Maybank Partners With CreateWills To Launch Digital Will-Writing Service, EzyWasiat

Maybank Islamic has partnered with digital will-writing platform CreateWills to launch a will (
wasiat
) writing service called EzyWasiat. Targeted at the Muslim community in Malaysia, the new service will enable customers to plan and prepare their
wasiat
– within
shariah
 and
faraid
 (Islamic inheritance) principles – with ease and efficiency.

According to Maybank, EzyWasiat is the first digital will-writing platform in Malaysia that comes complemented by personalised advisory services and assistance from Maybank’s certified personal financial advisors, wealth management advisors, or relationship managers. Additionally, it features a built-in automated
faraid
 algorithm that can help to simplify the whole process. Briefly,
faraid
is a concept in Islamic law that determines the rights and portion of a deceased’s inheritance to his or her heirs.

As a result, customers can complete their
wasiat
 writing process within just 30 minutes, with fees starting from as low as RM600. If you need to amend your
wasiat
in the future, that can also be done conveniently at a small cost.

Chief executive officer of Maybank Islamic, Dato’ Mohamed Rafique Merican said that the introduction of EzyWasiat is in line with the bank’s commitment to develop innovative products that address the needs of the Malaysian public. “The partnership between Maybank Islamic and CreateWills marks a significant advancement in
wasiat
 writing services for the Muslim community, particularly within the Islamic estate planning space. It also builds on Maybank Islamic’s commitment to make its services accessible to all members of the Muslim community,” he added.

Head of Islamic wealth management and business development at Maybank Islamic, Ahmad Shareza Abdul Rahman echoed similar sentiments, adding that the tagline for EzyWasiat is aptly set as ‘From
Niat
 to
Wasiat
. He especially hopes that the platform can assist Muslims who have always wanted to prepare a
wasiat
, but did not do so due to obstacles such as the perceived complexities of the will-writing process, the cost, and lack of convenience.

“The whole process of getting it done within just 30 minutes and the affordable pricing structures ensures that no one is excluded from receiving high-quality legal assistance in estate planning. Taking into account the dynamism of life and that circumstances may change over time, EzyWasiat being digitally-led makes it easy to be amended as well,” said Ahmad Shareza.

For those who would like to tap into Maybank’s new EzyWasiat service, you can kickstart the process by sending an email to
[email protected]
 with your full name and phone number. Following that, a personal financial advisor or relationship manager from Maybank will get in touch with you and guide you along the process.

Alternatively, you can also schedule a branch appointment to speak to a bank personnel regarding the service. Note that the EzyWasiat service is currently unavailable via the Maybank2u online banking website or the MAE by Maybank2u mobile banking app (the integration of the service into both platforms is still under consideration).

Maybank also shared that it has plans to expand EzyWasiat beyond the market in Malaysia to other regions where the bank has a foothold. However, no specific timeline has been determined as of yet.

(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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AEON Credit Service Offers 1-Month Deferment For Loans

AEON Credit Service (M) Berhad has announced that it is offering a one-month deferment for all its loans starting today 1 April 2020. The deferment will be applied automatically to all eligible AEON Credit customers with no additional fees imposed.

AEON Credit is a non-bank financial institution, which means that it does not fall under the purview of
Bank Negara Malaysia’s automatic six-month moratorium
 for banks and development financial institutions. Therefore, the one-month automatic
deferment by AEON Credit
 is its own initiative to provide a temporary relief to its customers during the Covid-19 pandemic.

According to AEON Credit, all active accounts are eligible for this payment deferment, except for those that are more than 90 days overdue in payment as of 1 April 2020. The deferment is offered to AEON Credit’s objective financing, personal financing, motorcycle financing, and auto financing accounts. The deferment will not negatively affect your credit score records.

Eligible customers need not apply for the deferment as it will be automatically activated; all existing auto debit instructions will be stopped for the month of April. However, if you wish to opt out of this deferment programme, you may continue to make your payment via online transfer, cash deposit machine, or interbank GIRO, and your instalment will be reflected for the current month’s billing.

After the one-month deferment period, you will need to make payment by your May due date as usual. The repayment amount will be the same once the deferment ends as the types of loans offered by AEON Credit (hire purchase and personal loans) are on flat interest rates, unlike mortgages where interest will continue to
accrue interest
.

In line with Bank Negara Malaysia’s ruling on
outstanding credit card balances
, AEON Credit Services will also be automatically converting the credit card balances of customers who have not met the minimum monthly repayment for 3 consecutive months into a 36-month instalment plan. Meanwhile, cardholders with outstanding accounts not exceeding 2 months will have the option to join the instalment plan.

For the duration of these monthly instalment plans, credit cardholders will be charged an effective interest rate of 13% p.a., which is lower than the usual 15-18% p.a. that is usually charged on unpaid credit balances. According to
AEON Credit
, more information on these credit card instalment plans will be available soon.

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Waze Now Shows Toll Prices, Helps Users Plan Their Journeys Better

The latest update from Waze lets users view toll costs when navigating to their destination. By giving motorists visibility of prices ahead of time, the new Toll Prices feature is a major advantage in helping them plan and prepare better for their journeys.

“Until now, Waze was trying to reduce your time spent in traffic – now, we’re also helping our users save as much money as possible by giving them the absolute best choice of routes, based both on ETA and potential costs of tolls along the way,” said Waze product manager, Moriah Royz.

Drivers will be able to see a Toll tag on their selected route if it includes driving past them. As of the time of writing, the Toll Price feature does seem to work for most tolls around the greater Klang Valley area, although some are still missing, such as the Kajang station on the North-South Expressway, from Mid Valley City to KLIA.

Worth noting, however, is that the toll prices shown are only estimations determined from data crowdsourced from Waze’s volunteer community of over 30,000 monthly active map editors. The Google-owned app clarifies on its
Help page
 that “because toll prices in Waze are estimations, they don’t replace actual prices set by the toll operators”.

This hyperlocal feature is automatically enabled once users update their Waze app to the latest version. The update is available for both iOS and Android.

Waze had begun rolling the Toll Prices feature for its American and Canadian users in July 2019, and is gradually offering it to users in other parts of the world.

(Source:
The Star
,
Lowyat.NET
)

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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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Grab Will Start Charging Passengers Cancellation Fees

From 25 March, Grab will start charging passengers for arriving late to their ride or cancelling their booking after a certain amount of time.

The cancellation fee will be charged if the passenger cancels the booking after 5 minutes. Meanwhile, a fixed fee of RM5 will be charged if the passenger doesn’t show up for their booking after 5 minutes and the driver cancels the ride. For both situations, the grace period for GrabShare rides are shorter, with charges being implemented after 3 minutes instead of 5.

You will be charged between RM3–RM5 for cancelling on your driver after the initial grace period is over, depending on the type of rides booked.

Service booked

Cancellation fee

GrabCar, JustGrab, GrabShare, GrabTaxi, GrabCar Plus

RM 3

GrabCar (6-seater), JustGrab (6-seater), JustGrab (10-Seater)

RM 4

GrabCar (Premium), GrabCar Luxe (Vellfire for Airport)

RM 5

The cancellation fee will be charged to passengers’ GrabPay credits balance or credit/debit card, or at the next ride for passengers who are using cash. Grab states that the cancellation fee is a measure to safeguard its driver-partners’ welfare. The full amount will go to the driver as compensation for wasted fuel and missed earnings they could have gotten from another job.

On social media, many Malaysians disapprove of the cancellation fee. One concern is that some drivers are seen to be stationary or try to avoid reaching the destination in hopes that the customer would cancel the ride. However, Grab has said that they have measures in place to make it fair for the customer. For example, the cancellation fee will be waived if the driver does not arrive within 10 minutes after the first-shown estimated time of arrival or has not been moving for a long time.

There are also concerns that Grab drivers may cancel the ride before the stipulated waiting time, leaving the customer to be charged with the no-show fee unjustly. Besides that, passengers say that it is common for drivers to state on the app that they have arrived, but are actually waiting at the wrong pickup location. There are also instances where Grab drivers urge their passengers to cancel the ride, which will now be an issue if the passenger is charged for doing so.

According to Grab, the passenger will not be charged for being late to the ride if the driver is not at the right location. Grab also insists that its drivers will be held accountable for cancelling before the waiting time is up. If the driver has asked the passenger to cancel the ride, the passenger should indicate this on the app and give feedback via the in-app Help Centre.

Feedback should also be given through the Help Centre if the passenger feels that they are being treated unfairly. If Grab’s investigations show that the passenger has been charged unfairly, Grab will reimburse the cancellation fee with a promo code within two working days.

Grab expects the policy update to only affect 1% of bookings because most passengers do not cancel the ride after booking. For more information,
visit Grab’s website
.

(Source:
The Star
)

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Malaysians Will Soon Be Able To Use Boost E-Wallet In Singapore And Thailand

Axiata Digital Services Sdn Bhd has announced that Malaysians will be able to use the Boost e-wallet in Singapore and Thailand by the second quarter of this year. The company is hoping to integrate the e-wallet into the Singapore and Thailand markets, and is currently waiting for Bank Negara Malaysia’s (BNM) approval to launch the cross-border electronic payment system.

To expand the e-wallet into Singapore and Thailand, Boost is working with Singtel. The Singaporean company may be better known as a telco, but it also operates a mobile payment alliance called VIA in multiple countries (including Singapore and Thailand). The alliance allows for users of certain e-wallets in Singapore and Thailand to seamlessly use their local wallets when visiting the other country. By joining this alliance, Boost will be the first Malaysian e-wallet in the VIA alliance, allowing it to be used in Singapore and Thailand. This partnership could also mean foreign e-wallets like Singtel Dash, AIS Global Pay, and Rabbit LINE Pay can be used in Malaysia at merchants that accept Boost.

As one of the leading e-wallets in Malaysia with 3.8 million users and 70,000 merchant touchpoints available in the country, it makes sense to explore cross-border opportunities. With a growing number of Malaysians embracing e-wallets, this form of payment is now viewed as credible, safe and convenient for consumers. With the partnership, soon it will be possible for Malaysia’s Boost users to use the digital e-wallet at over 1.6 million merchant partners in Singapore and Thailand through the VIA alliance network.

(Source:
Malay Mail
,
Fintech Malaysia
)

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Budget 2019: Digital Tax To Be Implemented From 2020

Malaysia will implement a new service tax that will be levied on digital services provided by overseas companies beginning 2020. While not explicitly mentioned in Finance Minister Lim Guan Eng’s speech, the presentation slides clearly showed popular digital service platforms will be affected.

The presentation slides shows three online services that are very popular among Malaysians: video streaming service Netflix, audio streaming service Spotify, and digital gaming platform Steam. In his speech, Guan Eng states that the foreign companies that provide these direct-to-consumer services are “required to be registered with the Royal Malaysian Customs, charge and remit the relevant Service Tax on the transactions”. The new tax will take effect from 1 January 2020.

(Image: The Star)

The tax rate was not revealed at the Budget speech, however. In addition, the tax will also cover (but are not limited to) downloaded software, music, video, or digital advertising.

Interestingly, this isn’t the first time that the Malaysian government has attempted to introduce a service tax on digital services. In 2017, the previous government had tabled
a proposed amendment to the GST Act
 to include digital streaming services like Netflix and iflix.

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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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Govt To Implement Targeted Electricity Subsidy From 1 January 2023

(Image: Malay Mail)

The government has announced that it will be implementing a targeted electricity subsidy between 1 January to 30 June 2023, which allows domestic users to continue enjoying a rebate of 2 sen/kilowatt hour (kWh) on their power tariff. Non-domestic users, meanwhile, will need to pay a specified amount of surcharge – depending on whether they fall into the lower, medium, or high-voltage category.

Specifically, farmers and animal breeders, as well as lower voltage (LV) non-domestic users – such as micro businesses and small and medium enterprises (SMEs and MSMEs) – will be charged the existing 3.7 sen/kWh surcharge. These include restaurants, groceries, bakeries, and small workshops.

Medium voltage (MV) and high voltage (HV) consumers, on the other hand, will see a surcharge of 20 sen/kWh being implemented from 1 January 2023 onwards. This is due to the increased cost of generating electricity following a hike in global coal prices.

(Image: The Star)

Natural Resources, Environment, and Climate Change Minister, Nik Nazmi Nik Ahmad said that with this latest update to the electricity tariff, the government will continue to bear a total of RM10.76 billion in subsidy. “The actual cost of subsidy to maintain the current electricity tariff is RM14.91 billion. However, with this targeted subsidy scheme, an additional allocation of RM4.16 billion which would have gone to bear the cost of electricity subsidy can now be allocated to help the rakyat through other means,” he said.

Nik Nazmi also highlighted that RM8.74 billion will be allocated to ensure that domestic users, farmers and breeders, as well as LV non-domestic users will be exempted from any tariff increase following this latest adjustment through the Imbalance Cost Pass-Through (ICPT) mechanism.

Briefly, the ICPT is a mechanism that allows Tenaga Nasional Berhad (TNB) to review the electricity tariff every six months, ensuring that its charges reflect the changes in fuel and other generation-related costs. Meanwhile,
Malaysia’s current electricity tariff (for the period of July – December 2022)
 offers a 2 sen/kWh rebate to all domestic electricity consumers, whereas non-domestic consumers are charged a surcharge of 3.7 sen/kWh (regardless of whether they fall into the LV, MV, or HV category).

(Source:
The Edge Markets
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Hotels & Credit Cards: How to get the best deals

There are all sorts of credit cards out there with its different uses and ways of helping to make your life easier. And there are also those credit cards which might be incredibly useful to us but are not available in Malaysia. A great example is Hotel Credit Cards, which let you earn reward points and free stays at some hotel chains.

The good news is that you don’t have to miss out on the best hotel deals – all you need to do is learn these few tricks and tips to using normal Malaysian credit cards to get more for your money.

Credit Cards & Hotel Booking Websites

This is where credit cards and hotel booking websites work together to get you the best deals available, but only through their specific website. By logging in with your account with your credit card details, you can gain a range of discounts from an additional 6% off your already heavily discounted room choice, or even a total of 85% off! Here are two of these types of websites to check out.

Agoda Maybank & Agoda CIMB

Agoda Maybank
 gives you an additional 7% discount on top of the usual discounts Agoda gives you on their websites, while
Agoda CIMB
 gives you 5%-7%. But you don’t just get discounts – you can actually gain rewards on this website as you’re given points depending on the kind of room you book. These points can definitely help you to get other room bookings for free, and it is recommended to do when possible as the points expire within a year. You will need to be a member of Agoda and, of course, have a Maybank orCIMB credit card at hand during the booking process to gain the points and discounts.

Timely promotions

There are promotions where the credit cards and hotel booking sites give special discounts during specific periods, with discounts over 70% to look out for in hotel rooms. One which is still available includes Visa Wednesdays with Agoda.com, where you can grab an extra 10% off at all destinations, but only when booked on Wednesdays!

Credit Cards and Hotels

These are the cards that give you some form of benefit for your hotel stay at these specific hotels. There aren’t many credit cards that are directly allianced with a specific hotel chains, but you can still get a number of possible discounts and even service with the right credit card. This is especially so for these cards:

Citibank Credit Cards

Citibank doesn’t offer discounts for hotel chains, but specific hotels instead where you can get 5%off throughout the year for your stay at their selected hotels. Certain resorts can give you up to 40% off the published rate for specific hotel rooms as well.

HSBC Credit Cards

HSBC has two hotel chains under its belt, BEST WESTERN International and Shangri-La Hotels and Resorts, where you can get 40% off the best available rate or even complimentary breakfast and broadband internet access. Specific cards also have discounts on Agoda.com of around 5%-7%.

While limited, there are ways you can make your next room booking work in your favour, with more discounts and even more benefits. We may not have a hotel credit card, but we can still make the best out of what we have for sure.

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Michelle Brohier

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5 Tips For Buying Preloved Furniture

Filling your home with comfortable and beautiful furnishings is no easy task; as any new homeowner/renter will tell you. The furnishing game is either fraught with huge prices or badly made (sometimes dangerous!) furniture. How is a homeowner to manage after already forking out huge sums on downpayments and renovations?

Many of them turn to preloved (used) furniture as an alternative. In a society much hooked on commercialism and the buying culture; it’s not hard to find good pieces of furniture being sold almost new for good prices in the secondhand shops.But buying preloved is not without it’s hang-ups. There are no guarantees and it’s hard to say how much a piece has been through just by doing a visual inspection.

That said, buying preloved still is a great way to furnish your place – we give you our five tried and tested tips to use when buying secondhand furniture.

1. Check Recommended Retail Prices (RRP)

So you’ve found a ‘like new’ Lorenzo sofa for what seems to be a median price. Before locking down your purchase – the first thing to do is check the sofa’s recommended retail price. If you can’t find the exact model’s price online – check current models that are similar (made of the same materials and grade). This is to prevent you from paying more than you should.

It’s not uncommon in Malaysia to find sellers who believe that just because they haven’t sat on the sofa as much as they could have; they are justified in selling it at almost retail. It doesn’t work like that. Household goods (unless they are valuable antiques) ; like cars; depreciate at an alarming rate. This is due to many reasons including the secondhand buyer’s inability to claim any kind of warranty from the original shop/manufacturer and the risk they take that a visual inspection may not yield hidden damage.

If nothing else, time and exposure to basic household pests and conditions can wear out furniture even if you never really use them. Whilst deals are possible – don’t be taken in by the ‘almost new’ listing tag.

2. Consider If the Price is Worth It

After doing step one; you realise the said sofa is definitely marked down – but it still may not be worth the price. Unless you really, really like the item and have the budget for it – it is worth considering all your options.

If keeping to a budget is what you are after; a 50% cheaper designer sofa is not value if you can buy one brand new for 30% less cost without compromising too much (or any!) comfort. For example, say the furniture item came from a branded, high end shop and cost RM5,000 brand new. The seller is now selling it at RM2,500. But for RM2,000 you can actually get a brand new piece from a smaller furniture shop that is equal or just a little less comfortable. Which is more of a bargain in such a scenario?

Value is also (as goes without saying) dependent on the condition of the item.

3. Distinguish Antique from Secondhand

Many sellers will try to sell you something simply secondhand as ‘antique’ in order to charge higher prices. Unlike the UK, or US, Malaysians aren’t usually the type to trawl antique books to find out if the item they are buying is legitimately so.

The simple dictionary definition of antique is: “a collectible object such as a piece of furniture or work of art that has a high value because of its considerable age.” Simply following that rule; it’s hard to say a table from Ikea’s 2005 catalogue is an antique but don’t be surprised if someone does.

This is not to say that you should only buy antiques – it’s a point to prevent overcharging.

2. Check For Defects in the Most Used Places

Many people will give these items visual inspections and its hard to expect a seller to offer you anything more (like a one-week test period!). Visual inspections are sometimes dubious because defects are often concealed until the item is put to it’s proper use.

So where possible, put the item through it’s proper use while testing! Sit on all parts of a sofa to check from broken springs or sinking; shake or sit on beds to check for creakiness and wobbles; open all drawers in a chest or study table and check the hinges on furniture with doors. These are just some of the things you can do to find out if your preloved fixation is hiding a dirty secret.

If not covered in our examples – just apply this test: what is the item used for? Once you know this ; you’ll know which parts need to stand up to vigorous use and you can effectively check those.

1. A Defect Doesn’t Mean Dealbreaker!

Did a seller start by overcharging you? Did he not mention a defect you found after your furniture testing? Don’t walk away just yet! This could work in your favour too!

Perhaps the seller didn’t know about the wonky hinge or the tight drawer. Perhaps he doesn’t know how to price used furniture – no need to feel cheated and stomp off just yet. Point out the problem and see if he is willing to negotiate. Explain your reasoning as to why you can’t (or don’t want to) pay the price he asked or how the defect affects your use of the item. Make him a decent offer (don’t be a jerk and give a lowball offer or you may lose the bid entirely) and see if he takes it.

If he really wants to sell; he may agree and you can easily fix the item to your liking if necessary. The Malaysian Preloved market is only now growing and it may take some time before people get the hang of pricing and appraising their furniture – cut them some slack and do your homework too. Before long you may find yourself with a home filled with gorgeous pieces at a fraction of the price!

Playing the Preloved Game

Buying preloved furniture is a great way to mix quirky items for a cheap price in your home. You’ll also have more fund with decorating and customising because the guilt you have over ruining an expensive new piece is gone! But it’s important to also keep in mind the following truths:

1)
It’s a risk.
 Hey, buying secondhand for cheap is a risk but the rewards for those who gamble are often oh-so-sweet.

2)
Sanitisation is a must!
 You can’t compromise on properly cleaning preloved furniture. Since you don’t know where it’s been or what it’s been through – please do sanitise well!

3)
Stick to your budget.
 It’s easy to go overboard if your preloved items are so affordable but do remember your budget! If the point was to get bargain – it won’t be if you’ve used up 3 months worth of salary on it.

If you do need a bit of extra cash for your home renovation and decoration – many
home loans
 offer add on packages to help you pay for these. Enquire with your mortgage banker when you are taking out your loan. If you are a renter and have no mortgage – a
personal loan
 could help pay for furniture (secondhand sellers rarely accept
credit cards
 unless it’s a big antique store).

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Diana Chai

Diana Chai

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Cars: Why Not Subscribe For Your Drive Instead?

Owning a car is a big decision that could take weeks to months to carefully think about. Whether it’s your first car or switching to an SUV to fit in a baby seat, or just wanting to get a better car – buying a car can be quite a hassle.

Traditionally, buying a car requires you to prepare a pile of documents, settle a hefty down payment, and take up a loan – which could typically take a few weeks depending on the bank loan’s approval. However, there is another way to get you in the driver’s seat of your dream car in this day and age.

Consider Subscribing To Drive For Your Next Ride

Today, most Malaysians are already into subscription services; from news to entertainment – all it takes is a few clicks and a flexible monthly payment to enjoy. So why not subscribe to a car?

With a variety of new or pre-owned cars to choose from, Flux is a car subscription service in Malaysia that enables you to “own” a car without the overwhelming process, such as loan applications, steep down payments, insurance, road tax, and maintenance.

Sounds great? Now, let’s get to the details of a car subscription with Flux.

No Down Payment, No Cancellation Fees & More

By subscribing to Flux, there’s no need to put down your savings for a downpayment or leave large gaps in your monthly cash flow. All that’s needed is a one-time Start Fee or a refundable security deposit (depending on the subscription plan) to start driving with Flux.

No matter which plan or car you get, the all-in-one monthly payment includes comprehensive car insurance, road tax, wear & tear and maintenance services, 24/7 roadside & emergency assistance with unlimited towing, theft recovery services, and concierge services.

This also includes a 3 Day Risk-Free Return policy, where if you don’t like your car you can simply return, no penalty fees. And, if you do not wish to continue with your Flux subscription after a period of time, don’t worry — there are no cancellation fees. Your payment will be adjusted to the subscription plan based upon how long you used the car, for example: If you subscribed for 36-month plan and cancelled after 2 months, your fees will then be adjusted to a month-to-month basis plan.

Also included is the ability to add up to 3 additional drivers, flexible contract durations, customisable mileage packages, and a replacement vehicle, should your car break down or need repairing.

Swap Or Return As Your Needs Change

One of the key features of a Flux subscription is that they want you to be happy with your ride. So, if you happen to fall out of love with your car, there’s an option to swap or return the car to Flux.

Depending on your price range, Flux will offer you similar cars to fall in love with. Once you’ve selected and paid the initial fee for your new sets of wheels, Flux will automatically adjust your subscription accordingly.

And in the future, if you do fall madly in love with the car and don’t want to let it go, your monthly subscription fees can go towards eventually purchasing the car at the end of your subscription through Flux’s
Subscribe To Own
 programme with the agreed Guaranteed Future Value (GFV).

3 Mileage Plans For Every Type Of Driver

After selecting a subscription plan, members can choose their mileage package. Near, far, wherever you are, your mileage package can be upgraded or downgraded with just a phone call to Flux to make the necessary adjustments before your next billing date.

First off, the Unlimited Mileage Package is for those who want the freedom to drive far and wide. For drivers who frequently take long outstation trips or adventurous road trips, the Standard Mileage Package might be more suitable at a capped 2,000 KM a month. The Lite Mileage Package offers 1,250 KM a month for convenient commutes within the city for city dwellers.

Get Your Car Delivered To You In A Week

Traditionally, buying a car would take quite a bit of time from applying and getting your loan approved, settling the paperwork, and getting the dealership to install any additional features.

With Flux’s concierge service, you are guaranteed to get the keys and start driving the car in 7 days. They’ll walk you through the key features of your new ride and gladly answer any questions you may have. Not only that, but they will also help you to schedule service and maintenance appointments at your convenience, renew your road tax and insurance plans, and even remind you to keep your tyres inflated.

If you, unfortunately, experience any car hiccups, Flux’s concierge service will pick up the car and send it over to be repaired at the workshop as well.

Don’t Worry, Your Credit Score Is Safe

Let’s face it, credit scores are sensitive. Bill payments, mortgages, credit cards, and of course loans can either make or break your credit score, especially if you’re planning to get an affordable interest rate on a home loan in the future.

Without the need for a loan and the risk of scratching your credit score,  you can subscribe to Flux and keep your credit score safe so you can focus on more important big purchases. All that’s needed is just a quick credit check and you can pick your ride from a multitude of cars that Flux has to offer.

***

So, if you’re looking for an alternative to the conventional way of owning a car, a convenient and flexible car subscription with Flux could be for you.

Get your first month completely free when you choose to sign up for a monthly, 12, 24, and 36-month subscription plan and, all of which except the monthly plan, are automatically eligible for Flux’s
Subscribe To Own
 programme. For more information, head to
Flux’s website here
.

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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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Johor State Government May Soon Establish Its Own Digital Bank

(Image: Archnet)

The Johor state government has expressed interest in setting up a digital bank to boost its digital economy. Announced by the chief minister of Johor, Datuk Hasni Mohammad, the move is intended to increase the inclusivity, quality, and accountability of the state’s financial sector for all market segments.

“Digital banking, particularly in financial technology, is growing rapidly. In 2014, 52% of the Southeast Asian population used online banking services and the number is increasing,” said Datuk Hasni.

Datuk Hasni further added that Johor should seize this opportunity as digital economy is part of the “new norm” post-Covid-19. He also emphasised his confidence in the state’s capability and expertise to be able to pull it off.

(Image: The Malaysian Reserve)

That said, Johor is not the first state to announce an intention to set up a digital bank. In mid-January 2020,
Sarawak
, too, said that it is keen on applying for a digital banking licence from Bank Negara Malaysia (BNM).

BNM had previously revealed that it may issue up to
five digital banking licences
 to qualified applicants to establish digital banks. In response, several parties had noted that they may apply for the licences, including
Axiata Group
,
Razer, Grab, and AirAsia
, as well as
Hong Kong-based investment banking firm, AMTD
.

However, BNM has yet to approve the virtual banking framework that serves as the foundation of these banks. The central bank was forced to
extend the consultation period
 for the framework to the end of June 2020 due to the Covid-19 pandemic and the movement control order (MCO).

In addition to announcing Johor’s interest in setting up a digital bank, Datuk Hasni also said in a
statement
 that the state government will establish the State Economic Reform Committee (SERC). The committee will aid in Johor’s post-Covid-19 economic reforms and recovery plans. Additionally, the Johor state government plans to review the Singapore-Johor-Indonesia (SIJORI) Growth Triangle – a partnership meant to make the subregion more appealing to investors.

(Source:
The Malaysian Reserve
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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M40 Group Can Register For Petrol Subsidy In Second Quarter Of 2020

(Image: Malay Mail)

Individuals from the M40 category can begin registering for the petrol subsidy programme (PSP) in the second quarter of 2020, said Domestic Trade and Consumer Affairs Minister (KPDNHEP), Datuk Seri Saifuddin Nasution Ismail.

Saifuddin also said that his ministry and the Ministry of Finance are still in the midst of deciding if the Kad95 or cash would be a better method to dispense the subsidies to the eligible parties. It had initially been proposed that those eligible from the M40 category would receive a petrol card called Kad95 to grant them the petrol subsidy.

“The data for the recipients has been completed and currently the two ministries are discussing on the method of distribution. The government is looking for a seamless integration where consumers will not feel any difference when purchasing petrol once the PSP is implemented,” noted Saifuddin.

“In conducting the study for B40, KPDNHEP felt that paying cash would be more efficient as compared with other methods, so the deferment of the PSP has enabled both ministries to come to the same decision,” Saifuddin added. The PSP for B40 recipients was slated to begin on
1 January 2020
, but KPDNHEP decided to
delay the implementation
 at the last minute, citing the need for more time to inform and prepare the public for the scheme.

The PSP was originally announced in November 2018 during the
tabling of Budget 2019
, aimed at helping the low-income B40 group. It was only revealed that the PSP would also be expanded to include
eligible Malaysians from the M40 group
 during the tabling of Budget 2020 in October 2019.

Until KPDNHEP and the Ministry of Finance come to a decision on how they would like to carry out the PSP, Malaysians will continue to pay for their petrol according to the
current pricing
, where RON95 is capped at RM2.08, while RON97 remains floated.

(Source:
Malay Mail
,
Paul Tan’s Automotive News
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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The Hidden Costs of Diabetes

Diabetes is no stranger to Malaysians, with over 2.6 million Malaysians diagnosed with the silent killer in 2011 alone (source: National Health and Morbidity Survey).

In fact, the disease is so prevalent that in 2015, almost
one in every five Malaysians
 have been diagnosed with it, and
children as young as five and six years old have been diagnosed with Type II Diabetes
.

Like every other chronic disease, once you’ve been diagnosed with diabetes, your entire life will be affected – and that includes your finances. The treatments and long-term care don’t come cheap, even if you seek treatments from government hospitals. Let’s take a look at some of the hidden costs of diabetes that you’ll have to fork out for, should you be diagnosed with it:

The (Near) Constant Medications

There are two types of diabetes; Type I and Type II, and each of them require different types of medication. Type I diabetes patients are prescribed with insulin to help regulate the body’s blood sugar levels whereas Type II diabetes patients are prescribed with medication that helps the body use insulin more effectively such as Metformin. However, in some cases, even Type II diabetics would also require insulin therapy. The costs of the insulin treatment can be quite hefty as you’ll need regular shots throughout the day to maintain your blood sugar level.

Depending on the type and brand of the insulin you need,
the cost can be anywhere between RM30 to RM200 a month
 (or higher), and that’s not inclusive of the equipment you need to administer the shots (syringes or pump) and to monitor your blood sugar level. What with the insulin shots, oral medication, equipment, and supplements, you’re looking at a minimum of RM500 to RM1,000 a month just on medications.

The (Endless) Medical Tests

Diabetes is known to be deadly as it can result in other life-threatening health complications such as
kidney failure
, heart disease, blindness, stroke, and amputation – among others.

This is why diabetes patients are often put into regular medical tests and screenings (i.e. eye screenings, cardiovascular screenings, etc) to help detect the early warning signs and alert both the doctor and patient. These tests can punch quite a sizeable hole in your wallet over time, as they need to be done on a consistent and regular manner.

The (Expensive) Long-Term Care

While taking medications can help maintain your blood sugar level, you still need to fork out all the extra expenditure for your long-term diabetic care. For example, diabetic individuals may be more prone to sickness due to their compromised immune systems, which translates to more visits to clinics.

There’s also diabetes specialists who you need to work with to develop personalised plans (suitable diet, exercise regime, and medication) to help keep your health in check. Of course, the costs of these professional consultations can add up over time. At first, you might need multiple visits in order to troubleshoot your needs and issues.

After that, you can’t just stick to the advice you were given the first time, especially if you have Type II Diabetes – which is a progressive illness. This means you might need to make changes over time to keep your blood sugar in a healthy range. Hence, you’re encouraged to visit a diabetes specialist regularly (the exact time to be advised by your personal doctor) so that you can stay on top of your condition.

Also, as you grow older, you may need assistance to administer your insulin and other medications – which means you may need to save up for professional home care in your later years.

The (Unseen) Tolls on Your Lifestyle

Adjusting to life with diabetes can be quite challenging as it affects your life as a whole – from your daily activities, work opportunities, and even the time you spend with your family and friends. For one thing, you’ll have to maintain a healthy and balanced diet (although non-diabetics are advised to practice it too), as well as eating regularly to maintain a stable blood sugar level. This might make even the simplest things like meal-times with friends and family and traveling difficult due to your new diet regime.

Also, diabetics often tire faster, which could restrict your daily activities such as exercising, hobbies, those playtime and weekends outings you could have spent with your loved ones, and even your job (especially those that involve traveling and physical strength).

Understandably, all these changes on your lifestyle and the extra costs you need to bear for your diabetic treatments could lead to frustration over time. But instead of tiring yourself further (and pose more risks on your health) by taking a second job to afford your treatments, a tailored medical insurance might help you better by providing the coverage essential for your diabetic care, as well as allowing you to enjoy your time with your loved ones more.

How Can I Save On My Diabetic Care?

Diabetes is a lifelong condition that can heavily affect your health and finances. But there are ways for you to cut down on your diabetic care expenses without risking your health, such as:

Compare medication prices
 before buying. In fact, try the government clinic and hospitals, as they may sell diabetes medications at a lower price.

Purchase medical and food supply in bulk
. If you are on medicine or have special dietary needs, ask your seller if you can get a discount for buying in bulk.

Speak to your doctor about your medication options
 and ask if there is a cheaper alternative you can take without affecting your health.

Ask for discount programmes at private or government health facilities
. Some government health facilities and NGOs may offer medical assistance at a discounted rate, and even financial assistance (if you qualify).

Choose a specialised insurance policy
 that offers coverage for diabetic care.

How Do I Choose The Right Insurance For Diabetes Cover?

Up until recently, few insurance plans offer sufficient protection for diabetes care, if any. That is until Allianz Malaysia introduced
Allianz Diabetic Essential
 – an insurance plan that is tailored specifically for diabetics.

The specialised medical plan aims to help those who have been diagnosed with (Type II) diabetes get a better medical coverage, and help make living with diabetes a little easier. Allianz Diabetic Essential helps to lighten the financial burden for the diabetics by offering coverage for annual health screening benefits for HbA1 c blood test, lipid profile, kidney function test, medical examination, as well as full urine examination.

It also offers coverage on outpatient treatments for cancer and kidney dialysis for those who need medical attention after hospitalisation. The benefits don’t stop there; Allianz Diabetic Essential takes one step further by inspiring diabetics to maintain a healthy lifestyle by offering up to 40% annual premium discounts to policyholders who improve and maintain their overall health.

Did this insurance product pique your interest? Find out more about Allianz Diabetic Essential by clicking the button below!

<img src=”/img/wysiwyg/spm-6249-ctabutton-tellmemore.207590894.png”

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Shopee Launches "Deals Near Me" Feature To Offer Vouchers Based On Location

E-commerce platform Shopee has officially rolled out its Deals Near Me feature, which will connect users to offline merchants within their vicinity that are offering great deals via ShopeePay Vouchers. The introduction of the new feature was made alongside the launch of its Raya Bersama Shopee campaign, which is taking place between now until 14 May 2021.

Specifically, the Deals Near Me feature is a location-based, online-to-offline function that allows users to discover deals offered by nearby merchants through ShopeePay Vouchers available in the app. These vouchers will need to be purchased first at a discounted price, and can then be used immediately at the participating merchant’s outlet. They are provided by a variety of cafes, restaurants, and services – with major participating brands including Nasi Kandar Pelita, Nando’s, TGI Friday’s, and KK Mart.

You can access the Deals Near Me feature through the main page in the Shopee app, from which you can browse and purchase vouchers that you like. The vouchers will then appear in the “My ShopeePay Voucher” tab in your app (found under the “My Voucher” section in your profile/Me page). When you are ready to use the voucher, remember to apply it after scanning the merchant’s ShopeePay QR code to pay for your purchases.

Head of ShopeePay Malaysia, Alain Yee said that the vouchers provided through this new feature will help offline merchants connect with users who prefer to first browse online for daily essentials and food. This is an especially important tool for offline merchants as many consumers have shown a preference for online shopping since the onslaught of the Covid-19 pandemic.

“Deals Near Me helps merchants improve their online visibility and direct would-be customers to their outlets when we feature their cashback deals to consumers that are already in the vicinity. Showing the relevant deals to consumers can also lead to higher conversion and tangible sales for merchants,” said Yee, adding that the feature creates a win-win situation for both users and merchants as it enables a convenient, seamless, and rewarding shopping experience.

Shopee further clarified that the feature has actually been rolled out since 1 April 2021, with 130 merchants as early adopters, including MR DIY, Tealive, and The Black Whale. This early introduction saw more than 100,000 customers already enjoying the benefits of the feature since then.

With the Deals Near Me feature being launched alongside the Raya Bersama Shopee campaign, Shopee also said that many of these vouchers have been specially curated for the Ramadan season, and can be found during three different times of the day. You can check for more vouchers during the Sahur Specials at 5am, Jom Berbuka dengan ShopeePay at 12pm, and Moreh Specials at 10pm – available at just 5 sen so that you can earn up to RM8 cashback.

You can find out more about Shopee’s new Deals Near Me feature on the e-commerce platform’s
Help Centre 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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Unbox An 11” iPad Pro, RM500 Lazada e-Voucher, Samsung Galaxy Buds & More This Week

Get ready for another round of unboxing exciting gifts with selected credit cards this week!

For those who are new, RinggitPlus’ Unboxing This Week is a weekly event where we present you with fantastic deals from our featured bank partners. All that you need to do is apply for selected credit cards from these banks through RinggitPlus and you will get to take home some great prizes.

For this week (5 July – 12 July), the featured banks are
Citibank, Standard Chartered Bank, HSBC, and CIMB
 – if you have considered applying for a credit card for either of these banks, check out how you can get rewarded below!

Citibank: Apple iPad Pro 11”

Win an Apple iPad Pro 11” – now powered by the M1 chip, when you apply for a new Citibank credit card. The iPad Pro will only be given to 20 randomly selected applicants who submit their applications from 5 July – 12 July. Applicants must activate and spend a minimum of 8 retail transactions on their new card within 60 days of approval.

For those who do not win the Apple iPad Pro 11”, don’t fret, as you will still be rewarded with an RM100 Lazada e-Voucher for some much-needed retail therapy.

Once the bank has confirmed your eligibility with us, you will then receive instructions from us via email on how to claim your gift.
Please take note that current cardholders 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 Citibank credit cards can
 head on over here to do so.

Standard Chartered Bank: RM500 Lazada e-Voucher

We’ve all got something waiting to be checked out on our Lazada cart, so here’s your chance! Get the guaranteed RM500 Lazada e-Voucher when you apply and get approved for any selected Standard Chartered credit card.

While this gift is guaranteed for ALL approved applicants, you will still need to activate your card within 30 days upon approval, to be eligible for this prize.

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

HSBC: Apple iPad 10.2 8th Gen

Another workspace gadget to better improve your WFH vibes. Apply for any selected HSBC credit cards with us and you will stand to win an Apple iPad 10.2” 8th Gen. 20 units of the iPad will be given to randomly selected applicants who submit their applications within 5 July to 12 July.

Applicants who do not win the Apple iPad 10.2” 8th Gen, will still receive a RM100 Lazada e-Voucher to shop with at Lazada!

Don’t forget to activate your new card upon approval and spend a minimum of RM1,000 within 60 days to improve your chances of winning!

Just remember that current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have canceled their HSBC credit cards within three months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your
HSBC credit card here.

CIMB: Samsung Galaxy Buds

Long-lasting power, 3-mic system for crystal clear calls, and 2-way speaker sound by AKG – the Samsung Galaxy Buds+ will give anyone’s ears a premium listening experience. Whether you’re listening to a podcast, your favourite music, or participating in a meeting, you no longer have to struggle with pitchy sounds all day.

Get this guaranteed gift when you apply and get approved for a CIMB credit card with us. Once approved, applicants must spend any amount with their new credit card to take home the Samsung Galaxy Buds+.

Please take note that Existing cardholders of any CIMB credit card and individuals who have held or cancelled a CIMB credit card in the six months are not eligible for this campaign. Otherwise, you can apply for a
CIMB credit card here.

***

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

While this week’s flash deal ends on 12 June (1pm), you can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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About THE AUTHOR

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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UOB Refreshes Thursday E-Wallet Reload Campaign, Offers Cashback And Rewards

UOB Bank has announced that it is refreshing its E-Wallet Deals campaign, which allows cardholders to win cashback, vouchers, and rewards points worth RM18 when they reload a specified minimum amount into selected e-wallets on every Thursday. This campaign – which previously ran from
April to July 2023
 – has now been renewed for the period of 10 August to 26 October 2023.

Just like the previous round, this campaign is open to all UOB credit cardholders, with the participation of five e-wallets, namely Touch ‘n Go (TNG) eWallet, GrabPay, Boost, ShopeePay, and Lazada Wallet. Here are the updated details for the promo this time round:

E-wallet
Reward
Requirement
Redemptions
When is the reward credited
TNG eWallet
RM18 cashback
Minimum reload of RM500 in a single transaction
600 redemptions (first-come first served)
Within 10 working days from end of each month
GrabPay
RM18 GrabFood voucher
Minimum reload of RM500 in a single transaction
250 redemptions (first-come first served)
Within 5 working days from date of successful reload
Boost
7,000 Boost Stars
Minimum reload of RM500 in a single transaction
250 redemptions (first-come first-served)
Within 1 working day from top-up date
ShopeePay
RM18 cashback
Minimum reload of RM250 in a single transaction
250 redemptions (first-come first-served)
Within 2 to 3 working days from the top-up date
Lazada Wallet
RM18 cashback
Minimum reload of RM250 in a single transaction
250 redemptions (first-come first-served)
Within 30 days from the top-up date

As before, each cardholder is only allowed to make one redemption per e-wallet per offer day.

Note as well that if you’re earning vouchers, these rewards will usually come with their own terms and conditions to use, so make sure to check! As an example, you must use the RM18 GrabFood voucher earned within 45 days from the issuance date, while the RM18 cashback by Lazada is valid for 30 days and can only be used when you select Lazada Wallet as your payment option when shopping on the e-commerce platform.

Lastly, no registration is required to join this campaign; you can go ahead and perform the required top-ups for your preferred e-wallets on Thursdays during the campaign period. Note, though, that based on previous observation, this campaign can get pretty competitive – if you’re planning to participate, you’ll need to reload your e-wallet as quickly as possible at the stroke of midnight.

(Source:
UOB
)

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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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2018 New Year’s Eve Plans From Free To Expensive

Before you know it, the end of December is nearing and you need to figure out how you’re going to ring in the new year. We rounded up some of the ways you can celebrate New Year’s Eve and listed them according to what will cost you the least to the most.

Freeloading at a family dinner

Cost: Absolutely nothing

When you’ve spent too much on your year-end shopping, freeloading off your family members comes as an absolute blessing. Whether it’s staying at home for a quiet meal or following your parents to your distant relative’s annual barbecue party, you get a good meal and good company for next to nothing. Of course, if you want to end the year on a note of goodwill, you may want to contribute a little something to your host, family or not.

Viewing the fireworks in a park

(Image: Desa Park City)

Cost: Free (excluding transport and food)

There are several popular places in the Klang Valley where you can head out to watch the fireworks on New Year’s Eve. KLCC Park, Taman Tasik Titiwangsa, Desa ParkCity, and even malls like The Curve all have firework displays at the stroke of midnight in honour of the occasion. The firework shows are free to watch – you’ll just have to factor in things like transport, traffic, and arriving early to get a good spot among the crowds.

Host a pot-luck party

Cost: Your share of the pot-luck

This is an upgrade from simply turning up to someone’s house as a guest, but still a wallet-friendly option. Forget having a proper dinner party and cooking for all your invitees, save yourself the money and the hassle by declaring your gathering a pot-luck party. That way, all you need to spend on is your share of the pot-luck dinner, alongside some party essentials – and your New Year’s Eve celebration is good to go. Just be prepared to clean up after!

Fancy dinner with a view

(Image: Cantaloupe by Troika)

Cost: A likely overpriced restaurant meal

Loved-up couples might prefer a fancy meal with a romantic skyline view. You’ve probably heard of Troika and Marini’s on 57, but many other places like Roofino, Mantra Bar, The 39 Restaurant, and The Swimming Club also boast great city views. Thanks to the abundance of rooftop outlets in KL, you can enjoy both the fancy atmosphere and a view of the city’s fireworks at once. If you go for this option, be prepared to book tables in advance, and to foot a considerable bill at the end of the night.

A whole night out

(Image: Zouk Club KL)

Cost: A lot

This kind of celebration is for those who subscribe to the “go big or go home” lifestyle. Party away at one of KL’s many bars and clubs (again, if you choose a rooftop venue, you get a bird’s eye view for those fireworks). And if you’ve really got more money to spare, book a night’s stay in a nice hotel room or Airbnb in the city with your friends. That way, you won’t have to worry about making your way home safely during the wee hours of the first of January.

So, as 31 December looms, check your bank account and see which of these ideas you can afford to take up. Remember, everyone loves a good celebration, but try not to kick off the first few hours of 2019 spending more than you should!

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Jacie Tan

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Grab Comes Back With Pointsback And Power Up Campaigns For August 2021

Your chance to earn more GrabRewards Points is here once more with the return of the GrabRewards Pointsback

and Power Up campaigns for August 2021. If you’ve not heard, the GrabRewards Pointsback campaign lets you earn up to 40% pointsback when you redeem specific rewards between 30 to 31 August.

Then, there’s also the Grab Power Up deal that takes place only on 31 August, allowing you earn up to 6,000 GrabRewards Points by spending a minimum of RM180 through GrabPay or Grab PayLater.

GrabRewards Pointsback

Period: 30 August (10am) – 31 August (11.59pm)

Just like before, Grab users will be able to earn between 10% to 40% pointsback depending on their membership tier when they redeem rewards for Grab services, selected partners, as well as GrabPay e-wallet transactions. So for instance, if you’re a Platinum member (highest membership tier!) looking to redeem RM20 off GrabMart at 3,200 Points, you’ll receive a total of 40% pointsback (1,280 Points) during this campaign.

You can check out the full list of rewards for August 2021 below:

As is the case with last month’s rewards, the selection of offerings this time round is still a little underwhelming. That said, Grab seemed to have varied the value of some of the rewards. For example, the rewards listed under Grab Services now include an RM10 and RM20 discount off GrabFood and GrabMart, respectively – which means that users with fewer GrabRewards Points can also partake in this campaign. Previously, only RM20 discount rewards were offered under this category.

As always, the Pointsback offer will be provided on a first-come first-served basis, and will cease once the total redemption cap has been reached. Also, like the previous month, each user is only allowed to make two redemptions for each Pointsback reward.

And if you’re wondering how much exactly you’re saving with the Pointsback campaign, here’s a quick rationalisation for you: as stated in our
previous article
, it usually takes 800 GrabRewards Points for you to redeem a RM5 voucher. This means each GrabRewards Point is worth 0.625 sen (with an effective return rate of 1.875%). Under this campaign, however, the value of each Point could increase to a maximum of 1.04 sen, giving you a higher rate of 3.125% instead.

Grab Power Up

Period: 31 August

Held only for a day, this campaign lets Grab users earn 10x and 30x GrabRewards Points when they spend RM180 and above with
selected brands
 via GrabPay and PayLater by Grab, respectively. The earnings for each redemption in both categories are capped at 6,000 Points, and are limited to the following conditions:

Payment Method
Points
Total redemptions allowed
Redemption cap
GrabPay
10x GrabRewards Points
1x
6,500 redemptions
PayLater by Grab
30x GrabRewards Points
2x
1,500 redemptions

In addition, the prepaid top-up offer that was introduced last month has also made a comeback this time round! Grab users who spend a minimum of RM30 on mobile prepaid reloads via the Grab app will be allowed to earn 30x GrabRewards Points, capped at 3,000 Points. Each user is allowed to make two redemptions for this offer, but do be quick as it is limited to only the first 5,000 redemptions this time round.

Payment Method
Points
Total redemptions allowed
Redemption cap
Grab App
30x GrabRewards Points
2x
5,000 redemptions

As usual, the Grab Power Up offer is provided on a first-come first-served basis. The Points will be credited to you instantly upon completion of eligible transactions, but do be aware that they will not contribute to any GrabRewards tier upgrades.

***

Find out more about the GrabRewards Pointsback and the Grab Power Up campaigns
here.

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Always Use Your Credit Card to Pay For These 8 Things

Paying with cash is quick, easy and (usually) accepted everywhere. But your paper money, coins, debit cards and online bank accounts can sometimes fall short when compared to credit cards. This is because the latter is often accompanied by special perks, more so even, for certain product categories.

Here’s a list of stuff that you should always pay for with a credit card whenever possible to enjoy rewards, protections and warranties that would otherwise be

unavailable to you with plain old cash.

1. Utility Bills

Some credit cards offer rebates, discounts and a chance to accumulate reward points when you pay for utilities like cable and phone bills with your card.

It’s easier to rack up rewards with recurring payments (that you were going to make anyway) and moreover, automatic deductions can save you from paying late penalties.

2. Big-Ticket Items

Throwing a wad of cash around to buy expensive, heavy -duty items is neither convenient nor safe. Choosing to pay with a credit card on the other hand, might get you a complimentary purchase protection plan to insure your buys against theft or damage.

In addition, some credit cards can further secure your purchase with an extended warranty as well.

3. Online Purchases

When choosing between a debit card, online bank account, and a credit card to pay for online purchases – it’s always best to go with your credit card. This is because of the protections in place to protect credit cardholders from fraud.

While debit cards and online banking are also relatively safe options, getting your money back is not always likely if fraud has occurred. Conversely, credit cardholders typically enjoy limited liability when fraudulent activity is reported immediately.

4. Travel Tickets

If you have a credit card that comes with travel insurance, you might be able to take advantage of travel inconvenience benefits. Expenses arising from lost luggage, delayed flights and losing your accommodation bookings as a result, can be claimed with travel insurance.

Some cards also offer medical and personal accident insurance to provide hospitalisation and healthcare coverage as you travel.

5. Concerts and Events

Paying with your credit card for tickets to events can save you in refund fees and sometimes even provides insurance in case concerts are cancelled.

You may also receive special ticket discounts, access to pre-sale tickets, booking fee waivers and free delivery of tickets when you buy them with your credit card.

6. Electronics

When credit card companies and merchant agreements offer zero-percent instalments, you’ll have the option to buy quality and sometimes pricey electronics in affordable instalments at no cost to you. This way you can keep your savings and reserves intact without having to make a chunky withdrawal.

You may also find that some credit cards provide extended warranties that will save on repairs and satisfaction guarantees that make it easier to return or get refunds on items that end up not performing as promised.

7. Overseas Buys

Just like online purchases, it’s best to use your credit card for overseas buys due to better fraud protections. Moreover, your card could enjoy very low foreign transaction fees, which are calculated as a percentage (one to three percent on average) and not a flat fee.

Thus, these charges can be rather high if the item you are buying is expensive. In addition, certain cards also earn you more reward points for foreign transactions.

8. Tax-Deductible Items

Credit card bills tend to be itemised and statements are typically available in soft and hard copies, making this payment method the easiest way to track your tax-deductible receipts.

Swiping your credit card for books, sports equipment, life insurance premiums, donations, computers and other tax-deductible buys can save you a bit of hassle when filing taxes later on.

While credit cards sometimes get a bad rep for debt accumulation, using yours responsibly can actually provide more value in addition to protecting your purchases. Remember however, to only charge items that you can pay off.

Did you know that some cards are actually better than others and can be ‘tailored’ to help you get the most value based on your spending habits? To find a card that’s just right, head over to our
comparison page
 and research away!

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Mastercard Launches Global Initiative To Recycle Credit, Debit Cards

(Image: FintechNews America)

Mastercard has launched a global recycling initiative as part of its sustainability efforts, seeking to prevent billions of credit and debit cards in circulation from being disposed into landfills.

To kick off the project, Mastercard is currently partnered with HSBC Holdings Plc in eight branches in Britain for a trial run, but the payments company has also urged banks across the world to join in on its initiative. “We are inviting all card issuers around the world to partner with us, no matter what region they are in, and offer card recycling to their customers,” said the president of cyber and intelligence at Mastercard Inc., Ajay Bhalla.

In the meantime, Mastercard and HSBC’s pilot run is set to run for an initial six months, with Mastercard providing the bank with a few shredding machines. Each is capable of holding 10,000 cards – equivalent to 50kg of plastic – which will be transferred to a plastic recycling facility once filled. Customers will be able to recycle any plastic cards, including those from other banks.

 (Image: Mastercard)

At present, Mastercard itself has approximately 3.1 billion cards in circulation. The industry, meanwhile, produces around 600 million cards each year, with each card having a life span of about five years. Nilson Report – a publication that covers news regarding the global card and mobile payment industry – further estimated that the total number of cards in circulation stood at nearly 26 billion in 2022, and may eventually rise to 28.4 billion by 2027.

Locally, several banks have also launched their own sustainability initiatives to help reduce the use of plastic in producing cards. RHB Islamic, for instance, became the first bank in Asia Pacific back in 2020 to introduce an
eco-friendly recycled plastic debit card
. Similarly,
Maybank Islamic’s lineup of Ikhwan credit cards
 are now also created from a sustainable material comprising of 84% bio-sourced and renewable polylactic acid (PLA) – extracted from non-edible corn.

(Source:
Free Malaysia Today
)

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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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Bank Negara Enables Faster Online Applications To Obtain Individual CCRIS Reports

Bank Negara Malaysia (BNM) has enabled online applications for individuals who wish to obtain their Central Credit Reference Information System (CCRIS) reports, allowing them to submit their requests from the comfort of their homes.

You can make your online application with the following steps:

Download and fill in the
application form
.

Prepare all the required documents:

Scanned copy of your MyKad (front and back) or passport

Scanned copy of two supporting documents, such as your driving licence, utility bills, or bank/credit card/EPF statement

Submit your completed form and attach the supporting documents through
BNM’s webform
.

Within the form, you can specify if you’d like to collect your CCRIS report at a selected financial institution or receive it via your email. If you choose to collect your report at a financial institution, you’ll have to provide the name and address of the institution.

To clarify, CCRIS reports are credit reports issued by BNM, similar to but less comprehensive than those provided by private credit reporting agencies such as Experian or CTOS. They’re meant to give you an overview of your financial health and creditworthiness, containing information such as current credit terms, missed payments, and loan or credit facility applications that have been made in the past 12 months.

CCRIS reports from BNM can be obtained for free, whereas you need to pay for the reports provided by private credit reporting agencies. However, these latter reports may contain more information, such as a “credit score” that gives you an overall grade for your credit health.

Aside from this new way of obtaining your CCRIS report online, you can also get your CCRIS report through BNM’s online
eCCRIS system
, which was launched in 2018. This remains the easiest way to keep tabs on your credit health, as you can view your latest reports anytime via the portal. However, if you’re not a registered user, you’ll need to first visit a BNM or Agensi Kaunseling dan Pengurusan Kredit (AKPK) office to request for a 6-digit PIN and verify your identity at a CCRIS kiosk (which can also print your latest report on the spot).

Once you’ve activated your eCCRIS account, you can access your report from anywhere and at any time.

Prior to this,
applying for your CCRIS report
 can be a tedious process of waiting in line and applying for it at a counter. It is also possible to email or fax your application in writing, but this process could take up to 4 weeks before you receive your report.

(Source:
Bank Negara Malaysia
)

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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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airasia money's Financial Marketplace Offers Comprehensive Bite-Sized Financial Products For Millennials

As fintech and neobanks continue to reshape the financial landscape in Malaysia and across Asean, AirAsia is seizing the opportunity to be an industry disruptor and expand its fintech services by launching Financial Marketplace by airasia money.

Integrated within its airasia super app, Financial Marketplace by airasia money is a consumer service that offers an affordable and comprehensive comparison of financial products and services for its customers. It focuses on their current needs and hopes to provide them with options for financial solutions, awareness, and education. Customers can access the platform for the best personal finance news, information, guidance and make the best choices for their immediate needs.

Financial Marketplace by airasia money currently offers credit card and personal loans in partnership with RinggitPlus. It will introduce comparison of financial products and solutions like insurance, investments, financial awareness and education, payments, as well as Islamic financial products and services. Financial Marketplace is modular and scalable through tactical partnerships and collaboration with other fintech players.

(Image: The Malaysian Reserve)

Tan Sri Tony Fernandes, CEO of AirAsia Group said, “We launched the airasia super app last year to be the fastest-growing super app in Asean, and as we continue to innovate, today we are proud to introduce a new vertical within the airasia super app – airasia money. We entered the fintech industry in 2018 with BigPay, and the aim is to continue innovating and staying relevant in the market and now, introducing airasia money, whose Financial Marketplace will be the aggregator that will help our customers towards financial freedom. The Financial Marketplace, nested within our super app, will be the one-stop financial center for all our customer’s needs, starting with Malaysia and followed by other Asean countries, including Indonesia (Q2 2021), the Philippines (Q3 2021), and Thailand (Q4 2021).

“We are thrilled to continue disrupting the industry and partnering with RinggitPlus, Malaysia’s leading financial platform, to kickstart our financial Marketplace to offer greater and more affordable access to financial products and services. airasia money serves as an aggregator, bringing the best-matched options for our customer’s needs and helping them finance or achieve them. We look forward to playing a key role in driving financial inclusion in Asean and supporting millions of customers across the region.”

Mohamad Hafidz Mohd Fadzil, Head of airasia money, said, “airasia money is responsible for  Payments Innovation and Technology for AirAsia Group, driving a seamless user experience and making online payments’ invisible’. These capabilities underpin the core capabilities of our digital solutions and offerings. Financial Marketplace is our new consumer fintech offering within our airasia super app that gives our banked and underbanked customers a comparison of bite-sized financial solutions. With strategic partners like RinggitPlus, we provide safe, customer-centric solutions tailored just for you.”

For the latest information and services about airasia money, download the airasia super app or visit
airasia.com/money
.

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How to Choose an Internet Service Provider for Your Business

Even if your business had nothing to do with the internet, chances are good that your office or workspace would still need a solid internet connection and all the services that come with it.

However, choosing a service provider for your business requires a slightly different approach compared to choosing one for personal use. Here are the important points you must consider when choosing an internet service provider for your business.

Reliability

Of course internet service providers always need to be reliable regardless of whether it’s used for mobile, personal use, or businesses. But it’s reliability is even more important when it comes to businesses.

Depending on how heavily your business relies on a stable internet connection, you may be satisfied by different levels of reliability. Be sure to ask around the area of your business whether or not the other users of a particular service provider are happy with their experience.

Security

For personal use, being safe and secure online means to be protected from viruses, malicious websites, or cyber attacks that may harm your devices. This attention to safety is doubly essential for businesses. For one, if damage happens to any devices connected to the internet, it affects more people, product or service pipelines, and maybe even entire systems.

Also, businesses are particularly vulnerable to attacks that personal users don’t have to deal with. These include unauthorised access to documents, loss of important data, and potentially industrial sabotage. You can call up your internet service provider and see if they offer additional services that protect your devices and connection from these possibilities. Chances are they do, and paying extra for these features is definitely worth it.

Customer Support

By now you may have noticed a theme. Internet connections for business require more stability, care, and reliabitily all-around. Which means another important factor that can help with any issues is customer support.

Ask around the other businesses in the area and see if customer support for your service provider of choice is helpful, timely, and friendly. After all, your job is to serve and support your own customers, so it’s imperative that the customer support you receive is as good as what you aim to give.

Additional Features

Setting up an internet connection for your business might also entail setting up an email account, hosting a server, and managing your own website. These are of course things you and your business may be able to handle yourselves.

But if you can afford it, or are less than capable when it comes to this area, you can call up your internet service provider and ask if they offer professional help. Alternatively, you can inquire whether other successful businesses have used these additional services to their benefit so you know whether to go with your service provider or a third party.

We hope with this information you can now have a better idea of what to look for when choosing an internet service provider for your business. If you’re wondering what the essential services of an internet service provider are in the first place, you can check out our article on
what to look for when looking for an internet service provider
.

Do you have your own tips for finding the best internet service provider for your needs? Do share your wisdom with us in the comments section down below!

Photo credits:
digitaljournal.com via flickr
 and
Torkild Retvedt
.

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BLR to Base Rate: What Does This Mean For Your Home-Buying Dreams?

Bank Negara gave us a little too much notice when they
announced in March 2014
 that the Base Lending Rate (BLR) to which home loans in the country were structured against would be replaced by a Base Rate determined by the financial institution. Notice so far in advance meant that by the time it actually came into force in January 2015; most people were like “Say, what?”.

If you’re reading about this change for the first time or have (like all of us) forgotten the announcement; the whole individual setting of rates might sound a little dodgy to you (“They can set it any way they like!”); but hold up! According to the aforementioned Bank Negara release; this could actually prove to be more transparent and beneficial to customers. We’ll explain further in a bit.

A Little Background

First, let us give you a little background on BLR and home loans. Unlike personal loans and hire purchase loans; home loans fluctuate based on the BLR set by Bank Negara. Banks will usually give you an interest rate based on the BLR. In good financial times, when interest rates are high; banks would offer BLR+ (an amount set by the bank). In times when the market isn’t so good, interest rates tend to fall to encourage people to buy and in such times (like recent years), banks will offer BLR-( an amount set by the bank).

<a href=”
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As such, if Bank Negara has set the BLR at 6.85 (which it was in 2014); a bank interest rate of BLR+2 = 8.85% and a rate of BLR-2 = 4.85%. Because the BLR was set by Bank Negara, all banks would follow and they would usually only vary a little from each other.

What happens now is that Bank Negara will remove the BLR and replace it with the Base Rate (BR). This means that all home loans henceforth will be charged an interest of BR-+ (amount set by bank). The Base Rate
“will be determined by the financial institutions’ benchmark cost of funds (in reference to the Kuala Lumpur Interbank Offered Rate – also known as KLIBOR) and the
Statutory Reserve Requirement (SRR)
. Other components of loan pricing such as borrower credit risk, liquidity risk premium, operating costs and profit margin will be reflected in a spread above the Base Rate.”

This means, that though the rates will be set internally by each bank and will likely be different; it doesn’t mean they get to willy-nilly set the amount at whatever they like!

KLIBOR-based loans are not actually new. The
Standard Chartered Mortgage KLIBOR
 and the
Hong Leong KLIBOR Housing Loan
 have been in the market for some time.

If all of that went over your head; don’t worry; let’s get down to answering some questions you may have about the new rate.

It’s All About That Base… Rate

Writing this in some lengthy narrative about the BR will probably not be helpful because you (as we did) may be wondering “Ok, ok, but how does this affect ME?”

If you did ask; we’re glad you did. First, let’s separate you, our dear readers into two categories: people with existing home loans and people without existing home loans.

People with Existing Home Loans

If you already have a home loan pegged against the BLR; for now there are
no plans to change your loan structure
. That means, this change doesn’t apply to you so stop reading right now and go have a nice
teh tarik
. You earned it for reading up to this point about something that doesn’t affect you.

However, if you are planning to refinance your home; change your bank or restructure your loan payments; then put down that
teh tarik
 and keep reading because all new loans processed beyond January 1st will be pegged against the new Base Rate.

People without Existing Home Loans

If you don’t have a home loan and are in the market for one – take note that the BR will apply for
all
 home loans henceforth
including
 Islamic loans. Previously, Islamic loans were tied to the Base Financing Rate (BFR). Under the new BR structure; all loans be it conventional or Islamic will have BR apply.

So is this better than having a BLR based rate or worse?

As with most banking questions; it depends how you look at it. Some parties, Bank Negara included, believe the new system will be a good thing for consumers because it is supposedly more transparent. The Base Rate is set using KLIBOR and the SRR both of which are published for public viewing whenever they are revised showing consumers exactly why they are being charged such a rate.

An investment research firm also claims that the
new structure will spur banks to be more competitive
, which is in turn, good for consumers.

But that said, Bank Negara added that in the end; the change will not
alter the effective lending rates
. That means that as far as actual interest rates are concerned; for the time being; you will be paying pretty much the same thing on the BR as you did with the BLR. For example, [Maybank recently announced that their
BR will be pegged at 3.2%
. The Maybank Maxi-Home Loan offers a rate of BR + 1.45% which leads us to a rate of 4.65%. Prior to the change, in 2014, BLR stood at 6.85% and the MaxiHome rate was BLR-2.20; giving you a rate of, why hello, 4.65% (these are the rates advertised – will vary according to loan amount and tenure plus borrower’s credit standing).

What’s the Difference Then?”

Besides the transparency bit, the new BR will fluctuate much more often than the BLR ever did. Since the BR is referenced against KLIBOR; it will probably be revised once every 3 months. This make it a wee bit more difficult to predict your monthly installment although it’s unlikely that changes will be too drastic. Customers will of course be notified on any changes in the rate.

Is This New Rate Just for Home Loans?

The new BR will apply to all loans with floating interest rates (hence, car loans and fixed interest rate personal loans will be excluded).

Should I Abandon All Hope of Home Ownership to Live in One of the
5 Ridiculous Abodes You Mentioned
?

Of course not! So, let’s recap. Looking at the above, the pros are that the new rates will be more transparent and there is more leeway for banks to be competitive and offer you better rates. The con appears to be the fluctuating nature of the rate that makes it difficult at times to budget long term. The unchanging factor (for now anyway) is the interest rates, which is the same whether you are on the existing BLR rate or the BR. Of course that said, the case may be different in 3 months time when the BR is due for a revision.

At the end of the day; whether you use the BR or the BLR for a mortgage; the simple deciding factors for home ownership applies:

1) Can you afford it?

2) Are you ready for the long-term commitment?

3) Have you done your research on the best home and home loan for your needs and budget?

Once these questions are sufficiently answered in the positive; there should be nothing stopping you from owning your dream home.

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BSN gives you an enjoyable holiday and shopping spree

If you’re a BSN credit or debit card holder, you can let your hair down in comfort thanks to the bank’s
many exciting vacation and shopping promotions.

From now till 31 December, you’ll enjoy
privileges at numerous hotels around the nation as well as great deals from several retail merchants.

So go on ahead and take that long awaited break. You know you deserve it!

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