take some time to deliberate on the vouchers that you’d like use in order to gain maximum savings on your purchases.

***

Last but not least, a final piece of advice before you embark on your 9.9 shopping spree: don’t forget to make use of your cashback credit cards! It can be pretty thrilling to see all the rebates that you get to enjoy when shopping with the various Shopee and Lazada vouchers, but why stop at that when you can also get added bonus via cashback earned through your credit cards? If you’re not sure which cards to use, here’s our
list of best cashback credit cards for online shopping
 to help you get started.

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BSN

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HSBC Bank

Lazada

Lazada 9.9 Mega Brands Sale

Longform

Mastercard

Shopee

Shopee 9.9 Super Shopping Day Sale

UOB Bank

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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3 Things You Didn’t Know Travel Protection Can Cover

Did you know that travel protection can cover you for a variety of things? Sure, you probably know that travel protection is useful when you encounter medical emergencies, flight delays, and so on. But there is more to travel protection than just that! Travel protection plans can come with some pretty interesting benefits that you may not have heard about.

Here are three things you may not have known travel protection can cover you for.

1) Home Protection

One of the best parts about going on a vacation is the blissful feeling of leaving all your worries behind. However, sometimes it is difficult to do that when you are stressing out over things like the safety of your home while you are away. How can you concentrate on feeling relaxed on your beach holiday if you’re so worried over your belongings at home?

You can overcome this issue by looking for travel protection coverage that offers a benefit that will safeguard your home. Under this benefit, your travel protection could cover damage to your home and contents as a result of fire or forcible theft.

2)  Stolen Cash And Credit Cards

Thieves and pickpockets are always a valid concern especially when you visit crowded tourist hotspots. To get maximum peace of mind, opt for a travel protection plan that covers you in the event that your money or credit card is stolen from you.

If your cash or credit card gets stolen while you are on holiday, make sure to report it to the authorities or credit card company within the stipulated time frame. Then, your travel protection can cover you for the value of cash stolen or any fraudulent transactions from your credit card up to the agreed amount in your benefits.

3) Follow-Up Treatment Expenses

It’s quite normal for most travel protection to cover you for treatment in the case of a medical emergency overseas. Interestingly, some travel protection plans also cover you for follow-up treatment in Malaysia after your trip ends as an added benefit.

Let’s say you need additional medical attention once you are home after receiving treatment overseas. Or perhaps you prefer to return to Malaysia and seek treatment for any injury or sickness you developed while on your travels. If your plan allows you to have follow-up treatment in Malaysia, rest easy – you won’t be excluded from coverage just because you are home now and are no longer on your trip.

Get Comprehensive Coverage With MHinsure By Malaysia Airlines

Looking for a travel protection plan that can give you all these benefits? Well, choose MHinsure Travel Protection for your next trip! You can enjoy the home protection benefit for up to RM3,000, be covered for theft of cash for up to RM800, claim for loss of credit card or fraudulent use of credit card up to RM5,000, and get follow-up treatment in Malaysia for up to RM10,000 within 10 days.

MHinsure comes with an affordable price tag, too, with the premium or contribution for the MHinsure international plan starting from as low as RM6.60 per day. You can choose from The Premier Plan for all-inclusive cover that includes the widest range of benefits, The Basic Plan for just the essentials, or The Value Plan for the best of both worlds!

Moreover, you can earn 1 Enrich Mile for every RM1 you spend on MHinsure’s Annual Travel Protection plan. And last but certainly not least, Malaysia Airlines is the only airline in Malaysia which offers Sharia-compliant travel protection as you can get MHinsure Travel Takaful plans too.

Whether you are flying domestically or internationally, check out
MHinsure by Malaysia Airlines
 for your travel protection needs today.

*Terms and conditions apply.

* MHinsure Travel Insurance is underwritten by Etiqa General Insurance Berhad (9557-T) (Licensed under Financial Services Act 2013 and regulated by Bank Negara Malaysia) with assistance provided by Cover-More.

* MHinsure Travel Takaful is underwritten by Etiqa General Takaful Berhad (1239197-A) (Licensed under Islamic Financial Services Act 2013 and regulated by Bank Negara Malaysia) with assistance provided by Cover-More.

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ringgitplus

ringgitplus

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How The New HSBC Online & Mobile Banking Experience Are Designed For Elevated Convenience 24/7

Did you know?

HSBC Bank Malaysia was one of the pilot banks to adopt and launch DuitNow QR when it was first introduced to Malaysians in 2018 – showing that HSBC Bank Malaysia has always been at the forefront of mobile banking innovations.

With mobile banking users to grow
2 billion large this year
 and expected to reach
3 billion by 2021
, it’s no wonder HSBC Bank Malaysia is stepping up its banking innovation this year by introducing its newly improved HSBC/HSBC Amanah Online Banking and HSBC Malaysia Mobile Banking app.

Aiming to provide a simpler, easier, and faster banking experience, here’s how HSBC Bank Malaysia is designing its banking experience for the convenience of fellow Malaysians.

The HSBC Online Banking Is Now Simpler To Navigate, With New Modern Design For Users

If you’ve recently visited HSBC Online Banking website, you may have noticed a change of look in its design interface. In its effort to provide consumers with a simpler and easier online banking experience, HSBC has recently revamped its online banking website with features streamlined according to your banking needs.

In addition to HSBC Online Banking’s new look, HSBC has also launched the new HSBC Malaysia app with the aim of providing Malaysians with the convenience of
Banking 24/7, Anytime, Anywhere
, all within one app.

The HSBC Malaysia app allows you to view, transfer, and manage all your financial matters at your fingertips. But besides the usual features allowing users to save their favourite beneficiaries for future transactions, Instant Transfer, Bill Payment via JomPAY, paying for groceries using DuitNow QR – what makes HSBC Malaysia app different from the others?

You Can Remit Money Both Locally & Globally In Just 6 Seconds

Staying true to its tagline
Banking Anywhere
, HSBC Bank Malaysia’s
Global View & Global Transfer (GVGT)
 and
Global Transfer for Family & Friends (GTFF)
 features will truly benefit frequent travellers and those regularly remit money to family and friends overseas. The best part? It only takes 6 seconds!

As its name suggests, GVGT allows you to move your money between your local and overseas account (for example, Hong Kong) without having to log on to your separate off-shore account. Besides that, you can also easily view and manage your funds with HSBC Online Banking.

Meanwhile, GFTT lets you transfer funds to your family and/or friends overseas. For example, transferring funds to your children who are studying overseas or if you’re the one who’s working overseas, you can easily send money to your family at home.

But what about the applicable Foreign Exchange (FX) rate when you transfer money across the globe?
HSBC
 has got you covered with its access to real-time FX rates
 where you can get real-time quotes whenever you exchange foreign currency using HSBC Online Banking or HSBC Malaysia app.

HSBC Applies Up To 6 Security Measures To Ensure Safe Online Banking For All

HSBC understands how important it is to safeguard your savings. That is why HSBC is applying some of the most stringent security measures to keep you away from fraud or any financial-related crime. Besides providing you with an easier, simpler, and faster way to manage your finance, HSBC wants to do so while also giving you peace of mind.

Rest assured that your account is in HSBC’s best care with these measures:

Multi-layer Log On Verification

From unique username, specific memorable answer, to a time-sensitive Security Code generated by your

Security Device Key
 – they ensure only you have access to your account even if you lose your mobile phone

Transaction Verification

Generates transaction code with your Security Device so only you can authorise any payment and third-party transfer requests

Automatic Time-out Feature

Automatically logs you out after a period of inactivity, protecting you from personal data-theft especially when in public or using foreign computer

SMS/Email Notifications

Receive confirmation of transaction via SMS or email, and alert for any suspicious transaction that you don’t initiate

Browser Authentication

An extra security layer against cyber-crimes, you’d need to verify your browser whenever you logon to Online Banking with new or unverified browser

Biometric Authentication

Verify your identity in just seconds with Face ID, iOs Touch ID or Android Fingerprint ID

Additionally, HSBC has also announced that it will soon introduce
Mobile Secure Key
 – another move to tighten its security measure which does not compromise HSBC’s promise for easy online and mobile banking. So, what does Mobile Secure Key mean? Similar to a physical master key which opens up the main door to your home – only digitally. With a Mobile Secure Key, you can access all features in your HSBC Malaysia app such as approving online transactions, with just one single password.

HSBC Online Banking & Its New Mobile App Are Truly User-Friendly

HSBC’s improved Online Banking experience is not just designed for
Banking
24/7, Anytime, Anywhere
 – but also
for everyone
, even for those with special needs.

Following closely on the Web Content Accessibility Guidelines (WCAG) in developing its Online Banking websites, HSBC aims to provide its consumers with different needs or with disabilities the accessibility to their banking accounts easily.

For example, HSBC Malaysia now provides a Security Device which features a larger display screen and audio capability to help assist those visually impaired to access their Security Code more accurately. Besides that, consumers can also easily enlarge both text and images in HSBC Online Banking homepage and their Personal Internet Banking page by simply pressing the “Ctrl” and “+” keys together. Now, isn’t that a thoughtful improvement?

#GetOnlineGetHappier Campaign – Transfer Money Online With HSBC To Win Monthly Cash Back Worth Up to RM140,000!

Now that you’ve learned how
HSBC Bank Malaysia
 is re-imagining its Online Banking experience together with its HSBC Malaysia app for simpler, easier and faster banking process – if you are an account holder with HSBC Bank Malaysia, and you haven’t already registered for
HSBC Online Banking
 account, now could be the best time to do so. While you’re at it, you might also want to
download HSBC Malaysia app.

Because from now until 31 December 2020, HSBC Bank Malaysia will be rewarding lucky consumers with cash back worth up to RM140,000 every month! All you have to do is transact with HSBC Online Banking or HSBC Malaysia app to be in the running. The more you transact, the higher chances of you grabbing a portion of the monthly cashback. Visit
HSBC Bank Malaysia
 now for more information!

For
HSBC Amanah
, you can visit
HSBC Amanah Online Banking.

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HSBC Online Banking

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ringgitplus

ringgitplus

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    Agnes McLaverty

    2 years ago

Does HSBC Malaysia banking App require Malaysian registered phone or does it also work with a foreign phone number?

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    op

    2 years ago

you’re kidding me. I’m still having the worst experience with HSBC online banking/app compared to other banks.

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Visa Study: 7 Out Of 10 Malaysians Actively Use Contactless Card Payments

A study by digital payment service provider Visa has shown that more than 90% of Malaysians are familiar with contactless payments, with almost 70% of them using it. This translates to the fact that seven out of ten Malaysian consumers are now actively using contactless card payments.

Revealed in the 2022 Visa Consumer Payment Attitudes (CPA) Study, Visa said that in the previous year, only 56% of Malaysians were actively using contactless card payments. As such, this increase indicated that Malaysia is on its way to becoming a cashless society.

“Attempts to go cashless are relatively high in Malaysia, driven by younger consumers such as Gen Z and Gen Y who are leading the percentage of consumers attempting to go cashless. Malaysia is expected to be a cashless society by 2030, meaning the majority of consumers will be using cashless methods and no longer relying on cash for their daily transactions,” Visa shared in its report.

The study also revealed that Malaysians typically use contactless payments at supermarkets (53%), retail stores (46%), and restaurants (44%). Additionally, Malaysians preferred contactless payments when paying for their groceries at the supermarkets, retail shopping, and making purchases for entertainment.

Country manager for Visa Malaysia, Ng Kong Boon further noted that Malaysia has become one of the most developed markets in Asia Pacific, with regard to using contactless payments. Eight out of ten Visa transactions are contactless payments, he said.

“Compared to 2019, whereby only three in ten Visa transactions made in the country were contactless payments. We are proud to share that contactless payments have grown significantly over the past few years, especially when we compare its growth since the pandemic,” said Ng.

Ng also commented that Visa has been working with merchants to grow Malaysia’s acceptance of contactless payments, as well as to educate consumers on its benefits. Both efforts have yielded great results, he shared.

“Our mobile pay partners launching mobile contactless payments in Malaysia have also supported this growth in usage. Consumers value the convenience of being able to tap and pay using their mobile devices and embrace it as a secure way to pay given every transaction is tokenised,” shared Ng.

The 2022 Visa CPA study was a regional research project that was conducted across Southeast Asia, with a total of 6,550 participants across seven markets, namely Malaysia, Cambodia, Indonesia, Singapore, Thailand, Vietnam, and the Philippines. Within Malaysia, a total of 1,000 Malaysians aged 18 to 65 participated in the study.

(Sources:
Visa
,
The Sun Daily
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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What Do Companies Really Get By Giving Out Donations?

Giving away resources for free runs counter to the purpose of a business, doesn’t it? Think about it: companies are entities formed with intention to make money, so giving away money, goods, or services does not make economic sense. Sure, some companies have a CSR (Corporate Social Responsibility) policy, but why do they have them in the first place?

If the owner of the business is feeling charitable, why not just donate his own money instead of the company’s? That money could have become bonuses for staff members who need it. As it turns out, there are quite a few reasons (aside from genuine generosity) why it makes sense for a company to spend on things they know they won’t get monetary gain from.

Brand Recognition

Just like how sponsoring a TV show, event, or athlete can get a brand’s name out there, so can donations. If a company’s products or services relate to the cause, then charitable givings related to it can help spread the word around. This is why you will sometimes see a sports drink donating their goods to a tournament or a tech company donating their hardware to a university.

(Re)Fostering Good Will

Sometimes a brand or company may get bad press and donations can help bring their name back up. Regardless of whether or not the negative perception is warranted, being seen in a poor light can be harmful to business. Not only can the product or service go down in sales, but stock prices can fall too. Charitable giving can help polish up the image of a sullied brand and get them back up to shape.

Community Integration

Charity is not just done to affect sales, it may also be given out to improve the company’s standing in the community it operates in. A company that opens a large, occasionally noisy manufacturing plant near a neighbourhood might elect to contribute some of its products or resources to the neighbourhood’s causes so the community can embrace the plant (and by extension, the company’s presence) as a feature of the neighbourhood instead of a nuisance.

Tax Purposes

One more reason for companies to contribute to charity is for tax deductions. Some charities are tax deductible and it can be worth it for companies to pay attention to how much they should give back in order to benefit from the deductions.

Of course, we don’t mean to say that companies will only donate when it benefits them. Companies after all, are the best way to get beneficial goods and services to as many people as possible. Furthermore, corporate donations more often than not, truly are given for the benefit of the community at large with no expectations of getting anything back.

But now we know that the warm fuzzy feeling companies get when donating also comes with some other bonus advantages as well. Speaking of tax deductible donations, check out our write-up on
how to maximise your donations
 for useful tax deductions! Have anything to say about donations? Do share your thoughts with us in the comments section down below!

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CSR

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Ahmad Mudhakkir

Ahmad Mudhakkir

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Owning Your Dream Home Is Easier Than Ever With Tropicana 10-TEN Signature Deals

Whether you are looking for your first or second home; the journey to buying property is never an easy one. From surveying to deciding and locking down your chosen property – it always calls for careful consideration. Because after all, buying a home is probably one of the biggest purchases one can make. Factors such as down payments, mortgages, and even Memorandum of Transfer (MOT) should be weighed carefully to ensure one’s budget is sufficient.

With the government reintroducing the Home Ownership Campaign starting from June until 31 December 2020, there is no better time to own your dream property with Tropicana Corporation Berhad – a pioneer developer in the property market with premium properties.  With their 10-TEN Signature Deals, you’ll be able to enjoy 10 irresistible offers, all curated to allow you to own your dream home easily for more than

10 Tropicana properties
, such as landed residences, high-rise units and commercial spaces.

So How Does Tropicana 10-TEN Signature Deals Work?

To demonstrate how Tropicana can move you 10 steps closer to owning your dream home, let’s follow Mr. Tan’s journey into buying his very first property.

With deals that are 10 out of 10, you’re spoilt for choice with over 10 Tropicana properties to choose from that’s guaranteed to fit your lifestyle.

If you’d like to check out the properties for yourself, The Tropicana 10-TEN website allows you to experience all offered properties with
virtual tours
! Complete with aerial shots and 360 videos and photos, you won’t even need to leave the comfort and safety of your home during the current CMCO
. You’ll also be able to find out your home loan eligibility and compare loans from up to 18 banks with the

Tropicana Loan Aid
, powered by Finology.

If you’re looking for your dream home, take advantage of Tropicana 10-TEN deals! These deals are simply irresistible, especially in the ever-changing property market. Visit
Tropicana 10-TEN
 website today and start picking out your dream home!

Alternatively, visit any of the Tropicana property galleries which are now reopened to welcome you safely and surely.

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Katrina Balan Quiroz

Katrina Balan Quiroz

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

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AmBank Revises AmBonus Points Redemption Rates

AmBank has announced a revision to the redemption rates of its AmBonus points, which will be effective from 17 September 2019. In addition, the bank is closing redemption applications from 11 to 16 September.

Like other revisions by other banks in recent months, the changes don’t look good. Across the board, the revision sees an increase of points required for all redemptions, including air miles, vouchers, and on-the-spot redemption (OTSR). The hardest hit are the air miles redemptions, as the rates have increased between 16.7% up to a whopping 100%, while the voucher redemption rates have increased by 25%, while OTSR rates by 50%.

Even though it is the AmBank Visa Signature cards that have the highest increase in redemption rate (+100%), the AmBank World Mastercard and Visa Infinite (+43 to +79%) will be hit particularly hard. That’s because the two cards are currently earning 1 Enrich/KrisFlyer/Asia Mile mile for every RM1.40 spent overseas, which is one of the best around. With this revision, cardholders will earn 1 Enrich Mile for every RM2 spent and 1 KrisFlyer/Asia Mile for every RM2.50 spent overseas – definitely not as competitive as the competition.

Here’s how the new changes will affect the air miles redemption rate for all AmBank credit cards:’

Air Miles Type

Card Type

Existing Redemption Rate

New Redemption Rate (from 17 Sept 2019)

1,000 Enrich Miles

World & Infinite

7,000 points

10,000 points

Signature & Platinum

7,500 points

12,000 points

Gold

10,000 points

15,000 points

1,000 Asia Miles or1,000 KrisFlyer Miles

World & Infinite

7,000 points

12,500 points

Signature & Platinum

7,500 points

15,000 points

Gold

10,000 points

19,000 points

1,000 BIG Points

World & Infinite

6,000 points

7,000 points

Signature

6,500 points

8,000 points

Platinum

7,000 points

8,000 points

Gold

10,000 points

12,000 points

As part of this revision, AmBank also announced that any redemptions for the current rate can only be done until 10 September 2019, after which it will be closed for system maintenance.

(Source:
AmBank
)

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Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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Accelerating Digital Transformation With Malaysia’s Only End-To-End Cloud AI Infrastructure Service Provider

The slew of upheavals caused by the COVID-19 pandemic is no longer news, with cities and businesses all over the world slowly resuming operations. Governments of many countries have taken steps towards rebuilding their economy and creating programs that support the people. MyDIGITAL is our national initiative established to transform Malaysia into a digitally-driven, high-income nation that thrives in the digital economy. To make MyDIGITAL’s aspirations a reality, it follows the strategies outlined by The Malaysia Digital Economy Blueprint.

One of the most important components that help businesses in the Banking, Financial Services, and Insurance (BFSI) industry move towards digital transformation is a full-fledged infrastructure that serves the business to its utmost potential. If a service provider like such interests you, read on to find out more.

If you’re ready to enable the next wave of innovation in digital banking, consider making
α Edge
 your cloud partner. Being the only Malaysia-based end-to-end cloud AI infrastructure service provider, businesses will enjoy local data residency, comprehensive SaaS, PaaS, and IaaS offerings, as well as its highly secure and scalable, local infrastructure. Not only that, its future-ready ecosystem may be able to provide solutions in overcoming business challenges that have yet to present themselves.

Click
here
 for more information on
α Edge
.

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5 Simple Money Lessons From Dr Mahathir

(Image:
The Malay Mail
)

From his RM12 Bata sandals to his preferred Pilot Ball Liner pen, Prime Minister Tun Dr Mahathir Mohamad has been lauded on social media for his seemingly austere manner of living. Some have questioned whether his frugal habits are all a façade, but Dr Mahathir has now addressed these questions in-depth in an interview with
The Malay Mail
.

As Dr Mahathir delivers some insight into matters of his personal wealth, we can take a few notes from the 92-year-old Prime Minister’s financial lifestyle and views.

Tip #1: Be frugal

The most basic way to stretch your income is to save. Dr Mahathir shared that he saved his pay the entire time he was in public office, and that was how he accumulated quite a lot of money over the decades. Here, the Malay peribahasa “sikit-sikit lama-lama menjadi bukit” comes to mind, and it’s a great adage to adopt if you want to maintain a healthy bank balance.

It also helps if you practise a modest lifestyle and a frugal mindset. “I don’t waste money or buy things that I don’t need,” said Dr Mahathir. “I am very careful about how I spend my money; I’m naturally like that.”

This lifestyle is exemplified with the first of several photos of Dr Mahathri that went viral online, where he was pictured in a Baju Melayu and a pair of Bata slippers. For such a powerful icon to be seen in such humble items of clothing, it was a classic show of contrasts to the previous prime minister – and one that endeared him to the rakyat.

(Image:
Bata
 and
Azran Shah
 via
Business Insider
)

Tip #2: Invest, but wisely

It is considered good financial sense to create some passive income through investments if you have the means. The Prime Minister revealed that he too has made some investments with Tabung Haji and unit trusts in Permodalan Nasional Berhad.

However, the nature of investments is that they entail some degree of risk. You should always be prepared to shoulder any losses should your investments go south, so make your decisions wisely. Diversifying your investments is also important, with a mix of investments that have varying levels of risk.

That way, you protect yourself from losing too much money should there be losses in your portfolio. Dr Mahathir himself confessed to investing in things that garnered no profit, and if you ask around you will find similar narratives by those who have made less-than-favourable investments.

Tip #3: Avoid debt where possible

Dr Mahathir was very adamant against the idea of being in debt and borrowing money. “Borrowing money is not my way. If I borrow, I feel a burden that I have to repay – I don’t want any burdens, so I don’t borrow.”

Most of us cannot be entirely debt-free – we either have student, car, or home loans to pay off in different stages in our lives (sometimes even all three at the same time!) But while debt may be unavoidable, making sure you don’t take on more debt than you can manage is very important. Take time to manage your finances and identify your commitments before taking the plunge on a car or a house.

(Image:
Marina Mahathir
)

Tip #4: Don’t be greedy

Sometimes, you may find yourself in a situation in which you stand to gain considerable profit by stepping outside the lines of integrity. Dr Mahathir shared that there were instances in which he found himself in this position when he was in office as Prime Minister previously.

“For example, I wanted to declare Langkawi a tax-free island,” he said. “I was the only one who knew. I could have bought a lot of land and then declared Langkawi tax-free. In those days, one relung of land, which is about less than half an acre, would only cost RM200. Now the price, as you know, is about RM5 million per acre. I could have been rich. But I didn’t do that.”

Tip #5: Know the power of compounding effect

Living a humble lifestyle and being prudent with savings leads to surprisingly positive outcomes in the long run. By having a habit of consistently saving a portion of your salary every month, the compounding effect of the interest you earn can be as good as a stable, low-risk investment in the long run. When it comes to earning money, it’s always a marathon, not a sprint.

“I didn’t think about enriching myself because I find that I am already rich,” said Dr Mahathir. As the Prime Minister’s housing, living expenses, and transportation were provided for while he was in office, he did not have to pay much and so saved all his money. As such, with his income and moderate lifestyle, he managed to snowball his savings over the decades.

Final Words

Tun Dr Mahathir’s lifestyle is a classic example of a humble lifestyle. Despite moving through the ranks in the country’s political hierarchy, Dr Mahathir’s lifestyle barely changed despite the massive strides ahead in spending power. For the young rakyat chasing the luxuries of life, Dr Mahathir’s moderate ways is a great reminder that sometimes, less is indeed more.

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New Standard Chartered Liverpool FC Cashback Card Revision Reduces Rate From 1% To 0.5%

Aside from revising the cashback benefits of the
JustOne Platinum Mastercard come 1 October 2021
, Standard Chartered Bank has announced that it is also making changes to the cashback terms of its Liverpool FC Cashback credit card.

Also effective from 1 October 2021 onwards, cardholders will earn 0.5% cashback on all retail purchases, subject to a monthly cap of RM50 and certain exclusions. This means you’ll earn cashback for up to RM10,000 spending, but does impact the competitiveness of this card.

At present, the Liverpool FC Cashback credit card offers 1% cashback on almost all local and international retail transactions, which was already a
massive revision that was made in February 2021
.

Aside from lowering the cashback rate from 1% to 0.5%, all other features of the Liverpool FC Cashback credit card remain the same. Petrol and insurance transactions still do not qualify for cashback under this credit card. Payments made to charities and government bodies, too, are not eligible.

Finally, the annual fee for the
Liverpool FC Cashback credit card
 (principal) is also maintained at RM175 (first year waived), with supplementary cards being given for free.

(Source:
Standard Chartered
)

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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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Everything Banks Can (Legally!) Do to You If You Don’t Pay Back Your Loans

Now most loan defaulters will be subject to an eventual blacklist, poor credit rating, late payment penalties and other conditions that vary between banks. That however, isn’t the extent of their powers.

Here’s how banks can further penalise you if you fail to pay up on these types of loans:

1. Hire-Purchase Auto Loans

One of the worst things to happen when you default on a
car loan
 is repossession; this is when your car is taken from you and held by the bank. Typically, missing more than two payments can start the repo process but this varies between lenders.

You are also likely liable for legal fees as well as costs incurred to repossess and hold your car. Note though, if you have already paid up more than 75% of your car loan, a court order will need to be issued before your car can be repossessed.

2. Housing Loans

Stiffing
mortgage payments
 can pose more severe penalties than other types of loans because the amount is usually much bigger. Missing more than three to four months of instalment payments can trigger foreclosure actions by the bank which could lead to your property being auctioned. Moreover, your guarantor is now liable to cover your debt and could be blacklisted as well. In addition, any collateral you pledged for the loan might be liquidated to pay down what you owe.

If your home has been auctioned and the proceeds were found insufficient to cover the loan amount; you will still be liable to pay off the balance. Now, if that balance amounts to RM30,000 over a period of six months, the bank may even file a
bankruptcy
 petition against you.

3. Credit Cards and Personal Loans

Since
credit cards
 and most
personal loans
 are forms of unsecured financing, failure to make payment will result in your getting sued for monies owed, but this is often the last resort action of lenders.

You will first be penalised with late payment charges and if you still don’t pay up, your lender may seek help from debt collection services to recover the dues. At this point, your credit score will be smeared and chances to gain financing from banks will be close to impossible.

Now if your bank finds that there is no way to recoup what you owe, they may move to file a bankruptcy petition against you if possible.

Take Early Precautions

Before it gets to a stage where your bank is blacklisting you or taking away your house and car, be proactive and take control of the situation with these actions:

Consult your bank to request for extensions
 or revisions to your loan. This may not always work, but it’s worth a shot at leniency and an opportunity to pay off your debts.

Find other ways to cover your debt.
 With home, car and personal loans, you can refinance for better terms, i.e. lower interest rates and more affordable monthly repayments. In the case of credit cards, you can try to apply for a balance transfer to wipe out interests for a certain period and lower your monthly repayments. You can also take out a personal loan to cover your credit card dues if interest rates are lower than your credit card.

If mounting debt is getting to be too much for you to manage, do contact the
Credit Counselling and Debt Management Agency
 for help negotiating with banks on your behalf.

Before you take on any loan, do research the affordability of all financing packages offered to you. Need help? Just check out our comparison page to find the most affordable
home
,
personal
 and
car
 loans available. If you have anything to add to this article, do share your thoughts and comments with us in the comments section down below!

Image credit: Jeff Turner’s
photostream
.

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    Jagatheesan Raaj Ramanaidu

    3 years ago

I am unemployed and couldn’t get a job as of now.. but still need to serve my housing loan .. in this case what are the action i can take from falling into auction or bankruptcy? Pls advise

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Reply

    Elaine

    2 months ago

Ambank

My car take already

So how can I take it back?

Or need to call bank?

Tq

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    Pang Tun Yau

    2 months ago

    Reply to

        Elaine

You should contact the bank for further information on this.

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Allianz, Howden Launch Malaysia’s First Bicycle Insurance

(Image: Business Today)

Allianz General has rolled out Malaysia’s first bicycle insurance, in partnership with Howden Broking, an insurance broker headquartered in United Kingdom. The plan offers one-year protection for both the cyclist and the bicycle, covering circumstances such as accidental damage during commute, crash damage, and theft.

Specifically, the bicycle insurance is packaged together with Allianz Shield Plus from Allianz General, a RM60,000 personal accident (PA) insurance that covers accidental death, permanent disablement, snatch theft, and medical expenses – among others. On top of that, policyholders may also be reimbursed should their bikes face the following damages:

Accidental damage when used for commuting or recreation
Damaged whilst attached to motor vehicle bicycle rack
Replacement for crash damage
Full reimbursement against loss
Theft coverage
Transit damage/loss within Malaysia (commercial airlines)
Coverage for accessories and specified add-on parts

Additionally, protection for personal liability is also provided via the bicycle insurance. It pays 1.5 times the sum insured for claims made against the policyholder due to on-the-road accidents that result in injuries or property damage.

Note that this plan is made available only to bicycles of up to five years old. The scope of the above coverage is applicable for road, mountain, and off-road bicycles of all make. Meanwhile, the total premium that must be paid is dependent on the risk exposure, the underwriting requirement, and sum insured of the property.

According to the chief executive officer of Allianz General, Sean Wang, the launch of this bicycle insurance is aimed at meeting the protection needs of cyclists in Malaysia, who have long expressed a need for protection against accidents or thefts. “Malaysia has such a vibrant cycling community, and what was missing was an insurance solution that looked after the cyclists and their ride,” he said.

The chief executive officer of Howden Malaysia, Jeffrey Chan also said that cyclists can look forward to an improved cycling experience now that this specialised insurance solution is available. “Howden’s focus is to provide clients with the service and choice they need to face the risks of today and tomorrow,” he further commented.

(Sources:
Howden Broking
,
Business Today
)

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IRB: Malaysia's Income Tax Rates Are Competitive

(Image: Yahoo News Singapore)

The Inland Revenue Board (IRB) of Malaysia has stated that the income tax rates in Malaysia are still competitive compared to other countries globally.

In Malaysia, employees who earn an income of RM3,000 and below are still not taxable, according to Deputy Chief Executive Officer (Taxation Operations) of Inland Revenue Board of Malaysia Datuk Mohd Nizom Sairi. He also added that it is common for developed nations’ tax rates to be higher and for those earning small salaries to be taxed as well.

Essentially, the IRB must ensure a fair taxation system, because the income tax helps the Government to finance development programmes around the country. “Every ringgit contributed via income tax is used in the best possible manner by the Government to be returned to the people in various forms,’” he said, adding that 50% of the Malaysian income tax has already contributed to the Government’s finance development programmes.

This was why it is important that everybody pays what they should be paying. Datuk Mohd Nizom shared that while 70% to 80% of taxable citizens have been obediently paying their taxes, the IRB will be detecting and pursuing those who have yet to pay up their dues.

(Source:
The Edge Markets
)

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Credit Card Fees You May Not Know About

It’s no secret that a credit card is one of the most convenient financial tools anyone can have. The unassuming plastic card allows you to make speedy online and offline purchases at almost every retailer in the world (at least those that accept your credit card provider), as well as giving you an interest-free payment period for up to 20 days, depending on your credit card provider (as long as you do not have any outstanding balance from the previous month).

But of course, all these benefits come with fees and charges. Some are more well-known than the others, so here is a list of the lesser known credit card fees.

Physical Statement Fee

There is a fee every time you receive your physical (paper) statement? No kidding! But the truth is, more and more banks are encouraging their patrons to opt for paperless e-statement in an effort to protect the environment, hence the reason why banks are charging a fee for physical statements.

If you’re still receiving physical statements every month, now would be a good time for you to switch to the eco-friendlier (and cheaper) e-statement. You can contact your credit card provider’s customer service or simply login to your online banking to make the switch.

Late Payment Fee

Although late payment fee is among the better-known fees, many are unaware as to how financially damaging it is to miss or delay credit card payments. Most credit card providers charge a minimum of 1% from your outstanding amount whenever you miss your credit card payment due date, and it’s usually capped at RM100.

So, if your outstanding amount is RM3,000 and you make your credit card payment
after
 the given due date, you’ll need to fork out an extra RM30 for the late payment fee!

Fortunately for you, certain credit cards such as Citi Simplicity+ card does not impose late payment fees at all! However, do keep in mind that any late payment will be charged interest and even recorded in your credit history – which may hurt your chance of getting credit facilities in the future.

Interest on 0% Interest Instalment plans

Easy Payment Plans (EPP) and 0% instalment plans are two of the best advantages of having a credit card. These plans allow you to convert your big purchases to an interest-free instalment plan within an agreed-upon period of time (again, as long as there’s no outstanding balance from the previous month’s statement). It’s a great perk to have for when you finally decide to purchase that brand-new laptop you’ve been eyeing for months.

But, bear in mind that if you make so much as
one
 slip up with your instalments, you can wave goodbye to all the perks of the 0% interest instalment plan. Instead, say hello to your standard interest rate (which ranges between 15% to 18%). The outstanding amount from your instalment plan will automatically be charged a standard interest rate on your next statement, which can’t be good for your finances.

Annual Fee

With most credit cards offering waiver for the first year to new credit cardholders, not everyone would remember that their card does come with annual fees until the second year, which sparks some discontent among the new cardholders.

It stands to reason that credit cards with zero annual fees would be the better option for anyone with savings in their mind. This
Citi credit card
 would be perfect for those who are looking for an all-around budget credit card, as it doesn’t charge annual fees at all!

Over Limit Fee

There are times when you need to incur unforeseen expenses, which normally end up in you exceeding your credit limit. Each time you max out your credit card and the outstanding amount exceeds your credit limit, you’ll be charged an over-the-limit fee. This fee will continue to charge your account until your outstanding balance is lower than your credit limit.

The simpler solution to avoid over limit fees is of course by applying for the Citi Simplicity+, which comes with
zero
 over limit fees.

All of these fees may seem hefty to you, but with good planning and financial management, you can enjoy the many benefits of being a credit cardholder while avoiding these fees! Also, remember to
go through the fine print on your credit card agreement
 before signing anything. A little extra information can go a long way towards saving you from any frustrations and money issues later.

If you are budget conscious and looking for a card with low fee charged, the new Citi credit card is recommended and best suited for you. The Citi credit card keeps it simple with no annual fee, late fee and over limit fee.

To top it off, the card rewards you with 10% rebate on finance charges when you pay minimum due amount on time. Did we pique your interest?
Apply for Citi Simplicity+ card
 today!

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Taking Care Of Your Protection Needs Amid COVID-19

The Covid-19 pandemic, together with the subsequent movement control orders introduced to contain the spread of the virus, has changed society in many ways. The new normal finds us taking to new practices like social distancing and remote working, and it has also reminded us not to take things like our health and well-being for granted.

When it comes to adapting to a Covid-19 world, businesses and brands have been quick to embrace these new measures as well – and leading insurer and takaful operator AIA is not to be missed among them. Let’s take a look at the ways in which AIA is helping its customers adjust to the new normal.

Free Online Consultation And Hassle-Free Sign Ups

One of the ways that AIA promotes social distancing is by providing free contactless consultation services. Now, you can engage with AIA’s Life Planners through online sessions, which ensures that you get provided with the consultation you need regarding your insurance and takaful coverage without having to leave the safety of your home.

Additionally, AIA is also offering the flexibility for insurance and takaful applications to be processed without the need for any face-to-face meet ups, making it safer and more convenient for customers to sign up for insurance and takaful plans amidst the ongoing conditional movement control order.

3-Month Waivers On Premiums Or Contributions

In a move never seen before in the industry and consistent with AIA’s commitment to helping Malaysians live Healthier, Longer, Better Lives, the company has set out to provide a special 3-month waiver on premiums or contributions for selected plans. Customers will still be able to enjoy the benefits and coverage afforded throughout the period that the premiums or contributions are waived, making sure that they will continue to be well protected during these challenging times.

To enjoy this promotion, you can choose to sign up for either A-LifeProtectTerm or A-Life Kasih Famili – AIA’s affordable, basic life insurance and family takaful plans which we will elaborate below.

Both plans offer a protection amount of up to RM100,000. The promotion will run until the end of June 2020 or until the issuance of the first 50,000 policies, whichever comes first. The first 50,000 policies here refer to the combined sign ups of both the A-LifeProtectTerm and A-Life Kasih Famili plans.

Learn more about this limited 3-month waiver offer for both
A-LifeProtectTerm
 and
A-Life Kasih Famili
.

About A-LifeProtectTerm And A-Life Kasih Famili

A-LifeProtectTerm is a term life insurance plan for individuals that provides two coverage term options, i.e. 10-year and 20-year. The plan provides coverage against death and permanent disability.

The plan also comes with a conversion option where the policy can be converted into other permanent plans without further underwriting as long as you are below the age of 65 and the plan is still active. Sign up for or find out more about A-LifeProtectTerm
here
.

A-Life Kasih Famili, on the other hand, is a regular contribution family takaful plan that provides coverage on death, disability, and double coverage for accidental death.

The plan protects you until you’re 70 years old, and you can choose a coverage amount of RM50,000 or RM100,000. Follow
this link
 to sign up for A-Life Kasih Famili or to learn more about the plan.

Both A-LifeProtectTerm and A-Life Kasih Famili are plans that were created with affordability in mind. Premiums for A-LifeProtectTerm start from as low as RM0.50 a day while contributions for A-Life Kasih Famili begin at only RM0.95 a day.

Sign Up
 Now And Qualify For The Premium Waiver

It’s time to consider joining the tens of thousands of customers who have taken up this special promotion. You can qualify for the 3-month premium waiver when you sign up for either A-LifeProtectTerm or A-Life Kasih Famili.

If you opt for A-LifeProtectTerm, choose a 10-year or 20-year term plan, with a sum assured of RM50,000 or RM100,000 per insured or covered life to be eligible for the premium waiver. Please note that each insured or covered person is eligible to enjoy this waiver only once for A-LifeProtectTerm and A-Life Kasih Famili respectively.

Additional Covid-19 Coverage

If you do decide to take up the promotion, you’ll also enjoy additional Covid-19 coverage until 30 September 2020 (terms and conditions apply), which grants you an income of RM200 a day for up to 30 days should you be hospitalised because of the virus. There’s a RM10,000 death benefit should you pass away due to Covid-19, too.

This extra Covid-19 coverage will provide yet another safety net to complement the protection offered by the A-LifeProtectTerm or A-Life Kasih Famili plans for added peace of mind.

Keen to learn more about either of these plans? Check out the
A-LifeProtectTerm
 and
A-Life Kasih Famili
 product pages.

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CGS-CIMB: Reinstatement Of Share Stamp Duty Cap Will Make Bursa Malaysia More Competitive

(Image: Bernama)

CGS-CIMB Research has applauded the government’s decision to reinstate the stamp duty cap for share trading on Bursa Malaysia, stating that this will make the Malaysian stock exchange more competitive regionally.

For context, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz had previously proposed to abolish the stamp duty cap – which was originally set at RM200 – for the trading of shares during the tabling of Budget 2022. He also suggested to increase the stamp duty rate from the existing 0.1% to 0.15%, saying that this is to impose a fair tax treatment on the public.

Fast forward to 30 December, however, the government decided to reverse on its decision to go ahead with the abolishment, instead reinstating the stamp duty cap at a higher RM1,000 limit. Meanwhile, the higher stamp duty rate of 0.15% will be implemented as announced in Budget 2022. The government also clarified that stamp duty amounts exceeding RM1,000 will be remitted, and that this remittance will apply to all contract notes from 1 January 2022 to 31 December 2026.

(Image: Malay Mail)

According to CGS-CIMB Research, this latest move will see the total transaction costs for Malaysia reduced from the initial 0.32% to 0.2% for US$1 million trade value (approximately RM4.2 million). This is with the brokerage rate set at 0.15%.

“This is still higher than the total transaction costs in 2021 of 0.19%, based on our estimates when the stamp duty cap was RM200. Nevertheless, this is positive for stockbrokers and Bursa Malaysia as the higher cap on stamp duty for the next five years will improve Malaysia’s competitiveness against MIST (Malaysia, Indonesia, Singapore, and Thailand) peers,” said the research house, adding that it estimates total transaction costs for shares to settle between 0.16% to 0.26%.

CGS-CIMB Research also highlighted the immediate positive reaction to the government’s decision, which saw the FBM KLCI gaining 1.55% on the last trading day of 2021. This is despite traders being beset by fears posed by matters such as the latest Covid-19 Omicron variant, the return of intraday short selling effective 1 January 2022, and flooding risks within the country.

Aside from commenting on the reinstatement of the stamp duty cap for share trading, CGS-CIMB Research also expressed optimism at the government’s decision to extend the
tax exemption on foreign-sourced income and dividend for individuals and corporates
 until 31 December 2026.

(Source:
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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Guaranteed Apple Airpods, RM600 Cash Via TNG e-Wallet, & More Are Up For Grabs This Week

The Unbox This Week credit card campaign is back with awesome gifts from five participating banks!

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.

For this week (22 – 29 November), our featured bank partners include

Citibank, HSBC Bank, Standard Chartered Bank, CIMB, and Alliance 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!

Citibank – RM600 Cash Via Touch ’n Go e-Wallet

Citibank is giving you guaranteed RM600 Cash via Touch n’ Go e-Wallet when you apply for selected cards from Citibank through us. Whether it’s paying for tolls or shopping for your necessities, this gift can do it all!

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

HSBC – Apple Airpods Pro Or Apple Airpods

This week, credit card applicants stand a chance to win the Apple AirPods Pro when you apply for a credit card with HSBC! The AirPods Pro is the ultimate companion for music lovers with Active Noise Cancellation for immersive sound and a customisable fit for all-day comfort. 80 winners of the AirPods Pro will be randomly selected. Those who are not selected will still walk away with a guaranteed pair of Apple Airpods!

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.

Standard Chartered Bank – Choose Amazfit GTR 3 Pro or RM500 Lazada e-Voucher

Standard Chartered is now giving ALL approved applicants a choice of the new Amazfit GTR 3 Pro or RM500 Lazada e-Voucher as their gift! Stylish yet functional, the Amazfit GTR 3 Pro comes with Ultra-HD AMOLED Display, 150 plus sport modes, and is compatible with Alexa virtual assistance.

Everyone’s a winner when you apply for selected Standard Chartered credit cards. 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.

CIMB – Giordano Luggage Bag

CIMB is giving away a guaranteed Giordano Luggage Bag to all its successful credit card applicants. It’s easy to win this handy luggage bag that will get you ready for your next trip. Just apply, activate, and perform the first swipe of any amount to be eligible for this gift!

Only applications for CIMB e Credit Card are valid for this campaign. Upon approval, you do have to activate and spend any amount to meet the requirements of the campaign and be eligible to get the prize.

Existing cardholders of any CIMB credit card and individuals who have held or cancelled a CIMB credit card in the past six months are not eligible for this campaign. Apply for the CIMB e Credit Card
here.

Alliance Bank – RM200 Firefly e-Voucher

This week, we have Alliance Bank once again joining the party with a guaranteed RM200 Firefly e-Voucher. If you’re ready to fly again, this e-voucher will take you to the destination of your choice whether it’s to reunite with family and friends or have a quick end-of-year getaway.

Upon approval, you just have to activate to meet the requirements of the campaign and be eligible to get the prize.

Existing cardholders of any Alliance Bank credit card and individuals who have held or cancelled an Alliance Bank credit card in the past six months are not eligible for this campaign. Apply for an Alliance Bank Credit Card
here.

***

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 1 November (1pm), 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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Chee Jo-Ey

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Samsung Galaxy Z Fold 5 And Galaxy Z Flip 5 Now Available In Malaysia, From RM6,799 And RM4,499

Samsung Malaysia has officially launched its next generation foldable devices, namely the Samsung Galaxy Z Fold 5 and Samsung Z Flip 5. Officially available for purchase today in Malaysia, these phones are retailing with a starting price of RM6,799 and RM4,499, respectively – and as usual, customers will also be able to enjoy exclusive rewards worth up to RM1,499 with every purchase.

Here’s a quick look at these highly anticipated phones, as well as the limited-time promo that is being provided to customers:

Samsung Galaxy Z Fold 5

The Samsung Galaxy Z Fold 5 – which is available with 256GB, 512GB, and 1TB storage space – continues to feature a 7.6” main display with Dynamic AMOLED 2X technology. It is, however, now designed to be slimmer and lighter than
its predecessor
 at 13.4mm in thickness and just 253g in weight, and is equipped with a new dual-rail Flex Hinge that is said to be more durable as well.

Spec-wise, the new phone features an upgraded Qualcomm Snapdragon 8 Gen2 processor with 12GB RAM. As for cameras, it has a 10MP front camera on the cover screen, a 4MP under-display camera for the main screen, and finally a rear setup of 50MP wide camera, 12MP ultra-wide camera, and 10MP telephoto camera. The battery is still a 4,400mAh dual battery with Super-Fast Charging suport, but Samsung stressed that a single charge on the Samsung Galaxy Z Fold 5 will last longer than the Z Fold 4 as it is using an advanced processor that allows for more efficient power usage.

The Samsung Galaxy Z Fold 5 is available in three colours – Icy Blue, Phantom Black, and Cream – but if you make your purchase via Samsung Online, you can choose from two online exclusive colours (Blue and Gray). Here are the prices:

Samsung Galaxy Z Fold 5 (256GB):
 RM6,799

Samsung Galaxy Z Fold 5 (512GB):
 RM7,299

Samsung Galaxy Z Fold 5 (1TB):
 RM8,299

Samsung Galaxy Z Flip 5

The compact Samsung Galaxy Z Flip 5, meanwhile, now features a new and larger 3.4” Flex Window – the largest cover screen on a Galaxy Z Flip phone to date – and a 6.7” main screen. Despite the larger screens, Samsung shared that this new phone is also thinner and lighter than its predecessor; the device weighs just 187g and has a thickness of 15.1mm (when folded) and 6.9mm (when unfolded).

Of note is the all-new Flex Mode Panel that contributes to an improved Flex Mode experience, taking advantage of the larger screen to easily access more controls and apps from your screen, including a touchpad and curser. It can also be expanded or hidden with the touch of a button. On top of that, the Galaxy Z Flip 5 is equipped with the new dual rail Flex Hinge as well.

Available with two storage space options (256GB and 512GB), the Samsung Galaxy Z Flip 5 uses a Qualcomm Snapdragon 8 Gen2 processor like the Galaxy Z Fold 5, but with 8GB of RAM. For cameras, there is a 10MP front camera, and a dual-camera setup on the opposite side consisting of 12MP ultra-wide camera and 12MP main camera. Battery-wise, it packs a 3,700 mAh battery.

As for colours, the Samsung Galaxy Z Flip 5 is available in Mint, Graphite, Cream, and Lavendar. Similar to the Galaxy Z Fold 5, however, there are exclusive colours that you can choose from if you buy your phone from Samsung.com, namely Gray, Blue, Green, and Yellow. Prices are as follows:

Samsung Galaxy Z Flip 5 (256GB):
 RM4,499

Samsung Galaxy Z Flip 5 (512GB):
 RM4,999

Available promos

Customers who purchase their Samsung Galaxy Z Flip 5 and Samsung Galaxy Z Fold 5 from today until 31 August 2023 will be entitled to the following goodies – worth up to RM1,499 (first-come first-served):

Free Samsung Galaxy Watch 4 (40mm) worth RM899

Up to 40% PWP discount on Samsung accessories, Samsung Care+, as well as Galaxy Tablet, Galaxy Watch, and Galaxy Buds series

Additional RM600 trade-in rebate (Samsung Online exclusive)

You can head on over to the
Samsung Online store here
 to find out more about the new phones. Alternatively, visit Samsung Malaysia’s Experience Stores and authorised partners if you prefer to view the phones in person before deciding. You can also check out other verified online retailers and e-commerce platforms.

***

In addition to the Galaxy Z Fold 5 and Galaxy Z Flip 5 phones, Samsung has also unveiled its new Galaxy Watch 6 and Galaxy Tab S9 series. To mark these launches, the popular tech brand has launched
Flip Town
 – an installation set up in Kuala Lumpur, Penang, Johor Bahru, and Malacca – to offer promos and prizes.

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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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Choosing the Right Kinds of Savings Accounts for Your Family

Savings Accounts have come a long way from merely being a safe place to stash your money; it has evolved to offer higher interest rates and valuable extras to make life a heck of a lot easier.

Moreover, special savings accounts that work to complement your needs at different life stages only seem to sweeten the music of this financial instrument. Knowing what they are and their particular differences can help you choose the right savings account for the right people in your life.

Here are three such accounts that bring a range of extra benefits and features according to how long you are in the tooth:

Junior Savings Account

It’s really easy to get started with a
junior savings account
 since initial deposits go as low as RM1! So there’s no excuse not to open one for the adorable little fellows in your life. Typically, kids aged 18 years and below are permitted to open a junior savings account, whereas those below 12 years are usually eligible for in-trust accounts with a parent.

Some banks offer higher interest rates to young savers to help their money grow faster with further bonus earnings if no withdrawals are made. These accounts may also offer complimentary life insurance coverage for parents just so their children will be financially secure in case of unfortunate events.

Teenage Savings Account

This savings account is only for awesome teens or more specifically, those aged 12 to 17 years. How cool is this account? Well, some banks offer sweet extras like exclusive invites to social events and activities in addition to higher interest rates (as much as 3.30% per annum for certain deposit amounts).

The initial deposit for a
teen savings account
 is often as low as the junior’s, but to qualify for additional perks, banks typically impose a certain level of savings. Yes, staying true to the minimum balance requirements could earn the accountholder free Personal Accident Insurance coverage, bonus interest earnings, and school examination incentives for top performers.

Senior Savings Account

If you want to help your parents and grandparents maximise their savings and still enjoy withdrawal flexibility, help them sign up for a
senior savings account
.

The initial deposits for these accounts tend to be on the high side with some starting at RM1, 000 but the saving grace here is that they also tend to yield above-average interests. While the junior and teenage savings accounts often come with lesser banking features, senior savers could still enjoy the use of online banking facilities, and even reward point earnings with debit card use.

Keep on Saving!

Of course these aren’t the only kinds of savings accounts banks offer, but they are the only age-specific ones that banks all over the country provide. So don’t just save for yourself; inspire your family and friends to save up too! Use our
savings account comparison tool
 to discover the sweetest deals offered by Malaysian banks!

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Desiree Nair

Desiree Nair

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Malindo Air Resumes Domestic Flights From KLIA And Subang Airport

Starting today, Malindo Air will resume domestic flights from Kuala Lumpur International Airport (KLIA) and Sultan Abdul Aziz Shah Airport in Subang. The airline will be operating a single daily flight to all domestic destinations, including Sabah and Sarawak.

To kickstart this effort, Malindo Air is also offering flight tickets at a special price via its Ready To Get Back promotion. The promotion lets you book from now until 30 April 2020, with travel period starting from 27 April 2020 onwards.

The cost of one-way flights from KLIA will start at RM159, RM299, and RM399 (economy class) for Penang, Kuching, and Kota Kinabalu, respectively. Alternatively, you can opt to fly business class at a promotional price starting from RM399 for Penang, RM499 for Kuching, and RM699 for Kota Kinabalu.

Flights from Subang, on the other hand, will focus on routes within Peninsular Malaysia, namely Penang, Alor Setar, Johor Bahru, Langkawi, Kuala Terengganu, and Kota Bahru. The price of one-way flights (economy class) to these destinations will begin from RM199. Additionally, those who wish to get return tickets as well can get them starting from RM397.

Malindo Air further reminded that the Ready To Get Back promotion is subject to seat availability, and that requests for flight changes must be done at least 4 hours before the departure time. The promotion is also not applicable to standby passengers. In other words, you will not be allowed to purchase tickets at the last moment to take up empty seats.

“The flights are deployed to meet the demands and ease the journey back home by our fellow Malaysians, especially students who have been stranded in campuses since the MCO began. Passengers are required to have face masks with them, failing which they have to purchase one before being allowed boarding,” said the airline in a statement.

Malindo Air – along with Malaysia Airlines (MAS) and AirAsia – had previously grounded its commercial flights due to the drop in travel demand because of the Covid-19 pandemic and cross-border travel restrictions. The Transport Ministry subsequently requested for the airlines to reconsider their decisions, prompting MAS to
resume flights to Sabah and Sarawak
. AirAsia followed soon after, announcing that it will
resume domestic flights
 starting from 29 April 2020.

That said, all international flights are still suspended as per the restrictions of the movement control order (MCO).

For more information, you can head on over to Malindo Air’s
Ready To Get Back
 promotion page.

(Source:
The Sun Daily
)

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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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PM: Budget 2023 To Prioritise Keluarga Malaysia Welfare, Malaysia’s Economic Resilience

(Image: Bernama)

Prime Minister Datuk Seri Ismail Sabri Yaakob has provided reassurance that the upcoming Budget 2023 will continue to prioritise the welfare of Keluarga Malaysia. Additionally, it will also consider the country’s resilience and capability to persevere in the event of a more challenging global economic crisis.

Datuk Seri Ismail Sabri further said that he is glad that the nation’s economic performance now appears to be recovering well. “Last Friday, Bank Negara announced that the Malaysian economy grew 8.9% in the second quarter of this year aided by economic activities which are returning to normal,” he said.

The prime minister also highlighted several other statistics that also pointed to the revitalisation of Malaysia’s economy, including Malaysia’s trade volume. Specifically, he said that Malaysia’s trade volume surpassed RM2 trillion for the first time in 2021, which translated to an increase of 24.9% as compared to the previous year. This is the result of an encouraging performance of domestic exports and re-exports, he said.

(Image: The Malaysian Reserve)

Moreover, the total net foreign direct investment (FDI) inflow for Malaysia in 2021 also surpassed the figures in the years before the Covid-19 pandemic, hitting RM48.1 billion. This is further supported by an improvement in Malaysia’s unemployment rate since the country began transitioning to the endemic phase of Covid-19, which saw the rate returning to
pre-pandemic levels at 3.8% (as of June 2022)
.

Meanwhile, Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz also shared back in July that the upcoming national budget will focus on better
sustainable subsidy management, as well as ways to strengthen the country’s resilience
 against future shocks. Budget 2023 is slated to be tabled on 28 October 2022.

(Source:
The Star
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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BNM, PayNet Participate In Proof-Of-Concept To Explore Cross-Border Payments With Singapore And Euro Area

Bank Negara Malaysia (BNM) has revealed that it is collaborating with several international partners in a proof-of-concept dubbed Project Nexus to improve the cost and efficiency of cross-border payments. Along with the central bank, Payments Network Malaysia Sdn Bhd (PayNet) will also be participating in the project.

According to a joint statement by BNM, Project Nexus will specifically explore the possibility of linking the real-time payment system between Malaysia, Singapore, and the euro area (19 countries that use the Euro currency). “This will enable customers to send and receive cross-border payments instantly and securely,” said the central bank, adding that the results of Project Nexus is expected to be revealed by the end of 2022, although the prototypes developed will not be available to the public as of yet.

Led by the Bank for International Settlements (BIS) Innovation Hub, Project Nexus will see BNM and PayNet also working hand-in-hand with Banca d’Italia, the Monetary Authority of Singapore (MAS), and Banking Computer Services Pte Ltd. Additionally, BNM highlighted the significance of Project Nexus as a blueprint that will guide the future development of a global network of real-time cross-border payment systems.

BNM further noted that its participation in Project Nexus is in line with the country’s effort in linking Malaysia’s real-time payment platform (DuitNow) with the payment systems of other countries in the ASEAN region. At present, Malaysia has formed a
cross-border payment linkage between Malaysia and Thailand
, and efforts are being made to establish similar payment linkages with Indonesia and
Singapore
.

The assistant governor of BNM, Fraziali Ismail also commented that this move emphasises the central bank’s commitment to future-proofing the country’s key payment infrastructure. “Building on the success of bilateral payment linkages with other ASEAN countries, this could pave the way for DuitNow to connect with other real-time payment systems globally. This will support aspirations for faster, cheaper, and more accessible cross-border payments for Malaysian residents,” he said.

(Image: The Malaysian Reserve)

Meanwhile, the group chief executive officer of PayNet, Peter Schiesser said that Project Nexus will allow the company to contribute to the design of next-generation payment infrastructure. “This will ensure Malaysia is well placed to capitalise on the outcomes of the project,” he commented.

Project Nexus itself was launched earlier this year in July 2021, and has since moved from the design phase to the testing phase. BIS further shared that aside from Malaysia, it is also working on a similar bilateral connection with India.

(Sources:
Bank Negara Malaysia
,
Bank for International Settlements
)

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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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Meet Malaysia's Self-Made Female Millionaires!

It’s so interesting to see how far women have come in the world – from not being allowed to vote, to standing proud as elected heads of state, running Fortune 500 companies and even making some serious cheddar for themselves.

Even in our little corner of the world, local power women have been hitting it hard for decades earning seven and eight-figure incomes, but just who are they?

Well, the ladies on this list were chosen not just by the number of zeroes in their bank balances, but on how they made their money. We focussed on self-made women who worked their way to the top.

Here’s a list of five strong, Malaysian women who really know how to bring home the dough!

1. Puan Sri Datin Chong Chook Yew

As the only woman to have made it on this year’s Forbes Malaysia’s Top 50 Richest list, Puan Sri Datin Chong Chook Yew has earned the number one spot on our list.

As the co-founder of Selangor Properties Berhad, she is said to have been a hands-on leader, building the business with her husband from the ground up. Most of her money was and still is being made in the real estate industry. Her personal wealth is currently estimated at RM1.3 billion.

2. Vicky Teoh

Named Australia’s Richest Self-Made Woman, businesswoman Vicky Teoh is in fact, Malaysian-born and we’re including her in this list! Emigrating from Malaysia to Australia in 1986, Vicky and her husband went on to found
TPG
, a telecomm and IT company in Australia.

In 2015,
The Star
 reported that Vicky’s personal net worth now stands at RM2.6 billion. Apart from her 18% stake in the company, Vicky invests in various online start-ups as well.

3. Tan Sri Dato’ Seri Michelle Yeoh

Arguably the most internationally recognized Malaysian actress, former Bond girl Michelle Yeoh is quite the bankable movie star.

She has amassed a net worth of RM984 million thanks to roles in major Hollywood and Hong Kong movies, investments in property and stocks, as well as numerous endorsement deals.

4. Ling Tan

This Malaysian beauty has walked the runways of major fashion shows in London, Paris, and Milan; worked with designers such as Vera Wang, Chanel and Stella McCartney; as well as appear in numerous advertising campaigns.

Credited as the first Southeast Asian supermodel, Tan Mang Ling, better known as Ling Tan began her career in the fashion world back in 1994. Her net worth reportedly stands at RM242 million.

5. Maya Karin

Aged just 36, Maya Karin is the youngest wealthy woman on our list. But it’s no surprise that this talented actress, singer, model and television personality, has over RM56 million to her name.

Apart from her film and television career, Maya’s work as spokesperson and celebrity endorser of major brands such as Celcom, Wella, Pantene and L’Oréal helped build an impressive fortune.

Honourable Mentions

Our list is not exhaustive; in fact, there are many more local moneyed ladies that make Malaysia proud in more ways than one. Among them are singer Dato’ Siti Nurhaliza (RM69 million); actresses and models Amber Chia and Carmen Soo (RM20 million and RM16 million, respectively); and squash star Datuk Nicol David (RM1.4million).

We hope this list inspired you to know that just like these women; your money-making potential is infinite!

Want to grow the money you already have? Consider stashing your funds in a
high-interest Fixed Deposit account
 that’ll help you cultivate a stronger reserve. Have anything to contribute to this article? Share your thuoghts with us in the comments section down below!

Image Credits:
My Stock 118
, Sabahan News, ELLE My, and Wikimedia Commons [
1
], [
2
]

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Business Banking Made Easy with RHB SME Banking Portal

In this digital age, every second could be making – or costing – you money. Sticking to tedious and lengthy conventional banking methods for your business needs could mean wasting precious time which you could have otherwise spent on managing your business.

It’s time to look for new ways to engage with banks to help ease and speed up your business banking – and what’s more convenient than to perform your business banking on the digital platform?

This is why RHB has introduced the
RHB SME Banking Portal
 – an online business banking hub where you can get business banking advice and services digitally, without having to spend hours at the branch. RHB SME Banking Portal offers the following services:

Choose your preferred RHB SME Business Loan or Financing Online

If you need financing for your SME business, click on
RHB SME Banking Portal
 to find out how you can benefit from a range of 8 financing options offered by RHB. Financing your business will never be an issue again.

Speedy and Easy Online RHB SME Financing Application

We can now apply for personal loans online, so why not SME loans too? With RHB SME Banking Portal, you can
apply for RHB SME financing online
, which means you’ll no longer be subject to long waiting hours at branches or risk losing any important supporting documents. What’s more, the application process takes only 10 minutes!

Convenient and Fast Business Current Account Application

Bid farewell to the days when you had to visit bank branches multiple times just to apply for a business current account. RHB SME Banking Portal
allows you to apply for an RHB business current account online
, and it takes no longer than 10 minutes!

Not only is the application process quick and easy, you’ll also be able to access to your business account and perform various online transactions via the internet banking anytime, anywhere.

One-Stop Solution for Your Online Business Needs

Starting your very own business isn’t always easy, and that is why RHB has launched its one-of-a kind
RHB SME e-Retail Solution
 on RHB SME Banking Portal, providing more than an ordinary business banking portal would, and offering a one-stop solution for your business needs.

Services offered include cloud accounting software, Reflex online cash management, business current account, electronic point of sale (ePOS), business credit card, merchant card terminal/MPOS, as well as customised insurance to help you grow your business and give you peace of mind.

Be in the Know of The Latest SME News and Business Tips

RHB SME Banking Portal provides its very own
Knowledge Centre
 featuring the latest market outlook, currency updates, as well as tips and tricks on how to improve your business efficiency, and more!

Online banking can empower your business, and
RHB SME Banking Portal
 is the archetype of efficient and convenient online business banking. Discover how it can help you manage and grow your business today!

This article was brought to you in collaboration with RHB SME Banking.

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BSN: Borrowers To Provide Covid-19 Mitigation Plans In Future Loan Applications

(Image: The Edge Markets)

Those applying for loans with banks in the future will need to comply with a new credit assessment approach implemented by banks before any facilities are approved, said the chief business officer of Bank Simpanan Nasional (BSN), Mujibburrahman Abdul Rashid.

According to Mujibburrahman, the new approach will no longer depend solely on historical data for the approvals of loan applications. Instead, borrowers will need to provide future loan repayment or resilience strategies to convince the banks, particularly with regard to how they can mitigate future Covid-19-related setbacks.

“We will look at your action plans. Let’s say if there is a second wave of Covid-19, what is your business and marketing strategies that you can put in place to ensure this time around you are more resilient and are you ready for that?” said Mujibburrahman during a panel session in the Domestic Tourism In The New Normal webinar.

Aside from revealing the implementation of the updated credit assessment approach during the webinar, Mujibburrahman also encouraged local tourism players – whose businesses were majorly impacted by Covid-19 – to tap into financial aid such as loans or financing rescheduling and restructuring (R&R). He said that many industry players believed incorrectly that R&R implies defaulting on their loans.

“R&R is not an element of default but a relief to help business owners to ease their burdens,” said Mujibburrahman. He further added that it will not only ease their burden, but also help to reduce banks’ credit cost, ensuring that the banking industry can continue assisting the tourism industry.

(Source:
The Edge Markets
)

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Bank Loans

Bank Simpanan Nasional

BSN

Covid-19

Credit Assessment Approaches

Loan Applications

Mujibburrahman Abdul Rashid

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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