Alliance Bank Wins Best Digital Bank In Malaysia Award, Attributed To Branch-In-A-Tablet Solution

Alliance Bank’s Branch-In-A-Tablet digital solution has helped the bank clinch the Best Digital Bank In Malaysia award at the IDC Financial Insights Innovation Awards 2020. This is attributed to the way the solution is designed to offer a quick and simple paperless customer experience for selected services at its branches.

The Branch-In-A-Tablet solution allows individuals to open their savings accounts or activate their debit cards and online banking accounts on a tablet in-branch, allowing them to complete the entire procedure within 15 minutes. Enterprise clients, too, can open their business accounts digitally in one visit to the bank, as opposed to the previous process where they need to make multiple visits to complete their account opening application. Additionally, the solution enables the bank’s personnel to attend to customers at any location of their choice outside the branch.

(Image: The Star)

“We designed the Branch-In-A-Tablet solution with the customer in mind. Our project team worked closely with our employees at the branch, studied the processes, and empathised with users and customers’ real-life experiences to understand the gaps and customer needs to bring this solution to life,” said the group chief executive officer of Alliance Bank, Joel Komreich. It was noted that up to 90% of the bank’s current and savings accounts for individuals were now opened using the solution.

The Branch-In-A-Tablet project,
developed in collaboration with open source giants Red Hat
, saw significantly positive outcomes: account opening times were slashed by 70%, while increasing staff availability to customers by 75%.

In recognising Alliance Bank’s win, the financial insights innovations award programme head at IDC Financial Insights Asia/Pacific, Darshiniy Selvaratnam, said that Alliance Bank’s “phydigital” banking has demonstrated the optimal convergence of traditional branch-based banking and digital solutions for account onboarding processes.

“The combination of human and digital elements in the staff-assisted solution is exemplary of an inclusive and customer-first model by Alliance Bank. The Branch-In-A-Tablet has shown the best use case of technology in meeting heightened customer demand for instantaneous delivery in financial services without scaling back on branch networks,” said Darshiniy.

Prior to this recent win, Alliance Bank was also named as one of the 20 Best Banks 2020 in Asia/Pacific by IDC Financial Insights. The bank was one of the two Malaysian financial institutions to have made it into the list this year.

Separately, Alliance Bank’s Branch-In-A-Bank solution also earned the bank the Silver award for Branch Innovation of the Year in Asia at the Asian Banking & Finance Retail Banking Awards 2020. This award aims to honour banks that have introduced ground-breaking products and services, and have successfully adapted with the rapidly evolving technology.

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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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The New GrabUnlimited Plan: Everything You Need To Know

Frequent users of Grab would surely have seen or heard about GrabUnlimited – a subscription plan that supposedly offers over RM300 in savings at the introductory price of just RM0.01 (RM4.90 per month subsequently). Launched at the end of 2021 in a beta run, it was initially offered in three cities – Penang, Johor Bahru, and Kuching – before eventually being expanded to other parts of the country.

Now, Grab has announced that it is
taking GrabUnlimited to the next level
. Offering new perks beyond just monthly promotions and vouchers for GrabFood, GrabMart, and Grab Ride, it promises more value and better accessibility to Grab’s best features. In fact, GrabUnlimited will now function more like a membership programme than a voucher subscription plan – we’ll explain why in this article.

Previously, On GrabUnlimited

In its current form, GrabUnlimited subscribers will get two types of vouchers: promotions of the month, and a list of standard vouchers. The monthly promotions changes from month to month, and for June 2022, subscribers are offered 10x GrabFood Hot Deals vouchers:

4x 50% off GrabFood and free delivery (capped at RM8.50 with RM20 minimum spend; free delivery up to RM3, but not applicable from 4.30pm to 7.59pm)
6x 38% off GrabFood and free delivery (capped at RM7.50 with RM25 minimum spend; free delivery up to RM3, but not applicable from 4.30pm to 7.59pm)

Meanwhile, the subscription vouchers will stay the same throughout all months:

50x RM3 off GrabFood delivery
10x RM3 off GrabMart delivery
10x 15% GrabFood self-pickup (capped at RM12 per order, no minimum spend)
1x RM5 off Grab ride from any Malaysian airport

So if you do maximise all of the vouchers provided, GrabUnlimited would have helped you to save over RM300. More importantly, you
save money from your very first GrabFood order with GrabUnlimited
 as we shared in our previous piece.

Now, what’s coming in the new GrabUnlimited plan?

Breaking Down The Benefits Of The New GrabUnlimited

The new GrabUnlimited plan will see a similar set of vouchers offered to members, which refreshes every month as long as you are subscribed. What’s intriguing is
what else
 Grab is offering in the new plan.

On top of the voucher set, GrabUnlimited is integrating GrabRewards as part of an expansive membership programme that unlocks the best of Grab. As a GrabUnlimited member, you gain perks like better GrabRewards redemption rates and exclusive services.

1) A simplified and improved GrabRewards experience

As part of this upgrade, the
Silver, Gold, and Platinum membership tiers will no longer earn GrabRewards
 – moving forward, these tiers will offer perks like preferential rates for airport lounge access, priority allocation, and a few others. Users will earn GrabRewards based on whether they are GrabUnlimited members or not. This change may seem like a major one – but it’s not as bad as it sounds.

First off, this
simplifies the entire GrabRewards programme
. There’s no more complicated tier-based multipliers – it’s now streamlined to 1.5 GrabRewards earned for every RM1 spent for GrabUnlimited members, and 0.75 GrabRewards for non-members.

At the same time, Grab has also
revised the redemption rates for GrabRewards
, which is currently set at 800 GrabRewards = RM5. GrabUnlimited members enjoy a significantly improved rate of 500 GrabRewards = RM5, while non-members also get a slightly improved rate of 750 GrabRewards = RM5.

Finally, GrabRewards are now (almost) evergreen. Your total GrabRewards balance refreshes its expiry to the last day of the third month after every GrabPay Wallet transaction. This means your GrabRewards points will not expire as long as you use GrabPay regularly.

2) Unlimited 1.5% value back

From 1 July 2022, the new GrabUnlimited lets members
earn up to 1.5% “value back”
 (this phrase was coined mainly because you earn the value in GrabRewards) whenever you spend. Based on our calculations, this claim (surprisingly) holds true. Members enjoy a rate of return of 1.5%, while non-members will only earn 0.5% value back.

In contrast to the old membership tiers, GrabUnlimited’s 1.5% value back isn’t too big a downgrade to the Platinum tier which has
a rate of return of 1.875%
. Meanwhile, the Gold and Silver tiers have rates of return of 1.41% and 0.938%, respectively – which means they will earn more by being a GrabUnlimited member.

The table below compares the changes in terms of points accumulation and rates of return between the old GrabRewards membership tiers as well as the new GrabUnlimited member versus non-members:

GrabRewards (Platinum tier)
GrabUnlimited member
GrabUnlimited non-member
Earning rate
3 GrabRewards for every RM1
1.5 GrabRewards for every RM1
0.75 GrabRewards for every RM1
Redemption rate
800 GrabRewards for RM5 voucher
500 GrabRewards for RM5 voucher
750 GrabRewards for RM5 voucher
Effective return rate
1.875%
1.5%
0.5%

From the table above, we can see that Platinum members will lose out a little in terms of rates of return (from 1.875% to 1.5%). Grab makes up for this with the wide array of GrabUnlimited vouchers, as well as a much better redemption rate (which also has a side effect of increasing the value of your already-accumulated GrabRewards!)

As for Silver and Gold members, being a GrabUnlimited member is a net benefit all around. Even when we take into account the RM4.90 monthly subscription rate, the free vouchers alone already mean you start saving from your first GrabFood order. The improved earnings and redemption rates are nice bonuses that make Grab transactions a little more rewarding.

One final detail: there are no limits to the amount of GrabRewards you can earn per month, nor are there any minimum spend requirements to earn GrabRewards. These may seem like small perks, but they actually make it quite rewarding for heavier Grab users – especially when you consider various cashback credit cards always have a cap on how much cashback cardholders can earn per month.

3) Additional perks for members

In addition to the GrabRewards perks, the new version of GrabUnlimited will also roll out selected privileges that enable members to unlock the best quality that is on offer for all Grab services. For example, on GrabFood you’ll now be able to stack vouchers (i.e. free delivery and discount vouchers) to increase your savings, as well as enjoy
GrabFood’s premium delivery service
 at a discounted price
 of RM2.50 instead of the usual RM3.50 (on top of the actual delivery fee).

GrabUnlimited members who use GrabCar or JustGrab services will also enjoy a new feature called
“Top-Rated Driver”
. This feature, which will roll out on 9 June 2022, will ensure members get matched with experienced drivers who maintain a high driver rating. Of course, this doesn’t mean that non-members are bound to get subpar rides; it just means that GrabUnlimited members will have the certainty of getting experienced Grab drivers with a guaranteed good track record whenever they use Grab’s ride services.

Grab also promises that more of such privileges will be introduced in the future, with a goal to make it easier for its users to access the best of Grab via one comprehensive membership plan.

Unlocking The Best Of Grab In One Simple Plan

Ultimately, the new and upgraded GrabUnlimited plan is a surprisingly positive revision, and one that will benefit more Grab users – both casual and heavy ones.

The integration of GrabUnlimited with GrabRewards elevates the plan to a new level as it doesn’t just stop with voucher savings (as was the case previously), but also rewards users with better GrabRewards redemptions. With the incessantly rising cost of living, these little savings will add up in the long run.

It is also worth noting how this contributes to the overall Grab ecosystem. The savings members get on GrabUnlimited will encourage greater spending on Grab’s services, which then benefits Grab’s various partners including merchants, riders, and drivers who will all enjoy more income generating opportunities. In 2021, Grab’s partners earned a whopping
US$8.9 billion through the platform
 – so it’s fair to say that GrabUnlimited will have a positive effect on the Grab ecosystem, too.

Now, if you’re already a GrabUnlimited subscriber, then continuing as a member is a no-brainer decision – you’ll unlock the best of Grab in one simple plan. And as mentioned earlier, even when the monthly RM4.90 fee is considered, the potential net savings is far greater than the upfront cost.

If you haven’t tried GrabUnlimited, the introductory rate of just 1 sen means it’s practically free to try GrabUnlimited for the first month and see if it fits your needs. Plus, cancellations and resubscriptions can also be performed without any penalty fees, so why not give it a try?

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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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UOB Cybersale Campaign Offers Exclusive Gifts, Including Samsung Galaxy Phones & Apple Watches

UOB Bank’s Cybersale campaign is currently ongoing, allowing its cardholders the chance to win a range of exclusive prizes every month, including Samsung phones, Apple watches, and Sharp Android TVs. Set to run until 31 December 2022, you can participate by performing selected transactions using your cards to earn entries.

Open to both UOB debit and credit cardmembers (except for corporate credit cardholders), you can earn entries for every RM100 eligible spend made using your UOB credit or debit card during the campaign period. However, the number of entries earned will differ depending on the category of your spend, as shown below:

Category of spend
Criteria
Eligible entries
Online spend
RM100 spent on e-commerce or online purchase, internet merchants, and online dining/food deliveries
*
Credit card details are manually entered during checkout process
1
E-wallet reload
RM100 reload on:
– Touch ‘n Go (TNG) eWallet
– ShopeePay
– Lazada Wallet
– Boost
– GrabPay
– BigPay
1
Contactless payment
RM100 spent via Visa payWave and/or Mastercard Contactless
3
Card on file/recurring
RM100 spent online via Visa and/or Mastercard
3
Overseas online spend (foreign currency)
RM100 spent in foreign currency*
*
Transaction amount to be converted to MYR
5
New UOB Visa/Mastercard credit card application
Any UOB credit card applied, approved, and activated during campaign period, with RM100 spent on it
10
Bonus entries (monthly)
Every cumulative spend of RM5,000 per campaign month
10

Note that only retail transactions are accepted for the campaign; payments such as balance transfers, cash transfers, and easy payment plans do not qualify as eligible transactions.

Meanwhile, here is the complete list of prizes that you can win through UOB’s Cybersale campaign every month if you join:

Prizes
Participating month
Number of winners
Xiaomi Air Purifier 4 Pro
12 – 31 August 2022
5
Samsung Galaxy A73 5G
1 – 30 September 2022
5
Dyson V8 Slim Fluffy
1 – 31 October 2022
5
Apple Watch S7 GPS (45mm)
1 – 30 November 2022
5
Sharp 50” 4K UHD Android TV
1 – 31 December 2022
5

UOB explained in its T&C document that to choose its final winners, the bank will start by using a randomiser programme to create a list of shortlisted eligible winners. These shortlisted winners will then be contacted within eight weeks of each participating month via SMS, requiring them to answer one question correctly; those who do will be confirmed as a winner.

If you do win, the prizes will be delivered to you within 12 weeks from the end of each campaign month. Do also be aware that each cardholder is only allowed to win a maximum of one prize each campaign month, and two prizes throughout the entire campaign period.

UOB cardholders who would like to join the campaign will need to register their participation by sending an SMS (“
UOB3
”) to 66300. Alternatively, you can register online via UOB’s landing page for the
Cybersale 2022
 campaign.

(Source:
UOB
)

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

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Employees Forced On Unpaid Leave Due To Covid-19 Are Entitled To RM600 Per Month

(Image: The Star)

Employees who are forced to take unpaid leave due to the Covid-19 pandemic will be able to receive a financial assistance of RM600 per month, up to a maximum period of six months. This comes as Prime Minister Tan Sri Muhyiddin Yassin announced the Revised Economic Stimulus Package 2020 to include additional financial aids for those who are affected by the pandemic.

According to Tan Sri Muhyiddin, workers who were requested to take unpaid leave starting from 1 March 2020 will be eligible for the support. “This involves an allocation of RM120 million, and as many as 33,000 workers are targeted to receive this benefit,” he said.

Affected employees who earn less than RM4,000 per month are also allowed to dip into the
Employee Insurance System (EIS)
 for extra cash. The Employee Insurance System (EIS) was introduced in 2018 as a form of fund to help those who are laid off from their jobs.

The
Economic Stimulus Package 2020
 was first revealed by former prime minister Tun Dr Mahathir Mohamad in early February 2020 to help Malaysia’s economy cope with the impact of the global Covid-19 outbreak.

(Source:
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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    Bear

    3 years ago

How do we claim that assistance?

56

Reply

    Papa Bear Raswan

    3 years ago

How do we claim this assistance..

1

Reply

    Syukri Hassim

    3 years ago

How and where to claim the rm600 ?

20

Reply

    Bebe Choy

    3 years ago

How and where to claim the rm600 ?

7

Reply

    Eran Raj

    3 years ago

Hello…

No salary 2months off stay home.

I’m olso lost,

How to claim rm600,???

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    Jacie Tan

    3 years ago

    Reply to

        Eran Raj

You can find out more on the PERKESO website!

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Bursa Malaysia To Increase Scam Awareness With Weekly Online Alerts

(Image: The Malaysian Reserve/Razak Ghazali)

Bursa Malaysia has said that it will ramp up efforts to educate investors on online investment scams by starting a public awareness campaign featuring weekly online alerts and posts. This comes as many scammers have been found to misuse the stock exchange regulator’s name and logo in a bid to deceive their victims, as well as misrepresent themselves as Bursa Malaysia’s employees.

In a statement, Bursa Malaysia said that it will begin posting a series of online posts under #stayalert. Specifically, they will contain information regarding known investment scams that misuse Bursa Malaysia’s identity, including social media scams, Telegram group scams, and the use of forged letterheads and logos. Aside from educating investors, these weekly alerts will also serve as a regular reminder for the public to always remain vigilant.

Along with this announcement, Bursa Malaysia also emphasised that it will not approach members of the public with any requests to pool funds for any collective investment schemes. Instead, interested investors should invest only with licensed investment professionals.

(Image: The Sun Daily)

Furthermore, Bursa Malaysia urged the public to contact the stock exchange regulator for verification if they receive any unsolicited or suspicious communications from individuals who claim to be agents of Bursa Malaysia. Affected individuals can contact Bursa via email at
[email protected]
, or by calling 03-2732 0067.

“Given the increasing number of scam cases, it is important for investors to have the right investment knowledge and tools in order to make informed decisions and easily identify fraudulent activities,” Bursa Malaysia further said, adding that the public can visit its microsites and social media channels for latest information regarding investments, including the Bursa Marketplace and Bursa Academy.

Finally, Bursa Malaysia highlighted that statistics from the Royal Malaysia Police (PDRM) indicated that a total of 71,8333 scams have been reported between 2020 to May 2022, amounting to more than RM5.2 billion losses. Of the number, approximately 17% (11,875 cases) was related to loan and investment scams.

(Source:
Bursa Malaysia
)

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

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HLIB: Bursa Malaysia To Benefit From Higher Retail Participation

(Image: The Malaysian Reserve/Razak Ghazali)

Hong Leong Investment Bank (HLIB) has commented that Bursa Malaysia is expected to benefit from the higher retail participation and potential return of foreigners as they will help boost the average daily trading volume (ADTV).

In line with this opinion, HLIB analyst Jeremy Goh said that the research house has raised the earnings projections for Bursa Malaysia in 2021 and 2022 by 4% and 8% respectively. At present, he said that the bourse’s estimated earnings for the first quarter of 2021 (1Q21) are shown to have dipped slightly from the previous quarter.

However, a year-on-year (YoY) comparison showed that the estimated 1Q21 core earnings saw a 66.9% hike from 1Q20 as ADV doubled. Additionally, Goh said that HLIB expects trading to improve again in the second half of 2021 (2H21) due to the lifting of the ongoing state of emergency on 1 August 2021.

Goh went on to emphasise the role of average retail participation, which is expected to remain strong during this period, thereby lending support to the market. “Average retail participation in 1Q21 stood at 39.3%, while the retail ADV was at RM1.99 billion alongside net buys of RM5.36 billion. We believe that retail participation is now on a structurally higher base with the average participation rate at 39.6% post automatic loan moratorium versus the 10-year pre-Covid mean of 24%,” he commented.

On top of that, HLIB also anticipates the return of foreigners in shareholding to contribute to Bursa Malaysia’s recovery. This is despite foreign shareholding clocking in a record low even at the end of March 2021.

(Image: Bernama)

“We reckon green shoots are emerging with 4Q20 versus 1Q21 numbers, seeing foreign participation rising from 15% to 16.7% and their net selling tapered from RM2.29 billion to RM1.73 billion. At current foreign shareholding levels, we reckon the base appears palatable to envision their re-entry, especially if they turn ‘risk on’ amid a vaccine-driven recovery climate,” said Goh.

That said, HLIB also cautioned that Bursa Malaysia’s road to recovery will remain unpredictable due to various reasons. “We maintain our consensus view that 2021 will be a vaccine-led recovery year. However, speed bumps such as vaccine hiccups, Covid resurgence, geopolitical tensions that are between the US and China, and fluid domestic politics will bring much volatility along this recovery path, possibly inducing heightened trading activity,” explained Goh.

For context, Bursa Malaysia saw a
significant increase in the participation of domestic retail investors
 in 2020, driven primarily by the convenience of online broking and a low-interest-rate environment. Meanwhile, there was a
plunge in foreign shareholding
, with these investors actively selling throughout last year on the bourse.

(Source:
The Malaysian Reserve
)

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Alex Cheong Pui Yin

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

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CIMB’s The Cooler Earth Sustainability Summit Returns With Series Of Presentations, Masterclasses

CIMB Group Holdings is back once more with The Cooler Earth Sustainability Summit, this time with the theme “Facilitating a Just Transition”. Set to take place between 20 to 24 September 2022, the summit will bring together various stakeholders – including industry experts, policymakers, and global citizens – to discuss the challenges and solutions to a sustainable future.

Specifically, this year’s summit seeks to reflect on the global efforts that have been carried out thus far on climate change and other relevant areas following the
UN Climate Change Conference 2021 (COP26)
 that took place in Glasgow. It also aims to enable participants to look for climate solutions and social development blueprints that are more inclusive and just for all stakeholders.

The hybrid summit will be held at Mandarin Oriental, Kuala Lumpur, and also broadcasted virtually for local and global audiences. Free and open to all, you can register to attend the summit in-person or online to access a series of programmes, including presentations by notable speakers across ASEAN, online masterclasses by industry experts, and experiential learning.

Spread over five days, these are the programmes lined up for the participants of the summit, along with the registration methods:

Date
Programme
Overview
Registration method
20 – 21 September 2022
Hybrid Conference: Facilitating a Just Transition
A series of dialogues with industry leaders and experts on the challenges and actions that can be adopted to transition to a sustainable future
Register
here
 to participate in the conference in-person or online
21 – 22 September 2022
Closing the SDG (Sustainable Development Goals) Finance Gap
A platform to connect corporates, small and medium enterprises (SMEs), and non-profit organisations (NGOs) with potential funding partners to support their sustainability agenda
By invitation only
22 September 2022
Online Masterclasses
Six masterclasses by industry experts to provide insights, practical tools, and tips to manage social and environmental issues
All summit participants are automatically registered; no separate registration is needed
23 – 24 September 2022
Regional Experiential Learning
An engagement with change makers within ASEAN to offer participants hands-on experience in community activities and environmental projects
Registration is required as spaces are limited

Some distinguished figures who will be speaking at the summit include Malaysia’s Minister of Finance, Tengku Datuk Seri Zafrul Tengku Abdul Aziz; Indonesia’s Minister of Finance, H.E. Sri Mulyani Indrawati; and the United Nations Resident Coordinator in Malaysia, Singapore, and Brunei, H.E. Karima El Korri.

“Through The Cooler Earth’s theme of ‘Facilitating a Just Transition’ this year, we hope to highlight how we can together ensure that the urgent shift towards a low-carbon economy is also fair and inclusive for all stakeholders, leaving no one behind as we strive towards long-term resilience,” said Dato’ Abdul Rahman Ahmad, the group chief executive officer of CIMB Group.

“Sustainability is a strategic priority for CIMB, and as a responsible financial intermediary, we are committed to driving positive impacts not only within the Group but also across the region,” Dato’ Abdul Rahman further said, noting that ESG (environmental, social, and governance) has become a pertinent consideration among all parties given the climate change, global pandemic, among other risks.

Those who wish to participate in The Cooler Earth Sustainability Summit may
click on this link to register
 their participation and obtain the full details of the summit.

(Source: CIMB [
1
,
2
])

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Shopee Partners With Agoda, Booking.com To Offer Accommodation Bookings

Shopee has announced a partnership with global digital travel platforms Agoda and Booking.com to introduce Shopee Hotel, which will enable the e-commerce platform to now provide hospitality offerings on its site. Specifically, Shopee’s customers will be able to find and book hotels, resorts, homes, and apartments that are listed on both Agoda and Booking.com, as well as enjoy great savings and exclusive travel deals.

Shopee also highlighted that Shopee Hotel will not be limited only to Malaysia; it is also expected to be launched in Singapore, Thailand, Taiwan, Indonesia, Vietnam, and the Philippines. In other words, you’ll have access to more than one million properties globally – all through your Shopee app. On top of this convenience, the Shopee app will also prompt you with popular attractions and landmarks near your chosen accommodations while you browse, which can be helpful in planning your travel itineraries.

The launch of this partnership is a timely one, said Shopee, as Malaysia’s domestic tourism industry is beginning to revitalise, and more people are also making travel plans for year-end seasons. This is supported by Agoda’s search data in September, which revealed that searches for domestic stays have increased by more than 57% compared to May 2021. There has also been a 37% increase in Southeast Asian users who are searching for international destinations.

The chief operating officer of Shopee, Terence Pang said that Shopee aims to provide its customers with easier access to a variety of travel products and experiences through this new partnership. “We also look forward to supporting the recovery of local travel and related tourism industries by promoting fun staycation ideas together with hotel partners,” he said.

The chief commercial officer of Agoda, Damien Pfirsch also chimed in with a similar sentiment. “This partnership with Shopee, the first with a regional e-commerce partner, will conveniently bring these great deals to Shopee customers, on a platform they are familiar with. At the same time, we can better support our hotel partners and tourism operators by connecting them to the biggest online community of shoppers in Southeast Asia,” he commented.

In conjunction with the launch of Shopee Hotel and the 11.11 Big Sale, Shopee is running a
Book Hotels & Flights On Shopee campaign
 starting from today until 21 November 2021, which allows users to tap into some great savings. These include exclusive deals and 10% discount vouchers (capped at RM20) for hotel and flight bookings made via the e-commerce platform. Users who make purchases during the campaign period will also automatically be in the running to win 11 prizes (five grand prizes and six secondary prizes).

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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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Meal Prep Tips to Save Money

Have you thought about eating healthier after
scares in the media
 make you wonder where your food has come from? Perhaps you’ve decided to cook because workday lunches have become nothing less than RM15 each, everyday.

Whatever your reasons for embarking on the meal prep lifestyle, the best way to glean it’s benefits is to do it right. We can’t comment about nutrition but we can help you save money. Check out our tips for meal prepping to save money.

Meal prep inspiration photo from
Running Wild blog
.

Adapt Online Recipes to Local Prices

You’re probably scouring the internet for the best meal prep recipes and fastest cooking methods but do exercise caution when using the abundant recipes created for other countries.

Produce prices differ depending on where you are from, and what is cheap for the American or European market may not be for you. For example, avocados and cheese are cheap commodities in other parts of the globe and are widely used in salads and sandwiches but try that here and you’ll find yourself paying more for your avocados than the average restaurant meal.

Shop local and adapt recipes to suit what is cheap on this side of the globe or stick to Asian recipes using ingredients frugally available here.

Curb Food Wastage

It’s tempting to think that you could keep a nice crock pot full of food to last you a long time but if you are only one person – the food may spoil before you get around to it.

Curb food wastage by cooking portions right for yourself. It has been
reported that Malaysians waste up to 8,000 tonnes
 of food a day and not only is this damaging to the environment – it’s murder on your finances too!

The same can be said about stocking up large quantities of groceries. Fresh vegetables and meat also spoil a lot faster so only buy what you need to use. Even if the item is cheap – stick to buying just enough for your household. A bargain price is not a bargain if the food is wasted.

Plan Your Meals According to Your Favourite Supermarket’s Promos

This may sound extreme to some but it definitely works. Supermarkets slash prices on certain items every week so do take advantage of it.

Check out the website of the supermarket you frequent visit to get the list of promo items before you head to the store. Meal prepping is also about meal planning so why not plan in a way that will save you money?

Take Note of Refrigerator Temperatures and Meal Storage Requirements

The most important part in meal prepping is keeping your meals carefully stored so they remain fresh for the duration they are supposed to serve you. This means keeping them in the right containers and at the right temperature.

You will also need a good set of containers to keep everything airtight and separated. This may cost you a bit in the outset but will turn out to be a good investment. You can find a
range of food container sets from RM20 up to RM200 on Lazada depending on your needs and budget
.

Rotten food if consumed could give you quite the medical bill but if not, will end up adding to wastage. Check out our
infographic on Healthworks for how long you can safely keep food in your fridge
 and tips to helping them stay fresh longer.

Shop With a Rewarding Credit Card

Okay, you might think we’re just waiting to throw this into every article but the truth is – this really does work. This writer has personally done a full day of free shopping thanks to credit card points and cashback bonuses so it’s worth paying attention to!

You can apply for
a credit card especially for shopping
 (those linked to hypermarkets or with additional benefits) but any credit card you own should give you either reward points or cashback. Here are some ways you can use your credit card to lower your grocery spends for meal preps.

1)
Check your reward points accumulation and deadlines for use periodically
. You can redeem your points for cash vouchers or even pay with points if your card allows it.

2)
Shop on maximum benefit days
. Many cards have specific days where you can earn more cashback or points so aim to shop on those days to maximise your spending.

3)
Take note of cashback caps and eligibility terms
. You know your card has cashback but do you know the terms? Get to know the mechanics of earning cashback so you will never lose an opportunity to earn.

If your credit card is an absolute dud, as we always say,
time for a new one
.

Get a Supermarket Loyalty Card

Beyond a good credit card, you could earn so much more if you apply for a loyalty card at the supermarket/hypermarket you shop at most. Rewards may vary depending on the card and the chain linked to it but if you’re going to spend there anyway, what does it matter?

Loyalty card applications are usually free but even if not, the small upfront fee may justify the lifelong benefits you derive.

These are just some of the tips we have for those beginning their journey into meal prepping. If you’ve tried meal prepping and have more tips to share, let us know in the comments.

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Jirnexu Joins Google’s Employer Consortium Under Gemilang Digital Training Programme

Full-stack fintech solution provider Jirnexu has joined Google’s new digital training programme, Gemilang as part of a consortium of top local employers who will recognise qualifications earned through the programme.

The Gemilang programme seeks to empower Malaysians from all walks of life with no prior experience or a degree with the digital skills necessary through a series of self-paced online training courses that enable individuals to pick up key skills in six areas: data analytics, IT support, IT automation, project management, UX design, and digital marketing & e-commerce.

Upon completion, participants will receive Google Career Certificates, which will be recognised by the prospective employers on the consortium. Available on the online education platform Coursera, each Certificate is conceived by Google’s in-house experts with hands-on learning opportunities as learners progress comfortably at their own pace.

Meanwhile, participating employers will have exclusive access to post entry-level roles on a special job portal, where graduates from Gemilang can apply. Aside from Jirnexu, other members of the consortium include major names such as Maybank, Petronas, and McDonald’s Malaysia. Also involved are notable media and marketing companies, such as IPG Mediabrands, The Star Media Group, and Amanz – among others.

Group chief executive officer and co-founder of Jirnexu, Siew Yuen Tuck, noted the importance and timeliness of the Gemilang programme from Google. “We are excited to be part of the Gemilang programme that seeks to create opportunities in the rapidly growing digital economy for Malaysians from all walks of life,” he said. Among others, Jirnexu operates RinggitPlus, Malaysia’s leading financial marketplace and personal finance publisher.

The managing director of Google Malaysia, Marc Woo, also said that a more equitable and inclusive digital ecosystem is crucial for Malaysia’s digital economy to support as many Malaysians as possible. “We at Google Malaysia, together with our partners, want to provide digital. skilling opportunities to all Malaysians from all backgrounds. It gives me great honor to launch our new training programme, Gemilang. Through Gemilang, even more Malaysians will be able to access training opportunities, learn new skills, find jobs, and build their careers in the digital economy as it continues to grow,” he stated.

In addition, Google is also offering scholarships for 31,000 learners to earn a Google Career Certificate at no cost in a bid to benefit more individuals across the country. The scholarships will be distributed via Google’s partnerships with various education institutions, industry partners, and non-profit organisations. These include Mereka Academy, Celcom Axiata, Trainocate, Women in Tech, and Malaysian Digital Association.

Alongside the
Gemilang initiative
, Google Cloud is also partnering Universiti Tenaga Nasional (UNITEN) to offer Google Cloud training curriculum. This is in hopes that undergraduates will be equipped with technical proficiency in cloud computing, and ultimately, be prepared for careers in data analytics, machine learning, application development, and others.

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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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TNG eWallet Launches Check-In Rewards Campaign With Daily Prizes Of Up To RM188

Touch ‘n Go (TNG) eWallet has introduced a new Check-In Rewards campaign that allows users the chance to win daily prizes worth up to RM188, as well as other rewards. They can do so by checking in into their e-wallet any day, from today to 31 December 2021.

Through this rewards programme, you’ll be able to collect up to a maximum of five rewards each month (with one daily prize per day), depending on how often you check in to your TNG eWallet. Simply access the Check-In Rewards tile or the floating icon in your app, and then tap on the “Check In Now” button to begin participating or to claim your reward for the day. There is also no requirement to maintain a check-in streak of several days to win the prizes; you can check in any day to claim a prize.

Note that there will be a video that you need to watch before you are allowed to click on the button to claim your prize. If you forget to claim your prize after watching the video, you’ll need to rewatch it again before you can do so.

In terms of the prizes, there are three categories of rewards that can be won through this campaign – each with its own criteria of use and eligible transactions. The details of each category are as follows:

Reward category
Reward amount/value
Application & fulfilment of rewards
Number of redemption
TNG eWallet reload PIN
RM0.15 to RM188
To be credited directly to user’s TNG eWallet
One per user
Goal Hunter Prize Giveaway entries
10 entries to participate in the monthly giveaway
User will be in running to win the Goal Hunter Prize Giveaway
Depends on respective rewards
Merchant-branded rewards
Depends on respective merchant rewards
Rebates to be applied via “Pay & Scan” for over-the-counter and online payments
Depends on respective rewards

TNG eWallet also clarified that users will not be able to select a preferred reward when claiming their prizes. Instead, the gifts will be randomised. These include free shipping vouchers from Lazada and cashback vouchers from Baskin Robbins (under the merchant-branded rewards category). Some of these merchant-branded rewards may also come with their own spend requirements and validity periods, so be sure to read their terms and conditions when utilising them. Additionally, the campaign will reset on the first day of each month, and unclaimed prizes will expire on the last day of the month.

TNG eWallet has allocated prizes for a maximum of six million redemptions per month, which will be awarded on a first-come first-served basis. Once the monthly limit is reached, additional users will not be able to claim any prizes for the month, and must wait until the monthly cap for the promo is refreshed in the following month.

(Source:
TNG eWallet
)

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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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Special EPF Account To Be Opened For Malaysia@Work Individuals

A special Employees Provident Fund (EPF) account that permits flexible fund withdrawals will be set up for employees who are eligible for the incentives allocated under the upcoming Malaysia@Work initiative.

The Malaysia@Work initiative is a monthly incentive for employers and employees who meet certain criteria, and it will be valid for two years. Finance Minister Lim Guan Eng explained that the incentives will be credited directly to the employee’s EPF account, where it will be used to offset their statutory contributions. Following that, excess amount of the wage incentive (if any) will then be paid into the special account, which can be withdrawn from any time, at any amount.

This would benefit employees on two ends: their salary will not be deducted (or deducted at a lesser amount) for their employees contribution, and they are also likely to get an excess of withdrawable fund from the incentives, thereby increasing their disposable income.

“This mechanism will allow the participants to save for their retirement and at the same time, the higher disposable income will enable them to support their daily needs,” said Lim.

The
Malaysia@Work
 initiative, which was announced during the tabling of Budget 2020, was allocated a RM6.5 billion stimulus package over the next five years to create up to 350,000 jobs. It is slated to commence in stages beginning the second quarter of 2020.

The initiative consists four primary pillars within the labour force: Graduates@Work, Apprentice@Work, Women@Work, and Locals@Work.

Graduates@Work and Apprentice@Work focuses on the hiring of fresh graduates and technical/vocational education and training (TVET) among youths respectively. Women@Work, on the other hand, is aimed at attracting talent among qualified women. Lastly, Locals@Work looks to reduce low-skilled workers dependency.

The Malaysia@Work initiative is also known as #MalaysiaKerja.

(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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Public Bank Encourages Public To Plan For Children’s Financial Future Through Right Instruments

Public Bank has emphasised the importance of planning for the financial future of one’s children by tapping into the right instruments, highlighting two of its latest products aimed at such needs: the PB Alpha Edu insurance plan and the PB Journey mobile app.

With regard to PB Alpha Edu – which was rolled out early this year – it is a non-participating insurance plan with investment-linked features that can serve as an education fund. It also offers coverage for death as well as total and permanent disability (TPD).

Underwritten by AIA Bhd, the PB Alpha Edu plan encompasses an Education Fund that offers annual payments for the policyholder’s child when he or she begins pursuing tertiary education between the age of 18 to 21. The amount payable will be made based on the basic sum insured and the entry age of the child, as indicated below:

On top of that, policyholders will also enjoy a maturity benefit once the child hits the maximum age of 21 – which is earned by investing 40% of the premium paid into selected investment funds. Additionally, they’ll receive any remaining accumulated amount still left in the Education Fund (after the annual disbursements during the child’s tertiary education), and the balance of another perk called the Education Wallet. Briefly, the Education Wallet is comprised of:

Welcome reward
: RM100 awarded upon policy inception
Vitality Education Wallet Reward
: Awarded to AIA Vitality members based on their Vitality status and any PB Education Protector Rider plans purchased separately

Meanwhile, in the event of death or TPD of the child, policyholders will obtain 200% of the basic sum insured, along with the account value, accumulated Education Fund, and balance in the Education Wallet (if any).

According to Public Bank, parents may also opt to purchase PB Education Protector Rider plans as protection for the unfortunate event of their death. Depending on the rider plan chosen, the child will receive yearly income benefit, and the PB Alpha Edu plan may also be kept active without the need for premium payments for the remainder of the policy years.

In addition to that, Public Bank also
launched the PB Journey mobile app
 back in 2021 to help parents teach their children good money habits and instil saving habits in a fun and interactive way. The app provides access to Public Bank’s WISE savings account, and there are also learning modules to help children learn the value of money as well as how to be financially responsible under the guidance of their parents.

According to Public Bank, the app will soon be upgraded with a new DuitNow QR payment service feature in the first half of 2022, allowing children to spend and keep track of their pocket money.

(Sources: Public Bank [
1
,
2
],
The Sun Daily
)

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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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Economists: Malaysia’s Banking Sector To Remain Sound Despite Citi’s Exit

(Image: The Edge Markets)

Several economists have commented that the Malaysian banking industry will likely remain sound and robust despite Citigroup’s (Citi) exit from the local retail banking scene.

For context, Citi had announced last week that it will be
exiting retail banking in 13 markets
 across two regions, namely Asia as well as Europe, the Middle East, and Africa (EMEA). Malaysia was one of the markets to be impacted by this business decision, which is part of Citi’s strategy to focus on its wealth management segment.

The head of research at MIDF Amanah Investment Bank Berhad, Imran Yassin Md Yusof clarified that Citi’s move in leaving is an isolated case that is attributed to the group’s overall strategy, rather than an industry trend.

(Image: The Star)

“In fact, this may tone down some of the competitive landscape in the sector, but whether this will induce a trend of merger in the industry, we believe that this will not be the case. Also it really depends on the individual banks’ strategy, risk appetite, and assessment of the Malaysian market more than anything else,” he emphasised.

Additionally, the chief economist of Bank Islam Malaysia, Dr Mohd Afzanizam Abdul Rashid commented that Citi’s move was spurred by the need to stay relevant while keeping their economies of scale within a reasonable cost. This is amidst the challenging environment presented by the economic landscape and the regulatory ecosystem.

“The proliferation of technology has allowed a more simplified transaction process with greater amount of security and productivity that really serve the purpose. That way, banks are able to offer tailor-made products based on the customers’ needs, which in this case is wealth management,” explained Dr Afzanizam. He added that the pandemic has revealed both the challenges and opportunities for banks to better serve their customers, and understanding customers’ needs is crucial in helping them to stand out among their competitors.

(Image: Focus Malaysia)

Furthermore, Dr Afzanizam said that customers these days are more learned, with many seeking advice on assistance to achieve their financial goals. “Therefore, it makes sense to focus on wealth management-related products and services, and having a physical branch may no longer be a prerequisite to serve the clients. I think this would be the key consideration for Citigroup’s decision. It’s about treading a fine line between cost and revenue in the most practical sense,” he clarified.

Meanwhile, the secretary general of the National Union of Bank Employees, J. Solomon, expressed his disapproval at Citi’s exit, claiming that the bank has disregarded its pledge to provide equal access to consumer banking needs for both rural and urban populations. Instead, it operated exclusively in major urban areas to reap hefty profits, and this recent exit is purely a move to focus on the big bucks: corporate Malaysia and wealthy individuals.

Solomon also expressed his regret that Bank Negara Malaysia (BNM) had kept quiet on Citi’s announcement when it should have voiced its displeasure.

“BNM’s silence may prod other multinational banks to do the same down the road, leading to dire consequences for workers and the rakyat. If such banks cannot operate in Malaysia on a long haul, and only see profits as the reason to do business in this country, then Malaysia can do without them,” said Solomon, adding that banks with a history of exiting Malaysia should no longer be offered opportunities to conduct businesses within the country.

(Sources:
Bernama
,
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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3 Ways Mortgage Refinancing Could Make An Impact On Your Finances

When it comes to buying a property, there’s so much information available on how to find the best home loans, great deals, and recently, the benefits of the Home Ownership Campaign.

Well, that’s all good for those who are looking to purchase a property; but what about the individuals who already own a property and the mortgage that comes along with it? What options do they have if they’re looking to gain better interest rates or even leverage their property to ease other financial burdens?

This is where mortgage refinancing can be an option. With mortgage refinancing, you are essentially signing a new home loan, under different terms with the same or a different bank, to pay off your existing home loan while gaining a few extra perks.

However, like most money matters, refinancing your mortgage comes with its advantages and disadvantages – both of which can impact your finances. So, let’s dive into three situations where you might consider opting for a mortgage refinancing loan.

1. If the interest rates offered by the mortgage refinancing loan is lower than your existing home loan interest rate.

Since July 2020, Malaysia has
experienced historically low OPR rates
. OPR rates have dropped from
3.0% in May 2019 to 1.75% in July 2020
 and since then have held steady.

As OPR rates usually determine the interest rates for savings and loans offered by the banks, this has translated into lower interest rates for home loans, providing a unique opportunity to potential property investors — and existing property owners.

Refinancing your mortgage can allow you to take advantage of the lower interest rates offered during this current time, by transferring your existing home loan to a different bank that offers lower interest rates. This potentially reduces your total interest costs over the loan tenure and perhaps even lowers your monthly repayments to give you more savings.

Even a reduction of 0.5% on the interest rate can make a difference in monthly repayments and total savings. For example, assuming your property loan is for RM500,000 and the mortgage tenure is 30 years, with a 5% Effective Lending Rate (i.e. interest rate) your monthly repayments will be around RM2,685. However, if you choose to refinance your mortgage at an Effective Lending Rate of 4.5%, the monthly repayments drop to RM2,534 — that’s RM151 saved per month and over 30 years, it adds up to almost RM54,360 in savings for you!

But before deciding to refinance your mortgage, it’s important to be aware of your current loan’s “lock-in” period. Banks usually charge a penalty fee or other bank charges if you choose to fully pay off your existing home loan within the first 2 – 5 years.  If you have high charges that outweigh the benefits, it might be a better idea to wait until the lock-in period is over before considering refinancing your mortgage.

2.
When you want to take advantage of your property’s appreciation

If your property value has appreciated, you can take advantage of that by refinancing your mortgage with the purpose of getting extra cash in hand.

When you refinance an appreciated property, you stand to gain a higher amount of financing. A portion of this refinancing will go toward paying off your existing home loan and the excess will become your extra cash in hand.

This excess amount will differ for everyone depending on how much of the previous loan was already paid up and also how much the property value has increased. If you want to see if your property’s value has increased, you can check out websites such as
mudah.my
 and
EdgeProp
to gauge the current selling price of similar properties in your neighbourhood.

Now, you can use this extra cash in hand to build your emergency fund, pay for renovations, personal usage, investments, emergencies, and other situations where you want large sums of money but don’t want to turn to other means that could result in high-interest payments. It’s advisable to use this extra cash for assets that potentially increase in value since, at the end of the day, you are still paying the interest on the sum.

3.
You want to consolidate your debts with a lower interest rate

The second way to take advantage of your property’s value appreciation is with refinancing for debt consolidation. Debt consolidation allows you to pay off several debts at the same time. Once your other debts are paid off, you are left with only one loan to pay and at a lower interest rate.

As such, refinancing for debt consolidation allows you to use the additional financing gained on an appreciated property to settle higher-interest debts such as credit card debt, personal loans, and hire purchase loans.

For example, with credit cards, the interest rates are between 15% – 18%. So, regrouping your debts under mortgage refinancing,
where interest rates average between 3% to 5%
, can help you save on your total interest costs. When utilised appropriately, this can have a positive impact on your finances and potentially save you thousands of Ringgits.

However, before making this long-term commitment, it’s essential that you have a clear understanding of the refinancing options that are available to you. Some factors to consider before signing a mortgage refinancing loan are your personal financial situation, the purpose of refinancing, and the terms and conditions of your existing home loan. If you have the time, don’t be afraid to shop around and ask as many details as you need to make an informed decision.

Explore Standard Chartered’s MortgageOne Refinancing Solutions

If you find that mortgage refinancing sounds appealing to your financial situation, why not take a closer look at Standard Chartered’s MortgageOne Refinancing Solutions:
Just Transfer
 and
Debt Consolidation Plan
.

Just Transfer, as its name suggests, is a fuss-free mortgage refinancing solution that allows you to transfer your existing mortgage to Standard Chartered Bank while enjoying exciting interest rates from 2.88%*. If you find yourself in a similar position as Situation 1, where you’re looking to save more on your overall interest costs, why not take advantage of the low-interest rates offered here and enjoy lower monthly repayments and more savings. The good news is that Just Transfer is applicable for non-Malaysians too.

Alternatively, with the Debt Consolidation Plan, you can utilise your property’s value appreciation to pay off high-interest debts, such as credit cards and personal loans. Just as in Situation 3, this will allow you to save on total interest costs while enjoying the added convenience of single monthly payments and improved cash flow. The Debt Consolidation Plan financing option is applicable for Malaysian only.

To give you more perspective, a property loan worth RM500,000 can have legal fees and documentation fees (such as stamp duty and valuation report) that could cost up to an additional RM8,500. With Standard Chartered’s refinancing solutions, you’ll be able to reap the benefits of all that extra savings. Do note that these financing solutions are available exclusively for properties in Kuala Lumpur, Selangor, Penang, and Johor Bahru.

If you’re interested in learning more about Standard Chartered’s MortgageOne Refinancing Solutions,
click here to check out the Just Transfer and Debt Consolidation Plan product page
 for the full details and terms and conditions.

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8 Medical Card Benefits You Didn’t Know About

A medical card can be a powerful piece of plastic to have in your arsenal for medical care and related conveniences, but you probably don’t know just how useful that card actually is.

We’ve taken the liberty to study some of the lesser known but handy benefits that your unassuming medical card has to offer. Keep reading!

Receive Personal Accident Insurance

Most medical cards provide one-time pay outs in the event you become involved in an accident and suffer a disability .
Kurnia
 for instance, offers a lump sum pay out of up to RM50, 000 total permanent disability cases that are caused by accidental injuries.

Get Overseas Emergency Assistance

When you’re travelling, the last thing you want is to be sick or get into an accident, but unfortunately these things do happen even to the most vigilant among us. Most medical cards provide international emergency assistance when you travel, such as emergency medical evacuations. Some even cover
flight ticket expenses
 for a relative to visit you if you’re scheduled for a long-term hospital admittance (typically ten days and above).

<a href=”
https://ringgitplus.com/en/insurance/?utm_source=ringgitplus&utm_medium=banner&utm_campaign=my-rpint-gen-gen-insurance&utm_content=blogcta_ins_compareinsuranceplanson_ringgitplus_mid”title=”Compare
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Receive Alternative Treatments

When you get sick, you’ll want the option to pursue a treatment that is right for you. If alternative medicine is the preferred route, some cards do offer the option of reimbursements for acupuncture and chiropractic
treatments
.

Read also:
5 Things Not Covered By Medical Insurance

Get Reimbursed for Nutritional Medicines

If you need vitamins, supplements or nutritional herbs, certain medical cards will cover these purchases. For instance,
MSIG
 will reimburse up to RM500 per admission for nutritional medicines, provided that you’ve been hospitalised for more than five consecutive days.

Receive Cash Allowance

Most policies offer a cash allowance if you choose to get treatment at a government hospital instead of at a private centre, as part of an incentive. The allowance is usually fixed (e.g.
RM100 per day
 based on your plan and is capped to a certain number of days or amount.

Receive Hospitalisation Income

On top of a cash allowance, your policy may also offer an additional
income
 when you are admitted to hospital for a disability. These added cash payments can be helpful to cover non-hospitalization related costs for your family members such as lodging, food and transport.

Get A Second Opinion

If you’ve been diagnosed with a critical illness, some medical cards actually give you the option to obtain a
second opinion
 for your diagnosis from another medical professional. With this, you don’t have to worry about the cost of seeking more information about your illness and treatment options.

Guardian Benefit

Nobody likes staying in a hospital alone. Thankfully, some medical cards offer to reimburse expenses for food and lodging for your “hospital-buddy”.
Zurich Flex Medical
 pays up to RM400 depending on the plan, no matter the age of the hospitalised person. Note though, that some cards provide this benefit for ‘insured children’ only (those under the age of 15 years).
MSIG
 for instance, offers up to RM500 as a guardian benefit for your child, depending on the plan.

Get Acquainted with Your Policy

Don’t simply rely on your agent or broker to tell you what’s in your policy, as they may not be completely up to date on all the special coverage that comes with your policy.

Take the time and initiative to get acquainted with all the benefits you’re entitled to áfrom the product disclosure sheet and brochure, which can be easily found and downloaded from your insurance provider’s website. It may be painstaking – but it is well worth the trouble!

If you don’t have a medical card yet or are interested in a change of policy, don’t forget to research on your options before committing to one. Need help reviewing medical cards with comprehensive benefits package at an affordable premium? Then head on over to our
comparison page
 to research and find the right plan for your needs!

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Desiree Nair

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CIMB On Track To Enhance Online Banking Security Measures According To BNM’s Directive

(Image: The Malaysian Reserve)

CIMB Bank has stepped forth to reassure the public that it is “firmly on track” to fully implement the five enhanced security measures against scams that were recently announced by Bank Negara Malaysia (BNM).

Specifically, the bank highlighted that it has already begun migrating away from SMS OTP with the implementation of SecureTAC approval via its CIMB Clicks app for various online activities and transactions, with the migration expected to be fully completed by the first half of 2023. In the meantime, SMS OTPs will only be used as a fallback option for customers who are unregistered for the CIMB Clicks app or for FPX transactions, and will eventually be phased out.

Aside from that, CIMB also noted that it aims to implement the regulation to
limit their customers to one secure mobile device
 for the authentication of online banking transactions by the end of October 2022. Along with this, a customer verification callback process will also be introduced for all new online banking registration and new secure device activation.

(Image: The Star)

Additionally, the bank has pledged that it will gradually introduce a cooling-off period as an additional safeguard for first-time enrolments of online banking or secure devices. Upon implementation, CIMB will avoid activating its services for these customers until the bank has obtained verification or made contact with them.

CIMB further stressed that it already has a sophisticated real-time fraud monitoring system in place to detect high-risk transactions and abnormal usage behaviour, but will continue to enhance the system on an ongoing basis. Moreover, customers can always call the bank’s 24/7 Consumer Contact Centre if they wish to lodge reports of scams, or request for their bank accounts and cards to be suspended due to suspected fraud. That said, CIMB noted that a self-service feature for customers to temporarily suspend their accounts without having to call to the Contact Centre is also already in the works; this feature will be available on CIMB’s digital banking platform, and is slated to be rolled out by the first half of 2023 as well.

In addition to these five safeguards – which adequately meet the
requirements of BNM’s recent directive
 – CIMB said that it is also going the extra mile by introducing some additional security measures. These include discontinuing the inclusion of live URLs in CIMB’s SMSes to its customers – set to take effect by the end of 2022.

“The safety and security of our customers remains a priority in everything that we do, and we remain committed to continuously enhance and tighten all measures in order to ensure our customers’ funds and banking transactions remain secure,” said the group chief executive officer of CIMB Group, Dato’ Abdul Rahman Ahmad.

Finally, CIMB urged its customers to also assist in the battle against scams by always staying vigilant when transacting or banking digitally. Among other things, they should
avoid downloading any installation files (APK files) from unverified sources
 onto their devices, and to always verify that they are not clicking on
phishing links without a secure URL
.

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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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Saving Tips for the Already Stretched Spender

Saving has become a blue moon event for the majority of people these days. If you are a part of this herd, you might want to reconsider this habit. Having a low income does not necessarily mean that you will never be able to save. Where there is a will, there is a way.

You might think “Hey, it’s easy for you guys to talk; maybe you earn lots of money!” Truth is, it’s not easy at any salary level. Saving takes discipline and anyone can train themselves to have that regardless of their how much they earn. In the same vein, you can earn oodles of money and still find yourself unable to save!

It may sound like a hopeless cause to you but any amount saved is still better than nothing. Do try out these tips to help your bank account flourish slowly and steadily.

Sharing is Caring

There are many ways to share in order to reduce costs but many people are afraid to use group buying power beyond that of a deal site. Why not get your family and friends in on bulk buying? This way; you don’t have to mortgage your lifestyle or the things you need but you still get to save some money.

Similarly, you could opt to use services together too such as when getting your car washed or hair cut. Negotiate group prices with the service provider. You may not always be lucky but there is certainly no harm trying!

Reduce Wastage

We don’t mean waste as in the trash you throw out but wastage in terms of money leaks that drain unwittingly out of your pocket.
We wrote an article just this week
 on the little ways you may be draining your finances without realising it.

Some of these include:

Electricity inefficiency;

Delivery fees;

Interest charges; and others.

A lot of of other wastage could be occurring too such as subscriptions you no longer need and even cable tv or internet packages that you rarely use. We’re not saying deprive yourself of entertainment – but if you really are watching YouTube on your phone much more than the cable tv channels – why are you paying for a subscription?

Don’t Play the Blame Game

You may not like to hear this; no sir-ree but it is a point to note. Many people blame others for their money problems: girlfriends, boyfriends, parents, siblings, friends or even co-workers. Whilst it may be true that sometimes you may need to expend money for those you love; it’s important to always weigh that with what you can and cannot afford.

If you cannot afford something; there’s little sense in going into debt for it because you are simply afraid of saying no. It’s a different case if it’s your parents’ medical bill but it certainly isn’t worth it if it’s the new item your girlfriend wants or the expensive vacations your friends convince you to take.

Instead of blaming others for tempting you though, opt to be firm with the no’s and stick to your budget.

First for Secondhand!

Many people shy away from secondhand goods but you can often get good, usable items for less by opting to buy pre-loved. Secondhand items are not only cheaper, it inspires going green! You will save a lot more trash on this Earth, as well as catering your needs on a super low budget.

Why purchase a brand new crib or baby clothes? Kids grow up very fast; their clothing and accessories are only going to last a few months before they all get too tight to wear or become unsuitable, so secondhand items will really save you a lot of money.

Even appliances and furniture without a hygiene context can be bought at a fraction of the price if purchased secondhand. Dining tables and bookcases are examples of such items you don’t have to buy new.

Make it Bite Sized

Making huge amounts of savings every month tend to deplete our cash flow faster and cause us to panic. Many end up being unable to budget and will then spend the saved amount.

Making small savings periodically reduces this risk. How about RM10 per day or RM100 per week? The amount will certainly add up but you won’t feel the pinch so much and you’ll be better able to save consistently.

Don’t Give Up

If you have too much month at the end of your money, then perseverance is the key. The journey of a hundred miles begins with a single step, so you have to start sometime, somehow. Why not today?

Budgeting and saving revolves mainly around diligence and perseverance, and it would be a lot more easier if all your family members pitch in to smoothly swim through the pool of expenses every month.

It may be difficult for a time but once it becomes a habit – you will be surprised at how your money grows.

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Heeral Bhatt

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How Much Can You Earn Via The 4% Bonus Return Campaign On TNG GO+?

Last week, Touch ‘n Go (TNG) eWallet rolled out a Bonus Return campaign under its GO+ investment feature, which lets you earn an
extra 4% p.a. bonus rate
 on top of the daily return rate. Ongoing until 31 January 2022, all you need to do is maintain a minimum of RM200 balance in your GO+ account throughout the campaign period, with no requirement to deposit fresh funds to participate in the campaign either.

In this article, we’ll dive a little deeper into how the bonus rate makes this even better than the best high-interest savings accounts in Malaysia – though with some small caveats.

How much can you earn from this GO+ campaign?

Diving straight into the heart of the matter, let us share some quick scenarios and calculations to show you how you can benefit from this TNG eWallet GO+ campaign.

Under the best case scenario, where you are able to park RM9,500 into your GO+ account (the maximum holding amount), you’re guaranteed to earn a daily bonus rate of RM1.04 via the additional 4% p.a.
and
the prevailing daily return rate, which is projected at 1.47% p.a., thereby earning you approximately another RM0.38 per day. This means you can potentially earn about RM1.42
every day
 at 5.47% p.a.. This, in turn, translates to earnings of approximately RM130.64 if you take full advantage of the campaign from the first to the last day (92 days in total, without daily compounding of the profit).

As a comparison, if you decide to place RM5,000 instead, the 4% p.a. bonus rate will earn you approximately RM0.75 per day, inclusive of the projected daily rate. And let’s not forget the effect of daily compounding on the profit as well, which means that you will earn not only RM69 in interest from the whole 92 days (RM0.75 x 92 days), but approximately RM69.41 instead.

Meanwhile, if you allocate just the minimum RM200 to participate in this campaign, you’ll earn a daily bonus rate of approximately RM0.02 via the extra 4% p.a., and a daily return rate of about RM0.008 via the projected 1.47% p.a.. Essentially, this means you may be able to earn an approximate total of about RM2.58 by participating during the whole campaign period (92 days) – excluding the compounding effect on the profit. If you were to take into account the daily compounding effect, you may be able to earn another few more sen.

Here’s a table to quickly summarise the calculations for you:

Amount in TNG eWallet GO+ account
Estimated daily earning via 4% p.a. bonus rate
Estimated daily earning via projected 1.47% p.a. return rate
Estimated total earnings from whole campaign (92 days)
RM9,500
RM9,500 x 4%/365 days = RM1.04
RM9,500 x 1.47%/365 days = RM0.38
RM130.64
RM5,000
RM5,000 x 4%/365 days = RM0.55
RM5,000 x 1.47%/365 days = RM0.20
RM69.41 (with daily compounding effect)
RM200
RM200 x 4%/365 days = RM0.02
RM200 x 1.47%/365 days = RM0.008
RM2.78 (with daily compounding effect)

How does it compare to other savings instruments?

Based on its estimated yields alone, this campaign makes GO+ head and shoulders above other low-risk alternatives in the market currently.

To illustrate, regular savings accounts typically offer interest/profit rates that range only between a low
0.25% to 2.25%
. Even
high-interest savings accounts
 fall noticeably short of TNG GO+’s 5.47% p.a. rate. What’s more, the current GO+ yields don’t require you to do anything beyond cashing in your funds from the e-wallet balance to the GO+ balance, compared to high-interest savings accounts which require you to perform certain tasks to unlock the higher interest tiers.

Meanwhile, the
interest rate for fixed deposits
 with a three-month tenure currently fluctuate between 1.60% to 2.00% (outside of promo campaigns). Money market funds, too, only yield about 1.5% to 2.40% (based on rates by banks and robo advisors).

Based these comparisons, the current TNG GO+ yields are head and shoulders above the other options. But there are some small footnotes to remember…

Key campaign stipulations to take note of

The most important caveat to the TNG GO+ bonus rates is quite straightforward – you can earn the high estimated yields only on a  maximum RM9,500. This is because the GO+ wallet can only hold a maximum of RM9,500, and if you have maxed it out, the interest earned goes into the normal wallet, which does not earn anything. This is why we did not include daily compounding interest in the calculation above for the RM9,500 deposit – but the difference would have been minimal due to the relatively short duration and low maximum deposit.

Of course, this still does not mean you shouldn’t put your excess funds here – the high yield, even on a max of RM9,500, still comes up to more than RM100 with effectively no risk.

Besides that, TNG Digital has allocated a total of RM4 million to be distributed as bonus interest throughout the campaign period. In other words, although the campaign is set to run for three months until January 2022, it may not necessarily last that long – especially if many users max out their GO+ wallets.

Lastly, there is a cut-off time for the GO+ balance to earn the 4% p.a. bonus rate, set at 4pm every day. This means that if your GO+ balance falls below RM200 on Day 3 and you forget to top it back up before 4pm, you won’t earn the bonus rate for Day 3.

***

All things considered, the 4% GO+ bonus return campaign is a generous offer that serves as an excellent short-term, hassle-free savings instrument if you are looking to park your funds somewhere.

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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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    Eddy

    1 year ago

TnG didn’t include a photo copy of their licence/permit to collect such funds (money) in their introductory …

So, is it legal ?

How’s depositors protected ?

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    Pang Tun Yau

    1 year ago

    Reply to

        Eddy

Funds are managed by Principal Asset Management, and we’ve covered this previously:

https://ringgitplus.com/en/blog/e-wallet/this-is-go-by-tng-ewallet-the-new-investment-feature-that-earns-daily-returns.html

As a money market fund, returns are not guaranteed and capital loss is a possibility (though unlikely). Plus, the 4% pa returns are guaranteed throughout the campaign period, and seems to be sourced either from TNGD itself and not from market performance.

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    CKL

    1 year ago

i think the fund had been disturbed finish

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    Grace

    1 year ago

Why today when i check, all the bonus earning   still there in transaction details, but total earning amount seems to reduce?

Can someone please advice?

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The Most Underpaid Jobs In Malaysia

Would you say you are being underpaid at your job? Most of us will answer the affirmative – especially after those long, rough hours at work. While some of you are merely feeling the injustice occasionally, more are actually being underpaid – much less than the average salary – despite the value they are putting into their work.

Let’s have a look at some of the jobs that are being paid less than what they’re worth, given their heavy responsibilities and complex nature of their duties:

Customer Service Executives

Salary starts from: RM1,500

Despite working long (and most of the time odd hours) shifts and having to bear customer’s complaints on every imaginable issue all day long, customer service executives are among the lowest paying jobs in Malaysia. This holds true especially for those who are without tertiary level certifications, although they are doing the same amount of work as the ones with better qualifications.

Many would scoff at the straightforward nature of the job, but they underestimate the amount of stress that these executives would have to go through on a daily basis – what with handling irate and frustrated customers.

Day Care Assistants

Salary starts from: RM900

The majority of working parents send their children to day care centres with the full expectation that their little ones will be well looked after. Depending on the area, some day care centres charge a hefty monthly fee per child, but little do we know that the assistants who are supervising the children are – in most cases – grossly underpaid.

Some of the assistants earn as little as RM900 a month, depending on their qualification as well as the area where the day care centre is located in. The low salary doesn’t justify the work they put into taking care of each child – feeding, changing their diapers, bathing, and ensuring the children’s safety while in the compounds of the day care centre. What’s more, each assistant is usually responsible for as many as 10 children at any given time, making their job much more stressful that it looks.

<a href=”
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Restaurant And Fast Food Servers

Salary starts from: RM1,100

We all know how stressful it is to work as a restaurant server, but few truly appreciate the hard work these people are putting into delivering foods to our table. It’s an exhausting job, having to carry – and sometimes help prepare – food to customers throughout their long shifts.

Those in this profession often get little rest, and more often than not have to deal with rude customers – especially if their orders are late or unsatisfactory. While some earn a basic salary along with a shift or overtime allowance, some only earn an hourly salary which when accumulated is even lower than those who earn a fixed income.

This situation holds true to fast food servers as well. While many major chain fast food restaurants are offering more perks to their workers, many still suffer from
the depression that comes with the job
, what with the low pay and physical exertion. You might want to think twice before getting angry at your server if your food arrives a little late the next time – who knows how long they’ve been running around serving other hungry customers that same day?

Administrative Assistants

Salary starts from: RM1,200

Administrative assistants are often burdened with a tonne of tasks each day, and these are the people who have to come early to open the office and stay late to close the office (if necessary). They are seldom appreciated by their peers in the office, despite providing various administrative support to the company.

Their daily tasks are taxing and require minute detail, such as preparing various paperwork, filing important documents, and oversee the office’s needs and supplies for the tens or hundreds of the company’s staffs.

Maintenance Workers And Technicians

Read also:

Other Perks To Look For In A Job Beyond Salary

Salary starts from: RM1,500

When a pipe bursts at your home or the office, who would you call first? Maintenance workers and technicians often have to work odd hours, and their jobs are usually dangerous and tiring. Their responsibilities include fixing broken things, servicing electrical appliances (such as your air-conditioner or water heater) or even cleaning the mess that you may have made earlier in the day.

They are paid very little for the amount and value of work they do, and few appreciate them – unless something needs to be fixed.

Graphic Designers

Salary starts from: RM1,500

Graphic designers are the ones who you should thank every time you come across a beautiful magazine cover or an interesting advertisement. But for the long hours they put into their designs, few are truly appreciated and paid well.

The problem lies in the supply and demand, there are too many bright-eyed fresh grads who are eager to start working and share their creativity to the world. This results in a highly competitive industry, as large companies prefer graphic designers with experience and strong talent – which leaves those with lesser experience (or none at all) no choice but to accept a job offer that pays a ridiculously low salary. The upside of being a graphic designer is that they can also make money on the side as freelancers, and with enough experience and portfolio, they can earn a better salary in no time.

Copywriters

Salary starts from: RM1,000

Copywriters (and writers in general) are often underpaid and underestimated. ‘Anyone can write’ is a phrase that is commonly thrown around, even though this is far from the truth.

Any writer who hears this is sure to grit their teeth, because coming up with a quality and engaging piece is anything
but
 easy. It takes long hours of research, brainstorms, and countless editing to produce a good (and approved) read. Most writers work irregular hours, and generally in isolation as many of these creative people need their space and quiet time to think. It’s a small wonder that
most writers suffer from depression
.

However, experienced and resourceful copywriters are also capable of raking in the big income. Copywriters and content writers who specialise in the digital and technical industry are especially sought after by many headhunters, as these areas require specific expertise that not all writers can provide.

If you feel like you’re also underpaid, you can either consider changing your profession or start
a part-time job that won’t interfere with your day job
. Do you think your job is underpaid? Let us know in the comment section below!

The stated salaries are on a monthly basis, and sourced from selected jobs advertised on JobStreet.com.

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Syaza Abd Jani

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PTPTN Borrowers Allowed To Defer Loan Repayments For Another 3 Months

(Image: Malay Mail)

The government has agreed once again to allow eligible individuals to defer their repayment of National Higher Education Fund Corporation (PTPTN) loans for three months.

The Higher Education Minister, Datuk Dr Noraini Ahmad said that this decision was made in light of the government’s concern for borrowers who are still affected by the Covid-19 pandemic and are unable to repay their loans. These include individuals who have lost their source of income, or have suffered a paycut or a decrease in income. They can submit their applications through PTPTN’s official portal starting from today until 31 August 2021, without need for any supporting documents.

(Image: Astro Awani)

Aside from that, PTPTN’s FAQ on this round of aid also clarified that the three-month deferment period will begin either on the month the application is approved, or a month after obtaining approval – depending on the borrower’s financial circumstances.

Specifically, individuals who have lost their income will be allowed to defer their payments starting immediately from the month their applications are approved. Meanwhile, those who are suffering from paycuts will be able to defer their payments beginning from the following month after their applications are approved. Note that PTPTN will inform applicants of their application status via email within three days of receiving it.

Prior to this, the government had announced the first PTPTN loan repayment deferment during the reveal of Malaysia’s Economic Stimulus Package in March last year. It was set to take place between April to June 2020. Subsequently, it was
extended for another three months
 to September 2020, followed by a
second extension
 until the end of the year. In January 2021, the government agreed to yet
another round of three-month deferment
, as well as an
additional two months up to May 2021
.

Borrowers who have enquiries can contact the PTPTN careline at 03-2193 3000 from Monday to Friday, between 9am to 5pm. Alternatively, they can head on over to
PTPTN’s official website
 or check out PTPTN’s
FAQ for this round of loan deferment
.

(Source:
The Sun Daily
)

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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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