Insurtech Ouch! Launches Term Life Takaful Offering, Pusara Pro

Homegrown insurtech platform Ouch! has launched its first digital takaful offering called Pusara Pro, a term life product that provides policyholders with a death benefit of up to RM500,000, and an additional 10% compassionate benefit of the total sum assured in the event of death. With this, Ouch! also formally debuts as the first digital takaful operator in Bank Negara Malaysia’s (BNM) Regulatory Sandbox programme.

Specifically, individuals who are insured under Pusara Pro will be entitled to the following benefits:

Benefits
Details
Amount
Death benefit
– 100% of sum assured (paid within 7 days once documents are verified)
– Minimum RM50,000
– Maximum RM500,000
Compassionate benefit
– Additional 10% of sum assured (paid within 24 hours once documents are verified)
– Minimum RM5,000
– Maximum RM50,000

In particular, Ouch! stressed that its 24-hour compassionate benefit claims payout is a unique offering and a record first in Malaysia across both conventional insurance and takaful markets. This is as most insurers will take longer to disburse such payments.

“As an insurtech platform looking to shake up the insurance or takaful space, we are determined to eliminate one of the industry’s greatest hurdles: the claims experience and processing time. The swift 24-hour turnaround for compassionate claims is our commitment to our participants so that we can help provide crucial financial support for families during the incredibly challenging, immediate aftermath of losing a loved one,” said the chief executive officer of Ouch!, Shazy Noorazman.

Meanwhile, the contribution that has to be paid will vary for each policyholder, depending on their sum assured, gender, and age – and the amount may start from as low as RM4.13 per month. 20% of your contribution will be deducted upfront for management expenses (
wakalah
fee), while the remaining 80% will be parked into the community pool as
tabarru’
.

Ouch! further noted that it is able to maintain an estimated 20% lower contribution rate than the market average by leveraging on technology and eliminating middleman costs. As such, this makes Pusara Pro a suitable and cost-effective option for young Malaysians, many of whom are uninsured or underinsured.

Furthermore, Ouch! endeavoured to make its product more approachable by eliminating jargons and simplifying the overall application process; individuals are only required to answer four health underwriting questions to purchase Pusara Pro. In fact, Ouch! said that interested individuals can complete the process and get their protection in less than 10 minutes. Note that you can only own one Pusara Pro takaful certificate at one time.

To find out more about or purchase Pusara Pro, go ahead and download the Ouch! mobile app from
Google Play
 or the
App Store
. The app also makes it convenient to submit your claims in the event of any unfortunate events. Aside from policy management, Ouch! hopes to eventually include more functions in its app, including educational tools, lifestyle rewards features, a coverage calculator, as well as a referral programme.

(Source:
Ouch!
)

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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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CIMB: Almost 100% Applications Of Repayment Assistance Programme Approved

(Image: The Star)

As of mid-October, CIMB Bank and CIMB Islamic Bank have approved almost 100% of more than 60,000 applications from its repayment assistance programme. Amounting to over RM10 billion in total, the applications came from both individual and SME customers.

In a statement, the bank also said that its repayment assistance programme will continue to be made available, providing sufficient application time for customers who are still in need of financial help. This is especially for those who are affected by the resurgence of Covid-19 within the country and the reinstatement of the enhanced movement control order (EMCO) in selected areas.

“The bank stands ready to assist customers during this period and urges customers who are in need of financial assistance to get in touch with the bank. Over the past month, CIMB has been actively sending out letters and emails to affected borrowers who have not contacted CIMB to inform them of the types of extended financial support available,” said the bank. It also reminded that these financial aids will not impact customers’ Central Credit Reference Information System (CCRIS) status if taken.

(Image: New Straits Times)

CIMB further noted that around 85% of its customer base has resumed repayment of their loans starting from 1 October. Meanwhile, the remaining 15% is made up of customers who have taken up the bank’s targeted repayment aids, as well as those who are still speaking to CIMB regarding their restructuring terms.

Individuals in need of help can reach out to CIMB by calling its contact centre at 03-62047788 or by emailing
[email protected]
, whereas SME customers can call 1300 888 828. Alternatively, they can visit the
bank’s website
 for more information.

(Source:
The Sun Daily
,
The Edge Markets
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Dr Mahathir Launches MySalam Insurance Protection Scheme For B40 Group

Tun Dr Mahathir Mohamad officially launched a new insurance protection scheme for the B40 category called MySalam. The scheme is said to aid about 3.69 million households in the lower-income category.

MySalam was
initially announced during the Budget 2019
 presentation, which will be funded by insurance company Great Eastern. MySalam provides coverage for recipients who are admitted to a government hospital, or are diagnosed by one of the 36 critical illnesses covered by the plan. The 36 critical illnesses covered by the scheme includes cancer, heart attack, and Alzheimer’s. Recipients that are diagnosed with one of the illnesses will receive RM8,000 as a one-off payment.

(Image via:
Ministry of Finance
 (Twitter))

Citizens aged between 18 and 55 under the government’s Bantuan Sara Hidup Rakyat 2019 (BSHR) will be eligible for the MySalam scheme. Other than that, recipients that are self-employed or daily wage workers will be able to receive RM50 daily payments up to two weeks as income replacement while hospitalised.

The national insurance protection scheme started from 1 January 2019, allowing recipients to make their claims starting from 1 March 2019.

(Source
: The Star
)

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How to apply for a credit card online

It goes without saying that credit cards

are an important part of our personal finance. No doubt credit cards afford us

a certain degree of convenience and for some a sense of security and banks

realise this and are trying to make it easier for us to apply. These days one

can even apply for a credit card from the comfort of their home. All that’s

needed is an internet connection and a scanner or fax machine. If you are

thinking of applying for a new card this way here are a few things to take note

of to help expedite your application process.

Full Application Online? Really?

Although many banks claim on the website

that you can apply online some of the application process still requires you to

either mail in the application form and documents or physically hand them in

yourself at a specific branch. Here are the three most common online

application processes you will encounter in Malaysia:

Just a downloadable form – Many

banks have a downloadable PDF form which you’ll need to fill. This requires you

to print out the application form and post or hand deliver it with relevant

documentation to your nearest branch.

Partial online application –

Normally this process starts with the customer filling up a basic contact form

and a bank representative will call them usually within 24 hours. Hard copies

of documentation may be requested though soft copies are often preferred.

Full online application – This

paperless application procedure requires that the customer has access to a

scanner or a fax machine. The bank will require you to fill in an online

application form and submit it. Soft copies of documentation can in some

instances be attached during the online submission process but some other banks

require this sent via email or fax. There are banks that offer incentives for

you to submit your documentation within 24 hours but it’s always good to be

quick if you want your application processed expediently too. If you don’t have

a fax machine or scanner, you may need to go down to a bank branch anyway, to

submit your documents.

Preparing Your Documentation

Here’s a list of documents banks commonly

ask for in a credit card application. The number of documents required may vary

depending on the bank and the type of credit card you are applying for. But

just in case the bank asks, it doesn’t hurt to have a couple of backups ready

at hand.

NRIC
 – This is the most important piece

of documentation that every bank will need. Scan/photocopy copies of the front

and back of your identity card or passport if you are a non-resident.

Salary slip
 – This will proof to the

bank that you have stable income and so they can gauge how much credit you can

afford. Depending on the type of credit card you are applying for you may be required

to provide anywhere between 1 – 6 months of salary slips. Alternatively a

confirmation letter from your employer might be sufficient.

EPF statement
– You can present this in

place of your salary slip but make sure that you are able to provide at least 3

months’ worth of your EPF account. Some banks will even ask to see a full year

of your EPF statement.

B Form/ Business Registration Form
 – For

the self-employed or applicants with their own business(es).

Bank Statements
– If you’re a salaried

worker, this is usually to see where your salary gets credited every month so

do send the statement of the relevant bank account. If you’re self-employed or

run your own business, it’s just to see if you’re solvent.

Post-application

It usually takes a few days for your credit

card to be approved. General rule of thumb is to allow from 5 to 14 working

days and if you don’t get a response try calling up the bank. Sometimes the

delay might be attributed to missing details on the application form or

insufficient supporting documents.

Even if your application is unsuccessful

there are plenty of other banks offering generous sign-up offers. Be sure to

check back on
RinggitPlus.com

for the latest credit card promotions and offers.

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Marriage - For Richer or Poorer?

Til’ death do us part?

So you’ve been together with your partner for sometime now and you’re ready to take the next obvious step: Marriage. Before you take the plunge, one of the first things you should do is discuss money matters with your partner. Daunting?
Yes.
Necessary?
 Absolutely!

Not talking about finances before saying “I do” is one of the biggest mistakes a couple can make – and putting it off can derail a marriage further down the road, leading to divorce. They say love conquers all, but money makes the world go round.

You wouldn’t want money issues to get in the way of a healthy marriage. It’s crucial to discuss these important topics before you decide to marry.

1. The ‘Big Day’, obviously!

There’s a line from a traditional wedding vow that goes, “To have and to hold, in sickness and in health, for
richer or for poorer
 …”

The last few words carry huge consequences! Getting into marriage, you wouldn’t want it to be a one way ticket to the poorhouse. At the very least, you’d want your children to have proper education, have a comfy home, and maybe own a few well groomed pets.

Malaysian weddings can be grand, and having two to three ceremonies is the norm, especially for interracial couples. How are you going to manage these expenses? The
average wedding costs
 for all races in Malaysia has sky rocketed to above RM50,000, so it would benefit you to plan early and learn to cut costs on a few non-essential things such as:

Skip the expensive invitation cards
 – send them an email instead, or if you’re crafty, make them yourself.

Forget studio photoshoots
 – Anyone can be a professional photographer, all you need is a good enough camera and your uncle Tan.

Schedule your wedding during off-peak periods
 – venues such as restaurants and hotels will charge a premium amount during festivities, auspicious dates, and weekends.

Hand-me-downs
 – precious family heirlooms can mean so much more than a brand new ring or gown – best part is, they’re totally free.

These are only a few things you can think about in order to have a budget conscious wedding, while still making it a fairytale day.

2. Separate vs Joint Accounts

If you are concerned about your honey’s shopping habit, there’s a way to work it out. With a joint account, you will be able to view the bank account statements, providing a more transparent view of each others spending pattern – take time out to have a chat about budgeting, and realising financial goals together, such as saving up for a car or a house – teach them to take one for the team.

Another perk a joint account will offer is financial security. If one spouse works and you are the stay-at-home parent, you can gain access to the account to pay for daily expenses and have less trouble if your spouse dies before you. You’d be frozen out of your partners account otherwise!

However, a more common solution is to have both a joint account and separate accounts. Especially in relationships where a “saver” marries a “spender”, where the spender is allowed to splurge without guilt, and the saver can be stingy without feeling as much while still having cash set aside for household expenditures – this isn’t necessarily a sign of problems in the marriage, but simply the acknowledgment of difference in attitudes towards spending money.

3. Delegate Responsibilities

Managing expenses as a twosome can be tricky – “How should we divide it?” or “Who should pay for what?” are questions that often pop-up during conversations.

If you’re living with your partner for the first time, it’s about time to start delegating specific financial roles. This especially applies to working couples, who may work long hours and barely see each other on some days.

Find out who is more effective at certain things – make it a routine for one partner to make bill payments and buy groceries, while the other maintains a household budget and manage investments – one of you will have to pay the electric bills or end up pointing fingers at each other when the power gets cut off!

4. Be Honest About Your Debts

Telling the person that you’re going to spend the rest of your life with (hopefully) that you’ve got RM30,000 in debts can be
HARD
, but don’t make it harder for yourself to tell it to your dearly beloved
after
 the wedding.

When you are married to your partner, you are also married to their debt. It’s best to give full disclosure about the amount of debt you have, such as student loans, car loans, and personal loans.

If your partner is not in good financial shape, you may want to postpone those wedding plans. Discuss your attitude towards borrowing and financial goals to reach a compromise you both can live with. Consider these questions when discussing with your partner:

How many credit cards do each of you own and are there any balances?

How long do you expect it will take to settle all outstanding debts?

Do you pay your bills on time or are the banks breathing down your neck?

Another important question to ask is, does your partner have good credit ratings with the banks. If you partner is in bad financial standing, applying for a loan to pay for that dream house will be a problem. If unsure, it’s worth spending time learning about your
credit scores
 to avoid difficulties in the future.

5. Real Estate and Insurance Planning

From the second you stroll down the aisle arm-in-arm, you and your significant other will be headed toward the future together. Your lives can go by in a blink of an eye – so it’s important to make sure how much financial security want to have upon retirement, plus determine how your assets, and
insurance policies be distributed
 in the event of your deaths.

Setting realistic investment goals and estate planning is important for everyone, especially those with significant properties and assets under the belt. Take the time to sit down with your lawyer and insurance agent, who will work with you and your spouse to develop an investment strategy and write a will or trust that helps you achieve your objectives.

Happily Ever After

Everyone depicts a different picture for their future. Talking about the future communicates that picture both spouses wish to accomplish in years to come. What are you hoping to accomplish in the short term, and where do you want to end up 20 years from now? These are the vital questions to ask.

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EPF Posts Stronger Performance Amid Economic Rebound, Focuses On Rebuilding Members’ Savings

(Image: Focus Malaysia)

The Employees Provident Fund (EPF) Board today announced a dividend rate of 6.10% for Simpanan Konvensional, with a total payout of RM50.45 billion; and 5.65% for Simpanan Shariah, with total payout of RM6.27 billion, bringing total payout amount for 2021 to RM56.72 billion.

EPF Chairman Tan Sri Ahmad Badri Mohd Zahir said, “Alhamdulillah, the EPF had managed to keep it steady for the year 2021 and remained resilient, due in part to our healthy and globally diversified portfolio.

“The
RM101 billion pandemic-related withdrawals
 since the year 2020 had resulted in 48% of EPF members having less than RM10,000 in their accounts. We hope that this dividend and our continued performance will help us begin the process of rebuilding our members’ retirement savings, as economic recovery takes shape over the course of the year,” he added.

According to him, the primary concern with the withdrawals was the impact on members’ retirement adequacy. However, despite the challenge of managing liquidity in the face of these outflows, the EPF had the capability and agility to respond with minimal impact to financial market.

For 2021, the EPF had rebalanced and managed its investment portfolios by acquiring shares that were fundamentally strong at attractive prices, as well as capitalising on its overseas investments, which contributed 56% to its overall returns.

As at 31 December 2021, the EPF recorded an increase of 6% in total gross investment income to RM67.06 billion from RM63.45 billion in 2020, driven by the progressive recovery of the equity markets and most asset classes amid the global rebound.

EPF’s investment portfolio in 2021

For 2021, the EPF recorded its first ever negative net contribution (contributions after withdrawals) in 20 years of RM58.2 billion, but remained steadfast and prudent in its long term investment strategies, while adapting to the challenges to ensure long term sustainable returns. The EPF recorded a gross investment income of RM67.06 billion, with RM6.91 billion allocated to Simpanan Shariah.

The performance was attributed to the EPF’s diversification approach as guided by its Strategic Asset Allocation (SAA), which has kept the Fund resilient to financial shocks and remain stable in unprecedented situations. By asset class, Fixed Income instruments made up 45% of investments, while Equities comprised 44%. Real Estate and Infrastructure as well as Money Market instruments made up 6% and 5% of EPF assets, respectively.

The continued market recovery in 2021, particularly in the developed markets, contributed to the EPF’s listed equity portfolios, providing opportunities for it to realise profits. Equities, particularly foreign listed equities, which recorded a return on investment (ROI) of 10.44%, continued to be the driver of returns. Total income contributed by the Equity asset class was RM38.93 billion, or 58% of the EPF’s total gross income.

The private equity portfolio also demonstrated strong performance, recording an ROI of 19.01%. To ensure long-term healthiness, the EPF took prudent measures to write down
RM1.15 billion of its listed equity portfolio in 2021, which was lower than the RM7.71 billion write down recorded in 2020, in line with the broad recovery in the equity markets.

With almost half of the EPF’s total asset allocation in Fixed Income instruments, comprising Malaysian Government Securities and Equivalent, as well as Loans and Bonds, the retirement fund was able to maintain steady returns. Income from the portfolio contributed RM19.50 billion, or 29% of the EPF’s total gross income.

The Real Estate and Infrastructure portfolio’s income of RM7.69 billion continued to play a role as a hedge against inflation, recording an ROI of 6.53%, a spread of 1.84% above the ROI for Fixed Income instruments of 4.69%, whereas income from Money Market instruments came in at RM0.94 billion.

The EPF’s overseas assets were critical contributors to its overall performance, where different asset classes, markets, and currencies provided income stability and added value to the retirement fund’s overall return. As at December 2021, about 37% of EPF’s investment assets were outside of Malaysia across all asset classes.

Overall investment assets grew 0.8% to RM1.01 trillion from RM1.00 trillion in 2020. Membership base as at December 2021 grew by 2% to 15.2 million, while employers registered with the EPF stood at 553,000.

EPF’s investment assets as at 31 December 2021

With an average three-year real dividend after adjusting for inflation of 4.91% for Simpanan Konvensional, and 4.51% for Simpanan Shariah, the EPF had surpassed its strategic target of declaring an average real dividend of at least 2.00% on a rolling three-year basis.

The dividend payout for each savings was derived from total gross realised income for the year after deducting the net impairment on financial assets, cost write down on listed equities, unrealised losses due to foreign exchange rate and derivative prices, investment expenses, operating expenses, statutory charges as well as dividend on withdrawals.

Navigating challenges for sustainable returns and retirement wellbeing

(Image: Bernama)

The EPF believes that the reopening of economies and businesses, as well as various initiatives under the National Economic Recovery Plan, would provide fertile ground for the EPF to increase its investment efficiencies and leverage on the opportunities that a recovery brings.

To that end, the EPF will be increasing investment in the various domestic asset classes in 2022. As a major investor in Malaysia’s financial markets, this would help also catalyse economic activity and assist in the ongoing recovery of the economy.

The EPF’s internal data is already showing that the labour market is returning to health, with contribution data, member registrations, and active employers all returning to pre-pandemic levels in the fourth quarter of 2021. With international borders set to reopen and vaccination rates among the best in the world, Malaysia is poised for a rebound in 2022.

The crediting of the dividends for both Simpanan Konvensional and Simpanan Shariah will be completed on Sunday, 6 March 2022. Members may check their accounts via i-Akaun or get their statement from EPF kiosks nationwide.

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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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MOF Pilot Testing Targeted Fuel Subsidy Mechanism Tied To E-Wallets

(Image: The Star/Mohd Sahar Misni)

Deputy secretary general of Treasury (Policy) for the Ministry of Finance (MOF), Datuk Johan Mahmood Merican has revealed that the government is currently pilot testing a targeted fuel subsidy mechanism that is tied to the use of e-wallets.

“So we’ve actually started pilot tests with the oil stations using e-wallet platforms, so as what my minister [Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz] may have mentioned in the Parliament, we’re at
another three to six months of testing
 before we’re ready to go live because it’s something that we do not see lightly,” said Datuk Johan Mahmood in an interview with radio station BFM, although he did not share further details as to how the mechanism will work. He also noted that the MOF will continue to study other potential methods.

The deputy secretary general further stressed that the test is crucial to ensure that the mechanism will not create problems for the
rakyat
 when it is implemented on a nationwide level. “While we in the urban areas may be very used to using e-wallets, it may not be as easy for those in rural areas or for elderly individuals, so we need to ensure that it’s really something that’s easy to use,” he said.

(Image: Malay Mail/Hari Anggara)

Additionally, Datuk Johan Mahmood highlighted that one of the key challenges faced by MOF in its search for the right targeted fuel subsidy mechanism is finding a suitable transferable system.

“It’s almost like trying to replicate what we experienced for our Tenaga [electricity] bills where if you consume less, you pay a lower rate, and if you consume more, you pay a higher rate. The challenge on implementation is that whereas a Tenaga bill is one metre per home, you and I can go to any petrol stations to buy our fuel, so we need a system that is almost transferable, enabling the targeted groups to access subsidised fuel irrespective of which station they go to,” Datuk Johan Mahmood explained.

Aside from that, Datuk Johan Mahmood also shed some light as to why MOF is reluctant to adopt a system where it provides the subsidy to eligible individuals via cash transfers after they have paid for the unsubsidised fuel price. “What we’ve learnt from the past is that if you just increase prices, and try to do a cash transfer, that has its limitations in terms of the effectiveness of helping the family because some B40 consume more fuel than others, and so it may not necessarily be equitable,” he remarked.

(Image: New Straits Time/Mohd Asri Saifuddin Mamat)

The targeted fuel subsidy mechanism has emerged as a frequent topic of discussion recently as Malaysia’s subsidy cost is set to
exceed its original allocation of RM31 billion by more than RM40 billion
. As such, Finance Minister Tengku Zafrul has reiterated that
the current mechanism – which provides blanket subsidies to all Malaysians regardless of income background – is unsustainable
. He also noted that the government is also looking to review the effectiveness of each subsidy programme so that the savings can be channelled to those who are truly in need.

(Source:
BFM
)

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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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Police Will Issue On-The-Spot RM300 Summonses For These Six Offences This CNY

Police officers will be issuing summonses on the spot to errant road users during the 2019 Op Selamat 14 (Road Safety Operation) that will take effect from 29 January to 12 February. Deputy Inspector-General of Police, Tan Sri Noor Rashid said that the RM300 summons will apply for six major road offences as a means to ensure drivers stick to the law this Chinese New Year.

Op Selamat is an operation by the police run during the festive period to ensure the safety of road users traveling to their hometowns. The stricter fines are aimed at deterring road users from driving irresponsibly and potentially causing road accidents. The six major offences are:

Driving in emergency lanes

Driving above speed limit

Using mobile phones while driving

Cutting queues

Overtaking on double lanes

Disobeying traffic lights

Tan Sri Noor Rashid also stated that there will be two sections of the emergency lanes in PLUS Expressway in Perak that will be opened to road users to ease the expected congestion during the festive season. The two sections are from Simpang Pulai to Gopeng, which is close to Simpang Pulai layby between KM 287 to 289.95, and Slim River towards Sungkai at KM 367.3 (northbound).

Meanwhile, City Police Chief Comm Datuk Seri Mazlan Lazim said that as part of Op Selamat 14, 13 police officers and 186 rank-and-file policemen will be stationed throughout several accident-prone hotspots in Kuala Lumpur including Jalan Kepong, Jalan Cheras, Jalan Ipoh, Jalan Tun Razak, Jalan Duta, Jalan Kuching, Jalan Ampang, Middle Ring Road 2, Jalan Sungai Besi, and Jalan Klang Lama. Even if most Malaysians would not be in the city during the festive period, Datuk Seri Mazlan stressed that the police are still responsible to ensure smooth traffic flow and increase road safety in the city.

Lastly, Datuk Seri Mazlan urged road users to be courteous on the road and make sure their vehicles are well maintained before starting their journey.

(Sources:
The Star
,
The Edge Markets
)

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Bank Negara Slashes OPR By 50 Basis Points To 2.0%

Bank Negara Malaysia (BNM) has reduced its overnight policy rate (OPR) by 50 basis points from 2.5% to 2.0% – its lowest level in ten years. The ceiling and floor rates of the OPR corridor have been correspondingly lowered to 2.25% and 1.75% respectively.

In a statement, the central bank said that measures to contain the Covid-19 pandemic have disrupted economic activity across most economies worldwide, including in Malaysia. “The Movement Control Order, while necessary to contain the spread of the virus, has also constrained production capacity and spending,” said BNM.  “Labour market conditions are also expected to weaken considerably. Economic conditions would be particularly challenging in the first half of the year.”

However, Bank Negara stated that the fiscal stimulus measures, alongside monetary and financial measures will offer some support to the economy.

With today’s decision, the OPR has been reduced by a total of 100 basis points this year, with the
first cut from 3.0% to 2.75% made in January
 and
the second to 2.5% in March
. According to BNM, the OPR reduction will complement its other monetary and financial measures and fiscal measures as well. “Together, these measures will cushion the economic impact on businesses and households and support the improvement in economic activity,” the central bank added.

The move to cut the OPR had been widely predicted by
several economists surveyed by Bloomberg
 after the Malaysian government announced a relaxation of the movement control order (MCO) nationwide.
CGS-CIMB Securities
 is also predicting that BNM will introduce a further cut in the OPR before the year is over.

(Source:
Bank Negara Malaysia
)

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Jacie Tan

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Get The Best of Both Worlds With Hong Leong Credit Cards

If you’re a film buff and happen to be looking for a new credit card consider Hong Leong Bank’s GSC combo credit card deal. Get a GSC
Gold or Platinum
 Hong Leong credit card when you sign on for one of the following cards:

·
Hong Leong Gold Credit Card

·
Hong Leong Essential Credit Card

·
Hong Leong Fortune Credit Card

·
Hong Leong Platinum Credit Card

·
Hong Leong Platinum Business Credit Card

In addition approved Hong Leong credit cardholders will be subject to a first year waiver for Service Tax on both principal and supplementary cards.

This offer is open to applicants who have not held a Hong Leong credit card for the past 12 months. Please note that termination of a single card is not permissible as this promotion is a two-card deal.

Please refer to the
Terms & Conditions
 page for further details on the available credit card packages and service tax rates.

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Brendon Lee

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Enrich Bonus Miles Offer Is Back - Convert Your Credit Card Points & Earn 10% Bonus Miles

Malaysia Airlines has announced another Bonus Miles campaign for credit card points conversion to its Enrich frequent flyer programme. From now until 31 March 2020, you can earn an extra 10% bonus Enrich Miles when you convert your rewards points from selected credit cards of several banks to Enrich Miles.

The Enrich Bank Bonus Conversion campaign is a collaboration between Malaysia Airlines (MAS) with 15 local banks and 7 foreign banks:

Local Banks

Foreign Banks

Affin Bank/Affin Bank Islamic

Alliance Bank

Ambank/Ambank Islamic

Bank Islam

Bank Simpanan Nasional (BSN)

CIMB Enrich Cobrand/CIMB/CIMB Debit

Citibank

Hong Leong Bank

HSBC

Maybank

Maybank American Express

Public Bank

RHB

Standard Chartered

UOB

American Express

Bank Danamon

Maybank Indonesia

Maybank Philippines

Maybank Singapore

St. George

Westpac

Of course, to qualify for this campaign, you must be an Enrich member with an active Enrich account, as well as a credit cardholder with the participating banks. If you are a new Enrich member, then you will need to first register online for an account before you can participate in this campaign.

To convert your credit card points to Enrich Miles, all you need to do is contact your bank and request that it starts the conversion process for you. The bank will then liaise with Enrich to carry out your request. Each bank will also have its own conditions and minimum points conversion requirement, so be sure to check before you go ahead and call your bank to initiate the process.

Also, while the converted Enrich Miles will be valid for 3 years from the day it is credited into your Enrich account, the additional 10% bonus Enrich Miles will last only for a year. Be sure to keep track and utilise your bonus Enrich Miles before they expire!

To find out more about which cards are eligible, and what are the minimum points conversion required for the
Enrich Bank Bonus Conversion campaign
, you can head on over to MAS’ website.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Say Yalla Bola To Lucky Draw Prizes, Games, And Fun With Shahrom Kalam

Whenever a global sporting event is happening, Malaysians from all walks of life come together to support their favourite team. Crowds of people who don’t know each other wear the same team colours, gathered in front of the TV screen at their favourite
mamak
 shops, breaking out in roars of triumph (or defeat) once in a while – it’s an atmosphere that’s unmatched to any other.

This football season, every Malaysian has the opportunity to reignite their passion for the game. To make it an even more memorable moment for football fans, Media Prima is partnering with Extra Joss, Glico, and Strepsils to organise a special event Yalla Bola Kat Mamak on 10 and 18 December 2022.

Everyone is welcome to participate in a fun time of revelry. No entrance fees are required so feel free to bring along as many family and friends as you’d like.

Come celebrate with other like-minded fans at Yalla Bola Kat Mamak at the below venues on the specified dates, starting from 9 PM:

You will be joined by Hanif Miswan, a familiar face on TV. For those who didn’t know, Hanif used to host the
Scoreboard Extra Time
 where he presented highlights on the football scene, interviews industry experts on matches, and more on TV9.

However, Hanif is not the only public personality who will be making an appearance. Malaysian football fans will be thrilled to know that local star player Shahrom Kalam will be present as a special guest as well. As an ex-player for the Malaysia Premier League, he definitely has the insider’s knowledge and experiences to share with all.

During the Yalla Bola Kat Mamak event, participants will be playing games, getting freebies, and partaking in a lucky draw to win more prizes. You may register for the
lucky draw online
 easily by providing a few details. Complimentary refreshments will be provided for early birds.

So, be sure to mark your calendars and join Yalla Bola Kat Mamak before it ends on 18 December 2022.

Learn more about the event
here
.

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Chee Jo-Ey

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Take Home The Apple Watch Ultra, iPad Air M1, RM800 TNG Credit & More This Week

Credit cards can bring a ton of value to the everyday user by offering cashback, rewards, privileges, and more. If you’re searching for your first or next credit card, the Unbox This Week credit card campaign is back with a selection of exciting gifts.

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

From 2 May to 8 May 2023, our featured bank partners are

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

Standard Chartered Bank – iPad Air M1

Now supercharged with the Apple M1 chip, the latest iPad Air is a device that could help you at work, school, or for those days you need to unwind.

10 lucky winners will stand to take this home and enjoy its 10.9-inch Liquid Retina display, 2MP Ultra Wide front camera with Centre Stage, impressive performance, and more.

For those who don’t win, don’t fret as you’ll still be taking home a guaranteed prize of RM600 Touch ‘n Go eWallet Credit.

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

HSBC Bank – Apple Watch Ultra

Fancy getting yourself not just the latest but the toughest and most rugged Apple Watch to date? Sign up for a HSBC Credit Card and you could be one of the lucky winners to take home the Apple Watch Ultra!

Built with titanium, the Apple Watch Ultra is resistant to corrosion, water resistant up to 100m, and is designed to protect its edge from hard impact. Not only that, its features include heart rate zones, running form, an accurate compass, and up to 60 hours of battery life on those days-long adventures.

For those who are not selected, you will still walk away with guaranteed RM500 Cash Via DuitNow Touch ‘n Go eWallet Credit.

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

Citibank – RM800 Touch ‘n Go eWallet Credit

A whopping RM800 worth of Touch ‘n Go eWallet credit is guaranteed to be yours when you sign up, activate, and spend with a brand new Citibank Credit Card!

You could use it to offset your toll spending, pay for your meals, or even gift it to someone special. If you’re a frequent highway user, the extra credit would definitely help you save on your daily commute.

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

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

RHB – RM500 Touch ‘n Go eWallet Credit

If saving some hard cash is something you’ve been meaning to do, look no further. This week, apply for a new RHB Credit Card and you’ll be guaranteed RM500 Touch ‘n Go eWallet Credit.

Manage your utility bills, pay for your meals, or spend it on something that can elevate your day-to-day life. Whatever you choose, there’s so much you could do with an extra RM500 in your TNG eWallet.

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

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

The HP f560x Car Dash Cam or Russell Taylors VC-20 Vacuum is yours to keep when you apply for a new Alliance Bank Credit Card.

Whether you’re driving at night or during the day, the HP f560x Car Dash Cam offers clear video recordings as it is equipped with the Sony IMX307 Starvis sensor. Apply for an Alliance Credit Card with Balance Transfer and you’ll be guaranteed this gift.

Meanwhile, you’re guaranteed to receive the Russell Taylors VC-20 Vacuum that comes with a powerful 600W motor that can greatly ease your cleaning duties when you apply for an Alliance Credit Card.

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

Public Bank – Xiaomi 70mai 1S Dash Cam 1080p

Having a dash cam can greatly keep you protected when you’re driving out and about. Take home the Xiaomi 70mai 1S Dash Cam when you apply for a Public Bank Credit Card this week.

Not only is it easy to install, it also automatically records in an emergency situation and saves the video for you.

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

***

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

While this week’s flash deal ends on 8 May 2023 (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Lisa Ameera Azman

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The RinggitPlus Malaysian Financial Literacy Survey Is Back For 2022 - And We Need Your Input

They said this year would be when things start coming back to normal. But as we’ve experienced for ourselves, this wasn’t exactly the case. With the various challenges facing Malaysians, we want to know how you’re doing financially.

Since 2018, the RinggitPlus Malaysian Financial Literacy Survey (RMFLS) has helped highlight not only the poor financial literacy standards of the everyday Malaysian, but in recent times have also served as a marker of how the pandemic has affected our money habits. In the past, we’ve found concerning data on the amount of Malaysians simply do not plan for their retirement, or those who effectively live paycheck to paycheck.

Nevertheless, there are encouraging findings too, such as the
increased awareness of having an emergency fund
 since the start of the pandemic.

This year, we want to know how you’re doing financially across the many areas of personal finance. Financial literacy awareness remains at the core, and with the assistance of our partners this year, you’ll find that we also have expanded a few sections that provides more data points for analysis.

Of course, this is where you, our dear readers, can play a helpful role. The survey analysis methods include filtering the responses in order to achieve a sample size that is statistically accurate to the Malaysian population (based on demographics, gender, age, etc). This means we need your help to complete the survey and share it around with your friends and family. Rest assured these responses are anonymous and do not contain personally identifiable information (PII).

Our previous survey results have not only been covered by news outlets, but also by governing bodies and academic research. Make no mistake, your responses does make a difference and may even shape the financial landscape of Malaysia in the future.

So take a few minutes to complete our survey when you are able to – just visit our
RMFLS 2022 landing page
 to get started. We expect to release the results in a press conference in November. See you then!

The RinggitPlus Malaysian Financial Literacy Survey 2022 is made possible with the cooperation of our partners. We are honoured to have ASNB as our main partner alongside our other partners: Visa, OCBC, Experian, and Atome. As always, we are also grateful for the support of FEN for this initiative.

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Pang Tun Yau

Pang Tun Yau

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

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Why You Should Switch to Banking Apps For Your Everyday Banking

For our money, online banking has got to be one of the best inventions of the past century. Banking is such a necessity for everyone, and being able to do it from the comfort of your own home is just so much better. Nobody misses having to go through traffic, find parking, deal with crowds, and waiting for their number to get called up. Online banking is the best.

But as great as it is, doing our banking through the bank’s official dedicated mobile app is oftentimes way better. In fact, there might be certain advantages of switching to banking apps that you might not be aware of.

Better Authentication

Whenever you log into you banking website, often it won’t just ask you for your password. Before completing any transactions, it’s typical for them to ask for authentication by sending you a code to your phone, confirming an answer to a security question, or sending an email to validate your identity.

With a dedicated banking app, this authentication can happen right on your phone. You no longer have to switch between the PC and your device to wait for an SMS code for example. The app can detect it automatically. Even better, apps like the Citi Mobile App by Citibank also provides fingerprint authentication which is both way more secure than passwords, and much faster than waiting for codes.

Better User Experience

Online banking websites are great at what they offer, but the buttons, windows, and text boxes are designed for use with a mouse and keyboard. What this means is that sometimes it can be difficult to navigate to where you want to go. There might be too many things happening on screen or ads to click out of.

But the smaller screen size of a mobile app means a much more economical design and you only see what you need to see. Mobile apps also are put together with a touchscreen in mind, which means navigating is a lot easier. You just need to swipe and tap to get to the right screen. Banking apps also are much more focused on the banking activities you can do, so they often have dedicated icons that take you right to your most-performed banking task.

Your Phone is Always With You

Another thing about using online banking websites is that you need to have a computer with you to access the site. Sure you can use your phone’s web browser for this purpose, but sites can load much slower on mobile and you might not get some essential features in the mobile version.

With a mobile banking app, you can check your account balance, do fund transfers, and pay your bills from wherever you have a data connection. You don’t have to whip out your laptop or spend time waiting for the mobile version of your bank’s website to load.

Better Promotions and Offers

Online banking websites sometimes will show you offers and promotions that you’re eligible for. These can be quite handy if you’re always on the lookout for good deals. These promotion alerts are even better on a mobile app, though.

Because with apps you can get notified of new promotions even when you’re not doing any banking. These promotions can also include deals the bank makes with other apps you already have in your phone, like ridesharing coupons, delivery service discounts, or movie ticket promotions.

Location Services

One thing that banking websites cannot deliver to you at all is location-based services. Since it’s usually assumed that a web browser is used by a static machine like a laptop or desktop, having location-based facilities for it would be a bit silly.

But with a banking app that lives in your phone, having the app point out where the nearest ATMs or branches of a particular bank can be very useful indeed. The Citi Mobile App is one such banking app that does this and they also let you view live foreign exchange rates for when you’re travelling overseas and in need of local currency.

Faster, Safer, and More Useful

While using online banking websites are handy, we think switching to banking apps is a much better way for you to do your banking. It’s more secure, you can get more done, and not only do you not need to leave the house, you don’t even need to get out of bed. If you’re curious about the other great features of the Citi Mobile App, check out
their official website right here
.

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The Only 4 Things You Need to Know to Save Big on Food

With the New Year well on it’s way; you’re probably crying mid-way through your resolutions to lose weight; save money; and be the next Mark Zuckerberg.

Whilst we can’t help you with the ‘founding of a new social network’ bit; we can help you save money. This week, it’s all about the thing you need most: Food.

Food is a daily expense that everyone incurs multiple times a day. Because of this, the tiniest savings we make by changing our food-related buying habits can amount to a lot of money saved.

While we’ve showed you several ways to save money on food before, here are the three most important core ideas to help you minimise your food expenses.

Learn More About Your Food

We don’t mean knowing the best and cheapest place to eat (although that does help). We mean knowing what you’re eating and how much you’re paying for it.

For example, paying attention to food labels at the supermarket can let you know whether a product is actually still safe to eat or not even when the date on the packaging has passed.
Food labels
 aren’t the only thing to know about when it comes to food. It also helps to pay attention to the kinds of food you eat.

What you’re eating is only as good as how good you feel afterwards. Try keeping a food journal that includes pictures of the food, how much the meal costs, and how you feel after eating. You may discover that you’ve been spending a lot on foods that don’t make you feel good.

Or you may find that you’re capable of being satisfied with food bought for unexpectedly low prices. Not only is a food journal good for keeping tabs on your health, if you use your dietary knowledge properly, you can even save up on expenses.

Use Your Leftovers Better

Being financially smart around food means not spending too much while getting the most value for what we do spend. If you’re ever bought food or ingredients in any capacity, you’ll soon be presented with leftovers.

How you breathe life back into them can mean the difference between a good meal and a bad one. We’ve shared our tips on how to
get the most out of leftovers before
, and it doesn’t just involve reheating food.

Using leftovers also includes knowing how to repurpose them into other dishes, best practices for storage, and knowing the shelf life for various foods. There are many resources online for excellent advice on these matters, too.

Make Your Own Food

Speaking of health, we’re all probably aware of how much healthier it is to make our own meals from scratch. But you also probably noticed it is cheaper too. Plenty of foodstuffs you buy at the store can in fact be made more inexpensively at home with little effort.

Besides, picking up cooking as a skill has many other advantages aside from health and savings. Many people are skittish when it comes to venturing into the kitchen, but trust us, the rewards far outweigh the risks.

Making your own food isn’t only about cooking. You should also consider growing your own food. Malaysia’s steady and predictable weather makes for easy tending of plants.

You don’t even need much space or soil to do it, either. There are many useful little herbs and plants you can grow indoors with minimal fuss. Lemongrass, mint, green onion, and bean sprouts are just some of the plants you can grow right in your kitchen. Pair this with your cooking skills, and you’ve saved up considerably as far as your food budget’s concerned.

As good as we Malaysians are at eating the best food, we can also all do better with avoiding waste, thinking smarter about our food intake, and learning more about our own diets.

Not only is paying extra attention to our food makes us healthier, it also saves us a whole lot of cash in the long run.

Compare Everything

Whether it’s the
difference between a mart or a supermarket
 ); a
branded item or generic
; or figuring out how to be
a grocery shopping pro
: having options and comparing between these make a huge difference to a shopping budget bottom line.

The same goes for your credit card of course. Don’t forget to
maximise your credit card perks
 where you can; especially if that includes shopping for groceries and dining.

A
rewarding credit card
 can save you heaps of money every time you swipe. But you’ll only know if you are being adequately rewarded if you compare. Or you know; you could just check out our
credit card comparison page especially for shoppers
.

If you have any other tips on saving money when it comes to food, do share them with us! Or maybe you have ideas on future food-related money-saving topics we can write about? Let us know in the comments section below!

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Finance Minister: Govt Constantly Reviewing Tax System For Efficiency And Fairness

(Image: Bernama)

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has said that the government is constantly reviewing the country’s tax system to be more equitable and fairer. This came amidst rising concerns that the Covid-19 pandemic would increase wealth disparity within Malaysia, leading to a growing call for the implementation of wealth tax.

“Constant initiatives are being undertaken to study our tax system holistically so that it is efficient, fair, and equitable,” said Tengku Zafrul in a Parliament session, adding that the government is also
exploring new potential revenue sources
 to finance the economic recovery.  In turn, this would involve engaging stakeholders to get feedback about the possible effects of implementing these new taxes.

(Image: Sinar Harian)

Calls to introduce new taxes that tap into the wealth of elites and their businesses have been escalating over the last two years as wealth inequality in the country worsened in aftermath of the pandemic. The suggested taxes include
capital gains tax, inheritance tax, and windfall tax
 – which, if implemented, will see the elite group be taxed on gains such as dividends from stocks or inherited wealth. These are currently listed as non-taxable income.

Tengku Zafrul was also questioned about the introduction of wealth taxes as the government is set to
increase the statutory debt ceiling
 from 60% of gross domestic product (GDP) to 65%, allowing it to raise an additional RM45 billion for pandemic spending. He was asked if these taxes will be implemented to help raise the money, and subsequently clarified that the additional Covid-19 spending will be funded by borrowings.

(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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TNG eWallet Removed From Apple App Store, Existing Users Not Affected

(Image: The Sun Daily)

iPhone users who wish to install the Touch ‘n Go (TNG) eWallet app in their phones will find that they’re currently unable to do so, as the app has been removed from the Apple App Store.

Specifically, a search for TNG eWallet on the App Store at present will only yield listings for other similar apps instead. Meanwhile, if you try the direct link to the app (such as via
TNG eWallet’s official page here
), you will encounter an error message stating that “[t]his app is currently not available in your country or region”.

Understandably, this matter has also raised concern among iPhone users who already have TNG eWallet installed in their phones, with many of them wondering if the funds in their existing app will be safe. While TNG eWallet has yet to release an official statement on this matter, it did reply to comments from worried users on its social media, stating that it is already working with Apple to resolve the issue. It also reassured that all features on the eWallet will not be affected for existing users.

Here’s one of its replies reproduced in full:

“Thank you for reaching out to us. We hear you and apologise for the inconvenience caused. You may rest assured that we are currently working on this matter with Apple.

We would like to assure you all the features on your eWallet are not affected. You may perform your usage on your eWallet as per normal.

Do bear with us and we will update you once it is resolved. Your kind understanding is much appreciated.”

Aside from this, no explanation was provided as to why the app may have been delisted from Apple’s digital distribution platform. That said, apps may be (temporarily) removed for several reasons, including undisclosed maintenance or updates, on top of violation of the platform’s condition of use. To note, TNG eWallet recently rolled out a top-up feature that’s paired with its
new enhanced TNG card
, allowing users to reload the card via near-field communication (NFC) technology.

Meanwhile, TNG eWallet can still be found on and downloaded from the
Google Play Store
 and the
Huawei AppGallery
 as usual.

(Source:
Lowyat.NET
)

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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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TM Offers New Unifi 30Mbps Unlimited Plan For RM89 Monthly

Telekom Malaysia (TM) has introduced a new 30Mbps Unifi fibre broadband plan that offers unlimited data usage at just RM89 a month – just RM10 more than its current 30Mbps plan that had a 60GB monthly data cap.

Besides the upgrade to unlimited data for an extra RM10, this new 30Mbps plan retains the same benefits as the original 30Mbps plan (which will be offered alongside the unlimited option). Customers have access to 14 free Unifi TV channels that they can watch via Unifi’s playTV app. Voice calls to all mobile numbers and landlines nationwide also remain at a pay-per-use basis and will cost users a flat rate of 20 sen/min.

As part of TM’s promotional launch, new subscribers who sign up for the 30Mbps plan throughout the month of September enjoy their first month’s subscription fee waived. In addition, they will not be charged any installation fees. However, those who sign up for the higher 100Mbps and 300Mbps plans don’t just enjoy a 1-month subscription waiver, TM also promises express 24-hour installation.

Interested customers may visit TMpoint outlets, TM Authorised Dealers, or other authorised resellers nationwide. As usual, subscribers will be subject to a 2-year contract period. Meanwhile, existing TM subscribers may change their current plan to this new plan by contacting TM via live chat on the
Unifi
 website or via the myunifi mobile app.

In recent times,
TM has been offering more affordable internet options
 to consumers in line with the government’s call to lower broadband prices.

(Source:
SoyaCincau
)

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BNM's Shariah Advisory Council Declares No Compounding Profit For Islamic Financing Under R&R

The Shariah Advisory Council (SAC) under Bank Negara Malaysia (BNM) has officially made a ruling regarding the treatment of compounding profit for Islamic financing facilities that are subjected to restructuring and rescheduling (R&R). Specifically, Islamic financial institutions are not permitted to include and calculate any accrued profit from the original financing into the new principal amount provided under the R&R financing.

According to BNM, the SAC’s decision is justified by the fact that this practice of including accrued profit into the new principal amount will amplify the amount of profit on debts (in other words, resulting in compounding profit). To note, Islamic financing facilities are
prohibited from compounding profit
 under shariah laws as it is considered to be a breach against fair treatment.

“Therefore, Islamic financial institutions shall ensure that in executing R&R financing, the new principal amount of the R&R financing shall be equivalent to the outstanding principal amount of the original facility, if there is no additional involved. [In addition], the amount of accrued profit and late payment charges (where applicable) from the original financing can be added to the total new debt obligation, but this amount cannot be capitalised in the calculation of the new profit,” BNM explained.

BNM also stressed that Islamic financial institutions must ensure that this prohibition is applied to all customers (both
musir
 and
mu’sir
), adding that several institutions have independently taken steps to avoid compounding profits for R&R financing even prior to this.

(Image: New Straits Times)

For context, the SAC had previously already ruled to prohibit financial institutions from charging compounding profits for Islamic financing that are going through R&R, but this was only applicable to the facilities for the difficult period of the Covid-19 pandemic. The earlier ruling was made at
SAC’s 214
th
 meeting on 30 June 2021
. This latest update by the SAC, meanwhile, will see the ruling being extended to post-pandemic circumstances as well.

“In light of the challenging economic situation that continues to affect customers during the Covid-19 pandemic, the SAC has ruled to prohibit Islamic financial institutions from charging compounding profits for R&R financing with the objective to ease the financial hardship of customers affected by the pandemic. Although initially, the SAC’s ruling relating to the prohibition on compounding profit was made due to the Covid-19 pandemic, but taking into account the broader aspect of
maslahah
(benefits) including the
dharar
(harm) to the customers, there is a basis for the ruling to be retained and extended to all Islamic financial institutions’ customers under the business-as-usual situation,” said BNM.

(Sources:
BNM
,
The Edge Markets
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Grab Offers Sign-Up Bonus Of Up To RM1,000 To Attract New Driver-Partners

Grab Malaysia has announced a sign-up bonus of up to RM1,000 for individuals who register to become a Grab driver on the platform. Valid until 31 July 2022, this effort is intended to onboard more driver-partners so that Grab can better meet the spike in demand for transport as the country reopens post-pandemic.

Through this offer, those who sign up as Grab drivers and fulfil a minimum number of trips will earn a bonus of up to RM1,000. This is in addition to subsidies that are already being provided to help them with regulatory compliance costs (up to 100% reimbursement), as well as a referral bonus programme that rewards existing drivers if they help to bring in new driver partners.

“As of mid-May this year, the number of driver-partners on our platform is still less than 70% of what it was pre-pandemic. One of the many reasons is the long and costly process imposed on drivers before they get on the road. We hope that the sign-up bonus will encourage new driver-partners to come on board as quickly as possible to benefit from the additional earnings that are available to them,” said the director of country operations and mobility for Grab Malaysia, Rashid Shukor.

(Image: The Malaysian Reserve/Muhd Amin Naharul)

To note, new e-hailing drivers are required by the Ministry of Transport (MoT) to meet various requirements before they can officially begin driving on the road. These include attending a six-hour training, passing exams and vehicle inspections, purchasing insurance, as well as submitting documents to various agencies. Cost-wise, new e-hailing drivers may need to pay more than RM500 for the various fees, while the overall process itself can be long and tedious. Ultimately, these factors affect the time it takes for supply to catch up with the sharp increase in demand.

“We hope that this supply and demand imbalance will be transient, as we race against time to onboard new driver-partners. We commit to continue working closely with the authorities to clear the obstacles for our driver-partners, so that many more can earn an income via e-hailing and serve the daily commuting needs of everyone,” said Rashid.

Grab’s latest effort came following public complaints of a steep hike in e-hailing fares just last month, which was attributed primarily to an imbalance in supply and demand. Grab had chimed in then to say that it is
taking several initiatives to address the matter
.

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Samsung Pay To Support Boost E-Wallet Soon

As some Malaysians begin receiving their brand-new Samsung Galaxy S20 smartphones from the
pre-order campaign
, an interesting new feature has appeared: the Boost e-wallet will be supported in Samsung Pay.

The screenshot below came from one of the new S20 owners, which leaves nothing to the imagination. But the real question, really, is
how
the integration will work. Will Boost be unveiling a new digital card? It already has a partnership with UnionPay International (UPI) to support UnionPay QR payments, but UPI cards aren’t supported in Samsung Pay. Perhaps a digital prepaid card from Mastercard or Visa?

Or, could it be a more traditional handshake taking place, where a user will tap and pay using Samsung Pay, and the app opens the Boost e-wallet. In this instance, the user may need to provide biometric verification twice: once to authenticate payment on Samsung Pay, and another on Boost.

Regardless, both parties will benefit quite well from this partnership, as it opens up a huge avenue for payment using Boost to cover non-Boost merchants (which requires its own onboarding process), while Samsung Pay usage will also increase.

Unfortunately, we do not have a Samsung Galaxy S20 unit to test this out for ourselves – we will follow up closely on how exactly this will work in the near future. This partnership is both exciting and very curious – after all, some parties consider Samsung Pay to be an e-wallet, which means this partnership between Boost and Samsung will mean an e-wallet being supported by
another
e-wallet. E-Walletception, if you will.

We’ve reached out to both Samsung and Boost, but neither party offered a comment.
According to local technology portal Amanz
, both companies will announce this partnership “soon”.

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Pang Tun Yau

Pang Tun Yau

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

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CIMB credit cards will fly two for the price of one

Do you hop on and off airplanes like they were buses? Frequent flyers will love CIMB Enrich credit cards’ latest promotion, where you’ll
get one free MAS flight ticket for every one you buy.

CIMB Enrich WORLD MasterCard holders are entitled to the complimentary tickets on First and Business Class, while CIMB Enrich Platinum MasterCard holders will only enjoy the privilege on Business Class.

Promotion runs until 31 December.

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Why Is 22 May Celebrated As Bitcoin Pizza Day?

(Image: Getty Images)

The Bitcoin community has been celebrating a day known as Bitcoin Pizza Day every 22 May, and this year is no different. But what’s the big deal with this day, and what significance does it really hold? As it turns out, it’s a “tradition” that celebrates a historic moment just as much as it is a celebration of irony.

The Story Behind Bitcoin Pizza Day

Well, first, the story: 12 years ago on 22 May, a man from Florida named Laszlo Hanyecz spent 10,000 Bitcoin at a local restaurant, Papa John’s to buy himself two pizzas – making him the first person to perform a “real-world” transaction with the token. Understandably, this has now earned him a spot in the history of cryptocurrency, and it is also why 22 May is now famously known as Bitcoin Pizza Day.

To note, Bitcoin was only a little over a year old back in 2010, and was worth only approximately
US$0.0025
. Today, the token has gained fame as digital gold, with its value reaching
over US$68,000 at one point (in November 2021)
. While the cryptocurrency is no doubt a volatile asset – as you can see via events such as the
Crypto Crash in 2021
, and more recently,
in 2022
 – investors’ sentiments are generally quite positive, with many hanging on for the long haul.

After that initial transaction, Hanyecz – who is also a Bitcoin developer who
contributed to the growth of the cryptocurrency with his codes
 – would go on to make several more pizza purchases with Bitcoin. In fact, he’s said to have spent a total of 100,000 Bitcoin on pizzas. Speaking to CoinTelegraph in 2018,
Hanyecz said that he had no regrets spending the money
.

“You know, I don’t regret it. I think that it’s great that I got to be part of the early history of Bitcoin in that way, and people know about the pizza, and it’s an interesting story because everybody can kind of relate to that and be [like] – ‘Oh my god, you spent all of that money!’. I was also kind of giving people tech support on the forums and I ported Bitcoin to MacOS, and you know, some other things – fix bugs and what not, and I’ve always kind of just wanted people to use Bitcoin and buying pizza was one way to do that. I didn’t think it would get as popular as it has, but it’s gotten to be a really catchy story for people,” said Hanyecz.

The Most Expensive Pizzas Ever

(Image: The Sun UK)

Why is Bitcoin Pizza Day also a celebration of irony? Well, how much would Hanyecz’s BTCs spent on pizzas be worth today?

As shared earlier, the price of 1 BTC was only a fraction of a cent at US$0.0025 in 2010, which meant that the two pizzas purchased for 10,000 BTC were equivalent to US$25. Not too bad, considering those Bitcoins were probably mined at minimal cost and up till then had no real-world use.

Today, 10,000 BTC is worth… US$300 million.

Oh, let’s not forget that Hanyecz claimed that he spent a total of 100,000 Bitcoins on pizzas in total, which is worth a cool US$3 billion today. Or more than double that (around US$6.8 billion) at Bitcoin’s all time high price of around US$68,000 back in November 2021.

The Importance Of Bitcoin Pizza Day

Back then, in crypto’s early beginnings, Hanyecz’s first cryptocurrency transaction marks a key moment in the narrative of decentralised finance (DeFi), signalling the potential of DeFi. In fact, it can be said that without those pizza transactions, the entire crypto landscape could have been vastly different. They were a successful proof of concept in how DeFi has a real-world solution.

In essence, DeFi seeks to democratise financial transactions by removing reliance on third-party intermediaries such as banks. This is done via a technology called blockchains running on decentralised networks of computers rather than a single server. Newer innovations such as smart contracts allow for more complex transactions to be completed. If those pizza transactions hadn’t occured, the accelerated speed of innovation in crypto in the years after may not have been possible.

In the years after Bitcoin was invented, many other tokens have also cropped up as the crypto community sought to create various real-world solutions through blockchain technology, with some of the better-known ones being Ether, Bitcoin Cash, and Ripple. Other altcoins that you may have heard of include Stellar, Cardano, Solana, and even meme-coins such as Dogecoin and Shiba Inu. As more and more digital asset exchanges crop up globally, “stablecoins” were also introduced to ease the process of purchasing tokens. A stablecoin’s value is fixed to another asset (often fiat money), enabling a non-volatile channel to invest in crypto.

With so much attention on cryptocurrency today – and DeFi in general – there is little doubt that there will be more innovation and developments to be seen in the near future. In the meantime, though, grab yourself a pizza and raise a toast to Laszlo Hanyecz for being the first use case of cryptocurrency.

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Alex Cheong Pui Yin

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Public Bank Boosts Online Banking Security, Provides Dedicated Assistance To Affected Customers

(Image: New Straits Times)

Public Bank has acknowledged the necessity of the five key measures to combat scams that were recently announced by Bank Negara Malaysia (BNM), and emphasised that it is already taking further steps to address the rising trend of frauds and scams.

In a statement, the bank stressed that at present, it is already offering 24-hours assistance to customers via its Case Management Unit, which comprises specially trained and experienced staff members. Upon receiving a fraud or scam report from a customer, the unit will work to immediately terminate access to his or her PBe internet banking and PB engage mobile banking app so as to prevent further unauthorised transfers. Meanwhile, the bank will attempt to recover the customer’s stolen funds.

Public Bank also highlighted that since March 2022, customers were already empowered with the ability to self-deactivate their access to internet and mobile banking via the PBe website login page, if they suspect that their banking credentials have been compromised. Upon deactivation, access can only be reactivated at a Public Bank branch, or by the staff at the Case Management Unit with necessary verifications.

(Image: Bernama)

Other than that, Public Bank also has a fraud detection and prevention system that is constantly updated with a series of counter measures based on the evolving tactics of scammers. With the system in place, suspicious and abnormal transactions performed on customers’ account will be flagged, and those who are making transfers to new beneficiaries via PBe and PB engage will also be prompted with a message to encourage caution before transferring.

Furthermore, Public Bank has also implemented its PB SecureSign (PBSS) security token as a more secure verification method for transactions and activities performed on the PB engage mobile app since August 2020. The PBSS can also only be activated on one mobile device, and its stringent activation process requires customers to activate it at a branch, an automated teller machine (ATM), or by contacting the PBe customer support.

Come October 2022, the functionality of the PBSS will be expanded to approve transactions made on PBe internet banking as well. Once this takes effect, the existing PBe authentication code (PAC) sent via SMS – which is currently used to verify transactions via PBe internet banking – will be eventually phased out.

Public Bank further expressed its commitment to working with all relevant parties in this fight against scams, and noted that
BNM’s five additional safeguards
 – which were announced last week – will be crucial in raising level of online banking security. The bank also highlighted that approximately 500,000 of its customers’ accounts were protected from attempted fraudulent transfers to mule accounts in the first half of 2022. This translates to about RM900 million saved from such attempts.

Finally, Public Bank encouraged the public to visit its
Online Security microsite
 for updated information on scams, and to contact the Case Management Hotline at 03-2177 3555 for assistance if they believe that they have been scammed.

(Source:
Public Bank
)

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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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PDRM Offers Up To 60% Discount On Traffic Summonses In Conjunction With Police Day

The Royal Malaysia Police (PDRM) is offering a discount of up to 60% on various traffic summonses from today until 31 March 2023, in conjunction with the 216
th
 Police Day celebration.

Announced by the Kuala Lumpur Traffic Investigation and Enforcement Department via the PDRM’s social media, the discount will be applicable to all summonses, except for those issued for the following trespasses:

Beating the traffic light

Emergency lane offences

Overtaking at double lines

Dangerous overtaking

Accident offences

Non-compoundable (NC) summonses

Court cases

Exhaust modifications

Offences related to heavy vehicles/lorries

Warrant summonses

Op Selamat tickets

PDRM also clarified that the discount is valid for in-person payments at all traffic summons payment counters in contingent and district police headquarters (IPK and IPD, respectively), as well as payments made online via the MyBayar Saman website and app.

Those who wish to use the MyBayar Saman service can register as a user on the
official portal here
. Alternatively, they can download the app from
Google Play
, the
App Store
, and
Huawei AppGallery
.

(Source:
Royal Malaysia Police
)

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Alliance Bank Signs MOU With Malton, Offers Green Mortgage Financing Package

Alliance Bank has signed a memorandum of understanding (MoU) with developer Malton Berhad to offer a green mortgage financing package, which is set to benefit the homebuyers of the newly launched River Park in Bangsar South. This is an effort by the bank to encourage and support the development of sustainable communities.

In a joint statement, the bank noted that the sustainable financing option will offer lower interest rates and a faster turnaround time for end-financing.

“Reflecting the bank’s endeavour to build an ESG-focused organisation, Alliance Bank continues to innovate solutions around our customers to meet their evolving needs. This strategic partnership with Malton aligns with our ESG aspiration as well as our goal to be a bank for the community, supporting their home ownership journey. We believe that this collaboration with a dynamic conglomerate such as Malton will enable more businesses and customers to adopt sustainable practices, and create more meaningful impact for the community,” said the group chief consumer banking officer of Alliance Bank, Gan Pai Li.

To note, River Park is a high-rise development by Malton that has attained a provisional GreenRE Bronze certification in the residential category. It features various green facilities, including EV charging stations, rainwater harvesting for its landscaping, high-performance glass to aid heat reduction, and water monitoring system.

In terms of layouts, River Park offers a variety of 2 and 3-bedroom layouts that range from 812 sq ft to 1,180 sq ft. Slated for completion in 2026, it is also surrounded by various amenities – including schools, medical institutions, and retail hubs – all within a close 10km radius. Notably, it is only one stop away from Mid Valley City via KTM (from the Angkasapuri KTM station).

As for accessibility, River Park can also be reached via the NPE-Federal Highway Link. The proposed MRT3 Circle Line is set to improve the connectivity of the development as well.

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Departure Levy Confirmed To Start From September 2019, To Cost From RM8 To RM150

The government has confirmed that the
new departure levy will kick off 1 September
, and is payable by all passengers flying out of Malaysia. The departure tax rates will vary based on destination and flight class, starting at RM8 going all the way to RM150 per passenger.

According to the new
Departure Levy (Rate of Departure Levy) Order 2019
 gazetted on 31st July, those flying economy class to ASEAN destinations will pay a levy of RM8 while those flying with other classes to the same region will be required to pay RM50. As for non-ASEAN countries, passengers flying economy class will be charged RM20 while those in other flight classes will have to fork out RM150. The rates are quite different compared to the rates
originally proposed during the tabling of Budget 2019
, which was RM20 for ASEAN countries and RM40 for all others.

The lower departure tax imposed on passengers travelling within ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Myanmar, the Philippines, Singapore, Thailand, Vietnam, and Malaysia) are a nod to the organisation’s vision of inter-governmental cooperation and economic integration, among others.

However, some groups of people will be exempted from this tax. This includes infants and toddlers below 2 years old, passengers transiting in Malaysia for 12 hours or less, and cabin crew on duty.

(Source:
The Edge
,
Malay Mail
)

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RM50 ePenjana Credit Can Be Claimed From 31 July Via Official E-Wallet Partners Boost, Grab, & TNG eWallet

The Ministry of Finance has announced that the
RM50 digital incentive
 under the ePenjana short-term economic recovery plan can be claimed starting tomorrow, 31 July. The ministry also announced that they can be claimed from the three official e-wallet partners: Boost, Grab, and Touch ‘n Go eWallet – which will all be offering additional incentives matching the RM50 e-wallet credit.

The digital incentive is meant to encourage Malaysians to adopt contactless payments as their preferred payment method as the economy recovers from the various movement control orders, while at the same time reduce the risk of spreading viruses via physical paper notes.

Malaysians who wish to get the RM50 e-wallet credit can apply from any one of the three official e-wallet partners from 31 July until 24 September 2020. The RM50 credit can be used anytime after that, but unused credit will expire on 30 September 2020.

Note the three eligibility criteria to be able to apply for the RM50 credit:

Malaysians aged 18 and above

Malaysians earning less than RM100,000 a year

Malaysians who have
downloaded and registered on the MySejahtera app

In addition to the RM50 credit, each e-wallet partner will also be offering matching benefits worth RM50. Depending on the e-wallet partner, this will come in the form of vouchers, cashback, and/or rewards points.

Currently, none of the three e-wallet companies have revealed the specifics of the matching benefits, but we are told that they will announce them tomorrow when applications are open.

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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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