AmBank & Maxis Collaborate To Introduce Contactless Payment Solution For SMEs, mTAP

AmBank and Maxis have teamed up to roll out mTAP, a secure contactless payment solution that is targeted at small and medium-sized enterprises (SMEs).

Simply put, mTAP turns a merchant’s mobile phone into a payment acceptance terminal capable of receiving payments from both debit and credit cards, with these transactions being processed by Payments Network Malaysia (PayNet). Merchants using mTAP will be able to enjoy several conveniences, such as having direct access to their bank accounts, making it easier for them to check their balances. Additionally, they’ll be able to view their transaction history, allowing them to keep track of their sales.

As usual, no PIN entry is required if the transaction value made on mTAP is less than RM250. However, mTAP currently can only be used on Android mobile phones with the near field communication (NFC) function enabled.

(Image: The Malaysian Reserve)

According the group chief executive officer of AmBank Group, Datuk Sulaiman Mohd Tahir, mTAP is a viable and cost-effective option for SMEs to accept card payments. “We saw that the consumer market, which is now dominated by millennials and Gen-Y are expecting smarter, faster, and more accessible financial services. Hence, this is one of our efforts to ramp up the next wave of digital initiatives for our valued merchants and customers,” he said.

Meanwhile, the chief executive officer of Maxis, Gokhan Ogut said that the telco has been empowering SMEs to adapt to a rapidly evolving digital landscape. This is done via efforts to incorporate essential digital solutions and reliable connectivity for their operations. “With our continued partnership with AmBank, we look forward to not just increasing digital adoption across this important segment, but to further strengthen their position within the digital ecosystem,” said Gokhan.

(Gokhan Ogut)

The group chief executive officer of PayNet, Peter Schiesser further chimed in by saying that mTAP in line with the governments agenda to empower Malaysia’s digital economy. In particular, it will contribute to two of the fifteen high-impact programmes that the
Digital Economic Task Force
 has listed for this purpose: adoption of cashless payments and digitisation of SMEs.

For context, mTAP has actually been made available for download since October 2020, with an official announcement made by AmBank yesterday. You can download mTAP on the
Google Play Store
.

(Sources:
AmBank
,
Malay Mail
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Malaysia’s Unemployment Rate Crept Up To 4.9% In January 2021

Malaysia’s unemployment rate in January 2021 has increased slightly to 4.9%, as compared to 4.8% in December 2020, said the Department of Statistics Malaysia (DOSM). The number of unemployed persons, too, rose from 772,900 in December 2020 to 782,500 in January 2021.

According to chief statistician of Malaysia, Dato’ Sri Dr Mohd Uzir Mahidin, the nation’s labour market remained in a challenging situation due to the increase in Covid-19 cases, which prompted the reimplementation of movement control order (MCO 2.0) in most states. The reimplementation began on 13 January, and was subsequently extended to 4 February 2021.

“During this phase, only five essential economic sectors were allowed to operate, whereas interstate and inter-district travel activities were restricted. Indirectly, this situation has led to an uneven recovery momentum of the businesses, and consequently, the labour market,” explained Dato’ Mohd Uzir.

DOSM’s latest report also said that the continuous increase in the number of unemployed persons was partly attributed to a review of business strategies in tourism-related industries. These industries include accommodation and food services, passenger transportation, entertainment and recreational activities.

In spite of the slight bump in the unemployment rate, the statistics also indicated that the rise in employed persons was significantly higher than those who were unemployed. This pointed to some improvement in the labour demand by businesses. Specifically, Malaysia’s labour force in January 2021 went up by 0.2% to 16.02 million, with an increase of 31,500 people from 15.99 million persons in December 2020. Meanwhile, labour force participation rate crept up slightly from 68.4% in the previous month to 68.5%.

In terms of the status of employment, those in the employee category has hiked up by 0.3% (40,800 persons) from December 2020 to settle at 11.85 million persons in January 2021. This made up 77.7% of the overall employment in the country. Own-account workers (self-employed), meanwhile, continued a downward streak for the fourth month, with January 2021 recording 2.39 million persons as compared to 2.40 million persons in December 2020. This group accounted for another 15.7% of the overall employment. The remaining 6.6% of overall employment is made up of unpaid family workers (3.5%) and employers (3.1%).

Aside from that, the number of employed persons who were temporarily not working was also shown to have continued increasing from 146,200 in December 2020 to 158,900 in January 2021.

With regard to the overall labour force situation, Dato’ Mohd Uzir foresees that the labour market is expected to face some obstacles during the first quarter of the year due to the health crisis in early 2021. “Nevertheless, as the first phase of vaccination programme was started on 24 February 2021, this effort seemed to give some positive insight of the health crisis situation in Malaysia,” he said, adding that the various government initiatives will also help to alleviate uncertainties in the labour market and accelerate its recovery.

Briefly, Malaysia’s unemployment rate had risen to record heights in
March
,
April
, and
May
 2020 due to the Covid-19 pandemic and the implementation of the first MCO. Subsequently,
June
,
July
,
August
, and
September
 saw some improvement in the numbers. However, the rate began increasing slightly again in
October
,
November
, and
December
.

(Source:
DOSM
)

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MOF: Government Will Continue To Prioritise Youths In Budget 2022

(Image: The Star)

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said that the government has begun the statistical process of drafting Budget 2022, and will continue to prioritise Malaysia’s youth amidst the effort.

“Like last year, we will hold an engagement session with the youth to draft Budget 2022,” Tengku Zafrul commented, highlighting the importance of the role of youths in the country. He also added that various initiatives have been announced during the year to encourage youth participation, such as through the PENJANA stimulus package and Budget 2021.

For context, the
PENJANA stimulus package
 kickstarted initiatives such as the MSME E-Commerce campaign and the Shop Malaysia Online campaign – both of which have a budget allocation of RM70 million. The former looked to motivate micro entrepreneurs of all ages, as well as small and medium enterprises (MSMEs and SMEs) to switch to digital platforms, whereas the latter sought to spur online spending.

(Image: The Star/Raja Faisal Hishan)

Several measures had also been provided specifically for youths through
Bud
g
et 2021
, including the National Apprenticeship Programme that is worth RM250 million. Via this programme, employers are given an incentive of RM1,000 for three months and a grant of up to RM4,000 to carry out training programmes for their younger employees.

The most recent effort targeted at Malaysian youths is the eBelia programme, which was also introduced during the tabling of Budget 2021 to encourage the use of cashless payments among youngsters. The programme initially offered a
one-off RM50 e-wallet credit
 to eligible youngsters, but the amount was subsequently
increased to RM100
 during the winding up of the national budget. During the reveal of the PEMERKASA stimulus package in March 2021, it was
upped further to RM150
.

To note, the programme
kicked off on 1 June 2021
, involving four e-wallet partners – BigPay, Boost, ShopeePay, and Touch ‘n Go – all of which also offered
extra perks
 in addition to the e-wallet credit provided. Collectively, the four e-wallets boast a total of three million active users and a network of over one million merchants, both online and offline. The extensive network is expected to allow the eBelia programme to reach more youths and students.

On top of being an initiative to empower youths, the eBelia programme is also an effort at encouraging the transition to financial digitalisation. “Nowadays, various aspects of our daily lives have shifted to digital applications to simplify and speed up many things. This includes the way we make purchases either through online platforms or (for) in-store purchases through cashless payments,” said Tengku Zafrul.

(Source:
The Malaysian Reserve
)

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Alex Cheong Pui Yin

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AirAsia Waives Card Processing Fees For Flights Paid With AirAsia BigClick

AirAsia has announced a zero-processing fee promotion for AirAsia flights booked with credit and debit cards through a payment feature called BigClick. BigClick it saves card details for future flight bookings, making payment for flight bookings quick and seamless. This promotion is running from 10 – 30 June 2019 for all AirAsia BIG members.

AirAsia BigClick supports Visa, MasterCard, American Express, and JCB credit and debit cards, and up to 10 cards can be added into BigClick. After a card has been saved, users simply need to key in the card’s CVV number to complete the payment.

(Image:
Soyacincau
)

This BigClick promotion is running from now until 30 June 2019, which coincides with its 72-hour AirAsia Big Sale from 16 – 19 June, offering 5 million promo seats for travel period 1 November 2019 until 8 September 2020.

(Source:
AirAsia
,
AirAsia
)

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XOX Mobile To Launch New E-Wallet App With Prepaid Mastercard

(Image:
LiveAtPC.com)

Network operator XOX Mobile has announced that it will be rolling out its own e-wallet app within the next 3 to 6 months. The e-wallet will be available alongside a virtual or physical prepaid Mastercard, giving users the flexibility of multiple payment options.

The telco is investing heavily into its new e-wallet project. The company has announced that it will allocate RM33 million for the project, which will include support for micropayments, issuance of physical prepaid Mastercard, and peer-to-peer funds transfers. XOX raised RM66 million through a rights issue in June, and a huge chunk of it will go here. It also announced a partnership with Mastercard that will likely see the XOX Prepaid Mastercard integrated into the telco’s e-wallet ecosystem in the future, though it may not be launched at the same time as the e-wallet.

XOX CEO Ng Kok Heng expects the company’s e-wallet app to still gain traction despite the huge amount of e-wallet apps already in the market. “We have developed a lot of ecology, the last part is to develop the use case and design of the e-wallet… This is about a very focused implementation, not something generic,” he said.

Interestingly, Ng has set very ambitious targets for the XOX e-wallet: the company aims to obtain a 10% market share within the first year of its launch.

(Source:
The Malaysian Reserve
)

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CIMB and Maybank’s PETRONAS petrol credit cards fuel intense rivalry

Looks like Maybank and CIMB are going all out to get us to apply for and use their PETRONAS petrol credit cards. Not surprising, considering that most of us get around with our own transport anyway. So which bank’s promotion is better? The RinggitPlus team investigates.

Let’s start off with CIMB. From now till 31 March, they’re giving out up to
8% cash back rebates on petrol per month
. There is a catch though. You can only fuel up on the first weekend of every month to enjoy this amazing rate. On all other weekends you get 5% cash back, while on weekdays it’s 2%. The total monthly cap on rebates is RM50.

On the other hand, TreatsPoints are Maybank’s reward of choice for their PETRONAS petrol credit cards. Up until 28 February, no matter which day of the week, you get
8x TreatsPoints for every RM1 swiped at PETRONAS station
s. As a bonus, you’ll also receive 8x TreatsPoints per RM1 for groceries and 5x TreatsPoints per RM1 for other purchases every day except at non-PETRONAS petrol stations.

8% Cash Back Rebate or 8x TreatsPoints?

To find out, let’s compare how much you get back for every RM1 you fuel up using each bank’s credit cards. With CIMB, taking the average of 5% cash back, you’ll earn 5 sen for every RM1 spent.

Now for the Maybank credit cards.
As we have found in our previous research
, every reward point is worth about 0.5 sen. And because Maybank gives you 8x TreatsPoints for spending at PETRONAS, you earn about 4 sen rebate for every RM1 you swipe there.

So if you are spending RM500 a month on petrol, CIMB’s credit card should earn you about RM25 in rebates. Maybank’s credit card will earn about RM20 of rebates on petrol.

What About Weekdays?

As we can see, the CIMB credit cards give you a slight advantage over Maybank when it comes to petrol rebates. However, do keep in mind that in order to enjoy the 5% cash rebate rate, you’ll have to make sure that you ONLY fuel up at PETRONAS on weekends. Not the easiest thing to do as you can’t always predict when you’ll run out of petrol.

Although the Maybank credit cards do not offer quite as much rebate on petrol as the CIMB credit cards, the fact that there are no restrictions on when you can refuel more than makes up for it. Plus we think that the 8x and 5x TreatsPoints for groceries and other purchases respectively give their credit cards extra versatility. This could save you even more every month. The CIMB credit cards don’t offer you any cash back rebates for non-PETRONAS purchases.

The RinggitPlus Team’s Advice

In conclusion, which card is best for you depends on how you use it. If you’re only planning to swipe your PETRONAS petrol credit card during weekends, and only at their petrol stations, then CIMB will give you more. But if you want a credit card that provides freedom on when you can fill petrol and also gives you benefits beyond PETRONAS petrol rebates then Maybank is the way to go.

So there you have it. A side by side comparison of the pros and cons of two PETRONAS petrol credit cards. Don’t use PETRONAS fuel much? Be sure to have a look at our other articles which
give an overview of all the petrol credit cards out there
 as well as
compare a few general cash back credit cards with great petrol deals
. Be up to date with us on
petrol prices in Malaysia

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Kick Off With Malaysia’s No.1 Network And Win Gila Gila Prizes!

This year, football lovers from all over the world—from casual viewers to football fanatics—come together to watch the highly anticipated global football event.

Thanks to today’s technology, fans are able to seamlessly connect with one another, regardless of which country they reside in, get live updates, and discuss, watch, as well as make their guesses as to who will be crowned victorious.

Come together and celebrate this football season with Malaysia’s leading network, Celcom, and their Gila-Gila Bola campaign for a chance to score free goodies, great deals, and fantastic prizes!

Stay Up To Date On The Latest Scores With Malaysia’s No.1 Network

Malaysia’s No. 1 Network, Celcom, is here to make your viewing experience all the more enjoyable, affordable, seamless, and, most importantly, rewarding.

If you’re still looking for a way to stay connected and watch the upcoming football matches with ease, perhaps Celcom’s offering of Postpaid, Prepaid, or Home Fibre plans is a great match for you.

Whether you choose to watch on-the-go or stream the game on a big screen at home, Celcom can make your experience a memorable one with high-speed internet access, great savings, and reliable connectivity.

Exciting Prizes Await When You Spin-To-Score With Celcom

Open to all new and existing Celcom customers, Spin-To-Score allows customers to win exciting prizes such as a Hyundai IONIQ 5, 5G phones, shopping or holiday vouchers, and also Prepaid passes.

How do you earn a chance to spin? Well, it’s actually pretty simple.

Step 1
: Sign up for any Celcom Postpaid, Prepaid, or Home Fibre plans to earn spins.

Step 2
: Download the Celcom Life app.

Step 3
: Spin the wheel and win prizes. The more you sign up, the more spins you earn, and the higher your chance of winning.

The Celcom Life app is available for download from the Apple App Store and the Google Play Store. On it, you can access a variety of services and features. In doing so, you may just earn a spin or two on the Spin-to-Score.

Doing something as simple as logging into the app for the first time will earn you one spin! So if you want to win any of the exciting prizes, be sure to cross off as many as you can so you’ll have higher chances of winning.

Regardless of whether you prefer supporting your favourite team in your own sweet time, or enjoy watching the nerve-wracking matches with friends and family, Celcom has plenty to offer as Malaysia’s leading network.

Plus, you may even take home some rewards! Everyone gets to be a winner, both new or existing customers.

***

When a global sporting event of this magnitude comes around, you wouldn’t want to settle for a subpar experience, especially when it only comes around once every few years.

If you want to make sure you’ll have a steady and fast connection this football season, consider any of Celcom’s Prepaid, Postpaid, or Home Fibre solutions. This way, you’ll be able to stream even the most intense games seamlessly and without a hiccup.

Click here to visit the Celcom Gila-Gila Bola website
 for more information.

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Lisa Ameera Azman

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    Muhammad Sasril

    8 months ago

Good job

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BigPay Now Allows Cash Top-Ups At 7-Eleven With 2% + RM1 Fee (Updated)

*UPDATE 17 February:

BigPay has now officially launched the feature for cash top-ups at 7-Eleven stores. The article has been updated to reflect this.

*UPDATE 15 January:

Since the posting of this article this morning, the feature has now mysteriously disappeared from our BigPay apps. Given that BigPay has not officially announced the feature through any of its official channels, it is uncertain when it will return.

BigPay now allows you to top up your e-wallet via cash at any 7-Eleven store in Malaysia. The new feature comes with a fee of 2% and an accompanying RM1.00 charge, which will be deducted from your top-up value.

You start by keying in how much you would like to top up in the BigPay app as usual and then choosing “Cash top-up” as your top-up source. The app will show you a simple breakdown of how much you pay, how much you are charged in fees, and how much you will get.

After that, you just need to go to any 7-Eleven store in Malaysia, tap “Confirm and pay” to create a barcode, and show it to the cashier and pay the amount required in cash. According to BigPay, the money will be added into your account within five minutes. The daily cash top-up limit is set at RM2,500 while the top-up limit for each transaction is RM250.

The new top-up method will be useful for those who are unable to use BigPay’s current top-up sources – which are likely to be the segment of the population without a bank account. Those who do own a bank account, credit card, or debit card are possibly better off using the existing methods as they are free of charge (although there is a monthly limit of
RM1,000 for credit card top-ups
 to bear in mind).

“Ensuring that everyone has access to digital banking services is central to our mission and allowing cash to be seamlessly transferred to a BigPay account is a big step in that direction,” said Salim Dhanani, co-founder of BigPay. “7-Eleven has more locations than most banks have branches in Malaysia. This gives BigPay a unique advantage when it comes to providing financial services across the country.”

To find out more about this top-up method or begin topping up via cash straightaway, check your BigPay app for the new feature.

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    Mirawati

    2 years ago

Jika saya top up Rm2000 lalu akan kena potong Rm40, saya lebih setuju jika membayar  per transaction, misal saya hantar wang ke Negara lain ,,, kecil atau besar biaya transaction Rm5-Rm10

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Are Local Crypto Exchanges Safe From Liquidity Issues?

The revelations surrounding the
spectacular collapse
 of the second largest cryptocurrency exchange in the world, FTX, have not only caused another round of sell-downs in crypto tokens, but severely affected confidence in the entire crypto industry.

After all, if a platform that’s been a huge proponent of regulations in the space had itself been doing the very things it shouldn’t in the eyes of the law, what about the other players in the decentralised finance space? What prevents them from using user funds without their knowledge?

As a result, it’s not surprising that many local crypto investors are concerned; are our local digital asset exchanges (DAX) also exposed to similar liquidity risks? What security layers have been put into place to protect us?

Let’s find out.

Securities Commission as Malaysia’s gatekeeper

(Image: New Straits Times)

All investors should know that any DAX platforms that wish to operate legally within Malaysia
must
 first obtain permission from the Securities Commission Malaysia (SC). This involves an extensive registration process where the prospective DAX operator is required to fulfil numerous regulatory requirements in order to be approved – listed in the updated
 Guidelines on Recognised Markets
 (pursuant to the
Capital Markets and Services Act 2007
).

According to the document, some key requirements that DAX operators must meet during its registration process include:

All DAX must be locally incorporated and have a minimum paid-up capital of RM5 million

Key personnel must demonstrate competency, capabilities, and commitment to operate the platform

Operators must demonstrate operational capabilities, including a ready IT infrastructure, market operation capabilities, as well as cyber security and resiliency

Operators must demonstrate capabilities to conduct client onboarding process, which include KYC, AMLA, as well as funds and digital asset tracing

Operators must provide adequate arrangements and processes to ensure market integrity

Operators must establish clients’ asset protection arrangements to safeguard their funds and digital assets

Of particular importance in the list to investors is, of course, the final point: that DAX operators operating in Malaysia are obligated to take steps to protect their clients’ funds. On top of these requirements, there are also other
 specific obligations that are required of a DAX operator
 in relation to its investors’ digital tokens, namely:

To ensure that the token holders’ digital tokens are properly segregated and safeguarded from conversion or inappropriate use by any person

To establish and maintain a sufficiently and verifiably secured storage medium designated to store digital assets from investors

To establish systems and controls for maintaining accurate and up-to-date records of clients’ digital assets held.

At present, there are four SC-approved DAX operators: Luno Malaysia, MX Global, SINEGY, and Tokenize Malaysia – here, we’ll discuss some of the arrangements that these local players have put in place to provide peace of mind for their users.

Best practices by DAX operators

Note that the few arrangements we highlight here are not necessarily the only arrangements that DAX platforms have planned in order to avoid a liquidity crisis – and to contain risk in general – but they
are
 some of the most important ones:

1) Trustees and custodians

All DAX operators registered with the SC will typically appoint an independent trustee or custodian to provide custody for the digital tokens. This essentially means that the appointed party will safekeep the investors’ digital assets, which are kept in Malaysian bank accounts.

For instance, Luno Malaysia’s legal page showed that the processing and use of investors’ funds are subject to the independent trustee services provided by MTrustee Bhd, whereas the keys to their deep freeze storage – where a majority of customers’ cryptocurrencies are stored – are kept by BitGo Custody (one of the largest and most established custodians for digital assets). Meanwhile, Tokenize and Sinegy have also shared that they are partnered with BitGo Custody and Universal Trustee (Malaysia) Bhd, respectively, as their official custodians.

For further transparency, Luno had also previously shared that its customers’ funds are
 maintained in an AmBank Trust Account
, with AmBank being its primary banker to support the operations of its exchange. AmBank itself, too, said that it has invested in the development of an approved infrastructure that can seamlessly facilitate Luno’s operations.

Ultimately, these mean that local investors’ funds are always kept safe, and will not be tampered with.

2) Backed by insurance and trusted financial institutions

In a
 recent notice to customers
, Tokenize Malaysia also said that beyond the trustee and custody standards, its platform is backed by an insurance policy of US$100 million (provided via BitGo) which is “enough to provide full coverage many times over”. The coverage is provided through a syndicate of insurers in Lloyd’s of London and the European Marketplace. This is in addition to various other industry-leading security protocols and multi-layered procedures that have been set up to protect clients’ assets.

On top of that, Tokenize also highlighted that Kenanga Investment Bank had acquired a
 19% equity interest in its company
. The partnership allowed Tokenize to tap into the bank’s reputation and experience to boost the DAX platform’s standing, as well as to provide better regulated cryptocurrency solutions.

3) Assurance of 1:1 asset

All SC-approved DAX must ensure that their investors’ digital assets are always maintained on a 1:1 basis (Malaysian ringgit to digital asset) and stored under the investors’ name. They cannot be lent out or used for any other purposes as DAX platforms are only strictly allowed to provide trading services – as opposed to entities offering other forms of crypto services, such as crypto lenders like Celsius, Voyager, and BlockFi. In turn, this ensures that your investments will be available to you at all times, and you will not need to worry about the possibility of being unable to withdraw your assets from the exchange.

4) Audits and proof-of-reserves reports

Like all businesses, DAX platforms in Malaysia, too, routinely conduct audits to verify the company’s financial health, performance, and total digital asset holdings – usually on an annual basis. But on top of these audits, some platforms will also publish proof-of-reserves reports, which are essentially declarations by a third party to confirm that a custodian holds the exact amount of assets that it claims to have, on behalf of its clients.

Luno, for instance, employs Mazars – an independent international audit tax and advisory firm – to conduct its audits annually. Meanwhile, its
proof-of-reserves reports are published every quarter of the year
, proving that the cryptocurrencies investors see in their Luno Wallet actually exist and are held by Luno.

Tokenize also stated that it conducts “regular audits to funds, operational standards, and security systems” to ensure the highest level of safety for investors (although its reports are not made accessible on its website).

As a side note, the world’s largest crypto trading platform, Binance, too, has promised to begin issuing proof-of-reserves reports, in a “push for improved transparency in order to safeguard against different security risks”. It recently published its
 proof-of-reserves report here
.

5) Business continuity plans

Luno has expressly stated
 that it has “robust business continuity plan arrangements” in the event that it becomes unable to continue operating. Under such circumstances, it promised that the preservation of customer funds will take priority.

Similarly,
 Tokenize also pledged
 that it has a contingency plan in place that will enable all users to withdraw their deposits in the event of an unpreventable clampdown of their bank accounts. MX Global, too, highlighted in its
 terms & conditions document
 that it has “adequate arrangements and processes as is reasonable to manage clients’ assets in the event of any suspension or outages of the platform, including transfer or withdrawal procedures” – on top of other operational assurances.

***

2022 has already seen several “darlings” turned bad apples in similar catastrophic endings – the fiasco involving the
 TerraUSD and Luna tokens
, triggering the fall of crypto lenders such as
 Celsius Network Ltd
 and
 Voyager
, as well as hedge fund
Three Arrows Capital
. The full impact of FTX and Alameda Research’s irresponsible actions is yet to be seen as the deeply-entangled web of industry players exposed to both entities slowly emerge.

Fortunately, the strict conditions laid out by the SC does shield investors from facing situations. SC-approved DAX platforms are protected against similar liquidity crises, in line with its role to “facilitate the orderly development of an innovative and competitive capital market” and ensure that Malaysian investors are protected from such mishaps.

Having said all that, investors with large digital asset holdings may consider owning your very own crypto wallet and not storing them on exchange wallets (especially if you intend to hold them for the long term). After all, the “not your keys, not your tokens” phrase is ringing more loudly than ever before – who knows what other bad apples are out there? We’ll share more on this soon, so keep an eye out for it.

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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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Feed your doughnut desire with Citibank and Krispy Kreme

Do you love doughnuts? If you just can’t resist their sweet temptation, you should rush down to your nearest Krispy Kreme store with your Citibank credit card right after you finish reading this article.

On Thursdays, you’ll enjoy
a complimentary doughnut for every one you buy, up to a limit of three free doughnuts per transaction.
 You’ll also get 20% off the total bill when you spend at least RM20 in a single receipt on all other days. Promotion is good till 30 April.

OK, we know that you’ve been waiting for this moment. Let the doughnut frenzy begin!

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Malaysia Airlines MHexplorer Programme Offers Flight Discounts And Extra Baggage For Students

Malaysia Airlines has launched MHexplorer, a student travel programme that offers great money-saving privileges. The programme is open to students between the ages of 18 and 26 years old and is completely free of charge.

Among the benefits you get as a MHexplorer member are:

Additional 10kg of check-in baggage

Up to 20% flight discounts all year round (Malaysia, Australia, UK)

1x complimentary flight date change

4x special offers annually for friends and family

The cheaper fares under MHexplorer are only available for Malaysia Airlines outbound flights departing from Malaysia, Australia, and the UK only. Australia and the UK are two of the most popular overseas study destinations among Malaysian students and clearly, this programme would benefit Malaysian students studying there the most.

And if you’re one of those international students who will try to bring their entire arsenal of belongings overseas, you’ll appreciate having an extra 10 kg of luggage so you can include your rice cooker, instant noodle packets, and extra pair of shoes in your packing list.

To view the discounted fares, you have to be a MHexplorer member and access the flights through the MHexplorer site. Any bookings made through this programme will be classified under the “student” passenger type.

You can enrol for the MHexplorer programme by logging in with your Enrich member ID and uploading a copy of your student card. Applications will be processed within two working days and Malaysia Airlines reserves the right to approve or decline your application.

Since your MHexplorer membership is linked to your Enrich ID, you will also receive benefits of the Enrich frequent flyer programme, earning you air miles that can be redeemed for flights in the future. If you don’t already have an Enrich membership, it’s pretty easy to sign up – all you need to do is fill out your details and you’ll even be rewarded with some Welcome Miles for registering. An Enrich membership is also free of charge.

So, if you’re a student between the ages of 18 to 26, you don’t have anything to lose – head on over to the
MHexplorer website
 to get those travel benefits now.

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Could Watches Be a Smart Investment?

When you speak of an investment portfolio, most of the time people would think of property, banking products, commodities, or the stock market. But there is a big market for collectibles making it a lucrative investment for those who choose to get into it.

One of the prime collectible pieces a hobbyist could dabble in is the wristwatch. With some costing tens of thousands of ringgit: Could watches be considered a worthwhile investment?

The General Rule For Purchasing

According to an article in the
Crown & Caliber website
, if you want a watch to retain its value, your best bet is to buy a pre-owned, recognisable brand.

It appears that antique is better. The general rule of watch buying for investments is not to buy brand new pieces and expect a return instantaneously.

Just like most items you purchase, it loses some value the minute you wear it and walk out of the shop but over time; scarcity, demand and durability help turn the watch into something worth big money.

How Does it Fare in Value Over Time?

Online watch resource,
WatchTime
 had an answer worth quoting. It displayed a great example of how a watch could easily be an investment and not just a fashion show piece.

It told the story of how a pre-owned Audemars Piguet – Royal Oak with charcoal dial, purchased about 5 years ago for around USD10,000 (RM41,576) would sell for USD 16,000 now (RM66,521). That would give you a profit margin of 60% in just 5 years. How many investment opportunities could give you such a return?

The great thing about watches is that it can be sold worldwide and is not limited to a specific place or country. These watches can be found, bought, sold or traded using online platforms.

This not only allows a seller to offer his watch to a global market, it does not bind him to market sentiment in his own country. If a country was facing an economic downturn, the value of the watch invested does not fall along with it, unlike a piece of property for instance. As long as there is demand for it worldwide, the value would maintain healthy levels, if not further appreciate.

The time pieces generally viewed as investment worthy are usually tagged with a higher price. More often than not, the safe bets are usually the Rolex and Patek Philippe watches. However, there have been instances where some of the more affordable time pieces have proven to be good investments.

When a watch called Sinn 142 in the Lemania 5100 series were phased out about 10 years ago it was being sold for about USD1,600 (RM6,658). You could now sell it for about USD3,000 (RM12,483) based on
WatchTime
 valuation. That would equate to an 88% return on the initial investment.

If you are thinking of getting into investing, do note however that according to an article on
Bloomberg Business
, ladies watches do not make good investments as they are viewed more as jewellery and not time pieces.

Are There Any Risks Involved?

Just like any investment, there will be risks to take into consideration. The main risk for an investment like watches is that it is often hard to predict which watch will fare better over time. Truth be told, a majority will drop in price but a handful will balloon beyond anything you can imagine. The forces of supply and demand are not so easily predicted.

Here are some examples of how much depreciation values can vary over time.

Brand

Model

Retail Price

Avg. Preowned Price

Value Retained (%)

Patek Philippe

Aquanaut

RM65,527

RM48,901

76%

Vacheron Constantin

Overseas

RM51,514

RM31,655

53%

Jaeger LeCoultre

Master Control

RM27,877

RM16,339

59%

Rolex

Explorer

RM27,248

RM19,374

71%

Hublot

Classic

RM16,640

RM6,107

37%

Concord

Saratoga

RM16,181

RM3,120

19%

Ebel

Classic Sport

RM14,638

RM2,196

15%

Longines

Conquest

RM5,323

RM1,971

37%

Sourced from
Crown & Caliber

CNBC’s website released a good guide for wannabe watch investors: titled
“The do and don’ts of collecting high-end watches”
, it revealed the market is rife with fakes as well as misleading value appreciation claims. This makes it very difficult to buy without getting a professional to evaluate the timepiece first.

The problem associated with watch investing is the reality that the market for expensive watches is rather niche. Generally the price tags on these watches alone tend to deter most potential buyers. In light of this – it would take a long time to sell at the price you want.

Beyond that, a collector needs to also consider that the item could get damaged when worn and restoration could cost a very significant amount. The more vintage value the watch has, the harder it would be to find parts or professionals to fix it, if necessary.

Many collectors tend to keep their watch collections at home, which also opens them up to the risk of burglary. Granted it is not a huge risk, but in the case that it happens, these small, valuable items are easy to snag. Of course, you could have it covered by insurance, but that would be additional cost to the initial investment.

Appreciation and depreciation of currency could also play a big role if you were to make or lose money in such an investment. If you were to buy a watch at the present US Dollar rates and sell it when the Malaysian Ringgit has appreciated, you may not make a profit; you may make a loss!

On the other hand, if you had previously bought the item before the Malaysian Ringgit depreciated, you could make a killing.

Should You Invest?

It is hard to quantify if watches are a viable product to invest in, unless you are very well-versed with them or are a watch enthusiast who isn’t in the trade solely for the profit. Just like any antique, most of the people who trade in watches tend to do it for the love of the item, with the increased value being a happy fringe benefit.

An investor should also bear in mind that there are no regulatory bodies to safe guard these investments and could set you back a sizable amount if not careful.

The market has potential of course. In 2012,
CNBC
 reported that auction houses are selling more than a USD100 million of collectible watches a year. In addition, a company in the US called Affirm has already started to finance luxury watches and could be a sign of things to come.

But at the end of the day, as always, the decision to invest great sums of money into any investment vehicle; needs to be tempered with adequate research and a rational study of the pros and cons.

Are you interested in starting or are already collecting watches? Let us know in the comments!

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Gavin Pereira

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Guaranteed Gifts All Around Including Cash Via TNG e-Wallet, Lazada e-Voucher, And More

The Unbox This Week credit card campaign is back with guaranteed gifts from four participating banks!

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

For this week (8 – 15 November), our featured bank partners include

Citibank, HSBC Bank, Standard Chartered Bank, and CIMB.
So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Citibank – RM700 Lazada e-Voucher

With the end of the year approaching, it’s time to splurge on gifts for loved ones and Citibank is giving you a guaranteed RM700 Lazada e-Voucher when you apply for selected cards from Citibank through us!

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

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

HSBC – RM600 Cash via Touch ‘n Go e-Wallet

We’re presenting you with guaranteed RM600 cash via Touch ‘n Go e-Wallet when you apply for a credit card with HSBC! From paying for tolls to purchasing your daily essentials, you can use the cash for anything you want!

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

Standard Chartered Bank – RM500 Cash via DuitNow

Standard Chartered is now giving ALL approved applicants guaranteed RM500 cash via DuitNow. Whether you’re looking to send some pocket money to loved ones or splurge on yourself, this gift can do it all!

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

CIMB – RM280 Firefly e-Voucher

CIMB is giving away a guaranteed Firefly e-Voucher worth RM280 to all its successful credit card applicants. Just apply, activate, and perform the first swipe of any amount to be eligible for this gift!

So, if you’re ready to hop back on a plane, this e-voucher can take you to your destination of choice be it for an island getaway or an urgent business meeting.

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

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

***

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

While this week’s flash deal ends on 1 November (1pm), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Chee Jo-Ey

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BNM Restores CCRIS Access For Credit Reporting Agency Experian

Experian Information Services has received approval from Bank Negara Malaysia (BNM) to once again access the Central Credit Reference Information System (CCRIS). This came following the central bank’s acceptance of Experian’s security assessment, which indicated no evidence of any compromise in its systems, servers, or facilities.

According to Experian, this approval makes it the first credit reporting agency to have its access to CCRIS restored after
BNM temporarily suspended CCRIS access
 for all such agencies at the end of September. BNM had made the decision after it was made aware of a potential cyberattack involving credit reporting agencies in Malaysia, with there being
eight agencies registered in Malaysia
.

“In line with BNM’s directive, Experian conducted an extensive internal security investigation and engaged an independent global expert in cyber security to conduct a security compromise assessment. All investigations have found no evidence of any compromise in Experian’s systems, servers or facilities,” the agency noted in a statement, adding that it has assisted in BNM’s investigation by providing all relevant compromise assessment documentation as requested.

Experian also acknowledged the necessity to maintain sound information security systems and protocols so as to protect the data integrity of their clients. It said that it frequently conducts regular checks and audits to ensure that its IT infrastructure, edge devices, networks and data are always protected.

The chief executive officer of Experian Malaysia, Dawn Lai further said that the agency is now actively working with its clients and consumers to resolve and re-establish any information gaps that may have cropped up during the suspension period. “Our goal is to enable them to return to business as usual expeditiously, with the highest level of service and commitment they have always received,” she said.

(Source:
Experian
)

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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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What You Need To Know To Keep Track Of Your Financial Health

Just as how you would make it a point to keep track of your physical health through periodic check-ups, it is equally important that you also monitor your financial health. This is one of the most important personal financial habits that you can develop as it lets you know where you stand, money-wise. It is only when you are aware of your financial standing that you can proceed to plan your long- and short-term financial goals, investments, retirement strategies, and so on.

Let’s take a look at a few key things that you need to keep track of to maintain good financial health.

Credit score

A credit score is a numerical representation of your overall financial health. It also reflects your creditworthiness, which is a measure of how likely you are to repay your debts in a timely manner.

Financial institutions rely on credit scores as one of the ways to help them decide if they should extend credit facilities – such as credit cards and loans – to a particular applicant. A higher credit score indicates better financial health, which puts the applicant in a better standing with banks.

Some factors that determine your credit score include your total outstanding debt, the types of loans that you are currently servicing, as well as your debt repayment track record.

But what exactly are the
benefits of having a high credit score
? Does it really have that much of an impact in your life? In a word, yes. Here are some ways how a high credit score benefits you:

Better approval chances

Banks will be more inclined to approve your applications for loans, credit cards, and other credit facilities if you have a higher credit score. This is because it is an indicator that you are unlikely to default on your loans, thus posing a lower risk as a borrower.

Faster approval process

With a higher credit score, your application can be approved within a faster timeframe because it will not need to go through as many approval checks. This means banks spend less time deliberating on your application, which also translates to less fuss and hurdles.

Higher credit limits

While banks typically determine your credit limit based on your income – the more you earn in a year, the more you are likely allowed to borrow – they also take into account the state of your financial health. If your credit rating is good, banks will be more open to trusting you with a higher credit limit.

More options

A good credit score makes you a prime customer for banks, which means that more banks will want to deal with you. In other words, you’ll have the liberty to compare and choose the credit facility from banks that best suit your preferences, instead of being forced to pick from a limited pool of choices that may not meet all your needs.

Better bargaining power

At times, you may find yourself needing to negotiate with your bank for something extra, such as a higher credit limit or more flexible repayment periods. In such situations, a good credit standing will give you better bargaining power; with a solid repayment history and minimal delinquencies, banks will be more likely to approve your requests.

Debt-service ratio (DSR)

You should also take note of your
debt-service ratio
 to check on how you’re doing financially, and if you are taking on too much debt. Simply put, your DSR is the comparison of your available cashflow to your existing debt, and it tells you how much of your income is going into paying off your financial obligations. A high DSR indicates a larger debt commitment, and it is generally agreed that a
DSR of less than 40%
 is optimum.

Banks, too, use the DSR as a way to assess your repayment abilities and to determine if you can still repay your debts should they approve a new credit facility for you. That said, each bank has its own acceptable DSR threshold and do not share a universal DSR benchmark. Some may be more cautious than others, approving primarily applications with DSR of below 40%, while others may accept applicants with DSR of 60% or more (depending on your income band).

Your DSR can be calculated by dividing
 your total monthly commitments
 by your
nett monthly income
. With regard to your total monthly commitments, be sure to include all non-bank debts as well, such as education loans with PTPTN. Meanwhile, nett monthly income is defined as your remaining income after you have deducted compulsory contributions, such as EPF and SOCSO. To illustrate, someone with a total monthly commitment of RM2,000 and a nett income of RM5,000 will have a 40% DSR.

Negative marks

Although this term is not usually used in Malaysia, “negative marks” essentially refer to a range of financial “misconducts” that borrowers have done which consequently affects their credit scores as well. These include actions such as missed payments, loan restructuring, and even too many credit applications within a short span of time. The term is likely derived from the fact that these actions lead to a reduction to your credit score.

Depending on the “misconduct”, they can stay in your credit reports anywhere between one to seven years – although some more serious ones may linger for longer.

Here are some red flags that work against your financial health:

Missed/late payments

Missed payments get recorded in your credit report if you are late by 30 days or more, and will negatively affect your credit score. The severity of this misconduct increases every
30 days it is not paid
, and the later you settle your missed payments, the greater the damage that is done to your score.

Loan restructuring

Loan restructuring basically involves
altering the type or structure of your existing loan
 so that you can get some form of financial relief. It usually requires a significant change to the terms and conditions of your existing loan, and a good example would be the conversion of overdrafts to term loans. However, this instrument also leaves a negative mark on your credit report, indicating less-than-stellar financial habits that lead to such a need in the first place.

Irrecoverable debts/Written-off debts

An
irrecoverable debt
 happens when your creditor gives up on collecting a debt from you, believing that you no longer have the ability to repay it. Like other delinquencies, this will also leave a negative mark in your report and can severely affect your credit score, making it difficult for you to qualify for future mortgages, loans, and so on.

On a separate note, some creditors may opt to pass off the account to a third-party debt collections agency, who may then make another attempt at recovering the amount owed. This is called
collections
, and will leave a separate negative mark in your credit report.

Bounced cheques

Bounced cheques happen when your cheques cannot be processed because of insufficient funds in your bank account. To be fair, bounced cheques may not necessarily get recorded as a negative mark in your credit report, but it can be flagged and will
damage your credit score in other roundabout ways
. For instance, creditors who do not receive due payment from you because of bounced cheques may report you for missed/late payments instead.

Bankruptcy

Individuals are declared bankrupt by the court of law through a legal proceeding when they are no longer able to repay their outstanding debts. In Malaysia, you can file for bankruptcy if the
amount owed is at least RM100,000
. While declaring bankruptcy can relieve you of your legal obligations to pay your debts, it will be reflected in your report and can significantly lower your credit score. Consequently, you will find it more difficult to apply for credit facilities from financial institutions in the future.

Legal records/Civil judgment

If you’ve lost a civil lawsuit that requires you to pay debts or damages, these will be recorded as a point against you in your credit report as well. Legal notices and actions that have been taken against you, with regard to your finances, will also be flagged as a form of precaution.

Special Attention accounts

Loans that are marked as
Special Attention accounts
 are typically non-performing loans that financial institutions have placed under special monitoring. This could mean that banks are working on collecting the loan from you after you’ve missed several rounds of payments. Loans that are under
special debt management schedules
, such as those arranged by the Credit Counselling and Debt Management Agency (AKPK), may also bear such a mark. In some cases, bounced cheques may sometimes appear here too.

***

With this, we hope that you have a better grasp of your financial health, and will be more motivated to keep track of it!

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Maybank Amex Campaign Offers RM10,000 Travel Voucher Grand Prizes, RM50 Cashback Monthly Prizes

Maybank is currently running its American Express (Amex) Credit Card – Register, Spend & Win campaign in conjunction with the upcoming Ramadhan month, where eligible Amex credit cardholders will stand a chance to win grand prizes of RM10,000 travel vouchers. Set to run for three months until 15 June 2023, this is in addition to monthly prizes of RM50 cashback.

To participate in this campaign, you must be an existing or new Maybank cardholder with any of the following cards:

Maybank 2 Amex Platinum credit card

Maybank 2 Amex Gold credit card

Maybank Amex Gold Cash Back credit card

Maybank Islamic Ikhwan Amex Platinum credit card-i

If you are, then you can go ahead and use your Amex cards to spend on qualifying expenses for the campaign. By becoming one of the top 300 highest spenders of each month, you’ll then be entitled to a cashback reward of RM50. Meanwhile, the top three highest spenders during the whole campaign period will win a travel voucher worth RM10,000 each.

Here are the key details of the prizes provided under this campaign:

Prizes
Details
Criteria
Quantity
Grand prizes
Travel voucher worth RM10,000
Top 3 highest spenders of the whole campaign period
3x for the whole campaign period
Monthly prizes
RM50 cashback
Top 300 highest spenders of each campaign month
300x for each campaign month (900x for whole campaign period)

Maybank also clarified that qualifying spend for this campaign includes the purchase of any retail goods or services (local and international). Meanwhile, transactions such as instalments paid under Maybank’s Flexi Payment Plan and Easy Payment Plan, as well as balance transfers are not eligible.

Note as well that all cardholders are only allowed to win one monthly prize and one grand prize. So let’s say you’ve won the monthly prize for Month 1, you will not be allowed to win another RM50 cashback reward for the subsequent months. However, your following monthly expenditures will still count towards your cumulative spend to win the RM10,000 travel voucher grand prize.

As for prize fulfilment, the grand and monthly prizes will be provided to the winners within 12 weeks from the end of the campaign period. Specifically, the RM50 cashback reward will be credited to your credit card account, while the RM10,000 travel voucher will be delivered to your home address; you’ll be notified of your win prior to that.

Maybank Amex cardholders who would like to participate in this campaign will need to perform an SMS registration by sending a message (
AMEX<space>last six digit of NRIC or passport number
) to 66628. Additionally, cardholders with more than one Amex card are only required to register once; all qualified spend from all cards will be automatically tracked and consolidated as one total spending.

(Source:
Maybank
)

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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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You could be bankrupt and not even know it

Just like an illness or tragedy; most people assume

bankruptcy is something that happens to other people. The reality is it could

happen to anyone and scarier still is that you may not even be aware of it.

Recently we took
an in-depth look at the mechanics of bankruptcy in Malaysia
. Today, we’ll show you how you can be made bankrupt without suspecting a thing. Bankruptcy

lawyer Shamalah Selvarajah, a partner at Messrs. Bodipalar, Ponnudurai De

Silva, joins us again to explain how this happens.

The issue of notice

Bankruptcy proceedings begin, when a Request to Issue a Bankruptcy

Notice and Bankruptcy Notice is filed in Court. Shamalah tells us: “The

Bankruptcy Notice shall be served by way of personal service to the debtor*. In

the event this cannot be done, the creditor* will apply to the court to have it

done via ‘substituted service’. Substituted service means the notice will be

sent to the debtor at his last known address, posting it onto the Court Notice

board and taking out advertisements in a local newspaper. In cases of

substituted service, the debtor may not be aware that proceedings have been

brought against him.”

The problem happens because the law works in such a way that

“Substituted service” is good and proper service; it doesn’t matter if you see

it or not, notice is assumed to have been given. Bankruptcy proceedings could

begin even if you aren’t present in court. When you aren’t present, a creditor

can obtain a ‘judgment in default’ against you. You can be made bankrupt

without setting foot in court.

This happens simply because many people don’t update their

mailing addresses and thus miss the notices. Some may have been guarantor for a

debtor who defaulted on payment and thus weren’t aware they were being pursued

for payment.

And honestly: how many people would head down to the courts

to look at their notice boards or read all the bankruptcy notices in the paper?

Why is this?

The law works in this way to protect lenders from absconding

borrowers. For many fraudulent or desperate borrowers; they avoid repayment by

purposefully going missing. In such situations, they would be unlikely to

attend a court date.

The unfortunate situation is thus created that those

genuinely unaware are caught.

What should you do?

We wouldn’t recommend reading every page of the bankruptcy

notices in the paper every day: unless you have nothing better to do with your

time. But some administrative action can go a long way.

When you move to a new home; always inform your

bank of the change of address;

If you have been a guarantor for a loved one, ask

the bank in question to send payment due notices (if any) to your address as

well as the primary borrower. Also be sure to update your personal information

with the bank as and when necessary;

If you have stood guarantor for any loan; it is

best to do a bankruptcy check periodically. You can do this via
MYEG’s

e-Insolvency service. You will have to fill a form and return it to them along

with a fee of RM12 per name. The results typically take 5 days to process.

If you have been declared bankrupt and wish to dispute it or

find out more about what your options are: contact the officer in charge at

your nearest Insolvency Department branch.

* A debtor is a person owing money. A creditor is a person

to whom money is owed for services, products or loans.

Shamalah Selvarajah is

a partner at
Messrs Bodipalar Ponnudurai De Silva
. She has been in practice for

almost 13 years, primarily in civil litigation and has also built a reputation

in the specialised filed of bankruptcy having handled matters in the High

Courts and the Court of Appeal

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What's Different About Budget 2018 Compared to Budget 2017?

The recent Budget 2018 announcement by our Prime Minister, Datuk Seri Najib Tun Razak took many by surprise, with over 7% higher total budget allocation compared to Budget 2017.

Budget 2018 is focused on the theme ‘Prosper with inclusive economy, balancing
duniawi
 (worldly) and
ukhrawi
 (other-worldly) excellence to better the lives of the rakyat towards TN50 aspirations’, which isn’t too different from Budget 2017’s theme of ‘Accelerating growth, ensuring fiscal prudence, enhancing well-being of the
rakyat
’.

A few new budget allocation categories in Budget 2018 include a RM30 million allocation for medical tourism as well as a RM328.5 million allocation towards digital economy.

Although there’s no increase for BR1M in Budget 2018, it’s been noted that an amount of RM6.8 billion (same as Budget 2017) will be distributed among eligible Malaysians at a maximum of RM1,200. This is expected to benefit around 7 million Malaysians mainly under the B40 household category, who in majority earn an average household income of RM3,000, just as it did in 2017.

Budget 2018 also mentioned a number of benefits and allocations for the M40 household group (average household income of less than RM9,000), such as a 2% income tax reduction for those who earn an annual income of between RM20,000 and RM70,000.

Good news for expecting parents (and parents in general), through the ADAM50 programme, all children born between 1st January 2018 to 2022 will be eligible for an Initial Savings Fund of RM200 via PNB’s Unit Trust Scheme. Also, the government is proposing an increase of maternity leave to 90 days (from the current 60 days) for employees in the private sector.

Want to know what else is different in Budget 2018 compared to the previous year? Check out the full play-by-play in our infographic below!

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4 Simple Ways Money Can Buy Happiness

We’ve been told time and again that money CAN’T buy happiness. Lots have been done to find out whether this assertion is true and results bordered on it being the contrary.

Perhaps Frank McKinney Hubbard was on to something when he said, “Money can’t buy happiness, but it helps you to look for it in many more places.”

Wealth alone does not warrant happiness but what matters is how people use their money. Exactly how might the good old ringgit contribute to the existence of your happiness?

We found four simple ways you can use the money you have to be more content.

Buy Experiences and Moments

Most people tend to think that buying material things makes you happier because it is tangible, rather than experience which seems to have a more fleeting quality.

Though not entirely untrue, we can easily adapt to the existence of material purchases in our lives making it’s happiness factor quickly reduce.

Buying physical possessions may make you happy initially, it quickly loses its fizzle as you get used to the item. Meanwhile,
experiences tend to make us happier for longer
 as their value lingers over time.

This doesn’t mean you shouldn’t buy material things. Just also take some time to spend your ringgit on moments with family and friends or simply gaining new experiences on your own.

The memories you gain will certainly be priceless.

Buy Some Time for Yourself

How does one buy time? Not to be taken literally, this refers to the ability to dictate what you do with your time using your money.

Outsourcing tasks you dislike is one way to buy time. Hiring a personal assistant is perhaps a stretch but there are freelancers and online virtual assistants offering their services at affordable rates for all those niggling little tasks you rather not do.

This allows you to have more free time on your hands to spend it towards what makes you happy such as hobbies and spending time with family and friends.

Time off for yourself is also important to make you happy. So earn more of it by cutting commute time; working only within your working hours and forgo the overtime.

Spend some me-time with yourself for that much needed bliss. You’ll find it well worth the cost!

Give to Those in Need

Using your money for someone else can do wonders to your happiness level. You do not necessarily need to give cold hard cash to people.

Simple gestures like paying the toll fee for the car behind you (and at the new toll rates, the person will
really
 grateful); donating to a charity organisation; or treating a friend to lunch will be enough to have you reaping the benefits.

It is not about the amount you give but rather the impact of your donation. If you can see your money making a difference in other people’s lives, it will make you happy even if the amount you was a trifle.

Paying Your Dues

There’s nothing quite like the feeling you get once you’ve paid all your bills and have successfully kept the creditors at bay.

One of the biggest causes of
unhappiness
 is the inability to make ends meet; to be hounded by those we owe money and feel like there is no end to our indebtedness.

Having the means to pay your dues will obviously help you feel free enough to enjoy the time and money you do have remaining with no feelings of guilt or censure.

Are you particularly strapped for cash at the moment? Get a momentary salve by applying for a personal loan. Our handy
personal loan calculator
 will help you decide on the best loan for your needs and give you an idea of how much you will be paying monthly. You can even
win a new car
 (that should make you happy!).

There is more to life than money and there is certainly more than one way to be happy. While money may not be able to directly buy happiness but it’s certainly an important part of the equation.

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Ilyah Jamalludin

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SME Businesses: What Are They Anyway?

Starting your own business is something we talk about quite often here on RinggitPlus. We cover topics from how to get started with
making money off of your hobbies
, the
different kinds of business entities
 you can register as, and even
what to figure out before you even start
 a business of any kind.

Knowing the kind of company you have will not only affect your day-to-day operations, it would also affect how the government treats you and what sort of perks or pitfalls you should pay special attention to.

One category of enterprise that plenty of new businesses fall into would be SME businesses or Small Medium Enterprises. Not quite sure what that entails? Let’s explore this type of enterprise further then.

What Qualifies As an SME Business?

SME stands for Small or Medium Enterprises, which means their number of assets, number of employees, and amount of revenue have to be below a certain threshold to qualify. The thresholds depend on which industry the enterprise operates in, which country it’s based in, and several other factors.

SME businesses play an important role in most economies but particularly so for emerging economies like Malaysia. SMEs contribute 80% of new jobs in emerging economies and most people with formal occupations in these economies work for an SME.

The strength of SMEs is that they can innovate faster and come up with new solutions to existing problems in their industry. However, due to their modest size and relative volatility compared to larger enterprises, it’s harder for them to secure funding and capital. But since their continued growth is an essential contributor to developing economies like Malaysia, it bodes well for the government
to provide some assistance to help them along
.

Before they can do that though, they would need to determine the specific criteria that describes SME businesses in Malaysia.

SME Definition According to Suruhanjaya Syarikat Malaysia

As we’ve mentioned above, different countries around the world apply different rules when deciding whether or not an enterprise counts as an SME. For Malaysia, the Companies Commission of Malaysia (Suruhanjaya Syarikat Malaysia)
defines SME businesses like so
:

Category

Small

Medium

Manufacturing

Sales turnover from RM300,000 to less than RM15 million OR full-time employees from 5 to less than 75

Sales turnover from RM15 million to not exceeding RM50 million OR full-time employees from 75 to not exceeding 200

Services and Other Sectors

Sales turnover from RM300,000 to less than RM3 million OR full-time employees from 5 to less than 30

Sales turnover from RM3 million to not exceeding RM20 million OR full-time employees from 30 to not exceeding 75

Based On This, I Think My Business is an SME Business… Now What?

Now you can head over to
SME Corp Malaysia’s official website
 and see the resources available to you. Their assistance programmes include, but are not limited to:

Financing Schemes and Soft Loans

Mentoring Programmes

Internship Programmes

Technology Adoption

Infrastructure

Human Capital Development

These programmes also include training, courses, and resources on how to beef up your enterprise, be more competitive in the market, as well as assist your business in coming out on top. And since most side businesses will probably fall under the SME category, your
side gig would definitely benefit from these initiatives
.

Explore Your Business Financing Options

Another thing you should think about as an SME business owner is financing. Taking out a loan for your business is a common means of funding and running your operations. You can choose to take out either a business loan or a personal loan – business loans may have
lower interest rates
 and larger financing amounts available, but
personal loans are usually easier to obtain
.

You may know that you can obtain loans from banks, but you can also take one out from a
licensed moneylender instead.
 Licensed moneylenders are like banks in that they legally lend out cash at an interest; they’re just not considered banks because they don’t offer the other services that banks do. Licensed moneylenders tend to charge higher interest rates than banks, but it’s generally considered easier to obtain a loan from a licensed moneylender than a bank.

You can consider obtaining a loan from a licensed moneylender such as
Icon Venture Capital (IVC)
. IVC provides both personal and business loans across a range of interest rates from 8% to 18% per annum with zero processing fees and set early termination and late penalty fees (6-month interest and 8% of outstanding amount respectively). So, if you need to take out a loan for your SME business, consider licensed moneylenders as a viable alternative to traditional banks.

Build A Better SME Business

Now that you know how to tell if your business is an SME, the important role you play in the country’s economics, and how you can take advantage of the opportunities provided by the state, we hope you can use this information to build and grow a better SME business for yourselves.

Have anything to add to this article? Do share your thoughts and ideas with us in the comments section down below!

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Ahmad Mudhakkir

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Shopee eDuit Initiative Offers RM100 To New Shopee Users

Shopee has rolled out a new initiative called eDuit, which will provide new Shopee and ShopeePay users with a cash gift of RM100. Provided in the form of e-credits and vouchers, this effort aims to encourage more Malaysians to participate in the digital economy, expand the country’s digitalisation efforts, as well as assist Malaysians in coping with the ongoing Covid-19 pandemic.

According to Shopee, this campaign is open only to Malaysians who have never made a purchase on Shopee prior to this (first-time Shopee/ShopeePay users). You must also activate and verify your ShopeePay Premium account with your IC. If you qualify, then you will be able to benefit from the following eDuit incentives:

eDuit incentives
Details
Validity period
RM25 ShopeePay credit
Provided upon successful activation of ShopeePay premium account
7 days upon being credited into your account
RM15 welcome voucher
Applicable for first purchase made on Shopee (minimum spend of RM18 required)
30 days after claim
RM60 ShopeePay vouchers
Offers discounts and cashback for purchases at participating offline merchant stores
14 days upon being credited into your account

To participate in this campaign, you are required to first click on “Join Now” and fill in a campaign form (the campaign form is only accessible via the Shopee app). Once that’s done, go ahead and activate your ShopeePay Premium account with your IC within seven days of the submission of your form. IC verification approval will be granted within three working days, after which you will receive your eDuit rewards (RM25 ShopeePay credit and RM60 ShopeePay vouchers) on the upcoming Wednesday. Note that the RM15 welcome voucher has to be manually claimed, and is provided on a first-come, first-served basis.

Upon receiving your rewards, be sure to take note of their validity periods as any unused credit and vouchers will be automatically removed from your account after expiring. Additionally, check the terms and conditions for each voucher provided as they come with their own spend requirements.

The chief operating officer of Shopee, Terence Pang said that the eDuit campaign is introduced to help alleviate the burden of consumers and to give them access to affordable daily essentials during this difficult period. “This effort is also in line with Malaysia’s digital agenda which aims to drive digitalisation of retail through e-commerce, as well as contactless transactions,” he said, adding that the eDuit initiative is also offered in conjunction with the upcoming Shopee 9.9 Super Shopping Day event.

Meanwhile, the chief digital business officer of Malaysia Digital Economy Corporation (MDEC), Aiza Azreen Ahmad chimed in to say that Shopee’s eDuit campaign echoes MDEC’s goals in encouraging digitalisation. It also has the added effect of spurring the country’s economy and assisting in sustaining businesses and livelihoods. “This is also in line with the government’s initiatives such as PEMULIH and is a welcomed effort as we seek to step up public-private collaborations in face of challenges during these business unusual times,” she said.

(Source:
Shopee
)

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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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Import Items That Are Actually Worth The Money

Imported goods are often more expensive than their local equivalents, still some wouldn’t mind spending extra to buy them. Possible reasons as to why this is so might relate to the larger variety of products available from foreign brands or simply as a matter of individual tastes.

So what are the best import items to spend money on? Check out these four categories of goods that had to travel quite a bit before making it into your shopping cart:

Chocolates

Malaysia’s very own chocolate brands such as Beryl’s, Vochelle and Tudor Gold are yummy confections in their own right. Still, certain US, UK, Belgian, Swiss and Australian-made chocolates have distinctly different tastes that tempt us to spend a little more in pursuit of them.

While it might just be a matter of preference, quality chocolates are a worthy splurge come payday, especially for chocoholics. Some expensive foreign favourites include Toblerone Swiss Milk Chocolate Nougat (
RM10.99
), Ferrero Rocher Chocolate 8s (
RM25.80
), Mars Chocolate (
RM13.65
), Ritter Sport Dark Chocolate 100g (
RM10.89
), Kinder Bueno Milk & Hazelnut (
RM10.89
).

Cheeses

Popular local cheese products like cheddar cheese slices and spreadable cream cheese are a cost-effective addition to sandwiches and breakfast foods, but when it’s time for a treat, fans of speciality cheeses might look to overseas brands.

Foreign cheeses come in a wide variety and furthermore, some of the world’s best cheeses originate from outside Malaysia (e.g. Italy, England, France and Switzerland). At your local supermarket, you should be able to find these slightly more expensive imported cheeses such as French-produced Bonbel Mini Cheeses (
RM13.29
), European-imported Emborg Edam Wedges (
RM18.55
), and US-made Monterey Jack Chunk (
RM15.47
).

Fruits

Malaysian fruits like durian, rambutan, mangosteen, jackfruit and guava are favourites we’ll probably never tire of but that does not mean we don’t love our imported fruits as well. Apricots, cherries, kiwi fruits, peaches, cranberries and blueberries can be rather expensive but when fresh, completely worth it.

Now, we also tend to import certain fruits that we can grow locally like strawberries (from the US or Australia) and mangoes (from India). This is probably due to its difference in quality and taste.

Teas

While we can get our hands on quality home-grown tea leaves from Cameron Highlands, imported teas from China, India, Sri Lanka and Japan are known to be some of the world’s finest. If you’re serious about tea then it might be worth the extra cost.

Imported
Japanese green tea
 costs over RM20 per box while a comparable
local alternative
 retails for only RM11.90. Expensive buys like these probably aren’t a staple for most but will likely be placed on our shopping lists when it’s time for a treat.

Region-Exclusive Merchandise

If you’re a fan of, say, Harry Potter, and are keen on owning officially-licensed merchandise, it might be better to travel overseas or get them imported to ensure the authenticity of said item. This is true if you’re a fan of other creative properties famous for collectables like Star Wars, Lord of the Rings, or any other form of geekery.

Some models of electronics or devices also might be regionally-exclusive and can only be bought or imported from certain regions. When buying devices like these, you should always do your research thoroughly to avoid any incompatibility problems once you bring them into the country.

Still, don’t be hesitant to try out Malaysian-made alternatives in lieu of your foreign favourites; you’ll be supporting our local industry and who knows? You might find something even better!

If you are buying imported goods every now and again, you might want to think about getting a rewarding credit card that brings you valuable cash back rebates for bigger savings. Check out our
comparison page
 to find a card with the right stuff.

Don’t forget to head to Our Travel Getaway Campaign for a chance to visit
Bali
 or any of the 19 attractive destinations with free return flight tickets!

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Government Extends Deadline For Bantuan Prihatin Rakyat Registrations

(Image: Malay Mail/Miera Zulyana)

The Ministry of Finance has extended the deadline for new registrations and updates for Bantuan Prihatin Rakyat (BPR) by ten days to 25 February 2021. Previously, the registration and update period was meant to take place between 15 January to 15 February.

According to Finance Minister Datuk Seri Tengku Zafrul Aziz, this is aimed at ensuring that the BPR aid is received by eligible parties while taking into account the current movement control order (MCO) implemented in most parts of the country.

“Only applicants who have not received the Bantuan Sara Hidup (BSH) 2020 or Bantuan Prihatin Nasional (BPN) B40 aids and households earning RM5,000 and below in a month need to make new applications,” the finance minister’s statement read. “This includes newly vulnerable groups who are eligible to apply due to a change in income status following Covid-19.”

(Image: Malay Mail)

Datuk Seri Tengku Zafrul highlighted that with this process, a section of those who previously did not qualify and have not received BPR still have a chance to put forward a request for re-verification. Meanwhile, BSH 2020 recipients and BPN B40 applicants need not make any new registrations or updates if there have been no changes to their information.

The
BPR
 was first announced during the tabling of Budget 2021 as a replacement to the BSH B40 assistance scheme. Currently, Lembaga Hasil Dalam Negeri (LHDN) has received almost 550,000 new applications that require verification and system cross-checks. The first phase of BPR payments will be given out at the end of this month, while the second phase is expected to be carried out in early May.

(Source:
Ministry of Finance
)

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Would You Buy Pet Insurance?

Insurance is something we buy to protect the things we love. This is why there are insurance policies for cars, houses, and health. But what about our pets? We love them, too. Don’t they deserve to be protected the same way?

Pet insurance is a real thing you can get in many countries but unfortunately it didn’t quite take flight in Malaysia. But what is it exactly? We drew on international examples to find out.

It Works a Bit Like Health Insurance, But For Your Pet

Your pet can be insured against things like injuries, illnesses, and other medical costs just like a human health insurance policy. But in some other ways, it works a bit like property insurance in that the owner of the pet is reimbursed after the pet has received care and the owner has submitted a claim to the insurance company.

Previously, most pet insurance plans did not pay for preventative care such as vaccinations or elective procedures such as neutering. Recently, however, some companies in Canada, the United Kingdom and the United States offer routine-care coverage.

These include dental care, prescription drugs, and even alternative treatments like acupuncture. Talk about comprehensive coverage!

It Protects You If Your Pet Did Something Nasty

Yes, being the master of a creature with fangs and claws is definitely a liability. Ever had your pet unwittingly destroy a beloved heirloom, or cause injury to a neighbour’s kid? Oof. No need to panic, some pet insurance plans offer protection against these liabilities.

This means that should your pet cause these types of accidents, the insurer will pay to rectify the damage for which the owner is responsible. No idea if the insurer can pay for the cost of your dog having eaten your homework, though.

It Also Protects Your Pet If Something Nasty Happened to You

Some insurance plans can even take into account what would happen to your pet if you get hospitalised. These plans include covering the boarding costs for your pet should they require some place to stay in your absence.

Speaking of absence, certain plans may also cover the costs of cancelling your travel arrangements if your pet is the one sick instead and you’re forced to stay home.

An important reason to have pets is for companionship and being away can cause stress for both parties. So it’s quite thoughtful that some pet insurance plans offer this.

It’s Not Just For Cats And Dogs

We’re sure that the entire time you’re reading this, you’ve been thinking of insuring your adorable puffy furball nipping at your feet. Or protecting yourself from that fuzzy audacious one knocking the stationery off your desk. But pet insurance isn’t just for cats and dogs, as it turns out.

You can insure a host of other different animals that people keep as pets, too. Horses and rabbits are among the kinds of pets you can get protected. Alongside birds, lizards, snakes, and yes, even hedgehogs. If they deserve to live in your house like family, they deserve to be insured like family, too.

Owning a pet is a huge responsibility and for those who have lived among pets all their lives, they know how important a family member their pets can be.

Pet insurance sounds like an awesome policy to have but can we take one out in Malaysia?

The Almost Non-existent History of Pet Insurance in Malaysia

We were sad about this when we found out: the only insurance company that
used to offer pet insurance (Kurnia)
 stopped doing so a few years ago. We can only guess it’s because not many people knew about it or used it enough for it to be profitable for the insurance company. Boo.

A quick call to Kurnia confirmed they no longer offer such a policy. Similarly, a company called PetNation once advertised the introduction of a new pet insurance policy but again, our hopes were dashed when we called them up and were told the plans were scrapped.

Considering a very recent report on how
under-insured Malaysians are even for their own medical and life needs
; it doesn’t appear far-fetched that they would similarly lag behind in getting adequate insurance for their pets. Perhaps it is this lacklustre response that caused insurance companies to do away with their policies.

But is it a problem of demand or one of awareness?

Would YOU Buy Insurance For Your Pet?

We can continue the rhetoric til the cows come home (insured or not) but what really matters is if there is a big enough market for pet insurance or if a lack of awareness on the availability of policies hampered it’s implementation.

If you have a pet, do you think you would be interested in such an insurance policy? If so, how much would you be willing to pay in premiums? Let us know in the comments.

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