How Digital Investment Management Platforms Like MYTHEO Make Investing Easier

When the Securities Commission of Malaysia launched the
Digital Investment Management framework in 2017
, it set off a chain reaction that has gotten more Malaysians interested in investing. Using algorithms and artificial intelligence, these “robo-advisors” – as they are more popularly known – offer a unique new investment tool for Malaysians.

We spoke to Ronnie Tan, CEO and Managing Director of GAX MD, which runs
MYTHEO
, one of only three licensed digital investment management platforms currently in Malaysia, to learn more about how robo-advisors work and why new investment tools like MYTHEO matters for Malaysians, especially the younger generation who struggle with saving money.

A heavyweight enters Malaysia

MyTheo is the Malaysian arm of THEO, the first robo-advisory service in Japan which launched in 2016. Developed by fintech company Money Design, THEO now handles over 75,000 investors with more than US$450 million in assets.

Money Design then worked with Silverlake Group, a legendary entity with over 30 years of experience in the financial, capital market, fund management, payment, and digital economy services, to
form GAX MD
, to oversee the THEO investment service in Malaysia. Hence, after being granted with a robo-advisory license from the Securities Commission, MYTHEO was launched in Malaysia in June 2019.

Today, MYTHEO has seen a consistent growth in terms of user base and assets under management (AUM) of around 25% each month since its launch. Interestingly, the company is happy to focus on organic growth, with minimal marketing efforts made in the market since its launch.

Instead, the company is heavily invested in educating consumers and advocating financial literacy on a grassroots level.

Unit trust vs robo-advisors – what’s the difference?

While unit trust investments have been around for much longer, robo-advisors aim to differentiate on several key areas: diversification, impartiality, and cost.

Some unit trust companies are restricted in their offerings, usually due to a need to offer its own products. This results in a lack of impartiality in choosing the best funds for the client. Robo-advisors, on the other hand, do not have this issue. In the case of MYTHEO, it invests in a mix of 59 exchange-traded funds (ETF) which have exposure to over 10,000 companies from over 86 countries.

Besides that, one key difference between robo-advisors and the more traditional unit trust investments lie in how the clients’ money is invested. Where unit trust funds rely on human fund managers who make the call, robo-advisors rely on algorithms that are not swayed by human emotions and market noise.

Finally, there is the affordability of robo-advisory platforms. Where unit trusts usually come with upfront fees and a high minimum investment amount, robo-advisory companies like MYTHEO disrupt the fee structure associated with investing. Initial investments can start as low as RM100, and the only fees clients pay are the management fees that never go higher than 1% of the AUM.

Safeguarded investment

According to Tan, obtaining the robo-advisory license to operate legally in Malaysia involved a strict and robust compliance procedure as set by the Securities Commission. During the audit process, all digital investment management companies (including MYTHEO) must meet strict standards in the following criteria: system readiness, cybersecurity, data protection, and operational readiness. On top of that, the credibility of the managers across the company must also be independently verified.

As a technological tool reliant on its algorithm, the Securities Commission also required the companies to provide back-tested results as a proof of the algorithms capabilities. In MYTHEO’s case, Tan added that the company also took the liberty of getting an external audit as an extra measure as it is investing public money.

As with other financial entities managing client money, funds deposited by clients are not held by MYTHEO. Instead, all funds are held in a trust account. Even invested assets are backed and held in custodian, which essentially means at no point does MYTHEO hold a single Ringgit owned by its clients.

Trusting the algorithm

As a passive investment tool, Tan says that MYTHEO does not time the market or actively trade based on trends or even current news. Instead, MYTHEO’s strategy of wide diversification across various asset classes and even countries mean short-term blips rarely affects long-term investors.

MYTHEO also employs artificial intelligence to track the risk base of its investments. This allows MYTHEO to choose funds not by best returns, but by “risk-rated returns” for optimum results. In addition, there is also an Auto Rebalance feature within the investment engine that rebalances a client’s unique portfolio automatically when needed.

In terms of track record, it does appear that MYTHEO’s funds can perform well. In 2019, its three functional portfolios: Growth, Inflation Hedge, and Income recorded returns of 20.24%, 18.01%, and 9.64% respectively.

Solving a very real problem

It is well-known that many Malaysians have difficulty when it comes to saving money. When it comes to retirement this issue is worse, as many put off retirement plans and hope their EPF savings would be enough (
it isn’t
).

Robo-advisory platforms eliminate the two main excuses of why people don’t invest: lack of knowledge and high barrier of entry. All three robo-advisors in Malaysia have initial investment amounts that start from just RM100, 10 times less that of most unit trust funds. Subsequent investment can be done easily via FPX bank online transfers, and even more easily by “set and forget” auto-debit.

45107559 – woman hands working on calculator close up

On top of that, robo-advisors make investment as easy as setting up a risk profile upon signing up, and keeping to a regular deposit each month. These platforms’ algorithms, as Tan says, “take the nitty gritties away”, with the heavy lifting being done via software. The client’s risk profile is unique, and MYTHEO’s algorithm uses each individual profile to allocate funds accordingly to the three functional portfolios (Growth, Inflation Hedge, and Income).

As such, Tan believes that robo-advisors like MYTHEO are the best investment tool for those who want to invest, but do not have the time to read up on it. In particular, it’s perfect for the young millennial generation on their first jobs who want their savings to work harder for them, but may not be able to commit the time to do so. Of course, robo-advisors have a place for seasoned investors too, as a useful diversification tool.

Omakase
Or
a la Carte
? Your Choice.

Using a Japanese fine dining restaurant as a metaphor, Tan describes MYTHEO as being able to offer “omakase” sets for the beginners, and an “a la carte” menu for those who wish to customise their fine dining experience.

New investors will have their funds automatically allocated to the three functional portfolios based on their risk profile for optimum returns. But by tracking the journey of the investor via the MYTHEO app, investors can unlock the ability to create and customise their own allocation of the three functional portfolios, regardless of their risk profile. Investors can create up to six custom portfolios, should they wish to have different investment horizons or time frames.

Interestingly, of the three digital investment management platforms currently available in Malaysia, only MYTHEO offers users the ability to customise their investment allocation.

A modern way to invest

Digital investment management platforms may still be an offspring in the industry, but it is fast gaining traction here in Malaysia. With its inherent asset diversification, low fees, and the use of modern technology, Malaysians may now have another useful investment tool to help them invest.

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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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Public Bank gives you outstanding FD interest rates

Signing up for a Public Bank fixed deposit account will let you enjoy
up to a 4.88% rate yield, thanks to its PB FD Fortune campaign.

To be eligible, you’ll have to make a minimum deposit of RM10,000 incremental in multiples of RM5,000 until you hit a maximum of RM500,000 for six months. The funds will be placed in a PLUS Fixed Deposit and PLUS Savings Account at a ratio of 80:20.

In return, you’re privileged to 3.68% p.a. interest for your first two months, 3.88% for months three to four, 4.68% for month five and 4.88% for the final month on your PLUS Fixed Deposit. The interest will be deposited directly into your PLUS Savings Account at the end of the tenure.

This promotion will go on until 31 March. Do browse through its
terms and conditions
 first you’re keen to sign up.

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How Much Should You Give in a  Wedding Ang Pow in Malaysia?

Malaysian weddings are so much different from that of Western countries in terms of cultural ceremonies, format, tradition and the way it is executed – just to name a few.

The other significant difference between the two comes in the form of wedding gifts. Western countries prefer giving physical gifts, but are quickly adopting the convenient cash gift or Ang Pow, to which Malaysians have long been accustomed.

And then comes the age old question: how much does one put in the Ang Pow packet as a wedding gift? We’ve broken down some essentials you may want to consider before moving into that etiquette-dependent decision.

1) Your Relationship with the Couple

Unless you are a plus-one, you most likely made the guest list for a concrete reason. Much of which depends on the relationship you share with either the bride or groom, maybe even both.

You could be colleagues, a close-enough mutual friend, relatives, best friends or just acquaintances. These relationship titles will help you decide how much to give.

Where you fall in the relationship category often plays a huge role in deciding how much of your money goes into the wedding cash gift packet and should be one of the most important reasons for you to consider before doing so. The amount can range from a single attendee (RM50) to a family of four (RM200).

The aforementioned amounts may vary from situation to situation as there is no red-tape to cash gifts but where connection is concerned; its value typically increases with stronger relationship bonds and vise versa.

However, there are more considerations to go through before deciding on the final sum.

2) Wedding Reception and Food Costs

For the bride and groom, this is by far the most costly part of the process of exchanging vows. Depending on guest capacity, location (restaurant, hotel ballroom, etc.) and type of food served, wedding receptions can cost anything between RM10,000 and RM150,000 (maybe even more!).

This, you would be able to tell (venue, not costs) from the wedding invitation card that you receive. A catered affair at home or a community (or school) hall will cost a lot less to put together compared to a 3 or 4-star hotel ballroom buffet.

These hotel ballrooms may come with buffet food or dinner courses served right at guests’ table, which is a popular arrangement at 5-star hotel ballroom receptions. Based on the venue and judging from a little common sense, one should be able to estimate his contribution.

If you are a frequent wedding attendee, you’ve probably heard the word on the street that giving RM50 for the nominal costs of a catered reception at home or a hall is acceptable. The 3 or 4-star hotel set-up on the other hand would usually sit in the range of RM100, while the over-the-top 5-star affair can dangle between RM150 and RM200.

If you’re bringing along a plus-one, it would usually be advisable to double the amount and if you feel the need to fork out a little extra based on the relationship courtesy as the point above discusses, go ahead.

3) Personal Costs to Attend the Wedding

Weddings are a time for hundreds of guests to come together and celebrate the joyous matrimony of the couple exchanging vows. Sometimes, premeditated themes are patented to these joyous occasions.

Chances are you go out to look for a get-up to match that theme and this most certainly involves cost. What if you were part of the bridal troop (bridesmaid or bestman) where you had to invest a little money and time (because time is money!) for a new dress or vest?

Indeed, these involve costs too. Some couples sought to make their special day a truly memorable one by taking the road less travelled with beach weddings outstation. And you’ve guessed it, commuting and lodging costs, if borne by you, will all affect the cash gift that you present.

Other uncommon situations involve being the wedding dispatch where your driving services are needed to pick up the bride or groom’s relatives who, at the eleventh hour, don’t have transport or simply to make a run when an important reception stock (eg: booze) runs out prematurely.

We hear you, all these little costs may paint you as a little calculative but they inevitably add up to a lot for a single guest to bear. That said, weigh your contributions along with the other factors on a scale to determine your cash gift value. With that, only the most important piece to this jigsaw remains.

4) Your Disposable Income Capacity

None of the above considerations will matter one iota if you cannot afford a sizable ang pow packet. So, the question here is, how much can you really afford to give as wedding cash gift?

You would first have to fall back on to your monthly budget to get an idea of where you are in the month after salary disbursement and how much more will you need to pull through the remaining days or weeks.

Once you’ve factored in the necessary (including savings), it is always best to give what you can afford instead of giving in to the ‘saving face’ phenomena, which unfortunately is a common practice in Asian and Malaysian societies alike.

On the flip side, the practice of unmarked boxes is beginning to seep into the Malaysian wedding cash gift giving culture. All forms of monetary gifts are deposited into a box without putting them under the microscope.

It, both, safe guards the interests of attendees who can only afford little from what they have and rules out the possibility of feelings of animosity in the wedding couple’s camp. Now, go ahead and tuck in money into that Ang Pow packet without any guilt or worry.

A Gift from the Heart

We certainly won’t take away from the couple the fact that a tonne of money and effort is needed in planning and making a wedding happen. One way to look at the celebration is that all of it is their way of making you, loved ones, part of the most important day of their lives – friends and family alike.

Irrespective of who you are to them, you made the guest list for a reason! So do your finances justice and cut back if you have spent a lot just to be present, because essentially nobody should judge the amount you give as long as it comes from the heart.

How do you decide how much to give in an ang pow? Let us know in the comments!

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Austin Victor

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Affin Bank Unveils New Dual Credit Card Offering, Affin Duo+

Affin Bank has officially unveiled its latest credit card offering today, following its earlier
teaser post
 that promised a new card product that “does it all”. Clearly taking a cue from the popular
Affin Duo cards
, the new Affin Duo+ cards are also a Visa-Mastercard pair that offers 3% cashback and 3x rewards points on selected transactions, respectively.

Affin Duo+ Visa Credit Card

The Visa card for this Affin Duo+ pair is a cashback credit card that allows you to earn up to 3% cashback on contactless transactions, capped at a maximum amount of RM100 per month. However, there’s a caveat to this; the RM100 cap only applies if you have a previous balance of RM8,000 and above in your credit card statement. Otherwise, the maximum cashback that you can earn is limited to a lesser amount of RM50.

These caps, of course, affect the effective cashback rate of the card – as we’ll show you here:

Previous balance
Cashback cap
Official cashback rate
Effective cashback rate
Below RM8,000
RM50
3%
0.625% and 3%
RM8,000 and above
RM100
3%
1.25% and below

As you can see, you won’t be able to earn the official 3% cashback rate if you attempt to meet the previous balance requirement needed to get the RM100 cashback cap. You’ll only earn the official 3% cashback rate up to a maximum for RM1,667 of spending (and max out the RM50 cashback cap). If you wish to earn the RM100 cashback, you’ll need to spend RM8,000 the previous month, which greatly reduces the effective cashback rate (which you’ll see in the table above). This mechanic is
similar to that of the Affin Duo Visa
, so if you already own those cards you’d be familiar with the “previous monthly balance” requirement.

Aside from that, the Affin Duo+ FAQ clarified that contactless transactions will encompass payments that are made by tapping the card against a payment terminal (not exceeding RM250) – excluding government services and charity transactions.

Affin Duo+ Mastercard Credit Card

The Mastercard of the pair, meanwhile, awards 3x AFFIN Rewards Points for every RM1 that you spend on airlines, e-commerce/online purchases, duty-free purchases, hotels, and overseas transactions. Clearly, this card is intended to meet the preferences of e-commerce shoppers, as well as travellers who are eager to go places – especially now that Malaysia is gradually reopening its borders after almost two years of lockdown due to Covid-19.

Affin Bank further noted that the AFFIN Rewards Points earned can be converted to Enrich Points, AirAsia BIG Points, and Malindo Miles which you can then use to redeem tickets for your next flight. There is no cap on the amount of AFFIN Rewards Points that you can earn via this card each month – although do be aware that the points have a three-year validity period from the date of issuance. For easy reference, the conversion rates are as below:

1,000 Enrich Points = 12,000 AFFIN Rewards Points
1,000 AirAsia BIG Points = 10,000 AFFIN Rewards Points
1,000 Malindo Miles = 9,000 AFFIN Rewards Points

***

If you thought the Visa half of the Affin Duo+ card is familiar, you’re not wrong – its design and features does look like it is based off the bank’s existing
Affin Visa Signature credit card
. In fact, the
Affin Duo+ FAQ
 explicitly stated that current Affin Visa Signature cardholders who apply for the Affin Duo+ cards will only receive the Affin Duo+ Mastercard. Subsequently, their existing Affin Visa Signature will be tagged along with the Mastercard card as Affin Duo+.

Finally, note that Affin Bank has not announced the annual fees for the Affin Duo+ cards yet, but a chat with the customer service team revealed that these charges will be waived for the first three years. For subsequent years, the fees can also be waived with a minimum of 12 retail transactions per annum. Additionally, the minimum annual income requirement to apply for the Affin Duo+ cards is set at RM48,000.

(Source:
Affin Bank
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Credit Card Spend Almost Doubles From April To July

Recent statistics from Bank Negara Malaysia (BNM) has shown that domestic credit card spend among Malaysians has almost doubled in July since April 2020. The amount of expenditure was shown to have increased from RM5.3 billion to RM10.205 billion during this period of time.

Meanwhile, a year-on-year comparison of credit card expenditure between July 2020 and July 2019 – which recorded a total expense of RM10.26 billion – showed that the level of spending has almost returned to pre-Covid-19 level. For further comparison, local cardholders spent RM9.4 billion in July 2018, and RM8.5 billion in July 2017.

Where is the money going?

(Image: Reuters)

With regard to the types of expenditures being made, Maybank detailed that credit card spending had rebounded to pre-MCO levels for some categories of purchases. “The lifestyle category is one of the key benefactors of cardholders’ increased spending, most notably in the automotive segment. The jump in spending for cars is most likely due to customers taking advantage of the SST (sales and services tax) exemptions for all automobiles purchased and registered this year, an initiative under Penjana to boost economic activities,” it said in report by The Edge Markets.

Maybank further revealed that cardholders are also spending more on home improvements, particularly furniture, interior decorations, and renovation-related expenses. This comes as people spend more time staying indoors as well as working from home. “We also observed a slight uptick in EzyPay instalments for larger ticket items, as this helps consumers with their budget planning,” the bank added.

The recovery MCO (RMCO) has also spurred a steady increase in travel-related expenses, especially hotel stays, as cardholders opt for local holidays. This, in turn, has boosted other related spending, such as petrol as well as food and beverages. Additionally, the upsurge in credit card transactions may have also been driven by the government’s effort in encouraging cashless payments.

CIMB, on the other hand, said that their credit cardholders are mostly spending on daily essentials, such as groceries, dining, and purchases on e-commerce platforms.

Increasing outstanding balances

(Image: Free Malaysia Today)

Following the increased credit card expenses in July since April 2020, cardholders’ outstanding balances have also grown during the same period – albeit to a lesser degree. Recent records showed that there has been an increase of 5% from the RM32.8 billion of outstanding balance at the end of April, to RM34.4 billion at the end of July. To compare, a total of RM37.07 billion was recorded in outstanding balances at the end of July 2019.

It should also be noted that only a portion of the outstanding balances of RM34.4 billion consist of overdue payments. Of the amount, RM1.44 billion is overdue for less than three months, RM195.6 million for a period of between three to six months, and RM3.8 million for more than six months.

(Image: The Edge Markets)

In response to this increasing outstanding balances, Maybank said that that it is “a sign of spending normalising and it reflects the pent-up demand among consumers after MCO”. As such, it does not pose a major concern to the bank, although it will continue to monitor their cardholders’ spending and repayment trends, in line with risk management controls put in place.

“At the same time, we have been supporting our cardholders who require assistance by converting outstanding balances to term loans, whether automatically or requested by customers, in order to relieve them during this difficult period. And this assistance will remain available to them until the end of the year,” said the bank. Maybank was referring to a financial aid that was announced alongside the six-month
automatic moratorium
, which allows banks to
convert outstanding credit card balances
 into 3-year term loans for those who are in need.

Meanwhile, CIMB also expects the trend of spending to continue post-moratorium before normalising by the end of 2020.

(Source:
The Edge Markets
)

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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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Hong Leong Assurance Rolls Out Covid-19 Cover, Offers Coverage For F&B Outlet Customers

(Image: Bernama)

Hong Leong Assurance (HLA) has rolled out Covid-19 Cover, its first-ever group policy for pandemic coverage, which is designed for F&B business owners to offer Covid-19 coverage to customers who visit their outlets.

Should an F&B business decide to purchase the Covid-19 Cover plan, its customers will be eligible to tap into the following benefits if they are diagnosed and hospitalised with Covid-19 (Category 3, 4, and 5):

Hospitalisation benefit of RM50 per day for each person (up to 30 days)
Compassionate benefit of RM3,500 per life in the event of death due to Covid-19, within 90 days of diagnosis during the coverage period

Meanwhile, on the part of the customers, they will need to spend a minimum of RM40 (excluding sales and services tax (SST) and service charge) and scan the merchant QR code to complete a coverage registration within the hour. This will qualify them for protection of up to 14 days, starting from the next working day after successful registration. The customers will also receive an assurance certificate via email to inform them of the approval.

Customers can also extend this coverage if they wish to, by spending the minimum amount at any participating outlets before their coverage period expires. Every multiple of RM40 spent in a single bill will entitle an additional individual for the Covid-19 Cover insurance.

Do note, however, that this plan will only cover customers aged between 16 to 70 years old, and is valid for Malaysians only.

(Image: The Star)

In its statement, HLA commented that the product was launched because it recognised the need to alleviate the Malaysian public’s worries even as more businesses prepare to reopen their doors to customers. “We believe this coverage will provide peace of mind to customers who wish to dine in or takeaway at their favourite outlets, while creating a much-needed boost to local F&B businesses,” it said.

(Source: Hong Leong Assurance [
1
,
2
])

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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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FEN Launches MyDuitStory 3.0 Competition To Raise Awareness On Financial Scams

The Financial Education Network (FEN) has returned with the third edition of its #MyDuitStory short video competition (MDS 3.0), once again aiming to raise awareness on a specific aspect of personal financial management. Specifically, this year’s #MyDuitStory challenge hinges on the theme of financial scams and how to avoid becoming a victim.

Launched in conjunction with the ongoing National Scam Awareness campaign, the competition this time invites both undergraduates and students from universities and other education institutions to submit video entries that discuss the topic of personal finance risk management. This includes financial frauds and scams.

On its website, FEN stated that the videos can be made in the form of documentaries, scripted narratives, short dramas, or even animations – but they should only be as long as 3 to 5 minutes. Participants can also opt to share tips, financial hacks, or even lessons that were learned in their video entries. As for prizes, winners of the competition will receive cash prizes of up to RM8,000, as you can see below:

Interested individuals can already begin to
register for the competition
 from today until 31 January 2023. Video entries, meanwhile, can be submitted between 6 February until 3 March 2023. On top of these important dates, there will also be a virtual briefing on 13 January, regarding how to create engaging videos with accurate cultural nuances. This briefing is set to be conducted by the National Film Development Corporation Malaysia (FINAS) via Facebook Live – so remember to mark your calendars!

The
#MyDuitStory challenge
 has been held since October 2020, with each edition featuring a different theme. Meanwhile, the
National Scam Awareness campaign
 – which was launched at the end of last year – is organised by the various bank associations in Malaysia, including the Association of Banks in Malaysia (ABM), the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), and the Association of Development Finance Institutions of Malaysia (ADFIM) – with the support of Bank Negara Malaysia (BNM).

(Source:
Financial Education Network
)

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Association of Banks in Malaysia (ABM)

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Bank Negara Malaysia

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FEN

Financial Education Network

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National Scam Awareness Campaign (NSAC)

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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Government To Implement BA100 Programme To Reduce Prices Of Goods

(Image: The Australian
)

The National Cost of Living Action Council (MTSHN) will implement the 100 Basic Goods Programme (BA100) to lower down prices of goods. This will be done by reducing the role of middlemen and boosting the production of basic goods. Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail revealed that this is one of the government’s efforts to keep the
people’s cost of living in check.

The implementation of BA100 will involve the Entrepreneur Development Ministry, Agriculture and Agro-based Industry Ministry, and Angkatan Koperasi Kebangsaan Malaysia Bhd (Angkasa). According to Datuk Seri Wan Azizah, this cooperative movement will assist the government in tackling the cost of living by developing wholesale, retail, and agricultural programmes.

“Wholesale and retail involve strengthening the cooperative distribution centre. Retail involves development of cooperative products. Agriculture involves livestock, fisheries, vegetables and fruits,” the Deputy Prime Minister told the press after MTSHN council.

(Image: Kosmo
)

Domestic Trade and Consumer Affairs Minister Datuk Seri Saifuddin Nasution Ismail said that the products included in BA100 are basic goods normally purchased by the public such as flour, sugar, and rice. He added, “The idea is that if they can list these 100 basic goods and control the ecosystem involving wholesale, distribution, and retail and have shops, then the 100 items can be sold in their shops at lower prices.”

(Source:
The Star
)

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3 Reasons to Have More Credit Cards!

Before you start heaving all sorts of lambasting thoughts at us, let us explain why the header above can make absolute sense if you approach it in the right way.

It’s common to think that the excessive prostitution of your various credit cards with different ranges of benefits can cause you to lose track of spending ultimately leading you into a credit abyss. You won’t be alone in thinking so but is that the only way?

In fact (not in theory!), having more credit cards can help you take complete advantage of every Ringgit you spend. Have we got your attention yet? Keep your eyes peeled as we flip your perception 180 degrees.

Improve Your Credit Worthiness

How credit worthy you are is decided based on a number of factors compiled and assessed based on an internal algorithm used by banks with the helping hand of Bank Negara to minimise risk to the bank.

The outcome of this process will influence your rate of approval for
personal loans
,
home loans
,
hire purchase loans
 and even other
credit cards
.

That said, having many credit cards isn’t such a bad idea for your credit worthiness if you can show the bank how well you manage multiple debt opportunities. This of course can only be a boon if you diligently pay off your balances in full every month and avoid irresponsible spending.

Ride the Waves of Bountiful Perks

This is where channeling your inner leprechaun comes into play – converting every ringgit spent into alternative sources of bounty as provided by credit card issuing banks.

The plethora of
credit cards
 dwelling in the Malaysian market offer pretty gorgeous rewards and benefits, and honestly it’ll be quite sad if you didn’t make use of them.

Travel benefits like priority check-in, access to airport lounges, air fare rebates, and reward points for overseas spending amongst others exist for the avid traveller with some of the
best travel credit cards
 in the country.

Then there’s the ‘soccer mum’ picking up the kids from school, taking them around from one place to another and grocery shopping like a superwoman. She could get it all done and end up with a good amount of spare change by using a good
cashback credit card
 where every Ringgit spent earns in return!

If that’s not enough, think of the cards, which offer much better dining and shopping discounts than their competitors but this will only be helpful to you if you possess the card in question!

Unfortunately, these perks have been spread out across the myriad of credit cards available in the market – call out the inner frugal being and pick ones that will benefit you and not haunt your statement at the end of the month! If you’re spoilt for choice, let us help you pick one with our
credit card comparison
.

The basic idea is to have an arsenal of credit cards with varying benefits to use when it will give you the best discount. But this doesn’t mean racking up huge purchases on all of them!

For the Odd Emergency

And by this we don’t mean satisfying your insatiable desire to maximise all credit limits on your cards – but to be the shining piece of plastic during your times of financial darkness.

Some credit cards offer huge discounts on medical expenses , which can come to the rescue for those who don’t have the added accolade of
medical insurance
 under their belt.

How about a less panic engulfed scenario when you forgot to pay a visit to the ATM but have just eaten a full meal and need to pay up but your other card is piled up with the recent medical bill you ran up? Your emergency card could save you from an embarrassing situation.

Where emergencies are concerned, having more than one credit card can most definitely pull one out of financially sticky situations – frivolous and life-threatening alike.

Sign Me Up Already!

Hold your horses, troopers. Being the financial experts that we are, it is a cardinal task of ours to advise that credit mismanagement can occur under unscrupulous circumstances and does not have a preference in choosing its victim.

Therefore, we advocate proper use of your credit card and in the event that you do find yourself in financial dire straits, there is always the option of consolidating your credit cards through a
balance transfer
 where interest rates are as low as 0%.

Or you could take up a
personal loan
 to give you more breathing room to clear out the outstanding credit. At the end of the day, a credit card could be a friend or foe depending on how you use it. Sounds like a lot of things in life!

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Weekend Swing Causes Bitcoin To Dip Below US$20,000 For First Time Since December 2020

Over the weekend, Bitcoin tumbled below the US$20,000 mark for the first time since December 2020, extending a streak of dips that began since May 2022. This is indicative of deepening stress within the crypto market, amidst the Federal Reserve’s decision to tighten its monetary policy and other factors.

On Saturday, Bitcoin sank all the way to US$18,740 (approximately RM82,475) – even dipping to as low as US$17,084 (approximately RM75,187) at one point – before vaulting back to above US$20,000 on Sunday. Since then, the largest crypto token has been struggling to hold above the US$20,000 mark, and at the time of writing, it is trading at US$20,590 (about RM90,999).

Bitcoin’s tumble also brought other coins along with it. At one point, Ether had even shed almost 11% to USD$975.24 – the lowest since January 2021 – but eventually managed to climb back above the US$1,000 mark. Numerous alternative coins, including Solana and Cardano – and even meme coin Dogecoin – dipped as well. Stablecoins, too, struggled.

With this latest round of dips, the crypto market now stands at only a fraction of the total market cap when it soared during the Covid-19 pandemic, particularly in late 2021. The total market cap of cryptocurrency reportedly amounted to only around US$880 billion on Saturday morning, a far cry from the US$3 trillion recorded back in November 2021.

Most major industry players attributed the weekend swing mainly to the United States Federal Reserve’s decision to raise interest rates by 0.75%, seeking to drain liquidity from markets and to fight inflation. This has affected not just the crypto market, but also the broader market, which is seeing a
similar downturn
; the FTSE All-World index, for instance, was down 5.6% last week, while the S&P 500 index dropped 5.8%.

However, the crypto market is particularly badly hit because it was also recently hounded by a fairly extensive list of bad news, starting with the
collapse of the Terra blockchain last month
. Barely recovering from the ordeal, the market was again pummelled repeatedly by several other negative developments. Crypto lenders
Celsius Network Ltd
 and
Babel Finance
, for instance, both decided to halt withdrawals last week. Meanwhile, crypto hedge fund
Three Arrows Capital
 also revealed that it suffered large losses and is considering asset sales or a bailout.

(Image: Babel Finance)

“Surging recession fears are crippling appetite for risky assets and that has crypto traders remaining cautious about buying Bitcoin at these lows. The news flow has been terrible for cryptos,” said senior market analyst at US-based forex broker Oanda, Edward Moya.

On the other hand, the head of crypto and digital assets strategy at Bank of America Corp, Alkesh Shah commented that these latest dips may actually be a positive thing for the market. “Investors are continuing to position defensively following last year’s liquidity-driven digital asset bull market. Although painful, removing the sector’s froth is likely healthy as investors shift focus to projects with clear road maps to cash flow and profitability versus purely revenue growth,” he said.

(Source:
The Edge Markets
)

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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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Start Your April With A Chance To Win An iPhone 14, Apple Series 8 Smartwatch And More

Looking to apply for a credit card this month? Start your April strong with Unbox This Week, with the opportunity to take home impressive gifts including Apple products!

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

From 3 April to 10 April 2023, our featured bank partners are

none other than
HSBC Bank, Citibank, Alliance Bank, Public Bank, Standard Chartered, and RHB
. 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!

HSBC Bank – Apple Watch Series 8

Stand a chance to win an Apple Series 8 Smartwatch when you apply for a HSBC credit card this month!

With all-day 18-hour battery life, Apple Watch Series 8 has health and safety features like the ECG app and fall detection monitoring, as well as temperature-sensing capabilities, and an ovulation estimate feature. The stylish Apple Watch 8 also includes a large, Always-On Retina display with a strong crack-resistant front crystal watch face.

You’ll still be able to take home a pair of Apple AirPods (2nd Generation) if you don’t win the Apple Watch Series 8!

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

Citibank – RM800 Touch ‘n Go eWallet Credit

An extra RM800? Yes, you heard right! Get a guaranteed RM800 TNG eWallet Credit when you apply, activate, and spend with a Citibank Credit Card. Treat yourself to a shopping spree, pay for utilities, or spend it on a nice meal for yourself – there are just so many options to choose from.

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 card members 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
.

Alliance Bank – Realme Watch 2 Pro OR URBANLite Ledge 24” Luggage

Apply for a new Alliance Bank Credit Card and you’ll be able to take home a guaranteed Realme Watch 2 Pro or URBANLite Ledge 24” Luggage this week!

You’ll be guaranteed the Realme Watch 2 Pro when you apply for an Alliance Credit Card with Balance Transfer. The trendy smartwatch lasts 14 days on a single charge, and even offers 100+ watch faces and supports up to 90 sports modes. Awesome for health enthusiasts who want to keep track of their fitness at all times!

Applying for an Alliance Credit Card without Balance Transfer? You’ll receive the URBANLite Ledge 24” Luggage. What makes the stylish luggage the perfect travel accessory is its embossed structured design for double protection and combination lock for added security and peace of mind – perfect for your next vacation!

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

Public Bank – Amazfit GTS2 Mini Smartwatch

Stand a chance to win the Amazfit GTS2 Mini Smartwatch this week when you apply, get approved and spend with a Public Bank Credit Card.

Featuring an ultra-slim and light design, the trendy Amazfit GTS 2 Mini Smartwatch will keep you healthy on the go with 68+ Sports modes and health-tracking features such as Blood Saturation Measurement. It even has Amazon Alexa built-in to help you navigate its features.

For those who are not selected, you will still walk away with a guaranteed Case Valker 20” Gorgeous Luggage Bag.

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

Standard Chartered – Apple iPhone 14 Smartphone

Win the new iPhone 14 when you apply for a Standard Chartered Credit Card! The newest iPhone comes with an always-on display and Crash Detection — a new safety feature which calls for help when it senses you’re in trouble.

For those who are not selected, you will still walk away with a guaranteed pair of Apple AirPods (2nd generation).

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
.

RHB – RM500 Cash Via DuitNow

Get a guaranteed RM500 cash via DuitNow in your pocket when you sign up for an RHB Credit Card this week!

With an extra RM500 in your pocket, you’ll be able to spend on your essentials, share with loved ones, or save it for a rainy day – it’s all up to you! You’ll also be able to use it for a myriad of other things such as driving through tolls or even on a simple treat for yourself.

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

***

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 10 April 2023 (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Eloise Lau

Eloise Lau

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Finance Minister: 40% Of Millennials Spend Beyond Their Means

(Image: The Sun Daily)

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has commented that 40% of millennials are spending beyond what they can afford. He also stated that statistics from Bank Negara Malaysia (BNM) have shown that 47% of Malaysian youths have high credit card debts.

“So think thoroughly about what is necessary and prioritise your purchases, whether it’s a new outfit or new phone, or, like what one of my nephews wants, a PS5, and you will find that every ringgit will go a long way. Warren Buffett famously said, ‘do not save what is left after spending, but spend what is left after saving’. In other words, pay yourself first and use the power of compounding to your advantage,” said the minister.

(Image: The Edge Markets)

Tengku Zafrul also elaborated with an example of a twenty-year-old who aims to have RM1 million in savings by the age of 60. He said that the individual will need to save about RM500 per month, assuming that there is an annual return of 6%.

Additionally, Tengku Zafrul cited data from the Employees Provident Fund (EPF), saying that 50% of EPF members have less than RM200,000 in their accounts. This is lower than the average of RM240,000 that members should accumulate in basic savings by the age of 55. The minister further commented that 50% of contributors would empty their savings within five years of retiring.

(Image: Focus Malaysia)

“However, with the emergence of the gig economy, such as Grab, Foodpanda, and Shopee, we have many opportunities and options to earn alternative sources of income to enhance our savings. In that respect, I am very pleased to see many Malaysians taking up the challenge of starting their own business,” said Tengku Zafrul.

Tengku Zafrul also urged Malaysians to improve their financial literacy skills, adding that this could be via growing and protecting their wealth through investments, insurance, or takaful. He further said that raising the level of financial literacy is a long-term commitment that requires the sustained efforts and support of many parties.

(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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Taiwanese delights and discounts with UOB credit cards

Looking for something familiar yet a little exotic? Try one

of these mouth-watering Taiwanese dishes from
New Formosa
. Get a mouthful of

their signature Ginkgo Pumpkin Yam Pudding of the Hakka-style Steamed Tiger

Prawns with Herbs at 10% off when you dine-in with a UOB credit card.

Offer is valid till 31 December 2013 and not applicable with

other offers, promotions, discounts, set menu, functions, special events and

loyalty programmes. Please refer to the
Terms

& Conditions
 page for further information.

Having trouble finding the right UOB credit card?
RinggitPlus.com

makes the search easier for you.

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Brendon Lee

Brendon Lee

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TNG eWallet Offers Free Subscription To Selected Apple Services For iPhone Users

Touch ‘n Go (TNG) eWallet is currently offering several freebies for iPhone users, in the form of free subscriptions of up to four months for various Apple services. These include Apple Music, Apple TV+, Apple Arcade, and iCloud+.

Here’s the full list of free subscriptions that can be claimed via this campaign – open to both new and former subscribers of the services:

Apple services
Free subscription for newcomers
Free subscription for returning subscribers
Conditions/Exclusions
Campaign period
Apple Music
2 months
1 month
Not valid for Apple Music Family or Apple Music Student
Until 4 August 2024
Apple Arcade
2 months
2 months
Cannot be combined with other offers providing access to Apple Arcade
Until 24 March 2024
Apple TV+
3 months
3 months
Cannot be combined with other offers providing access to Apple TV+
Until 24 March 2024
iCloud+ (50GB storage)
4 months
4 months
N/A
Until 4 August 2024

If you’re interested in claiming the offers, you’ll need to have the TNG eWallet app installed on your iPhone with an active account. Following that go ahead and check your inbox in the app for this offer; if you are eligible, then you will receive a notification stating so.

(Image:
TechNave
)

The notification will also list out the offers that are available to you – you may not necessarily get all four deals – but do note that you will be required to bind your TNG eWallet to your iPhone as a payment method to claim any of these deals. You can do this via Settings on your iPhone; there will be prompts to guide you through the process.

As a final reminder, make sure to double check the terms and conditions of each offer as they differ from each other, just so you’re clear on all the stipulations!

(Sources:
The Star
,
TechNave
)

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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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MBSB Bank’s PrimeWin CASA-i Campaign Rewards You For Saving

Saving is a good life habit that can bring you a lot of benefits. Your savings can save the day when it comes to an emergency and also grow your money thanks to the profit you earn on your balances. Moreover, saving teaches you financial discipline and paves the way to good financial management.

Do you know that saving can also be very rewarding in other ways? Take MBSB Bank’s PrimeWin CASA-i Campaign for example. This campaign offers incredibly lucrative rewards when you make a deposit in your MBSB Bank current or savings account. Find out how to win cash prizes of up to RM1 million through the PrimeWin CASA-i Campaign!

Place A RM100 Deposit To Get Started

The PrimeWin CASA-i Campaign is open to new and existing MBSB Bank customers with a current or savings account. You only need to make an initial deposit of RM100 into your savings account during the deposit period to be eligible. That’s right, to get yourself into the competition, all you need to do is save RM100! For current accounts, you will need to make a minimum initial deposit of RM1,000 to be eligible.

Under the PrimeWin CASA-i Campaign, you could stand to win the monthly, quarterly, or yearly grand prize. Here’s how you can fulfil the requirements to win the different prizes!

Win RM10,000 In The Monthly Draw

Deposit period: Every month until April 2020

Closing date: End of each month until April 2020

Minimum month-end available balance (MEAB): RM100

Retention period: 1 month

Each month, one lucky winner is chosen to take home the RM10,000 monthly draw prize. Besides that, you could also get one of the 10 consolation prizes of RM1,000 for the monthly draw every month!

To qualify for the monthly draw, ensure that your minimum month-end available balance (MEAB) is at least RM100 for one month after the closing date. Let’s say you decide to make a deposit of RM100 now in the month of February. If you keep your MEAB at a minimum of RM100 until the end of March, you could find yourself announced a winner of the monthly draw!

Take Home The Quarterly Prize Of RM50,000

Deposit period: Now until April 2020

Closing date: 30 April 2020

Minimum month-end available balance (MEAB): RM500

Retention period: 1 month

Every quarter, you stand the chance to win RM50,000 just by keeping at least RM500 in your account for one month after the closing date. It’s really a win-win situation for you – even if you don’t win the RM50,000 at the end of the quarter, you would have saved yourself RM500. Don’t lose out and try for the quarterly prize now!

Win The Grand Prize And Become A Millionaire

Deposit period: Now until February 2020

Closing date: 29 February 2020

Minimum month-end available balance (MEAB): RM3,000

Retention period: 3 months (not less than 2 months before and 1 month after the end of the campaign period on 30 April 2020)

What can you do with a million Ringgit? The possibilities are endless – with RM1,000,000 in your bank account, the world is your oyster! Imagine, you could be a millionaire just by keeping RM3,000 in your bank account for the PrimeWin CASA-i Campaign. Take note of the dates and make your deposit before 29 February 2020 to be in the running for RM1,000,000! Hurry!

Save And Win With PrimeWin CASA-i Campaign

Now that you know all about the different prizes you could win from the PrimeWin CASA-i Campaign, what are you waiting for? Hurry and make your deposits to qualify for the monthly, quarterly, and grand prizes.

Don’t have an MBSB Bank account? Worry not – open a current or savings account with MBSB Bank now so that you can start depositing and be a part of the campaign. For more information, you can visit
MBSB Bank’s PrimeWin CASA-i Campaign website
.

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    Fyza Mustaffa

    3 years ago

How to claim

1

Reply

    Chong Be Ling

    3 years ago

Is joint account allowed in these campaigns?

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    Jacie Tan

    3 years ago

    Reply to

        Chong Be Ling

Yes, they are.

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Finance Minister: No Decision On The Reintroduction Of GST Yet

(Image: The Sun Daily)

Finance Minister Tengku Zafrul Abdul Aziz said that the government has yet to decide on the reintroduction of the goods and services tax (GST) amidst the ongoing Covid-19 pandemic.

Responding to a question during yesterday’s parliament session, Tengku Zafrul emphasised that the government’s priority for now is to fight the pandemic, protect the people, and support businesses. He further said that the government is studying other feasible consumption tax models while considering every aspect, including the weaknesses of the current sales and services tax (SST) and previous implementation of the GST. On top of that, the government has also been seeking feedback from various parties with interest.

(Image: The Star)

“This study will cover the impact on the economy, cost of living, impact of the tax on price of goods, and its ability to fight black economy activities. Any taxation system, whether improved or new, must be simple to administer and not increase business costs, and can strengthen the country’s fiscal position,” said the minister.

Early last month, Prime Minister Tan Sri Muhyiddin Yassin had revealed that the government will
study the proposal by various parties to reintroduce the GST
, including industry players, academicians, and members of the public. He said that although there are those who believed the GST to be a more efficient tax system than the SST,
meticulous study
 is required.

For context, Malaysia had employed the SST since the 1970s, before switching over to the
GST in 2014
. The government subsequently reimplemented the
SST again in September 2018
.

(Source:
The Sun Daily
)

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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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Save More With These Bank & Credit Card Promo Codes For Shopee 3.3 Mega Sale

If you’ve been avoiding shopping malls lately due to the Covid-19 outbreak, you’ll be pleased to know that online shopping platform Shopee is holding a 3.3 Mega Sale campaign, with the ultimate sale event kicking off on 3 March 2020. Expect plenty of slashed prices thanks to Shopee’s Shocking Sale and generous discount vouchers up for grabs.

To help you maximise your savings even further, here’s a list of 3.3. bank promo codes that you can use on Shopee this 3.3 Mega Sale.

Shopee 3.3 Mega Sale Bank Promo Codes

The following voucher codes are applicable to purchases made on the Shopee mobile app, and from Shopee Mall or Shopee Preferred Sellers only. The promo codes will be available on a first-come-first-served basis, subject to when the codes are used at checkout.

There are also some exclusions to the validity of these promo codes, as they can’t be used for diapers and potties, baby food and formula, tickets and vouchers, s-Mart Milo, and automotive merchandise, among others.

AEON Credit

Promo code:
AEON33

Discount: RM13 off minimum spend RM150

Validity: 1-3 March 2020

Quantity: First 1,000 redemptions

AmBank

Promo code:
AMB33

Discount: RM13 off minimum spend RM150

Validity: 1-3 March 2020

Quantity: N/A

Bank Simpanan Nasional

Promo code:
BSN33

Discount: RM13 off minimum spend RM150

Validity: 1-3 March 2020

Quantity: First 1,000 redemptions

CIMB Bank

Promo code:
CIMB33

Discount: RM13 off minimum spend RM150

Validity: 1-3 March 2020

Quantity: N/A

Hong Leong Bank (first-time users)

Promo code:
HLBN33

Discount: RM10 off minimum spend RM40

Validity: 24 February – 3 March 2020

Quantity: First 2,000 redemptions

Hong Leong Bank (existing users)

Promo code:
HLB33

Discount: RM13 off minimum spend RM150

Validity: 1-3 March 2020

Quantity: First 2,000 redemptions

HSBC (first-time users)

Promo code:
HSBCN33

Discount: RM10 off minimum spend RM40

Validity: 24 February – 3 March 2020

Quantity: First 1,500 redemptions

HSBC (existing users)

Promo code:
HSBC33

Discount: RM13 off minimum spend RM150

Validity: 1-3 March 2020

Quantity: First 1,500 redemptions

Maybank

Promo code:
Collect here

Discount: RM15 off minimum spend RM150

Validity: 3 March 2020

Quantity: N/A

OCBC Bank

Promo code:
OCBC33

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Public Bank (first-time users)

Promo code:
PBBN33

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Public Bank (existing users)

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Discount: RM13 off minimum spend RM150

Validity: 1- 3 March 2020

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Promo code:
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Validity: 3 March 2020

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UOB (first-time users)

Promo code:
UOBN33

Discount: RM10 off minimum spend RM40

Validity: 24 February – 3 March 2020

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UOB (existing users)

Promo code:
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Discount: RM13 off minimum spend RM150

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Visa credit cards

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Discount: RM15 off minimum spend RM150

Validity: 3 March 2020

Quantity: N/A

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Prices Of Dry Goods, Clothing May Increase By Up To 10% In 2022

(Image: Malay Mail/Shafwan Zaidon & Yusof Mat Isa)

Malaysians may need to pay more for dry goods and clothing in 2022 as manufacturers are expected to increase the price of these items by up to 10% due to various growing costs, as well as international trade issues.

According to the managing director of hypermarket and retail chain Mydin, Datuk Ameer Ali Mydin, the price of dry goods – such as biscuits, sardines, and Milo – may increase by 8% to 10% this year. “We were told by many manufacturers that products will increase due to certain reasons (such as) the prices of raw material and logistics costs having increased,” he said.

On top of that, clothing prices, too, could see a surge of between 10% to 15% with new incoming stocks. In fact, the market prices for school bags and shoes have already gone up, said Datuk Ameer. Prices of wet items, on the other hand, are expected to stabilise.

(Image: Pixabay)

Aside from that, Datuk Ameer also advised consumers to find ways to shop smart. “We have to be wise, smart to find products that we can afford. Because you have no choice. The product (price) will increase, your salary does not increase. Even if your salary increases, it is 3% to 5%, but the product (price) increases by 10%,” he said, sharing shopping tips such as opting for unbranded clothes instead of more expensive branded items.

Datuk Ameer further stressed that Malaysians should not blame these price increases on the government as Malaysia is involved in international trade. As such, its economy will be impacted by any international trade issues that crop up.

Prior to Datuk Ameer’s comments, several associations – particularly those in the F&B industry – have already stepped up to say that Malaysians can expect to pay more for their purchases this year. Beverages at kopitiams, for instance, may see a
price increase of up to 60 sen
. Some restaurants may also be forced to
reduce their food serving sizes
 to cut cost.

(Image: Harian Metro)

Meanwhile, consumer financial expert Prof Mohamad Fazli Sabri chimed in to comment that household spending will be significantly affected when the prices of goods begin to rise between 10% to 30%. To illustrate, a family that usually spends around RM2,000 per month month will need to spend up to RM600 more for their usual purchases each month – equivalent to 30% increase in expenses.

Consequently, Prof Fazli said that households should change their lifestyle to cope with these price hikes, such as by reducing their non-essential purchases. Malaysians can also explore the gig or digital economy to supplement income if prudent spending isn’t enough to help with the situation. Additionally, the government can also improve the situation by being firmer in monitoring price hikes and by assisting individuals who are affected by the rise in living costs, he said.

(Sources:
Malay Mail
,
The Star
)

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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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OCBC Reduces OCBC 360 Account Interest Rates, Now Offers 3.4% p.a.

Following the second OPR cut this year by Bank Negara Malaysia, OCBC has revised the interest rates for a number of its current and savings accounts, including the popular OCBC 360 Account. Effective 5 March 2020, the OCBC 360 Account now yields a maximum total interest of 3.4% p.a. instead of its previous rate of 3.6% p.a..

The
OCBC 360 Account
 offers a base interest rate and bonus rates if you fulfil the Deposit, Pay, and Spend requirements. You can compare the previous and current rates for the OCBC 360 Account in the table below. As you can see, the overall interest you can earn from the OCBC 360 Account has been reduced by 0.2% p.a..

Tier

Previous Rates

Current Rates

Base rate

0.15% p.a.

0.10% p.a.

Deposit (min RM500 per month)

1.15% p.a.

1.10% p.a.

Pay (min 3 bills online per month)

1.15% p.a.

1.10% p.a.

Spend (min RM500 on OCBC credit cards per month)

1.15% p.a.

1.10% p.a.

The reduction in OCBC’s interest rates are a
result
 of Bank Negara’s second
cut in the overnight policy rate (OPR)
 this year on 3 March. The first OPR cut of 2020 took place earlier in January and also caused major banks to lower their rates; at the time, the interest rate for the OCBC 360 Account was reduced by 0.5% p.a. from
4.10% p.a. to 3.60%p.a..

Under this
new round of revisions
, other savings accounts by OCBC have had their interest rates affected as well. The
OCBC Booster Account
 now offers a maximum interest of 3.60% p.a. instead of 3.90%p.a., with a change to the interest rate for account balances of RM30,000 and above. Meanwhile, the nuon Savings account now gives interest of up to 2.25% p.a. instead of the 2.60% p.a. previously, with changes to both its base rate and Save Pot Bonus.

To see the change in interest rates for the rest of OCBC’s savings products, you can refer to the
bank’s announcement here.

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Penang Aims To Become A Cashless State By March 2020

(
Image: New Straits Times
)

Penang might just become the first cashless state in Malaysia, with the Penang state government aiming to fully adapt and enable e-wallet transactions throughout the state by March 2020.

“I fully support this push towards going cashless and I would like to encourage all Penangites to embrace this cashless lifestyle,” said Chief Minister Chow Kon Yeow during the launch of the Touch ‘n Go eWallet programme in Penang. He added that he looks forward to seeing how long it would take for Penang to reach the optimum point in becoming a cashless society.

This announcement of the Penang state government’s intent comes as Touch ‘n Go begins making its e-wallet services available to small business owners at some wet markets and hawker centres in Penang recently. The number of Touch ‘n Go eWallet merchants in Penang is expected to triple within the year.

(
Image: Buletin Mutiara
)

TNG Digital Sdn Bhd, the venture behind the Touch ‘n Go eWallet service, is also working on collaborations with the Penang state government to enable transactions for government services. This includes payment for the city council’s assessment rates and other e-government services.

The Chief Minister said that the entry of TNG Digital into the e-wallet industry in Penang is a welcomed move that is in line with the state’s smart city initiatives. TNG Digital Sdn Bhd chief executive officer, Ignatius Ong, is also enthusiastic about the venture’s collaboration with the Penang state government.

(
Image: Buletin Mutiara
)

“We selected Penang (on emphasising the adaptation of TNG eWallet) because the state is compact, everyone here is (technology) savvy and all and above it, the state government has welcomed us with open arms,” said Ong.

The Penang state government’s target is well aligned with the federal government’s upcoming
e-Tunai Rakyat programme
. The one-off digital incentive, which was announced during the tabling of
Budget 2020
, is intended to encourage Malaysia’s adoption of e-wallets. Set to be implemented from 15 January to 14 March 2020, it will be carried out via
three e-wallet partners
: Touch ‘n Go eWallet, GrabPay, and Boost.

(Source:
The Sun
,
Malay Mail
)

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BSH Phase 3 Payments For Urban Recipients Will Be Made By End-July

(Image: The Star)

Recipients of the Bantuan Sara Hidup (BSH) aid living in urban areas of Peninsular Malaysia, Sabah, and Sarawak will receive their payments for Phase 3 by the end of July, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.

A total of RM3 billion has been allocated for this exercise, and it is expected to benefit 5 million recipients, comprising 3.8 million households and 1.2 million individuals. The amount of BSH aid awarded will be determined by the recipient’s income range, as follows:

Categories

BSH Aid To Be Paid

Households earning less than RM2,000

RM600

Households earning between RM2,001 to RM3,000

RM350

Households earning between RM3,001 to RM4,000

RM100

Singles (40 years of age and above) earning less than RM2,000

RM400

Note that the BSH aid paid during Phase 3 (figures show above) is inclusive of an
extra RM100 financial aid
, provided through the first economic stimulus package announced in February 2020. The extra cash, which was meant to encourage local consumption, was originally supposed to be paid out in May. It was subsequently postponed to July, to be disbursed together with Phase 3 of the BSH aid.

Tengku Zafrul also noted that households with children will receive an additional assistance of RM120 per child (below 18 years old), provided for a maximum of four children. “For example, households earning less than RM2,000 with four children will receive RM1,080,” he said.

Meanwhile, the payment for Phase 2 and 3 of the BSH aid for recipients in rural areas of Sabah and Sarawak (without bank accounts) will take place between 1 to 31 July 2020, to be facilitated by the Sabah Treasury and Sarawak Treasury. This also applies to the disbursement of Bantuan Prihatin Nasional (BPN) payments for the same group of recipients.

(Image: The Sun Daily)

“This initiative will benefit 53,325 recipients with a total financial payout of RM28.7 million,” said Tengku Zafrul in a
press statement for the 11
th
 LAKSANA report
 on the implementation of the
Prihatin economic stimulus plan
 and the
PENJANA economic recovery plan
. The statement also included updates on other initiatives, including the
i-Lestari Withdrawal Scheme
 and the
wage subsidy programme
.

The BSH programme was first
announced during Budget 2019
, aimed at alleviating the burden of Malaysian households, particularly those from the B40 group. It was subsequently
expanded during the tabling of Budget 2020
 to cover single individuals aged 40 and above, and all disabled persons aged 18 and above with a monthly income of less than RM2,000.

(Source:
Malay Mail
)

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Malaysian Monthly Household Expenditure Increased In 2019 Compared To 2016

Malaysian households spent a mean of RM4,534 per month in 2019 compared to the monthly figure of RM4,033 in 2016, a survey by the Department of Statistics Malaysia (DOSM) found.

According to the Household Expenditure Survey Report 2019, the difference between the monthly household consumption expenditure for 2019 and 2016 is an increase of 3.9% per annum. This increase in consumption expenditure is in tandem with the moderate growth of mean monthly household income at 4.2% for the same period.

In urban areas, household expenditure grew from RM4,402 to RM4,916 per month, an increase of 3.7% per annum from 2016. Meanwhile, in rural areas, the increase was slightly less at 3.6% per annum, from RM2,752 spent each month to RM3,038. The report stated that these statistics indirectly reflect that the mean household consumption expenditure in urban areas was about 1.6 times higher than in rural areas.

The level of urbanisation also made a difference in the consumption expenditure patterns in urban and rural households. For urban areas, the highest percentage of expenditure went to housing, water, electricity, gas and other fuels at 24%. In rural areas however, food and non-alcoholic beverages made up the highest expenditure group at 24.4%.

For the total household consumption expenditure in the country, it was found that the major components of expenditure remained the same from 2016: housing, water, electricity, gas and other fuels, food and non-alcoholic beverages, restaurants and hotels, and transport. These main groups of expenditure contributed to 68.3% of the total household consumption expenditure in Malaysia for 2019.

(Source:
DOSM
)

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LHDN To Introduce E-Invoicing Soon, Removes The Need To Keep Physical Receipts

(Image: New Straits Times)

The Inland Revenue Board (LHDN) has said that it is set to introduce its e-invoicing initiative starting from early next year. With this, taxpayers will no longer need to keep physical copies of their receipts, invoices, and vouchers for seven years – as is currently required.

According to the chief executive officer of LHDN, Datuk Dr Mohd Nizom Sairi, the e-invoicing platform will enable taxpayers to upload and store their purchase records online with LHDN. As such, it eliminates the need to keep hard copies of receipts as it is already available in soft copy.

“Principally, when it is fully implemented, the e-invoicing initiative will reduce the burden of record keeping by taxpayers. (By then), a lot of (their) information would already be with LHDN. E-invoicing will change everything,” said Datuk Dr Nizom, adding that LHDN hopes to obtain support from the relevant parties to ensure the platform’s implementation by next year.

(Image: The Edge Markets)

For context, e-invoicing has been permitted in Malaysia since 2015 (requiring agreement from both the vendor/seller and customer), but it is not a widespread practice. Former Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz then proposed the wider adoption of e-invoicing for Malaysia in the
original tabling of Budget 2023 in October 2022
, as part of a broader digitalisation of tax administration. The initiative was, however, removed in the revised Budget 2023, tabled in February 2023 by the current Prime Minister Datuk Seri Anwar Ibrahim, who is also the Finance Minister.

To further explain, e-invoicing involves storing your invoice documents and purchase receipts in digital format, and these documents or data can then be uploaded into the platform managed by LHDN. After that, the data will be extracted and pre-filled into the taxpayer’s income tax form. Taxpayers, in turn, will only need to review the details and make any necessary amendments – ultimately enjoying a more convenient tax filing process.

(Image: Bernama)

Furthermore, e-invoicing has already been introduced in several other countries. These include Thailand, the Philippines, Japan, New Zealand, and France – just to name a few.

In the meantime, however, Malaysians are still required to keep their invoices and receipts (including EA forms, donation receipts, book purchases, and annual insurance statements) for a period of seven years, as directed under Section 82A(1) and Section 82A(2) of the Income Tax Act 1967. If LHDN decides to audit your tax returns, they will have the right to request for these documents. Those who fail to keep these documents can be fined up to RM10,000 under Section 119A of the Act.

(Source:
New Straits Times
)

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The Classmate Created To Help Students Thrive Academically

Although the world is slowly recovering and reopening, the pandemic necessitated a great deal of change from people around the world. We were forced to change the way we behaved, socialised, shopped, worked, and ultimately, lived. The pandemic affected everyone, including our future generation.

Students all across the world, whether they were in primary, secondary, or tertiary levels had to adjust their regular academic routine because many institutions were temporarily closed to avoid the spread of the virus. Online learning became part of the new norm, much like getting vaccinated and adhering to social distancing measures. Students would come together and attend virtual classes based on their schedule, but those who share devices amongst siblings might encounter an issue especially if their classes clash with one another.

So what did this mean for parents? They’d have to provide a suitable device for their children to ensure classes and homework can be attended to. The device has to be reliable, capable of performing tasks, and intuitive in terms of user experience. One such product befitting for students in their academic journey is JOI Classmate®.

Catering To Our Future Leaders

JOI® is a joint effort by Intel®, Microsoft, and SNS Network that develops and manufactures IoT (Internet of Things) devices and solutions. SNS Network is a Malaysian-based technology solution provider offering a plethora of services for businesses. As a brand, JOI® aims to provide people from all walks of life with a variety of devices that meet their various individual needs and desires, including those of students’.

JOI® offers an array of products from laptops, 2-in-1s, monitors, tablets, and PCs, to electronic accessories with competitive pricing. With over 10 laptop products, their Classmate series is one that’s best suited for learning, no matter the level of education.

Built For Longer Learning

To accommodate the various subjects and papers students need to tend to, both JOI Classmate® 30 and JOI Classmate® 10 are built for long-lasting performance. The JOI® Classmate 30 and JOI Classmate® 10 are equipped with a 4000mAh battery capacity which caters up to 8 hours of typical
usage and consumption. Good battery life can help students to get more things done within the average school day and need not worry about charging their devices frequently.

Powering Through Knowledge

Having a device that’s capable of running different programmes and software simultaneously is crucial especially when classes are conducted through video calls. JOI Classmate® 10 is powered with an Intel® Celeron® N4020 Processor and can support clock speeds up to 2.80 GHz. Besides that, the laptop also uses Intel® UHD Graphics, a graphics processor suited for managing student workloads.

On the other hand, JOI Classmate® 30 allows for adequate collaboration between fellow students with its Intel® Core™ i3-1005G1 Processor that supports clock speeds up to 3.40 GHz. Like JOI Classmate® 30, it is also decked with Intel® UHD Graphics.

In terms of performance, both JOI Classmate® 10 and JOI Classmate® 30 come complete with Solid-state Drive (SSD) technology that supports data of up to 256GB. This means the device is capable of storing reference papers, assignments, and reading materials more comfortably without much to worry about. They both also have a rapid boot-up time which helps students begin learning even quicker.

Durable And Rugged By Design

JOI Classmate® series opts for a subtle yet rugged design. In fact, it is durable enough that it could withstand a dropping height of up to 2 feet. This would especially come in handy for younger children who may be less careful. In the event that liquids spill onto the device or it becomes exposed to dust, they are in luck because JOI’s Classmate® 10 and JOI’s Classmate® 30 have resistance towards dust and spills as they have an additional layer of protection against moisture and spills (up to 100c.c).

Ready For Productivity

For convenience, JOI’s Classmate® 10 and JOI’s Classmate® 30 come with a wide range of ports and peripheral connections. They are also WiFi-ready and come with built-in Bluetooth connectivity.

As for the display, JOI’s Classmate® 10 sports a smooth and compact high-definition 11-inch screen while JOI’s Classmate® 30 enjoys a larger, 14-inch display suitable for both work and play. Whether it’s for taking online notes or viewing educational video tutorials, both devices can provide a pleasant experience suited to learners of all ages. The devices also come with Windows 10 Pro, an operating system many students are already familiar with and allow for easy collaboration.

***

For an optimum learning experience, students require a device capable of performing multiple tasks at favourable speeds. JOI Classmate® devices not only allow efficient processing, but they’re also long-lasting, durable, and capable of accommodating student workloads. Besides the JOI Classmate® products, JOI’s Book Series can also provide an enjoyable experience for students who will soon begin their careers. Either way, JOI® offers a multitude of value-for-money products that can help increase work productivity.

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How to Quit Your Job and Travel the World

It’s Monday and not only are emails piling up after the weekend from customers and bosses who don’t understand the concept of a weekend; but you’ve also realised everything at home is falling apart yet needs to wait until you can take some time off to deal with it all.

When does the madness end? Are we destined to simply work and pay bills? If you really want to know how to quit your job and travel the world; we’ve found the ways you can do it – for Malaysians of course. Westerners have been doing the Eat Pray Love thing awhile and it helps that many Asian countries take them in to teach English or other such thing they believe Westerners do better. That option is unfortunately not available to us but there are still ways.

We’ll just throw in a caution though: all that glitters is not gold.

Sell Your ‘Life’

Now, we don’t mean this in the dodgy human trafficking sort of way. It’s more of the sell everything you own for the funds and pick up your back pack. It has been done. In fact, so much that just typing a search on Google brings you tonnes of names of people itching to tell you about their adventures.

If you’d like something a little closer to home, we wrote about a
Malaysian who did just this way back in 2014
. Fast forward two years later and though he works part time in Dublin to support himself and further adventures – he’s still travelling without the weight of a 9-5 on his back. Is it fun and different? Sure. But it also means frugality and giving up the comfort of having future financial security. But hey, for some: that’s the perfect lifestyle.

If you want to know how to get started;
Thrifty Nomads share the low-down on how they did it
.

The cons here would be that you would need to have things of value to sell for such big sums. A house, car and other such prime assets because as we know from our currency’s big dip: travelling the world won’t come cheap to Malaysians.

If you don’t own a home or anything of value to sell; perhaps the next option would be better.

Take on Jobs Around the World

As we said, it won’t be as easy for a Malaysian to get a random teaching job overseas as it is for Westerners who come to Asia. Plus, all the glitters is not necessarily gold and Instagram filters lie – taking jobs overseas isn’t always fun and games. One couple who went viral for their ‘dream’ vacation life eventually spilled the beans on how they could afford it all: they did odd jobs.

Chanel Cartell and Stevo Dirnberger revealed in
a candid post on their blog
 how the inspirational photos on their social media hid the harsh behind the scene realities of toilet scrubbing and crackers for meals. The couple took odd jobs in the countries they visited to pay for the opportunity to travel worlds they wouldn’t otherwise be able to see.

The trade off they believe, is worth it and you might agree.

There will be luxuries to leave behind and many dirty jobs to undertake but if you can hack it – you’ll be enjoying a new scene every other week. The couple use
workaway
 to source for freelance jobs in exchange for free accommodation and food.

Workaway is more for people with some cash to get to their destinations at least but if you need paid work, you can look up
Jobbatical
. Jobbatical gets you in touch with start-ups around the world looking for talent. Sure, you’ll probably be doing another 9-5 but you get to travel and do it in another country, hopefully working for a better exchange rate.

Save Up and Take a Sabbatical

Sometimes, what you need isn’t a complete shift in your life for good: a decently lengthy sabbatical may work just as well. Selling all your stuff hints to a bit permanency than a year (or 2) when the latter may be all you need. Heck, you may find you miss the routine and hate the uncertainty of life on the road.

Not everyone is built alike and not everyone may enjoy the harsh realities of not knowing where life will take you next but you can enjoy it for a good period of time.

If you have significantly low debt, choose to rent out your home (if you own one) instead of selling and save up for the one year when you do whatever the heck you want. The rent can go to paying your home loan and have somewhere to call home should you need it.

Saving up will be painful but having set goals is important. You can even try working remotely, taking on freelance jobs or online work so you are not out of touch with the working world when you intend to get back. Of course, don’t just dump your money in a low yield savings account or under the mattress: have a
good fixed deposit
 help you build the money faster.

Have a Game Plan and Take a Leap of Faith

Before embarking on this adventure, it’s important to put your financial house in order. If you are not selling your assets, or have none to sell, at least make sure your debts are taken care of in the time you are away – and clear off those credit cards too. The last thing you want to have is the creditors calling you on roaming charges.

That said, even the best of plans can go awry but sometimes, all that’s needed is a leap of faith. Learning how to freely quit your job and travel the world is possible just as any other dream or goal is and everyday, people around the globe are proving this.

Will it be different for Malaysians? Sure, but it can be done! Do you have an inspiring story to tell of your brush with the nomad lifestyle? Let us know! We’re happy to hear your tips too!

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