HSBC And PayNet Enable DuitNow QR Payments At KPJ Hospitals

(Image: MyHealthcare)

HSBC Malaysia and PayNet have enabled contactless payment via DuitNow QR for hospitals under KPJ Healthcare Berhad, starting with those located in Kuala Lumpur.

The contactless payment method will be accepted at the Drive-Thru Covid-19 Test facility before being implemented for other wellness and health packages offered by KPJ Tawakkal in Jalan Pahang, Kuala Lumpur, the first KPJ hospital to adopt the national QR code standard.

Patients can make bookings in advance and pay by scanning the interoperable QR code at the drive-thru payment kiosk, website, mobile app, Instagram, or Facebook. The contactless nature of the DuitNow QR allows for the safety and welfare of KPJ patients and also helps patients avoid queues at hospital counters.

“The Covid-19 pandemic and the CMCO continues to impact businesses in Malaysia and we believe that we can support our clients by supporting their customers and providing them with efficient access to payment and collection services during this unprecedented time, and our solution for KPJ is a testament to that belief,” said Andrew Sill, Country Head of Commercial Banking, HSBC Malaysia.

Group CEO of PayNet Peter Schiesser added, “As the operator of Malaysia’s national DuitNow QR code system, we are very pleased to see DuitNow QR contactless payments playing a role to help fight the virus. For KPJ, not only is DuitNow QR a payment method for the Drive-Thru Covid-19 screening test but also for the settlement of medical bills without the need for physical contact.”

Schiesser also revealed that KPJ has signed up as a JomPAY biller, allowing its patients to make safe payments to KPJ using its JomPAY biller code.

After KPJ Tawakkal, HSBC and PayNet will be rolling out the DuitNow QR payment method to another 14 KPJ hospitals by the end of the month.

(Source:
HSBC
)

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Jacie Tan

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Covid-19 Self-Test Kits Now Available At RM4.90 Per Unit

(Image: Datuk Seri Alexander Nanta Linggi/Facebook)

Malaysians can now purchase Covid-19 self-test kits at a low price of RM4.90 per unit at 99 Speedmart outlets, revealed the minister of the Domestic Trade and Consumer Affairs Ministry (KPDNHEP) Datuk Seri Alexander Nanta Linggi.

Sharing his thoughts via a Facebook post, the minister said that he appreciates the cooperation provided by businesses in KPDNHEP’s continuous effort to lower the price of Covid-19 self-test kits. Earlier this year, the self-test kits were sold at about RM39.90 per unit, but the ministry subsequently fixed the
ceiling price at RM19.90 per unit (retail price)
.

The cost was further
brought down to RM6.60
 when KPDNHEP provided approval for supermarkets, convenience stores, and petrol stations to sell the test kits as well. Previously, only
selected clinics and pharmacies
 were permitted to sell them. With this new allowance, 7,302 premises nationwide are now allowed to sell Covid-19 self-test kits that are approved by the Health Ministry and the Medical Device Authority (MDA).

“Today, I am very happy to see the initiative taken by 99 Speedmart that has already started selling this kit at the price of RM4.90 per unit,” said Datuk Seri Alexander, adding that affordable Covid-19 self-test kits are important as they have become essential items in households these days. This is especially the case with the reopening of various economic sectors, employment, as well as schools and education institutions.

Datuk Seri Alexander also urged more premises to take the same measure in the near future. “I want this kit to be able to be bought at an affordable price so that all citizens can carry out self-tests frequently,” he said.

(Source:
Malay Mail
)

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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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E-Tunai Mostly Used For Groceries, Telcos, Transport, And Food

(Image: The Sun Daily)

More than RM105 million has been spent under the e-Tunai Rakyat programme since its rollout on 15 January, said Lim Guan Eng. According to the Finance Minister, most Malaysians used their RM30 e-Tunai Rakyat incentive to pay for groceries, telecommunications, transportation, and food.

“To date, from the 4.8 million applications, 3.5 million have been approved and response has been encouraging,” Guan Eng said. At RM105 million spent under e-Tunai Rakyat, the programme is already at the 25% mark of the total RM450 million allocated for the initiative in Budget 2020.

(Image: Melakakini)

When asked if the government would consider using the e-Tunai initiative as a platform for future subsidy payments, Guan Eng responded, “Before that, it is important to register the people to be part of digital payment programme. Now, (it) is less than eight million.”

The
e-Tunai Rakyat programme
 is still ongoing and eligible Malaysians can claim their
RM30 digital incentive
 before the scheme ends in March.

(Source:
Bernama
)

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Malacca Securities Launches Global Stock Trading Platform, M+ Global

Local brokerage firm Malacca Securities Sdn Bhd has launched its new global stock trading platform, M+ Global, providing interested Malaysians with access to a diverse range of international investment opportunities. Specifically, they’ll be able to trade in the United States and Hong Kong market.

In its statement, Malacca Securities highlighted that M+ Global users will be able to access over 7,000 and 3,000 stock listings in the United States and Hong Kong market, respectively – along with unlimited tradeable derivatives. These include warrants, exchange-traded funds (ETFs), callable bull/bear contracts (CBBCs), and real estate investment trusts (REITs).

Aside from that, M+ Global also strikes several firsts: it is the first digital trading platform in Malaysia to offer basic real-time data for investors, as well as to offer a
shariah
 screening feature for global stocks. With regard to the former, M+ Global has partnered with the National Association of Securities Automated Quotations (NASDAQ) to provide real-time quotes (RTQs) to its users, thereby enabling them to make better investment decisions with access to the actual price of a security in real time.

Furthermore, M+ Global is enhanced with the
shariah
 screening feature, catering to the needs of investors who wish to invest in
shariah
-compliant stocks on a global scale according to Islamic principles. This unique feature – which helps investors to swiftly identify a comprehensive selection of
shariah
-compliant stocks – is offered through a partnership with IdealRatings Inc., an asset management solutions provider that specialises in Islamic finance.

Another unique feature that M+ Global users can also tap into is the platform’s 24/7 real-time news monitoring system, providing users with up-to-date financial information and events in a timely manner via credible news sources. Additionally, the platform has a 24-hour multi-channel customer support service, where the support team can be contacted via the in-app live chat function, WhatsApp, hotline, email, and even livestream.

M+ Global also refers to itself as a hybrid broker, which means that although users will primarily conduct their trades via an online platform, there are also more than 200 licensed dealer representatives who can be contacted to provide foreign trade insights if users ever find themselves in need of advice. This ultimately offers a personalised touch to the services provided on M+ Global.

The managing director of Malacca Securities, Lim Chia Wei said that the launch of M+ Global is set to empower Malaysians with an intelligent and accessible gateway to the global marketplace. “By offering access to the United States and Hong Kong markets, Malaysians now have greater investment opportunities in some of the largest and most successful companies across various sectors and industries globally,” she said.

Additionally, Chia Wei said that Malacca Securities has drawn from its sixty years of experience as an award-winning homegrown stockbroking company to offer the best service possible to its customers. “Building on the success of M+ Online in 2012, we are committed to staying ahead of the curve to provide a first-class digital experience to enhance the investment experience for our valued customers. We’re paving the way for a new era of wealth-building with Malaysians, starting with the launch of M+ Global,” she added.

Briefly, M+ Online is another digital stock trading platform by Malacca Securities, created earlier for those who trade in the local stock market (on Bursa Malaysia).

Moving forward, M+ Global expects to roll out several more new features, including access to initial public offering (IPO), conditional order, US fractional shares, and options trading. In the meantime, interested investors can take advantage of the platform’s ongoing launch campaign, where new users who register for an M+ Global account and make a RM1,000 deposit will have the chance to receive one free stock from selected companies. On top of that, they can also access thirty days of free live quotes to the United States and Hong Kong markets.

(Source:
M+ Global
)

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Stock Market

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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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Citibank Enrol, Spend, and Win - 5 Samsung Prizes to be Won Every Day

No Skill Required – Just Use Your Credit Card.

Honestly, some of these credit card competitions are just too easy to enter. Take the latest offer from Citibank, all you need to do is buy something with your credit card (worth more than RM50 on a single receipt) and, er, that’s it.

OK, you do need to enrol by going to
this page on the Citibank website
 but that’s not going to take you more than about thirty seconds.

What could you win?  Here are the daily prizes:

1 x 55” Samsung SMART TV

2 x Samsung Galaxy Note II

2 x Samsung Galaxy Camera

Yes DAILY prizes, because Citibank are drawing competition winners every day for one hundred days.

No hidden fees or special catches, in fact, if you use your Citibank credit card overseas; sign up for an online account or E-statements; get approved for a Balance Transfer or FlexiPay plan; or increase your credit limit, they’ll enter you into the draw ten times.

What are you waiting for –
sign up now!

Terms and Conditions Apply

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James Barnes

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CIMB Complimentary Meal Voucher At Resort World Sentosa

CIMB cardholders, if you happen to be visiting the
Resort World Sentosa
 in Singapore don’t forget to redeem a S$10 meal voucher if you purchase at least two adult tickets to the S.E.A. Aquarium or Adventure Cove Waterpark.

This
promotion
 is valid from 1 March till 30 June 2013 and applicable to purchases made with a CIMB credit card or debit card only. Promotion does not extend to other offers and discounts.

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Survey Reveals Alarming Findings In Financial Management Among Malaysians

A survey has found that many Malaysians are managing their finances poorly, leaving them worryingly unprepared for financial shocks – let alone be prepared for retirement.

The Malaysian Financial Literacy Survey, conducted by RinggitPlus, found that 21% of of Malaysians do not invest money for the future, and as many as 2 out of 3 Malaysians do not have enough savings to last them for 3 months. If that wasn’t worrying enough, the results also show that 34% of Malaysians have admitted to spending more than what they earn each month – essentially rendering them living paycheck to paycheck.

Interestingly, the survey also found that there is still a considerable amount of distrust for financial products among Malaysians, with 42% of respondents not owning a credit card. In addition, despite its inherent benefits, there are a small amount of Malaysians (18.39%) who are not covered by insurance.

The survey, which was hosted on the RinggitPlus website, received 2,996 responses over the course of one week. To increase the demographic spread of respondents, RinggitPlus worked with Rev Asia to share the survey to two popular lifestyle websites: Says and Oh Bulan.

The truth is, responsible financial management is a result of both prudent spending as well as knowledge on how to take advantage of financial products – something many Malaysians fail to do. RinggitPlus CEO, Liew Ooi Hann, who is also a licensed financial advisor, said that:

“With just a bit of basic personal finance knowledge, most Malaysians will be able to save hundreds of Ringgit without changing their lifestyles significantly, simply by optimising the financial products they use to suit their needs.”

This was, in essence, why RinggitPlus decided to work on the survey. “While we have ideas in terms of how things should work in personal finance, we also understand how important it is for us to understand the situations every day Malaysians find themselves in,” said Yuen Tuck Siew, co-founder and CEO of Jirnexu Sdn Bhd. “We are always looking to help Malaysians get more value, choice and convenience when they are looking for financial products,” he continued.

The results indicate a worrying lack of financial literacy among Malaysians, and as the largest financial comparison website in the country, RinggitPlus is going on a mission to help Malaysians make better decisions with their money and dispel the myth that personal finance is complicated and not worth taking the time to understand.

To accomplish this, RinggitPlus will be involved in several initiatives, starting things off with the Malaysian Financial Literacy Survey. We will be examining the results further to see if there are any visible difference in results when we filter the demographic by age, gender, and salary. This will be shared progressively over the next few weeks, so keep an eye out for that.

In addition, RinggitPlus will also be unveiling a fresh new look for its website, which is optimised for mobile audiences. This new site will be launched sometime in mid-November, and will heavily feature an upgraded chatbot functionality that will assist and guide customers to apply for financial products seamlessly, from anywhere on the site.

The content you see on RinggitPlus will also level up. As our mission is to help Malaysians understand personal finance better, content will be a major driving force to enable this. We believe the many areas of personal finance are not as complicated as many people make it out to be, and the way we approach our content will reflect our new motto, “duit the easy way”. There’ll also be new content-driven activities coming in the future, so keep a look out for that!

Finally, RinggitPlus will also be collaborating with Malaysia’s longest-running personal finance TV show, Ringgit Sense. Fuelled by mutual interests and a shared mission to educate Malaysians, Ringgit Sense+ powered by RinggitPlus will see a fresh approach with episodes that tackle various areas of personal finance head on. The first episode of the new season will air on 26 November 2018, with accompanying digital content to follow.

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7 Essential Items For Your Balik Kampung Road Trip

It’s a few days before Hari Raya. You and your brother/sister/friend/pet cat will be taking the ultimate road trip back to your hometown instead of taking the bus or train. You have confirmed the dates with your brother/sister/friend/pet cat. You have a car and you’re psyched to get started on your first
balik kampung
 road trip.

Hold your horses my friend. This is not just about packing bags and driving into the sunset.

It’s your first road trip: making that journey home can cost you a lot more than you bargained if you are not careful. We list the top 7 essential things you should have to prevent any untoward added costs on your
balik kampung
 journey.

1. Maps!

Everyone has a smart-phone these days. Everybody can get on
Google Maps
 or
Waze
 to know where they’re going.

But consider this. You have a planned route (of course) for your
balik kampung
 journey; you have your fancy GPS on your phone; but what if your battery runs out or worse; no data coverage?

What do you do?

Things would be easier (and less scary) if you print out an extra map. It will also save you the cost of driving to god-knows-where to find a connection or get directions.

As a precaution, print out an extra map from Google Maps and study it. Look into different routes that you can take to avoid traffic and hazards.

Bring yourself a marker, a compass and a flashlight to prepare yourself. Markers are to mark the routes; a compass for you to know the way and a flashlight to see it all when darkness descends. Check!

2. Foods and Drinks

A good
balik kampung
 trip will definitely be hampered by growling tummies. So pack yourself plenty of healthy, easy to eat foods such as fruits, crackers and nuts. Bring along a few fun treats just to mix things up.

Pack healthy sandwiches too.

How does this save you money? Hungry folk will be tempted to stop at a fast-food joint at a rest stop. You may also overdo the snacking binge at every petrol kiosk if you’re famished.

Rest stop outlets and petrol station snacks are often more expensive than getting it from your nearby hypermarket so why not stock up before your journey?

Also remember to keep hydrated. Bottles of water are a must to keep you from reaching for expensive, sugary sodas.

3. Your Touch & Go and Smart Tag

If you have a Smart Tag and/or Touch & Go; be sure to check that it is with you and loaded – ready for your trip home!

The cash lane counters at toll booths are usually the ones with the longest lines and any frequent traveler knows that you can burn a lot of fuel sitting and waiting for your turn.

You will have more than ample opportunity this Raya to get caught in a jam – why add to it with toll payments?

4. Power Source

Technology is both a blessing and a curse to all of us. On one hand it provides us with access to information and entertainment. On the other, it enslaves us with the need to recharge, reload and update them.

But there are more important reasons to make sure your phone is charged at all times. During a long haul drive, it is very possible for your car to get a flat; run out of fuel when there isn’t a petrol station in sight; or you may suddenly be taken ill.

At any of these times, it’s important to have your phone in working condition to call the necessary people. Keep the numbers of your tow-truck operator, foreman, and close relatives handy in case you need help.

Rogue tow-truck operators are always waiting for the opportunity to fleece you on the road when you are most vulnerable so being prepared helps. Always say no to passing tow-trucks offering help unless you are familiar with the company!

Hence, do remember to bring a car charger and ideally, a fully charged power bank as well.

5. Get Your Car Checked

You may have read a thousand articles telling you to get your car serviced and you may have already done so. But it doesn’t hurt to have your foreman give the car a final once over before you leave.

Check water levels, gas and oil levels, tires and spare tire condition. It’s also a good thing to have a set of emergency tools, jumper cables, a jack and torch light handy in case of emergencies.

If you can manage it; bring along a spare key and have your
balik kampung
 buddy hold on to it for you. This will help in the event you lose yours or if you’ve unwittingly locked them in the car!

Whilst you cannot predict an unfortunate accident or flat tire from a rogue nail – you can minimise all other risks and avoid the exorbitant prices of emergency car services.

6. Basic First Aid Supplies

A long drive may see you needing some first aid supplies being on hand, just in case. Have a small pouch with plasters, antiseptic ointment, mosquito repellent, antacids and a couple of paracetamol pills with you.

You don’t need to prepare for emergency surgery with massive bandages but simple things like those mentioned above can keep you comfortable until you reach your destination or a clinic.

Again, if you can find these items at rest stop along the way – they most likely will be more expensive than necessary.

7. Your Petrol Credit Card

Looking to save on fuel during your long drive home? Or maybe you’d like extra discounts when you reload your Touch & Go. Credit cards these days come with all kinds of benefits and petrol is no exception.

Make sure you have your
petrol credit card
 along for the ride to earn you cashback, points, discounts and freebies just for taking the trip to your
kampung
 this year.

Don’t have a petrol credit card? Apply for one now. We’ve done the research on
the best petrol cards in the market and present them to you in one place
. With just a click, you can be on your way home and saving even more money on every roadtrip you take.

Now who doesn’t want #lebihringgit this Raya?

That’s it: your ultimate survival list for a fantastic
balik kampung
 ride this Hari Raya!

If you’ve got anything else to add – we’re all ears. Tell us in the comments!

In the meantime, happy
Balik Kampung
 to all of my fellow Malaysians and Selamat Hari Raya!

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Yasier Mahayudin

Yasier Mahayudin

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Why you should read your Credit Card terms and conditions!

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Credit Limit

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Diana Chai

Diana Chai

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7-Eleven Stores In Malaysia Now Accept Credit Card Payments

7-Eleven customers can now pay for their purchases at the convenience store with credit cards. This comes following an update by the major franchise that both credit and debit cards can be used for payment at its stores.

“Skip the queue at the ATM and pay conveniently with credit or debit card when you shop at #7ElevenMY,” said the convenience store chain in its Facebook post. This service has been enabled at all 7-Eleven stores in Peninsular Malaysia, as well as selected stores in Sabah and Sarawak – with more to come soon.

With this, 7-Eleven customers will have more cashless payment options to choose from – which is a good thing, especially amidst the new normal brought about by the Covid-19 pandemic. Prior to this, the franchise accepted cashless payments via debit cards, as well as selected e-wallets. These include RazerPay, AliPay, and
Touch ‘n Go eWallet
.

You can find out more about
7-Eleven’s update here
.

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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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Why You Should Consider Using an Air Fryer

Whether you’re a culinary expert or just learning to make a sunny side up, the aftermath of cooking in a kitchen is no pretty sight. On top of this mess sits the herculean effort in making food that’s delightful to the tongue.

Little did anybody know that the awesome innovation of the air fryer quite some time back does in fact make a monumental difference with regards to these issues as well as a scope that’s wider and imperative. It did roll out the factory very expensive (it still is!) but cheaper competing brands seem to do the job just fine.

This writer personally is a fan and has tried and tested these bad boys. We fill you in on exactly why investing in an air fryer would be one of the best spends you will ever make on a kitchen appliance. Read and be amazed!

1) Healthier Eating

One of the amazing selling points to the air fryer device is that it requires no oil whatsoever to produce crisp and crunchy fried food stuff. All without a drop!

It uses top-of-the-line thermal technology that heats air up within the containment, making guilt-eating fried food never more pleasing.

This writer was even surprised to see excess fats from processed food (eg: most frozen food) accumulated at the basin of the detachable piece once the sequence was complete. Also another plus point to the kitchen appliance.

Its clear that food stuff like fries, drummets, nuggets, chicken wings, hash browns and other foods that usually require the intervention of cooking oil can be enjoyed without jeopardising your health.

You could even slap on a little olive oil (alternative to regular cooking oil if you choose to use) onto your food items in the frying basket before initiating the process for a healthier, gorgeous finishing.

2) Create Less Mess

We’re pretty sure we speak for most people when we say that grease splatter from cooking oil is one of the hardest and most irrate things to clean after in the kitchen. Not to mention painful when hot oil comes into contact with your skin, ouch.

We’ve already established that the air fryer does not need any cooking oil to complete its frying process, but did you know its cleaning process is as simple as A-B-C too? This means you can kiss greasy cooking utensils and mess ups goodbye.

Its detachable containment unit is made up of two parts, the basin and the frying basket which the food stuff sit on. Frying the items mentioned above creates no mess whatsoever and can both be cleaned in under a minute (yes, we timed it!).

Simply soak the basket to remove stubborn fried food debris, if you’ve overcooked them, and fill the non-stick basin up with a little water to make removing fatty food discharges easier.

Wash them up real quick after you’ve eaten and leave them to dry up before you slot them back into the main unit. Bye bye messy stove tops.

3) Convenient & Easy Frying

We did mention how frying stuff over the stove can be painful from occasional squirts of molten hot cooking oil, but what about breaking sweat by standing beside it the entire time?

Yes, this can be quite a chore too. But why choose to stand beside the stove when you can set the time and temperature, then leave your food stuff to cook in the air fryer whilst getting other things done around the kitchen or house?

Didn’t think that was possible now did you? Aha! This works best especially if you don’t have time (like us here at RinggitPlus) to whip yourself up a dinner or are constantly in a rush.

You don’t even have to wait for your frozen food to defrost, just chuck them into the frying basket and wait out the remaining cooking minutes. Nuggets and french fries take only about 10-15 minutes of waiting while the bigger stuff (eg: steak piece) can take up to 20 minutes to cook.

If you’ve got a better half to worry about and the two of you are just too beat up after a long day at work, the air fryer can accommodate food space for the two of you and up to a couple more.

4) Cut Cooking Costs

A large part of cooking involves the use of cooking oil and stove gas (unless you’ve gone electric). No doubt they may be used over long spans of time but their costs that stack up across months certainly cannot be ignored.

The great thing about an air fryer is that it is electric powered and the costs of cooking oil along with stove gas can be reduced dramatically, although not completely. This is because the air fryer can’t serve the same purpose a stove burner can (eg: making soup or curry).

A Worthy Addition to the Kitchen

We aren’t completely neglecting the purpose of a stove burner in the kitchen, instead we are advocating the use of the air fryer to better help you in health and make your time in the kitchen more pleasant.

In short, the detriment to health from excessive use of cooking oil in the making of food is pretty obvious. Therefore, in effort to save a little piece of your well being and time, an air fryer just might be a worthy kitchen investment after all.

Do you use an air fryer at home? Tell us all about your experience using the appliance in the comments section below – we’d love to hear from you!

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Austin Victor

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How (and Why) to Apply for Medical Insurance

The cost of private healthcare in Malaysia can be on the high side with prices increasing every year when it comes to some services. However, much of the burden from healthcare expenses can be shifted by simply purchasing medical insurance.

Why is Medical Insurance Necessary?

Because there may be a situation you may not be able to afford private healthcare if (God forbid) you fall ill and need to be hospitalised. You may end up depleting your savings, borrowing to cover your hospital bills.

I See… How do I Apply for a Medical Insurance Policy?

The application process isn’t complicated and depending on the coverage, even the premiums payable can be inexpensive or made through instalments. All that’s left to do is apply! Here is your step-by-step guide to getting health insurance:

1. Research medical insurance plans and providers available

Shop around to see what types of medical insurance policies and plans are available as well as which ones apply to you. For instance, women can choose from special policies that cover related illnesses like ovarian cancer and pregnancy complications.

Be sure to learn more about the policies you are interested in and pay special attention to the annual limit, coverage period, premiums payable, renewal options, additional benefits and the terms of exclusions i.e. situations where your policy will not pay out. Also check that the provider is licensed by Bank Negara Malaysia.

2. Choose a medical insurance plan

Once you have the information you want, decide on the amount of coverage and level of comprehensiveness needed. Basic coverage is usually cheaper to buy and upkeep but also comes at a lower sum insured and with fewer benefits.

Extensive coverage will understandably cost more now but could save you an even larger sum in the future if your medical costs are heavy. The best plan of course, is the one that you can afford, so remember to stay within your means when choosing.

3. Decide whether to buy your medical insurance policy directly or from an agent

Most times you will have the option to purchase directly from the insurance company or through an agent. Going with an agent can simplify the process and be most helpful when you want to make a claim. Where else going direct could mean you may have to handle your own claims process in a time of need.

4. Submit your medical insurance application

If you are going direct, you can usually submit an application online, which often includes a questionnaire about your medical history.

If you have an agent, he or she will help you fill out the necessary information and make the submission. Depending on the policy and terms, you may need to obtain a medical check-up first to get your policy approved.

5. Pay the premium

Once your policy is approved, you can make the premium payment in a lump-sum amount or follow a payment schedule. Some providers offer bi-annual, quarterly and even monthly payment options. If you don’t pay the premium after the grace period (30 days after the due date) however, your policy is liable to lapse and your coverage may cease.

As stipulated by Bank Negara Malaysia
, you are allowed a cooling-off period of 15 days where if you decide you do not want your policy, you will still be refunded 90% of the payments made minus any medical check-up costs incurred.

Bonus tip
: Don’t forget that up to RM3,000 of your medical and education insurance premium combined is claimable for tax relief.

While we all would like to think that nothing bad will happen to us healthwise, it pays to be prepared for the worst. After all, some premiums offer comprehensive coverage without denting your income much at all. If you’re keen to know which one is right for you, do a little research first with our
medical card comparison tool
!

Have something to add to this article? Feel free to share your thoughts with us on the comments section down below!

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Desiree Nair

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Affin Bank Revises Affin Duo Cash Back Criteria

*Note:
 Affin Bank has since released an FAQ document providing clarification on the meaning of “
outstanding balance
“.

Less than a year after the Affin Duo credit cards were
officially launched
, Affin Bank is making revisions to the cashback half of the Duo pair: the
Affin Visa Cash Back Card
. Effective 1 July 2021, Affin Bank will be introducing an outstanding balance requirement of RM3,000, which will determine whether your monthly cashback cap stands at RM80 or RM50.

Currently, the Affin Visa Cash Back offers 3% cashback on online, e-wallet, and auto-billing transactions, capped at RM80 with no minimum spend. The high cashback cap, coupled with the lack of any minimum spend requirements, made the Affin Visa Cash Back a very
popular
 choice indeed – but these two merits in particular will be changed in the upcoming revision.

From 1 July onwards, cardholders will need an outstanding balance of RM3,000 and above in order to enjoy the RM80 monthly cashback cap, whereas cardholders with outstanding balance below RM3,000 will have their cashback capped at RM50 per month. Of course, the introduction of these caps will see a change in the effective cashback rates of the Affin Visa Cash Back, which you can peruse in the table below.

Outstanding balance

Cashback cap

Official cashback rate

Effective cashback rate

Below RM3,000

RM50

3%

Between 1.67% and 3.0%

RM3,000 and above

RM80

3%

2.67% and below

As you can see, if you still wish to earn up to RM80 cashback in a month, you will actually be earning a lower effective cashback rate compared to before; prior to the revision, the lack of outstanding balance requirement allowed you to earn 3% effective cashback outright. While it is still possible to earn a 3% effective rate using the Affin Visa Cash Back, you would have to keep your cashback-eligible spending at RM1,667 and below – and be satisfied with the lower cashback cap of RM50.

One thing that we have to highlight when it comes to this revision is Affin Bank’s use of the term “outstanding balance”. Most cashback credit cards base their cashback benefits on
monthly

spend
 rather than outstanding balance – meaning the transactions that you would have made in the course of one calendar month or statement cycle. However,
outstanding balance
 implies that any
unpaid

amounts from previous statements
 would
also
 count towards fulfilling the RM3,000 requirement.

Affin Bank has yet to release a detailed document addressing the use of this particular term, so it’s likely that we will only get a clearer picture closer to 1 July. However, one thing is for certain – not paying off your monthly credit card statement is
not
 considered a good personal finance habit, as it will incur you interest charges of between 15-18% p.a. on the amount you owe.

Besides the above changes, Affin has also extended the list of transactions that are not applicable for cashback using the
Affin Visa Cash Back
. In addition to the existing exclusions for government services and charity-related transactions, payments made via Online Banking, JomPay, FPX, and Mail Order/Telephone Order (MOTO) will also be excluded starting July.

(Source:
Affin Bank
)

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Deputy Finance Minister: More Than 50,000 Applications Made For EPF Akaun 2 Support Facility

(Image: The Star/Faihan Ghani)

Deputy Finance Minister I Datuk Seri Ahmad Maslan revealed that a total of 59,230 applications have been made for the Employees Provident Fund (EPF) Akaun 2 Support Facility as of 11 April 2023. This came following the
launch of the facility just a few days prior, on 7 April
.

According to the deputy minister, only 27,705 of the total applications were deemed eligible. “Those who are not eligible are because they are under 40 years old, as we have said that only those aged 40 and above are eligible,” he explained.

Ahmad Maslan further reiterated that moving forward, members will only be able to make pre-retirement EPF withdrawals from Akaun 2 for the
usual purposes that have been specified before
. These include housing, education, health, certain protection plans, and hajj.

“We don’t say that we do not allow it (pre-retirement EPF withdrawals from Akaun 2), because then there will be no withdrawals from the EPF (at all). The EPF funds can still be withdrawn. There are five areas for a member to withdraw from EPF Akaun 2, while Akaun 1 is not allowed to be withdrawn because it is specifically for retirement purposes,” said Ahmad Maslan.

(Image: Bernama)

The
EPF Akaun 2 Support Facility
 was introduced by the government and the EPF as an alternative to assist individuals who are still in need of financial assistance, instead of allowing another round of special EPF withdrawals. Set to be implemented in two phases – with Phase 1 already ongoing for members aged 40 and above – it lets EPF members use their Akaun 2 savings as a form of support to obtain personal financing of up to RM50,000 from participating banks, with a maximum repayment period of 10 years. Phase 2, meanwhile, will be announced later for members aged 40 and below.

Eligible members who are interested are currently able to apply for personal financing under the facility via two participating banks, namely MBSB Bank and Bank Simpanan Malaysia (BSN). MBSB Bank’s dedicated personal financing for this facility – dubbed
Ihsan-i
 – is already open for application, while BSN’s is set to begin on 15 April.

(Source:
Malay Mail
)

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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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How To Apply For The Second Bantuan Prihatin Nasional Aid (BPN 2.0)

*24/9/2020: This article has been updated following the release of
LHDN’s FAQ document
.

Prime Minister Tan Sri Muhyiddin Yassin has announced that the government will be giving out a second round of the Bantuan Prihatin Nasional (BPN) financial aid, dubbed
BPN 2.0
. The cash aid is part of the government’s new
Kita Prihatin Package
, which is aimed at providing further assistance to those who have felt the negative economic effects of the Covid-19 pandemic.

In case you are unclear about the new BPN 2.0 aid and how it is being distributed, here are some frequently asked questions about the Bantuan Prihatin Nasional.

What is BPN 2.0?

Bantuan Prihatin Nasional is a one-off cash aid given to B40 and M40 Malaysians to relieve the burden of the rakyat during the Covid-19 pandemic. It was first introduced in
March 2020
, with payments being disbursed in the months of April and May. BPN 2.0 is a return of this initiative, announced by the prime minister on 23 September 2020.

How much money do I get under BPN 2.0?

Under BPN 2.0, recipients will get the relevant payouts as follows:

RM1,000 to 3.7 million B40 households

RM500 to 3.8 million B40 individuals

RM600 to almost 1.4 million M40 households

RM300 to 1.7 million M40 individuals.

Am I eligible for BPN 2.0?

The 10.6 million recipients who have been approved under the first BPN aid payout will be eligible for BPN 2.0. The eligibility criteria for the first round of BPN was set as follows:

B40 households: Households earning RM4,000 and below

M40 households: Households earning between RM4,001 – RM8,000

B40 individuals: Single individuals 21 years and above earning RM2,000 and below

M40 individuals: Single individuals 21 years and above earning RM2,001 to RM4,000

Single individuals 21 years are above are those who were born in the year 1999 and below.

When will I receive the BPN 2.0 payments?

BPN 2.0 will be disbursed in two stages: the first at the end of October 2020, and the second in January 2021. The amount of payment that will be given out in each phase will be in accordance with the schedule below:

Category

October Phase

January Phase

Total

B40 households

RM700

RM300

RM1,000

M40 households

RM400

RM200

RM600

B40 individuals

RM350

RM150

RM500

M40 individuals

RM200

RM100

RM300

How do I apply for BPN 2.0?

Just like with the
first Bantuan Prihatin Nasional initiative
, eligible recipients will
not have to make any applications at all.
Earlier in March, the government stressed that Bantuan Sara Hidup (BSH) recipients did not need to apply as they were already in the BSH database. Similarly, registered taxpayers with Lembaga Hasil Dalam Negeri (LHDN) did not need to make any applications as they were in the taxpayer database.

LHDN has confirmed that those who received the first round of BPN payments earlier this year will
not
have to make any applications to receive BPN 2.0.

Can I appeal or apply for BPN 2.0 if I did not receive BPN before?

If you did not qualify for the first round of BPN payments, chances are you also do not fit the criteria for BPN 2.0. However, the government will be accepting appeals and new applications from those who are actually eligible for BPN, but never received the initial BPN payment.

BPN 2.0 applications can be made starting 15 October 2020 and you can find out more about
appealing for BPN 2.0 here.

How do I check for my BPN 2.0 status?

Eligible BPN 2.0 recipients can make status checks on the
official BPN portal
 starting 15 October 2020.

What do I do if I forgot my Portal BPN password?

If you forget your Portal BPN password, you will be asked to provide the answers to your pre-determined security questions. If you cannot remember the answers to your security questions either, you are requested to contact the LHDN Care Line at 03-89111000 to reset your account or contact your closest LHDN or UTC branch.

How will BPN 2.0 be distributed?

BPN 2.0 will be given directly to all eligible recipients through the same channels as the first BPN – namely by automatic direct deposit into the bank account recognised by the BPN database.

For those who are BSH recipients, the payment will be made into the bank account that is registered in the BSH database. Meanwhile, M40 recipients in the LHDN database will receive their BPN payments directly into their bank accounts registered there.

BPN 2.0 will also be given to those who do not have a bank account, or with inactive or closed bank accounts, via cash at
Bank Simpanan Nasional
 (BSN). Rural residents in Sabah and Sarawak who do not have bank accounts will be given their BPN 2.0 payments through a different method starting January 2021.

What if my bank account is inactive or has inaccurate details?

(Image: The Edge Markets)

According to LHDN, you are not allowed to update your bank details as the method of distribution for BPN 2.0 will be exactly the same as BPN 1.0. If the payment is made into a bank account that is inactive or incorrect, you can make a claim for cash at a BSN branch once your serial number has appeared on the
online status check page
.

What is the comparison between BPN and BPN 2.0 payments?

If you’re curious to know how much money was given out during the first round of aid and the second, you can compare the figures below.

Eligible Category

Cash Aid For BPN

Cash Aid For BPN 2.0

B40 households

RM1,600

RM1,000

B40 individuals

RM800

RM500

M40 households

RM1,000

RM600

M40 individuals

RM500

RM300

What if I was in the M40 category during the first BPN, but am considered B40 now?

The eligibility criteria for BPN 2.0 is based on your previous BPN payout.

What if there have been changes to my marital status since the first BPN?

If you previously received the BPN payout as a single individual, but would now like to claim under the household category, you can make a new application or appeal. If you were previously married to a BPN recipient under the household category, and are now divorced, you can make a new application or appeal as a single parent as well.

Appeals and new applications
 can be made starting 15 October. Of course, for both situations you must pass the eligibility criteria to be successful.

***

We will be updating this page with further information as the Ministry of Finance and relevant authorities release more details, so make sure to check back if you want to stay informed and updated on the government’s cash aid.

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    Shaik Meerah

    2 years ago

Last time mysalary above  4k now below 4k how to update.last time i get rm 1000.

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    Bellah Gunaseelie A/P saharen

    2 years ago

Want to apply for BPN 2.0.Please adbice

0

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    Daniel

    2 years ago

Hello,

I lost my password and the answers to the security questions which I have written on a piece of paper last time. Any idea how I can log in to my prihatin account?

Your help would be greatly appreciated. Thank you.

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    Teresa Lau

    2 years ago

Where to apply for new applicant under M40??

0

Reply

    Gabriel

    2 years ago

Why Retirees are never considered for any BPN despite we are no longer working and either depending on children or our depleting EPF?

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    Darlene Priscilla

    2 years ago

How about warga emas above 65yrs.how much do they get?

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    Hashim

    2 years ago

Thanks for the good info…

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    Ahmad Solahuddin Bin Ahmadon

    2 years ago

if i am a student and i am living under my parents, yet single,21 and no source of income

can i apply for the first and second bpn?

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Reply

    Choong Siew Moi

    2 years ago

WHAT ABOUT MY SALARY BEEN CUT AFTER BACK TO WORK FROM CONVID-19  AND I AM UNDER M40 NOW. CAN I APPLY FOR BPN 2.0 APPLICATIONS?

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Budget 2021: Youth Ministry Proposes Special Tax Relief For Sports-Related Expenses

(Image: AsiaOne)

The Ministry of Youth and Sports (KBS) has proposed the introduction of a special tax relief incentive for the purchase of sports equipment and parents’ investment for their children in sports under Budget 2021. The upcoming national budget is slated to be tabled in November 2020.

According to minister Datuk Seri Reezal Merican Naina Merican, the proposal was one of several suggestions submitted to the Ministry of Finance for consideration, with the aim of encouraging the public to do sports. Ultimately, it is expected to invigorate the sporting ecosystem in the country.

“In the past, there was a lifestyle tax relief which included everything, which means even buying equipment such as computers (is included as well as sports equipment). We are requesting for a dedicated tax relief incentive for those who buy sports equipment,” Datuk Seri Reezal clarified.

(Image: Malay Mail)

Datuk Seri Reezal also emphasised that most Malaysians are now more conscious about the benefits of doing sports, with regard to both themselves and to their children. As such, they will be willing to spend on sports products and services.

At present, Malaysia does not have a dedicated tax relief incentive intended for sports-related expenses. Instead, they can claim
tax relief
 for sports equipment (as well as gym memberships) under a broad category of lifestyle purchases. This category also allows you to claim for an assortment of other purchases, including reading materials, personal computers and devices, as well as home Internet subscriptions. The total claimable amount for these expenses is currently set at RM2,500.

(Source:
Malay Mail
)

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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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5 Reasons Why Going Cashless Is The Way To Go

In line with
Bank Negara Malaysia’s vision of building a cashless nation
, recent surveys and payment trends show that Malaysia actually is well on its way to becoming a cashless-embracing society. According to a study,
70% of Malaysians are supportive of cashless payments
, giving them preference over traditional coins and notes due to the added convenience.

With the rising usage of digital transactions and Malaysians carrying around less cash, we explore 5 reasons as to why adopting cashless payments is gaining popularity in recent years.

Better Safe & Secure Than Sorry

Without the need to handle physical cash, this would greatly reduce crimes such as theft, robbery, and circulation of counterfeit money. The risk of losing money during a robbery is lower as further transactions can be blocked.

Digital payments do come with security features to prevent security risks and fraud. For example, debit cards that come with contactless features have a standard purchasing limit of RM250, spending more than that requires a PIN. That being said, it is also important to be wary of scams and to always keep your personal details secure.

Contactless Convenience

Remember when a cashier had to count cash payments and change? Not forgetting when you had to fiddle with your change and the struggle to stash it into your pockets – thus leading to frustrated customers behind you because of longer transaction times.

With cashless payments and with just either a swipe or tap, the exact amount is paid every time which can result in quicker transactions and shorter queues!

Digital payments are also automatically recorded in your statements, allowing you to keep track of where your money is going as well as giving you insights to your spending habits.

Sustainability – Money Is Still Paper

From deforestation to the emission of carbon dioxide, printing paper money carries more than a few environmental impacts – although there have been a few changes to money printing.

The introduction of
polymer banknotes
,  which are likely to last 2.5 times longer than their paper counterparts, does help reduce replacement costs. Unfortunately, while our RM1 and RM5 polymer banknotes are recyclable, producing polymer notes actually emits almost 3 times more carbon dioxide than paper notes.

Therefore, paying with cards or going cashless reduces the need for physical cash and coins. Contactless payments such as debit cards also do have a longer shelf life and some debit cards are even made from recycled materials.

Access To Rewards, Discounts & More

With the festive season sales coming up, paying with cards or going cashless could get you the item you have been eyeing for even less. A few online shops often partner with banks to offer customers exclusive deals and discounts for their customers.

Not only that, dining or shopping with debit cards also offer benefits such as cashback, rebates, discounts, and even gifts and services that are not available with cash payments.

Reducing Contact During Covid-19

Due to the ongoing pandemic, using cashless payments complies with social distancing measures and reducing contact as much as possible. It was also reported by The World Health Organisation (WHO) that the use of
banknotes could be a contributing factor to the spread Covid-19
 as the virus can survive up to 28 days on paper.

As mentioned previously, cashless payments result in faster transaction times and less waiting time thus also reducing crowds in physical stores.

Go Cashless With A Debit Card

If you are loving these reasons to go cashless, find out more with what you can do with debit cards at
Pay With Debit
’s website.

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Katrina Balan Quiroz

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    Chan Khai Hock.

    2 years ago

I like going cashless but there are many disadvantages. When shopping especially at wet markets, night markets and many shops, it is difficult or impossible to leave your other purchases to free both your hands to operate your phone to make payment. In many places, internet connection is very bad or none.

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LIAM: Life Insurance A Necessity, Not An Extra Financial Burden

(Image: The Star)

President of Life Insurance Association of Malaysia (LIAM), Loh Guat Lan, has urged more Malaysians to purchase the life insurance as a necessity and to steer away from the mindset that insurance is an extra financial burden. This comes as she revealed that more than half of the country’s population are still lacking life insurance coverage at present.

According to Loh, the figure was derived from the penetration rate of life insurance in Malaysia that has remained stagnant at approximately 54% in the last 5 years. Worse, the number drops further to about 41% of the population being insured if LIAM were to eliminate those who possess multiple life insurance and takaful policies.

“Out of this 41% of the population who are insured, over 90% of them do not have sufficient coverage for themselves and their loved ones,” Loh said. She further added that the situation is even more dire for underprivileged families, with only 4% of the households in the lower income group possessing some form of life insurance or takaful coverage.

“Insurance is not expensive; it is all about budgeting. You can always purchase the right insurance policy based on the size of your needs,” said Loh during the launch of #BUKANEXTRA, a consumer awareness campaign aimed at raising the penetration rate of life insurance in the country to between 70% and 75%.

(Image: The Malaysian Reserve)

Running from now until 6 October, the
#BUKANEXTRA online campaign
 seeks to educate the public on the importance of life insurance, as well as to demystify the concept of life insurance and encourage financial planning among youths.

(Source:
New Straits Times
)

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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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Changes To Maybank2u Settings Now Require Secure2u Authorisation

Maybank customers who make changes or updates to their Maybank2u settings will now need to authorise the changes using Secure2u via the Maybank2u MY or MAE by Maybank2u (MAE) app. This is set to take effect immediately.

With this, features that now also require customers to provide Secure2u authorisation will include:

DuitNow registrations
Favourite setting for 3
rd
 party
Cardless withdrawals
Foreign telegraphic transfers (FTT)
Interbank fund transfers (IBFT)
Interbank GIRO (IBG) transfers, and more

Introduced to gradually replace the SMS TAC, Secure2u is said to offer a safer and more convenient way to authorise transactions. The security feature pairs your device with your Maybank2u account, allowing for better protection against SMS TAC fraud, as all transactions will have to be approved via the registered device.

To note, Secure2u has two authorisation methods: Secure Verification and Secure TAC. Secure Verification is a one-tap approval method that allows you to approve transactions via a push notification from your Maybank2u MY or MAE app. Secure TAC, meanwhile, enables you to approve transactions by keying in a six-digit authorisation code – which is also generated from either of the two apps.

Since the launch of
Secure2u
 in 2017, Maybank has been implementing the security feature for different banking transactions in stages. These include enabling Secure2u for online transactions of RM5,000 and above in early 2021, followed by transactions of RM4,000 and above, and then
RM3,000 and above
. As of early March this year, customers are also required to use Secure2u to authorise any amount of
third-party (Maybank to Maybank) and interbank GIRO (IBG) transfers
 via Maybank2u.

Finally, Maybank has encouraged all customers who have yet to activate the Secure2u feature on their Maybank2u MY or MAE app to do so. If you’re not sure how to do it, here are some video tutorials from Maybank to help you out:

(Source:
Maybank
)

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Shop Your Next Vehicle From Malaysia’s Record-Breaking Used Car Marketplace

While most industries are now fully up and running, some may still prefer to minimise contact and not leave home unless absolutely necessary. But that doesn’t mean shopping is completely off the table. If there’s something you’ve had your eye on, online marketplaces have become a highly sought-after and popular alternative for many.

One platform that has been around for many years and plenty of Malaysians are familiar with is Mudah.my. It’s not difficult to see the appeal as the marketplace houses all kinds of goods from digital cameras and footwear, all the way to jobs, properties, and even vehicles.

mVIP – An Experience Curated For Comfort & Peace Of Mind

Alongside Malaysia’s first end-to-end vehicle bidding platform, MUV, Mudah.my launched Mudah Vehicle Inspection & Protection, otherwise known as mVIP, a new initiative that aims to assure confidence in Malaysians when buying used vehicles by providing an enjoyable, safe, smooth, and seamless experience.

This is especially helpful for those who may have an interest or are just beginning to enter the used car market. As Malaysia’s trusted and largest online marketplace for used cars, mVIP makes three promises to vehicle buyers:

1. 180-point Inspection

To examine the true condition of the car via a comprehensive inspection process. This includes checking for major accidents, structural and flood damages.

2. Extensive Verification

To verify car registrations and ownership details. Sellers, documents, exact vehicle condition, and true market value will be authenticated.

3. Warranty Protection

To offer buyers the opportunity to purchase an extended 12-month warranty to safeguard future repair costs.

Malaysia’s Trusted & Largest Online Marketplace For Used Cars

Malaysians can choose from over 1,800 inspected used cars, which also happens to be a record-breaking number in the Malaysian Book of Records! To elevate their encouraging new achievement, Mudah.my is working to increase the number of used automobiles that come complete with a warranty.

Head of Mudah Auto, Peter Wong shares that to date, mVIP has garnered over 2000 live used car ads with warranty and expects the number to grow following the positive outlook for the industry based on MAA’s recent reports as well as improving economic conditions.

“It has been a very exciting experience working alongside Mudah.my through this strategic alliance and to provide them with our expertise in used vehicle inspections through our nationwide network of inspection centres and hubs,” shares Andy Teh, CEO of MUV.

Mudah.my now boasts over 7 million unique visits per month and over 90,000 cars for purchase. Mudah.my’s mVIP will deliver Malaysians the greatest range of inspected used cars with warranty in Malaysia, thanks to MUV’s network of trained inspectors and comprehensive online reports.

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Lisa Ameera Azman

Lisa Ameera Azman

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Budget 2019 Malaysia Live Blog

It’s a huge day for Malaysia as the new Pakatan Harapan government presents its first national budget. With Prime Minister Datuk Seri Dr Mahathir Mohammad and Finance Minister Lim Guan Eng both tight-lipped in the weeks leading up to today’s Budget 2019 announcement, this year’s Budget will surely be an interesting one. We’ll be providing live updates on this page as well as a live stream of the announcement here, so join in the conversation with us as we hear what’s in store for the nation for the coming year!

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BNM Raises OPR For The First Time Since July 2020, From 1.75% To 2.00%

The Monetary Policy Committee (MPC) of Bank Negara Malaysia (BNM) has decided to increase the overnight policy rate (OPR) by 25 basis points, raising it from 1.75% to 2.00%. Accordingly, the ceiling and floor rates of the corridor of the OPR are also adjusted to 2.25% and 1.75%, respectively.

This marks the first time that the central bank has raised the OPR since it fell to a historical low of 1.75% back in
July 2020
. Subsequently, BNM held the OPR steady at that rate for nine consecutive MPC meetings until today.

In its statement released today, BNM said that the decision is prompted by latest indicators that show Malaysia’s growth to be on a firmer footing. This is driven by strengthened domestic demand amid sustained export growth.

“The labour market is further lifted by lower unemployment rate, higher labour participation, and better income prospects. The transition to endemicity [for Covid-19] on 1 April 2022 would strengthen economic activity, in line with further easing of restrictions and the reopening of international borders,” the central bank further said. Additionally, it noted that investment activities and prospects have also improved, supported by the realisation of multi-year projects and positive growth outlook.

Despite these positive prospects, however, BNM also cautioned that risks to the country’s growth are still apparent. These include a weaker-than-expected global growth, further escalation of geopolitical conflicts, worsening supply chain disruptions, and adverse developments surrounding Covid-19.

Ultimately, BNM said that after assessing the situation, it has decided to begin reducing the degree of monetary accommodation. “This will be done in a measured and gradual manner, ensuring that monetary policy remains accommodative to support a sustainable economic growth in an environment of price stability,” it stated.

Malaysia’s OPR has been reduced by a total of 125 basis points since the start of the Covid-19 pandemic. It originally stood at 3.00% pre-pandemic, but was subsequently pared down to
2.75% in January 2020
,
2.50% in March 2020
,
2.00% in May 2020
, and finally
1.75% in July 2020
.

(Source:
BNM
)

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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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    Wan masrie hakime bin muhammad

    1 year ago

Baik pulih mata wang tanah air ku

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RFID Finally Accepted At All PLUS Toll Plazas Nationwide From 1 April

From 1 April 2020, PLUS Malaysia will finally accept RFID payment at all its 83 closed toll systems from the North to South, including the LPT2 highway along the East Coast. A total of 173 RFID lanes will be opened at the closed toll plazas to accommodate the new method of payment.

With RFID already successfully rolled out at PLUS’
open toll systems
 beginning 1 January 2020, this means that all PLUS highways in Malaysia now accept RFID as a method of toll payment. The latest development falls line with
PLUS’ plan
 to implement RFID in stages, having started with the open toll systems in January and now moving on to closed toll systems in April.

According to a statement by PLUS, the final stage of implementation on PLUS’ closed toll systems marks the completion of a “fully RFID highway ecosystem”. PLUS added that having the RFID ecosystem is in line with the government’s vision of a Multi-Lane Free Flow (MLFF) in the next three years.

“We anticipate increase in demand of the RFID, especially among our daily highway customers, which is approximately around 1.7 million drivers,” said Datuk Azman Ismail, Managing Director of PLUS Malaysia Berhad. He said that the customer journey will be seamless now as there is interconnectivity between both intra- and inter-city highways.

Interestingly, PLUS said that toll payments using the Touch ’n Go card and SmartTAG will still be accepted to facilitate the migration towards RFID “within this year” – possibly setting a time frame for when a complete migration to RFID will take place.

Meanwhile, PLUS highway users who have not yet gotten their RFID tag stickers fitted are encouraged to do so at any one of the
RFID Fitment Centres
 nationwide. Of course, seeing as RFID tags are no longer being fitted for free, you’ll have to pay
RM35 for the RFID fitment
.

From 13 March 2020 onwards, there will also be 17 new RFID Tag fitment centres open at the following rest and service areas (R&R):

Sungai Buloh Overhead Bridge Restaurant (both bounds)

Seremban RSA (both bounds)

Ulu Bernam RSA (Southbound)

Tapah RSA (both bounds)

Gopeng RTC at Simpang Pulai Layby

Ayer Keroh Overhead Bridge Restaurant (both bounds)

Gunung Semanggol RSA (Northbound)

Gurun RSA (both bounds)

Temerloh RSA (both bounds) (LPT1)

Gambang RSA (both bounds) (LPT1)

You can find out more about the opening hours for each of the fitment centres above on the
PLUS Malaysia website
.

(Source:
PLUS Malaysia)

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Jacie Tan

Jacie Tan

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Simplifying The Business Financing Process With ScoreXcess

With more people switching to e-wallets, businesses adopting digital technology for their day-to-day operations, and Malaysia being one of the
top booming start-up hubs
 in the world – Malaysia has definitely made some big strides into becoming a digital economy.

To further support the nation’s objective, there have been many initiatives by institutions, businesses, and banks, such as ScoreXcess, a digital loan application platform by SME Bank.

What is ScoreXcess?

ScoreXcess is a one-stop business financing application platform that conveniently processes microfinancing pre-approvals before submitting them to participating financial institutions.

ScoreXcess, along with its internal credit scoring system to measure a business’s creditworthiness, also involves the use of Artificial Intelligence (AI) and Machine Learning (ML) to pre-screen applications to speed up the loan application process.

What Are The Benefits For Business Owners?

For businesses such as start-ups and SMEs who find it difficult in choosing which financial institutions to go to for financing, ScoreXcess ensures businesses can get the financing they need by directing them to the right financing agencies.

To simplify the loan application process even further, businesses would only need to fill out their company details once to be matched with suitable financing institutions. This then eliminates the need for business owners to search and apply for different financing options one by one, which allows them to have more time to focus on other tasks and duties.

Moreover, businesses will also be able to monitor the status of their loan applications through the ScoreXcess portal and mobile app from anywhere, anytime.

Financing Amount, Tenure & Profit Rate

\

Whether it’s to expand your business, purchase the latest technology for better productivity, or gather enough capital to launch a new product or service, getting the right financing amount you need can be a hassle, but with ScoreXcess you can apply to get financing amounts from RM50,000 to RM1,000,000.

Depending on the financing amount needed and the financial institution chosen, a minimum tenure starts from 1 year to a maximum tenure of 10 years with profit rates of 4% p.a.

How To Apply?

To be eligible, business owners must be between the ages of 18 to 60 years and are required to have a regular income, a bank account, and an available profit & loss and balance sheet.

To apply, businesses can head to the ScoreXcess website to fill out a form that includes business-related information. Documents needed to go along with the application include bank statements for the last 7 months, financial statements for 2 years, and supporting utility bills if any.

Check out how ScoreXcess Application Process works:

***

If you’re an entrepreneur who’s looking for convenient, fast, and reliable financing, then ScoreXcess could help you in attaining the financing you need. By providing a platform that simplifies the loan application process, business owners like yourself can focus on improving business processes and innovating your current products and services, instead of hassling on where and which financing option to go for. For more information on how ScoreXcess works, head to their website
here
.

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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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The Cheapest Sporting Events You Can Train For, Right Now

The SEA games are over! Congratulations to those bringing home medals for their country. Watching our athletes excel on the international stage has no doubt inspired some of us to be more involved in sports to try their own luck at winning some gold for the country.

However, many might be intimidated or outright priced out by the expensive equipment and gear necessary to even get started. After all, not everybody has an Olympic-sized swimming pool easily accessible, or a bow and arrow and room for target practice, or a professionally-trained horse.

But don’t worry, summer games hopefuls! We’ve done our research and compiled a list of Olympic-level sporting events you can train for right now without forking out too much cash from your wallet!

Athletics: Track & Field, Roadrunning, and Racewalking

You know that jogging thing you and plenty other people do every so often? That’s already a sport! The closest athletic event to that is of course roadrunning, where athletes run on a measured course over an established road as opposed to a track. All you need to train for this sport are running shoes and you’re good to go.

Track & field events like sprinting, hurdles, and relays are a bit harder since you need to find a track and field, but the running part of it can pretty much be practiced anywhere on the open road (shot put, pole vault, and hammer throw events notwithstanding, of cours since they all require extra gear).

Racewalking is something you can try too. Distinguished from running in that one foot must be on the ground at all times when you’re racing. You may recognise this race as the one where everyone walks, and training for this can be done pretty much anywhere outside.

Martial Arts: Boxing, Judo, Taekwondo, and Wrestling

The art of self defense has always been a part of the SEA games and for the most part, you don’t need to purchase any fancy gear or equipment to get into this. You do need sparring partners and a teacher, however. Luckily, most martial arts centers offer a free trial period where you can learn basic skills for free.

Judo and wrestling require classes and sparring buddies since all the moves are dependent on the other fighter. Grapples and throws are impossible to practice alone. However, some part of taekwondo and boxing can be practiced solo.

Punches and kicks only require one person to do. You still need a teacher to guide you of course, but the lack of fancy equipment certainly makes this an economic choice.

Rhythmic Gymnastics

If the idea of punching and kicking people is not your cup of tea, and you don’t live in neighbourhood that’s safe for running around, you can try gymnastics. Rhythmic gymnastics can be practiced in a community gym or hall pretty cheaply without having to purchase fancy tools.

Combining the elements of ballet, dance, and apparatus manipulation (a rope, hoops, balls, clubs, or ribbons), rhythmic gymnasts have to perform a piece of choreography that covers the entire floor and contains an even mix of jumps, leaps, pivots, flexibility movements, and balances.

The apparatus you use can be made of upcycled household items and you can practice this on your own if you’re keen since there are categories of solo performance.

There you have it, three Olympic-level sports you can start training for right away without having to purchase any expensive gear, equipment, or horses. Good luck in your pursuit towards a gold medal! If you’re not sure why gold medals are such a big deal, you should read up on
what Malaysians stand to gain if they win first place at the Olympics
 and
how much people are willing to pay for gold medals
.

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Ahmad Mudhakkir

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Why Your Motor Insurance Claim Might Get Rejected

Having to deal with insurance companies and all the red tape can be extremely exhausting. While we may find it completely unacceptable and time consuming, insurance companies have very little choice due to the sheer number of cases that it has to vet through thoroughly.

Persatuan Insurans Am Malaysia
 (PIAM) reported that RM2.68 billion have been paid out in motor insurance claims during the first half of 2017. That is an average of RM14.7 million per day.

Those are some pretty big numbers to deal with on a daily basis. You can see why an insurance company would be scrutinizing everything and rejecting claims that are not up to par, to minimise fraudulent claims.

In order to steer away from any claim rejection, here are among the reasons why a claim may be rejected.

Irregularities in Documentation

It is important to
disclose every little detail
 of the incident to avoid any misunderstanding or miscommunication that may seem like irregular.

Imagine, if an accident happens at a junction or an exit on to the main road between Jalan Telawi 1 and Jalan Maarof. One driver may report the accident occurring on Jalan Telawi 1, while the other driver reports it as Jalan Maarof.

Both drivers are telling the truth and telling the story from their point of view. However to someone processing the claim, the two different street names could indicate an irregularity and lead to a rejection in the claim.

It might be smart to get all the parties involved in a crash to get their stories straight so that nobody accidentally communicates conflicting details.

Validity of the Police Report

According to the
Insurance Info portal
, you have a total of 24 hours to make your police report after an accident. Beyond that time frame, your report will not be accepted and you could lose the grounds to base your claims on. Therefore, remember to pay close attention to what you can and cannot claim for, so you know under what conditions you need to hurry up with your police report.

Acts of Negligence

When you hit up the clubs or a fancy restaurant, handing over the keys to the valet could be the worst decision you make.

Should your car get stolen at some point, your
claims will be automatically rejected
 as you willingly handed over they keys to a third party, which can count as an act of negligence.

This is not strictly applicable only to valet parking, this includes handing over your keys to car service centres or car wash centres as well.

Illegal Activities

Illegal activities don’t just mean using your vehicle to smuggle drugs or rob banks, but also any other conduct with a vehicle that is against the law. Like drinking and driving, for example.

By driving under the influence, not only will your claims be rejected, you may also end up paying a hefty fine to the police and possibly serve jail time.

Any damage sustained when driving drunk will not be entertained as your actions are not only dangerous, the damage done could severely put other lives in jeopardy.

Besides driving under the influence, operating a motor vehicle without a license or any form of racing like a “Mat Rempit” will get your claims thrown out without a second thought since these are considered illegal use of your vehicle.

Handling Claim Rejection

If your claims have been denied, you are entitled to an explanation by your insurance company. Should you find grounds to appeal (say, when you’ve avoided all of our above examples but still find your claim to be denied), you may be able to submit additional documents to support your case.

If you are still unsatisfied with the results, you may file a complaint with
PIAM
 or take matters in to your own hands and file a law suit.

However, if your case was within acceptable reasons and you were left high and dry, head on over to
our personal loan section
 and analyse your options. Drive safe out there!

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Gavin Pereira

Gavin Pereira

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5 Questionable Things We've Learned About Money from Reddit Users

Reddit, the online content sharing website, has a bunch of people on it who are self-proclaimed experts in various fields. They cover a host of topics ranging from politics, governance to technology and the one that caught our attention, money.

There is a lot of sharing by the online community and that means a whole load of ‘advice’. We’ve picked out 5 questionable things that we’ve learned about money from Reddit users that we’re probably better off forgetting immediately. Sit back and enjoy the show!

Smartphone Companies are Looking to Create Payment Authorisation Online with a Selfie

Don’t worry, that took a little while to sink in on this side of the universe too. Apparently, top smartphone companies (who won’t be named) have been working on this ‘revolutionary’ feature for awhile now.

They first looked into the possibility of biometric scanning (fingerprint ID) but quite amusingly jumped on to the selfie cult opportunity. To make sure it’s not an existing photo, users are required to wink for the camera.

For now, there are a tonne of security loopholes but at least there’s a way to know what the culprit looks like when he tries to take a selfie on command. #cotd (crime of the day) might finally get the recognition it deserves.

The Best Way to Double $10,000!

One Reddit user posts about how he came in to some money but doesn’t want to let it sit in a savings account earning a measly 1% in returns, so he threw it to other users to offer him suggestions.

Some came up with great suggestions like dumping it in the stock market and other investment schemes. But the comment that stood out from the rest was this: fold the money in half. We can’t see how that doubles anything, but nice try.

Another user added that he could buy 10,000 soda cans and sell them for a dollar each. His returns would be $9,999 based on the
mind-boggling mathematical riddle
 that’s been going around.

Don’t know if you’ve heard of that one, but perhaps a good option is to give the money away. After all, the more you give, the more you get back, no? Donations, anyone?

Marriage Success via a Franken-Prenup

2015 has been the year of celebrity divorces, and one notable case study implicates Gwen Stefani and long-time (ex) hubby Gavin Rossdale.

Gwen reportedly had over $120 million in her bank, compared to Gavin’s modest $20 million. The divorce meant that Gavin gets half of Gwen’s worth – something that would not have happened if the pair had a pre-nup. To this end, Reddit users were suggesting all kinds of agreements couples could make before tying the knot.

Whilst the suggestion of a pre-nup is not in itself controversial; the contents put forward by Redditors were nothing short of sensational. From the planning of minute bedroom activity details to pleasure thresholds – we’d go on but it’s borderline ludicurous.

Pre-nups were made to prevent lengthy divorce battles about the distribution of property but it looks like it’s ‘evolved’ into something quite different on Reddit.

Drop Out of School to Make It?

Alright that sounds a little iffy, but this particular conversation thread between a few American Reddit users suggested just that. Some were in support of each others’ antics of pulling out from school for no valid reason, but pure fun.

It’s been said in reference to many rich men and business moghuls; that you don’t need a fancy education to be successful but more often than not these are exceptions to the general rule. To give up an opportunity to gain an education if it has already been presented to you seems a little foolhardy.

Because think about it – how many non-graduates have made big money versus how many end up scraping by on minimum wage? We bet the scales will tip over the sheer weight of the latter.

The Ultimate Get Rich Quick Scheme

So, this one user came up with a diabolical plan to make a tonne money in a short span of time. The only requirement needed is to have a clean credit slate.

His master plan suggests signing up for as many credit cards as you can with optimised limits that your healthy credit would grant. Once the first step is complete, you then make maximum cash withdrawals from each of the card.

Stash the money in a hidden place and declare bankruptcy. Credit to him though for coming up with the idea but he probably fail to account for the fact that a
LOT of ugly consequences ensue
 from being made bankrupt – it isn’t just a convenient way to avoid creditors as was once believed!

The Moral of the Story?

Don’t trust everything you read online! On the other hand, credible sites (ahem, like ours), are dedicated to helping you, the readers, out in all matters finance.

It shouldn’t be too difficult to know if an article has genuine personal finance wisdom or otherwise. But if its pure entertainment you’re after, just turn on the 8 o’clock news!

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Austin Victor

Austin Victor

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Win RM1,000 Cash Or Sony PS5 In The Latest RinggitPlus Unbox This Week Campaign

It’s been more than a month since we kicked off our Unbox This Week campaign in October, and we’re now in Week 5! In case you’ve missed our
previous posts about the campaign
, this is where we reward you with weekly flash deals from different bank partners – up until the end of 2020. This means that there’ll be something different every week for you to look forward to until the new year rolls around.

Some of the exciting deals that we’ve offered in the past month include a variety of gift bundles, such as the
Lenovo ThinkVision E24-20 monitor, along with wireless keyboard and mouse (worth RM818)
, as well as the
Lenovo Tab M7, Sony SRS XB12 Wireless Speakers, and Mi Band 5 (worth RM700)
. This week (23 to 26 November), we’re partnering with
Standard Chartered
 and
Citibank
 for unlimited giveaways when you apply for selected cards from them through us. Here are the highlights of the week!

Standard Chartered: RM1,000 Cash Giveaway

Every third successful applicant who apply for a selected credit card from Standard Chartered through us will stand a chance to win RM1,000 worth of cash in this unlimited giveaway! Provided on a first-come first-served basis, you must activate your card within 30 days upon approval in order to qualify for this gift.

Once the bank has confirmed your eligibility, we will send you an email within 90 days, with instructions on how to claim the gift. For now, though, note that the RM1,000 cash gift will be transferred to you via DuitNow in a single transaction. As such, you must make sure that the mobile phone number used for your credit card application is registered to a DuitNow account. We will announce the winners by 31 March 2021, so make sure to keep an eye out on our website as well as our Facebook page.

Applicants who miss out on the RM1,000 cash prize will not go away empty-handed either! You’ll be entitled to a Lazada e-voucher worth RM250 for your shopping needs, and it will be sent to you via SMS.

Lastly, a reminder: existing cardholders and individuals who have held a Standard Chartered credit card in the six months prior to this campaign do not qualify for this campaign. If you’re eligible, you can head on over here to apply for your
new Standard Chartered credit card
.

Citibank: Sony PS5 (Digital Edition)

This week, Citibank is giving you yet another chance to win the
Sony PS5 (digital edition)
 in another unlimited giveaway! Worth RM1,869, the console will be gifted to every third successful applicant who applies for selected Citibank credit cards through us.

You’ll also need to activate and spend a minimum of eight retail transactions on the new card within 60 days once it is approved. After the bank has informed us of your eligibility, we will then announce the winners on our Facebook page by 28 February 2021, as well as send you instructions on how to claim your gift via email.

If you do not win the Sony PS5 console, though, don’t fret! You’ll still get to walk away with an Amazfit Bip, a smartwatch by Huami. We’ll also send you an email containing your gift claim instructions when the bank has notified us of your win.

Note that this promotion is not open to current cardholders and individuals who have cancelled any of their Citibank credit card and reapplied within 12 months prior to the campaign period. Otherwise, you can apply for your
Citibank credit card here
.

***

Remember, this week’s unlimited giveaway will end on 26 November 2020, so don’t wait! Be sure to also start your credit card application via our WhatsApp chatbot to ensure your eligibility for the campaign, and also so that we can easily guide and assist you along the way.

Alternatively, check back in again next week for more great deals, or follow us on our
Facebook page
 so that we can update you on our latest Unbox This Week offers.

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ringgitplus

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    Joey

    2 years ago

What is “8 Retail Transactions”

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    joey

    2 years ago

what is 8 retail transactions? online offline?

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    Pang Tun Yau

    2 years ago

    Reply to

        joey

Retail transactions refer to any use of the card for spending, both online and offline.

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Billionaire vs Journalist Credit Card Choices

Whether you’re billionaire chairman of Wayne Enterprises or a journalist working at the Daily Planet, everyone spends money almost on a daily basis. These superheroes with secret identities would be no different. As Bruce or Clark, it is highly likely that these two individuals use credit cards to make their purchases just like everybody else.

Here is the biggest question, what type of
credit cards
 would they most likely use?

Billionaire Chairman -Wayne Enterprise

Being the billionaire chairman of Wayne Enterprises, there are very few items Bruce Wayne is not able to afford. Banks are probably in his face all the time sending him all types of amazing one-of-a-kind type of credit cards, which bank
wouldn’t
 want a billionaire on their list of customers?

As we all know, his superhero abilities cost a lot of money, but it does not include flying (unless he takes the batplane). If Bruce Wayne had to choose a credit card, it would be highly likely he picks out a card with great
air miles
. No doubt that he has a private jet on stand by to fly off anytime he wants, but he may like the air miles for when the plane is under maintenance or the pilot has the day off.

Another credit card the billionaire vigilante may use would be
petrol credit cards
. But wait, he makes so much money why would he want a petrol card? Keep in mind that he has a tonne of sports cars and not to mention that heavy petrol guzzling batmobile. Owning a petrol card rewards him for all that fuel-burning.

Journalist – Daily Planet

Lets face it, journalists don’t make very much money as compared to a chairman of a billion dollar company. In that regard, thank goodness that he does not have to spend much money to be a superhero.

Clark Kent would more likely get himself a
cashback credit card
 as it would reap him better benefits when he makes purchases. Getting a small portion of cashback each time he swipes, would lead to some savings especially on big purchases like a Macbook for him to write his articles.

Clark would also highly likely prefer to obtain a credit card which does not have any
annual fees
 to keep his commitments as low as possible. To compliment the no annual fee credit card feature, he would also pick a credit card with the
highest reward
 points and discounts at partnered merchants. Dressing up in a suit everyday and going to work is not cheap. Getting some heavy discounts at a partnered merchant would allow him to get some additional savings along with some cheaper dining when he takes Lois Lane out on a few dates.

Which Would You Choose?

Do you feel more like a Clark Kent or a Bruce Wayne? Air mile cards and petrol cards are not solely made for the billionaires nor are the cashback and zero annual fee cards only made for the journalist income status. These cards are very interchangeable and really depends on ones spending pattern and lifestyle.

Ask yourself, what does your inner superhero tell you? Do you see yourself being the savior of the night by lighting up the shadows of your city’s vice? Or do you feel like the son of Krypton, saving people struck by natural disasters, by swiping your card to help charities of course.

Whichever side you think you fall on, check out our website for all our on going promotions and
credit card
 offers that would suit your needs.

Apply for one and tell us if you felt more like a billionaire or a journalist in the comments below – we’d love to hear from you!

Image Sources : Image 1 from:
Hindustan Times
 ; Image 2 from:
melty

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About THE AUTHOR

Gavin Pereira

Gavin Pereira

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