BNM: Borrowers Affected By Movement Curbs Can Still Seek Help From Banks

(Image: The Sun Daily)

Bank Negara Malaysia (BNM) has reassured borrowers, especially those affected by the movement curbs due to the rising Covid-19 cases, that they can still reach out to their banks for loan repayment assistance.

In an interview with Bernama, the deputy governor of BNM, Jessica Chew said that borrowers do not need to worry as the repayment assistance is ongoing and will extend into the following year. “We understand the circumstances and uncertainties could change down the road and people can reach out for assistance anytime,” she said. Even banking customers who reside within enhanced MCO (EMCO) and conditional MCO (CMCO) can do so, by means of online enquiries or phone calls.

“BNM has a
dedicated page
 where borrowers that are in need of repayment assistance can obtain more information. Borrowers can also fill in a form on the
website
 with a few simple information which we can use to arrange call-backs from their banks,” added Chew.

(Image: The Malaysian Reserve)

Chew also emphasised that although the automatic moratorium as well as subsequent targeted financial aids are unprecedented, banks are tapping into all available resources to manage the situation. “The banks are very well-positioned to respond to borrowers’ needs. All banks have dedicated resources and re-engineered their processes to review borrowers’ applications,” she said, adding that banks have already started receiving applications for assistance in repayment even before the end of the blanket
automatic moratorium
 on 30 September.

As of 9 October, a total of 640,000 applications for targeted repayment assistance were received, with the approval rate standing at 98%. Of the approved applications
, 40% was granted aid in the form of extended moratorium
 whereas the remaining 60% obtained a reduction in instalments.

(Image: The Malaysian Reserve)

Chew also said that banks are better prepared now compared to when the pandemic had hit for the first time as they have already established an infrastructure to help borrowers. “In March this year, when there was a sudden stop in activities across the board, nobody ever thought that such a situation would occur. Under those circumstances, there was a need to provide immediate relief for borrowers. Now, not only is our healthcare system better prepared and ready, so are the banks,” she added.

Chew further stressed that targeted repayment assistance is the best option moving forward as it allows banks to focus their efforts on borrowers who truly need help. Additionally, it clearly shows the loan performance of banks. “There is still so much uncertainty as we don’t know how long this pandemic is going to last, at least until a vaccine is developed. Hence, it is important that resources are conserved and directed to people and businesses who really need it,” she clarified.

(Image: The Star)

On top of that, Chew explained that new lending is crucial in helping Malaysia’s economy to recover, and banks must be comfortable to provide the service. “If resources are deployed elsewhere, it may affect credit flows to sectors which may require financing to resume their business activities. This could, in turn, affect the economy and the pace of economic recovery,” she said.

(Source:
Bernama
)

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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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Exploring Popular Areas Sought By Property Buyers Across Malaysia

According to the National Property Information Centre (NAPIC), Malaysia registered a total of
47,045 residential transactions in the first quarter of 2020
. This represents a drop of almost 10%  compared to the same time frame last year, which is understandable considering the challenges that were brought upon by the Covid-19 pandemic.

With all signs pointing to negative growth for the property market this year; several initiatives have been introduced to spur the property market, which should prove beneficial to buyers and home seekers.  The reintroduction of the Home Ownership Campaign (HOC) under the Short-Term Economic Recovery Plan (Penjana), is a much needed shot in the arm for the real estate sector providing both buyers and sellers with an avenue to gain from.

With stamp duty exemptions provided for residential properties purchased between 1 June 2020 to 31 May 2021 along with Real Property Gains Tax (RPGT) exemptions given for residential properties sold between 1 June 2020 until 31 Dec 2021, the property market will no doubt be incentivised. This will in turn see many enticing properties being made available to buyers in the coming months.

Property Buyers – Where Are They Looking?

According to user search patterns registered from January to July this year on Mudah.my, Selangor, Kuala Lumpur, Penang, Johor, and Sabah remain the most popular searched areas.
 In terms of sub-regions, Shah Alam emerged as the most searched followed by Kota Kinabalu, Kuching, Johor Bahru and Ipoh. Homes priced below RM300,000 comprised 71.62% of the total searches during the period. Popular properties included houses, commercials and apartments.

Central Leads The Way

Unsurprisingly, Selangor and Kuala Lumpur remain popular to home seekers.
NAPIC’s Property Market Q1
 Snapshot corroborates that upward trend with a total of 11,202 residential units sold in the first quarter of this year. The appeal of these areas can be narrowed down to a number of factors, chief of which is its central location coupled with the maturity of several prominent townships and neighbourhoods.

According to the
2019 Mudah.my Property Trends Report
, neighbourhoods such as Mont Kiara and Bangsar continue to hold appeal as popular and highly-affluent suburban areas.
Average house prices in Mont Kiara, a hotspot for expats, come in at over RM1 million for a 1,500sq ft landed property making it the most expensive in Kuala Lumpur. Bangsar is close behind with an average price of RM952,995 for a similar-sized home.

Petaling Jaya, Old Klang Road, Subang Jaya and Damansara also remain as in-demand areas for home seekers as they are established, well-connected with good infrastructure and filled with abundant choices. According to NAPIC, both Kuala Lumpur and Selangor recorded the highest uptrend in transactions at 7% and 5.8% respectively, last year.

Shah Alam On The Upswing

Shah Alam topping the most searched sub-region in the country is understandable considering the growing appeal of the city over the last decade. Nestled between Petaling Jaya and Klang, Shah Alam has often appealed to homeowners owing to its location as well as its connectivity. Property prices in the capital city of the Selangor have remained steady with an average of RM398 per sq ft registered in 2019.

Today, Shah Alam is home to 650,000 people with its boundaries expanded from its original 41.69 sq km in 1963 to 290.3 sq km. The city has also steadily recorded impressive property transactions over the years, even eclipsing neighbouring areas. According to a report by
The Edge
, Shah Alam recorded a total of 3,963 property transactions in 2018, which was more than Puchong (2,576), Klang (3,381) and Subang/USJ (1,467).

Many expect this figure to rise in the years ahead owing to the upcoming transportation developments, which should make Shah Alam more appealing than ever. The upcoming LRT3 line connecting Bandar Utama to Klang set for completion in 2024 will see several stations built within the city, thus enhancing its connectivity. With abundant property choices along with its well-planned infrastructure, Shah Alam is likely to maintain its position as a highly-appealing area for homeowners for years to come.

An Eye On Penang & Johor

With property prices rivalling that of Klang Valley, buying a home in the northern state of Penang can be virtually out of reach for most buyers. In 2016, it was reported that the majority of new properties launched in the state averaged between RM500,000 to RM 1million. For those looking to invest in a home, a spot on the mainland seems more palatable as it may be a third of the price for a similar-sized home on the island.

However, recently, the property market in Penang has softened slightly owing to developers offering rebates and discounts due to declining sales registered early in the year. With more attractive prices, this has also caused a spillover effect in the sub-sale market.

Nevertheless, the
average prices for a Penang property remain high with a 900sq ft apartment averaging between RM711,614 in a prime area like Pulau Tikus to RM 314,989 in Jelutong.
 That said, a search on Mudah.my can reveal some great bargains from time to time like a four-bedroom freehold landed in George Town that was listed for RM300,000. For those looking to invest in the Island state, now may be a good time to scout for a potential steal.

In the case of Johor, widespread development in the state coupled with its close proximity to neighbouring Singapore has made the southern state an enticing prospect for real estate investment. This coupled with Johor recording the highest number of unsold completed properties in the country with 5,458 units, equivalent to 18.4% of the total in Malaysia, plays perfectly into the hands of homeowners looking to purchase a home in the near future.

According to the 2019 Mudah.my Property Report, the average sales prices for a 900sq ft apartment in the state capital averages around RM338,400 with 1500 sq ft landed home priced at RM514,500.
 The price structure is no doubt appealing for not just first-time homeowners but also investors looking to capitalise on market gains in the future.

If you are one of those who are looking to purchase a property – hopefully this article will give you insights on the current property trend in the market.
Visit Mudah.my to start searching for your ideal property today
!

This article was previously published on
Mudah.my

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3 Ways TIME Encourages Business Growth Among SMEs

Opening a business, regardless of industry, poses a series of inevitable challenges that its founders must face. In the beginning stages, business owners, especially those without prior experience, are often overwhelmed by a number of tasks in order to get the business up and running, such as managing cash flow, setting up business accounts, administrating employees, and seeking a suitable business premise.

In an effort to alleviate some of the stress, one of Malaysia’s most popular fibre Internet providers, TIME Internet has made a number of products and driven an initiative in support of Malaysian SMEs. Let’s explore how TIME has helped and continues to support Malaysian businesses in propelling forward.

1. TIME Digital Masterclass: FREE Webinars For Industry Insights, Business Applications & More

In this digital age, almost all our processes can be done online. Whether it’s registering a business banking account, viewing a potential home, or purchasing stock in overseas markets, they can all be done in the palm of our hands and in the comfort of our homes. From a consumer standpoint, it may be easy to feel entitled to such convenience. However, not many are aware of the actual work that goes behind the scenes.

In recognising the importance of digitalisation, TIME will be hosting FREE digital masterclasses that focus on digitalisation, catered especially for Malaysian SMEs. TIME Digital Masterclass will be a series of business webinars designed to include industry insights, business applications, as well as opportunities for digital adoption. Each 90-minute session will feature notable digital partners such as TikTok, Shopee, SushiVid, and Kasatria, Google Analytics Premium Partner.

TIME Digital Masterclass emphasises on creating potential business growth through upskilling and growing SMEs’ knowledge in digitalisation to further ease business applications of digital adoption. SMEs will be able to gain insights on how to better bridge the gap between themselves and platform providers so you definitely should take advantage of it if you’re a business owner, especially because it’s free!

2. TIME Fibre Business: Fast, Reliable Connection For Smooth Business Operations

Designed for small businesses, TIME Fibre Business provides SMEs with a reliable internet connection for all your business needs. Employees are able to conduct day-to-day business as required without having to sacrifice internet speeds. In fact, upload and download speeds are symmetrical for certain plans so if live video streams are a subject of interest, TIME Fibre Business would make a good fit.

Offering a starting speed of 100 Mbps, businesses will get to enjoy an unlimited internet quota to connect to customers, push digital ads online, conduct research and insights hunting, or anything you’d really need to grow your business.

The 100% fibre infrastructure is an enterprise-grade network designed for a stable connection and, you’ll be glad to know that every subscription comes with speeds up to 300 Mbps, 100GB BizCloud storage, one voice line, Dynamic IP, Optical Network Unit (ONU) as well as a Wireless AC Dual Band Router. TIME is also offering free mesh WiFi promotion for certain plans from now till 30
th
 June 2022.

3. BizCloud: Easily Accessible & Secure Storage For Improved Productivity

Relish in having easy access to all your virtually stored data at any time, anywhere with TIME BizCloud. As an add-on to your internet package, TIME BizCloud offers a multitude of benefits but most notably, it is a secure way of storing all your documents. TIME BizCloud is hosted locally in Malaysia, which means it’s compliant with data sovereignty laws.

Whether your employees work from home or you simply need to access certain files while away from your workstation, having a platform that’s secure and easily accessible simply makes business operations more flexible.

***

While operating a business may not be easy, there are definitely tools, products, and services out there that are designed to help businesses grow. TIME Fibre Business and BizCloud are great digital solutions to consider, especially now that the business landscape is increasingly competitive.

If you’re interested in growing your small to medium-sized business and gaining first-hand insights from platform providers, why not attend the first TIME Digital Masterclass? After all, it is free. Details of the webinar are as follows:

Topic :
 Achieve your Business Goals with TikTok

Date :
 26 May 2022

Time :
 12.30pm (90 minutes session, so grab your lunch and coffee beforehand!)

Speaker:
 Philip Tnee- Head of SMB, TikTok Malaysia, Singapore, Philippines

Click here to register

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Lisa Ameera Azman

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How to Prevent Your Smartphone from Wasting Precious Data

Where Is All Your Data Going?

If you’re frequently running out of data when you haven’t really used any, you’ll need to be wary certain ‘data suckers’.

Photos, music, maps, internet voice messages, apps, social media, video sites and surfing the net can all take up a ton of data especially when apps are preset to automatically download updates and media.

In addition, if your device has more advanced internet capabilities i.e. 3G and 4G parameters, your data consumption will be a lot larger.

It’s All in The Settings

Thankfully, you can control data consumption on your phone with a few simple settings tweaks. Here are four quick ways to save your smartphone’s data usage right now:

1. Don’t Allow Phone Updates Over Mobile Data

Choose manual updates or set your device to receive them with Wi-Fi internet only. Software updates can quickly blow through your data for the entire month.

This setting can be found under the App Store for iOS devices or the Google Play App for Android devices.

2. Disable Automatic Media Downloads

WhatsApp, Facebook and the like may download photos, videos and other media that can significantly eat data. Instead, customize what media may be downloaded when you have Wi-Fi and what may not be downloaded from your mobile data.

How do you determine which app you need to do this for? Simple: if you chat with it, you probably need to turn this one on. This means apps like WeChat, WhatsApp, Telegram, Snapchat, Facebook Messenger, Twitter, Instagram, Line, and any other app where you can send and receive photos or video.

3. Set a Usage Limit For Mobile Data

Androids
 and
iPhones
 can be programmed to cut off data consumption when you’ve reached a preset limit or to remind you when you are within close range of your limit.

The feature should also allow you to monitor which apps are taking up the most data. Once you’ve identified the apps, consider uninstalling if unessential or apply further controls.

4. Turn Off Mobile Data Accessibility When Your Data Plan Expires.

Your smartphone is usually programmed to consume its internet needs from Wi-Fi sources but if it isn’t available, your mobile data becomes its primary source.

Now if you don’t have a data plan or if yours has expired, exorbitant data charges may be incurred. So it’s good to turn your data off when you’re out of it. One easy way to remember is to create a shortcut and put it right on your phone screen so you see it every time.

Once you’ve set your phone to limit or stop unnecessary data consumption, save even more by downloading (with Wi-Fi) instead of streaming from apps like Spotify, iflix and Netflix. Do also load offline maps into your phone to avoid excessive GPS data charges (if not included in your plan).

Bonus Tip:
 Although, most phones tend be user-friendly enough to allow you to make these settings changes fairly easily, do take the time to go through your phone’s manual and learn about the other ways through which your model can be programmed to save data.

Saving On Data Charges While Overseas

It’s almost a necessity for travelers to have internet available on their phones for safety, to make itinerary changes or to look up travel-related information. But data can quickly run out and if travelers are not careful, they could be stuck with hefty bills arising from data roaming charges.

In these situations, the best thing to do is to buy a local data prepaid card, it’s much cheaper as you will not have to pay for roaming charges and will typically enjoy lower local internet rates. Just remember to keep a couple of reloads handy and plan for data-rich surfing while in a Wi-Fi hotspot. Do also research the internet provider’s network range, so you can stay connected as much as possible.

Saving With the Right Plan

If your data needs are extensive, the smartest way to save money and still enjoy optimum internet levels is to sign up for the right data plan. To discover the most affordable and fastest service with enough data allowances for your needs, do have a look at the
Best Mobile Broadband Plans in Malaysia
!

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Desiree Nair

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Xiaomi Redmi 8 Is Now Official in Malaysia, Priced From RM499

The Xiaomi Redmi 8 is now available in Malaysia, just one week after Xiaomi announced the local release of the
Redmi Note 8 series
.

Featuring a 6.22-inch HD+ Dot Drop display, the Redmi 8’s outstanding feature is its battery size: at a massive 5,000mAh with up to 18W fast charging support, it’s no surprise Xiaomi christened this phone as a “Battery Champion”.

Inside, the Redmi 8 is powered by a Qualcomm Snapdragon 439 processor, which interestingly is a lower-end chipset from that in the
Redmi 7
, which runs on a Snapdragon 632. The Redmi 8 comes in two options: 32GB with 3GB RAM, and 64GB paired with 4GB RAM.

Camera-wise, it is fitted with a dual-camera system – a 12MP rear camera accompanied by a 2MP depth sensor, as well as an 8MP selfie camera.

While the smartphone itself is actually able to support up to 18W of fast charging via USB-C, Xiaomi only bundles a 10W charger with the Redmi 8.

Other specifications include wireless FM radio support which negates the need for users to plug in with their earphones, and an IR blaster which serves as a universal remote control for compatible household electronics – a favourite feature among Redmi users.

It is available in 3 colours – Onyx Black, Sapphire Blue, and Ruby Red, and is protected by Corning’s Gorilla Glass 5.

The 32GB version is priced at RM499 and will be available exclusively online on Lazada and Shopee from 18 October onwards. Meanwhile, its larger 64GB counterpart retails for RM599 and is already available for purchase on
Lazada
,
Shopee
, and at all authorised Mi stores nationwide.

(Source:
SoyaCincau
,
Lowyat.NET
)

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Standard Chartered Also Shares Supported Cards, Promos For Apple Pay

Standard Chartered has joined
Maybank
 and
AmBank
 as one of the earliest banks in Malaysia to enable support for
Apple Pay
, following its arrival in Malaysia today. Given this development, customers can already link their Standard Chartered payment cards to their Apple Pay.

Note that all credit cards by Standard Chartered can be paired with Apple Pay for use, except for card type 897. If your credit card type is 897, you’re then urged to apply for Standard Chartered’s latest card type, or to reach out to the bank’s contact centre for further assistance. Aside from that, you also cannot link Standard Chartered’s debit cards to Apple Pay.

To pair your Standard Chartered credit card with Apple Pay, you do so via the Standard Chartered SC mobile app by clicking on the “Add to Apple Wallet” button found beside your credit card. Alternatively, you may also opt to add your card via the Apple Wallet in your device. Do be aware that you’re allowed to add each Standard Chartered card to a maximum of 10 devices (per card/account).

Once your card is linked, you’re ready to use Apple Pay for your transactions at any merchants that accept contactless payments, in addition to supported apps and websites!

Similar to AmBank, Standard Chartered is also celebrating its pairing with Apple Pay with an exclusive promo. Running from today until 18 August 2022, Standard Chartered customers who link their credit cards with Apple Pay and make their first Apple Pay transaction during the campaign period will be able to enjoy up to 100% cashback (capped at RM10).

(Source: Standard Chartered [
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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PlayMoolah helps your kids wise up on money

We all want our children to know the value of money and how to spend it wisely. But in our own need to earn cash, we may not always have the time to impart our financial understanding to them.

That’s where
PlayMoolah
 can lend a helping hand. It’s a beautifully-designed online interactive game that teaches young ones all about money management in an engaging manner.

The basic version of Playmoolah is free. But if you
subscribe to a membership,
 you’ll enjoy a whole load of extra features like more games, special items and even a tool for the kids to manage their real life moolah.

Paying members will also be upgraded with a parents’ dashboard that keeps you abreast of everything your child does and learns in the game, as well as receive weekly ideas for interesting projects the whole family can do together.

We at RinggitPlus are quite impressed with this game that was developed in our neighbouring country across the Causeway. We hope to see more of such high quality interactive content (especially those that help improve financial literacy) being made around the region!

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Celcom Allows Postpaid Bill Payment With Prepaid Reload Cards

Celcom has announced that users can now pay their postpaid bill with a prepaid reload card. The payment method called “Pay Your Way” lets users pay not only their own bills anytime and anywhere, but family and friends’ bills as well.

The reload cards can be bought from convenience stores such as 7-Eleven, petrol stations, and ATMs. They are sold in denominations of RM5, RM10, RM50, RM100, and RM200.

There are two methods to perform “Pay Your Way” which are via SMS and Celcom Life app. To pay the bill for your own number via SMS, key in
PAY <space> 16-digit reload code
 and send to 28882. You can also pay for someone else’s phone bill by typing
PAY <space> 16-digit reload code <space> phone

number
.

The transaction can also be performed via the Celcom Life App. Just launch the app, go to “Pay Bill”, tap on “Reload PIN”, and enter the 16-digit reload code to perform the bill payment.

The downside to this method is that users will have to pay a service fee that amounts to 5% of the reload denomination. So, for a RM50 prepaid reload card, a RM2.50 fee will be charged, in addition to the 6% government-imposed SST. To stay clear of this service fee, users can always stick to paying their bills through online banking or at Celcom outlets.

According to Celcom, it first introduced this method of paying postpaid bills through top-up cards to make it easier for those who live far from Celcom outlets or have no access to online banking and the Internet.

(Source:
Celcom
,
Celcom Community
)

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    mohamad roslan bin hussin

    3 years ago

saya dah bayar habis bil. tapi kenapa tak boleh sambung line lagi

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    Watti Bin Junius

    2 years ago

how purchase addition data

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How Does A Foreign Currency Fixed Deposit Account Benefit You?

In investing, diversification is an important tool to reduce exposure to risk – a diverse portfolio is able to absorb market swings for stable long-term returns. While there are many ways to diversify an investment portfolio, one such option is the foreign currency fixed deposit (FCFD) account. But what exactly is this type of account and what are the benefits of using an FCFD account?

What is a foreign currency fixed deposit account?

Foreign currency fixed deposit (FCFD) accounts are accounts offered by banks in which a depositor can buy and keep foreign currencies with the bank for a fixed term, earning some interest in the process.

Most FCFD accounts accept popular global currencies, including US Dollar, Euro, Chinese Yuan, Australian Dollar, British Pound, and several more. When the FCFD account matures, the depositor may then sell the amount at the prevailing rate to get their deposit back in their home currency. Alternatively, the depositor may keep the funds in their foreign currency current account, or renew the FCFD for another fixed term. If the prevailing exchange rate is higher than the buying rate, depositors will earn some profit.

On top of that, FCFD accounts also yield interest upon maturity just like a regular Ringgit fixed deposit account. The interest rate depends on the term the depositor chooses.

Benefits of getting a foreign currency deposit account

In practice, a foreign currency fixed deposit account is useful as a hedging tool against foreign currency movements. This is great if you often invest abroad, run a business that involves transactions with oversea parties, or currently have family members you are supporting who are studying in other countries (or if you plan to send them abroad).

By investing in an FCFD account, you are buying currency and keeping it for future use, locking the exchange rate in the process. If our home currency depreciates, the foreign currency you hold becomes more valuable as the exchange rate will now be higher.

Plus, storing your foreign currencies in an FCFD account is safer than keeping it in cash at home, where it is prone to loss in one form or another. Storing them in an FCFD account also yields interest, so you could possibly increase your deposit in two ways!

Like any investment, though, do note that investing in an FCFD account does come with some level of risk. You may lose some value of the currency you buy if its exchange rate drops at the FD maturity – but you always have the choice not to convert it to your home currency. You can either renew the FCFD for another fixed term, or “park” it at a foreign currency current account, and convert it only when the rates are favourable to you.

Usually, the risk of fluctuations in exchange rate is lower than dumping all of your money into a higher-risk investment such as shares. The low-risk nature of FCFDs is one of the factors why many investors use them for diversification in their investment portfolios.

Not to forget, foreign currency fixed deposit accounts are also protected by PIDM for up to RM250,000 for each depositor.

Where to open a foreign currency fixed deposit account in Malaysia?

Many major banks in Malaysia offer FCFD accounts. For example, Bank of China’s foreign currency fixed deposit account allows depositors to deposit in US Dollar (USD) and Chinese Yuan (CNY).

The Bank of China FCFD account’s initial deposit amount is also low, making it accessible for Malaysians from all walks of life. You can deposit as little as USD100 or CNY1,000, which is extremely doable even for up-and-coming individual investors. The deposit tenure ranges from as short as one month up to 12 months – plenty of flexibility for short- or long-term depositors.

Bank of China doesn’t just allow you to open an FCFD account and deposit a lower amount than most other banks, it also gives you competitive interest rates of up to 1.90% per annum for your USD fixed deposit and CNY FD of up to 2.85% per annum. This may not seem to be as high as regular Ringgit fixed deposits, but foreign currency fluctuations mean it can swing in your favour – potentially earning more than conventional Ringgit fixed deposits. Banks update their FCFD interest rates on their websites, so be sure to compare before you make your decision.

How to open a foreign currency fixed deposit account

If you are ready to add an FCFD to your investment strategy and would like to deposit into a Bank of China FCFD account, you just need to walk into any one of their branches with your IC, supporting documents, and of course the amount you’d like to exchange into foreign currency.

For further information, visit the
Bank of China FCFD page
 or simply call Bank of China at +603 2059 5566.

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DOSM: Household Purchasing Power Declines By 16.7% Over Last Decade

The purchasing power of Malaysia’s household consumption declined by 16.7% over the past decade to 83.3% in 2020, according to an analysis on the Consumer Price Index (CPI). These figures were revealed in a report released by the Department of Statistics Malaysia (DOSM).

Chief Statistician Dato Sri Dr Mohd Uzir Mahidin said that within the 12 main groups, the purchasing power for Alcoholic Beverages & Tobacco recorded the highest decrease by 40.6%. This was followed by Food & Beverages, which decreased by 25.8% in purchasing power to settle at 74.2%, and Restaurants & Hotels which decreased by 24.5% at 75.5%.

Meanwhile, the two groups of goods and services that recorded a purchasing power of more than 100% were Communications (102.6%) and Clothing & Footwear (107%). “This illustrates that households were able to enjoy communication services, clothing and footwear at cheaper prices as compared to 10 years ago,” said Mohd Uzir.

Besides that, it was found that the inflation for urban areas in 2020 rose more than in rural areas. As such, purchasing power in urban areas faced a bigger decrease by 17.1% compared to the 14.7% decline in rural areas.

As for the effect of Covid-19, Mohd Uzir highlighted that it was indirectly reflected as Malaysia recorded a negative inflation of 1.2% for 2020. The most affected group was transport (-10%), followed by housing, water, electricity, gas and other fuels (-1.7%), and clothing and footwear (-0.8%). However, there were groups that recorded high inflation like miscellaneous goods and services (2.7%), food and beverages (1.3%), and communication (1.1%).

While the inflation for food and beverages did remain in the positive at 1.3%, this was the lowest inflation rate recorded in a decade. The highest inflation for this group was recorded in 2011 at 4.8%.

(Source:
DOSM
)

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Bank Negara Increases OPR From 2.50% To 2.75% In Final MPC Meeting Of 2022

(Image: The Sun Daily)

In its final meeting for 2022, the Monetary Policy Committee (MPC) of Bank Negara Malaysia (BNM) has agreed to increase the overnight policy rate (OPR) by yet another 25 basis points (bps). With this, Malaysia’s OPR is now up at 2.75%, with the ceiling and floor rates of the corridor of the OPR correspondingly increased to 3% and 2.50% respectively.

BNM explained that its latest decision is driven by latest indicators that showed a further strengthening of Malaysia’s economic activity in the third quarter, driven primarily by robust domestic demand. More importantly, domestic demand will continue to propel Malaysia’s growth going forward, despite the challenging global environment.

On top of that, the improving labour market and income prospects will also spur household spendings, whereas tourist arrivals – which increased following the reopening of international borders – will further lift tourism-related sectors. Not to forget, investment activities and prospects will be supported by the realisation of multi-year projects as well.

(Image: The Star)

“The adjustment (of the OPR) would also pre-emptively manage the risk of excessive demand on price pressures consistent with the recalibration of monetary policy settings that balances the risk to domestic inflation and sustainable growth,” BNM further elaborated in its statement.

The central bank also highlighted that the global economy may continue to face headwinds, including further monetary policy tightening by central banks in major economies, and escalation of geopolitical tensions. These will also likely be exacerbated by the worsening of domestic headwinds in China and potential energy rationing in Europe.

However, these developments – despite posing some levels of downside risk to Malaysia’s economy – are not expected to derail the country’s growth. This is as domestic liquidity remains sufficient, with the financial and foreign exchange markets continuing to function as usual. Financial institutions also continue to operate with strong capital and liquidity buffers. “These will ensure financial intermediation remains supportive of the economy,” said BNM.

(Image: The Star/Glenn Guan)

Finally, BNM emphasised that the MPC is not following any pre-set courses in its decisions. Instead, it will continue to make its policy decisions by monitoring the evolving market conditions and their implications on the overall outlook to domestic inflation and growth.

“Any adjustments to the monetary policy settings going forward will continue to be done in a measured and gradual manner, ensuring that monetary policy remains accommodative to support sustainable economic growth in an environment of price stability,” the central bank said.

Following this latest update, Malaysia’s OPR has seen a total of four consecutive hikes in 2022, starting with a
25bps increase in May 2022
 that brought it up from an
all-time low of 1.75%
 to 2.00%. This is then followed by another three in
July
,
September
, and finally, today (25bps increase each). The MPC is expected to reconvene in January 2023 for its next meeting.

(Source:
Bank Negara Malaysia
)

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OCBC Bank Officially Launches OCBC 90°N Visa Card, Designed For Travellers

OCBC Bank has officially launched its new OCBC 90°N Visa Card, a travel card aimed primarily at rewarding travellers with points earning on their daily expenses that you can redeem as cashback for any spending on OCBC 90°N Visa Card, complimentary travel insurance, and a unique lounge access feature that allows cardholders to bring a guest.

Cardholders will earn rewards points on their transactions, known as Travel$, at a rate of 1 Travel$ for every RM1 spent locally, and 5 Travel$ for every RM1 of overseas spend. These points can then be conveniently viewed and redeemed as cashback on anything via the OCBC Internet Banking website or OCBC Malaysia Mobile Banking app. Cardholders can redeem cashback, provided they have a minimum of 5,000 Travel$ (equivalent to RM10 cashback) and have made at least one travel-related spend (such as airline tickets, accommodations, travel agencies and tour operators, as well as tourist attractions) in the past 12 months.

In its
 FAQ
, OCBC Bank states that there is no limit to the amount of Travel$ that you can earn. In addition, all Travel$ have a validity period of five years – which is longer than the industry norm of three years.

Besides that, the new card will also offer 2x complimentary Plaza Premium Lounge (PPL) access at KLIA and KLIA2 for the first year, which you can share with an accompanying guest as well – a unique perk as most credit cards in the market restrict lounge access only to the cardholder. Cardmembers can continue to enjoy this benefit for subsequent years upon a minimum total retail spend of RM30,000 p.a. in the current year.

Lastly, OCBC 90°N Visa cardholders enjoy travel insurance coverage of up to RM1 million, inclusive of death and permanent disablement benefits, when they pay for their travel arrangements with the OCBC 90°N Visa Card.

The OCBC 90°N Visa Card has an annual fee of RM288 for principal cards (and RM88 for every supplementary card), which is waived for the first year for first-time OCBC credit cardholders or those who have not held any cards with the bank in the past 12 months. The minimum annual income requirement is RM60,000 (or RM5,000 a month).

Managing Director & Head of Consumer Financial Services of OCBC Bank, Anne Leh said that the launch of this card is particularly timely as travel and tourism is once again rebounding after the Covid-19 pandemic.

“According to the Global Travel Insight report from Visa, a full recovery is expected for the global travel and tourism industry three years after the pandemic. Asia Pacific monthly outbound travel was forecasted to match its 2019 levels as early as July 2023, the report states, which is about now. Overall, overseas credit card expenditure amongst our cardmembers has also exceeded the pre-pandemic levels of 2019, and we continue to see strong growth in this category,” said Leh, adding that the OCBC 90°N Visa Card is well poised to tap into this trend.

Leh also highlighted that the new card has been designed specifically to address existing pain points that many cardmembers currently face. These include having difficulty in keeping track of points balances, a tedious redemption process – which is also limited to travel-related rewards – as well as a restrictive airport lounge access policy.

Ng Kong Boon, Country Manager for Visa Malaysia, said “It is exciting to see global tourism rebounding and Malaysian travellers preparing to resume their ventures abroad. Based on our latest insights on post-pandemic travel preferences, almost one in three Malaysians (30%) are eager to travel overseas for both leisure and work in 2023. In addition, more than two in five of Malaysians (41%) consider discounts and promotions a key driver in taking international trips. That is why we believe the launch of OCBC 90°N Visa credit card comes at the right time and will help Malaysian cardholders enjoy a seamless and secure payment experience when they pay and travel with Visa.”

In conjunction with the launch of the OCBC 90°N Visa Card, OCBC Bank is currently providing limited-time-only welcome offers to first-time OCBC credit card customers – from today until 31 October 2023. For instance, the first 3,000 successful applicants will be given an exclusive LED edition of the card which lights up whenever you make contactless payments. First-time OCBC credit card customers will also receive up to RM300 in travel rewards, including bonus Travel$, GrabGifts vouchers, and discounts on bookings on Klook (upon spending a minimum of RM1,500 on their new card within 60 days). Terms and conditions apply.

(Source: OCBC Bank [
1
,
2
])

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Price Wars: Cheapest Mart

Imagine this: you scramble groggily out of bed and drag yourself to the bathroom. Opening the medicine cabinet, you reach for your toothbrush and toothpaste only to find the toothpaste tube curled in a sad little twisty shape after being twisted again and again to get every last bit of paste out. there isn’t a drop left and you certainly can’t go to work with breath that reeks of stale yeast.

Luckily, there’s a mart just 2 minutes from your home. A mad dash in your pyjamas may get you a few askance glances but it’s better than a day avoiding anyone with any semblance of a sense of smell. The point is your nearby mart saved you today and probably did on many other occasions before.

When you needed a Panadol for a pounding headache; some refreshment for a sudden surge or house guests or even a pack of condoms for those nights when your wife’s headaches are finally gone.

Convenience stores are here to the rescue. Like a big supermarket, rest assured that you’ll get yourself covered ranging from food items to toiletries. But unlike the big supermarkets; marts have to charge a wee bit more in order to stay afloat because they don’t sell in vast quantities.

We all know it can be just a wee bit more expensive to get our stuff from the marts but we bite the bullet because of the convenience factor.

Even so marts are not all made the same. Some charge more, some less so we sought to find out just how much you’ll be forking out for some essentials depending on which mart you have closest to home!

Neighbourhood Mart Price Wars

We conducted a little survey. Every stores carries different brands and weights, we narrowed down our selections and picked out 11 essential items and compared prices across 4 convenience stores.

Food Items

Kedai
 Rakyat 1 Malaysia

(KR1M)

99 Speed Mart

7-11

KK Mart

Maggi Hot cup

RM1.69

RM1.69

RM2.40

RM1.80

Coke 1.5litre

RM3.40

RM3.20

RM4.80

RM3.50

Boh Tea 25’s

RM3.95

RM4.20

RM4.60

RM4.90

Dettol Body Wash

(250ml)

RM5.90

RM6.49

RM6.90

RM8.90

Eggs 10’s

RM3.89

RM3.95

RM5.20

RM4.90

Maggi Tomato Sauce

RM2.35

RM2.50

RM3.80

RM2.70

Mister Potato Chips

(75gm)

RM2.60

RM2.30

RM3.70

RM2.30

Chipsmore

(180gm)

RM3.90

RM3.85

RM5.20

RM4.20

Lactogen 1

(350gm)

RM10.25

RM10.30

RM10.30

RM10.90

Ayam Brand Tuna

(185gm)

RM5.60

RM5.49

RM5.60

RM5.50

Total Price

RM43.53

RM43.97

RM52.50

RM49.60

*Prices correct at time of research. Discrepancies may arise due to changing promotions.

Which is the cheapest mart?

It was a close battle between KR1M and 99 Speed Mart for the cheapest prices but of course the government initiative sundry mart won: even if it is by a hairline 44 sen.

7 Eleven came out as the most expensive but it is unlikely to be a shocking discovery for many who frequent the 24 hour convenience store. But those of you who have no other mart to turn to but a 7- Eleven, don’t sweat it!

Before rushing off to a cheaper mart further away from home, remember the golden rules to mart shopping.

Mart shopping is for sudden, one-off necessary items; not for everything on your sundry list. If you have a tonne of stuff to pick up, skip the mart and head to your nearest hypermarket. Your wallet will definitely thank you.

Mart shopping is about convenience. If you have to drive 10km to find a cheaper mart and burn precious fuel in the process – you’re defeating the purpose of bargain hunting in the first place! The mart run is about convenience and if you’re only buying an item or two; the cost will work out to be cheaper than you driving further to save a couple of ringgit!

Mart shopping is for items you need. It’s tempting to pick up a pack of crisps and maybe a 6-pack drink bundle, just cause you’re there but remember why you went out in the first place and stick to the items you need. This is a rule for most any shopping trip but it carries a little more weight when you know you’re paying more needlessly for a product you can do without!

Neighbourhood marts are super convenient and a life-saver during out-of-a-household-item emergency but if you’re not careful – you could be spending a lot more than you needed to!

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How Fake News Spreads In Malaysia

We have all heard of “fake news”: a piece of news that makes the rounds even if it is completely untrue. Nowadays, fake news is a common trend – maybe because it doesn’t cost you anything to receive or even spread an unverified piece of news.

Have you been guilty of believing and circulating fake news? How does fake news spread in Malaysia, and how can we overcome it?

Facebook and Twitter

Fake news isn’t a new phenomenon, but it’s more rampant today thanks to the rise of social media. What you see on your news feeds on Facebook and Twitter shouldn’t be classified as “news” – it’s more likely to be your high school friend’s opinion or some viral gossip. Just because a lot of people are liking and sharing it on social media, it doesn’t mean that it’s true!

Clickbait Headlines

News headlines are designed to entice the reader to click the article or watch the video, because that’s how some media outlets make money. So, we often see very attention-grabbing headlines that might be a little misleading. Taking a headline out of context contributes to fake news – for example, seeing “Politician X says he is tired of politics!” without reading the rest of the article can lead to false interpretations of the news being circulated.

WhatsApp Group Chats

Many of us are victims to gossipy group chats! WhatsApp group chats are a big culprit of fake news. I am sure many of us have been bombarded with random “cautionary tales” or warnings about a series of snatch thefts that happened years ago. Many of these messages encourage the reader to forward it to all their loved ones – which is how the “news” spreads so quickly.

Friendly Mamak Sessions

It is a favourite Malaysian pastime to sit at the
mamak
 or coffee shop to relax and catch up with buddies. It is also where friends talk about the latest current events – which may have been obtained from unverified and unreliable sources. Spreading unverified news, even if it is by word of mouth, is how fake news is fuelled. Maybe if you want to bring something more to the
mamak
table, you should start a conversation based on actual, verified news from a respectable source instead.

Get Reliable News On The Go For Free

Most of us rely on social media updates or word of mouth because we don’t have the time to sit down and watch the news on television long enough to find something that interests us. But what if you had access to a platform that delivers the top stories and news round-ups from reputable news sources straight to your devices. Best of all? It is free!

iflix has just launched iflix NEWS, a 24/7 news portal with trusted news from reputable partners such as Bernama, KiniTV (coming soon), CNN, Al-Jazeera, Bloomberg (coming soon), CGTN, DW News, and CCTV4. You can stream broadcasts from these news outlets live on iflix NEWS and for those who prefer quicker updates, you can watch specially curated clips featuring top stories or news highlights.

iflix NEWS is convenient, curated for easy consumption, and absolutely free. So, there isn’t any reason for you to rely on Facebook or viral gossip for news anymore – stay away from fake news and
find out more about what iflix NEWS has to offer
.

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Google Pay Will Soon Be Available To iPay88 E-Commerce Merchants In Malaysia

iPay88 is collaborating with Google to bring Google Pay to e-commerce merchants in Malaysia. The company is one of over
60 global payment service providers collaborating with Google to enable Google Pay to countries around the world.

At the recent Google I/O 2019 developer conference, Google showed data of the problems users and customers were facing when it comes to online payments, revealing that 70% of shopping carts on e-commerce sites were abandoned during the check-out process. Merchants were having trouble converting potential customers into actual sales through no fault of their own. Most customers, it was said, found the entire check out process too lengthy.

Like Samsung Pay, Google Pay works like a digital wallet for your credit cards, allowing you to make payment offline and online. During payment, Google Pay masks the actual card number with a digital one for another layer of security for users. And thanks to the tight integration of Google’s services, if you are shopping online and pay with Google Pay, your shipping address is already stored within Google Pay – negating the need to enter your lengthy house or office address.

iPay88’s collaboration with Google will likely see e-commerce merchants supporting Google Pay via iPay88’s payment network – that means if a merchant supports credit card payments via iPay88, it will support Google Pay transactions as well. Thanks to its burgeoning e-commerce presence, new and better digital payment methods are always welcome news for Malaysians. However, iPay88 did not reveal any timelines on Google Pay support in Malaysia.

(Source:
iPay88
)

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CIMB movie freebies – The Wolverine

CIMB is giving away movie tickets to The Wolverine which

premieres this coming 24 July 2013.

To be eligible CIMB credit card and debit card members will

have to make a purchase of at least RM300 in a single receipt at the following

shopping outlets:

Pavilion KL

Suria KLCC

Sunway Pyramid

1 Utama Shopping Centre

Bangsar Village

Mid Valley Megamall

Setia City Mall

1st Avenue, Penang

2 premiere tickets will be awarded to retail purchases of

more than RM300 while purchases of more than RM500 will entitle a card member

to 4 premiere tickets. Each card member is only allowed to redeem up to 4

tickets throughout the promotion period. Availability of tickets are subject to

a first-come-first-serve basis. This promotion runs from 13 June till 13 July 2013.

Please visit
this

page
 for further details on this promotion as well as a list of redemption

centres at participating malls.

Trying to get your hands on a CIMB credit card? Start by

looking through our credit card aggregator at
RinggitPlus.com

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PTPTN: RM8.99 Billion SSPN Deposits Recorded Up To 31 May 2021

The National Education Savings Scheme (SSPN) has seen a total deposit of RM8.99 billion as of 31 May 2021, said the National Higher Education Fund Corporation (PTPTN). It also recorded the registration of more than 4.98 million accounts.

“PTPTN will continue to intensify various promotions and campaigns to educate the community [to] start saving for their children, and at the same time can reduce their children’s reliance on education loans for a long-term period,” said the chairman of PTPTN, Wan Saiful Wan Jan, who added that PTPTN has assisted 3.51 million students with a total of loan of RM63.82 billion since its establishment in 1997 to 31 May 2021.

Additionally, Wan Saiful commented that PTPTN is always attentive to the problems faced by its borrowers. For instance, the government had offered a loan repayment deferment from
19 March 2020
 to
31 December 2020
 for all PTPTN borrowers, on top of a special three-month payment postponement between
January to March 2021
, and an
additional two months up to May 2021
.

“Latest, PTPTN has implemented deferment of repayment loan for a period of three months to assist borrowers affected by the Covid-19 pandemic,” said Wan Saiful during the virtual launch of the corporation’s Strategic Plan 2021-2025. He was referring to the ongoing deferment that will
last until August 2021
.

(Image: The Sun Daily)

Meanwhile, PTPTN’s Strategic Plan 2021-2025 was launched as a blueprint to guide the corporation’s direction in the next five years. It seeks to help PTPTN achieve its mission and vision as an organisation that can strategically manage funds and loans through proper governance and integrity.

Accordingly, the plan will rely on five main strategic thrusts to power through, namely:

Making SSPN the main education savings product in the country
Strengthening the management of education loans
Improving the management of loan repayment collection
Implementing funding and investment strategies
Empowering a more dynamic and excellent organisation

“After 24 years of existence, the time has come, the public should know about PTPTN’s main function and contribution to the country’s economic and educational development…through effective communication, we can dispel the negative perception of some people on PTPTN,” said Wan Saiful.

(Sources:
The Edge Markets
,
The Sun Daily
)

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Uber vs Grab: Which Ridesharing App is the Best?

Looking for a cost-efficient, convenient way to get around town when you can’t (or won’t) drive yourself? Well, then you might want to try
Uber
 or
GrabCar
 (under the Grab app), two ride-sharing services that have been making a splash in Malaysia.

But which of these is the better choice for drivers and passengers? Let’s breakdown the pros and cons of each to find out which service is winning the battle and the war:

Uber

Uber came first and its success has inspired the launch of many similar services around the world, but is it still the best? Here are the positives and negatives associated with the service:

Advantages

Fares are
cheaper for short distance rides
 since charges are calculated based on distance and time spent. Note though, that the UberX service (the most economical option) has a lower cost per kilometre (RM0.60 per km) than GrabCar Economy (RM1.30 per km), its equivalent.

In addition, passengers have an additional car option with the UberXL, apt for larger groups of passengers.

Another positive for Uber is that it matches riders to drivers within a shorter distance, where the arrival time is usually under five to ten minutes depending on road condition and other factors.

Also, the app has seemingly better engineering leaving it with fewer bugs and technical issues, running smoothly most of the time.

Disadvantages

While this point is difficult to prove, feedback from Uber drivers and users online suggests that the map feature with the Uber app might not accurately pinpoint a location that isn’t a house address.

Thus, drivers who aren’t familiar with a particular area might have a little more trouble finding the passenger’s exact location.

Uber also covers fewer states than GrabCar; for example, those in Negeri Sembilan and Malacca are not currently being serviced.

GrabCar

The Malaysian-made Grab started out as a taxi app, but has since grown to include GrabCar, an Uber-esque ride-sharing service, but can it beat the original?

Advantages

One of the primary advantages for drivers and passengers using the GrabCar service is the fact that it buys Personal Accident insurance cover for both parties. This indispensable extra extends peace of mind to passengers and drivers each time they journey together.

Passengers may also find it a cheaper option when travelling in traffic as rates are fixed (RM1.30 per kilometre) and not charged per minute. Thus, even lengthier journey would remain at its stipulated price. In addition, airport transfers cost slightly less (RM65) as well.

<a href=”
https://ringgitplus.com/en/credit-card/?utm_source=ringgitplus&utm_medium=banner&utm_campaign=my-rpint-crcd-gen&utm_content=blogcta_crcd_bestcreditcardinmalaysia_ringgitplus_mid”title=”Compare
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Disadvantages

On the driver’s side, the fixed-rate fares could be less profitable in the event of a wrong turn or traffic jam.

In addition, the app tends to match passengers to drivers that aren’t necessarily in close proximity. It can be an unfavourable situation for passengers, who wait longer; and drivers, who have to travel further out of their way.

GrabCar also makes premium service more expensive than its competitor. It charges a higher base rate of RM4 in comparison to RM3 for UberBLACK, the higher-end option for Uber. But that’s not all; it also has a slightly higher rate per kilometre at RM1.50 (UberBLACK charges RM1.40) and imposes a minimum fee of RM15 per ride.

So now that you have the facts, it’s up to you to decide which one of these is the better bet. But honestly, who says you can’t love both? Ride safe!

If you’d prefer to drive yourself but still don’t own a car, you’ll probably need a car loan to help you finally make the purchase you’ve been waiting for. Head over to our
comparison page
 to check out the best hire-purchase financing packages on offer.

Image credits: Núcleo Editorial’s
photostream
, xlibber’s photostream,
The Next Web
,
The Straits Times
, and
Odyssey
.

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PM Anwar: Budget 2024 To Include Improved Assistance Programmes For Malaysians

 (Image: Bernama)

Prime Minister Datuk Seri Anwar Ibrahim has said that the upcoming national budget will see the inclusion and implementation of bigger and better assistance programmes to help the people cope with financial pressures in their daily lives.

Among other things, Budget 2024 – which is to be the second MADANI budget, in line with the theme of the current MADANI government – will see private trust and microcredit organisation Amanah Ikhtiar Malaysia (AIM) being enrolled to help raise the living standards of the poor. For instance, AIM management may soon work together with the Education Ministry to come up with ways to improve the quality of education for Sahabat AIM children, thereby enabling them to escape poverty.

“…especially in Science and Mathematics. You all should know that our children have been losing interest in these two subjects, although these are very important fields. So, we have to find another way. This is because we need to elevate them to positions better than before, through better levels of education. And that is why this has also been a focus when I took over the government,” said Anwar.

Briefly, Sahabat AIM is a society under AIM, made up of entrepreneurs who have tapped into facilities provided by the organisation or wish to do so.

The upcoming national budget, Budget 2024, is currently slated to be tabled on 13 October 2023 at 4pm, by Datuk Seri Anwar – who is also the Finance Minister.

(Source:
Malay Mail
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Maybank Manchester United Visa Cards Campaign Offers 4D2N Trip To Manchester

Maybank Manchester United Visa cardholders will stand a chance to win a trip to watch the popular football team play live at Old Trafford by participating in the bank’s ongoing #ForeverUnited Campaign 2023. On top of that, you can also win a range of other exclusive prizes such as signed merchandises, match tickets, and 10,000 TreatsPoints.

Running until 30 November 2023, the campaign is open to all eligible new-to-bank or existing Manchester United Visa debit and credit cardholders. You can participate by registering your interest and spending a cumulative minimum of RM3,000 via any retail purchases. From there, the top spender during the entire campaign period will be selected as the grand prize winner, while the subsequent 1,100 high spenders will win other exclusive gifts.

Here’s the full list of prizes that can be won via this campaign:

Prizes
Details/Descriptions
Total winners
Grand prize
All-expense-paid trip for two persons to Manchester, UK (4 days, 2 nights), inclusive of:
– Flight tickets
– Accommodation
– Match tickets to watch home game at Old Trafford
– Tour of the Manchester United Museum & Stadium
– Lunch at the Red Café
1x
First prize
Manchester United Team signed shirt (season 23/24)
7x
Second prize
Manchester United Team signed shirt (season 22/23)
33x
Third prize
Manchester United signed pennant
50x
Fourth prize
Manchester United home match tickets at Old Trafford (ticket only)
10x
Consolation
10,000 TreatsPoints
1,000x

Note that retail spend here refers to the purchase of any goods or services, performed locally and internationally. It does not include transactions like instalments paid under Maybank’s flexi payment plans, balance transfers, and cash advances.

Also, each cardholder is only allowed to win one prize. If you do win, Maybank will notify you via SMS or in writing, and issue the prize to you within 12 weeks from the end of the campaign period. To join, go ahead and send an SMS (WINMU<space>YES) to 66628 via your mobile phone number that is registered with Maybank.

There is actually another campaign intended exclusively for new Maybank Manchester United credit cardmember, where you apply for a Manchester United credit card and strive to be the top spender (with a minimum spend of RM1,000 within 45 days from approval date). In turn, you’ll stand a chance to win a Manchester United signed pennant or a Manchester United keychain.

(Source:
Maybank
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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MTUC Joins Calls For Six-Month Bank Moratorium To Be Extended

(Image: NST)

The Malaysian Trades Union Congress (MTUC) has urged the government and Bank Negara Malaysia (BNM) to pull their weight in ensuring that banks extend the moratorium, especially for the targeted group of workers who still face difficulty servicing their loans. MTUC is recommending that the moratorium be extended for another six months after it ends at the end of September.

According to MTUC secretary-general J. Solomon, the targeted group of workers who should benefit from an extended moratorium include many of the 800,000 workers who lost their jobs as of
April this year
 and the thousands more who were forced by their employers to take deep pay cuts or go on unpaid leave.

“The official statistics clearly show that many workers have been rendered unemployed due to the economic downturn caused by the Covid-19 pandemic and the opening of the economy is an ongoing, albeit, slow process and it will take time for workers to get back on their feet and service their loans,” said Solomon.

(Image: The Star)

“There should not be any doubt on the part of the government, especially the Finance Ministry and BNM, that a large slice of the workforce are far from ready to resume servicing their car and housing loans. If the banks persist in ‘collecting’, then we can expect to see record forfeitures of vehicles and homes of the working class which will inflict untold misery on them and their families,“ he continued.

Solomon said that the ministry and BNM should not abdicate their responsibility to ensure that the moratorium is extended to all B40 and M40 groups, as well as workers who have lost their jobs irrespective of salary scale, and companies with loan facilities which are struggling to keep afloat.

The MTUC secretary-general added that there is no question of banks incurring losses during the moratorium as the loans are not written off, but payments simply deferred until the economy normalises. For banks to adopt a “business as usual” attitude with workers still mired in job losses would be a downright “cruel and inhumane act against the borrowers”, he said.

(Image: Bernama)

Separately, former Minister of Finance Lim Guan Eng has also added his voice to those backing the call for the federal government to consider extending the moratorium. “At a time when the economy is getting worse, many Malaysians and local businesses are not prepared to face the moratorium’s expiration,” said the Bagan MP in a
Facebook statement
. “I hope the government will extend the moratorium period until the country’s economy begins to recover.”

Previously,
FOMCA
 had also raised a call for the moratorium to be extended past its current six-month period. However, it is unlikely that the central bank has any intention of extending the moratorium ending 30 September,
 citing economic repercussions
 that it wishes to avoid. Earlier, the Minister of Finance also stated that while the government will reach out to banks about a possible extension, the
banks would not be forced
 to agree to it.

Since then, some banks including
CIMB
 and
AmBank
 have come out to say that while they will not be offering a blanket extension to all customers, they will consider taking a targeted approach by offering extensions only to those who most need it.

(Source:
The Sun Daily
,
Malay Mail
)

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Jacie Tan

Jacie Tan

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PNB Announces ASB Dividend For 2020 Is 4.25 Sen With Ehsan Bonus Of 0.75 Sen

Permodalan Nasional Berhad (PNB) has announced a distribution payout of 5 sen per unit for its flagship trust fund Amanah Saham Bumiputera (ASB), for the financial year ending 30 December 2020.

According to PNB, the distribution payout comprises an earning of 4.25 sen per unit, and an additional Ehsan payment of 0.75 sen for the first 30,000 units for all unitholders. The fund management company further explained that the 4.25 earning is made up of 3.50 sen distribution and 0.75 sen of base bonus. Meanwhile, the one-off Ehsan payment of 0.75 sen is awarded in conjunction with the 30
th
 anniversary of ASB.

PNB also noted that the total payout for the income distribution this year will amount to RM7.6 billion, benefitting 10.2 million unitholders who own 173.2 billion units in total.

If unitholders were to exclude the addition of the Ehsan payment, this year’s income distribution of 4.25 sen is the lowest it’s ever recorded, and considerably lower compared to the
5.5 sen declared in 2019
. PNB group chairperson Tan Sri Dr Zeti Akhtar Aziz explained that this is attributed primarily to the turbulent year that 2020 has been thus far.

“The year 2020 has been one of the most difficult confronting the world as we are experiencing a health, economic, and humanitarian crisis all at the same time. The severe impact of the pandemic on the global economy was felt in the first half of 2020,” said Tan Sri Zeti in a virtual conference. She added that despite this, there has been some encouraging developments in the third quarter of the year for most major economies as economic activities have gradually resumed, providing some reprieve to the commodity market.

Tan Sri Zeti also commented that ASB has been progressively diversifying its portfolio in order to deliver long-term and sustainable returns for its unitholders. “The portfolio has been judiciously diversified into other asset classes and into global markets,” she said, noting that this move is now yielding positive result as the higher contribution from international equities has helped to cushion the lower returns from other asset classes.

(Source: Permodalan Nasional Bhd [
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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    s

    2 years ago

Well, that is disappointing. Very low. The investment manager should know better how to invest money efficiently. Next year, i’ll have to invest somewhere else.

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    ng kian ming

    2 years ago

can i know what if I invested another RM 100K just before the announcement of dividends by ASB Sara 2, how is my income distribution will be calculated? was that on full amount?

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GOPAY Approved By BNM As White-Label E-Wallet Service Provider

Payment platform GOPAY announced that it has been approved by Bank Negara Malaysia (BNM) as a white-label e-wallet service provider. It expects to complete its transition and roll out the updated GOPAY app (Android version) by 20 December 2022, while the iOS version is set to be made available in the first quarter of 2023.

In its notice, GOPAY said that this latest update will allow its users to tap into various payment services that are currently unavailable. These include paying for purchased goods by scanning a QR code (scan & pay), transferring funds to family and friends, as well as gaining access to financial services such as loan applications and digital gold investments.

GOPAY is a platform that you can use to earn instant cashback on payments for selected products, including bill payments (utilities, telco, council bills, and so on), mobile reloads, e-wallet top-up PINs, content subscription, and lifestyle products. The cashback percentage may vary depending on the products or services. It also taps into a referral and commission scheme to let you earn referral rewards and commission from your referees.

If you’d like to give GOPAY a try now, you can download it from
Google Play
 and
the App Store
.

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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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    nennehcherry

    8 months ago

unfortunately now the new GoPay is unable to be topped up by other e-wallets, which is a dissapointment for some of its regular consumers.

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AirAsia Rolls Out airasia pocket For Seamless In-App Payment Experience

AirAsia has rolled out airasia pocket, its new e-wallet that allows users to make payments for various products and services within its ecosystem while being rewarded at the same time, including flight bookings and airasia food orders. This e-wallet can be used on its super app, website and at selected Santan outlets.

According to AirAsia’s website, airasia pocket users will be able to earn airasia points for each transaction made, on top of an additional 50 airasia points upon activating the e-wallet. They will also get to enjoy 10% off all AirAsia flight bookings, as well as 10x points with every airasia food order on weekends.

Housed within airasia Super App, airasia pocket has two account tiers: Lite and Pro. As you can expect, the Lite tier offers a lower limit for its various transactions and lesser functionalities as compared to the Pro tier. Here are the full details on the two tiers:

Transactions
Lite
Pro
Wallet size
RM500
RM4,999
Spending limit per transaction
RM500
RM4,999
Daily spending limit
RM1,000
RM4,999
Monthly spending limit
RM4,999
RM4,999
Top-up limit per transaction
RM500
RM4,999
P2P (peer-to-peer transaction) limit per transaction
Not permitted
RM1,000
Daily P2P limit
Not permitted
RM1,000
Monthly P2P limit
Not permitted
RM4,000
Withdrawal limit per transaction
Not permitted
RM1,000

Note that airasia pocket can only be reloaded via online banking (FPX), with more options likely to be added in the future. Additionally, it currently accepts only the Malaysian Ringgit as it can only be used within Malaysia for now.
AirAsia is, however, planning to expand this e-wallet to Thailand, Singapore, and the Philippines in the near future
. The airasia pocket e-wallet is also currently limited to selected AirAsia products and services. For instance, it is available as a payment option for AirAsia (AK) flights but not for AirAsia X flights.

If you’d like to give airasia pocket a try, you will need to first activate it by tapping on the wallet icon in the super app. On the activation page, key in your mobile number, and verify it with a one-time password (OTP) sent to your number. You’ll then need to input your personal details to complete the activation. Meanwhile, those who want to upgrade their accounts from the Lite tier to the Pro tier will need to take the extra step of completing the e-KYC verification process.

In its statement, AirAsia also shared that airasia pocket is developed with Fass Payment Solutions Sdn Bhd (Fasspay), a
white-label e-wallet player
 and an e-money provider licensed by Bank Negara Malaysia.

“As fintech and neobanks continue to reshape the financial landscape in Malaysia and across ASEAN, airasia Super App is continuing to be an industry disruptor and expand its fintech services by launching airasia pocket, which enables our app users to make payment for all products and services faster within the Super App ecosystem. This includes payments for flights and hotel bookings, as well as on airasia food, airasia grocer, airasia xpress, or when booking a ride through airasia ride,” said the chief fintech officer of airasia Super App, Mohamad Hafidz Mohd Fadzil.

Finally, AirAsia highlighted that the new airasia pocket is a
different instrument as compared to its other e-wallet, BigPay
. While BigPay can be used for any general transactions at payment terminals that accept card-based transactions, airasia pocket is intended specifically for payments of services or products within its ecosystem.

(Source: AirAsia [
1
,
2
,
3
])

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EPF i-Sinar Akaun 1 Advance Facility: What You Need To Know

(Image: The Edge Markets)

The Employees Provident Fund (EPF) has announced the i-Sinar facility, which allows eligible members to take out an advance from their Akaun 1 to help them weather through their current financial crisis. It is expected to benefit 2 million contributors, with an estimated advance amount of RM14 billion to be made available.

The i-Sinar facility was introduced following a proposal to allow
targeted EPF contributors to make withdrawals from their EPF Akaun 1
, which was announced by Finance Minister Tengku Zafrul Abdul Aziz during the tabling of Budget 2021. At that time, Tengku Zafrul proposed to allow eligible contributors to withdraw RM500 a month for up to RM6,000 for 12 months. In response, the EPF said that it will
consult all stakeholders before making a decision
. This eventually led to the introduction of i-Sinar.

According to the chief executive officer of EPF, Tunku Alizakri Raja Muhammad Alias, the i-Sinar facility will only be made available to active members who have lost their jobs, are on unpaid leave, or have no alternative income source. “This facility has allowed us to assist those in need of assistance, as well as work with our mandate – to safeguard members’ future retirement savings,” he added.

How does the i-Sinar facility work

(Image: Malay Mail/Miera Zulyana)

The i-Sinar facility will enable eligible members to have access of up to 10% of their savings in Akaun 1, subject to maintaining a minimum balance of RM100. However, this also depends on the existing balance that you have in your Akaun 1.

“For those who have RM90,000 and below in Akaun 1, they have access to any amount up to RM9,000. For those who have above RM90,000 in Akaun 1, they have access of up to 10% of their Akaun 1 savings. However, the maximum total amount allowed to be advanced is RM60,000,” clarified Tunku Alizakri.

Tunku Alizakri also explained that the advances that are paid out will be staggered over a period of six months, with a first month advance of up to RM4,000 for those with Akaun 1 savings of RM90,000 and below, and of up to RM10,000 for those with more than RM90,000 in Akaun 1.

Here’s a summary from the EPF to help you better understand the mechanics of the i-Sinar facility:

When can you start applying?

The EPF will start accepting applications for the i-Sinar facility in December 2020, but has not released detailed information on where or how to do so as of now. Upon approval, the funds will be credited to the bank accounts of approved members, with the first crediting to begin in January 2021, and the advances will be made over a period of six months from the first date of crediting.

i-Sinar is an advance facility, and must be replenished

(Image: Bernama)

Tunku Alizakri also reminded members that the i-Sinar is
not
 a withdrawal facility, but rather an advance facility. In other words, members who do tap into it will need to replenish the amount taken out.

To replenish the advances taken out from Akaun 1, the future contributions of affected members will be credited 100% to Akaun 1 until the amount is fully replaced. Only once that is accomplished will the contributions be reverted back to the original distribution of 70% for Akaun 1 and 30% for Akaun 2.

Tunku Alizakri also clarified that there is no timeline for members to replenish the amount advanced. “This will only start when the affected member gets reemployed or when their businesses start picking up again,” he said.

Implications of tapping into i-Sinar

(Image: The Malaysian Reserve)

Tunku Alizakri further highlighted that there will be implications for members who choose to utilise the i-Sinar facility as they will be forgoing their compounded returns when they take an advance from Akaun 1. As such, members are urged to seek advice from the EPF’s Retirement Advisory Services (RAS) or the Credit Counselling and Debt Management Agency (AKPK) to determine the right amount that they should apply under i-Sinar and ensure sustainability during this crisis.

Other EPF members who are not eligible for the facility will also be affected by the implementation of i-Sinar. This is because the advance facility – which requires an allocation of another RM11 billion to RM15 billion – will reduce the pool of money that the provident fund has for investment. In return, this will affect future dividend payouts.

***

For more information, you can head on over to EPF’s website to find out more about the
i-Sinar facility
. The provident fund also noted that full details on the facility’s eligibility and terms and conditions will be available soon; and we will be releasing a guide on this.

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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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    Vikneswaran A/L Ramasamy

    2 years ago

It is so complicated , suppose this is the time that EPF should be released to help out with pending loans , EPF also must consider for those who are under AKPK DMP [Debt Management Program] to withdrawal and reduce the pending outstanding commitment regardless of they are currently employed or not

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Affin Bank Partners With Merchantrade To Launch Multi-Currency Prepaid Card With E-Wallet

Affin Bank has collaborated with Merchantrade Asia Sdn Bhd to launch its multi-currency Affin Merchantrade Prepaid Card, which is linked to the Merchantrade Money e-wallet with a maximum wallet size of RM20,000.

With the prepaid card, customers will be able to transact or remit funds globally in 20 foreign currencies at competitive exchange rates, with no hidden foreign exchange or cross-currency charges. It also offers a convenient online account opening process via the electronic Know Your Customer (eKYC) solution, the ability to purchase and store up to 21 currencies, as well as the flexibility to pay for goods and services at more than 120,000 Visa merchants in Malaysia and more than 70 million Visa merchants globally.

Aside from that, users can also use the card to withdraw cash at Merchantrade branches, participating agent locations, and more than 11,000 Visa Plus automated teller machines (ATMs) across the world.

“(The card) is linked to the Merchantrade Money e-wallet, which has been customised to address common currency exchange and remittance issues that clients have, allowing them to make the most of their money, especially for those who frequently transact in many currencies,” said the president and group executive officer of Affin Bank, Datuk Wan Razly Abdullah Wan Ali, adding that this partnership with Merchantrade is one of the bank’s efforts at adapting and catering to the evolving financial needs of its customers.

Meanwhile, the founder and managing director of Merchantrade Asia, Ramasamy K Veeran said that the Merchantrade Money e-wallet solution allows the company to provide partners with value-added services through a single platform as a full-service payment provider. It also offers customers greater convenience and value in their transactions both locally and overseas.

(Image: Malay Mail)

Finally, the country manager of Visa Malaysia, Ng Kong Boon commented that the new product will address consumers’ diverse financial needs, as well as encourage cashless spending among Malaysians. “With such a strong value proposition, the Affin Merchantrade Prepaid Card can truly help to connect consumers to the global marketplace whether they are transacting in person or online,” he commented.

Those who are interested in applying for the card can do so at Merchantrade branches and its authorised agents, or through its website and Merchantrade Money mobile app. You can download the app for free from
Google Play
 or the
App Store
.

(Sources:
Affin Bank
,
Malay Mail
,
New Straits Times
)

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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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Investors Can Soon Trade Smaller Share Lots, Fractional Shares

(Image: Bernama)

Prime Minister Datuk Seri Anwar Ibrahim has said that investors who trade stocks will soon be allowed to trade in smaller share lots, as well as tap into fractional trading. This comes as the government continues to seek ways to boost retail participation in Malaysia’s equity market and to revitalise the capital market.

This latest initiative complements an earlier move by the government to
lower the stamp duty for shares traded on Bursa Malaysia from 0.15% to 0.1%
 of the contract value, subject to a maximum cap of RM1,000 per contract. Implemented in mid-July, the lower stamp duty is aimed at directly reducing the cost of securities transactions, thereby leading to a more competitive Malaysian stock market.

Aside from introducing steps to encourage retail investors, Datuk Seri Anwar – who also serves as the Finance Minister – said that the capital market, too, must be transformed to become more vibrant if it were to entice investors. For instance, companies with the potential to become new local “unicorns” should be encouraged to list, and the Securities Commission Malaysia (SC) will also enable automatic transitions for companies that are listed on the ACE Market to the Main Market (once requirements are met).

(Image: The Malaysian Reserve/Razak Ghazali)

To explain, the ACE (Access, Certainty, Efficiency) Market is a sponsor-driven market, and is intended for fast-growing companies without requirements on their historical profit track record. Meanwhile, the Main Market is a platform for established companies that have achieved a minimum profit track record or size, as set by Bursa Malaysia.

Finally, Anwar noted that the SC will be developing a reform policy for financial markets, which seeks to meet a few objectives. These include facilitating investment for retail investors, attracting more investment to finance local small and medium enterprises (SMEs), and raising the competitiveness of Malaysia’s capital market at the international level.

(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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    Mark

    1 month ago

Hi Alex Cheong,

Do you have any information about the “Regulated” Binary Options and Digital Options?

Thank you in advance for your reply.

Best regards.

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4 Affordable Places to Rent In Petaling Jaya Under RM1,500

Having a job that is based in Petaling Jaya used to be viewed as an enviable perk especially when parking fees rarely go beyond the standard RM10 per day and keeping your meals under RM8 for lunch/dinner is still very much a doable feat, leaving you with more to spend from your take-home income.

After the township was granted its city status in 2006, Petaling Jaya has undergone numerous changes which contribute to its growing list of accolades, be it as a powerhouse destination for tourists or a strategic weekend hangout spot for the locals.

With
 rent coming up to an average of RM 3,042.50 for a 3-bedroom apartment in the heart of PJ (minus the utilities)
 , don’t let these steep costs prevent you from giving the area a second glance. We’ve scoured the internet to look for areas that come with affordable rent.

Here are 3 affordably-priced areas to set up house and travel easy if you are working in Petaling Jaya:

Seri Setia

Cheapest Rental
:
 Approximately RM1,100 month

Ex-tin mining town. Area where communists convene. Free trade zones. Nan Yang Siang Pau. Historically, this is what Seri Setia is known for but long gone are the Emergency-era settlements which it was once known for.

Apart from it being situated in an area that is predominantly Chinese, Seri Setia is very much a strategic locale that offers its residents access to Jalan Klang Lama, Federal Highway, New Pantai Expressway (NPE) and Damansara-Puchong Highway (LDP). And if you are a fan of cheap and tasty food, the weekly night markets and restaurants nearby will keep you well fed!

Ara Damansara

Cheapest Rental
:
 Approximately RM1,200 month

Nestled along Jalan Lapangan Terbang Sultan Abdul Aziz (otherwise known as the Subang Airport Road for those who are tuned to traffic updates), Ara Damansara is the brainchild of Sime Darby, a reputable, 100 years old conglomerate who has dabbled in multiple businesses throughout the world.

With that in mind, expect habitable residential townships that may be premium in terms of pricing (if you’re planning to purchase a property here) but if space is not a hard pre-requisite, you can opt for a studio unit instead. That way, you can get not only exclusive amenities but also ease of access to prominent locations such as Bandar Utama, Sunway, Subang Jaya and of course, Petaling Jaya. With the LRT line extension in place, the heart of Petaling Jaya is just 3 to 5 stops away.

Paramount

Cheapest Rental
 :
 Approximately RM1,400 month

If nightlife (
mamak
, supper spots, and the likes) is not a must-have on your list, you may want to consider staying in a matured neighbourhood instead. As Paramount is located near to Kampung Tunku and Sri Aman, you can rest easy as a majority of the housing here is protected by a gated community.

This is ideal if the crime rate is a concern as there will be security checkpoints that prohibit outsiders from loitering around the area. If you do not own personal transportation, one of the plus points here would be the Paramount LRT station that connects to the Kelana Jaya line.

Damansara Intan

Cheapest Rental
:
 Approximately RM1,450 month

Contrary to popular belief, Damansara Intan is not all about offices and commercial-based structures. Situated next to the SPRINT highway, having a home based here ensures connectivity not only to places that are near to Petaling Jaya but also to other prominent locations such as Bangsar, Damansara Utama, and Hartamas.

The only thing that you need to pay heed to (if keeping costs low is important) is to avoid renting a
SOVO (Small Office Virtual Office)
 unit as it is intended commercial use, you will end up paying more for your utilities as it is charged according to commercial rates.

Final Thoughts

From
 the transformation of neighbourhood malls to world-ranking ones
to the surge of high-rise residential and commercial developments that dots the former township along with the suburbs within its vicinity, chances are, if you don’t own a property that allows you to live and work comfortably (albeit saving on rental costs) in Petaling Jaya, being based here can come off as a drawback to you. We hope that our list of recommendations will help you get more value out of the place that you are planning to rent.

And if you are done repeating the cycle of renting a place and dream of having a home of your own, don’t despair! Discover what your options are with our
 home loan comparison page
 and don’t forget to find out
 what you need to know about home loans.

Do you know of other budget-friendly rental locations with easy PJ access? Do share in the comment section below!

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Ara Damansara

Cheap Rental

Damansara Intan

Paramount

Renting

Seri Setia

About THE AUTHOR

Arnie Ruxana

Arnie Ruxana

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