Rakuten Trade Expands Foreign Trading Service To Include Hong Kong Stock Exchange

Online equity broker Rakuten Trade has expanded its foreign trading service to include the Hong Kong Stock Exchange (HKEX), the fifth largest stock market in the world. It is the second foreign market to be added to Rakuten Trade’s service, with the first being the US stock market.

According to Rakuten Trade, this new service is designed primarily for experienced traders who are keen to explore beyond the Malaysian market, allowing them to invest in over 2,500 companies listed on the HKEX. These include well-known entities such as Tencent, Alibaba, Xiaomi, Haidilao, and Sinopharm.

Investors also have the option to settle their trades in Malaysian ringgit (MYR) or the local market currency (HK dollar) – a convenience offered via the
foreign currency facility
 for Rakuten Trade’s foreign trading service, rolled out in August 2022. Meanwhile, the brokerage fee for MYR settlements ranges between RM7 to RM100, and starts from a minimum of HK$35 for HKD settlements, as is detailed below:

Trading value
Brokerage fee (trading in RM)
Brokerage fee (trading in HK$)
<RM1,000
RM7
HK$35
RM1,000 – RM10,000
RM9
0.10% of trading amount
RM10,000 – RM100,000
0.10% of trading amount
0.10% of trading amount
>RM100,000
RM100
0.10% of trading amount

On top of that, Rakuten Trade is currently providing free access to real-time price feeds for the Hong Kong market until 31 March 2023, after which it’ll cost investors a subscription fee of RM10. Other perks that Rakuten Trade clients can also look forward to include competitive foreign exchange rates, access to trading ideas by a licensed research and equity sales team, as well as rewards via Rakuten Trade’s loyalty programme.

Clients who wish to begin trading in the HKEX – or even the US markets – must first have a cash upfront account, as well as enable the foreign trading service through the account. Once done, they can then enjoy the convenience of being able to trade in all three markets offered by Rakuten Trade – Malaysia, US, and Hong Kong – via just one cash upfront account.

Chief executive officer of Rakuten Trade, Kazumasa Mise said that the company’s latest offering comes at an opportune time as the Hong Kong market is poised for recovery, especially with China gradually lifting its zero-Covid policy. “In fact, the HKEX benchmark index soared 6.2% in the first two weeks of December, showing positive signs that recovery is imminent,” he stated.

Kazumasa also said that both the US and Hong Kong markets that have been rolled out were the top two markets that were requested by Rakuten Trade clients through its voice-of-customer feedback programme. “Thus far, response for the foreign market service has surpassed expectations and continued to grow at a healthy rate,” he added.

(Image: The Star)

Meanwhile, the head of research for Rakuten Trade, Kenny Yee highlighted that this is a good time to look at the Hong Kong market as valuations remain at reasonable levels. “Based on the current price-earnings ratio of 10.5 times, against its three-year average of around 13 times, we believe there is still further upside for HK stocks, especially with the easing of restrictions in China. The financials will lead the recovery, especially from banks and insurance companies,” he shared.

Rakuten Trade officially launched its foreign market trading service in January last year, with the
US markets as its first foreign market offering
. It enabled its clients to trade US stocks and exchange-traded funds (ETFs) that are listed on the New York Stock Exchange (NYSE) and NASDAQ.

(Source: Rakuten Trade [
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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What to Expect on Your First Payslip

Many first time employees are shocked at their salary deductions, but we’ve all been there. To help you make sense of it, we break down the usual deductions you’ll see on your very first salary slip.

The Difference between Gross Salary and Nett Salary

A
gross salary
 is the amount stated on your appointment or offer letter as the total before taxes, and other statutory deductions (more on those later) have been made. You may also see it referred to as your basic salary.

On the other hand,
nett salary
 is the amount of earnings you take home each month, once all the deductions have been accounted for.

Confusion often arises when you assume that your gross salary is the same amount you will take home and it usually isn’t.

Typical Deductions on Your Salary Slip

These statutory contributions make up the main deductions in your payslip:

1)
Employees Provident Fund (EPF)

Contributions made to the
EPF
 are designed to accumulate retirement savings to help secure employees with a good sum of money when they retire.

You can choose the minimum contribution rate of 8% of your gross salary and this will be deducted every month.

Don’t sweat contributions made to your EPF account as these are tax deductible, up to RM6,000 (inclusive of life insurance premiums) per year in addition to receiving annual dividend payments.

2)
Social Security Organization (SOCSO)

SOCSO contributions benefit employees with financial coverage in case of accidents related to job duties and work travel.

The deductions for employees are rather minimal and follow a pre-set schedule based on monthly salaries.

For example, if you earn between RM2,900 and RM3,000 per month, you would, according to SOCSO’s rate of contributions, pay only RM14.75 per month.

3)
Monthly Tax Deductions (MTD)

As we’ve covered in our income tax article before, If you earn an
annual employment income of RM34,000 and above (after EPF deductions
), you will need to register a tax file and your company might deduct a sum directly from your salary for MTD payments.

To find out the accurate amount to be deducted, try the
e-MTD calculator
 from the Internal Revenue Board’s official website and check it against the sum listed on your salary slip. If they do not match, be sure to seek clarification from your company’s payroll department.

Other Deductions

Your company may also make other deductions that are not mandatory and vary between companies. For example, some may deduct a small fee for access to the office gym but these are usually voluntary payments.

Be sure to check for these and see if you’re paying for anything you’re not using. Since these should never be made compulsory, you can ask for the payments to be removed from your payslip to lower your monthly deductions.

How to Calculate Your Nett Salary

Here’s a rough calculation to help you estimate your monthly final take-home pay:

Assume that your basic salary is RM3,000 per month while your monthly EPF and SOCSO contributions are at RM330 (rate of 11%) and RM14.75, respectively. MTD is at zero because income is below the taxable level.

Formula

=

Basic Salary – (EPF + SOCSO + MTD)

(e.g.)

=

RM3,000 – (RM330 + RM14.75 + RM0)

Nett Salary

=

RM2,655.25

Bonus tip:
 Remember to always keep your salary slip filed as proof of your EPF and SOCSO contributions as well for income tax payments purposes.

Now that you’ve started earning, be sure to put some of it away for a rainy day. We have plenty of high-interest savings accounts for you to consider with our
comparison tool
. Have anything else to add to this topic? Do share your thoughts with us in the comments section down below!

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Timeless Bonus Points Revision For Alliance Bank Platinum, Gold, And You:nique Rewards Credit Cards

Alliance Bank is revising the Timeless Bonus Points (TBP) benefits for the Alliance Bank Platinum, Gold, and You:nique Rewards credit cards. Effective 1 July 2019, the rewards benefits for the three credit cards will reflect the following changes.

Credit Card

Before

After

Alliance Bank Platinum

3x TBP on overseas retail spend

2x TBP on petrol, groceries, and utilities

1x TBP on local retail spend

3x TBP on overseas retail spend

1x TBP on petrol, groceries, and utilities

1x TBP on local retail spend

Alliance Bank Gold

2x TBP on overseas retail spend

2x TBP on utilities

1x TBP on local retail spend

2x TBP on overseas retail spend

1x TBP on utilities

1x TBP on local retail spend

Alliance Bank You:nique Rewards

2x TBP on domestic and overseas retail transactions

1x TBP on domestic and overseas retail transactions

*TBP is awarded on every RM1 of the relevant spend.

Timeless Bonus Points is Alliance Bank’s rewards points system for its credit cards. As its name implies, points earned do not expire and can be used to redeem anything from store vouchers to air miles.

Do take note that the same exclusions for TBP apply as before: all three credit cards do not award TBP for transactions made at government agencies, whereas the Gold and You:nique Rewards cards also do not award TBP for petrol transactions. In addition, the revisions do not affect the
Alliance Bank Visa Infinite
, which has one of the
best air miles conversion rates
 for overseas spending among credit cards in Malaysia.

(Source:
Alliance Bank
)

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Get Guaranteed Gifts Like RM800 TNG eWallet Credit & JBL Devices This Week

The Unbox This Week credit card campaign is back with plenty of exciting rewards.

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

From 1 September to 5 September, our featured bank partners are

Citibank, HSBC Bank, Standard Chartered Bank, Alliance Bank, and Public Bank
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Citibank – RM800 Touch ‘n Go eWallet Credit

Get RM800 Touch ‘n Go eWallet credit guaranteed to you when you sign up, activate, and spend with a new Citibank credit card. Spend on tolls, parking, meals, or use it to pay off your bills. You can even gift it to friends and family.

Remember to activate and spend a minimum of eight retail transactions on your new card within 60 days upon gaining approval. Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion. Otherwise, those who wish to apply for their new Citi credit cards can
head on over here to do so
.

HSBC Bank – RM800 Cash Via DuitNow

Want an extra RM800 to spend? Apply and spend with a new HSBC Credit Card and you’re guaranteed to walk away with RM800 Cash via DuitNow. Spend it on groceries, buy yourself a shiny new thing, use it to pay for bills, or gift it to your loved ones.

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

Public Bank – JBL Jr310BT Wireless Headphones

Safe for your little ones, the JBL Jr310BT is a pair of Bluetooth headphones designed with legendary sounds, a 30-hour battery life, and easy controls for easy navigation. The comfortable fit and ultra-portable design makes it suitable for music-lovers of all ages.

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

Standard Chartered Bank – RM200 Shopee e-Voucher or URBANlite Trapez 24’’ Hard Case Luggage

Which reward will you be choosing? Take your pick between the RM200 Shopee e-Voucher and the URBANlite 8-Wheel Spinner Hard Case Luggage. Give yourself the gift of retail therapy or protect your prized possessions on your travels.

Everyone’s a winner when you apply for selected Standard Chartered credit cards. Just remember, you will need to activate your card within 30 days upon approval to be eligible for this gift. Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign. If you qualify, then you can
apply for your new Standard Chartered credit card here
.

Alliance Bank – JBL LIVE FREE NC+ Earbuds

or JBL TUNE710BT Headphones

Get a guaranteed JBL Live Free NC+ TWS Earbuds or JBL Tune 710BT Headphones when you apply for a new Alliance Bank Credit Card.

Enjoy your favourite movies or music with the JBL Signature Sound while using the wireless JBL Live Free NC+ TWS Earbuds that’s guaranteed to you when you apply for a new Alliance Bank Credit Card with Balance Transfer.

Otherwise, you are guaranteed to take home the sleek designed JBL Live Free NC+ TWS Earbuds with comfortable padded ear cups when you apply for an Alliance Credit Card.

Upon approval, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the prize. 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
.

***

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

While this week’s flash deal ends on 5 September (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Lisa Ameera Azman

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World's first 'test tube' burger eaten in London costs £215,000 to make

Science has seemingly

given a reason for both vegans and meat lovers to rejoice. Scientists have

managed to turn cells they took from a cow into strips of muscle, combining

them to make a patty. The process uses 45% less energy, 96% lesser greenhouse emissions and 99% less space and could turn around the way meat production impacts the environment.

Sadly, our pockets need several thousand per cent more money to buy the beef. The research was rumoured to be funded by the co-founder of Google and cost £215,000 (RM1,076,080). That’s one expensive burger!

The world’s first fully

lab-grown burger
 was cooked and eaten by two food critics at a news

conference in London. The texture of it, according to the food

critics, is surprisingly close to that of a normal burger patty. However, the

taste and flavor is somewhat different.

“The mouthfeel is

like meat. I miss the fat, there’s leanness to it, but the general bite feels

like a hamburger. What was consistently different was flavor”, said Mr

Schonwald, a food writer.

There were talks about

insects being the food of the future, now there are burger patties being grown in the

lab. What will be thought of next?

*Picture courtesy by Grant Cochrane at FreeDigitalPhotos.net.

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Matthias Sim

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Can A Trading App Cater To All The Different Kinds Of Investors In The Market?

With a growing number of investment platforms, investors are always looking for the best; whether it’s the variety of tradable securities, convenience in making transactions, or access to important features.

M+ Global is a homegrown trading app regulated by the Securities Commission where investors can buy or sell stocks, bonds, callable bull/bear contracts (CBBCs), exchange-traded funds (ETFs), warrants, real estate investment trusts (REITs), and even initial public offerings (IPOs) across global markets like the United States and Hong Kong.

This app by award-winning investment company Malacca Securities also offers personalised features, 24/5 customer service, and more that make it a suitable platform for all investors, beginner or seasoned.

Backed by over 60 years of establishment in the local financial landscape, the M+ Global trading app by Malacca Securities offers a combination of remisier services, personalised insights, digital tools like Shariah screening and real-time quotes to help all traders achieve their investing goals conveniently.

Invest online safely with M+ Global and stand a chance to win Apple AirPods and unbox one mystery stock.

Learn more about M+ Global
here
.

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Make Your TV The Centrepiece Of Your Home

As the traditional focal point of the living room, the humble television has gradually taken more importance to the home – especially as we spend more time indoors. Today’s TVs not only elevate the viewing experience thanks to innovations in picture quality, but also in their designs – transforming them from just another home appliance to the centrepiece of your home.

This is evident in OLED TVs, which are often seen as the luxury car of TVs thanks to their breathtaking visual experience and stunning slim designs – just look at the side profile of this LG C2 OLED evo TV:

Technologically Superior – OLED vs Others

If you’ve never had the “OLED experience”, be warned that it will change the way you look at your current TV forever. The inherent technological advantages of OLED are immediately visible in the way OLED TVs display black colours on the screen – it sounds weird to say this, but they’re
perfectly
 black, not just “deep blacks” that you’re used to with the usual LCD-based TVs in the market. LCD TVs tend to also create “blooming” or halo effects around bright objects on a dark background.

It’s very easy to understate this, so when you have the time, do check out your local home electronics store and look at how an OLED TV, like the new LG OLED evo TVs, and a non-OLED TV displays the same footage. The difference will stun you.

OLED pixels are “self-lit”, unlike IPS or VA panels used in LCD TVs that require a backlight to display colours. Because of the self-lit pixels, you not only get true blacks, but also perfect colour reproduction, resulting in a whole different level of picture quality that even the best LCD TVs simply cannot match.

That’s not all either. The inherent nature of OLED technology also brings various other benefits, which means everyone will enjoy the OLED difference, whether you’re a movie buff, a sports fan, a gamer…or even someone who cares more about the aesthetics.

The OLED Difference

Movie nights will never be the same again with an OLED TV. In fact, you may prefer to stay home than go to the cinema! OLED TVs have superior picture quality: richer and more vibrant colours, 4K resolution content, high dynamic range (HDR) capability – these three features cannot be matched by cinema projectors which are often running on old technology. Plus, software features like Dolby Vision IQ and Dolby Atmos running in LG’s next-generation OLED evo TVs further enhances the cinematic experience. And if you think size is an issue, LG Electronics Malaysia offers OLED evo TV sizes starting from 48 inches all the way up to a massive 88-inch Signature OLED TV – there’s a perfect size for every living room.

With a good sound system in place (and a nice sofa of course), watching movies at home with an LG OLED evo TV is like watching in a private cinema – only better.

Meanwhile, there’s another advantage for you sports lovers too. OLED TVs have wide viewing angles and colours don’t fade or change when viewed from the sides, so they’re great for watching the latest match or race with friends and family. OLED pixels also have near instantaneous response times (just 0.1ms
1
!), and with real-time software enhancements like LG’s OLED Motion Pro, you can expect smoother action and clearer detail in every type of sport.

Finally, without any backlight and OLED’s flicker-free nature means less eye strain when you focus on the match. LG goes one step further here, with its OLED evo TVs being internationally certified as flicker-free as well as low blue light and glare-free displays.

And for the gamers, OLED technology is the best visual companion. OLED TVs are perfect for console gamers, allowing you to fully appreciate and immerse yourself in the game world with stunning visual clarity combined with high native refresh rates. Elevate your gaming experience to another level with LG’s OLED evo TVs – with premium gamer-centric features like 120Hz refresh rate at 4K resolution, 0.1ms
1
 pixel response times, full-bandwidth HDMI 2.1 on all four HDMI ports for next-gen consoles, variable refresh rate (VRR), and auto low latency mode (ALLM), LG OLED evo TVs are widely recognised as the best gaming TVs you can find today.

Oh, and one more thing: LG OLED evo TVs support both AMD FreeSync
TM
 Premium
2
 and NVIDIA G-SYNC Compatible
3
. The certifications from both NVIDIA and AMD mean that these TVs will not have screen tearing issues when gaming (screen tearing occurs when the display’s refresh rate does not match the frame output of the graphics card. AMD FreeSync
TM
 and NVIDIA G-SYNC Compatible displays lock the refresh rate with the frame output to create smooth motion).

LG OLED evo TVs – The Next Generation OLED Experience

As the industry leader in OLED TVs, LG continues to revolutionise the premium TV industry with its OLED TV lineup. LG is the trusted brand for OLED TVs, holding the record as the world’s No.1 OLED TV brand for 9 consecutive years.

For 2022, the new LG OLED evo TVs improves upon previous models thanks to a new OLED panel technology with higher peak brightness as well as LG’s latest α9 Gen5 AI processor. LG’s most powerful chip yet, the α9 Gen5 processor takes advantage of its deep-learning algorithms to remove noise, enhance picture quality, and optimise HDR mapping – all in real-time.

The new LG OLED evo TVs are even sleeker than ever before. At first glance, you might even mistake the G2 Gallery TV model for a work of art thanks to its unique design that allows it to be mounted flush against the wall or even placed on the optional Gallery Stand. Meanwhile, the C2 models feature a new stand that’s smaller and lighter than the previous generation.

With ultra-slim bezels and a side profile that’s just milimeters at their thinnest point, the new LG OLED evo TVs are sleek machines even when turned off. It’s no wonder that they are desired from those who demand the best in visual technology
and
the best in aesthetic design.

So if you haven’t yet experienced the OLED difference, it’s now a great time to light up your world with LG OLED TV. Find out more about
LG OLED evo TVs here
.

1: Response times tested and certified by Intertek.
2: AMD FreeSync
TM
 Premium available on the LG OLED Z2, G2, C2, and B2 series.
3. NVIDIA G-Sync Compatible supported on the LG OLED Z2, G2, C2, and B2 series.

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Pang Tun Yau

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A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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How To Find The Right Financing For Your Business

For every business owner, there will come a time when you would need extra cash, whether it’s to sustain your business or to expand it. Needless to say, finding the right loan is crucial for your business. But with so many financing products in the market, which one suits your needs?

Before applying for a loan, you can look into the different types of financing in the market. Each type of financing serves a certain purpose and possesses different requirements. You can then match your needs and capabilities to the right financing for your business.

In general, there are three types of business financing available in the market that each serves its own unique purpose.

1.
Financing For Working Capital

Every business owner has experienced his or her fair share of challenges, including unexpected ones such as stock damage due to floods. In certain industries like retail, it is also common to experience sales cycle fluctuations where business might pick up during certain months and flatten during others. In such circumstances, you need to ensure there is sufficient capital to tide things over while making recovery.

A common available fund to support immediate needs is working capital financing. There are various product packages for Micro, Small, And Medium Enterprise (MSMEs) based on their cash flow and trade cycle. In fact, if you are an existing Maybank customer, you may be able to get up to RM250,000 in cash within 10 minutes after acceptance via
Maybank SME Digital Financing/-i
. It is open to MSMEs and even start-ups that have been in business for a minimum of one year.

For SMEs that require a higher amount of working capital but do not have collateral to pledge, there are other options based on your business requirements. MSMEs may opt for any of the packages that Maybank is offering in partnership with the
Credit Guarantee Corporation Malaysia Berhad (CGC)
 and
Syarikat Jaminan Pembiayaan Perniagaan Berhad (SJPP)
 for a working capital line from RM250,000 up to RM1,500,000 in the form of an overdraft, term loan, or trade facility.

Also, for exporters that obtain financing under the SJPP, you can also enjoy a 2% rebate on interests or profit rates exclusively for SMEs that have 50% of their sales or turnover contributed from export trade.

Last but not least, business owners who have collateral may also opt for a re-mortgage plan via
Maybank SME Property & Business Financing/-i
 for additional working capital. This package offers a margin of financing of up to 120%, in which the working capital portion can go as high as 30% of the property value.

2.
Financing To Own Business Properties

At some point where your business is scaling up, you will need financing that can help you expand with confidence.

For business owners who are looking to acquire assets such as shop lots and factory buildings as part of their expansion plans, you can consider
Maybank SME Property & Business Financing/-i
 , an asset-backed financing where you can get financing for your property as well as extra working capital, be it in the form of a term loan, overdraft, or tradelines. SMEs can apply for financing either with Margin of Advance (MOA) or financing up to 120% which includes your insurance and legal fees as a part of the financing amount. You may also enjoy MOA of up to 150% on a campaign basis, depending on your eligibility.

3.
Financing That Facilitates Overseas Trade Of Goods & Services

Importers and exporters frequently utilise trade finance as a means that not only makes business transactions possible, but also easier. MSMEs that are in the export and import business can consider trade financing to ensure fewer delays in payments and shipments.

This way, both importers and exporters will be able to run their businesses and plan their cash flow more efficiently.
Maybank Trade Financing
 offers a myriad of solutions including invoice financing, bankers’ acceptance, bank guarantee, and many others, which can be tailored to your business needs. For instance, invoice financing is an alternative working capital facility where it can help SMEs to gain quick access to financing amounts that have been invoiced, which is different from the regular term loan, providing more flexibility. Moreover, with a wide network of over 2,300 correspondent global banks, Maybank can provide SMEs with better access to fulfilling their international transaction needs.

***

With so many financing products in the market, it can get confusing when trying to find one that fulfils your needs. In this article, we’ve outlined three types of financing that address the most common funding needs of a business owner. If you’re looking to get financing, you can consider Maybank’s various packages for extra working capital that do not require collateral, provide asset-backed financing, and financing for trade of goods and services.

Note: The contents of this article do not constitute financial advice. Readers should conduct their own research before making a financial decision.

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Top 5 Things You Should Know Before Buying Home Insurance

You’ve just bought your dream home, and now you’re all fired up to start a new life in what could be your family’s home for generations to come. But before you even begin to think about which new furniture to buy, remember that you need to get a suitable home insurance policy to protect your newly bought home.

Here are the five things that you should know before buying your home insurance; because after all, you wouldn’t want to get the wrong protection for one of your biggest investments, would you?

1. Read, Re-read, and Understand the Policy Before You Buy

Few people actually go through their insurance policy before paying for it, putting their trust in the insurance agent or person in charge instead.

It’s important to first understand your home insurance policy before buying it so you’ll be certain of the things that you can and cannot claim for – not to mention the amount of which you can claim from the insurance company. This is why it’s important to get your insurance agent to explain and clarify the exact coverage that you’re entitled for under your policy
before
 you buy it.

This is also the stage where you can adjust your coverage according to your needs, whether you need a higher sum assured, additional coverage, or even drop any unnecessary coverage you feel is unnecessary from your policy.

2. Buy from The Right Channel

Home insurance is a requisite when you purchase your home with a home loan, and most people tend to also purchase their home insurance from banks that finances their home loans.

This may seem like the most convenient option at the time, but it’s more advisable for you to purchase your home insurance from a trusted insurance company. They are better trained to help you understand your policy and advise you on the best coverage and sum assured that fit your needs before you commit to one.

3. Review, Calculate, and Get the Accurate Estimates

Always get the accurate estimates of the cost of the re-building of your home and the cost of all its contents. You need to ensure you have sufficient amount of sum assured so you’ll be fully covered in the face of a disaster.

Use a sum insured calculator or speak to an insurance officer or agent to help choose the best policy for your estimated needs.

4. Only Get the Coverage You Need

Of course, when it comes to protecting your home, you’d want to get every protection you can get in the market. However, remember that the more coverage you get, the higher your premium will be. Take some time to analyse your home insurance needs and drop the less important coverage from your policy.

For example, if you’re not renting your home, there’s no point in getting a landlord coverage and paying the extra premium for it. You can always add any additional coverage to your policy as and when you need it.

5. Invest in Safety and Security Equipment

Having safety and security features such as fire alarms and fire-fighting equipment can help lower the risks of your home being destroyed in a fire, while security cameras can sometimes help deter burglars. This, in turn, may help lower your home insurance premium.

So, there you go; keep these five things in mind before purchasing your home insurance to help you get the most out of your policy. If you are looking for a customisable home insurance policy that won’t burn a hole in your wallet, check out the newly launched
Allianz Smart Home Cover*
, the first modular home insurance of its kind in the market! modular home insurance of its kind!

It allows you to select the coverage you need for your home, and by doing so, helps you save on your home insurance premium. You can choose the coverage from Allianz Smart Home Cover’s from the their available options as follows:

●
HomeOwner
 – covers your residential building from damages.

●
HouseHolder
 – covers the contents of your home.

●
Mortgage Loan Installment Protection
 – covers your home loan repayments when you can no longer pay them.

●
HomeFix
 – covers the costs of your home repairs and maintenance.

●
Landlord Insurance
 – covers you, as a landlord, from tenants in case of damages or disappearing without paying rent.

Check out Allianz’s website for more information on the
Allianz Smart Home Cover home insurance
, and get the perfect (and customised) home insurance policy that fits your home protection needs like a glove!

*Terms and conditions apply.

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Kenanga Launches KDI Save Cash Management Fund Offering Up To 3% p.a. Returns

As part of the launch of Kenanga Digital Investing (KDI), Kenanga also introduced KDI Save, a savings product under the KDI platform. KDI Save is absolutely free to use, and offers a promotional rate of 3% p.a. from now until the end of the year.

As a cash management fund, KDI Save offers a competitive base rate of 2.25% p.a. that’s among the highest among cash management funds in the market. To celebrate the launch of the new product, KDI is offering a limited-time bonus rate of 3% p.a. for the first RM200,000 saved in KDI Save. As mentioned earlier, this bonus rate is valid from now until the end of the year.

As expected of a cash management fund, there are no fees and zero lock-in periods, restrictions, or penalties. In addition, the minimum investment amount for KDI Save is only RM100, and KDI claims that withdrawals take only one day.

“We are proud to launch KDI Save, a cash management product with one of the highest returns in the market, while KDI Invest provides gateway to the global markets at an affordable fee,” said Ian Lloyd, Group Chief Digital Officer of Kenanga Investment Bank Berhad.

As a complementary product to the new
KDI Invest roboadvisor
, KDI Save is also hosted on the Kenanga Digital Investment platform, meaning investors need only open one KDI account to have access to both products. Both KDI Invest and KDI Save are available under the
KDI platform
, and on the KDI mobile app on
Google Play
 and the
Apple App Store
.

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Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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How do Bank Loans Work?

We’re sure many RinggitPlus users are already well aware of the answer to this. But do you know why banks need to charge interest? Or why there are banks around in the first place? Don’t worry if you’re not entirely sure of the answers to these, because we’ve put together a quick graphical explanation to help you. The comic below can also be useful to teach young ones about the basics of how bank loans function. Check it out!

Helping you look for the best financial instruments out there is what we do best, and you’re welcome to browse around the site to find the best
personal loans
,
home loans
, and other products that fit your needs. Do you have anything to say about this comic? Do let us know in the comments section down below!

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3 Common Debit Card Myths To Stop Believing

Over the years, the humble debit card has always been compared to credit cards. While both debit and credit cards may look the same, there are fundamental differences between the two. That being said, a better comparison would be between a debit card and cash.

A debit card is essentially a convenient way of making daily purchases as it frees you from carrying too much cash around with you. Unfortunately, many still assume that a debit card is nothing more than an ATM card – but there’s more to the humble debit card than you might think.

Here are a few common misconceptions about debit cards that you should stop believing in.

#1 Debit cards can only be used to withdraw money

Yes, a debit card can be used to withdraw money from an ATM but that’s not its only use! In fact, all Malaysian issued debit cards come with MyDebit and either Visa or MasterCard, which can be used to make everyday payments.

A debit card is linked to either a current or savings account. So whenever a purchase is made, the amount is deducted from that account. Whether it’s paying for a cup of coffee at the local cafe or shopping at your favourite store or even paying your bills, a debit card can do it all with no interest charges.

Moreover, your Malaysian issued debit card can also perform contactless transactions; therefore allowing you to carry out cashless and contactless purchases.

Not only can you spend with your debit card, you can also keep up with your transactions and track your spending habits to avoid unnecessary purchases to stay within your budget by setting up a purchasing limit.

#2 Debit cards don’t have any rewards

Simply not true. There are many regular bank campaigns that offer exclusive rewards for both debit and credit cardholders. By spending or dining at selected stores and restaurants, you can enjoy cashback, rebates, discounts, or even complimentary gifts and services.

To enjoy these privileges, it’s best to check the bank’s website to keep up with the latest promotions that you won’t be able to take advantage of if you paid with cash.

#3 Debit cards are not secure

Again, not true. Like credit cards, debit cards do come with the latest security features such as a secure chip to prevent counterfeiting and fraud protection.

The contactless transaction feature on your debit card has a standard purchasing limit of RM250 – spending more than that requires you to enter your PIN. These limits can easily be customised depending on your spending habits.

You can also request for transaction alerts to be sent to your registered phone number to notify you whenever a transaction is made with your card. That way, you can alert the bank instantly to freeze your card and block any unauthorised transactions.

By understanding the truth about debit cards, you can use it as a convenient financial management tool to make everyday purchases, track spending, enjoy rewards, and of course, withdraw money from the ATM. For more information on debit cards, head to
Pay With Debit’s website
!

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Katrina Balan Quiroz

Katrina Balan Quiroz

Copywriter. Katrina is fueled by a need to turn a confusing wall of text into something comprehensible, and drip coffee.

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Global Money Week 2022: RinggitPlus Academy Hosts Free Webinar On Financial & Retirement Planning

The RinggitPlus Academy will be hosting a special online webinar on topics related to financial and retirement planning, in conjunction with the upcoming Global Money Week 2022. Titled RinggitPlus Academy: Optimise Your Finances For Today And Tomorrow, there will be two sessions – in English and Bahasa Malaysia – and are made available to the public for free!

During the webinar, you’ll be exposed to the basics of the financial and retirement planning process, such as how much to save for your nest egg. The speakers will also discuss the pros and cons of certain strategies – such as purchasing insurance to fund your retirement – and more.

Speaking at the webinar (via Microsoft Teams) are our very own licensed financial planners, Priscilla Yong and Roshan Kanesan, with the full details of the sessions as shown below:

Sessions
Date and time
Presenter
Bahasa Malaysia webinar session
21 March 2022 (Monday)
8pm – 9pm
Priscilla Yong (CFP)
English webinar session
22 March 2022 (Tuesday)
8pm – 9pm
Roshan Kanesan (CFP)

If you’re interested to attend either of the webinar sessions, all you have to do is sign up using your name and email address. Once we’ve confirmed your registration, we’ll send you the webinar link, which you can then use to join in on the day itself.

Note that the webinar sessions will be conducted live and only once in either BM or English – so make sure you don’t miss out and
register here
 today!

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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 Things You Can Do To Cut Costs for Your Small Business

Say you’re running the numbers for your new small business and you see that your losses seem to be more than your gains. What happened? Maybe your product or service isn’t selling that well yet. Maybe it’s a seasonal dip and these numbers are expected. Or maybe… you’ve been spending more on your business than you should. In that case, we’ve got some tips for you on how you can save up on your operational costs.

1. Explore Business Plans for Online Services

We’ve talked before about the kind of
online tools and services
 that your business might need. These tools, like any online software, would have a minimally functional free version, a more fully-featured paid version, and often, a pricier business version. If you use these kinds of software often or you require a large number of machines to be using it, it might be worth checking out the business plans.

While they might seem pricier when you make a direct comparison to the other plans, you might end up saving more money by going for the business version. The increased capacity and features can speed up productivity which in turn, can positively affect your revenue. Of course, as with anything, be sure that you stand to gain a lot by going premium before making the jump. It might not be worth pursuing if the added features or capacity won’t be put to optimal use.

2. Sublet Your Extra Space

If your business currently operates out of a sizable office or building that you have free reign to use as you see fit, try subletting the extra space you have. This tip also makes sense if you’re just running a tiny business out of your house. Make your home office your primary place of work and sublet the other rooms in the house for some extra income. You’ll be surprised by how much the earnings you make here can offset your expenses.

Subletting isn’t the only thing you can do with extra space. You can also rent out storage spaces that you’re not yet using or offer it to other small businesses who need it seasonally.

3. Hire Interns and Freelancers

This is a much easier step to take if you haven’t already hired full-times to do some of the labour necessary for your business. Ideally, before you begin operations, consider whether or not the full-time positions you deem absolutely necessary can be outsourced to interns, freelancers, or part-timers instead.

Use resources like kaodim, upwork, or fiverr to look for short term contractors to do seasonal or one-off work. You can find cleaners, maintenance workers, and even people who can help with taxes. Paying them on a short-term basis like this cuts down on a lot of overhead. Check out 99designs or designhill also if you’re looking for people to do graphic design work like logos, cards, and the like.

4. Fix Inefficiencies

When you’re in the middle of running your SME operation, it can be tough to zoom out and see the bigger picture of how everything works. Schedule a time to really look into your product or service pipeline and see if there are any glaring inefficiencies in the process that you can save money on.

Maybe you don’t need a heavy marketing arm right now, or maybe you’re doing your restocking a little too often. Whatever move it may be, you won’t know what it is unless you take the time to honestly assess how your business functions and look at it with an eye to cut down on costs and maximise your capital.

5. Negotiate with Your Vendors

Just as with consumer services and utilities, you can actually call people up and ask for lower prices. As a consumer, the product or service has an interest in keeping you as a customer, so they will often try their best to come to a reasonable deal. This goes double for your vendors when you’re running a business. Try calling your vendors up and see if you can’t negotiate a lower price with them.

To ensure success with your negotiation, make sure you do your homework well. Study up on the price of the competition, the level of service being provided, and what kind of value your business can offer them. Doing this research beforehand might even prove to you that you’re better off switching vendors! But if that’s not the case, remember that your goal in negotiations is to receive the best price and payment terms, so make every offer with that in mind.

What Else?

Of course these are not the only ways you can cut costs for your SME, but we thought this might be a good place to start. Starting a business can be a daunting task but if you are prepared with the right tools and information, there is little to worry about. In fact,
RHB’s SME Knowledge Centre
 has a great pool of resources and advice you can use to help you find ways to manage your business better. Happy reading!

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

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UOB Credit Card Dining Privileges at Cristallo

Part bar, part dining and part dance lounge, Cristallo combines the best of KL nightlife and serves it up with a side of the citiy’s skyline view. From 2 May till 31 December 2013 UOB credit cardmembers are entitled to 20% off when they pay their food bill with any UOB credit card. Discount does not apply to tobacco products and alcoholic products.

This promotion not valid with other offers, promotions, discounts, set menu, functions, special events and loyalty programmes. Dining privileges are available throughout the year except on the eve of public holidays and public holidays. Further promotion details available on the
Terms & Conditions
 page.

Still indecisive about which UOB credit card to get? Find the right one for you on
RinggitPlus.com

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Brendon Lee

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HLB Launches Earth Hero Initiative, Encourages Financial And Environmental Literacy In Children

Hong Leong Bank (HLB) has collaborated with social enterprise Animal Projects & Environmental Education Sdn Bhd (APE Malaysia) to introduce a new initiative aimed at increasing financial and environmental awareness in children. Dubbed Earth Hero, it seeks to teach them about the impact of their choices on the planet.

In its statement, HLB said that the initiative leverages on the bank’s HLB Pocket Connect mobile app, a digital banking platform tailored for children. Participating children will need to accomplish various assignments found under the new “Task” section in the app, which is linked to a reforestation project in the Lower Kinabatangan Wildlife Sanctuary in Borneo.

Each completed task will earn the children some extra pocket money as well as the opportunity to plant a virtual tree. For every 20 virtual trees achieved, one actual tree will be planted by HLB on behalf of the children. Each child will also receive a certificate with GPS coordinates of the real tree planted in their name. HLB clarified that the reforestation project targets to plant 2,500 trees in total.

Group managing director and chief executive officer of HLB, Domenic Fuda said that the Earth Hero initiative is a result of the bank’s effort in expanding its sustainability initiatives by promoting financial inclusion and literacy through its products and services.

(Image: The Sun Daily)

“We have seen good traction in the uptake of this app (HLB Pocket Connect) and view this platform as a good opportunity to gamify financial education with tangible rewards that benefits the environment, with the guidance of parents and in partnership with an eco-social enterprise,” he said, adding that this initiative makes HLB the first bank in the region to combine financial and environmental literacy for children on a banking platform.

“People are fundamental for the conservation of the environment we live in,” commented Mark Louis Benedict, a project manager from APE Malaysia. “We are excited to partner with Hong Leong Bank to take a novel approach in bringing together the values of financial and environmental literacy to nurture and inspire an environmentally engaged future generation who will become stewards of our planet and sustainability,” he further said.

To join the Earth Hero campaign, you will need to first open
a 3-in-1 Junior Account
, and then download and register for the HLB Pocket Connect app. Once that’s done, you can then go ahead and complete tasks to earn your trees!

For context,
HLB’s Pocket Connect mobile app
 was first launched in August this year. Featuring three key functions – Earn, Save, and Spend – it enables children to take charge of their own pocket money and savings with the help of their parents.

You can find out about
HLB’s Earth Hero initiative
 on the bank’s website here.

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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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SPAN, Shopee Bring Back Jimat Air 4.0, Offer Up To RM400 Discount Vouchers

Suruhanjaya Perkhidmatan Air Negara (SPAN) has announced that it is bringing back its Jimat Air campaign for yet another round, this time for its fourth iteration. Once again rolled out in collaboration with Shopee, Jimat Air 4.0 will provide consumers with up to RM400 rebate vouchers for water-efficient home appliances.

Under Jimat Air 4.0, consumers will be able to tap into the following vouchers for discounts when they purchase selected items online from participating merchants:

1x RM200 discount voucher for washing machines

1x RM150 discount voucher for water closets and urinal equipment

1x 50% discount voucher for water taps and shower heads (up to RM50)

These Jimat Air 4.0 vouchers will be automatically credited to your Shopee account starting from 23 March 2023 onwards (likely in batches), provided you successfully verify your ShopeePay e-wallet by 19 March. Once it is credited, you will be able to find them in the “My Vouchers” section – which you can access from your Shopee account page.

From there, just tap on the “Use” button, and you’ll be able to browse through a list of products that can be purchased with the Jimat Air 4.0 vouchers. Participating merchants include Power Planet, Ga Hing, and Smart Lifestyle Distributor, selling products from a variety of brands such as Midea, Electrolux, Toshiba, LG, and Bareno. Upon finding something that you like, go ahead and check out as usual; the Jimat Air 4.0 voucher will be automatically applied.

Make sure to also check the terms and conditions for using the vouchers, in case there are limitations imposed on your redemption eligibility if you’ve made purchases via previous Jimat Air campaigns before. This is because under Jimat Air 3.0, users who had previously redeemed discount vouchers during Jimat Air 1.0 and 2.0 were not eligible to claim Jimat Air 3.0 vouchers from the same categories – so best to double confirm before making your purchases!

SPAN and Shopee both have yet to release an FAQ clarifying this, but they may do so closer to the date of release of the vouchers. Alternatively, you can reach out to SPAN at 03-8317 9333 or email them at
[email protected]
 if you’d like to enquire about this matter, or have any other questions.

SPAN said that Jimat Air 4.0 is a continuation of its efforts from
Jimat Air 1.0
 to
Jimat Air 3.0
, and maintains its original aim of increasing public awareness regarding the use of water-efficient home appliances and fixtures, as well as improving the public’s accessibility to these items. Specifically, these products must be recognised under the Water-Efficient Product Labelling Scheme (WEPLS) guidelines set by SPAN.

Finally, note that the Jimat Air 4.0 campaign is set to run until the end of June 2023, with the vouchers to be utilised on a first-come first-serve basis with a total allocation of RM100,000 by SPAN.

(Sources:
Shopee
,
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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Malaysian Banks Offer Flood Relief Assistance For Impacted Customers

(Image: Channel News Asia)

In a bid to assist the victims of the recent flooding that has hit Malaysia, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has said that his ministry is working with Bank Negara Malaysia (BNM) and various banking associations to offer payment assistance programmes for borrowers affected by the floods.

In the meantime, several banks have taken the initiative to quickly announce flood assistance programmes so that their affected customers can begin to reconstruct their lives as soon as possible. Here are some immediate aids that are being provided by the following banks:

Alliance Bank

(Image: The Star)

Alliance Bank’s flood relief assistance programme will allow impacted individuals and businesses to extend their loan and financing moratorium by up to six months. Customers may also speak to bank personnel for loan repayment modifications, if applicable. On top of that, Alliance Bank said that it will waive finance and fee charges for selected services, such as the replacement of debit and ATM cards damaged or lost in the flood.

You may contact Alliance Bank’s contact centre at 03-5516 9988, or speak to their relationship managers directly for assistance.

(
Source:
Alliance Bank
)

AmBank

(Image: The Star)

AmBank has also rolled out a flood relief programme to help its affected retail, as well as small and medium enterprise (SME) customers. They will be offered a moratorium of up to six months for all loan and financing facilities, including credit cards, with no late or penalty charges imposed during the moratorium period. To apply, you can:

Email your request to
[email protected]
, along with supporting documents (such as a police report or a confirmation letter from the National Security Council (KKM))
Visit the nearest AmBank branch
Call the contact centre at 03-2178 8888 (individual customers)

On top of these, AmBank customers who wish to replace damaged or lost passbooks, cheque books, fixed deposit certificates, as well as ATM, credit, and debit cards will also be exempted from any replacement fees.

(
Source: AmBank [
1
,
2
]
)

Bank Islam

(Image: The Malaysian Reserve)

Under Bank Islam’s Prihatin Programme for Flood, all affected customers with financing facilities will be able to apply for financial relief of up to six months on their monthly commitments. However, terms and conditions apply – so customers will need to reach out to bank personnel for clarification. Aside from that, the bank has also agreed to waive the replacement fees for damaged or lost debit-i cards and cheque books.

You can contact the bank’s call centre at 03-26 900 900 for more information, or send your questions to
[email protected]
. Alternatively, you can also visit the nearest bank branch, or visit
Bank Islam’s website
.

(
Source: Bank Islam [
1
,
2
]
)

Bank Muamalat

(Image: The Malaysian Reserve)

Bank Muamalat has also shared its willingness to assist affected customers on its social media, noting that “[a]ffected customers can contact the bank to discuss any issues related to a refund of funding in case of financial difficulties following the floods.” It did not, however, clarify specific aids that may be offered.

The bank also stated that customers who are replacing their debit cards will not be charged any fees.

(
Source:
Bank Muamalat
)

Bank Simpanan Nasional

(Image: The Star)

BSN, too, has drawn up a flood relief programme to provide loan and financing repayment assistance, but did not share much details on its announcement page. Instead, it noted that customers should call the BSN contact centre at 1-300-88-1900 for more information, or email their enquiries to
[email protected]
.

You may also include the following details in your email if you are ready to apply for the programme:

Name
IC number
Telephone number
Type of financing (e.g. home loans, hire purchase, personal loans, etc.)
Other relevant details (e.g. vehicle registration number for hire purchase)
Financing reference number (if applicable)
Home/workplace/business premise address

(
Source:
BSN
)

CIMB Bank

(Image: Bernama)

CIMB said that it will provide affected customers with a six-month payment relief on loan and financing product for both affected individual and business customers. To apply, they will only need to provide their basic information. In addition to that, CIMB will waive late charges and fees for impacted customers, along with the replacement charges for replacements of credit and debit card, passbooks, and bankers’ cheques. You will not need to pay for statement requests as well.

Furthermore, affected SME customers in need of additional cash flow assistance can also enquire about a disaster relief facility of up to RM500,000 at a preferential preferential rate.

Those who would like to find out more or apply for CIMB’s flood relief assistance plan can do so by calling the bank’s contact centre at +603 6204 7788. SME borrowers, meanwhile, can apply online through CIMB’s website.

(
Source:
CIMB Bank
)

Hong Leong Bank

(Image: The Star)

Similar to many other banks, affected Hong Leong Bank customers can tap into a flood relief assistance programme, which also provides a six-month payment deferment on all loan and financing facilities, including credit cards. This applies to individual, SME, and microenterprise customers. On top of that SME and microenterprise customers can request for additional financing if they are in need of extra help for the recovery of their businesses.

Individual borrowers who are interested can apply by:

Registering via a
dedicated webpage
 (supporting document is required, such as a photo of your flooded premises)
Responding to a direct SMS from Hong Leong
Calling the bank’s flood relief assistance hotline at 03-7957 1888
Sending an email to
[email protected]
Visiting the nearest Hong Leong branch

SME and corporate customers, meanwhile, are required to contact their relationship managers.

Aside from that, HLB is also replacing debit and credit cards, along with cheque books damaged or lost in the floods for free. You can call 03-7626 8899 to request for the replacements, or also walk in to your nearest Hong Leong branch during operating hours.

(
Source:
Hong Leong Bank
)

Maybank

As for Maybank’s flood relief assistance programme, individual, SME, and other non-retail customers will be able to tap into several aids, including deferment of loan and financing payments, reduction in monthly instalments, and extension of repayment tenure. These will be determined on a case-by-case basis, with different aids offered depending on the bank’s assessment of your situation.

Additionally, Maybank is also waiving the fees and charges for services such as the replacement of debit and ATM cards, as well as cheque books lost or damaged during the floods. This is on top of waiver for late charges for credit cards of affected customers.

Maybank customers can apply for Maybank’s flood relief assistance by visiting any of the bank branches, SME centres, business banking centres, or auto finance centres nationwide. Alternatively, they can send an email to
[email protected]
, along with relevant details such as:

Name/Company name
IC number/Business registration
Contact number
Type of loan (e.g. mortgage, hire purchase, etc)
Other relevant details (e.g. vehicle number for hire purchase)

(
Source:
Maybank
)

Public Bank

(Image: The Edge Markets)

Affected Public Bank customers will be able to request for a moratorium of up to six months for their loan and financing facilities, including credit cards. The bank also offers a waiver of charges on the replacement of documents such as bank cards, passbooks, and cheque books that were damaged or lost in the floods.

Customers can contact Public Bank’s call centre at 1800-22-555 for further assistance, or visit any Public Bank branches nationwide.

(
Source:
Public Bank
)

RHB Bank

RHB clarified that its flood relief assistance programme will offer the following relief to individual customers who have been affected by the recent floods:

Types of financing
Aid provided
Mortgages and ASB loans/financing
Six-month deferment of instalment
Hire purchase and personal loans/financing
Three-month deferment of instalment
Credit cards
Three-month waiver of late payment charges and interest (up to a total of RM500)

SME customers, meanwhile, will be entitled to a deferment of instalment, interest, and bill payment for up to six months – depending on whether you are currently enrolled under RHB’s targeted repayment assistance programme or not. These deferments will apply to hire purchase and term loans, overdrafts, and multi-trade lines.

For more information, you can send an email to RHB at
[email protected]
 or visit the nearest bank branch.

(
Source: RHB Bank [
1
,
2
]
)

***

Aside from banks, many insurers within the country, too, have sought to provide relief for the flood victims by putting in place
a more convenient and faster claims submission process
. This is on top of the
RM1,000 cash aid
 that the government has promised to affected households. It is hoped that these provisions will offer some form of support to impacted individuals as they recover from their losses.

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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 Asset Management Launches SimpleInvest Solutions In Malaysia

(Image: Bernama)

UOB Asset Management (UOBAM) has brought its SimpleInvest Solutions to Malaysian shores, providing individual investors with access to risk-adjusted and diversified funds that cater to different risk appetites and financial goals.

Specifically, there are three unique, actively managed funds offered under SimpleInvest Solutions, namely:

Funds
Target audience
Details
United Simple Income Select (USIS)
– Investors with moderate risk tolerance
– Medium- to long-term investment horizon
– Employs fund-of-funds (FOF) strategy
– Invests in a diversified portfolio of collective investment schemes of fixed income, equity, and multi-asset funds
United Simple Growth Select (USGS)
– Investors with high risk tolerance
– Medium- to long-term investment horizon
– Also employs fund-of-funds (FOF) strategy
– Invests in a collective investment scheme of equity funds, with exposure to disruptive sectors such as automation, robotics, artificial intelligence (AI), and healthcare innovation
United Money Market Fund
– Risk-averse investors
– Short-term investment horizon
– Offers high liquidity by investing primarily in fixed income securities, money market instruments, and deposits

(Image: Bernama)

UOBAM further explained that investors can subscribe to these funds in both domestic and foreign currencies, with a minimum initial investment of RM1,000, A$1,000, S$1,000, or US$1,000. Note that the United Money Market Fund is only available at selected distributors, while the USIS and USGS are distributed exclusively by UOB Malaysia.

The chief executive officer of UOBAM (Malaysia), Lim Suet Ling said that the introduction of SimpleInvest Solutions is spurred by the current backdrop of market uncertainty and low global interest rates. This, in turn, presents individual investors with the challenge of building a solid investment portfolio.

“With SimpleInvest Solutions, we aim to address this pain point. Designed to suit a spectrum of risk profiles, the SimpleInvest Solutions enable investors at different life stages to invest simply and smartly just by selecting the solution that matches their risk tolerance levels and investment objectives,” said Lim, adding that UOBAM leveraged on its fund management expertise to select the underlying funds.

“We take into account insights into the volatile financial markets and analyse each underlying funds for its risk and return drivers, using our in-house screening and asset allocation capabilities. We will consistently monitor the underlying funds’ performance to readjust the investment process, as well as to rebalance the portfolios where necessary,” Lim further stated.

SimpleInvest Solutions was
first rolled out in Singapore back in June 2021
, and was made accessible to the public via its UOB Mighty app. This version of the solution also offers three solutions to fulfil different investment objectives (Liquidity, Income, or Growth), and allows investors to start their investment with only S$100.

(Source:
The Star
)

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Finance Minister: Four Broad Themes For Budget 2021

Finance Minister Tengku Datuk Seri Zafrul Aziz has revealed that Budget 2021 will be framed across four broad themes. The themes in question are as follows: caring for the people, steering the economy, sustainable living, and enhancing public service delivery.

Tengku Zafrul said that first on caring for the people, the first goals of the
PRIHATIN economic stimulus package
 and the
PENJANA economic recovery plan
 are to protect the rakyat and empower the rakyat respectively.

“Moreover, Malaysians have shown the will to build a better society and have demonstrated it admirably during the nation’s toughest months,” the Finance Minister said during his speech at Invest Malaysia 2020 today. “From gathering donations for front liners to providing food for vulnerable segments of society, the Malaysian spirit of unity in diversity shine bright.”

Budget 2021 is slated to be tabled on
6 November 2020
, following a revision to Parliamentary schedules that caused its unveiling to be pushed back by one month. The Minister of Finance had previously mentioned that the 2021 Budget will take into account
current economic factors
 given the Covid-19 situation.

(Source:
Malay Mail
)

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BNM Raises OPR By Another 25 Basis Points, Now At 2.25%

(Image: The Sun Daily)

The Monetary Policy Committee (MPC) of Bank Negara Malaysia (BNM) has increased the overnight policy rate (OPR) by another 25 basis points, bringing it from 2.00% to 2.25%. This will be the second time that the central bank is raising the OPR this year, after having bumped it up once in May 2022 from the historic low of 1.75%.

In its statement, BNM shared that the decision was made as Malaysia’s economic activity has continued to strengthen in recent months. This was signalled by exports and retail spending indicators, an improving employment market, as well as improving income prospects.

“Amid the positive growth prospects for the Malaysian economy, the MPC decided to further adjust the degree of monetary accommodation. This is consistent with the MPC’s view that the unprecedented conditions that necessitated a historically low OPR have continued to recede,” BNM shared.

The central bank also added that moving forward, it expects external demand to moderate due to various reasons, including weaker-than-expected global growth, supply chain disruptions, adjustments to foreign monetary policies to combat inflation, as well as the Russia-Ukraine conflict. Despite that, Malaysia’s economic recovery will be firmly underpinned by domestic demand.

“Additionally, the reopening of international borders since 1 April 2022 would facilitate the recovery in tourism-related sectors. Investment activity and prospects continue to be supported by the realisation of multi-year projects,” BNM further shared in its statement.

Ultimately, BNM concluded that with the new OPR, the stance of monetary policy remains accommodative and supportive of economic growth. “The MPC will continue to assess evolving conditions and their implications on the overall outlook to domestic inflation and growth. Any adjustments to the monetary policy setting going forward will be done in a measured and gradual manner, ensuring that monetary policy remains accommodative to support a sustainable economic growth in an environment of price stability.”

For context, Malaysia’s OPR had languished at 1.75% for almost two years
since it was brought down to the all-time low level in July 2020
. Prior to that, the OPR also saw multiple cuts in
January
,
March
, and
May 2020
.

(Source:
BNM
)

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Get Up To RM200,000 In Financing From The Largest SME Digital Financing Platform In SEA

While many of us work as employees within an organisation, some individuals hope to someday start their own business and fulfil their passions. Starting a business is certainly exciting. However, it comes with plenty of unique challenges and obstacles that must be overcome.

One of the main issues that business owners need to solve, especially in the beginning stages, is funding. Regardless of the industry, it sometimes requires a large sum of cash in order to start running a business or for expansion. That’s where financial products come into play.

An Accessible Financing Option For Small Businesses

If you’re searching for financing for your small business, Funding Societies SME Micro Financing/-i can be a great financing option for your business. Before we dive deeper into the product, here is some key information about Funding Societies.

Funding Societies is registered with Securities Commission Malaysia and happens to be the largest SME digital financing platform in Southeast Asia. To date, they have disbursed over RM12.9 billion to over 5 million notes with over 200,000 registered investors across SEA. Each investor’s fund is managed by Malaysian Trustees Berhad.

Now, what do you need to know about Funding Societies SME Micro Financing/-i?

Get Up To RM200,000 In Financing

All businesses will require a capital investment in its beginning stages. While some may only need a small amount to kick start, others may need a larger sum.

With FS SME Micro Financing/-i, businesses can apply for up to RM200,000. You could use it to boost your capital, support your cash flow, or even for growth.

Quick Application Process With Disbursement In 5 Days

One advantage that applicants will get to enjoy with this financing is its quick application process and disbursement time. Applications will take mere minutes, and you can resume at any point within 30 days.
You could get approved in as swiftly as 2 working days and access the funds in 5 days, making it an ideal option for businesses in need of quick cash.

Not only that, the application process is also straightforward and simple. You only need to have 3 basic business documents at hand:

6 months of company bank statements

Your IC front & back

IC front & back of all additional directors

Made Accessible To New Businesses

On top of that, this financing product has a low barrier to entry. While some financing options can be intimidating, FS Micro Financing/-i is made accessible to all businesses, including new ones.
FS Micro Financing/-i is open to:

Sole proprietorship, partnership, or private limited companies registered with SSM

Minimum 30% local shareholding by Malaysians

Minimum RM 60,000 revenue per annum (or RM5,000 per month)

Minimum 6 months in operations

Transparent Pricing & Collateral-Free

Applicants will be charged a one-off utilisation fee upon disbursement and a regular interest rate. There are no hidden fees and you will not need collateral to apply for this financing.
On top of that, the tenure period for FS Micro Financing/-i is up to 18 months and as the name suggests, there is a Shariah-financing option available.

***

With up to RM200,000 available, Funding Societies SME Micro Financing/-i empowers startups and established ventures alike. The quick and efficient application process, with approval in as little as 2 working days and funds disbursed within 5 days, proves invaluable when time is of the essence.

Moreover, its inclusive nature welcomes businesses of all types, whether you’re just starting out or aiming for growth. The transparency in pricing and collateral-free nature eliminate unnecessary barriers, ensuring a seamless experience.

Click here
 to learn more about Funding Societies SME Micro Financing/-i and discover the potential of your business.

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How Knowing Your Bills Better May Help You Save Electricity And Money

It’s a common scenario in any household: You get your monthly electricity bill and by default, your eyes go straight to the bolded text, “Total Amount Payable”. The bill is then put aside without a second look.

But, did you ever think about finding out how the total amount payable was calculated? The electricity charge is calculated according to meter reading and applying the relevant tariff (or fee). This information is in your bill and as you will see in the article further on, calculating your electricity charge is easy and can help you save energy and money.

Meanwhile, the current situation of staying home to curb the pandemic and hot weather is likely to have increased electricity usage but it’s also important to create a comfortable environment where everyone can work, study, and rest well.

So, if you’ve been thinking about lowering electricity usage without compromising on comfort, understanding how your bill is calculated can help you be more aware about using electricity efficiently and saving more energy in the long run.

How Your Electricity Bill Is Calculated

For those of you who never gave your electricity bills a second look, the bill is full of information that can be useful in helping you better understand your electric usage.

One important section on your bill is the Tariff Block (kWh) table. For residences, electricity usage is usually charged based on a 5-block price rate, such as in the table below.

Consumption Block
Unit
Current rate
(remain unchanged since 1 Jan 2014)
Tariff A – Domestic
For the first 200 kWh (1 – 200 kWh) per month
RM/kWh
0.2180
For the next 100 kWh (201 – 300 kWh) per month
RM/kWh
0.3340
For the next 300 kWh (301 – 600 kWh) per month
RM/kWh
0.5160
For the next 300 kWh (601 – 900 kWh) per month
RM/kWh
0.5460
For the next kWh (901 kWh onwards) per month
RM/kWh
0.5710
Minimum monthly charge is RM3.00
Source: Tenaga Nasional Berhad (TNB)

For example, customer A has a consumption of 350 kWh in his bill. Based on the price rate stated in the tariff book, the consumption will be divided into blocks as below.

Consumption block
Usage (kWh)
Rate (RM/kWh)
For the first 200 kWh per month
200
0.218
For the next 100 kWh per month
100
0.334
For the next 300 kWh per month
50
0.516

Customer A’s total consumption rate would be calculated as follows.

For the first 200 kWh electricity usage per month: 200 x RM0.218 = RM43.60

For the next 100 kWh electricity usage per month: 100 x RM0.334 = RM33.40

For the next 300 kWh electricity usage per month: 50 x RM0.516 = RM25.80

Total consumption rate = RM102.80

Total consumption rate

=(200 x RM0.218) + (100 x RM0.334) + (50 x RM0.516)

=
RM102.80 +
 (102.80 x 1.6%)

= RM104.44

For usage above 600kWh/month and a billing period above 28 days, a 6% service tax will apply for the extra usage above 600kWh.

For usage above 300kWh/month, 1.6% Kumpulan Wang Tenaga Boleh Baharu (*KWTBB) charges will apply for the total monthly consumption.

*RE Fund (KWTBB) is a fund collected by the government through consumer’s electricity consumption. The fund will be used to promote growth of electricity generation from renewable energy resources.

With this, it’s important to be mindful of your electricity consumption as every little bit of effort counts. This is to encourage good consumption habits and discourage wastage. The more electricity one uses, the more you’re charged and at a higher rate. For example, with the information from the bill, customer A can try to keep his electricity usage to 300 kWh and save RM25.80, which is a quarter of his bill.

Different Household, Different Bills

Now that you know how the calculation works, you might want to know what kind of living habits in general cause higher energy consumption, and what doesn’t. Don’t be surprised if the little things you do every day at home can determine your electricity charges.

For example, an elderly couple who lives in a small terrace home without air-conditioning and doesn’t use much energy may result in an energy consumption of only 150kWh/month.

Since the onset of the Covid-19 pandemic, our homes have been working double- or triple-duty as offices, movie theatres, and restaurants. Before, a group of 3 young people renting out a small apartment might not have consumed too much energy but now that they’re working from home, they have 3 office setups under one roof in one home with air-conditioning switched on all day. Their energy consumption would have risen as well from between 300kWh/month to 450kWh/month.

The same goes for a larger family with 5 children living in a semi-detached property. One parent is working from home and 4 children have e-learning activities every day. They use air-conditioning at night, cook at home mostly, and do a lot of household chores like laundry.  Their energy consumption could be around 900kWh/month.

Living Efficiently Helps Save Energy

Energy-saving habits are not necessarily about using less electricity and compromising on comfort but rather, using electricity in an efficient manner that also improves your quality of life.

To understand how we can improve our efficiency in using electricity, we will first need to understand how the wattage of our appliances affect the amount of energy we consume. The amount of energy we use is measured using kWh (kilowatt hour). One kilowatt hour refers to the amount of energy needed to run a 1,000-watt appliance for 1 hour.

For example, you would have to run a 500-watt device for 2 hours to be charged for 1 kWh of usage. Or if you run a 2,000-watt device for just 30 minutes, you would be charged the same amount.

So, if you use more appliances at home that run on higher wattages, you will use more electricity the longer they are being used.

That is why, investing in electrical appliances that come with a 5-star energy rating can save you money in the long run, reduce carbon footprint, and improve the quality of you and your family’s life.

In addition, learn ways to use your electrical appliances in a more energy-efficient way like cleaning your air-conditioner’s filter regularly. This way, you get to breathe in cleaner air as well. Also, make use of natural resources like sunlight instead of leaving your lights switched on during the day.

In the digital era, our computer, laptop, and television are hooked up 24/7. Although we’re cooped up at home, we can still do a digital detox and go back to a simpler time with activities like reading, playing board games, and trying out no-bake recipes. A plus point is these activities make for a good family bonding session as well!

Calculate Energy Usage For Your Home

We’ve highlighted certain living scenarios above and the rough estimates of energy consumption for those households. However, if you want to be more specific, there’s a home energy calculator
here
that you can use to understand your household’s energy consumption and manage your appliances better.

The good news is, it’s also interactive! You can use the home energy calculator to get an estimate of your electricity consumption and buy the most efficient electrical appliance for your home.

Otherwise, you can also peruse the energy usage calculator to get an estimate of your electricity usage over a 30-day period.

***

As we’re now spending more time at home, energy consumption is more likely to have increased as well. There are smart ways to go about saving energy and money and they don’t have to compromise on our comfort.

By knowing your bills better, implementing the knowledge in your daily life, and adopting energy-saving habits, you can save energy and money over the long run. Conserving energy is also not just great for our pockets, but kind to our environment as well. So, find out more about energy-saving tips
here
 with TNB today! You can also
download myTNB app here
 or login to use the myTNB portal
here
 to monitor your energy usage.

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Red Hong Yi Sells First NFT “Doge to the Moon” For Approximately RM328,000

Two weeks ago, Red Hong Yi announced her entry into the non-fungible token (NFT) market with the launch of a series titled
Meme Banknotes
, starting with a piece called “Doge to the Moon”. Having placed the digital print for auction on the Binance NFT Marketplace since, the bid ended last night with Red Hong Yi selling the NFT for a whopping 36.3 Ethereum (ETH) – valued at approximately RM328,000!

“Congrats Anonymous_2la3 for being the owner of my first NFT piece, ‘Doge to the Moon’ – as well as the owner of the 1 of 1 copper plate and silk print! Please email me at
[email protected]
 to get in touch – we will need to go through a verification process and I can’t wait to deliver the artworks to you!” said the Malaysian artist in a Facebook post last night. She also clarified in the comment section that the owner of the “Doge to the Moon” plate is free to print as many copies of the meme banknote as they want, given that he or she now has the rights to the design.

An NFT is essentially the ownership of a unique, one-of-a-kind digital asset –
such as digital art, virtual pets, and so on
 – recorded using blockchain technology. The information of such ownerships is encoded within the blockchain, and purchasers can trade in cryptocurrency to obtain proprietorship of these assets.

In the case of Red Hong Yi’s Meme Banknotes series, the prints (a.k.a. the digital asset) are a spoof on paper money with redesigns of major currencies around the world, including the Chinese Yuan, US Dollar, and Malaysian Ringgit. In particular, “Doge to the Moon” features the popular Doge meme, and is inspired by the Chinese Yuan. It is intended as a nod to China’s spearheading role in the cryptocurrency landscape, as well as its historical relevance as the first country to issue paper money during the Song Dynasty.

Red Hong Yi also shared that a portion of the proceeds from the bid will go to Mercy Malaysia in support of their Covid-19 pandemic relief fund. Meanwhile, another portion will go into various social and art projects that she is working on to assist the local community.

You can find out more about Red Hong Yi’s process and motivation in creating “Doge to the Moon” in the following video:

(Sources:
Red Hong Yi
,
Binance NFT Marketplace
,
SoyaCincau
)

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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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What the Biggest Cons in History Can Teach Us About Scams

Crooks and thieves, it’s time to take notes. Do you think your petty ATM theft; ‘Casanova’ Con; and lottery schemes are great? Think again. We’d like to introduce you to some of the greatest con-men in history.

They don’t turn a measly thousand or two; they churn millions by selling imaginary countries and even national monuments! Just itching to try selling the
Tugu Negara
? Well, hold your horses and read on as we share the tricks of the trade of some of the world’s finest conmen.

Gregor MacGregor – Made up and Sold a Fake Country!

With geography what it is today, you might find it a tad difficult to get away with this one but the man with the unimaginative name (like gee, is there no other name than Gregor?) did it.
MacGregor
 was a Scottish soldier with a penchant for colonising (seemed to be everyone’s favourite pastime back then).

He fought in the South American struggle for independence and then returned to Britain in 1820, when he claimed to be cacique (highest authority or prince) of Poyais, a fictional Central American country that he invented! Before you think, that will never work: in 1820; little was known about the going-ons in other nations (no internet!), so if MacGregor sounded convincing enough, he could sell anything to colonists who just wanted to extend their ring of power.

After paying him a hefty sum; his buyers would then sail halfway across the globe to the imaginary point off the coast of Honduras to find the country they bought. By the time they realise that no such place exists; MacGregor would be untraceable (again, no internet nor Facebook with check-ins) and likely scamming another group of would-be colonists.

If you think MacGregor was eventually caught for his deeds you’d be disappointed. He managed to retire peacefully in Venezuela (with citizenship!) with his ill-gotten gains as a veteran who fought for the country.

Victor Lustig – Sold the Eiffel Tower, Twice!

You’d think it would be hard to get someone to be gullible enough to buy the blooming monstrosity that is the Eiffel Tower once, much less twice but
Lustig
 did it!

By all accounts, the Austrian was known to be charming and knowledgeable. Traits that helped him pull off one of the biggest cons in history. Although, he has had many exploits, the selling of the Eiffel Tower is the one history will remember him for.

After the First World War in 1925, Lustig read an article in the newspaper about the problems the city was having maintaining the tower and the idea dawned on him! Lustig had fake governmental paraphernalia and ID made for himself after which he invited a group of scrap metal dealers to a private meeting at a hotel. Introducing himself as a government representative, he told them about the problems the city was having maintaining the monument after the war. He even took the men on a tour of the tower where he tried to gauge which of the men were the most vulnerable to deception.

After picking his intended victim, he plied the man with more charm and assurances, not only securing the deal but also earning himself a hefty bribe to promise to sell to the intended victim instead of the other interested parties.

When the man finally learned of the deception; he was too embarrassed to go to the police, which left Lustig free to scam another person into buying the Tower! The second deal fell through at the last minute as the victim grew suspicious and went to the police before paying up but Lustig was still able to avoid arrest.

He would go on to con many more after his ‘monumental’ Eiffel Tower sale!

Charles Ponzi – the Man Behind the Ponzi Scheme

Everyone has heard of the Ponzi Scheme but do you know anything about the reason it is called what it is?
Charles Ponzi
 is the devious man behind one of today’s most popular scam methods of business. He may not have created it himself but took it to such heights that it was a scheme now hard to ignore.

Ponzi promised investors returns on their investment of 50% within 45 days and 100% within 90 days. All they needed to do was purchase discounted
international postal reply coupons
 and exchange them in the US at face value.

In order to convince investors, the first few sales would help them see a payout, so they would invest more. He ‘rolled’ investor money paying his earlier investors with new investor money. Eventually, as would be expected, the scheme collapsed and his investors lost $20 million to the scammer.

Moral of the Story?

You’d be tempted to think that crime pays and that’s probably the way to go about making a buck but the true purpose of sharing these stories with you is to show you what conmen have in common and why you should always be careful, even more so today, with how you spend your money.

Catch Me if You Can is a 2002 movie about the exploits of another famous conman,
Frank Abagnale
.

1. Conmen are Charming, Intelligent and Well-Dressed

Real competent conmen are charming, intelligent and come across polished. We go about everyday expecting the hobo in torn jeans or the street urchin to rip us off but whilst some small time crooks can cost you a ringgit or two; it’s these confidence tricksters and smooth talking suits who can really swindle you for millions.

2. Conmen Will Ask Your Consent

So don’t give it so freely. The people tricked above may not have known about the deceit but they gave their consent. It was never a case of putting a gun to your head. Whilst violent robbery still happens; it’s a lot harder to avoid than a scam where you’ve willingly opened your wallet to a conman.

When being approached for a big investment; don’t be so quick to say yes no matter how ‘urgent’ the seller makes you feel. If it’s a large sum of money; do your homework and ask the right questions.

3. Things That Look Too Good to Be True…

Usually are. If a scheme is promising you ridiculously high payouts with minimal effort; you should be aware of the risk. Things that look too good to be true more often than not are. Again, the only thing that can save you is doing your research and not being so quick to part with your money.

So there you have some of the biggest cons in history and what you can learn from them.
Cons are not uncommon in Malaysia
 so being prepared is the best you can do.

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Charles Ponzi

Fraud

Gregor MacGregor

Ponzi Scheme

Scams

Victor Lustig

About THE AUTHOR

Diana Chai

Diana Chai

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