Your Credit Score - The Deciding Factor On Your Loan Approval

Shopping for Loans

Like most businesses, banks also seek to maximize their profits. A large part of how they make money is on the interest they charge on loans (
car loans
,
home loans
,
personal loans
 etc.) because the interest is higher than the interest they pay on depositors’ accounts.

So why take a loan if you’re going to have to pay it back with interest? Well, while paying interest may not seem to be a great financial move at first glance – in most instances, it really is a small price to pay for using someone else’s money! Imagine having to save all of the money you needed in order to buy a house. We wouldn’t be able to buy houses until we retired!

Every loan we take puts us under an obligation to pay the amount back over time. Banks keep track of this and judge us based on our credit records. If you don’t default or miss payments on your loan, it is likely that your credit score will increase. However should we fail, there is a chance that your credit score could be affected. How much could it be affected by? The truth is, it really depends – but know this, your payment history makes up a significant portion of your overall credit score calculation.

What’s the difference between your Credit Score and your Credit Report?

Credit Report

Your credit report is almost like a report card for your debt history. It consists of records such as the amount of loans you have; the type of loans (mortgages, hire purchase car loans, credit cards, bills) and loan applications pending. It will determine whether you get that house you’ve been dreaming of or that loan which will dictate the survival of your business. The interest rate the bank decides to offer you will also be based on this report.

For example, a
CCRIS
 report records all past information on the loan amount, interest, and charges outstanding on each loan.

Therefore, you should pay your debts promptly as some banks may reject upcoming applications if you miss out on repayments by 2 months or more. Besides, depending on the bank’s requirements, they may reject your loan application if you have a debt ratio exceeds 50%.

Credit Score

Your credit score is the number generated from this report, along with other data that banks use to subjectively evaluate a loan application.

A well known method used to measure this is the FICO score which rates applicants anywhere from 300 to 850 points (the higher the better). However, it is likely that many banks in Malaysia use their own internal method of measuring and determining your credit score. What this means is that your chances of getting your loan approved may vary depending on which bank you choose to apply at.

What factors determine your Credit Score?

In general, financial institutions focus on the 3 C’s:
Character, Capital and Capacity.

Your
Character
is reflected based on your attitude towards your loan. If you take pride in paying your bills promptly, you will get an A for reliability on your debt repayment. They also take consideration of your personal details such as the length of stay in your current address and the duration of your current employment.

Capital
shows the amount of ‘valuable’ assets you hold which can be used as collateral such as real estate, personal property, investment or savings in the event your fail to pay your loan

Bank’s will also make an assessment on the

Capacit
y
your income has. The income you earn reflects your ability to pay off your debt. Thus, you need make sure that you have sufficient cash flow running.

What are the things that could hurt my Credit Score?

Bad payment history i.e: making late payments

Defaulting on a loan

Having your home forclosed

Having over-the-limit credit card balances

Does having multiple loans affect your credibility?

Yes it does.

If you have a variety of loans, it is quite likely that you will get a higher credit score. Having a mix of credit types is expected from people with longer credit histories, and helps you show you are an experienced borrower.

However, this is useless if you have bad payment history as this would mean a higher risk of bad debts. If you cannot juggle multiple loans, you shouldn’t apply for more. Having multiple loans isnt necessarily bad. It is only bad if you cant afford them.

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Prudential Malaysia Enhances Special Covid-19 Coverage, Offers Benefits To Non-Customers Too

Prudential Malaysia’s newest Special Covid-19 Coverage provides benefits to both policyholders and non-policyholders alike. Under the enhanced special coverage, Prudential offers a Covid-19 death benefit as well as cash relief upon diagnosis and hospitalisation for Covid-19 patients.

Prudential policyholders are automatically entitled to a RM1,000 cash relief upon diagnosis and hospitalisation, as well as a RM10,000 death benefit due to Covid-19. However, these amounts are doubled if you register for the special coverage via Prudential’s mobile app, Pulse.

In other words, you will get RM2,000 cash relief and RM20,000 death benefit if you take the extra step of registering on the Pulse app. The special coverage is provided in addition to existing benefits offered by the medical insurance policies or certificates.

In an interesting move by the insurance company, Prudential is also offering a RM1,000 cash relief upon Covid-19 diagnosis and hospitalisation to non-Prudential customers who register on the Pulse app. The insurance provider has set aside RM300,000 for this purpose and the offer will continue until the total fund limit is reached.

“In Malaysia, the severity level of Covid-19 has evolved with the emergence of death cases since mid-March. In response to the continuously evolving situation, we have enhanced this coverage so that we can provide the right level of benefits over a broader population and over a longer period of time to provide peace of mind,” said the chief executive officer of Prudential Assurance Malaysia Berhad, Gan Leong Hin.

Chief executive officer of Prudential BSN Takaful Berhad, Wan Saifulrizal Wan Ismail, shared a similar opinion. “Through our app Pulse, even non-Prudential customers can enjoy protection with our Special Covid-19 Coverage for free, as it is our goal to make healthcare affordable and accessible to everyone,” he added.

Prior to this, Prudential offered a
lump-sum payout of RM5,000
 to its policyholders who have been diagnosed with Covid-19 until 30 April 2020. Taking its place, the ongoing Special Covid-19 Coverage began on 1 May and ends on 31 December 2020, but you must register on Pulse by 30 June 2020 in order to be eligible for the additional coverage provided via the app.

To find out more, head on over to the
Special Covid-19 Coverage page
 on
the Prudential website
. You can also download
Prudential’s AI-driven app, Pulse
, from
Google Play
 and the
App Store
.

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MAA: Vehicle Prices May Go Up Due To Increased Costs

(Image: The Star)

The president of the Malaysian Automotive Association (MAA), Datuk Aishah Ahmad has said that the prices of vehicles may soon go up, following an increase in the costs that are being shouldered by manufacturers.

“Rising raw material prices, logistic costs, and the ringgit’s weakening are among the reasons manufacturers may have to increase vehicle prices. However, this has not been decided yet,” said Datuk Aishah, adding that local vehicle manufacturers are still deliberating over whether they should continue to absorb the rising costs.

Additionally, Datuk Aishah shared that the upcoming expiry of the sales and service tax (SST) exemption may also worsen the situation. The ongoing SST exemption – which sees locally assembled (CKD) cars and fully imported (CBU) cars getting 100% and 50% SST exemption, respectively – is set to
end in June 2022
.

(Image: Reuters)

The MAA has appealed to the Ministry of Finance (MoF) to
extend this SST exemption until end of 2022
, but has yet to hear back from the ministry. “If the SST exemption that is expiring at the end of June is not continued, it will worsen the situation and increase vehicle prices if manufacturers decide to increase the price of their products,” said Datuk Aishah.

Meanwhile, the deputy chief executive officer of Proton Holdings Bhd, Roslan Abdullah commented that the national automotive company is still striving to maintain the current price of its vehicles by absorbing the increased costs. However, some of these expenses may soon have to be transferred over to the customers if the situation continues to deteriorate.

Aside from this possible hike in vehicle prices caused by an increase in costs, the MAA had previously also cautioned that the prices of CKD cars may
increase by 8% to 20% in 2023
. This is due to the possible implementation of the updated open market value (OMV) excise duty calculation method, which covers a wider scope of expenses compared to the existing calculation method.

(Sources:
Free Malaysia Today
,
Lowyat.NET
)

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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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MOHR: Unemployment Rate Expected To Ease To 4.3% In 2021

(Image: The Malaysian Reserve/Muhd Amin Naharul)

The Ministry of Human Resources has projected that the annual unemployment rate will improve from a historic high of 4.5% in the previous year due to the Covid-19 pandemic, to between 4.2% and 4.3% in 2021.

Despite the positive forecast, Human Resources Minister Datuk Seri M Saravanan said that there are still several concerns that continue to hinder the growth of Malaysia’s labour market. These include a mismatch between qualifications and job opportunities, as well as slowed career growth and salaries. To also note, this projection by the Ministry of Human Resources stands higher than the Prime Minister’s Office (PMO) target of
lowering the unemployment rate to 3.5% for 2021
.

(Image: Malay Mail/Yusof Mat Isa)

“The ministry will continue to monitor the local labour market and give attention to the appropriate intervention programmes to stimulate recovery and drive the labour market’s efficiency,” said the minister in a statement, in conjunction with the release of the Quarterly Labour Market Perspectives – Modest Labour Market Recovery report for the fourth quarter (Q4) of 2020. The report was published by the EIS-UPMCS Centre for Future Labour Market Studies (EU-ERA).

Based on the report, Datuk Saravanan said that Malaysia’s labour market recorded a moderate improvement in Q4 of 2020, which is attributed to the relaxation of movement restrictions. This is as the Malaysian government replaced the movement control order (MCO) with conditional MCO (CMCO) in several states.

(Image: Malay Mail/Firdaus Latif)

“The loss of employment rate in the private sector is also reduced for the quarter, while work placement for categories including the professionals, managers, executives, and technician roles increased,” said Datuk Saravanan, adding that the labour market recovery recorded a “trapezoid” pattern. Essentially, this pattern reflected an imbalance between job seekers and job opportunities that are available.

The minister further said that this imbalance, which sees an excess of job seekers, must be properly addressed as a wider gap could develop due to the rate of new employees entering the market. “The job creation for salaried employees only grew at a rate of 1.1% compared to 7.5% in the same quarter of 2019. Salaried workers comprised 77% of the total workforce in Malaysia in 2019, and slower job creation under this category was the major contributor to the unemployment rate in the country,” he went on to explain.

On top of that, the report also pointed out several disruptions in the labour market that arose from this pandemic, including the possibility of structural transformation that could worsen the labour market imbalance.

(Image: Focus Malaysia)

“Some of the jobs that disappeared will not come back. The current structural transformation of the labour market is affected by digitalisation and automation of jobs. Some skills may no longer be required for new jobs. The discrepancies between the employers’ demand and the skills of labour explain the large number of employed persons with mismatched skills and unemployed people who did not get appropriate jobs,” noted the report.

Finally, the report also compared the severity of the Covid-19 pandemic’s impact on the labour market in comparison to the
Asian financial crisis in 1997
. “Although the impact on economic growth during the pandemic is less severe than the Asian financial crisis, the pandemic has a more profound impact on the labour market. Malaysia was able to maintain an unemployment rate of 3.2% that was induced by the Asian financial crisis. However, the pandemic has resulted in thousands of people losing their jobs and income, increasing
the unemployment rate to 4.5% in 2020
,” the report stated.

(Source:
The Malaysian Reserve
)

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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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EPF Reminds Contributors To Be Prudent In Withdrawing From Their Savings Via i-Lestari

(Image: The Star)

Employees Provident Fund (EPF) members have been reminded to exercise caution when withdrawing from their savings via the i-Lestari Withdrawal Scheme. This is to ensure that they will still have enough to tide them over in the future upon overcoming the current crisis.

The reminder came as the Ministry of Finance announced that
1.5 million i-Lestari applications
 have been approved for next month’s disbursement as of 17 April 2020. In total, there are 2.8 million applicants for the facility.

“I would like to remind our contributors that their EPF savings are for the future. There needs to be a balance. We should not be overly worried about the current situation and finish our savings which are meant for the future. While there is a crisis, I’m sure that the crisis will eventually end,” said the chief executive officer of EPF, Tunku Alizakri Alias, in an interview with Astro Awani today.

Tunku Alizakri supported his comments with several troubling figures derived from the fund’s data. It was found that 71.4% of those who are self-employed have less than one month’s worth of savings. 82.7% of those working in the private sector, on the other hand, only have enough to support themselves for less than two months.

Tunku Alizakri also attributed the large number of i-Lestari applications to the fact that the programme was launched before the government announced the Prihatin Economic Stimulus Package. The
i-Lestari Withdrawal Scheme
, which allows contributors to withdraw up to RM500 per month for 12 months from their Akaun 2, was announced on 23 March 2020 – four days ahead of Malaysia’s second economic stimulus package.
Applications for the withdrawal scheme
 then commenced on 1 April 2020, with a
dedicated portal
 soon introduced for more convenience.

With the various financial assistance offered via the
Prihatin Economic Stimulus Package
, Alizakri said that EPF contributors now have even more reason to think twice before applying for the i-Lestari facility. In the interview, he also encouraged SMEs to tap into these assistance provided, seeing as there are about 480,000 registered SMEs providing jobs for seven million Malaysians.

(Source:
The Edge Markets
)

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PTPTN To Table A Repayment Method In Two Weeks

(Image: Malay Mail)

National Higher Education Fund Corporation (PTPTN) chairman Wan Saiful Wan Jan has announced that a repayment method draft will be tabled to the Cabinet in two weeks’ time, as a means to firmly collect the loans that are unpaid by errant borrowers.

According to Wan Saiful Wan Jan, the higher education fund has the responsibility to assist borrowers to settle their loans, even though the arrears (money that is owed and should have been paid earlier) is very high at RM36 billion. However, he said the content of the draft cannot be disclosed to the public.

(Image: Malay Mail)

This draft is an important move to set up a new mechanism to ensure borrowers repay their loans, as the current repayment mechanisms are clearly not working. Since the new government has been in power, even Prime Minister Tun Dr Mahathir Mohammad has lambasted borrowers for not settling their loans even though some of them have the capacity to do so. “We have accumulated RM36bil in unpaid PTPTN loans. I am ashamed, but they are not… They are earning an income and can very well repay, but they don’t feel like repaying the loan they had taken,” he said during a guest lecture atUniversiti Teknologi Malaysia.

(Source:
The Star
)

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StashAway Re-Optimises Portfolios Again To Maintain Inflation Protection

Robo advisor StashAway has announced that it will once again be re-optimising its clients’ portfolios to offer better protect against an inflationary growth environment that has begun to affect more global economies.

In particular, this round of re-optimisation will see StashAway adjusting its existing inflation hedges, as well as its international equities allocation. With regard to the adjustments of its existing inflation hedges, StashAway noted that it will:

Reduce allocations to developed and emerging market government bonds in favour of high-quality US corporate bonds and inflation-linked government bonds.
Reduce allocation to US consumer staples (XLP), US REITs (VNQ), and slightly in US energy (XLE) due to high valuations – and will instead increase allocations for US small-cap (IJR) and financial stocks (XLF).

Meanwhile, in terms of the allocation of international equities, StashAway is pulling away from Australian and Japanese equities, preferring instead to invest more in Canadian equities. It will also maintain its allocation for China tech.

In justifying this round of re-optimisation exercise, StashAway said that the inflationary growth environment – which had previously affected primarily United States and
caused StashAway to carry out its last round of re-optimisation back in July 2021
 – has now expanded to cover other global markets as well. Briefly, inflationary growth is described as a situation where the economy is growing, but is hampered by an even faster growth of inflation. As such, the quality of growth is eroded, and “real” growth is affected.

“Our macroeconomic indicators show that the rest of the world is now following suit: inflation is outpacing growth not only in the US, but also across global markets. And in the US, inflation continues to deepen, reaching its highest level of inflation in nearly four decades,” the robo advisor explained.

StashAway also foresees inflation to persist throughout 2022. “Policymakers have acknowledged that it’s taking longer to move on from inflation than expected. Global events – such as a new Covid variant continuing to disrupt supply chains, labour shortages, contributing to higher wages, and stimulus measures keeping the economy rolling amid a global pandemic – continue to push up prices worldwide,” it said, adding that central banks around the world will likely hike interest rates in 2022 to rein in inflation. China, however, will be an exception as it has cut its interest rate for the first time in two years to boost economy.

(Image: azernews.az)

Finally, StashAway said that it will continue to keep an eye on the data. “It’s easy to get caught up in news about the pandemic, inflation, and interest rates, and their effects on the market. But remember, inflation-adjusted growth is the ultimate driver of returns in the medium and long term,” it reminded.

Since its launch in 2017, StashAway has re-optimised its portfolios a total of four times: December 2017, August 2019, May 2020, and July 2021 – with this latest one being its fifth.

(Source:
StashAway
)

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Maybank Customers Now Able To View, Download Savings Account Statements Monthly

(Image: Bernama)

Maybank has introduced a new feature that enables customers to view and download their savings account statements on a monthly basis. This feature can be accessed conveniently through the Maybank2u website and the MAE by Maybank2u (MAE) mobile app.

Customers who wish to view or download their monthly savings account statements will first need to log in to their account via the
Maybank2u
 website, and then simply follow these steps:

Select your savings account
Click on ‘View Statements’
Choose a statement date from the drop-down menu
View or download your statement

A similar process is also applicable if you wish to get your monthly savings account statements through the MAE app. Simply log in to the app, and tap on ‘Wallet’ at the top right corner, or ‘Maybank2u’ at the bottom of your screen. You can then follow the steps specified earlier to view or download your statement.

Do note that this feature is only available for monthly savings account statements that are dated from July 2022 onwards. Additionally, savings account statements for each month will be made available on the
eighth day of the following month
.

Prior to this update, Maybank’s bank statements for savings accounts were provided on a three-month basis, which means that customers can only view or download their bank statements every three months. Meanwhile, you can access up to 12 months of statements (one year) on the Maybank2u website.

If you have any enquiries regarding this latest update, you may call Maybank Group Customer Care at 1-300-88-6688, or email them at
[email protected]
.

(Source:
Maybank
)

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Celcom Campaign Offers Up To 20GB Extra Data For Postpaid Plans

Celcom is currently running a Free Internet Quota 2022 campaign which enhances its MEGA Lightning and Xpax postpaid plans with extra internet quota for a limited period of time. Ongoing until 31 October 2022, it is aimed at providing customers with the best value even as they continue to pay the same price for their telco package.

Specifically, MEGA Lightning customers will benefit from an additional 10GB of data, while Xpax postpaid customers will be offered twice the amount of the existing internet quota. Full details of the campaign are as follows:

MEGA Lightning postpaid plans: Additional 10GB data

Prior to this enhanced offering, the five Celcom MEGA Lightning plans – which are priced between RM80 to RM188 per month, depending on the plan – originally provided between 40GB to 120GB of data. With this upgrade, customers will now be able to enjoy the following benefits, as compared to the original plans:

MEGA Lightning postpaid plans
Price
Original benefits
Enhanced benefits
Celcom MEGA 80
RM80/month
–
40GB high-speed internet

– Up to 3 Family Lines
– Unlimited calls to all networks
– 20 sen/SMS
–
50GB high-speed internet

– Up to 3 Family Lines
– Unlimited calls to all networks
– 20 sen/SMS
Celcom MEGA 98
RM98/month
–
50GB high-speed internet

– Up to 3 Family Lines
– Unlimited calls to all networks
– 20 sen/SMS
–
60GB high-speed internet

– Up to 3 Family Lines
– Unlimited calls to all networks
– 20 sen/SMS
Celcom MEGA 128
RM128/month
–
70GB high-speed internet

– Up to 6 Family Lines
– Unlimited calls to all networks
– 20 sen/SMS
– Celcom Priority Services
–
80GB high-speed internet

– Up to 6 Family Lines
– Unlimited calls to all networks
– 20 sen/SMS
– Celcom Priority Services
Celcom MEGA 158
RM158/month
–
90GB high-speed internet

– Up to 6 Family Lines
– Unlimited calls to all networks
– 20 sen/SMS
– Celcom Priority Services
–
100GB high-speed internet

– Up to 6 Family Lines
– Unlimited calls to all networks
– 20 sen/SMS
– Celcom Priority Services
Celcom MEGA 188
RM188/month
–
120GB high-speed internet

– Up to 6 Family Lines
– Unlimited calls to all networks
– 20 sen/SMS
– Celcom Priority Services
– Free roaming with Roam Like Home
–
130GB high-speed internet

– Up to 6 Family Lines
– Unlimited calls to all networks
– 20 sen/SMS
– Celcom Priority Services
– Free roaming with Roam Like Home

On top of this special deal for MEGA Lightning postpaid customers, there is actually also an ongoing Merdeka campaign that lets you enjoy a rebate of 50% for each Family Line for six months (with a minimum of two Family Lines activated). This is applicable not only for MEGA Lightning postpaid customers, but also MEGA Unlimited postpaid customers.

Xpax Postpaid plans: Double the internet quota

Xpax Postpaid customers, on the other hand, will enjoy an offer that doubles the internet quota provided to them – on top of all the other existing perks that are already made available to them. With this, Celcom’s enhanced Xpax plans are as follows:

Xpax Postpaid plans
Price
Original benefits
Enhanced benefits
Xpax Postpaid 40
RM40/month
–
10GB internet quota

– Unlimited YouTube, Facebook & Instagram
– Unlimited calls to all networks
– Personalised Just4ME deals
– 5G-ready network
–
20GB internet quota

– Unlimited YouTube, Facebook & Instagram
– Unlimited calls to all networks
– Personalised Just4ME deals
– 5G-ready network
Xpax Postpaid 60
RM60/month
–
20GB internet quota

– Unlimited YouTube, Facebook & Instagram
– Unlimited calls to all networks
– Personalised Just4ME deals
– 5G-ready network
–
40GB internet quota

– Unlimited YouTube, Facebook & Instagram
– Unlimited calls to all networks
– Personalised Just4ME deals
– 5G-ready network

There is also an online Xpax promo that offers a rebate of RM30 (Xpax Postpaid 40) or RM60 (Xpax Postpaid 60) for new port-in and prepaid-to-postpaid-plan sign-ups. This is in addition to a free RM40 Lazada shopping voucher and additional 5GB signup internet quota.

***

The extra internet quota provided for MEGA Lightning and Xpax postpaid plans are applicable for both new and existing customers, although existing customers will need to opt in by sending an SMS with keywords to 28884:

Existing MEGA Lightning customers
: QUOTAMEGA

Existing Xpax Postpaid 40 customers
: FREE10GB

Existing Xpax Postpaid 60 customers
: FREE20GB

Note, too, that the free data is only valid for 12 months, and you must maintain an active Celcom line throughout the entire period in order to be eligible for the campaign’s benefits.

(Source: Celcom [
1
,
2
])

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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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Rakuten Trade To Introduce Fractional Trading For Its US Trading Service

Online brokerage Rakuten Trade has revealed that it be introducing another new feature to enhance its US trading service, namely fractional trading. Set to be rolled out on 15 May, this will make Rakuten Trade the first brokerage in Malaysia to enable such an offering.

Once the feature is live, interested Rakuten Trade customers will be able to buy US stocks, American Depositary Receipts, or US exchange-traded funds (ETFs) in fractions of a share, instead of having to pool enough money to buy a full share. With this reduced entry requirement, it is hoped that both existing and new investors will be further encouraged to participate in online trading.

Chief executive officer of Rakuten Trade, Kazumasa Mise also shared a scenario as to how this upcoming feature will be beneficial to customers. He pointed out that in general, investors on the Rakuten Trade online trading platform are most interested in purchasing Tesla, Apple, Alphabet, and Amazon shares.

“However, to own just one share of Apple, we need to fork out US$165. This is equivalent to about RM700, which just isn’t possible for retail investors with a smaller disposable income. With fractional trading, customers can purchase 0.01 units of Apple shares, which would only cost US$1.65 or about RM7. This may encourage investors to invest in US stocks,” Kazumasa said.

Kazumasa also commented that the decision to introduce fractional trading was made following feedback from existing customers who use Rakuten Trade’s foreign trading service (Rakuten Trade currently allows investors to trade in both
the US stock market
 and
the Hong Kong Stock Exchange
, enhanced with
foreign currency facility
). Many of them have highlighted the lack of certain much-desired features, such as fractional trading, short selling, margin trading, and market order execution.

In response, Kazumasa shared that aside from fractional trading, the company currently has no plans to introduce margin trading and short selling for US stocks because these features are more suitable for experienced investors. “About 80% of our customers have less than three years’ experience in stock trading. Additionally, we are targeting investors [who are] just starting out and/or have a smaller disposable income,” he said.

There is a likelihood, however, that Rakuten Trade may consider introducing the market order execution feature, which enables investors to instantly buy or sell shares at the current price. “We are thinking about it right now. We may introduce it this year – I cannot promise, but we will think about it,” said Kazumasa, adding that there are also currently no plans to further expand its foreign trading offerings to more markets as Rakuten Trade would like to focus on improving its US and Hong Kong trading services.

Ultimately, Kazumasa stressed that Rakuten Trade’s key objective is to find ways to empower investors – especially new investors – so that they can invest and trade more conveniently. For instance, it recently
lowered its brokerage fees to start from just RM1, as well as revised the structure of its rewards programme
.

“We hope that with the fractional share offering for US stocks and lower brokerage fees, it will encourage more investors to set up a brokerage account with us to trade in Bursa or US stocks. Perhaps retail customers of the traditional brokers will continue to use them because our targets are those who are just starting to trade. Also, in Rakuten Trade, there are still some investors who have opened an account but have not yet started trading,” Kazumasa further said.

(Source:
The Edge Markets
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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5 Famous Corporations That Started as SME Businesses

Starting your own business is daunting and scary. Big multinational companies can seem impossibly huge and starting one from your own house can feel like building a birdhouse next to a skyscraper. But everybody starts somewhere, so in an effort to inspire you to start your own SME business, we’d like to share with you a quick list of giant, successful companies who started out small.

Whole Foods

Started in 1978, two twenty-year-olds borrowed money from their friends and family to open a small vegetarian natural foods store. During this time they were evicted from their apartment for storing food products in it and decided to live at the store.

The store slowly grew over the years and occupied larger and larger spaces, steadily gaining the business and trust of the local community. So much so that in 1981, during a devastating flood, the entire store and equipment were damaged to the tune of $400,000 but managed to get back in business 28 days later thanks to the help of customers, neighbours, and staff who pitched in to help them out. They kept plugging at it and expanding until it was bought by Amazon June of last year with the purchase valued at $13.7 billion.

Amazon

Speaking of Amazon, this internet giant also started out small, initially just an idea by one Jeff Bezos to create an online bookstore. First started out of his garage in the mid 90s, he used to hold meetings at a nearby bookstore because his garage was too cramped and uncomfortable.

Since then, the business grew to encompass more than just books and Amazon became the world’s largest online retailer with a diverse marketplace. It has also entered the mobile device market with their Kindle, became a leading cloud provider, and a producer of original streaming content with Amazon Prime.

Ben & Jerry’s

Ice cream moguls Ben Cohen and Jerry Greenfield kicked off their careers in the business by taking a $5 course on the finer points of preparing ice cream. They opened their first Ben & Jerry’s location in 1978 in an abandoned gas station, making their own products and priding themselves on sourcing from local farms.

Using their knack for creating fun new flavors with mix-ins, they began selling their ice cream brand through distributors. Their popularity has since reached astonishing heights, becoming a worldwide brand and a household name.

Apple

Steve Wozniak and Steve Jobs founded apple back in 1979 from Jobs’ adopted parents’ garage. One of their first big orders was from a local retailer who ordered 50 computers at $500 apiece, which they were able to produce in just 30 days.

From these humble beginnings, Apple grew to revolutionize the personal computing industry with brilliant, cutting edge hardware and programs. Today Apple is one of the most profitable companies in the world, continuing to out-innovate its competitors in the field of wearables, personal computers, and mobile phones.

Starbucks

Back in 1971, three former University of San Francisco students – a writer and two teachers – decided to open a business selling premium coffee beans to local coffee-brewing aficionados. Within just a few years, the company was bought out by a former employee who decided to sell pre-made coffee directly instead.

They company expanded steadily after that, with their outlets mushrooming everywhere. These days it’s hard to find a public space
without
 a Starbucks. Current revenues now reach nearly $15 billion worldwide.

Inspired by the humble beginnings of these popular companies? You can learn more about the benefits of SME banking by giving the
RHB SME Banking Portal
 a visit and make use of their Knowledge Center to discover the useful tips and tricks to help you achieve your aspirations as a soon-to-be franchisee. From business loans to current accounts created specifically for the fundamental needs of SME business owners, begin your journey as a franchisee with RHB SME Banking Portal today.

This article was brought to you in collaboration with RHB SME Banking.

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AirAsia Extends Validity Of Credit Accounts, Offers Free Unlimited Date Changes For Selected Flights

(Image: The Edge Markets)

AirAsia has announced that it will extend the validity of all credit accounts that were previously issued for Covid-19-related disruptions by up to two years. The low-cost airline is also offering affected passengers with flight bookings departing between 23 March to 31 July 2020 the additional option of free unlimited date changes.

With regard to the extension of all credit accounts, the process will be automatic; AirAsia passengers are not required to do anything.

“We will be making these changes to the account within the next few weeks. Just remember that you don’t need to fly with us within the next two years, but you have to make a booking within the same period within the dated issue of your credit account,” said the chief customer happiness officer of AirAsia, Adam Geneave.

(Image: Marketing Interactive)

He also requested for customers who have applied for an extension on their credit account to be patient, stating that AirAsia will respond to them as soon as possible.

Earlier in March, AirAsia had offered a
one-year validity
 for credit accounts for those who were affected by the Covid-19 travel restrictions. Those who wanted to opt in at that time were required to submit a request. Subsequently, in early May, the airline offered a further
extension of up to two years for selected flight bookings
, namely tickets booked on or before 17 April 2020 for departures before 30 June 2020.

Aside from the extension of validity for all credit accounts, AirAsia also announced that passengers who have made flight bookings for departures between 23 March to 31 July 2020 can choose between two compensation options:

Credit account with two-year validity

Free unlimited date change
, where you can change your flight date for the same route for departures before 31 October 2020, subject to seat availability. This option is only valid for flight bookings made on or before 17 April 2020.

Note that these options are only provided to customers who made online bookings via AirAsia’s website. Those who made group bookings or booked with travel agents will need to refer to their agents for further assistance.

You will need to
make your choice via the AVA feature
, which requires you to go through a few steps. For more information, you can also head on over to
AirAsia’s website
.

(Source:
The Malaysian Reserve
)

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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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A Lightweight & Value-For-Money Laptop For Students

For some, life as a college or university student was made up of exciting weekends with friends, fun study sessions, and cafe hopping across town, while for others, it was finding part-time gigs to help support their hobbies and making ends meet. One common thing that full-time students share is a lack of stable income as juggling a job and achieving good grades isn’t something that everyone can master.

Whether it’s physical classes, fully online, or a hybrid of both, their laptops have become their lifeline for attending classes, taking notes, and submitting assignments. And with limited spending power, it may feel as though there aren’t many laptops available at a reasonable price and are capable of delivering good performance.

Meet JOI® Book 143 Pro –

a laptop designed to maximise productivity for everyone, including students. Read on to find out why JOI® Book 143 Pro would make a good companion for students.

Optimised For Seamless Learning

JOI® Book 143 Pro hints a speedy performance with Intel® Celeron® N4120 Processor, offering a RAM speed of
2400MHz
. The device is complemented with Intel® UHD Graphics 600 and its 14” 1920 x 1080 Full HD display gives plenty of room for multitasking between different documents, which could come in handy when making references for assignments.

The In-Plane Switching display, an option many prefer over LED for its colour accuracy and flexible viewing angles, offers a visually pleasing and comfortable user experience. Not only that, JOI® Book 143 Pro is powered by Windows 11 Pro so users waste no time trying to readjust to its familiar OS.

Convenient For Collaboration

For most students, collaboration plays an integral role in their academic success as a number of assignments require working on different programmes. JOI® Book 143 Pro is compatible with Microsoft Office so those who use it can expect seamless collaboration when working on word processing, creating presentation slides, crunching numbers, and more.

Accessing files on external drives shouldn’t be a problem either as the device comes with a number of built-in ports, namely USB 3.0, USB Type-C, Micro SD, HDMI, and audio 3.5mm. This means students need not worry about carrying extra USB dongles due to limited connectivity ports. Not only that, but users can also expect high-speed transfers and fast charging via the built-in Type-C ports.

Flexible With 180° Tilt & Easy Mobility

With a screen that tilts 180 degrees, JOI® Book 143 Pro has the ability to have its screen lie flat on its back so you can continue working while standing up for when your muscles need stretching.

When students need to work outside their homes, they can do so easily and without much bulk weighing them down. That’s because JOI® Book 143 Pro only weighs a mere 1.25kg. Its 15.5mm thickness is actually thinner than the Malaysian 5 cent coin!

Competitively Priced
,
 Instalment Available

Just because students may not have the highest spending power, that doesn’t mean they don’t need a device that can help them excel with their tasks. Affordably priced at RM1,599, JOI® Book 143 Pro can also be purchased with Grab PayLater for as low as RM399.75/month. With every purchase of JOI® Book 143 Pro, buyers will receive a FREE JOI® backpack.

***

An unreliable laptop should be one of the last few things a student needs to worry about. No matter the level of education, having a device that can not only help ensure work gets done efficiently but also be optimised to offer great performance, would bring great value to students.

If you’re looking to purchase a device that’s suitable for students and is also affordably priced, consider the JOI® Book 143 Pro for its easy mobility, optimised performance, and light weight.

Visit the
online store
 to get your JOI® Book 143 Pro today!

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Maybank Upgrades Sama-Sama Lokal Online Platform With New Features

Maybank customers and merchants who have been using the Sama-Sama Lokal platform on the bank’s Maybank2u mobile will now be able to enjoy an improved user experience. This comes following the bank’s move in introducing several upgrades to the platform.

According to a statement by the bank, the upgrades will allow customers to experience a more seamless and straightforward payment process, which is integrated directly into the Maybank2u app. Previously, Sama-Sama Lokal customers had to pay for their purchases via instant transfer (online banking) or Maybank QR Pay.

Aside from that, customers will be able to get live updates of their orders, starting from the moment it is accepted, prepared, picked up by a designated rider, and delivered (available only to those in the Klang Valley). They can also automatically get a quick summary of all their orders – both ongoing and past – within the app.

Meanwhile, merchants on the platform can tap into a convenient and secure payment system that is backed by Maybank. This is on top of other benefits, including gaining a quick view of all their orders (including pending orders) while simultaneously accepting more, as well as receiving updates on their delivery partners.

Senior executive vice president and head of virtual banking and payments at Maybank, Kalyani Nair said that these new features will further smoothen the customer journey and provide merchants with additional tools to help them enhance their operations and increase sales. “We are encouraged by the strong response towards Sama-Sama Lokal as well as the community’s enthusiasm to support home-grown businesses, and will continue to develop this platform to make their experience an even more delightful one,” she said.

Maybank’s Sama-Sama Lokal platform
 was launched during the movement control order (MCO) last year in a bid to help small businesses in the local neighbourhood to build their online presence. With the platform, these merchants were able to market their wares to a wider audience, including Maybank’s customer base. Additionally, the service was provided for free; merchants did not have to pay any fees to list their businesses on the platform, and Maybank also subsidised the delivery charges for certain areas.

As of today, the Sama-Sama Lokal platform features more than 8,000 merchants nationwide, ranging from F&B, groceries and sundry shops, pet services, health and beauty, fashion, automotive, and more. It has recorded a 27% increase in its average monthly orders from 2020 to 2021.

If you’re a frequent user of Maybank’s Sama-Sama Lokal platform, do take a look at the ongoing campaign where you can enjoy a one-time discount of RM10 on your order if you purchase from any of the merchants. Moreover, there is another Ramadhan & Raya Sama-Sama Lagi Meriah Campaign, allowing customers to get another RM10 discount on delivery fees and 50% off on their orders (capped at RM30) with a minimum spend of RM20. Both offers are valid until 19 June 2021.

For more information about the
upgrades on Maybank’s Sama-Sama Lokal platform
, head on over to Maybank’s official website.

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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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If You’re a Micro & SME - Here’s How You Can Go Digital with Boost For Free

Micro and SME business make up to
98.5% of businesses in Malaysia
. Hence, it’s no surprise that the recent pandemic and ensuing lockdown took a toll on the economy (and local businesses) as these businesses rely heavily on local patrons.

If you are a Micro and SME business owner, you may have been facing some challenges recently, such as fewer customers visiting your store or perhaps you are finding it difficult to compete with more digitally savvy businesses.

That is why, in an effort to help business owners like you recover and get back on track, the government has launched the PENJANA short-term National Recovery Plan. One of the initiatives under PENJANA is the Micro and SME’s E-Commerce Campaign, which aims to onboard offline local businesses online to promote business digitalisation.

In line with this initiative, Boost is inviting all businesses, even existing merchants, to
sign up for the Micro and SME’s E-commerce Campaign
 on their platform and enjoy the additional #KasiTambah benefits amounting to RM10 million worth of advertising and incentives for over 20,000 merchants that go alongside the campaign.

To illustrate how Boost is helping local businesses take advantage of digitalisation, let’s follow
Kak Siti
’s story on how Boost helped take her kuih stall online.

Kak Siti
 may be a fictional character here, but her story mirrors that of many merchants on the platform. Boost supports business owners, such as yourself, on your journey to becoming an online business with tools such as digitising payments, increasing business visibility and more recently the Micro and SME’s E-Commerce Campaign.

If you are a business owner and would like to take advantage of this benefit provided by the government and Boost, you can
learn more about Boost Micro and SME’s E-Commerce campaign here
.

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Stand A Chance To Win An iPhone 13 Or Get Guaranteed RM1000 Firefly e-Voucher & More

From the latest gadgets and appliances to one of the largest e-Vouchers, it’s time you start applying for selected credit cards so you won’t miss out!

For those who are new, the Unbox This Week Campaign is a weekly campaign where we present the best deals from our featured bank partners. All you have to do is apply for selected credit cards from these banks through RinggitPlus and you’ll receive exclusively selected gifts!

For this week (13 December – 20 December), our featured bank partners include
Citibank, HSBC, Standard Chartered Bank, Alliance, and Maybank
 – if you have considered applying for any of these banks, check out our latest deal below!

Guaranteed RM800 Touch n’ Go Credit

Paying with your phone has never been easier, which is why we’re giving you RM800 Touch n’ Go credit for you to continue your cashless payment journey! Pay for your bills, groceries, or since the festive season is upon us, use it for all your Christmas shopping.

To be eligible for the respective Citibank credit card rewards, applicants are required to activate and spend a minimum of 8 retail transactions on their new card within 60 days upon gaining approval.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year before this campaign do not qualify for this promotion. Otherwise,
apply for a Citi credit card here.

Win The Apple iPhone 13 or Get RM600 Lazada e-Voucher

Another week and another chance to get your hands on the Apple iPhone 13. With its durable Ceramic Shield, a significant camera upgrade, and Super Retina XDR display, the iPhone 13 is a dazzle to behold.

From 13 December to 20 December, applicants who apply, get approved, and spend with a brand new HSBC credit card will stand a chance to win the Apple iPhone 13 – up to 10 units up for grabs.

Applicants are required to activate their new card upon approval and spend a minimum of RM1,000 within 60 days to be eligible.

Other successful applicants who do not win the Apple iPhone 13, will receive a guaranteed RM600 Lazada e-Voucher.

Just remember that current cardholders and applicants who were denied or have cancelled their HSBC credit cards within 6 months before this campaign are not eligible to take part in this campaign. Otherwise, you can
apply for your HSBC credit card here.

Guaranteed RM180 Firefly e-Voucher

Thinking of going on a trip soon? The thought of new sights, unfamiliar smells, and the feeling of going on an adventure is guaranteed to lighten anyone’s mood so why not guarantee yourself an RM180 Firefly e-Voucher to save on your next flight out!

All successful applicants who apply for a Standard Chartered credit card will receive an RM180 Firefly e-Voucher. Applicants are still required to activate their card within 30 days upon approval to be eligible for this prize.

Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past 6 months are not eligible for this campaign. If you qualify, then you can
apply for your new Standard Chartered credit card here
.

Guaranteed Bossman Kaden Mini Air Fryer (3L)

Has the Masterchef in you grown hungry for convenient kitchen appliances that can save time and reduce the amount of oil used for your family’s favourite meals? If so, the guaranteed Bossman Kaden Mini Air Fryer (3L) is your next star in the kitchen.

All you need to do is apply, get approved, and activate your new Alliance credit card to take home the guaranteed Bossman Kaden Mini Air Fryer (3L).

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

Guaranteed RM1000 Firefly e-Voucher

Get the chance to save on your next flight with a guaranteed RM1000 Firefly e-Voucher. Apply for a Maybank credit card with us, get approved, and activate your new credit card by successfully performing the first transaction. You’re required to activate and perform the first swipe of any amount to be eligible for this gift.

Existing cardholders of any Maybank Credit Card and those who had cancelled any of his/her Maybank Credit Card within 6 months before the date of application are not eligible to participate in this campaign.
Apply for a Maybank Credit Card here.

***

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

While this week’s flash deal ends on 20 December (1pm), you can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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MyHome Programme – really making homes more affordable?

The Government recently launched the MyHome

(Private Affordable Ownership Housing Scheme) programme, to allow low income

earners to purchase homes. It was reported that 10,000 low-cost houses will be

built under this scheme. The National Housing Council (NHC) has allocated RM300

million for this project that is part of the Government’s promise to help make

homes more affordable.

But will this initiative be enough? Before

moving on to efficacy; let us first break down how this is going to work.

So how does it work?

Taking
the

reported example
; a low-cost apartment or home costing RM70,000 with a

low-cost ceiling price of RM40,000 will see the government contributing

RM30,000 to offset the cost of this property, enabling the buyer to purchase at

RM40,000 only. It remains to be seen whether the subsidy will be
given

straight to the developer
 or to the buyer to pay the purchase price. Buyers

will not be allowed to resell the property within 10 years from purchase.

Ceiling price for the definition of

‘low-cost’ will vary from state to state but the maximum subsidy a buyer can

receive is RM30,000.

Ok, but how do I qualify?

You must be a first time house buyer with a

household income of no more than RM3,000. If you’re a housing developer looking

to participate in the programme, you will to apply at the Housing and Local

Government Ministry’s special committee for this programme.

I earn exactly RM3,000 and am eligible for the programme.

How much will I have to pay for my house loan monthly?

Let’s use the example mentioned earlier

where houses cost RM70,000 and after the subsidy, you only need to pay

RM40,000. It’s unlikely you have RM40,000 in savings if you earn RM3000 per

household (of course if you do, more power to you!) so you will still need a

homeloan.

The first hurdle is getting a home loan. If

you have a car and unpaid credit cards, getting your home loan approved will be

a challenge. Let’s say you meet this first challenge (since the sum is small in

comparison to other home loans) and you’re on your way to securing the house of

your choice. The maximum number of years allowed for repayment is 30; and you

opt to take this as the monthly instalment will be at its lowest. At the best

available interest rate for these requirements (4.6%), your monthly repayment

would be about RM206.

That’s quite low and may be even lower than

the repayment of your car loan. If this really becomes available to those who

need the aid; it sounds like a good deal.

Of course, it’s important to remember that

buying a home will also involve purchasing insurance, paying legal fees and any

other land fees and taxes that may crop up. Always factor these variables when

calculating if this move is something you can afford.

However, the report does mention that cost

ceilings for low cost houses differ from state to state. In the Klang Valley,

it is now rare to find any kind of property selling any less than RM100,000. At

this price, a subsidy of RM30,000 will see the price being RM70,000 and monthly

repayments reaching RM350. Figures will always vary as will situations.

Why is this being done?

In
a

report by the Star Newspaper
; the average household income needs to

earn RM14,580 in order to own a home in the Klang Valley. At RM14,580, each person

would need to earn RM8,000 a month in a two person household to qualify. In Kelly

Services Salary Guide 2013; only executive/upper management level heads in

most industries with command such a salary.

So essentially, though the report blared

‘Klang Valley still affordable’ – it appears to be only affordable if you’re in

upper management.

Perhaps the Klang Valley is a bad example

of a place to seek to own property. But it is hoped that this scheme will help

people who earn much less than RM8,000 a month live in a safe and decent home.

Will it help me?

How helpful or efficient the programme will

be remains to be seen. There are of course certain concerns. Will developers

cut corners just to make the price low and attractive? Will banks offer loans

to these customers? And most importantly; will the aid really be available to

those who truly need it?

What do you think of the programme?

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Sales Tax Exemption On Passenger Cars In Malaysia: How Much Will You Save?

(Image: Reuters)

With a budget allocation of RM35 billion covering 40 initiatives, the PENJANA economic recovery plan is intended to stimulate various industries in the Malaysian economy. This includes the automotive sector, where the government will
introduce the exemption of sales tax for passenger cars
 between 15 June to 31 December 2020 to boost new car sales:

100% sales tax exemption for the purchase of locally assembled cars (also referred to as completely knocked-down (CKD) cars)

50% sales tax exemption for the purchase of imported cars (also referred to as completely built-up (CBU) cars)

Currently, the sales tax for vehicles is set at 10% for both locally assembled and imported cars. With the exemption in place, it means that the sales tax is fully waived for locally assembled car, or charged at 5% for imported cars.

Sounds like a great bargain, but this does NOT mean you get a simple 10% discount off the retail price when you buy your new car (or 5% for imported cars). How much exactly do you save via the exemptions? Let’s break it down.

Sales tax exemption to the rescue

Data released by the Malaysian Automotive Association (MAA) showed that the automotive industry was struggling after the implementation of the movement control order (MCO) in mid-March 2020. The year-to-date total industry volume (TIV) recorded as of April 2020, for instance, amounted to only 106,601 vehicles –
down 44.75% from 196,111 vehicles a year ago
.

And if that’s not alarming enough, the monthly vehicle sales in
April 2020 fell by a staggering 99.37%
 from the month before – from 22,478 units to only 141 units (131 passenger vehicle registrations, 10 commercial registrations). March itself, too, saw a
44% plunge
 in vehicle sales. These figures followed the downward trend that began at the start of 2020.

Given the severity of the situation, the government introduced the sales tax exemption as part of the PENJANA plan to boost the automotive sector.

Understanding the price structure of cars in Malaysia

As mentioned, the sales tax exemption does not translate to a direct 10% or 5% discount off the final retail price of the vehicle. To understand why, you need to refer to the pricing structure of a vehicle:

Government-approved selling price

+

10% sales tax

+

Margins

NETT SELLING PRICE

+

Handling/Inspection fees/Accessories

RETAIL PRICE WITHOUT INSURANCE

+

Road tax

+

Insurance

FINAL RETAIL / ON-THE-ROAD (OTR) PRICE

(Source:
Paul Tan’s Automotive News
)

As you can see, the 10% sales tax is calculated based on the government-approved selling price. It is not charged on other subsequent costs, such as the margins, inspection fees, as well as road tax and insurance charges. As such, you’ll only get a rebate for the
nett selling price
, after which you will still have to pay 100% of all the other fees and costs.

What does this mean for you as a prospective car buyer? It means that the “discount” will not be as much as you expect it to be. You won’t get a 10% “discount” of RM10,000 for a locally assembled vehicle priced at RM100,000. Instead, the price is likely to drop only between
3% to 8%
 after the full sales tax exemption is implemented for locally assembled cars, and even lower for imported cars.

The sales tax exemption is fundamentally similar to
the tax holiday that Malaysians enjoyed between June to August 2018
, during which the goods and service tax (GST) was zero-rated from all vehicle prices. The move was made back then in anticipation of the re-implementation of the sales and services tax (SST).

Excise and import duties are not exempted

(Image: Reuters)

Aside from the sales tax, vehicles sold are also charged with other taxes, namely excise duty and import duty. At present, the
excise duty is set at between 60% to 105%
 for both locally assembled and imported cars, and it is calculated based on the car model and engine capacity. Meanwhile, the
import duty can go up to 30%
, which varies based on the vehicle’s manufacturing country. For instance, import duty is not imposed on vehicles manufactured in Japan and ASEAN countries.

Note that these separate taxes are
not
 exempted, and must still be paid where applicable. Combined with the 10% sales tax, tax charges for cars can come up to quite a substantial amount, making Malaysia one of the countries with the
highest tax on cars globally
. For instance, the
total tax charges for a Toyota Vellfire
 could come up to about RM110,000 (before exemption), ballooning the on-the-road price to RM382,300 (2.5L model).

So how much exactly do you save? Here’s a before-and-after price list of popular cars in Malaysia

(Image: The Star)

With the sales tax exemption officially beginning this week, automotive manufacturers and retailers have released the updated price for their models. Local vehicle manufacturer Proton, for instance, announced that the price of its vehicles will be reduced between 1.4% to 5.7% after the sales tax exemption. Perodua, meanwhile, had lowered its vehicle prices by
3% to 6% several days ahead
 of the official enforcement of the exemption.

Here’s a list of the revised prices for some of the popular cars in Malaysia for comparison:

Car model

Variant

Price before sales tax exemption

Price after sales tax exemption

Price difference

Proton Saga

1.3 Standard MT

RM32,800

RM32,400

-RM400 (-1.22%)

1.3 Standard AT

RM35,800

RM35,300

-RM500 (-1.40%)

1.3 Premium AT

RM39,800

RM39,300

-RM500 (-1.26%)

Proton Persona

1.6 Standard MT

RM42,600

RM42,100

-RM500 (-1.17%)

1.6 Standard CVT

RM44,600

RM44,000

-RM600 (-1.35%)

1.6 Executive CVT

RM49,600

RM48,900

-RM700 (-1.41%)

1.6 Premium CVT

RM54,600

RM53,700

-RM900 (-1.65%)

Proton X70

1.8 TGDI Standard 2WD

RM94,800

RM89,900

-RM4,900 (-5.17%)

1.8 TGDI Executive 2WD

RM106,800

RM101,000

-RM5,800 (-5.43%)

1.8 TGDI Premium 2WD

RM119,800

RM113,100

-RM6,700 (-5.59%)

1.8 TGDI Premium X 2WD

RM122,800

RM115,800

-RM7,000 (-5.70%)

Perodua Axia

1.0 E (MT)

RM24,090

RM23,367

-RM723 (-3.00%)

1.0 G (AT)

RM33,490

RM32,485

-RM1,005 (-3.00%)

1.0 GXtra (AT)

RM34,990

RM33,940

-RM1,050 (-3.00%)

1.0 Style (AT)

RM38,890

RM37,515

-RM1,375 (-3.54%)

1.0 SE (AT)

RM38,890

RM37,515

-RM1,375 (-3.54%)

1.0 Advance (AT)

RM43,190

RM41,427

-RM1,763 (-4.08%)

Perodua Bezza

1.0 G (MT)

RM34,580

RM33,456

-RM1,124 (-3.25%)

1.0 G (AT)

RM36,580

RM35,391

-RM1,189 (-3.25%)

1.3 X (AT)

RM43,980

RM42,551

-RM1,429 (-3.25%)

1.3 Advance (AT)

RM49,980

RM48,356

-RM1,624 (-3.25%)

Perodua Myvi

1.3 G (MT)

RM42,790

RM41,292

-RM1,498 (-3.50%)

1.3 G (AT)

RM44,590

RM43,029

-RM1,561 (-3.50%)

1.3 Premium X (AT)

RM46,590

RM44,959

-RM1,631 (-3.50%)

1.5 High (AT)

RM50,290

RM48,530

-RM1,760 (-3.50%)

1.5 Advance (AT)

RM54,090

RM52,197

-RM1,893 (-3.50%)

Honda City

1.5 S (Standard)

RM78,500

RM75,295.36

-RM3,204.64 (-4.08%)

1.5 E (Standard)

RM84,600

RM80,978,91

-RM3,621.09 (-4.28%)

1.5 V (Standard)

RM91,600

RM87,600.63

-RM3,999.37 (-4.37%)

Honda Civic

1.8 S (Standard)

RM113,600

RM109,326.51

-RM4,273.49 (-3.76%)

1.5 TC (Standard)

RM129,600

RM125,081.09

-RM4,518.91 (-3.49%)

1.5 TC-P (Standard)

RM139,600

RM134,661.28

-RM4,938.72 (-3.54%)

Honda HR-V

1.8 E (Standard)

RM108,800

RM104,000.21

-RM4,799.79 (-4.41%)

1.8 V (Standard)

RM118,800

RM113,421.92

-RM5,378.08 (-4.53%)

1.8 RS (Standard)

RM124,800

RM118,581.81

-RM6,218.19 (-4.98%)

Toyota Vios

1.5J

RM77,200

RM76,101

-RM1,099 (-1.42%)

1.5E

RM81,200

RM80,074

-RM1,126 (-1.39%)

1.5G

RM87,300

RM86,132

-RM1,168 (-1.34%)

Toyota Camry

2.5V

RM196,888

RM188,763

-RM8,125 (-4.13%)

Mazda CX-3

2.0 2WD

RM130,159

RM126,829

-RM3,330 (-2.56%)

Mazda CX-5

2.0 2WD Mid

RM137,269.20

RM132,403.80

-RM4,865.40 (-3.54%)

2.0 2WD High

RM154,269.20

RM148,563.70

-RM5,705.50 (-3.70%)

2.5 2WD High

RM167,660.40

RM161,103.50

-RM6,556.90 (-3.91%)

2.2D 2WD High

RM173,122.80

RM167,274.70

-RM5,848.10 (-3.38%)

2.5T AWD High

RM181,660.40

RM174,852.10

-RM6,808.30 (-3.75%)

BMW 7 Series

740Le xDrive

RM598,800

RM569,052.87

-RM29,747.13 (-4.97%)

BMW X6

xDrive40i M Sport

RM729,800

RM703,947.39

-RM25,852.61 (-3.54%)

Mercedes-Benz A-Class Sedan

A200 Progressive Line

RM229,888

RM222,121

-RM7,767 (-3.38%)

A250 AMG Line

RM267,888

RM259,255

-RM8,633 (-3.22%)

AMG A35

RM348,888

RM336,278

-RM12,610 (-3.61%)

Mercedes-Benz CLA

AMG CLA45S Edition 1

RM448,888

RM433,802

-RM15,086 (-3.36%)

Peugeot 3008

1.6 THP Active Plus

RM150,888

RM145,573.52

-RM5,314.48 (-3.52%)

1.6 THP Allure Plus

RM163,888

RM158,236.66

-RM5,615.34 (-3.45%)

Peugeot 5008

1.6 THP Active Plus

RM166,888

RM160,808.60

-RM6,079.40 (-3.64%)

1.6 THP Allure Plus

RM179,888

RM172,931.90

-RM6,956.10 (-3.87%)

(Source:
Paul Tan’s Automotive News
)

*****

Now that we’ve shed some light on this, it is clear that even though the initial announcement made caused plenty of excitement, the actual savings is actually not as generous as originally thought.

If you’ve been planning to get a car, this incentive by the Malaysian government will mean you enjoy some savings. But before you commit, do make sure to have a clear idea of your existing financial obligations and capacity before placing your booking. Plus, these discounts will continue until the end of the year, giving you plenty of time to decide. In these difficult times, financial prudence is crucial as we navigate the current challenging economy together.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Maybank, AmBank Named As Tesla Malaysia's Preferred Financiers, To Offer Special Financing Packages

(Image: New Straits Times)

Tesla has officially launched in Malaysia today to much fanfare, and its Model Y SUV is also officially unveiled at the starting price of RM199,000. During the event, Tesla Malaysia also revealed that it has selected two banks as its preferred financiers – namely Maybank and AmBank – with both banks set to offer special financing packages to prospective buyers.

Here’s what we know about the financing plans that will be offered by both Maybank and AmBank as of now.

Maybank’s integrated EV automobile financing solution

Prospective Tesla car buyers will be able to tap into Maybank’s
integrated automobile financing solution
 that was launched earlier this year, which includes not only a loan at preferential rates, but also insurance coverage and EV charging privileges.

To start with, here are several key details regarding the hire purchase loan that will be offered to you if you decide to go with Maybank to finance the purchase of your Tesla Model Y (applicable from today until 31 December 2023):

Preferential financing rates from as low as 1.98% under an accelerated repayment package

Up to 90% margin of financing

Financing tenure of up to 108 months (9 years)

Same-day approval (subject to submission of complete documents)

Flexible repayment options

In addition to the loan, you will also be able to enjoy complimentary coverage from Maybank’s insurance arm, Etiqa, for both your Tesla car and home charger. Dubbed the
Tesla Ensure package
, these are what you can expect to get:

Complimentary EV home charger coverage, with sum insured of up to RM12,000

Personal accident coverage (death and permanent disability) of up to RM18,000 for the insured

One-time special relief allowance of RM1,500 due to total loss (floods/flash floods, overflowing of waterways/rivers, and mud slides) and theft

Compassionate benefit of RM1,000, in the event of accidental death of the insured

Key Care Cover to replace car key due to theft or attempted theft, robberies, or house break-ins

24-hours breakdown assistance (repair onsite) and unlimited 24-hours towing assistance

Up to 30% cash rebate (with “Drive Less Save More” add-on)

And finally, Maybank is also including special EV charging privileges to further sweeten the deal for those who tap into their EV financing solution. Note, though, that these benefits are tied primarily to Maybank’s own EV charging facilities and infrastructure (in collaboration with ParkEasy); Tesla will also have its
own supercharger stations throughout Malaysia
:

Access to InCharge, an EV charging membership on the ParkEasy app by Maybank Islamic

30% cashback or discount at ParkEasy charging stations

Free RM200 or RM500 InCharge credit (subject to your financing amount)

Aside from these existing benefits under its EV financing solution, Maybank is actually running another exclusive campaign in conjunction with Tesla’s launch in Malaysia today, where prospective Tesla car owners will stand a chance to win RM500 worth of gold. Note, though, that this is only applicable to Maybank Private and Maybank Premier clients, limited to 100 redemptions.

You can find out more about
Maybank’s offers on its landing page here
.

AmBank auto financing

Meanwhile, not much information has been released on AmBank’s financing package for potential Tesla car buyers as of yet, but we do know –
based on its website
 – that “preferential financing rates will be offered for electric vehicles”.

Additionally, customers who opt for financing with AmBank will also be able to purchase the
InsureMyTesla package
, offered by Liberty Insurance (which owns AmBank’s insurance arm, AmGeneral Insurance Berhad). Under this package, you’ll be entitled to the following coverage:

All authorised drivers will be covered without compulsory excess

Reimbursement of up to RM12,000 for loss or accidental damage to private electric charger

Reimbursement of up to RM1,000 to repair or replace car key/transmitter

12-month warranty for workmanship repair

24-hour unlimited mileage towing assistance for flat battery, accidents, or breakdowns

If you wish to, you can also opt for add-ons to your insurance for a fee, including special perils, windscreen, legal liability to/of passengers, as well as no-claim discount (NCD) relief. It’s further highlighted that those who choose to finance their new Tesla vehicle with AmBank will enjoy up to 5% discount on basic premium rates for the InsureMyTesla package.

We’ve also reached out to AmBank for more info regarding its available financing options for the newly launched Tesla, and will update once we receive them.

***

If you’re one of those who’ve been keeping a close eye on Tesla’s journey into Malaysia – since its
announcement back in March 2023
 – you’ll know that although the official launch is scheduled for today, the company’s Tesla Model Y has actually already been
made available for booking since last week
. The car, widely acknowledged as one of the safest cars in the world, is available in three variations: Rear-wheel drive, Long Range, and Performance.

Interested individuals can place a booking through the
Tesla Malaysia website
 (with a non-refundable fee of RM1,000), but Maybank and AmBank may offer to arrange a booking on behalf of their high-net-worth customers. Maybank, for instance, has explicitly encouraged its Premier and Private customers to connect with their relationship managers or client advisors, respectively, to book their cars.

The Tesla Model Y is expected to be delivered in early 2024.

(Sources: Maybank [
1
,
2
], AmBank [
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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OCBC Reduces Interest Rates For OCBC 360 Account & OCBC Booster Account

OCBC Bank has revised its current and savings accounts interest and profit rates, following the cut in the overnight policy rate (OPR) by Bank Negara. One of the savings accounts affected is the OCBC 360 Account, which previously offered up to 4.10%p.a. in interest. Under the new rates effective 29 January 2020, accountholders can only get up to 3.60% per annum.

The
OCBC 360 Account
 offers a base interest rate and bonus rates for fulfilling the Deposit, Pay, and Spend requirements. Here are the previous and current rates for the OCBC 360 Account. As you can see, the maximum interest rate that you can now get from the 360 Account has fallen by a total of 0.50%p.a. to 3.60%p.a.

Tier

Previous Rates

Current Rates

Base rate

0.20%p.a.

0.15%

Deposit (min RM500 per month)

1.30%p.a.

1.15%

Pay (min 3 bills online per month)

1.30%p.a.

1.15%

Spend (min RM500 on OCBC credit cards per month)

1.30%p.a.

1.15%

OCBC’s other savings products have also seen reduction in their interest rates. Its
Booster Account
 now offers 0.10%p.a. for balances below RM30,000 instead of 0.25% previously, whereas balances above RM30,000 get 2.70%p.a. instead of the 3.00% before. Its newest product, the nuon Savings Account, has maintained its base interest rate of 1.0%, but reduced its Save Pot Bonus by 0.2%p.a. to 1.60%p.a.

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

After Bank Negara Malaysia
slashed the OPR
, major banks in the country announced
corresponding reductions
 in their base rates and deposit rates. Therefore, you can expect revisions to popular
high-interest savings accounts
 by other banks as well.

(Source:
OCBC
)

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Jacie Tan

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Hong Leong Bank Junior Savers Promotion

Good money saving habits start from young and the best way to teach children is through example. Give your loved one(s) the gift of financial stability by opening a
Junior Savings Account
 at Hong Leong Bank and they could be benefiting from fixed deposit interest rates as high as 3.95% p.a. in two years.

To start off a parent must open a Junior Savings Account for their child who is currently below 18 years of old and deposit a minimum of RM1000 into their fixed deposit account for at least 24 months. During the first 12 months the FD rate will be calculated at a 3.85% rate p.a. Once the account matures after the 24
th
 month the principal FD amount will then be auto-renewed with a 3.95% p.a. rate.

Please note that partial withdraws from this FD account is allowed in multiple of RM3000. However if the account balance is below RM10,000 a full withdrawal of funds is required. The promotion period runs from 6 March till 30 June 2013 or until a RM1 billion fund size is reached.

As further incentive to your money saving habits Hong Leong Bank is offering customers a chance to win a Mazda 3 Sport 2.0 Sedan. This competition is open to customers who hold an active account from any of the following products:

Hong Leong Fixed Deposit

Hong Leong Flexi FD

Hong Leong Senior Savers Flexi FD

Hong Leong Junior Fixed Deposit

Hong Leong Priority Banking Premium Fixed Deposit

To be eligible for the grand prize customers must have a valid FD account with a minimum balance of RM1000 from 30 June till 30 September 2013. Every RM1000 deposited into the account during this period will qualify as one entry for the customer.

20 qualifying participants will be shortlisted and contacted by Hong Leong Bank when the promotion period ends. The shortlisting process and final grand prize winner selection method will be at the sole discretion of Hong Leong Bank.

Please refer to the
Terms & Conditions
 of this promotion for detailed information.

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Brendon Lee

Brendon Lee

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3 Insurance Plans to Help You Take Care of Your Breasts

October is Breast Cancer Month and we wanted to do our part in highlighting the life-changing disease.

Unfortunately for us, there isn’t really an exactly foolproof plan to effectively prevent breast cancer. You can opt for early screenings to help catch it at an immature stage but that’s the best you can do.

This is why breast self-examinations and mammograms are so important. But beyond early detection; the next important thing to have (and will be beyond crucial) is a good insurance policy.

Breast cancer; or any kind of cancer; can cause a tumultuous time in your work and personal life – but at least you can prepare your financial life for it.

Preparing For the Unthinkable

Just yesterday morning, the
Lite FM Breakfast Show
 interviewed a breast cancer survivor, Simone (a pseudonym) who spoke about being diagnosed with breast cancer; undergoing a double mastectomy and losing her husband in the process.

Her job suffered due to her health and her personal life was also in dire straits; but Simone said the one thing she didn’t have to worry about was money – thanks to her insurance policy.

At time of writing, the
podcast of Simone’s interview
 is available online for you to listen and take away valuable lessons. This was not a story to peddle an insurance product but it is the cold hard truth: without it – few of us can rely on our savings if diagnosed with the Big C.

If you’re interested to get yourself insured; we found the 3 insurance policies (or one with a combination of coverage riders) that could help you if the unthinkable happens.

1. Medical Card for Women

The explanation for this is really not needed but it’s important to differentiate a general
medical card policy
 from one tailor-made for women.

There is
more than one reason why you should opt for a women specific policy
 but the most important being the serious illnesses that predominantly affect women, which may not be adequately compensated for in a general medical insurance policy.

A general policy may only cover breast cancer in the later stages – or may have other hindrances to claiming for illnesses that specifically target women. As such, to ensure your coverage is adequate for all the possible health issues women face – it’s important to choose one made just for her.

Why a medical card?
 Cancer treatment is expensive and government hospital wait lists are longer than than the Great Wall. To ensure you get treated when you need to be regardless of your financial standing will make the medical card your best friend and ally during this trying period.

Critical Illness Cover

Critical illness cover
 differs from medical insurance because instead of paying for your medical bills (though you can use the money paid out to do that); it gives you a lump sum disbursement based on your policy and illness to cover anything you need.

However, the lump sum you receive will differ depending on the illness. For breast cancer, this includes which stage you are at. The higher the stage; the higher the disbursement. The percentage of sum assured for disbursement at different stages will be in your policy so do read it carefully.

Why critical illness cover?
 The money is one-off and many people choose to have both critical illness and medical coverage for good reasons.

If diagnosed with the illness; the medical insurance will take care of the treatment bills.

The lump sum payout can help to cover other costs such as a loss of earnings, miscellaneous expenses that come about at the time or even holistic treatments if the patient feels so inclined.

Investment-Linked Life Insurance

Oftentimes, life insurance comes bundled with critical illness cover or medical insurance but you can buy the standalone
life insurance policy with investment linked
 features if you so wish.

Investment-linked life insurance has the potential to earn money and help you grow your savings whilst still protecting you and your loved ones’ finances in the event your cancer turns terminal.

Why investment-linked life insurance?
 With good monitoring, your investment linked policy has the propensity to earn lucrative interest which will then form part of your cash value. This sum can be withdrawn if you need extra money for
anything
 during your illness or even before!

Mammograms in a private hospital can cost between RM160-RM300. If you are tight on cash for the month; a quick withdrawal from your cash value could have you checked out.

The flexible nature of the cash value withdrawal that isn’t subject to doctor letters and the like as required by many conventional medical cards is a boon you can do with when time is of the essence in your diagnosis.

Although, it is an eventuality we don’t like to discuss, if a disease was to turn terminal, a life insurance policy would help ease the burden on your family and estate. Leaving a legacy for loved ones has never been easier than with a life insurance policy.

Getting Protected

Cancer is indiscriminate illness and can attack anyone of any age, class or ethnic background. Whilst we can do all we want to live healthy; it will afford us ultimate peace of mind to know that if a serious illness should befall us; we are financially ready to get the help we need.

This breast cancer month, we at RinggitPlus would like to take the opportunity to express our respect for Malaysia’s strong breast cancer survivors and urge all women to protect their
assets
 through a combination of healthy living and adequate insurance coverage.

If you need help choosing an insurance plan or would like a non-biased view on the best insurance products in the market – do stop by our insurance comparison pages to find the best plan without the hard-selling agent!

Disclaimer: Although the above defines the general types of insurance in the market; actual insurance policies available will differ based on many factors including but not limited to; the company, product, your budget for premiums and your own personal medical history. To find the most suitable product; we advise you to contact a few companies with your details to obtain a draft policy. Take the time read all proposed policies carefully before signing. Do ask your agent all the necessary questions and of course; never sign the dotted line if you aren’t sure!

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Bank Negara Malaysia Ensures Sufficient Ringgit Liquidity In Onshore Market

(Image: The Star)

Bank Negara Malaysia (BNM) has reiterated its commitment to ensuring there is sufficient ringgit liquidity in the onshore market.

According to the central bank, its recent measures have ensured sufficient ringgit and bond market liquidity, particularly the reverse repo operations, Statutory Reserve Requirement (SRR) adjustments, Principal Dealer facilities and the purchase of government bonds. The recent pick up in interbank repo market activities has also allowed banks to better manage liquidity.

“Financial Markets Association Malaysia will continue to work with insurance and asset management associations, corporates and other financial entities to increase the operational readiness on liquidity management, including ensuring that Global Master Repurchase Agreements (GMRA) are in place among market participants,” said BNM. The central bank revealed that three banks will spearhead initiatives to encourage participation in Sell and Buy Back Agreements in the Islamic market.

BNM’s Financial Markets Committee also discussed efforts to increase the number of participants in the repo market, including active participation from Development Financial Institutions (DFIs).

On US dollar liquidity

BNM has access to the United States Federal Reserve’s foreign and international monetary authorities (FIMA repo facility), which can be used to channel US dollar liquidity into the onshore market and alleviate US dollar funding needs if necessary.

“The committee noted that onshore US dollar liquidity conditions remained manageable and had improved over the past weeks following a period of heightened global risk aversion,” said BNM. “However, it also acknowledged that financial markets globally continue to be susceptible to shifts in investor sentiment and thus, US dollar liquidity remains a key factor to be closely monitored.”

On upcoming challenges

In addition to its reaffirmed commitment to provide sufficient liquidity to the wholesale interbank market, BNM will also continue to engage market participants to pre-emptively identify and manage risks. These efforts to ensure uninterrupted financial intermediation will support households and viable businesses through the current Covid-19 crisis.

BNM acknowledged that the economic impact of Covid-19 and its implication on financial markets means that the global economy will be in recession in 2020, but a strong recovery is expected for 2021. Financial markets will play a role in providing liquidity and facilitating corporate funding requirements in supporting economic activities, against the backdrop of a weak growth.

“The meeting discussed how rating actions could lead to knee-jerk reactions and increase volatility in financial markets, despite the global nature of this pandemic and the importance of fiscal spending to avoid long-term damage to the economy,” BNM said further, referring to its Financial Markets Committee meeting on 9 April. “Thus, it is important to put the one-off and transitory fiscal stimulus spending into this broader context in assessing potential ratings actions.”

Lastly, BNM said that on the fiscal policy front, the government’s fiscal stimulus measures have demonstrated its commitment to support economic growth. “The government remains committed to fiscal discipline and expects to resume fiscal consolidation efforts once economic conditions stabilise,” stated the central bank.

(Source:
The Malay Mail
)

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Bank Negara

Bank Negara Malaysia

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Jacie Tan

Jacie Tan

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