Maybank Customers To Authorise DuitNow Transfers, Approve New Favourites With Secure2u

(Image: Maybank)

Maybank has announced that it will be discontinuing SMS TAC authorisation for all DuitNow transfers and approval of the addition of new Favourites starting from 8 November 2022. Instead, customers will need to use Secure2u to authorise these online banking activities once the update kicks in.

“This (update) is part of our continuous effort to enhance your online banking security and minimise the risks of TAC fraud, in line with Bank Negara Malaysia’s (BNM) latest update to combat financial scams,” said the bank in its notice, referring to the central bank’s latest directive for banks in Malaysia to adopt
five additional safeguards
, including migrating from SMS OTP.

The bank also encouraged customers to access their Secure2u feature via the MAE by Maybank2u (MAE) app, although those who are already using Secure2u on Maybank’s older Maybank2u app can still approve transactions as usual. “However, we highly recommend making the switch to the MAE app as it has all the M2U features and more,” it noted.

Maybank had also previously confirmed that it will
eventually phase out the Maybank2u app
, leaving the MAE app as its sole mobile banking app.

Aside from that, Maybank also reminded that there will be a 12-hour activation period if you’re enabling Maybank’s Secure2u on the MAE app for the first time, or if you’re enabling the feature on a different device. “To help prevent unauthorised approvals, you will only be able to use Secure2u to approve transactions after 12 hours,” it elaborated.

Maybank’s move to switch from SMS TAC authorisation to Secure2u has been a gradual one since the feature was introduced back in 2017. Over the years, the bank had enabled it for various online banking transactions, including
all third party (Maybank to Maybank) and Interbank GIRO (IBG) transfers
. Just last week, the feature was also expanded to authorise
first-time favourite transfers and edits to selected account settings
.

Maybank has also
permanently moved Secure2u activations from the Maybank2u app to the MAE app
 for all future customers. In other words, if you are a new Maybank customer looking to set up your Secure2u feature, you can now only do it on MAE app.

If you’re unsure how to activate Secure2u on the MAE app, here’s a video tutorial for you from Maybank:

Alternatively, you can check
Maybank’s Secure2u page
 for further details, or email Maybank at
[email protected]
 if you need additional assistance.

(Source:
Maybank
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Steps to Clearing Your Bank Negara Blacklist Status

The dreaded word ‘blacklist’ is known by everyone no matter what language they speak in Malaysia and nothing is more ominous than being on Bank Negara’s ‘Blacklist’. The latest type of borrowers to be
threatened with the dreaded ‘blacklist’ are PTPTN loan defaulters
 and it has brought this nasty term back to the forefront of Malaysian discussion.

We’ve received many questions by concerned Malaysians on how they can go about clearing their name so we’ve decided to break it down for you. If you’ve been blacklisted by
Bank Negara
 (or sometimes known as the
CCRIS
 system), here’s what you need to know.

What Does it Mean to Blacklisted?

Contrary to what many may think; as long as you have loans; you will have some transcript history in Bank Negara. This isn’t bad at all as banks will look at this to see how many loans you have in your name and if you’ve been paying it diligently. The key isn’t in having NO entry on your report but keeping the entries good.

The items on your report will essentially be:

1) the banks you have loans/credit cards with;

2) credit/loan applications you have recently made (it doesn’t pay to have too many!);

3) the amount borrowed or outstanding;

4) the credit limit (usually for credit cards);

5) type of repayment (monthly, yearly, etc);

6) instalments in arrears (missed payments) usually in the past six months.

The last entry is the most important. The more arrears you have; the higher the chance loan providers will consider you ‘blacklisted’. In that sense, it’s not a literal blacklist you are placed on but an overall bad credit rating which then causes banks to put you on their internal ‘blacklists’ and not offer you any further credit.

Sample report from a
Lowyat Forum
 User.

So What Do I Do Now?

Unfortunately, there isn’t an easy or quick way out of this. It essentially comes down to this: You must pay your dues. There are three situations that can cause you to have a spotty credit report, and that is either if you didn’t pay your loan in full by the time you should have; if you paid consistently late or missed some payments. There are three different ways to deal with these situations.

I’ve Been ‘Blacklisted’ for Not Paying Off My Loan in Full by the End of Tenure

The simple answer to this situation is that you simply must pay your loan in full. You may call your bank and negotiate a repayment schedule if you cannot afford the lump sum but if you are over tenure; they may not accept any such negotiations. However, it’s always worth a shot asking.

If you find you are able to pay off the amount, you will need to ask the bank for a Letter of Discharge (this will usually be supplied either on the spot or within two weeks of full settlement). Once you receive this letter, ask the bank when they will be submitting this update to Bank Negara. Be sure to head down to Bank Negara to make sure this has been done. If not, you can call your bank again to remind them.

In the interim, between waiting for the bank to update your status, you will need to take your Letter of Discharge with you when applying for other loans or credit cards to show the new bank that you have settled your dues.

I’ve Been Consistently Late in Paying

Some people don’t mean to miss their payments; they are just forgetful or tardy and up paying late. Even this can cause problems in your credit report.

Bank Negara reports keep track of your payment record for one year (12 months) as such, to rectify this situation, you will need to consistently pay on time for 12 months to clear your old record. Sometimes, 10 out of 12 months isn’t bad either but the longer you keep paying diligently and on time; the better you will look on paper.

Set up a
standing instruction
 if this will help. It might be worth the additional fees if you can avoid a blotty credit report.

I’ve Missed a Few Payments

Missing a few payments means you will need to pay up all your arrears (the payments you’ve missed; not the whole loan sum if your loan is ongoing) and then rebuild your score through diligent payment the same way as the situation above.

If the missed payments are too high; you can try talking to your bank to see if they would be willing to incorporate the missed amounts into the remaining loan sum and changing your monthly repayments to cover the missed amounts. Even if the answer is ‘no’; you’ll know you’ve exhausted every avenue.

All Your Recommendations Talk About Paying Up

Well, yes. As stated earlier; the reality is if you’ve taken a loan, you must pay it. If you’ve been a victim of identity fraud or perhaps a housing project deal that was never finished but you’re paying for; that’s more of a question for the courts than for the financial agencies. The bottom line is: if you want to get out of a blacklist; you need to pay your dues.

If you are unable to pay, you may have to consider contacting
AKPK
 for an overall debt restructure or file for bankruptcy. Both of these steps will come with their own requirements and rules so do think long and hard about what you will do to remedy your financial situation.

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    khairussalleh bin sardi

    3 years ago

how can clear black list record  on bank negara..

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    Koay cheng siang

    2 months ago

Rhb bank tutup bank account saya dan lain bank saya pun tak boleh buka bank account lagi

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Bank Negara Malaysia Maintains OPR At 1.75%

(Image: New Straits Times)

The Monetary Policy Committee (MPC) of Bank Negara Malaysia (BNM) has decided to maintain the country’s overnight policy rate (OPR) at 1.75%. The OPR has been maintained at this rate, which is the lowest on record, since
July 2020
.

According to BNM, latest indicators in Malaysia point to continued improvements in economic activity in the first quarter and into April. “While the recent re-imposition of containment measures in select locations will affect economic activity in the short term, the impact will be less severe as almost all economic sectors are allowed to operate,” the MPC said in its statement. “The growth trajectory is projected to improve, driven by the stronger recovery in global demand and increased public and private sector expenditure amid continued support from policy measures.”

As usual, the MPC highlighted that the growth outlook remains subject to downside risks – namely ongoing uncertainties due to the pandemic and potential challenges in vaccine rollouts. Meanwhile, headline inflation in 2021 is projected to average higher between 2.5% and 4.0%, and anticipated to temporarily spike in the second quarter of 2021. Underlying inflation is expected to remain subdued between 0.5% and 1.5% for the year.

(Source:
Bank Negara Malaysia
)

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How to Prepare Early for Income Tax Filing

Before you begin reciting your New Year’s resolutions to go on a diet, stop smoking and start exercising (yes, we hear it every year!), why not try and make some headway on your taxes instead? It pays to start early and you’ll see why.

The early bird gets the worm and enjoys less stress, or so the saying should go when talking about filing income tax returns.

There’s nothing more exasperating than waiting till the last minute to file your taxes and only then find out that you’re missing an important document or can’t remember your e-Filing password. You can avoid much of the unnecessary and cumbersome stress by simply giving yourself enough time.

We’ve constructed a nice little guide to support your preparations and get your tax chores underway. Check out these motivating tips to help you commence your tax file prep work!

1. Get the Paperwork Together

Now we hope you’ve kept your financial documents organised (and neatly filed) throughout the year, but if you have not, then expect a little more paperwork on your plate. Aren’t you glad you started early? Get a move on with these tasks first:

1) Gather all unfiled tax-related documents (e.g. insurance premium receipts, parents’ medical bills and dividend vouchers), separate them and file accordingly.

2) For receipts or bills that are less inky, do make an electronic copy while still legible to protect your document. Note that, the Income Revenue Board of Malaysia (IRBM) requires that records be maintained for a period of seven years.

3) Request an early release of your EA form (i.e. Employee’s Statement of Remuneration) immediately after your December 2015 salary to estimate your possible tax dues or refunds in advance. You can also do a quick calculation of your own if you have all your payslips. This will give you some idea of what to expect.

3) If you have any business incomes outside of your regular employment, make sure all invoices and expense receipts are accounted for as well.

2. Register and Update Your Tax File ASAP

If you are a complete novice at filing your income tax, you may need a little more time than the average taxpayer and that’s all the more reason to get a head start.

If your income is at a taxable level but for some reason you do not have a tax file, then just register online to open one.

For those already registered, be sure to update personal information like your correspondence address, bank account details and latest contact numbers.

3. Get Professional Help

Consider hiring a bookkeeper or attending a short-course to help you plan and prepare taxes effectively. Even though it might cost you a little extra, learning how to lawfully maximise deductions and reliefs that are specific to your situation could bring significant savings in the long run.

Some folks are instinctively tempted to understate incomes, but a good bookkeeper can help you understand the importance of declaring ALL your income.

Hint: Showing healthy earnings can be a positive influence for loan approvals and depending on your credit status, could even tip the scales for better interest rates.

Nevertheless if you’re a DIY type of person who prefers to handle your taxes independently, then you have some studying to do. Check our previous
Income Tax Guide
 for a guide on calculations as well as
LHDN’s website for the updated tax rates
.

4. Declare Love for e-Filing

Taxes can be really taxing! So here’s a tip to make the whole process a whole lot more ‘chill’, just file online – no travelling, no queuing, and no need to hang out at a government office (unless that’s your thing, then we don’t judge).

What’s more, with e-Filing your information is pre-filled with data from the IRBM’s system, saving you time and effort when compared to the old way of manually writing in paper forms (and rewriting because you’ve made a mistake, yikes!).

Do note that if you notice any clerical inaccuracies on your pre-completed form, do contact IRBM as soon as possible to rectify errors. Once you’re done, you’ll be able to submit your tax forms online and even make payment through internet banking with ByrHASIL .

If you have the time, try these extra tips to cover all your bases:

Skim through a copy of your tax form (B or BE, available for download on the IRBM website) to reference and highlight categories relevant to you.

If you know your way around a spread sheet, try to create a simple one to record and sum up related items as listed on your tax return form.

Perform a checklist of the supporting documents that you do have on hand and note to locate other necessary paperwork that are absent.

Why Early Income Tax Prep is Necessary

Two words – Murphy’s. Law. Anything that can go wrong, will go wrong and this is precisely why a head start can never hurt when it comes to something as important as filing your taxes.

In fact, prompt preparation makes it easier to take advantage of tax breaks and as well, influences more ‘well-timed’ financial decisions. Tax planning (even in the last month of the year) can place you in a good position to identify key areas of reliefs and incentives that you may otherwise miss.

Moreover, your initiative could help you save money on late payment penalties, minimise excess tax payments and receive refunds sooner.

We’ll leave you with Mark Twain preaching the truth, “The secret of getting ahead is getting started”, and now, it’s not a secret anymore – so go ahead and get started!

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Affin Hwang Asset Management Completes Rebranding Exercise, Now Known As AHAM Capital

Affin Hwang Asset Management Bhd announced that it has officially completed its rebranding exercise, and will now be known as AHAM Asset Management Bhd (AHAM Capital). The new identity – which includes the provision of a new corporate name and logo – is set to strategically position the company for its next growth phase after 20 years in operation.

With this, existing clients should take note of certain changes that will be implemented in AHAM Capital’s products and services. A key adjustment is the renaming of all funds that are managed by AHAM Capital.

“All funds which had the prefix ‘Affin Hwang’ will now carry the prefix ‘AHAM’. As an example, the Affin Hwang Select Income Fund will be renamed to AHAM Select Income Fund,” AHAM Capital elaborated in
its FAQ
, adding that this process of renaming the funds has been approved by Securities Commission Malaysia (SC), and is being done by batches. Updates will be issued to investors through AHAM Capital’s official communication channels.

Aside from that, cheques and payments should now also be issued and made payable to AHAM Asset Management Berhad instead of Affin Hwang Asset Management Berhad. The company’s website domain, contact email and social media handles, too, will be updated; investors seeking to reach out to the company for enquiries in the near future may want to take note of this.

The managing director of AHAM Capital, Datuk Teng Chee Wai said that this rebranding marks the start of a new and exciting journey for the company and its clients. “Anchored by the same core values and entrepreneurial spirit since our founding in 2001, we have continuously grown from strength to strength over the years alongside our clients who have placed their hard-earned trust with us,” he said.

Following the rebranding exercise, Datuk Teng stated that AHAM Capital will embark on three growth pillars – wealth management, innovation, and regionalisation – to transform itself into a leading wealth and asset management company in Southeast Asia. These include Indonesia, Vietnam, Thailand, and the Philippines. AHAM Capital also aims to achieve its target of RM100 billion assets under administration (AUA) in the next three years.

(Image: The Star)

Additionally, Datuk Teng highlighted that AHAM Capital has invested approximately RM50 million on the company’s digitalisation for the past five years, and hopes to continue the effort by allocating about 5% of its revenue into digital investment. “Currently, 70% of our transactions are done through digital (technology), with an even bigger volume since we embarked on digitalisation in 2018,” he added.

For context, Affin Hwang Asset Management had kickstarted its rebranding exercise in August 2022, after global private equity and investment advisory firm
CVC Capital Partners acquired a 68.35% stake of its company
. Back then, it noted that the rebranding exercise is expected to be completed by the fourth quarter of 2022.

(Sources:
AHAM
,
The Star
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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FWD Takaful Launches New Online Cancer Plan

FWD Takaful has launched its first cancer takaful plan, FWD Care Direct. FWD Care Direct is a straightforward online takaful plan that offers a lump sum benefit upon diagnosis of cancer, including early diagnosis. The plan provides coverage for both individuals and families of up to four people.

FWD Care Direct pays out 100% of the sum covered if you are diagnosed with cancer, whether it is early-stage or advanced stage cancer. “FWD Takaful understands the importance of early detection for Malaysians, which increases the chances of successful treatment,” said Salim Majid Zain, CEO of FWD Takaful. The Care Direct plan provides instant coverage from RM100,000 to RM250,000.

In addition to individuals, FWD Care Direct also provides family takaful coverage to married couples and parents with up to two children (including single parents). Under the family coverage, FWD Takaful will pay 100% of the sum covered upon the diagnosis of each person covered. If the certificate owner is diagnosed with cancer, there will be a waiver of contribution for the remaining persons covered under the plan.

Parents in their mid-30s with two young children can obtain a family plan at as low as RM76 per month for the entire family, with RM150,000 in coverage for each family member. Meanwhile, a 35-year old individual can get covered for as low as RM28 per month for men and RM44 per month for women.

FWD Care Direct
 is available to those aged from 1 month to 60 years old. Participants may opt for coverage for up to 30 years, subject to an expiry age of 75 for an adult and 25 for a child under the family plan.

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PNB Introduces myASNB App, Designed To Encourage Youths To Invest For The Future

Amanah Saham Nasional Berhad, a subsidiary of Permodalan Nasional Berhad (PNB), has launched the myASNB mobile app that allows unit trust holders to view their ASNB investment portfolio and perform additional investments via mobile devices.

The myASNB mobile app works similar to the myASNB web portal. It allows unit holders to view their investment portfolio and account balance, perform additional investments via bank transfer within the app, track recent transactions, and download account statements. The app enforces the use of TAC authorisation codes for any transactions performed on the app.

PNB Group President and Chief Executive Officer Datuk Abdul Rahman Ahmad said this is another effort by the company to expand the brand’s digital presence and increase the number of its digital platforms.

The effort to make ASNB digital is important to encourage more people to invest and increase financial literacy especially for the younger generation, he said at the announcement of PNB’s results and income distribution for the financial year 2018
earlier this month
.

As part of the app’s launch, PNB is offering RM10 in unit trust value to the first 5,000 unitholders who successfully made a minimum investment of RM100 via the myASNB app. This offer ends on 20 May 2019.

Download the myASNB app from the
App Store
 and
Google Play
.

(Sources:
hmetro
,
ASNB
)

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    WAN AHMAD BIN ABDULLAH ABDULLAH

    1 year ago

saya lupa id dan pasword selepas daftar. Bagaimana nak buat

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You Can Opt Out From The New 7% EPF Contribution Rate - Here's How

(Image: The Star)

Come April till December 2020, the statutory employee contribution rate for the Employees Provident Fund (EPF) will be reduced from 11% to 7%. This means that you’ll find yourself with a bit more money to spend, but at the same time, less savings in your EPF.

However, you do have the option to keep your contribution rate at 11% if you want to. According to the EPF, you will need to complete and submit Borang KWSP17A (Khas 2020) to the EPF via your employer, and your contribution rate will not be adjusted to 7%. That said, the form has yet to be released, and will only be made available at a later date.

1.KWSP menjelaskan bahawa kadar caruman berkanun syer pekerja baharu ini akan berkuatkuasa mulai upah pekerja bulan April 2020 (caruman Mei 2020) sehingga upah pekerja bulan Disember 2020 (caruman Januari 2021), tertakluk kepada Jadual Ketiga Akta KWSP 1991.

— KWSPMalaysia (@KWSPMalaysia)
March 5, 2020

The EPF also adds that the special form is specifically for the contribution rate revision as part of the
Economic Stimulus Plan 2020
. It means you should not submit the existing Borang KWSP17A (AHL), which lets EPF members apply for a permanent increase in their contribution rate until you submit a separate form – Borang KWSP18A (AHL) – to cancel it. It is meant for those who want to contribute more than the customary 11% statutory contribution rate.

The
reduction in contribution rate
 this time round is intended to encourage domestic consumption, and was announced as part of the
Economic Stimulus Package 2020
. According to the
EPF
, it will affect your wages for April 2020 (contribution for May 2020) until December 2020 (contribution for January 2021).

The new statutory contribution rate will only apply to those below 60 years of age who are liable for contribution. It remains unchanged for employees aged 60 and above.

(Source:
EPF
 (Twitter))

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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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    Tang Yu Ping

    3 years ago

after fill in borang KWSP18A (Khas 2020) how to submit through on line

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    Mary Tang

    3 years ago

i would like to have an email address by scanning the ready signed borang khas 17a, or the internet link directly to browse the attached form and submit.  Thank you

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5 Responsible Ways To Use Your Ang Pow Money This CNY

One of the major highlights of celebrating Chinese New Year is the custom of giving and receiving ang pows. Even amidst the current Covid-19 pandemic and reimplementation of the movement control order (MCO 2.0), people are spreading cheer to loved ones faraway by sending
e-ang pows
.

Depending on the generosity of your married friends and relatives, you can actually rake in quite a substantial chunk of cash over the Lunar New Year period. The question is, what will you do with your ang pow money? Instead of spending it all or just depositing it into your bank account, here are some things you can do with your ang pow money this Chinese New Year 2021.

Clear Off Your Credit Card Debt

The Credit Counselling and Debt Management Agency (AKPK) – a credit counselling agency set up by Bank Negara Malaysia (BNM) – revealed in 2019 that credit card loan accounts for
55% of its total debt portfolio
. Although it isn’t the most thrilling way to spend your ang pow, debt repayment should be prioritised whenever you have any extra money coming your way. So, do the responsible thing – use that ang pow money to break free of paying interest rates and clear off your credit card debt as fast as possible. If you have outstanding payments on multiple credit cards, consider consolidating your debt by using a
balance transfer
.

Open A Separate Savings Account

It’s all too easy to spend all your ang pow money if it sits in your main bank account that you withdraw from regularly. Make a commitment by opening a new sub-saving account (or a separate account altogether) purely for your savings and deposit your ang pow money here. This can be the push you need to start making regular deposits into this dedicated bank account and avoid withdrawals unless an emergency crops up. You can even opt out of getting an ATM card for this account as the hassle of going to the bank counter will make you think twice about any illicit withdrawals. Remember to shop around for
savings accounts with higher interest rates
!

Put Your Ang Pow

In A Fixed Deposit

If you’re not keen on opening a separate savings account, there’s another way you can keep your ang pow money safe from your spend-thrift hands. You can start a fixed deposit with as low as RM500 and the
interest rates from a fixed deposit
 are generally higher than that of a savings account. Moreover, you usually can’t withdraw from fixed deposits for a fixed period of time without losing your earned interest, which is a good way to keep yourself from dipping into your ang pow savings at a whim.

Start A Private Retirement Scheme

Sure, the EPF is there for retirement purposes, but a majority of Malaysians agree that
EPF savings alone are not enough
 for retirees to stay out of poverty after retirement. It makes good financial sense to start additional savings for your retirement early on,
but a majority of young Malaysians have not practised this habit
. Putting your ang pow money into a
private retirement scheme
 is a good way to start the practice of saving for retirement. PRS operates on a voluntary basis, so you decide when and how much you contribute to the scheme. Using your ang pow money to invest in PRS can help you kickstart the habit of regularly setting aside some money for retirement as you go along.

Invest Your Ang Pow

Money

Another thing you can consider is putting your ang pow money into investments. You can choose to invest in
investment-linked insurance policies
, unit trusts, shares, or property, just to name a few. Of course, the issue with investing is that it has the element of risk – returns on your investments are not fixed and you might end up with less money that you put in. Investing requires a prerequisite amount of knowledge and understanding on your part, so make sure you
do your research
 before putting any amount of money into investments.

So, this Lunar New Year, choose to exercise some financial discipline with your ang pow earnings instead of losing track of them completely. After all, at some time in the future you may be on the giving end of those red packets instead of receiving – so make the financially smart choice now and thank yourself later!

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Senheng Offers Samsung Galaxy S10+ For 23% Off

It’s barely been four months since the Samsung Galaxy S10 family was launched in Malaysia, but we’re already beginning to see some serious discounts across the range. The best of the lot so far looks like
Senheng’s latest promotion for the Galaxy S10+
, offering a steeply discounted price of just RM2859.

Originally priced at RM3,699, the Samsung Galaxy S10+ is being listed for RM3,059 at the official Senheng store in Lazada. Claim the RM200 voucher code applicable for items above RM3,000 to bring down the price to
just RM2,859
 – a huge 22.7% discount from the retail price.

As Samsung’s flagship smartphone, the Galaxy S10+ packs plenty of punch. Featuring the “Infinity O” display, the S10+ offers a near-full screen display with small cutouts for the front cameras. Even more impressive is the new ultrasonic fingerprint sensor built underneath the display, allowing you to unlock your phone by simply placing a finger on the screen.

Meanwhile, the Galaxy S10+ packs three rear cameras (12MP + 16MP + 12MP) and two selfie cameras (10MP + 8MP). Each camera provides a different functionality, allowing for a versatile shooting experience including zoom and wide-angle shots.

The
Galaxy S10+ 8GB + 128GB
 model sold by Senheng is available in three colours:
Black
,
Prism White
, and
Prism Green
.

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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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Hong Leong Partners With Paywatch To Launch HLB Salary Advance Employer Solution

(Image: The Star)

Hong Leong Bank (HLB) has announced the launch of its new earned wage access (EWA) solution, called the HLB Salary Advance Employer Solution, which will enable employees to access a portion of their already earned wages in advance, before the regular payday. It is rolled out in collaboration with Paywatch Malaysia Sdn Bhd.

In a statement, HLB explained that this new solution is set to transform the way businesses offer and manage their advanced salary payouts. “The HLB Salary Advance Employer Solution is a simple, seamless digital platform that enables employees to withdraw up to 25% of their monthly earned salaries, whenever the need arises. There are no interest or late charges, except for a nominal service fee of RM2 per withdrawal,” said the bank.

Employees from participating organisations who wish to access HLB’s new solution will first need to create an account on the Paywatch app. After their applications for salary advances have been approved, the amount will be credited to their bank accounts within one business day. This withdrawal in advance will also be automatically deducted and reflected in employees’ salary during actual payday.

The managing director of personal financial services for HLB, Andrew Jong said that this new solution will address key challenges in current conventional salary advance systems. At the same time, it will also improve and promote financial flexibility, literacy, and inclusion among Malaysians.

“By offering real-time access to their own earned wages, the HLB Salary Advance Employer Solution can help employees tap into their earned but yet-to-be-paid wages and improve their control over their own finances, overcome short-term financial challenges, and improve their overall financial wellbeing. To further improve financial awareness and responsibility, users will also need to consider that they can meet their month-end financial commitments prior to requesting a salary advance,” Jong further said.

Employers and businesses, meanwhile, can benefit from a fully-automated system that is streamlined, efficient, and sustainable in managing their advanced salary payouts. They will not need to pay any deposits or perform any integration with any company software.

“With HLB’s backing, our solution would efficiently support employees’ financial security and resilience while providing companies with opportunities to offer enhanced benefits, thereby improving employee motivation and overall productivity,” said the founder and chief executive officer of Paywatch, Richard Kim.

(Sources:
Hong Leong Bank
,
FintechNews Malaysia
,
The Star
)

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eBeliaRahmah: Extra Perks That You Can Get From TNG eWallet, Setel & Boost

The eBeliaRahmah initiative has officially kicked off today, and Malaysians aged between 18 to 20 years old who are also full-time students can already apply to claim their RM200 eBeliaRahmah credit. They can do so with one of the three e-wallet service providers that are participating in the initiative, namely Boost, Setel, and Touch ‘n Go (TNG) eWallet.

Like in previous government e-credit programmes, the e-wallets are also throwing in some extra perks to sweeten the deal and attract youths to claim from them, including cashback and vouchers. Here’s a quick look at what else is on the table for you if you claim from each respective e-wallet.

Boost eBeliaRahmah

Alongside the RM200 eBeliaRahmah credit,
Boost
 is offering extra rewards from its partners in the form of vouchers and discounts, worth over RM200. It also claims that these vouchers – from brands and franchises such as Agoda, Inside Scoop, Lazada, Watsons, and Mydin – will let you enjoy up to RM600 savings. Not much else is revealed aside from this, so you’ll likely need to make your claim first to view the full list of extra vouchers and benefits provided by Boost.

Setel eBeliaRahmah

Setel
, meanwhile, is shaking things up a little for their claimants. Those who claim their eBeliaRahmah credit with this e-wallet will not only receive extra perks in the form of cashback from Setel themselves (up to RM105), as well as extra e-vouchers from its partners – they will also stand a chance to win 2x tickets to a concert in Singapore on 24 January 2024 (two winners to be chosen). The name of the concert or artists has not been revealed, but with Singapore set to play host to some high-profile concerts in January 2024 – like
Coldplay (23, 24, 26, 27, 30, and 31 January 2024)
 – this offer can certainly be quite attractive to some youths.

As for the RM105 cashback rewards to be offered by Setel, claimants can look forward to the following:

RM1 retail cashback for QR transactions (10x)

RM5 fuel cashback (5x)

RM1 cashback for Café Mesra (10x)

RM10 PETRONAS Shop cashback (5x)

RM10 new user cashback

Finally, you’ll also get additional vouchers from Setel’s partners, including Mydin, MBO Cinema, DirectD, Chatime, and MyNews – although Setel did not reveal the value or the allocation for these.

TNG eWallet eBeliaRahmah

TNG eWallet
 is providing free vouchers of up to RM550, comprising of discounts and vouchers from its merchants partners, from more than 20 brands. These include F&B, convenience stores, as well as e-commerce – with popular brands listed, such as McDonald’s, Maxis, ZUS Coffee, MR DIY, and TGV Cinemas. Some examples include
RM70 cashback voucher for Maxis
 (minimum spend RM78 for selected Maxis services),
discounted TGV tickets at RM15
 (online purchase only, with promo code), and
15% discount voucher for McDonald’s
 (selected products only).

***

Eligible youths can submit their application to claim their
eBeliaRahmah credit between today until 22 August 2023
, but the e-credit provided can be used all the way until 31 August 2023. Any remaining amount of the eBeliaRahmah credit after the deadline will be forfeited.

Additionally, remember that you can only use your eBeliaRahmah credit for offline purchases (with DuitNow QR payments). This means only in-store retail payments are accepted; e-wallet credit transfers, online payments (bills, prepaid and postpaid, and game credits), as well as online purchases do not qualify. Lastly, note that you must go through the eKYC process in order to claim your eBeliaRahmah credit – but don’t worry, the process is not at all complicated. Rest assured that you’ll be guided along the way as you navigate through your preferred e-wallet to claim the e-credit.

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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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    dece weny

    1 month ago

thee best

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Grab Unveils GrabUnlimited (Beta) Subscription Pack, Offers Over RM400 Savings For 1 Sen/Month

Grab has introduced a new GrabUnlimited monthly subscription pack, which will offer savings of more than RM400 per month via a variety of vouchers for Grab services. The subscription pack, which is still in beta phase, is currently only limited to three cities: Penang, Johor Bahru, and Kuching.

Specifically, GrabUnlimited will provide subscribers with a total of 89 vouchers, broken down into the following:

Vouchers
Quantity
50% discount for GrabFood Hot Deals with minimum spend of RM25 (capped at RM12.50)
8x
30% discount for GrabFood and GrabMart Peniaga Kecil with minimum spend of RM20 (capped at RM8)
3x
35% discount for GrabFood self pick-up orders with no minimum spend (capped at RM10)
10x
GrabFood free deliveries with minimum spend of RM20 (capped at RM3)
50x
GrabFood free deliveries with minimum spend of RM8 (capped at RM2)
4x
GrabMart free deliveries with minimum spend of RM25 (capped at RM5)
10x
One-time only bonus
: RM8 discount for GrabCar rides to or from nationwide airports
2x (1 pick-up and 1 drop-off)
One-time only bonus
: RM5 discount for GrabCar Plus and 6-Seater rides
2x

Note that each voucher will have its own validity period and use conditions – such as which selected merchants that you can use it for – so make sure to check when you receive them. And, as mentioned earlier, this beta phase will see GrabUnlimited available only in three areas: Kuching, Johor Bahru, and Penang.

If you’re within these specified areas and would like to give GrabUnlimited a try, the subscription pack is currently going at an introductory price of 1 sen per month (based on Grab’s visuals, the usual rate is set at RM9.90). Payment must be made using your GrabPay wallet as it does not accept other payment methods. The subscription pack can be found under “Subscriptions” in your Grab account page, and you’ll be guided throughout the whole process of purchasing it.

Prior to GrabUnlimited, Grab had also previously launched several similar packages, such as the discontinued
GrabFood Signature Value Packages
 and
GrabClub
. However, none of the previous packages have combined GrabFood and GrabMart vouchers before, along with a bonus of GrabCar discounts.

(Source:
Grab
)

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Hong Leong Bank Releases New HLB Connect Mobile Banking App

Hong Leong Bank has launched a new mobile banking app, the HLB Connect App. While Hong Leong Bank currently has an existing mobile banking app, the new HLB Connect App comes with new features and an updated design to make for an even better banking experience.

One of the new functions of the Connect app is QuickPay, which allows users to pay or transfer funds to recent recipients in fewer steps. Through QuickPay, you can easily pick out a recent recipient from a list of your latest transactions, and then all you need to do is enter the amount and tap to transfer. QuickPay shows up to 20 of your latest transactions and makes transferring money a much simpler affair.

Another new feature of the HLB Connect App is that it allows you to adjust your transaction limits – something that couldn’t be done on the previous version of the Hong Leong mobile banking app. You can now set limits for different transaction types on your phone, and there is also a new setting for transactions without TAC for non-favourite fund transfers.

Besides that, the HLB Connect App also offers all the usual day-to-day banking services, contained in an easy access menu for better convenience. You can transfer money instantly using recipient accounts or mobile numbers with DuitNow, pay up to five favourite billers in a single transaction, make fixed deposit placements or withdrawals, and even access a variety of credit card services all within the app.

Moreover, you will have easy access to your transaction history and e-statements, as well as view instant updates of your last 15 debit and credit card transactions from the last 7 days. The app’s interface also makes it easy to navigate between your different accounts and balances with just a simple swipe. The design of the app overall also gives it a decidedly modern feel – it even comes with day and night mode themes in line with modern smartphone operating systems.

According to Hong Leong Bank, the app will also be updated with more features soon – such as the AppAuthorise function for non-favourite Connect Online transactions of RM10,000 and above as well as cardless ATM withdrawal. In the meantime, you can access these functions on the
old Hong Leong app
 until they become available on the new HLB Connect app.

If you’re a Hong Leong Bank customer, you can now download the
HLB Connect App
 from the
App Store
 or
Google Play
 and try it out yourself.

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How To Fly Business Class For Less With CardUp

As we return to our pre-pandemic life, something that many Malaysians are excited to do more often again is travelling. Whether it’s flying overseas to meet up with business partners or visiting new places with loved ones, travelling can be a staple activity for some.

With that, frequent travellers might be interested to know that they can now earn air miles faster and fly business class for less with CardUp. CardUp is an online payment platform that lets you pay for your large life expenses such as rent, mortgage loan, renovation, education, and more with your credit card, even if credit cards are not traditionally accepted.

Earn Credit Card Rewards Faster With CardUp

Many Malaysians may be familiar with using credit cards to make payments for everyday expenses such as dining and shopping but not all businesses or organisations accept cards. With CardUp, you can now use your existing credit card to settle most of your bills regardless of whether the recipient accepts credit card or not such as:

1. Rent and rental deposits

2. Mortgage loan

3. Renovation and construction

4. Education fees

5. Insurance

6. Car loan

7. Season parking

This is great news for credit card users who want to earn more rewards like air miles on their expenses. Let’s say, Jeffrey is a credit card user whose average monthly expenses include:

Mortgage loan:
RM3,000
Car loan:
RM1,000
Insurance:
RM500
Renovation:
RM1,500
Education:
RM1,500
Total per month:
RM7,500
Total per year:
RM90,000

Jeffrey enjoys going on holidays with his family. So, he researches air miles credit cards to get one that matches his lifestyle and spending habits.

With CardUp, Jeffrey can now shift his previously non-card expenses stated above onto his credit card at a fee of 1% which equals to RM900 per year. Plus he even earns card rewards on the fee!

From his expenses, he earns 90,900 air miles. According to
CardUp’s rewards calculator
, Jeffrey is able to redeem 1 return Business Class ticket to Tokyo, Japan worth RM10,616 using 81,600 air miles. This is all possible at a cost of only RM900 in CardUp fees which is less than the price of a single economy ticket!

As you can see, credit card users are able to maximise their rewards by earning more air miles and redeeming them for business class tickets.

Other Reasons Why You Can Consider CardUp

Pay any bill anytime

Using your existing credit card, you can pay for any life expenses online even if the recipient doesn’t accept cards or have a CardUp account. They will receive your payment as usual via bank transfer with your name indicated.

Fast and hassle-free

You can also schedule recurring payments such as a year’s worth of rent payments in minutes and never have to worry about forgetting them.

Once your payment is scheduled, the recipient will receive the funds via bank transfer in as quickly as 1 business day.

Leverage on your credit card limit

Credit card users get a statement at the end of their billing cycle. Typically, you will be given a grace period to make payment upon receiving the statement. This defers their payment by up to 2 months in total, at no cost at all, leaving them with extra cash in the meantime.

Consolidate your payments

By shifting most of your expenses to your credit cards, you can have an easy overview of your payments and its statuses. This lets you manage your expenses better.

CardUp has a dashboard feature that lets you see all past and upcoming scheduled payments on one page.

***

One of the biggest pros of using a credit card is having the opportunity to earn rewards as you spend. CardUp has helped their users earn more than 500,000,000 air miles. CardUp’s platform is very easy to use and you can rest assured that your data is safe with a PCI-DSS compliant and 256-bit encrypted platform.

CardUp users can easily manage their payments virtually with handy features like dashboard monitoring, real-time payment status updates, and more. At the same time, you get to accumulate air miles on your expenses faster to enjoy free flights.

Now that you’ve learnt about CardUp, you can give it a try for free! New users may enjoy a 0% fee on the first RM4,000 scheduled with the code “
RINGGITFREE
“.

Terms and conditions apply
.

Visit CardUp’s website
here
 to learn more.

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TNG eWallet, PayNet Collaborate To Promote Cashless Payment Services In Rural Kedah

(Image: Business Today)

Touch ‘n Go (TNG) eWallet and Payments Network Malaysia (PayNet) have collaborated to launch a Mai Kita Cashless campaign in Changlun, Kedah, with the aim of promoting cashless payments among merchants and consumers within the vicinity of the area. It is set to run until 31 December 2022, with various activities and benefits in store for the people.

Specifically, the Mai Kita Cashless campaign will focus on the communities in three villages – namely Kampung Baru Changloon, Kampung Paya Nongmi, and Kampung Tradisi Lembah Keriang – and will kick off at Pasar Tani Kekal. With this, the 300 merchants at the market and surrounding areas, as well as their customers, are encouraged to adopt TNG eWallet and DuitNow QR as their primary mode of payment.

To kickstart the campaign, one of the perks currently being offered include the provision of an RM20 reward for merchants who sign up with TNG eWallet and PayNet between today until 31 August 2022, and complete ten transactions. Meanwhile, customers who pay for their purchases during this period by scanning a DuitNow QR code via TNG eWallet will receive an RM5 cashback for each transaction (minimum spend of RM10).

(Image: Free Malaysia Today)

The chief executive officer of TNG Digital, Alan Ni said that this campaign is aimed at supporting the government’s efforts in promoting cashless payments, as well as to educate and convert rural communities into cashless societies. “We started this initiative with PayNet as we want to provide the opportunity and platform to the rural communities in Malaysia, starting with Changlun in the northern territory, to use and benefit from TNG eWallet and DuitNow QR,” he said.

Similarly, the group chief executive officer of PayNet, Farhan Ahmad noted that the Mai Kita Cashless campaign hopes to bring the benefits of cashless payments to the rural area. “We are now delighted to partner with TNG Digital to bring those same benefits of speed and convenience to Changlun as part of our Project Cashless Kampung, an initiative aimed at growing digital payments in non-urban communities,” he stated.

To note, PayNet has also partnered with Hong Leong Bank to launch the
Project Cashless Kampung at Sekinchan
 just last week. Just like the Mai Kita Cashless campaign, the initiative based in Sekinchan also aims to enable those in the area with access to cashless payment and banking facilities. It sought to transform Sekinchan into the first cashless
kampung
in Malaysia.

(Source:
Digital News Asia
)

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Alex Cheong Pui Yin

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Your Car Insurance Probably Won't Cover These Things...

Depending on the type of insurance that you purchase, only specific incidents will be covered under the policy type, so how well do you know your car insurance policy? Let’s go through each policy type to get a better idea of what you can and can’t claim for.

If You Have Purchased:

Basic Third Party Insurance
, only the ‘third party’ (other vehicle or driver) is covered in case of accidents, damages and injury. But your vehicle will not receive any coverage if it is stolen, damaged by fire or involved in an accident.

Third Party, Fire and Theft Policies
, as the name implies, this policy covers the third party for damages, injury and death. It also provides protection for your vehicle from fire damage and theft.

Comprehensive Car Insurance
 offers higher coverage levels for theft, fire damage and third party coverage plus additional coverage in case of accidental damage to your own vehicle.

What Car Insurance Policies Will Not Cover

Now let’s look at other exclusions which are not typically covered for any type of car policy, be it basic or comprehensive:

1. Medical Costs from an Accident

If you’ve been involved in something a little more serious than a little fender bender and require medical attention, your car insurance policy is not likely to cover you. In fact, car insurance policies without add-ons only cover the death and disabilities of the third party and not you, the driver.

Thus, make sure your health insurance is up-to-date as it will help pay for your medical bills even if it’s due to a car accident. You may also choose to add on personal accident insurance when offered (at a slightly higher premium) or buy the policy as a standalone.

Personal accident insurance will provide a payout for major bodily injuries or death of the driver and depending on the terms, the passengers as well.

2. Incidents During Commercial Use

Private car insurance coverage does not protect you if your car gets in an accident or is stolen if you are using it to conduct business. This might include driving an Uber or GrabCar – even if they aren’t technically classified as commercial vehicles
at present
. If you are in fact using your car for business purposes, then you’ll need to purchase commercial car insurance instead of a private one.

It might actually be a good idea to designate your car for commercial use so you can write off legitimate car-related costs as a business expense when doing your taxes.

Do note that commercial car insurance tends to cost more than private insurance. But what would be worse than paying a slightly higher premium is being denied your claims altogether!

3. Passenger Liability

If a passenger sues you or causes an accident, your liabilities will not be covered by your car insurance policy.

However, there is an add-on for passenger liabilities that keeps you covered in case your passenger does get hurt in your vehicle and decides to sue you or is in fact culpable for an accident e.g. opening the passenger door and causing a motorcyclist to fall off.

The added coverage comes with a higher premium and might be worth it if you are often carrying passengers in your car.

Read also:

How To Get The Most Out Of Your Car Insurance

4. Personal Belongings Left in Your Car

If you often keep your laptop, wallet and other valuable belongings inside the car, note that if stolen – you won’t be able to claim for compensation. In fact, even with credit card protection plans that offer to replace lost or stolen items, it does not cover theft or loss if the item was left in your vehicle.

The only insurance plan that might provide coverage is a Home Contents policy. For instance, if your car was in your property compound at the time of the theft and if the items meet the minimum claim amount, you may be allowed to claim compensation. However, the specifics vary with policies.

Nevertheless, it’s just safer to avoid leaving things you value in your car as it might make your vehicle more tempting to burglarize too.

5. Your Car Loan

If your car gets stolen or damaged (beyond repair), your car insurance will not cover whatever you owe on the balance of your loan. Of course, if you have purchased comprehensive insurance and third party fire and theft policies, you may claim for compensation from your insurance provider.

If your claim is approved, you can use the settlement to pay for your loan, but you might still owe the gap amount –between the sum insured and the balance of the loan.

The best course of action to limit what you pay for the gap is to ensure that your car is sufficiently insured, as close to its market value as possible. Also be sure to look for plans that will pay out on the sum agreed and not the (depreciating) market value.

Our list isn’t exhaustive, so be sure to go through your policy thoroughly to find out about other potential exclusions or limitations that come with.

Is it time to renew your car insurance plan? Why not make life easier and simply head on over to our
comparison page
 to discover the best affordable car insurance policies available!

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Shopee Survey: Nine Out Of Ten Malaysians Prefer Online Shopping Over Offline

A survey by e-commerce platform Shopee has found that found that despite the reopening of Malaysia’s economy, a majority of Malaysians continue to be highly in favour of online shopping. Revealed in the Celebrating The Heart Of Malaysia On E-Commerce marketplace survey, nine out of ten Malaysian shoppers have indicated that they still prefer online shopping as opposed to traditional over-the-counter shopping.

The survey also showed that more than half of the shoppers on Shopee have adopted online shopping more permanently for various reasons. Specifically, 43% of the respondents surveyed reported that they valued online shopping as it lets them compare prices easily amidst the current inflationary environment, while 21% said that online shopping has become a habit. Another 17% said they prefer online shopping as they can find readily available stocks online, whereas 14% noted that they wanted to access choices that are not available offline around their present location.

In terms of shopping from local sellers, 42% of survey respondents said that they would do so because of faster delivery, whereas 20% said they feel strongly about supporting Made in Malaysia products. Similarly, another 19% said they prefer locally tailored products, and 11% trusts the quality of locally sourced and made goods.

(Image: The Star/Art Chen)

On top of that, Shopee’s survey also highlighted the fact that not all shoppers prioritise discounts and vouchers exclusively during their online shopping experience. Seven out of ten Malaysian buyers reported that their loyalty to Shopee stems from the peace of mind offered when shopping on the e-commerce platform. 40% of these shoppers noted that their confidence is attributed to “the convenience and flexibility of having parcels delivered to my doorsteps”, while 17% said it was because of the Shopee Guarantee feature, which protects buyers by holding their payments to sellers until buyers confirm that the order has been received.

Aside from buyers, Shopee’s survey also polled its sellers, and found that four out of ten local sellers use Shopee as their only business channel in the e-commerce industry. Other data that were revealed include the fact that e-commerce earnings allowed 45% of Shopee’s sellers to support their family, while 26% save and invest this income for rainy days ahead. The remaining sellers use it to sustain a better quality of life and to enhance their personal development – among other things.

Additionally, more than eight out of ten Shopee sellers surveyed attributed the long-term success of their Shopee stores to locally tailored shopping experiences instead of the discounts offered. These include reasons such as a straightforward buying and fulfilment process (34%), the recognition of Made in Malaysia products as affordable and of high quality (23%), great customer service (19%), and optimised storefront with Shopee’s marketing tools (9%).

(Image: Bloomberg/Nicky Loh)

“Celebrating The Heart Of Malaysia On E-Commerce survey underscores how Malaysian sellers continue to succeed and build financial security by selling on online marketplaces like Shopee. It’s important for business owners to understand that Malaysian shoppers do have motivations beyond price for shopping online. They can create more loyalty and engagement simply by matching their offerings and content with buyer values,” said the head of marketing campaigns at Shopee Malaysia, Kenneth Soh.

Shopee’s Celebrating The Heart Of Malaysia On E-Commerce survey has polled over 3,300 buyers and 2,100 sellers across Malaysia between 19 July to 17 August 2022, and seeks to examine the impact Malaysians are making on the economy through their continued online shopping behaviour. It is the first of a series, and will serve as the foundation to more efforts in the future.

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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OCBC Rolls Out Mobile-First Banking Solution, FRANK by OCBC

(Image: The Star)

OCBC Bank has rolled out FRANK by OCBC, a digital banking initiative aimed at providing the mobile generation a fresh way of banking using mobile-only banking options. Offering features that are strikingly similar to the
OCBC nuon Account
, the initiative also seeks to remove layered financial jargon and complex processes so that banking is made even more accessible to its users.

“With Malaysia’s high mobile phone usage, known to be among the highest globally and standing well over the global penetration of about 70%, the imperative to provide easier access to banking services has become a lot more pronounced,” said the head of consumer financial services at OCBC, Lim Wyson. “The mobile generation, while still mindful of the need for security and discipline in banking, is looking for a type of flexibility that we believe is both reasonable and implementable. So, our mantra has become ‘Your Money, Your Rules’.”

FRANK Account

There are a few features to the FRANK by OCBC initiative, chief of which is the FRANK Account – which the bank refers to as the “reinvention of the traditional features of fixed deposits”. Like the OCBC nuon Account, the FRANK Account also lets you split your money between a Spend Pot and a Save Pot.

Spend Pot

Save Pot

Accessibility to cash

Money is accessible for transactions or withdrawal at all times (through debit card or internet/mobile banking)

Money is not accessible for spending or withdrawal; must be moved back to Spend Pot through the OCBC mobile banking app if you wish to use it

Interest rate

0.30% (Base interest)

1.80% (Base interest + Bonus interest)

Tenure/Lock-in period

N/A

None

Essentially, the idea here is to give you the flexibility of a savings account, with easy access to your cash (Spend Pot), while still helping you to avoid overspending and to earn higher interest rates through your savings (Save Pot). Furthermore, the FRANK Account does not have a minimum initial placement or withdrawal penalty when you move your money from the Save Pot to the Spend Pot.

FRANK Debit Card

OCBC’s new initiative also comes with its own debit card, dubbed the FRANK debit card. Its key benefit lies in offering users a 0% foreign exchange mark-up when conducting overseas transactions or spending in foreign currencies when making online purchases. The bank further clarifies that it uses the Mastercard exchange rate for transactions made in foreign currency, just like with the nuon Debit Card.

Additionally, the FRANK debit card can be used for contactless payment at 400,000 merchants nationwide, and gives you access to about 14,000 ATMs across Malaysia.

Other financial management features

Aside from the above features, the FRANK by OCBC initiative also includes other financial management functions, including Money In$ights and People Like You. The Money In$ights feature automatically categorises your spending so that you can keep track of where your money is going. Meanwhile, the People Like You feature allows you to compare how you manage and spend your money with other people.

***

The FRANK by OCBC initiative is open for application to Malaysian citizens who are 18 years of age and above, and it must be registered under a single accountholder only. To sign up, you will need to download the OCBC mobile banking app, complete the online application form, and make a one-time visit to a bank branch for biometric verification. You’ll also have to place a minimum deposit of RM20, which must be maintained to operate FRANK by OCBC.

Head on over to OCBC’s website to find out more about its
FRANK by OCBC initiative
.

(Source:
OCBC
)

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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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RHB Launches First AI-Powered SME Financing Mobile App In Malaysia

(Image: The Star)

RHB Bank has launched its RHB Financing (SME) Mobile App, described as the first AI-powered “customer self-initiated” SME financing mobile app in the country. It is intended to offer increased convenience and accessibility for RHB’s SME customers who wish to apply for working capital financing.

Simply put, RHB’s new app automates the onboarding process, enabling the bank’s customers to submit their applications for working capital financing completely through their phones. It also allows them to communicate with RHB’s relationship managers without having to physically visit any branches.

According to RHB, its SME customers will be able to tap into fast term loans at competitive rates through the app, without the need for collateral. They can also conveniently apply for RHB’s BizPower Relief Financing facility, which provides them with a loan of between RM50,000 to RM1 million for a maximum tenure of up to seven years.

“This innovative app is powered by artificial intelligence (AI), machine learning, and big data capabilities, featuring facial recognition and real-time application processing capabilities. This puts more control in the hands of business owners, ensuring that they have access to a safe, secure, and efficient platform so that they can focus on building their businesses,” said RHB’s head of group business and transaction banking, Jeffrey Ng. He also added that approvals are faster for applications done on the app.

Ng further commented that the Covid-19 pandemic has caused a shift in customer preferences, with many now preferring remote loan applications instead of face-to-face meetings. “With this in mind, our focus is to continuously enhance and provide various digitally-driven products and services to make it even easier for them to conduct their transactions with us. In turn, this solution will drive our efficiency in service delivery as well as our SME market share,” he said.

RHB noted that the new app is meant to complement the existing SME Online Financing web portal. The bank also said that it has seen an encouraging response of about 5,000 submissions since the launch of the SME Online Financing web portal in 2018. In the following year, RHB aims to disburse a total of RM500 million through the new app to support small businesses.

For more information about the new
RHB Financing (SME) Mobile App
, head on over to its website. You can also download the app on
Google Play
 or the
App Store
.

(Sources:
The Edge Markets
,
Business Today
)

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Alex Cheong Pui Yin

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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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PLUS Toll Plaza Exits Will No Longer Offer Touch 'n Go Reload Services

(Image: The Star)

Starting today, all exit lanes at PLUS toll plazas nationwide will stop offering Touch ‘n Go (TNG) reload services to the public.

PLUS has already removed reload facilities for exit lanes at toll plazas in the central region (between Seremban and Ipoh South) on 1 August. From today onwards, PLUS will also cease reload services at all toll plazas in the northern region (from Hutan Kampung to Ipoh Utara) and the southern region (from Seremban to Skudai).

The move by PLUS is aimed at lessening highway congestion caused by reload activities at the toll booth. According to PLUS, 8% of the 253,000 daily traffic average in the northern region and 9% of the 189,000 daily traffic average in the southern region contribute to unnecessary delays – caused by issues like insufficient TNG balance and emergency top-ups at the exit lanes. According to PLUS, the process of reloading TNG cards at the exit lane usually takes up to 3 minutes.

The move is also meant to ensure the safety of PLUS customer service agents, with PLUS citing cases where heavy vehicles have crashed into toll booths at the toll plazas.

Despite the termination of TNG reload facilities at exit points, customer service centres nationwide and reload facilities at entry lanes for certain toll plazas will not be affected.

Earlier in August, PLUS announced that it will soon be accepting
 e-wallets and bank cards
 for highway tolls, which is also a move to help reduce congestion on highways. However, until then, highway users are advised to ensure that their TNG cards have sufficient balance beforehand.

(Source:
PLUS
)

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Singapore Becomes World's First To Incorporate Facial Recognition In Its National ID Scheme

(Image: GovTech)

Singapore has become the first country in the world to incorporate the use of facial verification in its national digital identity scheme, SingPass. With the implementation of the new SingPass Face Verification technology, the city state’s citizens will soon be able to securely access both private and government services via a quick face scan.

Said to be fully available from 2021, the face recognition technology will allow those living in Singapore to tap into more than 400 government services without the need for passwords or security dongles. These include services such as tax declarations and public housing applications. Individuals can also use the biometric check – which works on home computers, tablets, mobile phones, as well as public kiosks – to access other online services and amenities, including banking facilities.

With regard to security issues such as identity fraud, Singaporean authorities reassured users that the new feature is designed to recognise if the right person is truly in front of the screen. They explained that the technology will capture a series of photographs of the individual’s face from various lights. Following that, these images will be compared to other data that are available to the Singaporean government, such as national identity cards, passports, and employment passes, for authenticity checks. As such, the technology will not be deceived by photographs, videos, replayed recordings, and deepfake images.

“We want to have assurance that the person behind the device is a real person… and that it is not an image or a video,” said the director of business development at Toppan Ecquaria, Lee Sea Lin. Toppan Ecquaria is one of the digital consultancies working with Singapore’s technology agency, GovTech, to launch the SingPass Face Verification technology.

(Image: Toppan Ecquaria)

Meanwhile, the senior director for the National Digital Identity Programme at GovTech, Kwok Quek Sin emphasised that no data will be shared with third parties for purposes of surveillance or data gathering. According to him, users will be provided with other log-in options, such as personal passwords, to access services if necessary. “It is not surveillance. The use is very specific,” he explained.

At present, the SingPass Face Verification technology is being tested at selected government offices, including the tax authority and Singapore’s pension fund. Private firms are invited to enrol in the trial as well, joining Singapore’s largest bank DBS as one of the participants.

The SingPass Face Verification technology serves as one of the city state’s efforts to employ technology in its advancement, which ranges from increasing the use of electronic payments to research on driverless transport. Singapore may also harness the new feature for other purposes in the future, such as identity checks for students to take their own exams, or for individuals in secure areas of the city state’s ports.

(Source:
Unreserved Media
)

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Alex Cheong Pui Yin

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No More GrabRewards Points For Cash Payments

Starting from 15 March, Grab will no longer be offering GrabRewards points to customers who pay for Grab services using cash. This will primarily affect those who have been paying for their Grab rides in cash, as most of Grab’s other services already require you to pay using a credit or debit card – or by topping up your GrabPay wallet.

According to Grab, this move is in support of the government’s efforts to encourage cashless payments adoption in Malaysia through the
e-Tunai Rakyat initiative
. GrabPay was one of the
three chosen e-wallet partners
 offering the
RM30 digital incentive
 under e-Tunai Rakyat, also throwing in
additional vouchers
 as an extra incentive to sweeten the deal.

Once the change takes place on 15 March, only transactions that are performed using the GrabPay e-wallet, credit card, or debit card will be awarded with GrabRewards points.

Currently, Grab users are enjoying an
extension of the GrabPay Year End Bonus Points
 promotion, which awards users with 3x the base amount of points offered for each transaction. This promotion was set to end at the end of 2019 but has been extended until 14 March 2020.

(Source:
Grab
)

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Save More With These Bank Promo Codes & Vouchers For Shopee & Lazada 9.9 Sales

The Lazada 9.9 Brands & Beyond Sale and Shopee 9.9 Super Shopping Day are almost here, enticing shoppers with an array of special deals! As one of the two biggest online sale events of the year, the e-commerce platforms are offering generous discounts for 9.9, helping you save more on your purchases.

On top of the discounts, you can also tap into partner vouchers provided by a number of banks for their cardholders and further reduce the final price. So here is a round-up of bank vouchers that you can redeem during the upcoming Shopee and Lazada’s 9.9 sales.

Bank Vouchers For Lazada 9.9 Sale

Lazada’s 9.9 bank promo codes will only be released from 9 September at midnight, so you will need to act fast to claim these vouchers before you begin shopping. In the meantime, don’t forget to also collect seller vouchers,
Lazada Bonus
, and
free shipping vouchers
, which you can stack with the bank vouchers for even more savings!

If you didn’t know already, Lazada lets you
stack up to five vouchers
 for each order:
Lazada Bonus
+ Platform Voucher + Bank Voucher + Store Voucher + Free Shipping Voucher. Plus, if the store accepts Lazada Coins, that’s another avenue to reduce your actual spending!

Here is a list of bank vouchers that you can use during
Lazada’s 9.9 sale
, from 9 to 11 September 2022:

Alliance Bank

Alliance Bank credit cardholders can get enjoy two discounts: RM15 off with a minimum purchase of RM150, and RM50 off with a minimum spend of RM500.

Claim both vouchers here
, and apply them at checkout between 9 to 11 September 2022.

AmBank

AmBank debit cardholders can get RM8 off their purchases when they spend a minimum of RM80 on Lazada. You can also enjoy free shipping of up to RM6 with a minimum purchase of RM50.

On top of that, you can get a RM10 voucher when you save your AmBank debit card on Lazada for the first time. Available from 1 to 9 September 2022, this voucher is applicable with a minimum spend of RM80, and is valid within seven days after it is issued.

Claim all the vouchers here
.

Bank Islam

Bank Islam debit and credit cardholders can get RM15 off with a minimum spend of RM120. This voucher is only available for the first 900 cardholders, so be sure to claim it here as soon as it is released.

CIMB Bank

CIMB debit, credit, and prepaid cardholders can enjoy the following discounts on Lazada:

Customer category
Voucher
Maximum redemptions
Promo period
New Lazada customer
RM11 off with a minimum spend of RM11
3,000 redemptions
9 – 11 September 2022
Existing Lazada customer
RM50 off with a minimum spend of RM580
400 redemptions
25 August – 11 September 2022

Like all other vouchers, these vouchers are also offered on a first-come-first-served basis, so
claim them here
 at midnight before they run out.

Citibank

Citi cardholders can get the following discounts on their Lazada purchases:

Cardholder
Voucher
Maximum redemptions
All Citi debit and credit cardholder
RM20 off with a minimum spend of RM15
4,000 redemptions
Lazada Citi credit cardholder
RM30 off with a minimum spend of RM150
3,500 redemptions

These vouchers, too, can only be redeemed once by each user.
Claim the vouchers here
, and use them between 9 to 11 September 2022.

HSBC Bank

HSBC credit cardholders can enjoy RM25 off their purchases when they spend a minimum of RM200 on Lazada. Limited to 1,000 redemptions, this voucher is also provided on a first-come-first-served basis.

There is also a generous RM100 discount for HSBC credit cardholders who spend a minimum of RM1,200 on Lazada.

You can
claim both vouchers here
.

Maybank

Maybank cardholders can enjoy the following discounts when they shop on Lazada between 9 to 11 September 2022:

Cardholder
Voucher
Promo code
Maximum redemptions
Maybank/Maybank Islamic credit & charge cardholder
RM15 off with a minimum spend of RM130
MAYLAZ99
3,133 redemptions
Maybank AMEX cardholder
RM18 off with a minimum spend of RM150
AMEXLAZ99
1,750 redemptions

Be sure to apply the promo codes at checkout during the sale. Note that these codes are only available on a first come, first served basis, unlike the other claimable bank vouchers.

Public Bank

Public Bank Mastercard credit cardholders can get a RM20 discount with a minimum spend of RM150. Provided on a first-come-first-served basis, this offer is limited to 1,873 redemptions.

Apply the promo code
PBLAZ99

at checkout during the sale.

RHB Bank

Enjoy a RM20 discount when you spend a minimum of RM150 on Lazada using your RHB credit card!
Claim the voucher here
.

UOB Bank

Last but not least, UOB credit cardholders can earn a RM15 discount when they spend a minimum of RM150 on Lazada.

Claim the voucher here
, and apply it at checkout between the sale period.

Bank Vouchers For Shopee 9.9 Sale

While Lazada has Lazada Bonus, Shopee has two types of 10% rebates: one that offers
10% instant rebate up to RM120
 and another that offers
10% coins cashback up to 50,000 (worth RM50) and 150,000 coins (worth RM150)
. These used to be able to stack with bank and free shipping vouchers but now you can only use one voucher per order, so be sure to get the best one for your order.

These are the bank vouchers for Shopee’s 9.9 sale that you can claim:

Affin Bank

Affin Bank credit cardholders can enjoy either RM20 or RM30 off their purchases when they spend a specified minimum amount on Shopee:

Voucher
Promo code
RM20 off with a minimum spend of RM180
AFFN99A
RM30 off with a minimum spend of RM280
AFFN99B

Claim the vouchers now
, and apply them at checkout this 9 September.

Alliance Bank

If you are an Alliance Bank credit cardholder, you, too, can enjoy discounts of up to RM50 on your Shopee purchases:

Voucher
Promo code
RM15 off with a minimum spend of RM150
ABMB15
RM50 off with a minimum spend of RM500
ABMB50

As usual,
claim the vouchers now
, and quickly use them during the 9.9 sale.

AmBank

AmBank debit cardholders can get a RM10 discount when they spend a minimum of RM100 on Shopee. Like all other vouchers, this voucher is offered on a first-come-first-served basis, and is valid for one-time use per user.  This offer is only applicable for 800 redemptions, so you need to be quick if you wish to redeem it!

Claim the voucher here
, and redeem from midnight on 9 September.

Bank Islam

If you are a Bank Islam credit cardholder, you can get RM20 off your purchase when you spend a minimum of RM150 using your credit card.

Claim the voucher here
, and redeem from midnight on 9 September.

CIMB Bank

CIMB debit, credit, and prepaid cardholders can also enjoy discounts when they spend a specified minimum amount on their Shopee purchases:

Customer category
Voucher
Maximum redemptions
Promo period
Existing Shopee customers
RM10 off with a minimum spend of RM100
150 redemptions
9 September 2022
New Shopee customers
RM18 off with a minimum spend of RM20
1,000 redemptions
25 August – 9 September 2022
Existing Shopee customers
RM50 off with a minimum spend of RM580
100 redemptions
9 September 2022

Claim the vouchers now
, and apply them at checkout quickly before they are all redeemed!

Citibank

Meanwhile, Citi credit cardholders can enjoy RM20 off with a minimum spend of RM150 in a single transaction. This voucher is limited to the first 3,000 cardholders, and is valid from 9 to 11 September 2022.

Claim the voucher here
, and redeem from midnight on 9 September.

Maybank

Maybank credit cardholders are also offered several discounts as specified below:

Cardholder
Voucher
Maximum redemptions
Maybank/Maybank Islamic Mastercard Visa & American Express (AMEX) cardholders
RM16 off with a minimum spend of RM120
4,860 redemptions
Maybank/Maybank Islamic AMEX cardholders
RM20 off with a minimum spend of RM120
1,575 redemptions
Maybank Shopee Visa Platinum cardholder
RM22 off with a minimum spend of RM120
1,432 redemptions

Note that the vouchers are only applicable for existing Shopee customers, and can only be redeemed once by each customer.

Claim the vouchers here
, and redeem them this 9 September.

Public Bank

Public Bank credit cardholders can get a RM10 discount with a minimum purchase of RM130.

Claim the vouchers here
, and redeem them this 9 September.

RHB Bank

RHB credit cardholders can enjoy discounts of up to RM60 when they spend a specified minimum amount on Shopee:

Voucher
Maximum redemptions
RM20 off
 with a minimum spend of RM150
1,008 redemptions
RM60 off
 with a minimum spend of RM500
144 redemptions

Claim the vouchers here
, and redeem them this 9 September.

UOB Bank

Finally, UOB credit cardholders can also enjoy a discount of RM14 with a minimum spend of RM120.

Claim the vouchers here
, and redeem them this 9 September.

Spend Smart And Save More

As some of you may know, Shopee and Lazada’s voucher systems work differently; while Shopee’s voucher system is on a “first redemption” basis, Lazada’s voucher system works on a “first claim” basis. So while anyone can claim the bank vouchers on Shopee, it is not guaranteed that you can redeem the vouchers – meaning you’ll need to use them as quickly as possible. On the other hand, if you manage to claim the bank vouchers on Lazada, you can certainly redeem them throughout the validity period at your own leisure (but of course, the item you want to buy may be sold out!)

***

So remember to quickly use the bank vouchers on Shopee during the 9.9 sale, and grab the bank vouchers on Lazada as soon as they are released at the stroke of midnight on 9 September! In the meantime, take a look at our list of the
best cashback credit cards for online shopping
 and take advantage of the additional savings in time for the 11.11 online shopping sale.

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Malaysia’s Unemployment Rate In April 2021 Drops To 4.6%

(Image: Bloomberg)

The unemployment rate of Malaysia in April 2021 has continued to improve from 4.7% in March 2021 to 4.6%, said the Department of Statistics Malaysia (DOSM) in its latest labour force report. It is the lowest rate to have been recorded since
October 2020
.

With this, the number of unemployed individuals have dropped by 0.1% – equivalent to 10,500 persons – to settle at 742,700 persons. In March, the number of unemployed persons stood at 753,200.

On top of that, those who are actively unemployed – defined as unemployed individuals who are actively seeking for work – has decreased by 1.3% (8,200 persons). This brings the number from 626,900 persons in March down to 618,700 persons in April. DOSM’s report also noted that 52.1% out of the total actively unemployed were unemployed for less than three months.

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin attributed this improvement to the relaxation of restrictions via the implementation of recovery and conditional movement control order (RMCO and CMCO) nationwide. “Malaysia’s labour force continued to be on a recovery path in April 2021 as RMCO in most states and CMCO gave more opportunities for businesses to continue their activities in full capacity while adhering to strict standard operating procedures,” he said.

Accordingly, the number of labour force in April 2021 recorded a month-on-month increase of 0.1% (12,200 individuals), bringing it from 16.08 million persons in March 2021 to 16.09 million persons. The number of employed individuals also maintained its upward trend with an increase of 22,700 persons to settle at 15.35 million persons in April. The services, manufacturing, and construction sectors contributed to this increase, whereas the agriculture as well as mining and quarrying industries continued to decrease in number of employed individuals.

Breaking down the different categories of employment, the employee category – which makes up 77.9% of the employed persons group – saw a slight increase from 11.95 million persons in March to 11.97 million persons in April. Meanwhile, own-account workers (self-employed) recorded an addition of 12,300 persons, coming up to a total of 2.49 million persons in April. This group accounted for another 16.2% of the employed persons group. Lastly, the remaining 5.8% of overall employment is comprised of unpaid family workers (2.6%) and employers (3.2%).

The number of employed persons who were temporarily not working, on the other hand, had reduced by 5,000 to settle at 116,000 persons.

Despite this improvement, Mohd Uzir cautioned that the labour force condition in following months may be less positive as May 2021 saw the country’s battle against the Covid-19 pandemic taking a downturn. “Labour market condition is foreseen to face another challenging situation in the upcoming months but the provision of various assistances by the government may cushion the impact and subsequently restore the labour market condition,” he said.

(Sources: DOSM [
1
,
2
])

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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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Sime Darby Property Turns 50 With Compelling Vision For The Future

Putting into motion a visionary purpose to Multiply Value for people, businesses, economies and the planet through initiatives that will shape the future of the industry.

As an industry leader and significant contributor to nation building in the last five decades, Sime Darby Property is ready to take on the next 50 years and beyond but this time, with a greater purpose.

Studies show that goal-driven organisations have better growth and understanding this value, Sime Darby Property had successfully completed a two-year analysis of its operations to redefine its new purpose vision, mission, and values statement.

With a Purpose to be a Value Multiplier for people, businesses, economies and the planet’, the company is ready to fulfill its mission to ‘advance real estate as a force for collective progress, in harmony with the planet’s resources’. Its Mission to develop, own and manage a thriving asset portfolio that implements positive stakeholder capitalism, will be supported by its ‘Multiply Value’ growth-oriented mindset to lead the industry.

Sime Darby Property Group Managing Director Dato’ Azmir Merican believes the company is aligned with the purpose of paving the way for communities, the environment, businesses, and the economy to thrive for generations to come.

“We nurture the ability to see value differently than most. While others focus on incremental value, we believe in multiplying value and to achieve this, we must build more than buildings. Sime Darby Property will drive the vision via innovation, technology and a flexible growth mindset that allow us to see beyond our own needs and lifetime,” he said.

In line with this future-forward direction, Sime Darby Property is celebrating its golden anniversary with the Beyond 50 campaign which aims to share the company’s vision for the next 50 years centred around the pillars of people, planet, businesses and economies.

At The Forefront Of ESG

Sime Darby Property leads the industry in environmental, social and governance (ESG) practices and consistently emphasises sustainability as a hallmark of everything it does and stands for.

One of the four core imperatives in the company’s sustainability strategy is to “implement good biodiversity practices” that is in line with the company-specific 2030 sustainability goals.

Its Elmina Rainforest Knowledge Centre (ERKC) in the City of Elmina is primed for conservation actions, research and development activities, and other green initiatives – propelling the company’s journey towards building more sustainable communities for future generations. The ERKC will live up to its role as a premier centre of environmental conservation and help safeguard the biodiversity of endangered and threatened plants – aligned with the company’s aim of producing up to 50,000 IUCN red list trees by the year 2030 and planting them at its townships and developments.

A Real Estate Player

The aim is to transform Sime Darby Property from the pure-play property developer that it is today, focused on the build-and-sell residential segment, into a real estate company by 2025. The company has broadened its income streams by focusing on strengthening the master developer model, investment and asset management, and industrial and logistics development.

Particularly for the industrial and logistics segment, it sees a significant opportunity for expansion via its remaining available industrial land at approximately 2,800 acres (1,133 hectares).

Sime Darby Property also aims to capitalise on the high demand for logistics and warehousing as well as e-commerce, following global trade flows and supply chain developments in addition to shift in consumer preferences. On a global scale, Sime Darby Property is making great strides with the redevelopment of the iconic Battersea Power Station in London, slated for a launch later this year.

Quality Way Of Life For All

Inclusivity is an emphasis in many of its townships and is epitomised via the Inclusive Playground built in collaboration with UNICEF Malaysia and launched earlier this year in the City of Elmina.

Sustainability is also at its business’ forefront as exemplified through Project Arc (Parc) in Subang Jaya which models as a gathering space that allows people to explore how sustainable community lifestyle can be accessible and fun.

In support of the “shape inclusive and resilient communities” principle, Sime Darby Property has launched developments via the Inspirasiku effort, with aims to build 15,000 affordable homes that cost below RM600,000 by 2030.

Rewarding Existing And New Customers

Sime Darby Property is rewarding existing customers as well as new property buyers in a big way this year with its ‘Beyond 50 Rewards’ sales campaign and ultimate grand prize of a unit worth more than RM1mil at The Serenade in The Glades, Putra Heights in Selangor – luxurious and low-density condominiums in a resort-inspired enclave.

Other prizes include an experiential travel package to the Malé in Maldives and Six Senses Uluwatu, Bali. The campaign period for the grand prize of one unit at The Serenade runs from Aug 15 to Dec 31, 2022, while the experiential travel packages is from Oct 1 until Dec 31, 2022.

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