Departure Levy Bill Passed In Dewan Rakyat, To Be Imposed For Air Travel Only

The Departure Levy Bill 2019 that proposed a departure tax for anyone flying out of the country was passed one day after its second reading in Parliament. According to Finance Minister Lim Guan Eng, it is to be imposed after Raya Haji (11 August 2019) instead of the original 1 June proposed date.

The reason behind the proposed departure levy was to encourage domestic tourism. During the tabling of Budget 2019 last November, the
proposed departure levy
 rates were RM20 for ASEAN countries and RM40 for non-ASEAN countries. However, during the Dewan Rakyat tabling, no levy amount was mentioned —the rate may be fixed, varied, or be amended by the government.

According to the Bill, a heavy penalty will be imposed on those who avoid paying or complying with the law. Any person failing to conform is liable to a maximum penalty of RM1 million in fine and a five-year jail sentence or both upon sentencing.

There were a few concerns raised by the opposition lawmakers during its second reading on Tuesday (9 April). One is whether the tax should be imposed on those travelling to neighbouring countries every day for work.

“We make it specific, that it is only by air, so that it cannot be abused by other people after this,” Deputy Finance Minister Datuk Amiruddin Hamzah said. Therefore, travellers using other modes of transport will not have to pay the departure levy — including those travelling to Singapore and Brunei daily to work.

Besides that, there was also concern that the levy implementation would impact Muslims performing Umrah and Hajj. Guan Eng assured first-time pilgrims going to Mecca will get an exemption from paying it.

(Source:
Free Malaysia Today
,
The Star
)

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Hayatun Razak

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Digital Banks Will Spur Financial Innovation, But Impact Limited In Next Three Years

RAM Rating Sdn Bhd (RAM Ratings) has noted in a commentary that although digital banks may spur financial innovation and accelerate the digital transformation of the Malaysian banking landscape, their impact will be limited in the next three years. This is due to the restriction on the asset size of the digital banks, which is curbed at less than RM2 billion, which account for only 0.3% of the industry asset.

“Bank Negara Malaysia (BNM) also requires digital banks to focus on financial inclusion to address the market gaps in the underserved and unserved segments. This will temper the head-on competition with traditional banks in the mass retail and SME markets,” said RAM Rating’s co-head of Financial Institution Ratings, Sophia Lee, in a statement released in conjunction with the commentary.

(Image: The Star)

The digital banks may also see their impact and profitability constrained during the early years due to the substantial expenses in developing their ecosystem. There is also a need to spend on occasional promotional rates so that they can grow amidst the competitive business environment.

Adding to this, digital banks are required to obey the same regulatory framework as commercial banks, which will also check their growth. This is despite simplified capital adequacy and liquidity requirements that are set during the initial three to five years.

“That said, we do not expect digital banks to compete with unsustainable rates as they are required to prove their profitability and business sustainability to maintain their licences,” said RAM Ratings.

According to the
credit rating agency
, digital banks also have the advantage of lower operating costs because of the reduced need for human intervention. It can also make use of artificial intelligence, big data analytics, and other predictive algorithms to offer alternative assessment of credit risks, thus allowing more people to benefit from its financial products. This would include at least 8% of the unbanked adult population in Malaysia, as well as SMEs without access to traditional financing options.

(Image: The Sun Daily)

Ultimately, digital banks will have a more meaningful impact on the banking industry in the long run, particularly for traditional banks that fail to improve their digital offerings in time.

BNM has previously announced that it will be issuing up to
five digital banking licences
. Several parties have expressed interest thus far, including
Axiata
,
Sunway Group
,
Razer, Grab, and AirAsia
. Hong Kong-based investment banking firm,
AMTD
, has announced that they, too, are seeking to apply.

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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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Experts Urge Govt To Consider Setting Up National Health Insurance Scheme

(Image: NSTP/Effendy Rashid)

Several experts have come forward to further urge the government to consider setting up a national health insurance scheme, given that it offers quite a fair bit of advantages. This came following the reveal of the Health White Paper recently, which is aimed at reforming the Malaysian healthcare system.

According to Professor Dr Sharifa Ezat Wan Puteh from Universiti Kebangsaan Malaysia, a national health insurance scheme will give the people the choice of going to a public or private healthcare provider, thereby relieving the burden on public hospitals and clinics.

“Most of us are not covered by insurance. That’s why we flock to the public healthcare system, and that’s why we have a huge backlog and the healthcare system is collapsing as it cannot sustain this,” Prof Sharifa Ezat said, adding that the healthcare services provided under the national health insurance scheme would be paid through reimbursement packages by the government – which are funded through premiums provided by the population, or are partly subsidised. She also stressed that sin taxes – referring to taxes on items such as alcohol or tobacco – were not the only way to fund escalating healthcare costs.

(Image: Channel News Asia)

Aside from highlighting the need for a national health insurance scheme, Prof Sharifa Ezat also applauded several recommendations highlighted in the Health White Paper, particularly those aimed at reforming the financing of Malaysia’s healthcare system. These included the proposal to revise the fees at public healthcare facilities based on a patient’s income bracket, as well as to raise the fees at these facilities from the current RM1 and RM5 to a more reasonable amount.

Meanwhile, Associate Professor Dr Malina Osman from Universiti Putra Malaysia said that she is also supportive of the move to introduce a national health insurance scheme, as well as to revise the fee structure for the healthcare industry. She further noted that specific mechanisms need to be introduced in order to assist those who cannot afford to pay for medical services, such as those from low-income groups.

Public health expert Datuk Dr Zainal Ariffin Omar, on the other hand, acknowledged that some of the issues and recommended strategies presented in the Health White Paper can be quite sensitive given the current political and economic climate in the country. As such, it will take a lot of effort from the government to get the public to come around and understand as well as accept the necessity of it.

(Image: The Star/Faihan Ghani)

That said, Datuk Zainal – who is the former health director of Pahang – stressed that these issues must be raised and tackled if the government wishes to improve the delivery of healthcare services within the country. Some key matters to be addressed via the new system include harmonising the current dichotomy of healthcare delivery between the public and private sectors, as well as developing a system for certain groups (such as the B40 and M40), and a system of fees from social and insurance schemes for the rest of the people, he said.

For context, the Health White Paper was released earlier this week on 13 June 2023. It outlined the challenges and gaps that existed in Malaysia’s current healthcare system, and shared various recommendations on how to reform it over the next 15 years. Health Minister Dr Zaliha Mustafa had also previously said that if the Health White Paper is approved,
her ministry will develop a national health insurance scheme
, including contribution rates, health benefit packages, and the payment mechanism for healthcare providers.

(Source:
The Star
)

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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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PM Anwar: RM100 E-Wallet Credit For Malaysians With RM100,000 Annual Income And Below

(Image: Bernama)

Prime Minister Datuk Seri Anwar Ibrahim has announced an RM100 e-wallet incentive for all Malaysians aged 21 and above who earn an annual income of RM100,000 or less.

“The estimated number of eligible recipients is expected to be around 10 million
rakyat
 comprising of those B40 and M40, with an allocation of around a billion ringgit,” said the prime minister during the launch event of the
Ekonomi Madani: Memperkasa Rakyat
 framework. He also commented that this new e-wallet credit incentive was driven by the success and impact of previous programmes.

Specifically, Datuk Seri Anwar noted the success of the most recent e-wallet credit initiative, the
eBeliaRahmah programme
, which provided eligible youths with RM200 worth of e-wallet credit. Three e-wallets were involved in the programme, namely Boost, Setel, and Touch ‘n Go (TNG) eWallet – each offering additional perks to sweeten the deal as well.

Other e-wallet credit initiatives that had also been rolled out in the past include
e-Tunai Rakyat
,
ePemula
, and
eBelia
.

Specific details regarding the latest RM100 e-wallet credit initiative – such as the participating e-wallet service providers and the distribution process – have not been disclosed as of yet, but it is highly likely that the government will adopt a similar method to the eBeliaRahmah programme.

(Source:
Malay Mail)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Nor shafiyah binti osman

    1 month ago

How to claim? And housewife also can claim?

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    Sifimohamad

    1 month ago

Bagus PM

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Here’s The Safest Credit Card You Didn’t Know You Needed

In recent times, there has been an unfortunate flurry of financial fraud cases such as scams, security breaches, unauthorised access to bank accounts and unauthorised credit card transactions. It was recently reported that losses from financial scams totalled
RM39 million
 from October 2022 to January 2023, based on over 16,000 contacts to the National Scam Response Centre (NSRC).

With more and more transactions now available online, payments have become more convenient but at the same time increases the risks of fraudulent activities due to security breaches. Financial institutions play a critical role in cyber and financial security to provide a secured environment for financial transactions. Given how serious matters have gotten, it is not surprising that a bank’s or financial institution’s approach to combat financial crimes influences users’ choices.

In trying to keep our data safe, Malaysians are actively finding ways to
improve their financial security
 to avoid falling victim to these crimes.

Meet The Safest Credit Card You Didn’t Know You Needed

The all-new Alliance Bank Visa Virtual Credit Card is one that can mitigate various safety concerns that everyday users may have. This card has evolved from the ways of traditional credit cards, empowering users with modern features that give greater control as well as convenience. On top of that, there are additional layers of security that further reduces the risk of financial fraud.

Alliance Bank Visa Virtual Credit Card is Malaysia’s first credit card to offer a unique Dynamic Card Number (DCN) feature. Let’s dive deeper into what this means.

A Feature That Significantly Lowers The Risk Of Financial Fraud

The traditional credit card (or debit card, for that matter) comes with a sequence of 16 to 19 digits embossed on it. When making a purchase, the card number acts as an identifier that provides information, such as the bank provider and account holder, to the merchant.

When this number, paired with other details such as the security number, falls into the wrong hands, the account holder may become a victim of a financial crime.

Alliance Bank Visa Virtual Credit Card offers cardholders a much safer way of making payments through its Dynamic Card Number feature. It can generate a random 16-digit number which lasts only for 30 minutes to provide an added layer of security that cancels automatically after it is used. This can protect your identity if you are frequently making online payments to different merchants.

Generate One-Time Card Numbers or Card Numbers For Recurring Payments

By accessing the allianceonline mobile app, cardholders can generate a random card number for one-time payments, as mentioned above. This will come in handy when you make one-off purchases such as your groceries, petrol, meals, and others.

Each card number will last 30 minutes and the cardholder will not be charged for generating a new one each time. However, the app will display a warning if the user continuously generates the card number without purpose or usage.

So how about recurring expenses? We all have subscriptions and utility bills that we pay for on a monthly basis. The Alliance Bank Visa Virtual Credit Card will work for those payments too.

When you create a card number on the app, you could select ‘Subscription’ instead of ‘one-time’ and set a personalised limit and expiry date for each virtual card. For example, you could set up a virtual card for your streaming service that lasts for 6 months and has a monthly limit of RM50.

Each card number generated is free and isn’t chargeable. You will only be charged an SST fee of RM25 on a yearly basis regardless of how many virtual cards you decide to create.

Freeze/ Unfreeze Your Card Or Delete It In Just A Few Taps

If, in any case, you notice any suspicious activities with your Alliance Bank Visa Virtual Credit Card, you could temporarily block all transactions charged by freezing the card on the app. You may also unfreeze the card without going through the hassle of calling customer service and waiting for the bank to take the necessary actions. Instead, you can have it done immediately on your own.

For cards that are no longer in use, you could delete it and it will be removed from your app. To use a new card number, simply generate a new one to make a transaction.

Apply & You Could Walk Home With A Double Cashback Reward

Sign up for the Alliance Bank Visa Virtual Credit Card and you could take home RM1000 Touch ‘n Go eWallet Credit on top of a guaranteed gift of RM200 Touch ‘n Go eWallet Credit.

Just apply using the code “
RPVCC
”, get approved, and activate your Virtual Credit Card to be among the lucky winners!

Terms & Conditions apply.

Sign up for the all-new Alliance Bank Visa Virtual Credit Card to enjoy a safer and more personalised banking experience.
Click here
 to begin your application journey.

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How to Better Use Your Fridge to Save on Food and Electricity

Your refrigerator is the only appliance in your house that runs all the time even when you’re not home. Which means it costs a lot of energy to run so it pays to be careful with how we use our fridge to maximise its efficiency.

Another important reason to know how to use our fridge right is to prevent food wastage.
As we’ve covered before
, saving on food is a major way to cut down on expenses and it’s good for the environment too. Let’s start with how to store your food…

Food Storage Tips

You can get some success just by tossing whatever that needs saving into the fridge in its own packaging, but know that there is more to storing food in the fridge than just that. Here are some tips to help make sure your food stays safe and tasty for longer.

Transfer to a Different, Smaller Container

When fridging an item, it’s best to fit it in the smallest container possible for the food. Why? Because aeration promotes spoilage in most food items and keeping it airtight and compact also helps keep your fridge organised and easy to navigate.

Label Your Containers

Right after transferring into your smaller containers, slap on a masking tape and write down what you put it in, and the date it was first placed in the fridge. This little tip helps you know which foods you need to use up before it spoils and also avoids you having to always use transparent containers. Keep your masking tape and marker in the kitchen to make things easier.

On Raw Meat

If you’re keeping raw flesh meat of any kind from any animal, keep it in a container or on a tray to prevent drippings. No matter how well you wrap it, it might still change shape (as it thaws) or get knocked around by other people using the fridge so it’s best to avoid this possible contamination altogether. Fish on the other hand should be kept in the freezer if not used immediately (which is what we recommend).

Don’t Block the Vents

Your fridge has vents that lets the cool air into it so if you block these with your food, your fridge has to work harder to keep your food cold and might contribute to malfunction. Your food will also take much longer to get to the right temperature.

Protecting Your Fridge

Knowing how to organise things inside your fridge definitely helps your food last longer, but knowing how to manage the
outside
 of your fridge helps your
fridge
 last longer.

Clean the Condenser Coils

For older models, these are the coils on the back of the refrigerator. More modern designs would have these coils tucked under the bottom of your refrigerator unit. Refer to your manual on how to carefully take these out (make sure it’s unplugged!) and you can easily clean these with a vacuum cleaner and brush. Do this every year or so to ensure your fridge works at an optimal level.

Ensure Adequate Air Circulation Around the Fridge

Your fridge shouldn’t sit exactly flush against other furniture if you can help it. As you may know, refrigerators work by air convection, which means a restricted airflow can hinder it from performing its job effectively. Make sure you don’t build a refrigerator into a tight-fitting cabinet unless it’s a unit designed specifically for in-cabinet installation. Allow several inches of space on the top and sides of the refrigerator if possible.

With these tips, we hope you now know how to more efficiently use your refrigerator to save on electricity and to spend less money replacing your spoiled foods. If you’re looking to save even more on groceries via cash back and rewards, check out our
credit card comparison page
 to find the best cards that reward you for everyday shopping.

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RinggitPlus Academy Hosts Free Webinar For Global Money Week

In conjunction with Global Money Week, the RinggitPlus Academy is hosting a special online webinar on investment basics and principles. The webinar will be conducted in both English and Bahasa Malaysia – and best of all, it is free of charge!

The RinggitPlus Academy Lite: Investment Basics and Principles webinar will be conducted on Zoom by our very own licensed financial planners: Hann Liew (CFP, CFA) and Azril Ikram (IFP, CFA). During the session, attendees will be taken through the basics of investing to beat inflation, key principles of investment selection, and more.

The details of the free webinar are as follows:

English webinar: 26 March 2021 (10am – 12pm)

BM webinar: 1 April 2021 (10am – 12pm)

To sign up for the webinar, all you have to do is register online using your name, contact number, and email address. You will then be given a Zoom link to attend. The webinar will be conducted live and only once in either BM or English – so make sure you don’t miss out and
register here
 today!

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    Lestari

    2 years ago

timing not right, can we view it afterward?

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    Pang Tun Yau

    2 years ago

    Reply to

        Lestari

Hey there, unfortunately there are only the two sessions with no recording available 🙁 do try to make it if you can!

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Government Announces Bantuan Prihatin Elektrik, Offers RM77 Free Electricity A Month

The government has announced a one-off assistance to ease the burden of higher-than-usual electricity bills during the months of the movement control order (MCO). Dubbed the Bantuan Prihatin Elektrik (BPE), all domestic users will get RM77 worth of free electricity per month for the months of April, May, and June 2020.

The RM77 worth of free electricity is equivalent to the first 300kWh of electricity usage in a given month. This new BPE rebate is given on top of the discounts offered under the previous
Prihatin Economic Stimulus Package
, which gives discounts from April to September
in the range of 2-50%
 depending on electricity usage. The BPE also introduces an additional discount to domestic users in the 601-900kWH range: these customers will get a 10% discount on top of the monthly RM77 rebates instead of the 2% previously.

Therefore, under the BPE, all domestic users will at get a rebate of at least RM231 across three months. The BPE assistance will be reflected as a one-off assistance in the July 2020 bill; if customers have made payment for April, May, and June, the excess amount paid during those three months will be credited into the July 2020 bill as well. Customers do not need to check for eligibility or make any applications to receive the BPE; all domestic customers will automatically receive it, including Smart Meter customers.

The BPE was announced by the Energy and Natural Resources Minister Datuk Dr Shamsul Anuar Nasarah and is funded by the Malaysian government with TNB. During the MCO period, many Tenaga Nasional Berhad (TNB) customers voiced complaints that their electricity bills have been much higher than usual and thus the government has provided the BPE to ease this burden.

In addressing the question of whether or not there were mistakes in the previous bill calculations that led to the high electricity bills, TNB stated in its FAQ that its calculation method “has been reviewed and approved by the Energy Commission and is commonly used by global-leading electric utility companies”.

According to Datuk Dr Shamsul, a total of
four million or 52.2% of domestic electricity users
 will enjoy a completely free supply for three months under this BPE scheme. Meanwhile, as many as 916,000 users or 12% of total domestic users would enjoy the additional 8% discount offered to those in the 601-900kWh tariff block; it had been found in studies by the Energy Commission that it was this tariff block that had been most affected by high electricity bills during the MCO.

You may view
TNB’s frequently asked questions
 regarding the BPE assistance on its website here.

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    HUEY NEE CHAN

    3 years ago

This so called free electricity is coming from KWIE.

First overcharged like how they wish, then announced free electricity to save them from public anger.

Eggcelent!!

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Give Your Loved Ones The Gift Of Security This Festive Season

Here we are at the end of 2019! It’s the time that is often associated with gift exchanges, holidays, and quality time spent with friends and family. The year-end season is always a fitting time to think about those around you and how you would like to express your love.

If you’re thinking about the perfect gift to get your loved ones this holiday season, look a little further than the usual jewellery or gadgets. Such types of gifts are all very well, but what if you wanted to get your family members something a little more forward-looking? This season, give your loved ones the gift of security – by making sure that they are financially protected should anything happen to you.

Gibraltar BSN i-Care is a yearly renewable life insurance policy available to those aged between 18-60 years old. Gibraltar BSN i-Care plans are highly affordable with your financial considerations at heart, with Plan A having premiums starting from just RM 9.75 per month. Those who are seeking for higher coverage can opt for Plan B or Plan C, which goes up to RM300,000 and RM500,000 respectively.

So, think about your loved ones this festive season and how you can help provide for them even if something unfortunate were to happen to you. Depending on the amount of coverage, choose a Gibraltar BSN i-Care plan best suited for you and those you love.You can find out more about
Gibraltar BSN i-Care plans here
.

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Citibank Malaysia Is Converting The PremierMiles Card From Visa To Mastercard

Citibank is converting its existing Visa-branded Citi PremierMiles card into Mastercard, and effective immediately, the card will be known as the Citi PremierMiles Mastercard.

According to Citibank, the Citi PremierMiles Mastercard will be issued to all new successful applications from 1 March 2020. While there is no indication from Citibank Malaysia yet, it appears that the Citi PremierMiles Mastercard is the first in the list for a full migration from Visa to Mastercard, based on an existing ten-year partnership between Citi and Mastercard that was signed back in 2015, which sees Citi progressively moving its consumer credit and debit cards worldwide into the Mastercard network.

Based on the partnership, the only Citi credit cards in Malaysia that will likely not be converted to Mastercard are the Citi Shell (co-branded), CitiBusiness (Company Underwriting), Business Signature, and the Citi Travel Account – the latter three cards being corporate cards that are not part of the partnership.

In a statement posted on its website, Citi says that “Mastercard has been core to our business for decades, enabling effortless, secure payments for millions of Citi cardholders around the world. With the growth of this partnership, we are converting
Citi credit cards
 to Mastercard.”

For the new
Citi PremierMiles Mastercard
, Citibank will not be making any changes to the card’s features and benefits, which are:

Earn PremierMiles that never expire and at the same rate as before (1 PremierMile for every RM3 spent locally, and 2 PremierMiles for every RM3 spent in foreign currencies and selected online travel merchants)

Up to 8x complimentary access to 30 Plaza Premium Lounge across 19 airports in 9 countries and territories

Complimentary KLIA 1 airport limo ride home with 3x foreign spend receipts

One change that will make an appearance on the Citi PremierMiles Mastercard (and we expect on the rest of the upcoming Mastercard-branded Citi cards) is access to Mastercard Priceless Cities, a list of curated activities in cities around the world that’s unique to the destination and exclusive only to Mastercard credit cardholders.

In an FAQ page, Citi reiterated that this change will not bring any meaningful difference to existing cardholders. Current cardholders do not need to do anything, and can still use their cards as usual, and upon card expiry they will be issued with Mastercard-branded ones. Rewards points earned on the Visa card will also automatically moved to the new Mastercard. There will be no fees or costs for the cardholder.

More details on the Mastercard migration can be found on Citi’s website.

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About THE AUTHOR

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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Budget 2021: One-Off Financial Assistances Provided For Frontliners, Civil Servants, And Police Retirees

The government is providing one-off financial assistances for frontliners, civil servants, and police retirees as a token of appreciation for their commitment and service to the country.

Firstly, Kementerian Kesihatan Malaysia (KKM) frontliners directly involved in the fight against Covid-19 will be given an additional one-off RM500 cash aid – an initiative which is expected to benefit 100,000 health personnel. This is on top of the special Covid-19 allowance that is already made available to them under the
PRIHATIN economic stimulus package
, set at RM600 per month until the end of the pandemic.

In addition to that, civil servants in Grade 56 and below will also get a special one-off financial aid amounting to RM600, whereas pensioners and non-pensionable veterans are entitled to RM300. This group can expect to receive their special allowances in early 2021.

The government is also rewarding police retirees who have received the Pingat Jasa Pahlawan Negara with a single allowance of RM500. This initiative will see 40,000 recipients benefitting from it.

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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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Career Choices That Guarantee You Get To Travel the World

Not every job will see you chained to a desk and staring at a computer screen all day. Some lucky devils actually have the words ‘travel the world’ written on their jobs descriptions.

Check out this list of 5 amazing positions that require a bit of globe-trotting – by the way, you are invited to picture yourself in these professions while reading:

1. Airline Cabin Crews

These guys certainly get around, a lot! And when they’re not working, most enjoy special benefits like free airline tickets and discounted accommodation that lets them do even more travelling! It’s still a tough job and yet, if you notice, flight attendants do it all with syrupy smiles – we salute you guys and gals.

2. Entertainers

If you’re a performer worth your salt, you can expect to travel for gigs, publicity events and the like. Musicians, DJs, comedians, actors, dance troupes and other entertainers seldom stay in one place because when they’re not doing shows, they’re promoting them. As for money, the gains can be rather lucrative if you’re highly-sought after. However, the nature of showbiz is dynamic and fluctuating, thus income can be unpredictable. But, such is the life of a star!

3. International News Correspondents

Photojournalists, reporters and other members of news crews traverse war-torn areas to get the scoop on important events in foreign lands. Though these jobs pay well and offer adventurous souls the thrill of action, it really is quite hazardous. In fact, the
United Nations
 has even named journalism as one of the world’s most dangerous professions!

4. Cross-cultural Communicators

Think of these people as international correspondents, but for culture instead of news. Providing commentary on various topics and issues across the globe, cultural communicators can be found working as special-interest bloggers, travel photographers, niche videographers and tourism advisors to name a few. Travel is almost always on the cards for communicators who work to relay their experience and information to and from distant lands. Sounds good, but how do these folks get paid? Fixed employment is possible as are sponsorships, endorsements, grants (for specific projects) as well as affiliate marketing.

5. Aid Workers

International charity organizations send noble volunteers from all around the world to help those in need. While volunteers typically don’t get paid, employees involved in humanitarian works are compensated. These travelling do-gooders embark on a different kind of journey, and the sights they see aren’t always going to be scenic. One thing’s for sure, their work makes a difference in the lives of those they aid, and they certainly get to travel places few people get to see in person.

While these jobs definitely provide ample opportunity for you to travel the world, see the sights, and experience different cultures from all over, it still depends on how well you do the job and whether or not you angle your work towards international travel.

Itching for a real vacation? Don’t forget to let your credit card tag along. If you don’t already have one or are looking to switch, just let our
credit card comparison tool
 help you find a card to enrich your journeys.

These obviously aren’t the only jobs that guarantee a traveller’s experience. What other jobs like these do you think we missed? Come on and tell us all about it in the comment section below!

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Desiree Nair

Desiree Nair

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3 Common Myths About Getting A Family Takaful Plan

When it comes to getting a Family Takaful plan, there are myths floating around that could be causing you to form an inaccurate picture about Takaful protection. It’s important to correct these misconceptions, as they could be stopping you from being adequately protected with the much-needed coverage.

We’ll start by looking at three common myths that you may have heard about Takaful plans.

Myth #1: Takaful plans are only for later stages in life

Myth:
Many young people, especially among the millennial generation, think that Takaful coverage is something that should only be considered later in life. The common belief is that they only need a Takaful plan when they reach their late thirties, or perhaps when they have children of their own. Moreover, many millennials believe that Takaful plans are too expensive, with contributions and coverage that are not within their income.

Busted:
Just like with saving, there are numerous benefits to starting a Takaful plan even when you are in your twenties. For starters, Takaful contributions are priced lower when you start a plan at a younger age. It is also inaccurate to assume that Takaful plans are only for those with children, as you are sure to have other family members like elderly parents to think about. Moreover, Takaful coverage ensures that you are protected in the case of unfortunate circumstances like suffering from total and permanent disability or critical illness.

Myth #2: Takaful coverage terms are not flexible

Myth:
When asked about why they do not want to get a Family Takaful plan, some people cite long and rigid coverage terms as a reason for their hesitation. They are unwilling to commit to a long-standing financial obligation, incorrectly assuming that all Takaful plans come with set long-term contribution payments and no room for flexibility.

Busted:
Different Family Takaful plans offer different contribution payment options. While it is true that there are long-term coverage plans out there, some plans also give you the option to choose shorter payment contribution terms. So, instead of paying up until an advanced age, you can choose to be covered for a longer period of time and only pay the contributions for 10 or 20 years.

Myth #3: Takaful plans do not match my wants and needs

Myth:
This misconception stems from a lack of understanding about the nature of Takaful plans. If you are not familiar with the wide range of benefits a Takaful plan can offer you, you may think that Takaful plans are not that advantageous, or that they do not really address your specific wants and needs. However, Takaful plans are not solely about death coverage only.

Busted:
Takaful plans have so much more to offer you than just a death benefit. In addition to being a protection plan for the unforeseen events, you can also qualify for a maturity benefit and various coverage boosters through your Takaful plan. Some plans also offer bereavement payments or benefits that are linked to religious obligations. Moreover, you can expand upon your Takaful coverage by adding on riders to your coverage.

Let’s see how the benefits of Great Eastern Takaful’s newly launched Family Takaful plans, i-Great EVO and i-Great NEO, correct the misconceptions about Takaful protection above. We also asked Mr. Shahrul Azlan Shahriman, CEO of Great Eastern Takaful, to share some valuable insight on the conception of these two Takaful plans.

i-Great EVO: A Takaful solution for young millennials

“We launched i-Great EVO with young people looking for their first protection plan in mind,” explained Mr. Shahrul. “The name EVO comes from the word ‘evolve’. First-time Takaful buyers can start out with smaller coverage and upgrade their protection as their needs evolve over the years.”

Monthly contributions start from as low as RM50 a month, which busts the myth that Takaful plans are not affordable. You can also customise your Takaful plan by adding on optional riders, which include medical and hospitalisation, critical illness, accidents, and waiver of contribution. Furthermore, the medical rider allows you to have increasing room and board and overall annual limit every five years, ensuring that your coverage grows together as you do.

While you may start out with coverage for yourself as a single individual, you can also expand your coverage when you get married and have children. “Why start Takaful coverage from a young age? Once you are older, Takaful gets more expensive – and you may have difficulties qualifying for coverage,” said Mr. Shahrul. “Get covered now at an affordable price, and your coverage can increase as you need it and as you earn more income.”

i-Great NEO: The flexible protection plan to match your life goals

“Meanwhile, NEO represents an offering that is ‘new and improved’. i-Great NEO is a flexible protection and savings plan that supports your financial goals,” said Mr. Shahrul on the high-coverage plan. The i-Great NEO offers coverage starting from RM 300,000 with a benefit payout of up to 400% of the sum covered.

“It’s a multi-faceted product, which you can use to protect wealth, prepare for retirement, settle debts, and plan your legacy,” Mr. Shahrul continued. Moreover, you get maximum flexibility with the i-Great NEO as you can choose a contribution payment term of between 10, 20, or through the coverage term of 30 years, or until your 60
th
 or 80
th
 birthday. Not to mention, i-Great NEO comes with optional riders too.

i-Great NEO also has other advantages to offer, such as a loyalty benefit, where you receive an amount equivalent to a certain percentage of your annual basic contribution every 5 years. You also get a maturity booster benefit, where you receive an additional percentage between 3%-20% payable on top of your maturity benefit. i-Great NEO offers a compassionate benefit to your loved ones and for Muslim certificate holders, it has optional features including Badal Hajj, Waqf service, and Hibah for charities as well.

Holistic Takaful products to meet Malaysians’ needs

Mr. Shahrul Azlan Shahriman, CEO of Great Eastern Takaful

To sum up, Mr. Shahrul observed that Great Eastern Takaful’s purpose is mirrored in the approach of helping each other in times of need. “We believe that Malaysians’ level of awareness on the importance of getting covered is much higher than before. We are here to give them the right push so that they can see how our products can actually help them and their loved ones,” he said.

“We aim to provide sufficient coverage now and in future, by making it easier for our customers to review and enhance their plan through our online customer portal, i-Get in touch. In the spirit of offering services beyond Takaful solutions, we have introduced telemedicine services under medical rider of i-Great Evo which has become increasingly important during this pandemic. All our customers also currently enjoy free additional Covid-19 financial assistance until 31 Dec 2020 if they or their immediate family members are hospitalised or pass away due to Covid-19.”

Find out more about the new
i-Great EVO
 and
i-Great NEO
 plans here, or contact a
Great Eastern Takaful advisor
 here today.

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Villains vs Heroes: Who Makes More Money?

Have you guys seen Suicide Squad? It’s a movie where the heroes are a group of villains who work together to do the dirty jobs that the heroes can’t or won’t. With the relatively recent spate of superhero movies being released over the past decade or so, it’s no surprise that we’re finally getting a villain-centric one.

A movie all about the bad guys got us thinking… Of course, villains and heroes battle each other all the time and the good guys always win. But what if
we compare the attribute that matters
 more to our readers than superpowers? That’s right: Which of these two groups make the most money?

In the interest of fairness, we’re pitting two of the richest players in each category, one from DC Comics and Marvel Comics, respectively. Let’s duke it out!

Villains:

Dr Doom

That’s right, doctors do make a lot of money. Of course, in this green-hooded science magician’s case, his wealth comes not from being a practicing physician, but more from being the (allegedly benevolent) dictator of his own fictional country of Latveria.

Using his evil genius to promote economical growth in the country under his rule, Victor Von Doom’s net worth is about
RM142 billion
.

Lex Luthor

How much money does it take to be the arch-nemesis of Superman? Not much at all, if you have superpowers. But if you’re Lex Luthor, you would need to own a multinational corporation that dabbles in science, engineering, technology, and many other industries. All that to help build yourself a supersuit to try and bruise the Man of Steel’s chin.

This means the CEO of LexCorp Industries’ bank account is filled with at least around
RM41 billion
.

Heroes:

Batman

Who says money can’t buy superpowers? Not Batman. Also the owner of a multinational firm in Wayne Enterprises, Bruce Wayne’s inherited wealth is used to fund his many toys and gadgetry which he uses to fight crime, and pay for his live-in butler.

Batman’s financial standing is rock steady at about
RM37.3 billion
.

Black Panther

Making his debut to mainstream consciousness in the recent Captain America: Civil War film, Black Panther also rules his own country of Wakanda as its King. His Royal Highness’ vigilantism is funded by the rich source of vibranium in his country. Vibranium being a rare fictional metal used for all kinds of superheroics. His entire suit is made with the unbreakable material, in fact.

Due to this valuable natural resource and inherited wealth, King T’Challa is worth the brain-bending amount of
RM367.9 trillion
.

Of course, this isn’t a comprehensive list of all the villains versus all the heros and how much they all make. But according to our completely non-scientific observation, there’s a clear winner here. Crime doesn’t pay, girls and boys.

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Ahmad Mudhakkir

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EPF Warns Its Members Of Fake Message and Fake Website

(Image: Capital Market Malaysia)

The Employees Provident Fund (EPF) has warned its members of a fake message that made rounds recently. The fake message claims that EPF members who worked between 1990 and 2018 are entitled to a RM6,000 incentive from the fund.

A screenshot of the fake message. (Image: EPF)

In a statement, the EPF added that the message also contained a link to a fake EPF website with a survey for members to fill to check their eligibility for the “incentive”. EPF believes that the fake message and fake website is an attempt to phish for members’ data for fraudulent purposes.

EPF has urged its members not to respond to such survey from any unverified third party and not to spread the fake message. EPF members are encouraged to head to
the official EPF website
 for more information and contact the fund via email or phone (03- 89226000) should they come across any suspicious message on social media.

(Source:
EPF
 via
Malay Mail
)

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Government To Provide Up To 80% Incentive For Self-Employed SOCSO Contributors In 2022

(Image: Malay Mail/Yusof Mat Isa)

Deputy minister of the Human Resources Ministry, Datuk Awang Hashim has said that the government will provide incentives of up to 80% to contributors of the Social Security Organisation (SOCSO) under the Self-Employment Social Security Scheme in 2022.

In comparison, the government has provided a 70% incentive or subsidy for self-employed contributors this year, deducted from an annual contribution of RM232.80. “Only RM20 to RM30 more will be paid by contributors in a year with the new incentive,” said the deputy minister during a Parliament session, adding that this is a step taken to encourage individuals involved in p-hailing and e-hailing to contribute to the SOCSO protection scheme.

(Image: Malay Mail/Firdaus Latif)

To clarify, p-hailing is defined as services involving the delivery of food, drinks, and parcels using motorcycles. Meanwhile, e-hailing is a transport booking service.

Datuk Awang also explained that there are currently four annual subscription plans provided under the
Self-Employment Social Security Act (Act 789)
, priced at RM157.20, RM232.80, RM442.80, and RM592.80, respectively. Each plan corresponds to a specific insured monthly earning band, ranging from RM1,050 to RM3,950. Some of the benefits provided for these contributors via the plans include medical benefits, temporary and permanent disable benefit, as well as funeral benefit – among others.

The deputy minister further reiterated that it is now mandatory for self-employed individuals involved in p-hailing to register and contribute to SOCSO, in line with the gazetting of the Self-Employment Social Security Regulations (Contribution Rates for Persons Carrying Out Transportation Services and Delivery of Goods or Food) 2021. The updated regulation is dated 21 September 2021, and
came into effect on 1 October
.

Prior to that update, self-employed individuals who were required to register with SOCSO included those who were working in online businesses, agriculture, and IT. Taxi, bus, and e-hailing drivers, too, had to contribute.

(Source:
Malay Mail
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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CIMB Clicks Website Down, Intermittent Issues For Maybank2u App & Web

(Image: The Malaysian Reserve)

UPDATE:

This article has been updated at 12pm 27/10/2020. Scroll down below to get up to speed on the new developments.

The CIMB Clicks website is temporarily inaccessible at the moment, with users encouraged to use the CIMB Clicks mobile app for the time being. Meanwhile, Maybank is experiencing “intermittent” issues with both its Maybank2u website and mobile app, with some users unable to access their accounts.

According to CIMB, its CIMB Clicks website will be unavailable due to “system downtime” from 3pm to 8pm today on 26 October, although customers on Twitter have been voicing complaints about the website from earlier this morning.

“Please use CIMB Clicks Mobile App for your transactions. For first time Clicks App users, please download CIMB Clicks Malaysia mobile app from Apple App Store or Google PlayStore. You can login into the Clicks App with your usual Clicks ID and Password. Thank you for your patience and understanding,” the website
notice
 read.

As for Maybank, the login issues affect both web and app users, although some customers are still able to access their accounts. Therefore, it seems that the access issues for Maybank are intermittent, with the
Maybank Twitter account
 responding to complaints saying that they are working closely to rectify the issue and that it will be “back to normal soon”.

UPDATED 27/10/2020:

#MBBAlert
 Dear valued customers,
We would like to thank you for your patience and understanding while we brought our Maybank2u services up and running smoothly.

(1/3)

— Maybank (@MyMaybank)
October 27, 2020

Maybank released a statement on Twitter saying that the Maybank2u website was operating normally from 8pm on 26 October, with services on the Maybank2u app resuming from 10.30pm. However, some users on Twitter are still complaining that they have problems with access this morning.

Maybank has been responding to these tweets by assuring that both the app and website are back to normal. Users are advised to clear their caches or browsing history to have a smooth access on Maybank2u web and download the MAE by Maybank2u app (a separate application from the original Maybank2u app) to perform their banking transactions without interruption.

Over on CIMB’s side, the bank has yet to release an official statement updating the status of its CIMB Clicks website. We were able to log in to the website yesterday at 9.45pm and again this morning. However, a quick look at CIMB’s Twitter feed shows that a number of other users are still facing web login struggles today.

As of noon, the CIMB Twitter account has been apologising for the inconvenience and stating that they are working to resume normal services as quickly as possible. For an alternative solution, CIMB customers are advised to use the CIMB Clicks mobile app instead.

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A Personalised Gift Idea For Your Loved Ones

With our hectic lifestyles these days, it’s easy to forget to show appreciation for the people around us. Have you got an upcoming loved one’s birthday or special occasion but have no idea what gift to get? Instead of running to the stores only to find a generic gift, why not consider buying a present that is not only convenient and affordable but also more personal?

The Photobook App allows you to customise photo books on your phone and get them sent to your doorstep, hassle-free. All you have to do is upload your photos to the app, confirm your product, and your photo book will be delivered to your address! It’s definitely a great gift that is both meaningful to your recipient and convenient for you as the sender.

Here are the people who would make perfect recipients for a photo book gift.

So now that you can get a free simple photo book just by downloading the app, what are you waiting for? Claim your free Simple Book and don’t forget to check out Photobook’s other products such as photo prints, hardcover photobooks, canvas, metal prints, wood prints, and more!

Download Photobook on the
App Store
 or
Google Play
 – and don’t forget to use the Photobook voucher code “
RPPB2019″
to claim your free Simple Book!

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Astro 4K Ultra HD Broadcast To Be Available For Subscription By The End of This Year

(Image: Astro)

Malaysian football fans will soon be able to watch English Premier League (EPL) matches in Ultra HD resolution (3,840 x 2,160). Astro has announced that it will launch its Astro 4K Ultra HD service by the end of 2018, during the middle of the EPL 2018/2019 season.

According to Astro Head of Sports CK Lee, the company will display selected sports, movies, and general entertainment programmes in 4K HD once the service is launched in November or December this year. Interestingly, Lee added that the public can watch selected EPL matches in Ultra HD at selected F&B and retail outlets starting next week. Lee made the announcement during
the private showcase
 of the Liverpool vs West Ham and Arsenal vs Manchester City EPL matches in Ultra HD last weekend.

(Image: London Evening Standard)

Naturally, current Astro customers may have to upgrade their TVs as well as a new set top box to enjoy the 4K Ultra HD content.
The Astro 4K Ultra HD FAQ page
 encourages customers to have a 4K Ultra HD TV that is at least 55 inches and above for the most immersive experience. On the other hand, the set top box will only be provided after the launch of the 4K Ultra HD service when customers upgrade to the service.

(Source:
The Star
 and
Lowyat.NET
)

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Nokia 2.1 Is Now Available in Malaysia

HMD Global, the company behind Nokia phones, has announced that the Nokia 2.1 entry-level smartphone is now available for the Malaysian market.

Equipped with a 4,000 mAh battery, the Nokia 2.1 smartphone can last for two days between charges. Additionally, the budget smartphone features a 5.5 inch 16:9 HD display screen, two front-facing stereo speakers, and is powered by a Qualcomm Snapdragon 425 processor. The Nokia 2.1 smartphone also packs 1GB RAM, 8GB of internal storage, and a microSD card slot that supports up to 128GB microSD cards.

The Nokia 2.1 runs on Andriod 8.1 Oreo (Go Edition), which is designed to run smoothly on entry-level smartphones with as little as 1GB of RAM. Besides that, Nokia 2.1 comes with an 8MP auto-focus rear camera and a 5MP front-facing camera.

The Nokia 2.1 has a retail price of RM415, and is immediately available in major retailers and online marketplaces nationwide.

(Source:
SoyaCincau
)

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Malaysia, Singapore Launch Cross-Border QR Code Payment Connectivity

(Image: TODAY)

Malaysians travelling to Singapore will now be able to pay for their purchases by scanning the Singaporean NETS QR code using their mobile banking app or e-wallets, with Singaporean travellers coming to Malaysia being able to do the same with the DuitNow QR code as well. This comes as Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) successfully launch the cross-border QR code payment linkage between both countries.

BNM said that this effort – which is a long-time coming as it has been
in the works since 2021
 – is made possible through the collaboration of various industry players from both countries. These include Payments Network Malaysia (PayNet), Network for Electronic Transfers Singapore (NETS), the Association of Banks in Singapore, and participating financial institutions from both countries.

Meanwhile, the list of Malaysian banks, e-wallets, and financial service providers that have enabled support for cross-border payments for Singapore as of the end of March 2023 include:

AmBank

CIMB Bank

Hong Leong Bank

Maybank

Public Bank

UOB

Boost

Touch ‘n Go Digital (TNG eWallet)

Razer Merchant Services

BNM also said that this payment linkage is expected to provide merchants and consumers with a more seamless, effective, and transparent means of making and receiving payments. It is also in line with the ASEAN Payment Connectivity Initiative and the G20 Roadmap for Enhancing Cross-Border Payments.

“This is a significant step forward in realising the vision of an ASEAN network of fast, efficient, and interconnected retail payment systems. The QR linkage between Malaysia and Singapore will benefit millions of commuters across the Causeway as well as business and leisure travellers. It will also be a boost to businesses in both countries,” said the governor of BNM, Tan Sri Nor Shamsiah Mohd Yunus. Aside from Singapore, Malaysia also has enabled bilateral payment linkages with
Thailand
 and
Indonesia
 since 2022.

(Image: PayNet)

In a follow-up to this latest success, BNM said that it plans to work with MAS to expand the payment linkage to include cross-border account-to-account fund transfers and remittances. This essentially means that Malaysians and Singaporeans will be able to make real-time fund transfers just by using the recipients’ mobile phone number via DuitNow and PayNow – similar to how we do it with Malaysian phone numbers at present. This service is expected to be enabled by the end of 2023.

The Malaysia-Singapore QR payment linkage also came closely at the heels of the
success of Project Nexus
, an initiative that sought to test the possibility of developing a network that can link instant payment systems from countries all over the world without compromising on their differences. Announced in November 2021, the project involved the early collaboration of three central banks – BNM, MAS, and the Bank of Italy (Banca d’Italia) – along with other payment service operators.

(Source:
BNM
)

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Network for Electronic Transfers Singapore (NETS)

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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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Food Prices In Malaysia Up For Third Month In A Row

Food prices in Malaysia have gone up year-on-year in every state for the third month in a row, according to statistics released by the Department of Statistics Malaysia (DOSM).

The increase in price index for food and non-alcoholic beverages was 1.2% for the month of May 2020 compared to May 2019. This was due to the year-on-year increase in prices of meat by 2.7%, food products not elsewhere classified by 2.6%, and vegetables by 2.4%.

(Image: DOSM)

DOSM noted that price increases were recorded in most states for small onions (33.6%), big onions (27.4%), and garlic (26.8%) in May. The price increases for these three items have also been seen in most states for the previous months of January to April 2020. Meanwhile, price increases for nasi lemak, fried rice, and rice with side dishes drove the price index for food away from home to increase by 1.6% yoy.

The four states with the highest increase in food and non-alcoholic beverages price index are Selangor and Putrajaya at an increase of 2.1%, Perak at 1.8%, Penang at 1.7%, and Johor at 1.3%. The price increase for these four states all surpassed the increase of the national index of 1.2%.

(Image: DOSM)

Despite the increase in food prices, the overall prices of basic goods and services in Malaysia, measured by the consumer price index (CPI), have once again fallen by 2.9% yoy, following on from a 0.2% decrease in March and 2.9% decrease in April. The overall decline in prices in May was driven by the fall in prices across four categories: transport (-20.8%), housing, water, electricity, gas and other fuels (-2.6%), clothing and footwear (-1.1%), and furnishings, household equipment and routine household maintenance (-0.2%).

If you’re wondering why food prices in Malaysia have gone up but the overall CPI has fallen, it’s because the CPI measures consumer price changes in the form of a fixed basket of 12 differently-weighted categories of goods and services – with food and non-alcoholic beverages being just one of the 12 categories in that basket. Food and non-alcoholic beverages contribute 29.5% of the CPI weight, whereas the four categories that were the main drivers of the fall in CPI constitute 45.7% of the CPI weight.

You can view
DOSM’s full consumer price index report for the month of May here

(Source:
Malay Mail
)

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Bank Negara Releases FAQ On Loan Deferment Measures

Bank Negara Malaysia has announced several loan repayment deferment measures for households and small and medium-sized enterprises (SMEs) to manage the impact of the Covid-19 outbreak, including a
6-month moratorium on bank loans
. Alongside its announcement, the central bank also released a document tackling frequently asked questions about the loan deferment measures.

Here are Bank Negara Malaysia’s frequently asked questions regarding the deferment measures and the corresponding answers provided.

Deferment of Loan/Financing Repayment (Deferment Package)

What is deferment of loan or financing repayment?

It is a temporary deferment or suspension of loan/financing repayment obligation (principal and interest) for a limited period of time. During this period, borrowers/customers with loan/financing that meet the conditions do not need to make any repayment, and no late payment charges or penalties will be imposed.

Interest/profit will continue to accrue on loan/financing repayments that are deferred and borrowers/customers will need to honour the deferred repayments in the future. Loan/financing repayment resumes after the deferment period.

What is the objective of the deferment package?

The aim of this package is to provide some relief to individuals and businesses who face temporary financial constraints arising from the COVID-19 pandemic. We hope that this will help individuals and businesses facing financial adversities to cope with challenges during this period. Loan/financing repayment resumes after the deferment period.

Which loan/financing qualifies for the deferment?

For individuals and small and medium enterprises (SMEs), the deferment in conventional loans or Islamic financing repayment obligations (except credit cards) are automatically effected by banks and development financial institutions (DFIs) if the loans/financing meet these criteria:

not in arrears exceeding 90 days as at 1 April 2020; and

denominated in Malaysian Ringgit.

Meanwhile, corporate borrowers/customers may request for a moratorium on loan/financing repayment from their respective banks.

Can I ask for more than 6 months deferment?

The deferment is only for 6 months. Please contact the bank if you require a longer deferment period.

If I opt for the deferment, will my CCRIS records be adversely affected?

No. However, interest/profit will continue to accrue on loan/financing repayments that are deferred and borrowers/customers will need to honour the deferred repayments in the future.

Borrowers/customers are advised to contact their banking institutions to discuss on the options available to resume repayments after the deferment period.

Do I need to apply?

No. All individual and SME loans/financing (excluding credit cards) that meet the criteria will automatically qualify for the deferment.

My loan/financing is in default, can I qualify? Can loans under rescheduling and restructuring (R&R) program be eligible for the deferment package?

Loans/financing accounts that are already more than 90 days in arrears, will not qualify for the deferment. Borrower/customers are advised to approach their banks to seek assistance.

Loans/financing under R&R program is also eligible for the deferment subject to meeting the criteria.

How is the deferment package different from the other loan/financing moratoriums announced by banks recently?

Banks and development financial institutions (DFIs) have been proactive in responding to the needs of their borrowers/customers with various rescheduling and restructuring packages offered to assist affected borrowers/customers. Such efforts are welcomed and encouraged during these challenging times.

Borrowers/customers that have accepted assistance from banks and DFIs to reschedule and restructure their loans/financing can opt out of such arrangement, if they wish to do so.

Which banks offer this deferment package?

All licensed banks, licensed Islamic banks and prescribed development financial institutions (DFIs) regulated by BNM will offer this deferment flexibility. Borrowers/customers that meet the eligibility criteria can avail themselves to this flexibility automatically.

How do I know if my bank has enrolled my loan/financing into the deferment package? How do I know if I have qualified?

Banking institutions will provide individuals and SME borrowers/customers with adequate information that their loan/financing repayments have been deferred under this scheme.

Such information may be provided through a general advisory issued to borrowers/customers through appropriate channels, and/or published on banking institutions’ websites.

I want to continue with my loan/financing repayments. How do I opt-out of the automatic deferment package?

You should contact your bank if you wish to opt-out of the automatic deferment package, or continue to make timely and full repayment of your loan/financing.

I work in the tourism sector and have been badly affected by recent events, I have been struggling to meet my monthly mortgage payments since January and my savings are soon running dry. Do I qualify for the deferment package?

Yes, provided that your loan/financing is not in arrears for more

than 90 days as at 1 April 2020.

I run a small business which has been severely affected by COVID-19, if business does not improve, I will soon be defaulting on my car and personal loans/financing? Do I qualify for the deferment package?

Yes, provided that your loans/financing are not in arrears for more than 90 days as at 1 April 2020.

Will I be charged additional interest on the repayment amount that is deferred by 6 months during the period?

For conventional loans, interest will continue to be charged on the outstanding balance comprising of both principal and interest portion (i.e. compounded) during the moratorium period.

For Islamic financing, profit will continue to accrue on the outstanding principal amount. Such profit however will not be compounded in line with Shariah principles.

Banks are however not allowed to impose late penalty charges on the deferred amount.

In other words, the loan/financing repayment is just deferred by 6 months.

What would happen to my loan/financing repayments after the deferment package period? How does being in the deferment package affect my interest payments after the 6-month period? Is there an increase in monthly payments, or longer tenure?

Interest/profit will continue to accrue on loan/financing repayments that are deferred. This means accumulated repayment amount during the deferment of repayment period will be added to the outstanding loan/financing amount.

Borrowers/customers are advised to contact their banking institutions to discuss on the suitable workout plans to repay the principal and interest accrued during the deferment period. This may include higher subsequent instalment amount or an extension of the loan/financing tenure.

Does this deferment package apply to newly approved/disbursed loans?

It applies to all loans/financing outstanding as at 1 April 2020.

Would my loans with other non-bank credit providers qualify for this deferment package?

No, this is only applicable to loans or financing offered by financial institutions regulated by Bank Negara Malaysia, namely banks and development financial institutions.

If a corporate opts in for a loan or financing repayment deferment package, would it still be able to get new financing from banks?

Yes. The credit decisions of financial institutions are subject to their respective internal credit policies and assessment.

As a corporate, what would be the criteria to opt-in?

Unlike individuals and SME borrowers/customers, corporate borrowers/customers should refer to their banks for the deferment and rescheduling and restructuring of their loans/financing.

In addition, these loans/financing must meet this criteria:

not in arrears exceeding 90 days as at 1 April 2020; and

denominated in Malaysian Ringgit.

I have a loan/financing which is automatically deducted from my salary. Do I qualify for the deferment?

Yes. Please inform your company to stop the salary deduction if you wish to have your loan/financing repayments deferred. You should also contact your bank to inform them accordingly.

How should I notify the bank that I wish to opt-out of the deferment offer?

Please respond to the notification sent by the bank and informed that you wish to opt-out of the automatic deferment package, or continue to make timely and full repayment of your loan/financing.

Will the bank automatically stop the repayment requirement if I did not respond to their notification?

Yes.

Conversion of Credit Card Balances Into A 3-Year Term Loan/Financing (Conversion Package)

I have two credit cards with big amounts outstanding, and I was retrenched in January. I have not been able to meet my credit card monthly obligations since January and am very worried of the consequences. Will I qualify for the conversion of these outstanding balances into term loans/financing? How does it work? Do I need to call my bank to effect this?

If you have been unable to meet the minimum monthly repayment on your credit card consecutively for the last 3 months, your card issuer will convert the outstanding balance into a term loan of not more than 3 years at an effective interest of not more than/financing 13% per annum.

I heard that banks will now provide automatic conversion of credit card balances into term loans/financing, but I have a monthly salary of about RM5,500. Will I qualify for this conversion package by banks?

Banks will convert the outstanding credit card balances of cardholders who are unable to meet the minimum monthly repayment consecutively for the last 3 months, regardless of the income levels of the cardholders.

Can credit cardholders who have converted their card balances into a term loan/financing immediately ask for 6 months deferment of loan or financing repayment package?

Yes, they can. Loan/financing repayment resumes after the deferment period.

If my credit card outstanding balances is converted to a term loan/financing, can I still use my credit card?

Yes, you can continue to use the credit card up to the remaining credit limit after taking into account the balance converted into a term loan/financing. The outstanding balance converted into the term loan/financing is treated as part of the credit card limit. In addition, the monthly term loan/financing instalments will then form part of the minimum monthly repayment amount on the credit card.

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Getting to Know the Skim Rumah Pertamaku (SRP)

Property is the buzzword on RinggitPlus this week as we talked about the
PR1MA scheme
 and what you need to know before foraying into the seemingly lucrative world of
property investment
. But today we tackle a different section of the home-buyer market – the first time home-buyer.

Much has been said about the
country’s growing ‘Homeless Generation’
: a generation of young Malaysians unable to afford a house at current prices with their current salaries. As home prices have grown threefold in the past 10 years; salaries have unfortunately, not. Even if lucky enough to qualify for a bank loan; many young people are unable to save the tens of thousands needed for a downpayment until very much later in life. This is essentially why the government stepped in in 2011 to establish the My First Home Scheme or as is known in to most by it’s Malay name:
Skim Rumah Pertamaku (SRP)
.

The Basics of the Scheme

The SRP was envisioned and created to help the nation’s youth purchase homes. The scheme looked to young executives and those new to the workforce earning less than RM5,000 a month. The scheme would allow eligible potential buyers to get 100% financing on the home to do away with the need for a 10% deposit. This alleviates the pressure of young people having to save large amounts of money on a small income before owning a home.

The scheme is serviced by select commercial banks and is only valid for residential properties costing between RM100,000 – RM500,000. The house must be owner occupied and cannot be rented out.

Who Qualifies?

As mentioned in the outset; the scheme requires applicants to earn less than RM5,000 to qualify. Beyond that, a few other requirements apply:

Malaysian citizen below the age of 40;

first time home buyer;

single applicant income less than RM5,000 or joint income of less than RM10,000;

the usual bank commitment ceiling applies – the loan installment, coupled with your other repayments cannot exceed 60% of your nett monthly income;

employees in the private sector and statutory bodies that do not qualify for government housing schemes.

The requirements are in place to make sure that the buyer is able to furnish the loan comfortably but also to see that the scheme truly benefits the people who need aid the most. If you qualify; this is probably a scheme as good as any to score the home you’ve always wanted.

Is There a Catch?

If you’re wondering if there is a catch somewhere to this helpful scheme, let us put your mind at ease by saying: not really. But there are some financing rules you may be saddled with:

Installments must be made via standing instruction or salary deduction – no chance to miss a payment here!

Takaful/Fire insurance is compulsory to be purchased but you’d want to have this anyway.

Tenure cannot exceed 35 years. This is also subject to the applicants max age at end of tenure that cannot be past 65 years.

No redraw facility. Some home loans allow you to redraw money from extra repayments made; a convenience you won’t receive here.

However, we did say that the answer was ‘not really’ instead of a flat out no. Why is that? The scheme website states that the valuation of the property for purposes of loan disbursement is subject to the valuation of the banks’ panel surveyor and not necessarily what the seller is asking for the property. This means that your 100% loan may not be 100% if the valuation done by the bank is lower than what the seller is asking. Of course, such a situation is probably not such a bad thing because if a seller is asking more than the house is worth – it’s not a good deal for your pocket. The catch here is that you will probably need to be slightly cognisant of current market prices of the place you are interested in.

The ‘catch’ isn’t really a very big deal and by and large you will be entering the property ownership circle on much the same footing as everyone else as the banks aren’t supposed to be charging you more interest on your 100% loan than they do the others with 80 or 90% financing.

How is This Different from PR1MA?

For many of us, it was quite confusing to suddenly have two housing schemes being talked about but there are crucial differences. The SRP is a financing scheme where else PR1MA is a corporation of housing developers developing more affordable units of housing. The SRP is only meant for first time home-buyers but PR1MA allows those who already own one property to benefit from PR1MA’s affordable housing developments.

Where Can I Apply for SRP?

Many banks are offering SRP today in both conventional and Islamic type loans. You can find the full list on the
SRP webpage
 but here are a few to get you going:

Maybank

Hong Leong Bank

AmIslamic Bank

CIMB Bank

Public Bank

Standard Chartered

OCBC Bank

RHB Islamic Bank

and more.

If you’ve often worried about the hefty downpayment required for the purchase of property; the SRP is definitely an answer to that problem. If you’ve applied or are planning to; do let us know your thoughts. Or let us know what you think anyway!

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DBKL and the new Rat Race: RM50,000 up for grabs

The Rat Race is on.

DBKL is offering you RM1 for every rat you bring them and they’ll even throw in the rat trap for free. Sadly, moldy cheese in KL is more expensive than the reward but you’ll be sure to find something else to attract the four-legged-furballs.

During a launch for the new community programme, “Rid KL of Rodents 2013″on Saturday, director-general Datuk Salleh Yusup said that DBKL was allocating RM50,000 annually for the purpose of rat catching.
 As reported by Bernama
:

“DBKL has given the Pest Control Unit under its Public Health and Environment Department a target of ridding the city of 50,000 rats annually with the allocation,” he told reporters.

The race is a tough one. Last year, DBKL was able to catch 51,110 rats but this year the total is at a sad 32,769.

Jokes aside, the effort is noble. Diseases spread by rats can be deadly, especially the dreaded leptospirosis, or ‘rat urine’ disease which infected over 3000 people last year according to the
Ministry of Health
. Of the infected, 48 deaths were reported.

So earn an extra buck and prevent the
Black Death
.

The Pied Piper would have a field day.

*Picture courtesy of rathater at Wikimedia Commons.

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UOB Preferred Platinum To Be Renamed UOB Preferred Card, Enhanced With 1-For-1 Offers

UOB has announced that its existing UOB Preferred Platinum credit card will be renamed as the UOB Preferred credit card starting from 1 June 2023, along with the introduction of some updates to its benefits. Specifically, it will soon offer 1-for-1 deals for drinks at Coffee Bean & Tea Leaf (CBTL) outlets, as well as movie tickets at Golden Screen Cinemas (GSC).

With this update, UOB Preferred cardholders will be able to enjoy one complimentary drink when they purchase any beverages from CBTL stores between Monday to Friday (complimentary drink must be of equivalent value or less). You’re entitled to one free drink per transaction per day.

In addition to that, cardholders who purchase GSC cinema tickets online (via website or mobile app) on Fridays will also be treated to one complimentary ticket – limited to one free ticket per transaction per day. Note, though, that some conditions apply; for instance, the offer is only applicable for the purchase of standard seats in a common cinema hall, and not for special seats (such as twin seats, Premiere Class seats, or tickets for screenings of premiere movies).

Children tickets and advance purchases, too, are not eligible for the offer. Additionally, the complimentary ticket will provide admission to the same movie as the paid ticket, and not for a separate screening.

If these benefits sound familiar, it’s because they were originally offered under the Citi Clear credit card – which has ceased accepting applications following
Citi’s decision to exit the commercial banking scene in Malaysia
 and
UOB’s subsequent acquisition of Citi’s Malaysian consumer banking business
. With
UOB currently undergoing an integration exercise
, it has also, understandably, decided to revise and merge the benefits for some of its credit cards – including the UOB Preferred card.

Aside from the introduction of these 1-for-1 deals, the existing rewards points benefit for the UOB Preferred card remains unchanged. Cardholders will still earn 5x UNIRinggit for every RM1 spent on dining, entertainment, and grocery (capped at RM1,000 for each category), and 3x UNIRinggit for every RM1 spent on petrol and recurring transactions (capped at RM500 for petrol, unlimited for recurring transactions).

All other retail expenses, meanwhile, will earn you 1x UNIRinggit. Other privileges that you can also enjoy via the card include 0% interest easi-payment plans for overseas and education expenses.

Aside from that, no revisions have been announced for the minimum annual income requirement and annual fees of the UOB Preferred card as of yet, so we can assume that these, too, are unchanged (for now). You will need to be earning a minimum of RM40,000 per year in order to be eligible to apply for this card. Annual fees, meanwhile, stand at RM198 (principal card) and RM30 (supplementary card).

(Source:
UOB
)

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Public Bank Revises Features Of Quantum Visa & Mastercard and AIA Visa Gold Credit Cards

Public Bank has announced some sweeping revisions to three of its credit cards, including its popular Quantum
Visa
 and
Mastercard
. The good news is that Public Bank has not reduced its cashback rate as part of this revision, but there are some important changes to take note of.

Three Public Bank credit cards are included in this revision, which will go into effect from 1 September 2019: the AIA Visa Gold credit card, and the Quantum cards. Here are the changes for all three cards:

Credit Card

Existing Features

New Features (from 1 September 2019)

PB Quantum Visa

5% cashback on entertainment and departmental stores transactions, capped at RM30/month.

5% cashback on contactless transactions with minimum RM30 per transaction, capped at RM30/month.

PB Quantum Mastercard

5% cashback on dining and online transactions, capped at RM30/month.

5% cashback on online transactions, capped at RM30/month.

PB AIA Visa Gold

2% cashback on AIA insurance premiums, capped at RM350/year.

2% cashback on AIA insurance premiums, capped at RM100/year.

For the Quantum cards, it appears Public Bank is aiming to make the
Quantum Visa card
 more appealing for users – its current two categories aren’t as beneficial to users compared to the Quantum Mastercard’s cashback categories. By offering cashback on contactless transactions, the Public Bank Quantum Visa looks like it’ll a lot more useful to users – just be mindful that cashback only applies for transactions above RM30.

Interestingly, this is the third Visa credit card that now includes benefits for contactless transactions in the last six weeks – the
HSBC Platinum was relaunched
 with huge 8x rewards points for contactless transactions, while the new
Affin Bank Visa Signature
 offers 3% cashback for contactless transactions.

Meanwhile, the
Quantum Mastercard
 will see a slightly smaller scope of offering with the removal of the dining cashback. That said, Public Bank mitigates this somewhat with the Quantum Visa’s contactless cashback feature – not to mention the fact that the Quantum Mastercard remains one of the few cards in Malaysia that still offers cashback for online transactions (with no minimum spend to boot!)

Finally, the
AIA Visa Gold
’s cashback rate also remains untouched – only the cashback capped is tweaked. Instead of a cashback cap of RM350 per annum, the revision will see the cashback cap reduced to RM100 per annum. At the current 2% rate, cardholders will need to spend RM5,000 in premiums in a calendar year to earn RM100 in cashback.

Besides these changes, the other features of the respective cards remain. That includes the VIP points earning rate and 0% Flexipay plan for 12 months (for retail purchases of RM1,200 and above) for the Quantum cards, and the 0.1% Unlimited Cash MegaBonus cashback for any retail transaction with the AIA Visa Gold card.

(Source:
Public Bank
)

Editor’s note: This article has been updated.

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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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SC Launches Third Capital Market Masterplan To Guide Malaysia's Capital Market Growth

(Image: Business Today)

The Securities Commission Malaysia (SC) has launched Malaysia’s third Capital Market Masterplan (CMP3), which is expected to serve as the blueprint for the country’s capital market trajectory between 2021 to 2025.

According to the chairman of SC, Datuk Syed Zaid Albar, CMP3 will continue the progress that was achieved in the last two decades through Capital Market Masterplan 1 (2001-2010) and Capital Market Masterplan 2 (2011-2020). The latest masterplan now seeks to leverage on the strengths and potential of the Malaysian capital market to achieve economic growth that is both sustainable and inclusive.

“Malaysia is now at a critical juncture in our post-pandemic journey. It is imperative for the capital market to continue to support the economy as we transition into an inclusive and sustainable nation. The progress in the capital market cannot be measured solely by growth and size as it also has to serve underlying needs and aspirations of the country and its people,” said Datuk Syed during the virtual launch of the CMP3 today.

Essentially, the CMP3 aims to steer Malaysia’s capital market towards three desired outcomes: to be relevant, efficient, and diversified. It will rely on six key development and regulatory thrusts to guide the drafting of strategic initiatives over the next five years.

Aside from revealing the six key thrusts, the CMP3 also highlighted some priorities and aspirations that it hopes to address over the next five years. One key matter that was brought up is the demographic change and retirement dilemma that Malaysia faces as an
increasingly ageing society
, with people aged 60 and above expected to make up 15% of its total population by 2030.

In light of that, the SC noted that the Malaysian pension system will see significant pressure to generate high returns from existing savings to meet future retirement needs. This is following the expectation of lower asset returns moving forward, as have been experienced by global pension schemes over the past decade.

“The search for returns may drive retirement schemes towards investing in riskier alternative assets on behalf of their members or lead to members demanding to withdraw and invest their retirement savings in other instruments that offer better returns,” said the SC, adding that the situation has been worsened by Covid-19. Additionally, an estimated 40% of the Malaysian population is deprived of any form of social protection, while many under the formal retirement system may face insufficient funds when the time comes.

If left unresolved, the growing gap between retirement savings and actual needs could cause a drag on the economy in the coming decades, especially as the government will need to intervene to close the gap. As such, it is crucial for the shortfall to be addressed before it snowballs into a more serious threat.

Another matter that the CMP3 brought up is Malaysia’s ambition in becoming a high-income nation. According to the report, Malaysia will transition into a high-income nation
over the next decade
, despite headwinds caused by geopolitical factors and the global response to Covid-19.

This journey will be underpinned by numerous other strategies on top of the CMP3, including the
6R National Economic Recovery Plan
 that was announced in May 2020. The strategy is comprised of six phases: Resolve, Resilience, Restart, Recovery, Revitalise, and Reform. Malaysia is currently in the Revitalise stage, and is expected to enter the Reform phase soon.

Aside from that, the country will also rely on the Malaysia Digital Economy Blueprint (MyDIGITAL) and the 12
th
 Malaysia Plan (12MP) to drive the transformation. The
MyDIGITAL blueprint
 was launched earlier in 2021 to guide the expansion of Malaysia’s digital economy, whereas the 12MP is set to be presented by the end of September 2021.

Other subjects that were also raised in the CMP3 include steps to provide Malaysians with better access to investment through greater use of technology, SC’s commitment to adopting principles-based regulations more extensively, as well as the development of a framework to regulate technology risks.

(Sources:
Securities Commission Malaysia
,
The Edge Markets
)

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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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