Grab Set To Launch New Product Next Week, In Partnership With Maybank & Mastercard

Note: The article has been amended to reflect the unconfirmed nature of the write up.

Grab will be launching a new finance-related product in Malaysia next week, which will see the company making further inroads into the financial payments space in the country.

The event will see Grab announcing the product in partnership with Mastercard and Maybank. Both partners have a storied history together – the
GrabPay Card
 uses Mastercard as the payment network, while Maybank is an
indirect stakeholder
 of Grab.

There is widespread belief that the product will be the GrabPay Card.
Grab itself
 has stated that it is planning to launch the Card in Malaysia, while insiders at Maybank have told us of a co-branded product with Grab launching this month. However, Grab also recently announced a bunch of
other financial products, some of which are coming soon to Malaysia
, so our prediction of a GrabPay Card may be off the mark.

The GrabPay physical card in Singapore. Will it launch in Malaysia next week?

Nevertheless, the launch of the GrabPay Card in Malaysia would definitely spice things up for the credit card space in the country. Recent launches of the
CIMB e Credit Card
 and another Maybank co-brand card, the
Maybank Shopee Visa Platinum
, has stirred plenty of excitement among consumers. A GrabPay card, which will further expand GrabPay’s payment acceptance to nearly 53 million Mastercard merchants worldwide, is sure to attract plenty of interest.

Grab representatives also indicate that whatever product that launches next week, it will definitely tie back to expanding the ability to earn GrabRewards points. Sure, GrabRewards has seen
a pretty serious devaluation
, but as long as Grab does not remove the option of topping up GrabPay via credit cards, this presents the opportunity to double dip on rewards.

More info on the product will be revealed at the virtual launch event next week, so stay tuned for our coverage.

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Pang Tun Yau

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

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Public Bank Offers Flexipay Plan With Up To 1% Interest For Visa Cardholders

Public Bank is running a PB Flexipay Plan promotion, which allows its Visa credit cardholders to convert their purchases into a ten-month instalment plan with either 0% or 1% interest. Already ongoing, it is set to continue until 31 December 2022.

Open to all new and existing Public Bank Visa cardholders, the promo will let you convert your purchases into instalment plans as per the following details:

Minimum spend
Tenure
Upfront interest/Management fee
RM1,000 and above
10 months
1%
RM3,000 and above
10 months
0%

To tap into this offer, you’ll need to either call the bank at 03-2176 8000 or send an email to
[email protected]
 to inform them of your intention and the details of your purchase. This should be done three days after the purchase is made (so that your transaction will be posted), and five days before your next statement date.

Once converted, make sure to always repay the required monthly instalment amount before the due date. Otherwise, there will be a late payment charge of 1% of the total outstanding balance, or a minimum of RM10 (capped to a maximum of RM100). A finance charge or management fee of 15% to 18% p.a. may also be applicable where necessary.

Finally, note that eligible cardholders may apply for this promo more than once. However, approval is subject to the bank’s discretion.

(Source:
Public Bank
)

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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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MOF To Hold Physical, Online Engagement Sessions For Budget 2024

Deputy Finance Minister I Datuk Seri Ahmad Maslan has said that the Ministry of Finance (MoF) will organise both physical and online engagement sessions in a bid to obtain input from various parties for the tabling of the upcoming Budget 2024.

A team from the MoF will visit various states across the country to meet with members of the public, with Deputy Finance Minister II Steven Sim joining as part of the tour. Meanwhile, those who are unable to meet the team during the tour are welcome to send their feedback, suggestions, and input for Budget 2024 to MoF via the
official landing page
.

(Image: Malay Mail/Shafwan Zaidon)

Individuals will need to first fill in their demographic details on the website, after which they’ll be asked to choose five key areas – out of a total of nineteen matters – that the government should prioritise in the upcoming national budget. These include items like subsidies for basic necessities and petrol, public transport, and employment opportunities. Finally, you’ll be allowed to share your opinions and proposals in the final section; you are also able to upload relevant supporting documents if necessary.

Ahmad Maslan further stressed that all proposals – whether received physically or online – will be studied carefully by various parties before the tabling of Budget 2024, and be taken into consideration. Budget 2024 is slated to be
tabled on 13 October 2023
, on a Friday, at 4pm.

(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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EPF Navigates Safely Through Pandemic-Stricken 2020

The EPF has declared its dividend rates for 2020, with the Simpanan Konvensional earning 5.2% and Simpanan Shariah earning 4.9%. The rates have been touted as better than expected, given the challenging economic climate globally due to Covid-19.

Strong equities performance drives record-breaking investment income

Despite the Covid-19 pandemic and lower net contributions throughout the year (via hassle-free withdrawals from i-Lestari and i-Sinar), the EPF actually recorded its highest-ever gross investment income in 2020 with a total RM60.98 billion.

As part of the fund’s Strategic Asset Allocation (SAA), the fund’s exposure was well-managed and was key to delivering the solid returns. The fund took advantage of the equities market crash in March 2020, where leading stock indices lost as much as 40%, taking positions in fundamentally strong companies at attractive prices. This, and the subsequent recovery in global stock markets, contributed significantly to the EPF’s investment portfolios.

The EPF also rebalanced its investment portfolios based on thorough consideration on how the COVID-19 pandemic and global uncertainties had influenced capital markets worldwide, such as the US Presidential election in November 2020, the continuous US-China trade dispute, and the impact of the Brexit negotiations.

In total, the EPF’s equities investment in 2020 contributed RM28.71 billion in returns – 47.08% of the fund’s total income for the year.

Meanwhile, a further 42% (RM25.42 billion) of the fund’s income in 2020 was contributed by the Fixed Income Instruments, which comprises of Malaysian Government Securities & Equivalent and Loans & Bonds. Finally, a further RM5.66 billion came from the fund’s Real Estate & Infrastructure portfolio, which serves as a hedge against inflation but saw significant challenges last year with lockdowns and work-from-home measures.

Nevertheless, the 2020 income represents quite a feat for the fund, which also broke the trillion-Ringgit investment asset mark just a few months ago in December. EPF Chairman Tan Sri Ahmad Badri Mohd Zahir said, “We managed to safeguard our members’ retirement savings well, while meeting their immediate needs to deal with the current challenges. It was not easy at times as we had to walk a tightrope in ensuring that our members survive the difficult times while balancing their future needs.”

“The quick spread of COVID-19 and its transmissibility made it a Black Swan event that many found challenging to manage. However, we were proactive in managing the pandemic and that helped us to ride through the challenges. Our focus on digitalisation enabled us to assist our members more efficiently and seamlessly while ensuring that we remain relevant to members who are more technology-savvy.

“The EPF’s speed of adaptability in its investment strategy and processes ensured that we were able to deliver optimum performance, and we further leveraged on the strength of our approximately 250-strong investment professionals who diligently managed the portfolios and took proactive measures. Solid teamwork and digital infrastructure ensured that we could adapt seamlessly to the new work norms,” Tan Sri Ahmad Badri added.

Assisting members through difficult times

Besides focusing on fund performance, the EPF also had to strike a balance between assisting its members through the pandemic who face drastic cash flow issues, while still safeguarding their retirement fund.

In fact, the EPF was one of the first retirement funds to provide assistance for its members with the introduction of the
 i-Lestari Account 2 Withdrawal Scheme
, a hassle-free programme that lets members withdraw RM500 monthly from their Account 2 savings for 12 months. It also introduced the option of reducing members’ mandatory statutory contribution rates
from 11% to 7%
 from April to December 2020.

Beyond that, the EPF also assisted SME employers through the Employer Covid-19 Assistance Programme (e-CAP). The programme allows eligible SMEs to apply for a deferment and restructuring of the employer’s share of EPF contributions to help manage their cash flow while still fulfilling their obligations of paying their portion of EPF contributions. The e-CAP programme benefitted 13,090 employers with a cumulative value of RM84.95 million.

2021 outlook

Moving into 2021, the EPF will further assist members to ease the continued economic slowdown caused by the pandemic.

With the worst seemingly over and Covid-19 vaccination drives in full force across the world, the EPF remains vigilant as new virus strains may put a dent on economic and market recovery. However, the fund remains committed to ensure members continue building their retirement savings.

In addition, the fund is also working on a new withdrawal scheme to
allow members to purchase insurance or Takaful products as revealed in Budget 2021
. The scheme is expected to be launched at the end of the year.

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World Bank: Malaysia Must Improve Six Areas To Achieve High-Income Nation Status

(Image: Reuters)

Despite the economic challenges faced amidst the Covid-19 pandemic, Malaysia is capable of transitioning from a middle-income nation to a high-income country within a decade, according to a new World Bank report. However, this is provided the country carries out reforms in six major areas.

According to the World Bank’s latest biannual Malaysia Economic Monitor report (June edition), the six areas that Malaysia needs to work on include:

Raising the participation of female labour force

Improving human capital

Boosting competitiveness

Creating well-paying, high-quality jobs

Modernising institutions

Promoting inclusion

The World Bank highlighted that while Malaysia has the potential to become a high-income nation, it is also impeded by several issues when compared to other countries that have achieved high-income status in recent years. Specifically, Malaysia is growing slower, has a lower share of high-skilled employment, and suffers from greater inequality.

“In particular, there is a growing sense among Malaysia’s middle-class that the proceeds of growth have not been equitably shared between the richest and the poorest, and that increases in the cost of living are outstripping incomes, especially in urban areas,” the report elaborated.

To resolve this, a different set of policies and institutions are needed to help achieve a knowledge-intensive and productivity-driven growth. Such policies can be outlined through mediums such as the 12
th
 Malaysia Plan and the Shared Prosperity Vision 2030. However, these plans need to reflect the six reforms suggested if Malaysia wishes to attain a high-income status.

“To compete with other high-income countries, Malaysia needs to use its resources more efficiently, to produce new ideas and products, to expand markets, and to increase productivity,” added the World Bank.

If you’re wondering how the World Bank determines the status of a country, the organisation categorises each nation according to their gross national income (GNI) per capita. A country’s GNI per capita is defined as the total amount of money earned by a nation’s people and businesses, and is calculated by dividing a nation’s total income with its population.

At present, Malaysia is ranked as an upper middle-income nation, recording a GNI per capita of US$10,590 (latest figure on the
World Bank’s open database
). It sits in the category alongside Thailand, while Brunei and Singapore are categorised as high-income economies. Other Southeast Asian nations, meanwhile, are classed as lower middle-income nations.

You can read the full
Malaysia Economic Monitor report
 by the World Bank here.

(Source:
Malay Mail
)

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What Now? How Can SMEs Move Forward In This Recovery Era?

According to SME Corp Malaysia, SMEs take up
97.2% of total business establishments
 in Malaysia, which makes them one of the biggest contributors to Malaysia’s GDP. During the height of the pandemic, businesses, including SMEs, were struggling to survive. Caring for both the safety of their employees and customers, complying with government-issued SOPs, and pushing themselves to digitalise were just a few of the difficulties they faced. On top of that, business plans and objectives were either halted or constantly revised.

Today, with most of the population vaccinated and SOPs relaxed, it’s clear that most businesses have adapted. F&Bs have made themselves available on online delivery platforms; property developers now offer virtual viewings; fitness studios are providing at-home workout sessions online; and more.

Even as Malaysia enters the recovery phase in 2022, businesses are still looking to be steadfast in the face of uncertainty and not repeat the trials and tribulations of 2020.

Move Forward With CIMB SME Solutions

While there are a few ways to gain working capital, like partnering up with an investor, funding, or opting for readily available government schemes, another alternative is to utilise SME Financing options from CIMB.

Catered to assist businesses to get back on track and flourish, CIMB is offering a complete suite of SME solutions under 3 core pillars:
SME Transact, SME Financing, and SME Partners.

In brief,
SME Transact
 includes business cash management services,
SME Financing
offers hassle-free financing options, and
SME Partners
 provides businesses with the opportunity to get in touch with a network of expert partner solutions to digitize their businesses.

Receive Financing With No Collateral Required

If you’re looking to improve your business cash flow and expand in terms of financing, the
SME Quick Biz Financing
 offers business owners up to RM1,000,000 with no collateral required, while the
SME Biz Property
Financing
 allows you to refinance your existing business properties, finance the purchase of new properties, and gain working capital of up to RM10,000,000.

Apart from that, CIMB also offers SMEs a
financial relief programme
 that includes various relief measures such as the
CIMB Flood Relief Assistance Plan
 for those affected by the recent floods, the
Payment Assistance Programme (PAP)
to assist with existing financing payments, and more.

Notably, for SMEs in the personal services, food and beverage services, human health and social work, arts, entertainment and recreation subsectors who were affected by the Movement Control Order since June 2020, the
Targeted Relief and Recovery Facility (TRRF)
by Bank Negara Malaysia
provides both relief and assistance to SMEs and micro enterprises of up to RM500,000 and RM75,000 respectively, at up to 3.5% p.a. Businessowners will be granted tenure of up to 7 years, with a 6-month moratorium on their monthly instalments.

Besides that, there’s also an interest/profit subsidy to encourage growth and expansion for businesses attached to CIMB’s Targeted Relief and Recovery Facility (TRRF). Businesses in the Northern region, i.e. Penang, Kedah, Perlis, and Perak, will receive a 50% profit rebate for their entire tenure with CIMB TRRF.

With sustainability becoming a trend in most organisations, CIMB also offers
SME Renewable Energy Financing
 for SMEs who are looking to adopt solar power energies into their business operations for a more positive impact on the planet.

Exclusive Business Digital Solutions With SME Partners

With digitalisation already underway for most SMEs, CIMB also aims to assist SMEs in further exploring digital solutions from a network of service partners that can help businesses improve efficiency, build market awareness, and even get insured.

Easy Parcel is an online booking platform that enables customers to search, compare, and book from over 60 courier companies within Malaysia and over 200 international destinations. Other operational and payment partners include iPay88 for payment solutions and BusinessHR for HR Cloud Services, where business owners can switch from manual HR processes to digital, which also complements CIMB’s existing payroll proposition, Cash @ Work (CAW).

As e-commerce becomes a leading channel to reach consumers, businesses should consider improving their digital marketing, e-commerce platforms, and strengthening their existing digital channels. With SME Partners, SMEs can either build a website with Exabytes with an RM500 waiver, start selling on Shopmatic for only RM3 a month, or acquire insights and analytics for their digital channels with EasyStore.

SMEs can also acquire a Motor Insurance premium from Berjaya Sompo Insurance for both private and company vehicles.

Moreover, there’s no limit to the number of partner solutions SMEs can sign up with. If you’re looking to improve your HR operations, build an e-commerce site, and get motor insurance coverage – you’re free to do so with any of
CIMB’s SME Partners
. Every partner offers exclusive discounts and some also provide first-hand training for your employees so that even when the partnership ends, your employees are equipped with the right digital skills.

Thrive Towards Recovery

While the world strives to find better, more efficient ways to navigate the new normal, businesses need to equip themselves with the right tools and solutions to continue operating and meeting their desired targets. To combat the effects of the unprecedented, CIMB is dedicated to assisting SMEs on their digital transformation journey and financial needs. To learn more about CIMB’s complete suite of SME Banking Solutions, head to their
website
 or chat with EVA, an interactive chatbot available on CIMB’s Business Page here!

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Malaysian Banks Offer Donations And Financial Relief For Flood Victims

(Image: The Straits Times)

(
Updated on 14 January 2021.
)

With several states across the nation – particularly those along the east coast of Malaysia – currently facing a massive flood disaster, several local banks have reached out to provide some form of financial relief for the victims. The help came in the form of both donations as well as financial relief programmes for affected customers.

Here’s a list of the financial support that flood victims can tap into:

Affin Bank

Affin Bank customers who are affected by the ongoing floods can tap into a
six-month moratorium
 offered by the bank, allowing them to temporarily defer their loan instalments. Interested individuals, SMEs, and corporate customers can apply for the aid under the bank’s
Financial Assistance and Instalment Relief (F.A.I.R.) programme
.

In its statement, Affin Bank also urged customers who are in need to contact the bank to check their eligibility for the moratorium. They can either call the bank at 03-8230 2222, visit the nearest branch, or send an email to
[email protected]
.

Aside from the moratorium offer, Affin Bank will also contribute RM500,000 to various humanitarian and medical-related initiatives to support the flood victims.

Alliance Bank

Alliance Bank has announced a Flood Relief Assistance programme for its customers living in flood-affected areas. Applicable to all conventional loans and Islamic financing facilities, the programme provides assistance in the form of a loan moratorium of up to six months and loan repayment modifications. It also offers waivers of fees and charges for selected services, such as the replacement of debit cards, ATM cards, cheque books, and passbooks lost or damaged during the flood.

Those in need of help can apply for these aids from Alliance Bank by calling its contact centre at 03-5516 9988 or any relationship managers directly. The bank also noted that all requests for assistance will be assessed on a case-by-case basis, with hopes of providing each customer with a relief package that meets their specific needs.

Bank Islam

(Image: The Malaysian Reserve)

Bank Islam has launched the
Prihatin Programme
, providing a moratorium of up to six months for its customers’ monthly commitments, including home financing, personal financing, and vehicle financing. This is provided the customers meet certain conditions, such as not having outstanding financing records.

Those who wish to find out more about the Prihatin Programme may contact the bank’s call centre at 03-2690 0900. Meanwhile, applications for the moratorium under the Prihatin Programme can be made at the nearest Bank Islam branch.

Aside from the moratorium, Bank Islam is also
channelling funds amounting to RM400,000
 from its Islamic crowdfunding platform, Sadaqa House, to provide support to the victims. The bank will also contribute RM100,000 from the total fund to Yayasan Al-Sultan Abdullah, which is assisting those who are currently housed in temporary evacuation centres. The funds will be used to provide direct assistance such as the provision of food and drinks, medicines, essential equipment for the evacuees, and post-flood cleaning tools.

Bank Muamalat

(Image: The Malaysian Reserve)

Bank Muamalat is also offering a
moratorium payment period (MPP)
 of up to six months for eligible customers affected by the floods, starting from today until 28 February. The aid will be applicable for all financing facilities provided to individuals and businesses, although approval will be granted on a case-by-case basis.

Customers who wish to apply for this assistance will need to provide relevant documentary evidence, including photos and verification from local authorities. The bank also clarified that customers who are already tapping into other payment assistance programmes – namely the targeted payment assistance or enhanced targeted payment assistance – are also eligible to apply for this latest MPP. The MPP will supersede the existing programmes.

For further information, customers can contact the bank’s customer service at 03-2600 5500.

Bank Rakyat

(Image: The Star)

Bank Rakyat has allocated RM500,000 in
special assistance for the flood victims
 in the country, used to provide basic necessities and medicines for the victims in affected areas. It is expected to benefit more than 20,000 flood victims from over 6,000 families in Pahang, Terengganu, Kelantan, Johor, Selangor, and Perak – with hopes that they can go on with their daily activities as usual.

Bank Simpanan Nasional (BSN)

(Image: The Star)

Eligible BSN customers who are affected by the floods can also tap into the bank’s
Bantuan Banjir programme
, which entails the deferment of financing instalments for up to six months. The bank will process and evaluate each request according to their respective circumstances.

Customers who would like to apply will need to email to
[email protected]
 with the following details:

Name

IC number

Telephone number

Type of financing

Financing reference number (if available)

Location of home/workplace/business premise (for Micro customers only)

Alternatively, you can call the bank’s contact centre at 1-300-88-1900 for further information.

CIMB

CIMB has announced that it will be providing a
six-month payment relief
 for eligible customers who have been impacted by the floods. It is applicable for all home, business premises financing, and ASB financing for affected individuals, as well as SME financing for affected local businesses. This is on top of the rescheduling and restructuring assistance that the bank will also be offering for auto financing, personal financing (Express Cash, Cash Plus-i, and Cash Plus Loan), and credit card financing.

Additionally, the bank is waiving charges for credit and debit card replacements, statement requests, or the replacement of damaged passbooks and bankers’ cheques for eligible customers. Affected SME customers, too, will be exempted from paying late charges and fees that are imposed by the bank for three months.

Aside from the financial relief, CIMB will further contribute RM300,000 through its corporate responsibility (CSR) arm, CIMB Foundation, to provide on-ground support for flood victims and post-recovery help. The fund will be provided to agencies such as Mercy Malaysia and the Malaysian Red Crescent Society to meet the needs of the flood victims.

Hong Leong Bank

(Image: The Sun Daily)

Hong Leong customers (individual and SMEs) who are affected by the flood can now apply for a six-month deferment for their loan and financing payments. On top of that, they are also allowed to replace debit and credit cards, as well as cheque books that were damaged during the floods for free.

Interested parties can apply for the payment deferment assistance by contacting Hong Leong’s flood relief assistance line at 03-7959 1888 or visiting the nearest branch. Alternatively, you can email the bank at
[email protected]
, or apply online on Hong Leong’s official website. Note that you’ll be required to submit a photo of your flood situation along with your application for verification purposes.

Meanwhile, those looking to replace their damaged cards and cheque books can call Hong Leong’s contact centre at 03-7626 8899 or visit a bank branch.

In its statement, Hong Leong also encouraged its corporate and business customers to contact their relationship managers for more information and assistance.

Maybank

(Image: New Straits Times/Nurul Shafina Jemenon)

Maybank is also offering a
flood relief assistance programme
 to help ease the financial burden of its customers who are affected by the floods. According to the bank, this programme will offer help in the form of loan deferments, reduction in monthly instalments, or extension of repayment tenure.

In its statement, Maybank further informed interested applicants that their loans should not be in arrears for more than 90 days at the point of application. All applications will also be evaluated on a case-by-case basis. To apply, Maybank customers can send an email to
[email protected]
, with the following details:

Individual customers

SME/Companies

– Name of individual

– IC number

– Contact number

– Type of loan/product (e.g. mortgage, hire purchase, term loan financing)

– Vehicle number (for hire purchase loans)

– Address of affected properties

– Name of individual

– Company name

– Business registration number

– Contact number

– Type of loan/product (e.g. mortgage, hire purchase, term loan financing)

– Vehicle number (for hire purchase loans)

– Address of affected properties

In addition to the flood relief assistance programme, Maybank is also waiving the fees and charges for selected services, such as the replacement of debit cards, ATM cards, and cheque books lost or damaged during the floods. The bank’s credit cardholders can also tap into a waiver of late charges.

For more information and further assistance, customers can contact Maybank’s customer care hotline at 1300-88-6688. Alternatively, you can visit any of Maybank’s branches, SME Centres, Business Banking Centres, or Auto Finance Centres nationwide.

OCBC

OCBC has contributed
RM100,000 to Mercy Malaysia
 as part of its efforts to help Malaysians who were affected by the floods in Terengganu, Johor, Pahang, Perak, and Kelantan. The funds will be used for the provision of immediate on-ground necessities, such as hygiene kits, ready-to-eat food, as well as medicine and medical equipment.

Public Bank

(Image: The Edge Markets)

Public Bank is also offering a
payment deferment of up to 6 months
 for customers who are affected by the flood, with the intention of alleviating their financial burden during this time of distress. The programme is applicable to retail loans and financing for individuals and businesses/SMEs, excluding hire purchase loans.

Taking place from 11 January until 30 June, customers must meet the following two criteria to be eligible for the aid:

Individual or business is not bankrupt

Collateral/residential/employment address is in the flood district as declared by Agensi Pengurusan Bencana Negara (NADMA)

If you qualify and would like to apply for this aid, you need to do so manually by printing the application form from Public Bank’s website, and then completing and submitting it to the nearest branch or credit control centre. The bank also noted that it will take approximately five calendar days to revert to their customers.

To find out more or to get further assistance with regard to your application, you can contact
Public Bank’s helpdesk lines
.

RHB

Like many other banks, RHB is also ready to provide financial assistance to its customers who are affected by floods through its
Flood Relief Assistance programme
. Eligible customers will be able to tap into relief measures such as payment deferments and waivers of various fees.

In particular, customers with housing and ASB loans will be able to apply for a deferment of loan instalment payments and waiver of late payment charges of up to 6 months. Meanwhile, those with personal financing, auto financing, and easy loans can get similar assistance for up to 3 months.

On top of that, customers can also request for waiver on late payment charges for credit cards for up to three months. A separate waiver of card replacement fees for ATM, debit, and credit cards is also available.

Businesses and SMEs are also welcome to apply, and will be evaluated on a case-by-case basis.

RHB further said that applications can be made starting from 13 January onwards. For more information, you can visit the nearest RHB branch or call the bank’s customer contact centre at 03-92068118.

***

For context, several states within Malaysia have been hit by floods following a continuous downpour that was brought on by the onset of the winter monsoon at the start of 2021. The east coast of Malaysia is particularly affected, with Pahang being the worst hit. It saw approximately
27,000 people evacuated
 as of 9 January. This is out of a total of
more than 50,000 victims
 who were forced to leave their homes due to the disaster.

Hopefully, these financial aids from the banks will offer a measure of relief to the flood victims during this time of crisis. In the meantime, do stay safe!

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Bank Rakyat

Bank Simpanan Nasional

Bantuan Banjir

CIMB

Flood Relief Assistance Programmes

Floods

Hong Leong

Loan Deferment

Maybank

Moratorium

OCBC

Payment Deferment

Prihatin Programme

Public Bank

RHB

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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Versa Achieves Over RM10 Million In Deposits In Three Months Since Launch

Digital cash management platform Malaysia has raised over RM10 million in deposits in the three months since it was
soft launched
 in January 2021. Versa has registered more than 4,000 accounts to date, averaging deposit amounts of RM2,700 per user.

The Versa platform enables Malaysians to invest in the Affin Hwang Enhanced Deposit Fund, a RM2 billion-sized money market fund with starting amounts as low as RM1. According to Versa, investors will be able to earn daily interest of up to 2.4% per annum and does not come with any lock-in periods, withdrawal charges, or exit fees.

“Versa was created to solve a personal problem statement – I had to break my fixed deposits several times to meet emergency situations,” said Versa CEO Teoh Wei-Xiang at the official launch of the Versa app. “As such, we are promoting a new way for users to manage their spare cash. In such unpredictable times, the ability to invest and also have cash on hand when the time calls for it is extremely important.”

During the official launch of the app, Versa also held a panel discussion about the importance of financial literacy featuring Affin Hwang Asset Management Managing Director Dato’ Teng Chee Wai, RinggitPlus CEO Hann Liew, and UNCDF Digital Financial Services Expert Sandeep Kumar, moderated by Audrey Misquith from UNCDF .

“With interest rates expected to stay lower-for-longer, the search for yield will be on the top of mind of every investor. Through our partnership with Versa, we are proud to bring a new solution to the market to help investors diversify and maximise the potential of their cash reserves without sacrificing liquidity,” said Dato’ Teng Chee Wai.

From now until 28 April, participants who successfully sign up for a Versa account through RinggitPlus and make a deposit can be in the running to receive a number of attractive rewards. These rewards include prizes like Apple AirPods, RinggitPlus Academy Financial Masterclass and RinggitPlus Financial Planner Financial Planning Services session, and even up to RM8,888 deposited into your Versa account!

Find out more about this
campaign
 here or visit the
VersaxRinggitPlus
 page to sign up directly.

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HLB Offers Several Travel Deals For Cardholders Via Let’s Go HoliYay Campaign

Hong Leong Bank’s (HLB) integrated travel lifestyle platform, HLB HoliYay, is currently running the Let’s Go HoliYay campaign, which offers its cardholders a range of discounts and rewards on a variety of travel-related services.

Ongoing until 14 January 2021, the campaign is open to all new and existing HLB debit/-i and credit cardholders. These are some of the highlights in HLB’s Let’s Go HoliYay campaign.

World-Class Malaysian HoliYay

Period: 15 September 2020 – 14 January 2021

As many as 12 world-class Malaysian holiday packages are up for grabs as grand prizes during this four-month campaign period, with three winners being named every month. Each package offers a 3-day-2-night hotel stay for two people at a variety of locations in Malaysia, with different hotels/locations being featured each month. The packages currently showcased are:

The Banjaran (Ipoh, Perak)

ClubMed (Cherating, Pahang)

Eastern & Oriental (Georgetown, Penang)

Aside from the grand prizes, HLB is also giving away 400 luggage bags as consolation prizes throughout the whole campaign (100 winners each month).

To participate in this campaign, earn entries by spending with your HLB card; every RM10 of retail spend will get you one entry. Meanwhile, cardholders who activate a new HLB credit card can gain 10 entries. At the end of every campaign month, the bank will pick 300 eligible candidates at random, who will then be contacted by the bank to answer a question to determine the winners.

HoliYay 2020 Traveloka Offer

Period: 15 September – 31 December 2020

Get up to 30% off on hotel bookings when you book your vacation stay with Traveloka and pay with your HLB cards. There are three tiers of discounts available:

10% off with no minimum spend

20% off with RM300 spend

30% off with RM1,000 spend

Surprisingly, the campaign’s T&C did not specify any cap on the discounts, so you may actually benefit quite a bit from this. Note also that offer is valid for all hotels and room types, except for hotel bookings that require you to pay upon check-in. To redeem this discount, remember to key in the coupon code (HLBHOLIYAY) during the checkout process.

There will also be a Double Date flash sale, where additional discounts are offered on 10 October, 11 November, and 12 December – so mark these dates on your calendar if you’re keen to check them out!

Spend & Earn HoliYay Cash

Period: 15 September 2020 – 4 January 2021 (15 weeks)

HLB cardholders will also have the chance to earn weekly cashback rewards of up to RM10 when they spend a minimum of RM30 for their travel expenses (travel, hotel, and airline expenses) with HLB cards each week. Eligible expenses include both local and international transactions.

Designed to encourage cardholders to spend consistently over a few weeks, the campaign starts out by offering you a weekly cashback of RM5 if you spend at least RM30 every week, up to 4 consecutive weeks. If you meet that requirement, the cashback amount will then be “upgraded” to RM10 in the fifth week, and will remain so for the following weeks – until the final Week 15 – as long as you continue to meet the weekly minimum spend. Note that if you miss out on one week, you will have to restart and work your way back up again for the “upgraded” cashback.

Additionally, the total cashback that can be earned throughout the entire campaign period is capped at RM130, awarded on a first-come, first-served basis. The reward will be credited to your account within eight weeks after the end of the campaign period.

BIG Points Bonanza

Period: 1 September – 31 December 2020 (new AirAsia cardholders) & 15 September – 28 December 2020 (all AirAsia cardholders)

Exclusively for new and existing HLB AirAsia cardholders, this campaign offers bonus BIG Points when you meet certain requirements:

New AirAsia cardholders will earn 2x BIG Points with the minimum spend of RM50 when they spend a minimum of RM50 within 60 days of activating the card.

All AirAsia cardholders will be entitled to a weekly bonus of 50 BIG Points when they collect a minimum of 50 BIG Points each week via eligible expenses (AirAsia purchases, as well as local and oversea expenses).

To clarify, the current earning rate for BIG Points via the HLB AirAsia cards (Gold and Platinum) are as follow:

Every RM1 spent on AirAsia purchases (1 BIG Point)

Every RM2 for oversea spend (1 BIG Point)

Local spend:

HLB AirAsia Platinum (RM3 for 1 BIG Point)

HLB AirAsia Gold (RM5 for 1 BIG Point)

***

Aside from the Let’s Go HoliYay campaign, the
HLB HoliYay platform
 also has a variety of other deals on offer, including discounts from booking platforms Agoda and Expedia, car rental provider SOCAR, and so on. Find out more about
HLB’s Let’s Go HoliYay campaign
 and these other assorted deals on its website.

(Source:
Hong Leong Bank
)

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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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UOB ONE Card Weekday Cashback Will Be Reduced To 0.2% From 2019

UOB Bank is revising the cashback rates for the popular UOB ONE Card starting 1 January 2019. The changes will see the card’s benefits reduced during the weekdays, but its cashback rate on weekends will remain the same for next year.

Based on the
revised terms and conditions
 available on UOB’s website (compared to the
2018 TnC
), the changes in cashback will be as follows:

Weekday Spend Category

2018 Cash Rebate

2019 Cash Rebate

Petrol

1%

1%

GSC movie tickets

2%

0.2%

Groceries

1%

0.2%

Telecommunication

1%

0.2%

All other retail spend

0.2%

0.2%

In essence, this means that from Mondays to Fridays in 2019, the UOB ONE Card will give you 1% cash rebate for the petrol category and 0.2% cashback on all other retail spend. Fortunately, the weekend cashback rates for the UOB ONE Card remain the same in 2019.

Weekend Spend Category

Cash Rebate

Petrol

5%

GSC movie tickets

8%

Groceries

2%

Telecommunication

2%

All other retail spend

0.2%

The changes in cashback applies to both the
UOB ONE Classic
 and
UOB ONE Platinum
 credit cards. Despite the reduced weekday rebate rates, the UOB ONE Card is still one of the better cashback credit cards on the market – as long as you use it on the weekends.

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Understanding Your Credit Score - and Why It’s Vital for Long-Term Planning

Oh, credit score.

There’s no escape from discussing your credit score, especially when applying for credit lines, be it a credit card or personal loan. However, according to the
RinggitPlus Malaysian Financial Literacy Survey 2019
, 67% of Malaysians don’t think about their credit score. For some, this is a dreaded conversation, while for others they might not quite get what the phrase “credit health” means. Meanwhile,  32% of Malaysians think it’s an essential part of planning for the future.

Understanding Your Credit Score

A
credit score
is a number that denotes how creditworthy an individual is. Simply put, it informs banks of how likely you are to pay back the credit received and whether it will be paid in a timely manner.

Meanwhile, your
credit health
 refers to how good (or bad) your credit score is. A good credit score, which ranges between 781-581 indicates good credit health, while anything below that means that your credit health needs some care.

Experian’s i-Score credit health scale

But how exactly is your credit score calculated?

Your credit score is calculated based on information collected about your credit history. This information is ethically obtained by credit reporting agencies such as Experian, who document credit information with your consent. The personal data collected can only be disclosed to third parties with your consent.

These credit reporting agencies then process your credit information and assign a point system based on the following factors to give you your credit score.

Experian’s i-Score credit score calculation breakdown

Benefits of a Healthy Credit Score

The benefits of a healthy credit score are numerous and widespread. Firstly, a good credit score tells banks and other financial institutions that you’re a “good risk” when it comes to managing credit facilities. These institutions will be more likely to process your credit applications quickly and with a higher chance of approval.

For example, if your credit card applications keep getting rejected, chances are that your low credit score is the cause. Alternatively, if you’re looking to buy a house and received a good interest rate on your loan, having a healthy credit score most likely boosted your approval chances.

A good credit score also gives you more negotiating power when it comes to asking for an increase in your credit line or negotiating for lower interest rates on loans.

It’s not difficult to achieve a good credit score but there are a few basic steps to achieving and maintaining good credit health. These include paying your bills in a timely manner, not maxing out your credit card, and not applying for too many credit facilities at one go. The beauty of a credit score is that it can be changed and if you’re not happy with your current credit score, you can aim for a better credit score by changing a few behaviours.

Here’s how you can improve your credit score:
6 common mistakes that lead to a low credit score and how to avoid them
.

Credit Health and Planning for the Future, Financially

Now that you know how your credit score is calculated and the benefits of a healthy credit score, you can start to see why it’s important to your future plans. Knowing your credit score gives you a better understanding of your current debts, payment behaviour, and an indicator of how banks see you as a prospective borrower. This allows you to make early decisions – and changes if needed – to secure loans, credit cards, and other credit facilities in your financial future. After all, if you don’t know where you stand now financially, how can you set a goal for the future?

Fortunately, you don’t have to gather your financial information and calculate your credit score by yourself. Credit reporting agencies, such as Experian, offer a variety of credit reporting tools for individuals and businesses.

What’s more, in conjunction with Experian’s Credit Health Month, they’re offering 50% off all their products and services.
Find out your credit score report with Experian’s ranging of credit reporting tools at a fraction of the price.

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Tips to Help You Pay Off Your PTPTN Student Loan

Nelson Mandela once said, “Education is the most powerful weapon you can use to change the world”. It is indeed agreeable that education is important, however to invest in this “weapon” there are many students who take up student loans in Malaysia due to the high rates of tuition fees in colleges and universities.

One of the most commonly applied for and used student loans in Malaysia is the Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) loan given to Malaysian students by the government.

Repaying a student loan may seem burdensome as you’re already saddled with debt even before you start working! But if the loan is a gateway to a better future, it’s likely worth the effort. Don’t let your loan get you down: Here are a few tips to help you manage your study loan better.

1. Know Your Loan

Study the loan agreement or FAQ before making a decision to sign up for it. Once you know all the details, you’ll know just what you’re getting yourself into and hence, how to tackle your student loan when repayment time comes!

The Ujrah Scheme under PTPTN gives you a low interest (or more accurately known as ‘administrative costs’ for PTPTN’s purposes) of just 1% per annum – lower than any loan you will find in the market so do ask if you are eligible for the scheme when you sign up.

2. Know Your Grace Period

A grace period is the amount of time given to you to find a job before starting to repay your student loan. PTPTN usually starts requesting repayment 6 months after the completion of a student’s study course.

Planning a holiday after graduation? Or just haven’t been lucky in scoring a job yet? Get to know your loan’s grace period and write in to request for an extension if you find you might have to miss the deadline.

3. Work to Pay Off Quickly

You may have anywhere between 5 – 15 years for repayment but work to pay of your loan ASAP especially if the amount is not unbearably high. If you are having difficulties in re-paying your student loan with your current salary, try getting freelance jobs over the weekends for that extra cash allowance.

You may consider giving tuition, catering (if you can cook well), working part-time at a call centre or any other part-time/freelance job that you desire. Paying off your loan quickly frees your income for life’s next big event such as buying a home, car or welcoming a baby!

4. Don’t Panic – Renegotiate!

If you panic, you will not be able to make sane financial decisions. PTPTN usually starts the repayment scheme 6 months after the completion of your studies. However, if you don’t manage to find a job within that time frame, you can request for a deferment of payment.

A time frame of 24 months is usually given for you to start repaying the loan if you are unemployed. Also, perhaps you find your first job is too low to accommodate the flat repayment structure – head to PTPTN to reschedule your payment. There are a few steps involved but oftentimes you will find that a solution can be found if you ask!

Now that’s a little better ain’t it? So don’t panic and just communicate with the PTPTN authorities via their official website.

5. Don’t Ignore

Do keep in mind that student loan defaulters can be subject to some unpleasantness by PTPTN. By ignoring your student loan, you may be blacklisted, which will hamper travel overseas and the renewal of passports.

Do keep in contact with the PTPTN authority. If you don’t ignore your responsibility; they will be more than happy to help you as much as possible, knowing you genuinely want to repay your loan.

If you really are facing crucial financial constraints, opt to pay slowly and steadily. All you have to do is talk to the PTPTN authorities in any sort of situation.

Consider EPF an Option for Repayment

Although we must stress that your EPF is crucial for retirement and hence we do not encourage willy-nilly use of it; it is an option if you suddenly find yourself unemployed with only a little more to pay to PTPTN.

If you have for whatever reason considered EPF a viable repayment method – all you need to do is follow the steps for withdrawal delineated on PTPTN’s website and you’re good to go!

Good luck 🙂

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Maybank: No Need To Apply For Digital Banking Licence, Digital Journey Began In 2014

(Image: The Star)

Maybank has asserted that it did not join the race for the digital banking licences to be issued by Bank Negara Malaysia (BNM) because the bank has already embarked on its digital transformation journey since 2014.

“Our journey for digital banking did not start last year but in 2014, and we do have the option to introduce digital banking under the licence we have right now, so we do not have to apply one,” said the group president and chief executive officer of Maybank, Datuk Abdul Farid Alias in a virtual briefing yesterday.

Datuk Farid also emphasised that Maybank is already offering digital banking services via its MAE by Maybank2u (MAE) app, which “blurs the line between bank and digital wallet”. The app, which was
launched in October last year
, offers services that include the digital onboarding of customers without needing them to be physically present at a branch and the ability to apply for loans online. He further stressed that the MAE app goes beyond being just a banking app. Instead, it is a platform with various functions that provide its users with a more integrated experience, making it more than what was previously just a banking app – it has already stated previously that MAE will be the one-stop app for Maybank and its older
Maybank2u app will eventually be phased out
.

Additionally, Datuk Farid noted that Maybank already has all the features of a digital bank, especially given the initiatives and programmes that have been introduced over the past few years, such as the SME Digital Financing programme. In fact, more of such programmes are slated to be rolled out later this year and in 2022.

Datuk Farid further reiterated that BNM’s digital banking framework requires the upcoming digital banks to drive financial inclusion for the underserved and hard-to-reach communities by providing quality access and responsible usage of financial services. “At the end of the day, it’s about inclusivity and serving the underserved,” he said.

With regard to his opinion of the eventual winners of BNM’s digital banking licences, Datuk Farid said that many players who venture into the digital financial space typically target the payments feature, such as the numerous e-wallet players in the country. Many of these players are, however, unable to financially sustain themselves in their efforts to shift customer behaviour towards digital payments in the long run. He also commented that the intention of each entity differs from one another. Some may be looking to collect customer behaviour data, which can then be employed for other purposes within their existing ecosystem.

(Image: New Straits Times)

“This could be for advertising purposes or something else. But for us, one of our primary functions is to lend to the real economy – for the consumer. For the rest of the players, it will depend on whether they have enough to do the same as well, to provide lending. Lending, by nature, is a risky business. It may look interesting from the outside, but in reality it doesn’t run away from the maths, as lending is a function of the liquidity and capital you have,” said Datuk Farid.

BNM officially issued its digital banking framework and
opened up applications for five digital banking licences
 in at the end of December 2020. As many as
40 parties
 had expressed initial interest – including
AirAsia, Grab
,
Sunway
,
BigPay
, and the state governments of
Johor
 and
Sarawak
 – although ultimately, the central bank received a total of
29 applications
 for the licences. The central bank is expected to reveal the successful applicants in the first quarter of 2022.

(Sources:
The Edge Markets
,
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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Economic Stimulus Package 2020: Extra RM100 Cash And RM50 E-Tunai For BSH Recipients

(Image: Bernama)

To catalyse
rakyat-
centric economic growth amidst the Covid-19 environment, the government will be carrying out immediate measures to boost local consumption under the Economic Stimulus Package 2020. Under this initiative, Bantuan Sara Hidup (BSH) recipients will receive an additional RM100 in their bank accounts and an extra RM50 in the form of e-Tunai.

In the month of May 2020, BSH recipients can look forward to an additional RM100 paid directly into their bank accounts in an effort to encourage local consumption. Meanwhile, the original payment of RM200 for all BSH recipients that has been pre-scheduled for May will be brought ahead and paid out two months earlier in March 2020 instead.

In addition to the extra RM100 payout in May, an additional amount of RM50 will be channelled to all BSH recipients in the form of e-Tunai – presumably through Touch ’n Go, Boost, or GrabPay as with the pilot e-Tunai Rakyat programme.

According to the government, Malaysian businesses, especially exporters, have been affected by supply chain disruptions involving factories and ports in China. As such, the above initiatives are meant to boost local consumption growth to soften the blow of negative external factors while protecting local Malaysian jobs.

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Tun Dr Mahathir Mohamad

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Malaysia 2020 GDP Shrank By 5.6% In Biggest Drop Since 1998 Crisis

The country’s gross domestic product (GDP) contracted by 5.6% for the year 2020, leading Malaysia to its worst total output since the Asian Financial Crisis of 1998. The -5.6% annual GDP falls below the government’s initial projection of -4.5% for the year.

Malaysia’s GDP registered a bigger decline of 3.4% in the fourth quarter of 2020 compared to the
contraction of 2.7% in Q3
, with the economy’s recovery impacted by the tightening of movement restrictions at the end of the year. For comparison, Malaysia’s GDP measured at -17.1% in 2Q2020 and grew by 0.7% in 1Q2020. In 2019, the country’s GDP grew by 4.3% year-on-year.

According to Department of Statistics Malaysia (DOSM) data, subdued demand remained the underlying factor for negative growth as the third wave of Covid-19 infections – which began in October – kept the job market volatile and forced consumers to spend less.

“Private consumption remains in contraction, weighed down by weak income conditions and tighter movement restrictions,” said DOSM chief statistician Datuk Seri Mohd Uzir Mahidin. Employment data also remained weak, contracting sharper in the October-December period after improving slightly in the previous quarter.

Looking forward, the national GDP is projected to grow between 6.5-7.5% for the year 2021, with this forecast being given by
Bank Negara Malaysia
 last year. However, given the rise of new developments since then, the central bank will decide whether it needs to
revise this initial growth forecast
 next month.

(Source:
Malay Mail
)

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How These Tools Can Help You Uplift Your Credit Score

A healthy credit score is a key component of one’s financial well-being. Whether you’re applying for your first
credit card
, buying a car, or on your way to investing for the future, a good credit score can help you achieve your financial goals, as it’s essentially a doorway to getting into the bank’s good books.

Apart from achieving the likelihood of getting approved for credit cards and loans, a healthy credit score also allows you more negotiating power to obtain better interest rates for credit facilities, with higher credit limits.

While the pandemic presented a few financial hiccups for some,
5.7 million Malaysians have successfully maintained their healthy credit scores
 throughout the pandemic, according to Experian. But today, with
prices continuously rising
 left and right as well as the
recent OPR hike
, Malaysians will have to once again reevaluate their finances and take the necessary steps to maintain, improve, and protect their credit health.

Experian Credit Health Month

Every year, Experian hosts the annual Credit Health Month where Malaysians can get the tools and help that they need to successfully manage personal finances and uplift personal credit scores. This year’s theme is
Uplift Your Score
 – featuring activities ranging from talks to tips, to help Malaysians build better personal financial literacy, and start monitoring and boosting their credit scores while participating in fun credit health activities throughout the month. Along with a promotional discount of 50% on their full range of products made for preserving credit health, Malaysians can eventually meet their financial goals, big or small.

Apart from the promotional discount, Malaysians can also look forward to a free webinar featuring well-renowned financial coach Khairi Aizat on reaching personal financial goals, titled “Realiti vs. Fantasi,” on 14 June 2022.
Register your interest here!

Check out Experian’s list of credit health tools here:

Personal Credit Report Plus

Personal Credit Report Plus (PCRP)
 by Experian is an easy-to-read credit report on how you manage your finances.

It shows you how and when you pay your loan, how much debt you owe, and how long you’ve been managing loan and credit accounts. It highlights items such as your Experian i-SCORE, aka your credit score, with additional data points such as your banking information (CCRIS), Skim Potongan Gaji Angkasa (SPGA), PTPTN, trade references, litigation history, and more.

All in all, PCRP provides you with a complete report on your overall financial health to help you better understand your financial status, as well as constructive guides on how you can improve and maintain your credit score.

Available now for only
RM9.45 per report
.

TrackMyID

TrackMyID
 by Experian is a yearly subscription service that allows users to monitor their personal information on the Dark Web and sends timely alerts to users if their data is found on the Dark Web.

TrackMyID lets users monitor their sensitive personal information online, specifically:

IC Numbers
Passport Numbers
Emails (up to 10 entries)
Phone Numbers (up to 10 entries)
Local Bank Account Numbers (up to 10 entries)
International Bank Account Numbers (up to 10 entries)

With the constant risk of personal information being traded or misused online by cybercriminals, TrackMyID helps users prevent identity theft and reduces the risk of data breaches by looking out for their personal information on the Dark Web.

Available now for only
RM15.90/year!

JagaMyID & JagaMyID Plus

JagaMyID
 by Experian is another yearly subscription that includes 2-in-1 benefits of credit notification alerts and credit profile movements and helps users protect their credit health. Subscribers get a notification when credit applications are made in their name, or if there are any suspicious changes in their credit profile.

The JagaMyID subscription offers you monthly updates on your i-SCORE, personal credit profile updates, and access to CCRIS information regarding your credit cards, housing loans, car loans, personal loans, and PTPTN loans, and other credit facilities. It also includes a full subscription to Experian’s dark web monitoring service, TrackMyID.

JagaMyID Plus
 by Experian is an enhanced version of JagaMyID, with added insurance coverage protection against snatch theft, ATM withdrawal protection, medical expenses, accidental death, and permanent disablement, under the MYSECURE Protection Plan Coverage.

JagaMyID is now available for
 RM31.80/year
,
 while JagaMyID Plus is available for
RM49.50/year.

MyBiz

MyBiz
 by Experian offers a comprehensive report on any local company listed on Suruhanjaya Syarikat Malaysia (SSM), also known as the Companies Commission of Malaysia.

Details include basic information such as its name, contact number, former name, incorporation date, SSM status, and business description, as well as its company’s registered address, business address, market listed date, market stock name, and market stock code.

A company’s key business figures and statistics are also included in the report, which encloses its paid-up capital, earnings per share, revenue, profit after tax, income statement, balance sheet, and key financial ratio.

MyBiz offers users accurate information about a company to assist in making business decisions when working with current and potential business partners and vendors.

Now available at
RM17.50
 per report.

MyJob

Those looking to perform their own background checks on current and potential employers can seek information from
MyJob
 by Experian. A report can provide useful information that can help employees better understand an organisation concerning future career progression and prospects.

It provides access to available company data such as revenue growth percentage in the past 5 years, net income trend, employee size, company directors and shareholders, subsidiaries, related companies, and more.

Now available at

RM13.00
 per report.

***

With these available tools and upcoming webinars by Experian, Malaysians are encouraged to step up and uplift their scores to gain financial independence and stay financially secure, even in the face of adversity. As we slowly yet surely gain normalcy in our daily lives, Experian is here to support Malaysians at every financial step of the way. For more information, head to their campaign page
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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Hot Meals Delivered With Standard Chartered credit cards

Are you getting tired of your usual lunch haunts? Too exhausted to cook after a long day at work? Why not get a hot meal delivered to your doorstep? Butler Deliveries offers a wide range of restaurants and cafes to satisfy your hunger pangs. Whether you’re craving for local delights from Peranakan Place or feeling peckish during tea time for Gloria Jeans, Butler will deliver it to you within 90 minutes (depending on delivery zone).

Standard Chartered credit card and debit cardholders are also entitled to discounts of up to 20%. Please check the
Butler Deliveries
 page for individual discount rates and restaurant outlets. Discount only applies to delivery orders and excludes beverages and pick-ups.

Check out Standard Chartered’s
Terms & Conditions
 page for more information.

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Cara Memfailkan Cukai Pendapatan Jika Bertukar Atau Kehilangan Pekerjaan Pada Tahun Lalu

Tidak keterlaluan untuk mengatakan bahawa beberapa tahun belakangan ini merupakan masa yang sukar bagi ramai orang, berikutan pandemik Covid-19 yang melanda seluruh dunia. Walaupun Malaysia telah mula pulih daripada impak ekonomi akibat pandemik tersebut, sesetengah orang masih terpaksa mencari penggajian baru atau menganggur pada tahun lepas.

Dengan musim cukai ini, beberapa soalan yang kerap ditanya oleh golongan ini ialah: apakah proses pemfailan cukai sekarang? Adakah mereka perlu mengambil langkah tambahan atau mengisi borang tambahan? Adakah individu yang menganggur masih perlu memfailkan cukai mereka jika jumlah pendapatan mereka untuk tahun 2022 kurang daripada jumlah pendapatan yang ditetapkan iaitu RM34,000?

Kami akan membincangkan perkara ini, serta perkara-perkara lain yang berkaitan dalam artikel ini.

Jika anda bertukar kerja pada tahun sebelumnya

Proses pemfailan cukai untuk seseorang yang telah bertukar kerja pada tahun sebelumnya tidaklah terlalu berbeza daripada prosedur biasa. Ia melibatkan beberapa pengiraan tambahan dan borang EA, tetapi langkah selebihnya adalah hampir sama.

Proses yang sama, tetapi dengan borang EA tambahan

Untuk memfail cukai anda apabila mempunyai lebih daripada seorang majikan dalam tahun taksiran, anda perlu menambah jumlah pendapatan yang diperoleh daripada kesemua majikan anda dalam satu borang BE. Cara paling efisyen untuk melakukan ini adalah dengan merujuk pada borang EA yang diperoleh daripada majikan-majikan anda yang terdahulu dan semasa. Semua majikan terikat dengan undang-undang untuk memberikan borang EA kepada pekerja mereka – sama ada pekerja semasa atau bekas pekerja – jadi pastikan anda mendapatkan borang anda!

Borang EA anda akan memberikan ringkasan maklumat yang diperlukan untuk memfailkan cukai anda dengan lancar. Maklumat yang diberikan adalah termasuk jumlah pendapatan, caruman Kumpulan Wang Simpanan Pekerja (KWSP), caruman Pertubuhan Keselamatan Sosial (PERKESO), serta potongan cukai bulanan (PCB). Apabila memfailkan borang BE, anda cuma perlu tambahkan jumlah keseluruhan kategori masing-masing daripada kedua-kedua borang EA yang anda peroleh. Pastikan juga anda mengemas kini nombor cukai majikan anda (Nombor E) mengikut nombor majikan semasa anda.

Bagaimana jika anda tidak mendapat borang EA anda daripada majikan yang terdahulu?

Anda masih boleh memfailkan cukai anda, tetapi mungkin mengambil masa yang lebih lama. Tanpa borang EA daripada majikan terdahulu, anda akan perlu berusaha sendiri untuk mencari semua maklumat yang diperlukan melalui slip gaji, penyata KWSP dan penyata PERKESO anda dalam tahun taksiran. Proses ini boleh memakan masa yang agak lama, dan mungkin juga akan ada kesalahan dalam pengiraan, jadi cuba sedaya upaya dapatkan borang EA melalui majikan terdahulu sebelum cuba mengira secara manual!

Sekiranya anda benar-benar tiada pilihan, jumlah pendapatan anda, caruman KWSP dan PERKESO, serta potongan cukai bulanan anda (MTD/PCB) sebenarnya boleh dijumpai dalam slip gaji anda. Kumpulkan semua slip gaji anda daripada majikan-majikan anda dalam tahun taksiran, dan himpunkan semua angka tersebut. Ini mungkin menjadi lebih rumit jika anda bekerja dengan banyak majikan dalam tahun taksiran; jadi pastikan berhati-hati ketika membuat kiraan ini.

Anda juga boleh menyemak jumlah caruman KWSP dengan merujuk penyata KWSP secara dalam talian, serta caruman PERKESO anda melalui akaun iPERKESO.

Jika anda telah diberhentikan kerja atau menganggur pada tahun sebelumnya

Sebagai peraturan asas, mana-mana individu yang mempunyai pendapatan tahunan minimum RM34,000 selepas potongan KWSP mesti memfailkan cukai mereka. Tetapi bagaimana jika anda diberhentikan atau menganggur semasa tahun taksiran, dan pendapatan anda tidak mencapai jumlah yang diperlukan? Adakah anda masih perlu memfailkan cukai anda?

Jawapannya: Ya. Anda mesti memfailkan cukai anda setiap tahun setelah anda mendaftarkan fail cukai anda, walaupun anda tidak memperoleh jumlah pendapatan yang diperlukan. Anda juga perlu memfailkan cukai anda kerana pampasan pemberhentian atau pengangguran anda boleh dianggap sebagai pendapatan bercukai – di mana sesetengahnya layak untuk dikecualikan cukai.

Pampasan untuk kehilangan pekerjaan

Menurut Lembaga Hasil Dalam Negeri Malaysia (LHDN), pampasan bagi kehilangan pekerjaan ditakrifkan sebagai bayaran yang dibuat oleh majikan kepada pekerja mereka apabila mereka diberhentikan kerja. Contoh pampasan untuk kehilangan pekerjaan termasuk:

Gaji atau upah sebagai ganti notis

Pampasan untuk pelanggaran kontrak perkhidmatan

Bayaran untuk mendapatkan pelepasan daripada liabiliti luar jangka di bawah kontrak perkhidmatan

Bayaran
ex-gratia
 atau kontrak, seperti bayaran untuk redundansi atau pemecatan (seperti Skim Pemisahan Sukarela/
Voluntary Separation Scheme
(VSS))

Bayaran untuk menyekat pekerja daripada mencari jenis pekerjaan yang serupa selepas penamatan dengan majikan semasa

LHDN juga menyatakan bahawa sebahagian daripada pampasan ini dikecualikan daripada cukai di bawah
Akta Cukai Pendapatan 1967
. Khususnya, pampasan berkenaan boleh dikecualikan
mengikut keadaan-keadaan berikut
:

Pengecualian penuh
: Pampasan dibuat atas sebab kehilangan pekerjaan akibat kesihatan yang tidak baik

Pengecualian separa
: Pengecualian RM10,000 untuk setiap tahun genap perkhidmatan (12 bulan penuh) dengan majikan yang sama atau dengan syarikat dalam kumpulan yang sama

Bagi
Tahun Taksiran 2020 dan 2021,
kerajaan telah meningkatkan had pengecualian untuk pampasan kehilangan kerja kepada
RM20,000
 bagi setiap tahun genap perkhidmatan. Namun, pengecualian ini tidak dilanjutkan untuk tahun 2022, maka hadnya kini ditetapkan semula pada RM10,000.

Memfailkan cukai sebagai individu yang menganggur

Proses pemfailan cukai bagi individu yang menganggur juga tidak begitu berbeza berbanding proses biasa. Anda perlu memasukkan jumlah pampasan daripada pekerjaan anda sebagai sebahagian daripada pendapatan berkanun, bersama-sama dengan pendapatan anda yang lain. Pastikan anda menolak dahulu pengecualian yang dibenarkan. Setelah itu, anda boleh terus mengisi borang BE anda seperti biasa.

Sebagai langkah berjaga-jaga, pastikan anda menyusun dan menyimpan semua dokumen yang diperlukan untuk membuktikan bahawa bayaran sekaligus yang anda terima adalah pampasan anda untuk kehilangan pekerjaan. Selain daripada surat penamatan dan kontrak, anda juga mungkin ingin menyimpan slip gaji dan borang EA anda sebagai bukti tempoh pekerjaan anda dengan bekas majikan anda.

***

Dengan ini, kami berharap artikel kami dapat membantu anda dalam memfailkan cukai anda dalam situasi-situasi di atas. Lihat juga halaman
Cukai Pendapatan
 kami untuk lebih kandungan berkaitan cukai, seperti
Panduan Cukai Pendapatan Tahun Taksiran 2022
,
pelepasan cukai
 yang boleh anda manfaatkan (untuk tahun taksiran 2022), serta
cara memfailkan cukai buat kali pertama
.

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4 Situations When You'll Wish You Had Airport Lounge Access

Long waits at airports the world over are arguably one of the most challenging parts to endure before boarding a flight. Hence, the existence of airport lounges to make that part just a little easier on travellers.

Today, we reveal possible situations you may face at the airport where these exclusive spaces can come in very handy when you just can’t deal with another cold, metal bench.

The Long Layover

So you’ve just flown for umpteen hours straight and don’t necessarily have the freedom to explore your current country because your layover is pretty oddly-timed and considerably lengthy.

You’re tired, hungry and more than a little cranky. Wouldn’t you think the best thing to have is a comfortable chair, some food, hot beverages, and access to TV or reading materials?

The airport lounge just might be your best bet. Being right at the airport means no scrambling for when your flight is due and no lengthy commutes in to town when you are already knackered from a long-haul flight.

Airport hotels may be a good choice too, but considering the walking or paying cab fees to get to the hotel, airport lounges might be the more convenient of the two. Hotels can also be more pricey, especially if they are banking on their close proximity to the airport.

Airport lounges come equipped with a tonne of facilities that would match a hotel like showers, changing space, resting areas, entertainment, food and beverages just to name few – all with a fixed price for each time block (typically 3, 6, or 12 hours). This means that you pay less or more depending on the time you have in your layover and not a fixed night fee like a hotel.

Airport lounges also do not have strict check-in hours like hotels do and charge reasonably based on the time you intend to spend there.

Flight Delays

Flight delays can happen and are quite common these day as more and more people take to the skies in rain or snow. Some take a few hours while others can take just as long to confirm the cause of delay.

As flight delays are unpredictable, you’re often stuck with nowhere to go and nothing to do but sulk in the airport waiting area and fight with other weary travellers for crummy bench space.

Airport lounges provide ample space for you to relax and unwind a little while the airline sorts out the problem or simply wait it out due to weather complications.

All that, and you get your own comfy sofa and orange juice to boot. The only problem is that you may not want to leave.

Working on the Go

Many a business traveller passes through airports daily. If you’re on your way to that big presentation or professional meet; you may have proposals to peruse and slides to beef up before the event.

Or maybe you are simply going on holiday but found out a last minute item had not been crossed off your office to-do-list. If you’re a workaholic; there’s nothing quite like a good wifi connection, coffee and a desk to get your heart a-thumping.

Airport lounges are well equipped with the necessary to console your working woes and make it that much easier for you to manage work on the go.

They provide considerably fast internet connection as well as power sources for you to be plugged in for long hours if need be. Of course you do have public working stations outside of airport lounges but chances are, they are fully occupied because it’s free.

Its gets even better if any of the above scenarios occur whilst rushing out some work as most airport lounges offer 24/7 food and beverage services as well as conducive environments to suite almost any compounding work emergence.

For the Sheer Comfort of It

This scenario would be purely out of making your airport experience worth remembering for all the right reasons. If you’re the type who just can’t handle airport chaos, simply walk in and take advantage of airport lounge benefits just because you can.

After all, you are on holiday; so if you can manage the entrance fee, why not make your airport visit the most comfortable ever?

Getting Airport Lounge Access

Although, paying for an all-access airport lounge membership worth thousands a year isn’t something everyone can afford; there are ways around it.

You can opt for one-off payments. Airport lounge access cost in the region of RM150 and vary depending on package benefits and time required.

However, we like to recommend you take the free route. Airport lounge access often comes free when you pay for your tickets with particular credit cards or sometimes simply for having particular credit cards.

Requirements will depend on your credit card’s issuing bank and their terms but all that info is just a phone call away. Here are five easy steps to getting free airport lounge access:

1) Call up your credit card company to enquire. You can check with both your bank (Maybank, CIMB, Citibank, etc) and the credit company (Visa, Mastercard, Amex).

2) If your card is eligible, find out how many entries you have on the complimentary scale and what the terms are (need to book tickets on the card, spend over a certain amount, etc).

3) If your card is not eligible, switch it for a card that is. A good travel credit card should give you some free access even if it is limited. You can check the
travel card page
 on our site for the most competitive cards.

Would you consider using airport lounges the next time you travel? Let us know in the comments.

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Minister: Better Aid Packages For SMEs To Be Announced

(Image: Malay Mail)

The government will improve existing aid packages given to small and medium sized enterprises (SMEs) to help them face the negative effects brought about by the Covid-19 pandemic. According to Entrepreneur and Cooperative Development Minister Datuk Seri Wan Junaidi Tuanku Jaafar, the improved aid will be announced by Prime Minister Tan Sri Muhyiddin Yassin next week.

“We will wait for the Prime Minister’s announcement on what are the issues we can resolve and fulfill for the benefit of SMEs. This is because we cannot deny their contributions to the nation’s gross domestic product (GDP),” said Wan Junaidi. He added that the development will be announced after discussions at ministry level are brought to the Economic Action Council (EAC).

Wan Junaidi was responding to the many reactions from SME owners who have voiced their dissatisfaction over the assistance extended in the government’s Prihatin Economic Stimulus package announced last week. Among the
feedback from the SMEs
 was that the initiatives in the package focused more on loans and credit, which are not of much help to SMEs in the current climate.

“The government has always realised the importance of assisting the SMEs,” assured Wan Junaidi. “But we need to first prioritise the effort to flatten the pandemic curve. We do not want to be like Italy. The economy may prosper as much as it wants, but this would mean nothing if there are countless deaths here and there.”

All the same, Wan Junaidi revealed that the prime minister has ordered for the establishment of a Cabinet committee that will study how to create a balance in resolving both economic and pandemic issues. Meanwhile, the Entrepreneur and Cooperative Development Ministry has instructions to conduct studies on affected industries for them to be regenerated to ensure that there is no further slide in the national economy.

(Source:
Bernama
)

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Don’t Fall Victim to Credit Card Fraud

June Low opened her credit card statement and nearly fell off her chair when she saw the owed amount. Almost RM3000 spent in one day at various merchants; the names of which she didn’t recognise. Frantic she called the bank but the officer confirmed that there was no mistake and the amounts were transacted through her card.

She dug through her purse and realised with a sinking feeling: her credit card was gone and she didn’t know when it had actually gone missing. With some investigation she pieced the story of the missing credit card.

During a shopping trip, she paid with her card and was distracted during the process. She unwittingly left the credit card with the cashier. The cashier was a part timer and had stolen the card to make purchases with.

“If only I had paid more attention and been more vigilant, this wouldn’t have happened.”

After making a police report and much back and forth with the bank, June was able to get the amounts written off and the fraudster was apprehended. June was lucky that her case involved an inexperienced thief: for many, the thief is never caught and the victims are saddled with debt they never incurred.

There are many things one can do to prevent falling victim to credit card fraud. Here’s a few to remember.

 Upon receiving your credit card; immediately sign the back. This may not completely prevent fraud but a conscientious cashier may notice differences in the card signature and the person forging.

Always keep transaction receipts to compare these with your statement at the end of the month. If possible, periodically check online statements for transactions posted as and when. Most banks offer online banking for credit cards. This will help you notice any suspicious activity sooner. RinggitPlus CEO, Yuen Tuck only caught a fraudulent purchase on his credit card due to painstakingly keeping each slip and comparing it to his detailed statement at the end of each month.

Always give the cashier full attention when using your credit card. Don’t be distracted and always check your wallet upon leaving the store to ensure all your credit cards are there.

Sign up for SMS notification for any purchase equaling RM100 or more. Banks allow you to set the minimum amount for which you would like to receive notification upon swiping. Set the amount to as low as possible. It’s a drag to your phone inbox but the peace of mind will be worth it.

Sign up for Verified by Visa or SecureCode by Mastercard if you are an online shopper. For more tips on staying safe online: check our previous
article on safe online shopping
.

Never send your credit card details to anyone. Should you need to make a payment online, ensure the site through which the details are sent are using at least a 112-bit encryption. You can usually check this by hovering your mouse over the left hand corner of the URL bar and right-clicking on the padlock icon. Select ‘connection’ to see this dropdown box of information.

An example of a secure sign in site’s security information on a Chrome browser. This site uses a 256-bit encryption but a 112-128 bit should work well enough.

Never give your credit card number, PIN or CVC number (that’s the number on the back of your card for Visa and MasterCard and on the front right hand side of your American Express) over the phone be it to the bank or anyone else.

Always report a lost or stolen card immediately and take note of the date and time you lost it (if you’re not sure, the closest estimate) and inform the bank officer as much.

Premium credit cards with higher credit limits do offer insurance against credit card theft and fraud. Find out if yours does and sign up.

Credit cards are a great convenience but with it come some amount of risk so make sure you’re protected from fraud.

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Apple Watch Series 4 Pre-Order In Malaysia Opens 19 October, Priced From RM1749

Alongside the
iPhone XS, iPhone XS Max, and iPhone XR
, Apple also announced the Malaysian pricing and for the new Apple Watch Series 4.

The Apple Watch Series 4 may retain a similar design to its predecessors, but there are some significant upgrades. Apple’s latest wearable runs on the latest WatchOS 5 with the new S4 dual-core chipset which promises both increased performance and better efficiency. On top of that, the Apple Watch Series 4 features a larger, better screen that stretches close to the edges of the watch face. To better utilise this extra screen space (Apple says both the 40mm and 42mm models have up to 30% larger screens compared to the Series 3), Apple redesigned the user interface to display more information.

There’s even space for a new electrocardiogram (ECG) built into the new Digital Crown, allowing you to check for irregular heartbeats. The heart rate sensor a the bottom of the watch has also been upgraded, while a new fall sensor uses advanced algorithms to detect if the user has fallen down and initiate an SOS call if necessary. The Apple Watch Series 4 retains the 18-hour battery lifespan from the Series 3 despite the additional hardware and new features. Like the Series 3, the Series 4 has GPS, Bluetooth, and a 5ATM water resistance rating, which means users can swim with it at up to 50 meters underwater.

The Apple Watch Series 4 is priced at RM1,749 (40mm) and RM1,849 (44mm) and it comes with a choice of a Sport or Sport Loop band. There’s also the Apple Watch Series 4 Nike+ edition that comes with its unique Sport and Sport Loop bands, which will retail for the same price as the standard Series 4 edition. The Apple Watch Series 4 will be available for pre-order on Apple Malaysia’s website from 19 October.

(Source:
Apple
,
The Verge
)

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Get Your Business Banking Account Quick, Easy, and 100% Online

Opening a dedicated banking account is one of the milestones when starting a business. Designed with SME business owners in mind, the OCBC eBiz Account helps you manage funds, process transactions, and provide a foundation for future growth and prosperity.

Today, you no longer have to endure long queues and tedious paperwork at a bank just to open an account. With the OCBC eBiz Account, if your firm has not more than 2 directors / partners or is a sole proprietorship, the process is
completely online with no paperwork required
, offering you a hassle-free experience from start to finish. What’s more, its
low deposit requirement of just RM500
 makes it accessible and affordable for more modest businesses to establish their financial foundation swiftly and effortlessly.

Advantages of the OCBC eBiz Account

The OCBC eBiz Account comes with complimentary digital tools, such as
OCBC Velocity
 (Business Internet Banking) and
OCBC Malaysia Business Mobile Banking app
, allowing you to manage your account and transactions conveniently while on-the-go. Additionally, OCBC Velocity provides a set of financial management tools, including cash flow management, sales e-invoicing, and bill e-invoicing, enabling you to make insight-driven decisions and run your business more efficiently. You will also receive a
Business Debit Card
 for your everyday business spending without any registration fee and annual fee.

Moreover, the account also offers add-on solutions to further enhance your business operations, such as contactless collection solutions with
OCBC Merchant Terminal
 and QR collections with
OCBC OneCollect
. With OCBC OneCollect, you can access local transactions through DuitNow QR, and cross-border SGD transactions with PayNow QR. Account holders can also opt for
FX Online
 to view live FX rates and book contracts instantly via OCBC Velocity.

As an all-in-one business account for SMEs, the OCBC eBiz Account empowers you to take full control of your finances, allowing you to focus on what you do best — driving your business forward. If you’re interested in setting up an account for your business, here’s a guide on how to apply in just a few easy steps.

Before you begin, you will need to prepare three things: 1) your MyKad, 2) Suruhanjaya Syarikat Malaysia (SSM) Business Registration Number and latest SSM report, and 3) an image of your signature.

Let’s Get Started

1. Submit an online form

To begin the application process, head over to the
OCBC Malaysia website
 and click on “Apply Now”, which will lead you to an online form. You’re required to perform an OTP authentication, followed by filling in your company details including your Business Registration Number. To complete the process, you will also be required to upload an image of your signature, or you can sign digitally if you’re using a mobile device.

The estimated total time required to complete the online application form is less than 15 minutes.

2. Verify your identity via eKYC portal
After submitting the online form, you will be required to perform self- identity verification through the eKYC verification portal.

Along the process, you will be asked to scan both the front and back of your original MyKad (dual-image) and take a selfie video. The entire eKYC verification process may be completed in 3 to 5 minutes.

3. Activate your account

The final step is really simple. Just perform an online credit transfer to activate your account, and congratulations, you’re all set!

Building your business with a dedicated banking account, such as the OCBC eBiz Account, is ideal to better business financial management and you also gain complimentary benefits tailored specifically for SMEs.

Apply for the
OCBC eBiz Account
 today and let your business set sail with a reliable financial anchor to navigate the waves of opportunities and challenges ahead.

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OCBC eBiz Account

OCBC eBiz Account-i

About THE AUTHOR

Lisa Ameera Azman

Lisa Ameera Azman

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Grab Introduces New GrabFin Brand, Changes Payment Tab To Finance Tab

Grab has combined its payments and financial services features into a new brand called GrabFin. In addition, some users will see the Payment tab at the bottom of the Grab app replaced with “Finance” – we believe this rollout is happening in stages, as not all users have received this change yet.

Those who are part of the initial rollout will see “Finance” under the bottom bar, and clicking it for the first time will open a splash screen like the one in the screenshot below. Users will also be greeted by the GrabFin logo at the top of the page. Additionally, relevant tiles or functions that are currently housed under other tabs (such as Insurance, which is under the Home tab currently) may also be moved to the new Finance tab. Here’s how the tab will look like when it is live for you:

Grab’s introduction of its new GrabFin brand should come as no surprise as it was one of the five
successful applicants of Bank Negara Malaysia’s (BNM) digital banking licences
. GrabFin will most likely house more financial services when Grab’s digital bank consortium starts operating. Meanwhile, in its Singapore app, Grab has
Grab Financial Group
, offering a suite of financial products covering payments, insurance, and investments.

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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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