What Is The Malaysia Consumer Credit Act & Why Does It Matter To You?

As consumers, you would definitely be familiar with credit cards, personal loans, hire purchase agreements (better known as vehicle loans), and mortgages (better known as home loans). These are also referred to as consumer credit.

However, the consumer credit market spans beyond just loans that you can apply from banks, and with the rise of fintech, new forms of credit lines have emerged. Take for instance, the latest credit offering that has been gaining traction among consumers: buy-now-pay-later (BNPL) services, which
 became popular during Covid-19
 due to its easy approval process and flexibility, at a time when people needed urgent help with cash flow.

Given the growing diversity in the consumer credit landscape, Malaysia’s existing financial regulatory framework needed to be urgently updated so that it is comprehensive enough to provide satisfactory protection to consumers. This is especially true for those who are vulnerable and less financially savvy.

This is why the Consumer Credit Act (CCA) is extremely important to all Malaysians. First proposed by
 Bank Negara (BNM) back in 2017
, the Act seeks to protect consumers in their dealings with creditors and to promote healthy spending, and BNM is resuming its push for its enactment, with the most recent activity being the publication of its
 consultation paper (Part 1)
. In this article, we’ll dive into key details about the CCA, and share examples to demonstrate why this Act is important – far beyond regulating BNPL players.

Malaysia’s consumer credit industry today

Currently, the regulatory framework for Malaysia’s consumer credit industry is quite fragmented, with different credit activities falling under the purview of different ministries and legislations. Here’s a table to quickly summarise the existing legislations:

Legislations/Acts
Ministry/Agency
– Hire Purchase Act 1967
– Consumer Protection Act 1999 (including the Consumer Protection (Credit Sale) Regulations 2017)
Ministry of Trade and Consumer Affairs (KPDNHEP)
– Moneylenders Act 1951
– Pawnbrokers Act 1972
Ministry of Housing and Local Government (KPKT)
Cooperative Societies Act 1993
Administered by Malaysia Co-operative Societies Commission (SKM), under the Ministry of Entrepreneur and Cooperatives Development (KUSKOP)
– Financial Services Act 2013
– Islamic Financial Services Act 2013
– Development Financial Institutions Act 2002
Administered by Bank Negara Malaysia (BNM), under the Ministry of Finance (MOF)
Capital Markets and Services Act 2007
Administered by Securities Commission Malaysia (SC), under the Ministry of Finance (MOF)

As you can expect, each legislation and ministry will have different standards and procedures, which ultimately leads to “uneven standards of protection” for consumers when they obtain credit assistance from different providers of consumer credit.

Even more concerning is the fact that there are many non-bank entities offering credit facilities or related services these days – many of whom do not fall under the purview of any ministries/agencies listed above. With the enactment of the CCA, it is hoped that these concerns will be addressed.

What is the Consumer Credit Act all about?

Malaysia’s drafting of the CCA is inspired by similar work that has been done in several other nations thus far to improve their consumer credit landscapes. These include the United Kingdom’s Consumer Credit Act of 1974, as well as more recent ones, such as New Zealand (Credit Contracts and Consumer Finance Act 2003), South Africa (National Credit Act No. 34 of 2005), and Australia (National Consumer Credit Protection Act 2009).

Once enacted, the CCA is expected to pave the way for the “modernisation of the consumer credit regime in Malaysia”, protecting credit consumers from unfair and deceptive market practices. Chief of all, it will allow for the establishment of a framework for entities that provide credit and credit services (including non-bank entities), along with a consistent blueprint for credit consumer protection.

The CCA will also guide the collaborative efforts between all relevant ministries and agencies in enforcing the new standards and regulations. Ultimately, this should lead to the development of an organised consumer credit landscape.

Driving these reforms under the CCA will be the new independent authority body dubbed the Consumer Credit Oversight Board (CCOB). There will also be a separate Council for Consumer Credit Malaysia (CCC), which serves as a platform where the CCOB – as the key entity spearheading the effort – and existing ministries or agencies can come together to coordinate efforts and discuss key areas of concerns.

(Image: The Star)

Meanwhile, in terms of timeline, the implementation of the CCA and the transformation of Malaysia’s consumer credit landscape is expected to take place gradually in three phases:

Phases
Approximate dates/Timeline
Phased implementation
Phase 1
Upon enactment of CCA
– CCOB to oversee all currently unregulated credit providers and credit service providers
– Existing ministries and agencies to continue regulating their respective sectors for now. However, CCOB may issue standards that can be adopted and enforced by the ministries and agencies.
– Provisions to facilitate Islamic credit business by non-bank credit providers, such as ensuring that these businesses and their products comply with
shariah
principles
– Existing licences/permits for moneylenders, pawnbrokers, and repossession of goods (under the Hire Purchase Act 1967) that were issued under current legislations remain valid
– Hire Purchase Act 1967 to be updated for relevance
Phase 2
By 2025 or after
– KPDNHEP and KPKT to gradually transfer its consumer credit regulatory functions to the CCOB
– The Moneylenders Act 1951, the Pawnbrokers Act 1972, and provisions relating to credit sales transactions under the Consumer Protection Act 1999 will be repealed
– CCA will be amended to support the repeal of the three legislations above
Phase 3
After 2030
– Enhancements to the existing regulatory framework can be considered, including proposals drawn from the experience of “twin peaks” approach* to financial regulation
*
The
“
twin peaks” approach basically employs two regulators to safeguard the financial system: one responsible for prudential and conduct regulation, while the other supervises financial services

A closer look at the CCA

Now that you’re aware of the general objectives behind the CCA, we’ll delve a little deeper into the nitty-gritty of the Act. Who does it actually protect, what businesses does it cover, and what exact areas does it protect consumers against? Let’s find out.

1) Who does the CCA protect?

The CCA consultation paper (Part 1) was unambiguous in noting that it is “
not
 intended to protect all consumers”. Rather, it seeks to focus on those who are “most vulnerable, less resilient, and lack bargaining power when dealing with credit providers”.

Under this distinction, the CCA will therefore cover not just individual consumers, but also micro as well as small and medium enterprises (SMEs and MSMEs). Specifically, you will be protected by the CCA if you fall into any of these categories:

Categories
Details
Individuals
When you obtain, have obtained, or intend to obtain credit for personal, domestic, or household purposes (unlimited amount)
SMEs & MSMEs
When you obtain, have obtained, or intend to obtain credit less than RM500,000
Guarantors
When you act as a guarantor for individuals/businesses obtaining credit (in the two categories above)
Others
Any other person or class that may be prescribed by the minister

2) Who will the CCA apply to?

Overall, the CCA will apply to any entities that serve as credit providers or credit service providers. Depending on which category your business falls into, you’ll be required to either obtain a licence under the CCA when it comes into effect, or register your business.

Under
Phase 1 of implementation
, the CCA will concern these following entities:

Categories
Definition/Distinction
Businesses/Entities
Form of regulation under the CCA
Credit providers
Entities/businesses that are
directly
 providing credit to consumers
– Buy-now-pay-later (BNPL)
– Factoring
– Leasing
Licensing
Credit service providers
– Typically third-party entities/businesses that are used by credit providers to perform servicing activities
– Does
not
 provide credit directly to consumers
– Impaired loan buyers (ILB)
– Debt collection agencies (DCA)
Registration

Under
Phase 2 of implementation
, these additional entities will also join the initial five businesses mentioned in the table above to fall under the purview of the CCA:

Conventional and Islamic moneylenders

Pawnbrokers

Non-bank hire purchase and credit sales companies

Meanwhile, credit providers serving customers who do
not
fall under the definition of “credit consumer” under the CCA are required to provide legal acknowledgement to the CCOB. They must state that their business model does not include activities extended to credit consumers as defined by the CCA. Additionally, they must include a commitment to pursue authorisation from the CCOB if/when their circumstances change.

3) What areas does the CCA cover?

The CCA consultation paper noted that very frequently, credit consumer harm (as defined by the CCA) is caused by irresponsible or unethical practices on the part of credit providers and credit service providers. Common examples of these include inadequate affordability assessments, use of complex and ambiguous terms in credit contracts, and not displaying important terms or conditions prominently.

As such, the CCA has been designed to offer consumer protection in eight key areas, namely:

Credit consumer protection areas
Objectives
Prohibited business conduct
Credit providers should act fairly or ethically, and should not mislead and deceive consumers
Advertisement & solicitation
– Promotional materials must be accurate, clear, and not misleading
– Crucial conditions and information must be prominently displayed
Credit agreement
Adequate information is disclosed, and contract terms are fair
Financing charges
Charges set must be reasonable and are transparent (e.g. consequences of late payments or defaults)
Credit assessment
Be responsible in assessing credit consumers’ capability in taking credit
Debt collection and repossession of goods
Provide adequate notices and avoid harassment or violence during debt recovery process
Financial hardship relief
– Identify credit consumers who are genuinely facing financial hardships and are unable to meet financial obligations
– Provide such credit consumers with fair opportunity to restructure their credit agreements, or alternative solutions
Redress mechanism
Set up an avenue for complaint management

Case studies: The CCA in action

While it’s helpful to understand the technicalities that underpin the CCA, it’s even more critical for credit consumers to recognise how the Act can protect them in real-life situations. Knowing this, BNM has highlighted two scenarios in its consultation paper to demonstrate the CCA’s role; here’s an abbreviated version of the case studies for your reference:

Scenario
The CCA’s role
Scenario 1
(Credit consumer and BNPL)
Prior to the start of Covid-19, Kak Tini – who owns a home-based business selling assorted baked items – bought various baking accessories through multiple BNPL providers. Paying interest-free instalment in small amounts had made all her purchases seem cheaper.
During the pandemic, however, Kak Tini’s business was badly affected, and she now struggles to pay the mounting instalment bills. Kak Tini is also incurring late payment charges and processing fees.
Kak Tini admits that she is not digitally nor financially savvy, and in her haste for instant credit, she simply agreed to the terms set by BNPL providers. She is also unable to reach the BNPL providers despite calling repeatedly, and is unsure how she can go about lodging a complaint or seeking help.
While BNPL can be a useful avenue for credit consumers to manage their short-term cash flows, it also poses certain risks – including inculcating a false sense of affordability that may lead to future financial hardship.
While the CCA does not prohibit credit consumers from using multiple BNPLs, there will be requirements on the BNPL providers to adopt responsible lending practices, such as performing adequate assessments on its customers prior to offering a BNPL facility. This way, BNPL providers will ensure that they are only extending their services to those who are able to repay.
The CCA will also set expectations for credit providers to handle credit consumer complaints and disputes in a timely and effective manner.
Scenario 2
(Intimidating debt collector)
Mr John, who owns a mechanic workshop, took on a loan of RM50,000 from a licensed credit provider to expand his workshop. However, flash floods damaged his workshop, and Mr John had to use his savings to repair these damages. This consequently caused him to fall behind on his monthly repayments.
Soon after, Mr John is approached by debt collectors from a debt collection agency (DCA), appointed by the licensed credit provider to recover his debts. The initial meetings were cordial, with the debt collector patiently advising him.
However, when Mr John continued to miss repayments, the debt collector began making harassing phone calls and leaving threatening notices. The situation worsened when the debt collector started calling Mr John’s elderly mother, forcing her to pawn her jewelleries and family heirlooms to settle the debts.
While BNM has put standards and regulations in place for banks to ensure fair and professional conduct, DCAs are currently not regulated directly by any authorities.
Unregulated non-bank credit providers are also not subjected to similar obligations to ensure that their appointed DCAs treat customers fairly and respectfully.
The enactment of the CCA will put DCAs under the purview of the CCOB. As a registered entity, DCAs will be required to adhere to ethical and professional standards of conduct in all their dealings. Otherwise, DCAs can be penalised for breaches of conduct obligations imposed on them.

As you can see, the enactment of the CCA is a pivotal step in strengthening the consumer credit  protection framework in Malaysia. As an intelligent credit consumer, knowing your rights – as provided under the CCA – will enable you to stand up for yourself and ensure that your interests are fairly and consistently safeguarded.

***

The CCA consultation paper that has been made available thus far is only Part 1 of a more extensive document. Part 2 – which is expected to set out the authorisation requirements and the standards of conduct of participants – is slated to be issued in the fourth quarter of 2022. Members of the public are also encouraged to share their feedback on the matter.

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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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MAVCOM: Airlines Will Be Given More Time To Provide Refunds

(Image: Bernama)

Airlines will be given more time to provide refunds to their customers in light of the Covid-19 outbreak, said the Malaysian Aviation Commission (MAVCOM). Usually, the established time frame for airline refunds is 30 days.

However, MAVCOM did not specify exactly how much extra time airlines would be given over the 30 days as stipulated by the Malaysian Aviation Consumer Protection Code (MACPC). It only said that the refunds should be “as timely as possible on best efforts basis”, with MAVCOM monitoring the airlines’ performance in this spirit.

The commission was responding to a statement from the Malaysian Association of Tour and Travel Agents (MATTA) which criticised the authorities for remaining silent in relation to refunds for flights that have been cancelled with the movement control order (MCO) in place.

“To date, airlines operating in Malaysia have indicated a cancellation of approximately 13.6 million seats, or 12.3 per cent of annual scheduled operations,” said MAVCOM in its statement. “The Malaysian carriers have correspondingly received an inordinately high volume of passenger refund requests, which their resources are currently striving to manage.”

“As such, the airlines may take longer than usual to respond to consumers,” continued the commission. “The financial challenges currently faced by the airlines have also coincided with them needing to adopt varying forms of refunds, including cash, vouchers, credit shell or alternatively deferment of travel.”

(Source:
The Star
,
MAVCOM
)

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Khazanah Announces TNG eWallet, Boost, and GrabPay As E-Wallet Partners For E-Tunai Incentive

Khazanah Nasional Berhad has named Touch ‘n Go eWallet, Boost, and GrabPay as the e-wallet partners for the Federal Government’s e-Tunai Rakyat initiative.

The three e-wallet service providers were selected based on their number of active users, merchant networks, technical expertise and financial strength, as well as their significant investments within Malaysia. As the three leading e-wallet service providers in Malaysia, they collectively provide a ready platform for the initiative, which is slated to start from 15 January 2020.

The e-Tunai Rakyat programme promises a one-off RM30 digital stimulus to eligible Malaysians as a form of encouragement to make e-wallets and digital payments a part of their lifestyle. In particular, it targets consumers and merchants involved in small enterprises and retail businesses.

To qualify for the initiative, you will have to be Malaysian, aged 18 years and above, and earning less than RM100,000 annually. If you are, then you are eligible to receive RM30 that can be spent on goods and services available through participating e-wallet service providers of your choice.

In its press release,
Touch ‘n Go
 has said that its participation in the initiative would enable Malaysians to seamlessly claim this benefit through the eWallet. They will also be able to claim and use the funds at any of the e-wallet’s 110,000 merchants, ranging from food and beverages to petrol stations, movies, flights, utilities, and groceries. Users can also make payments for mobile reloads, in-app purchases like street parking and toll payment via unique features such as PayDirect and RFID.

Boost has further said that they will add on to the RM30 stimulus with exciting offers across most of its 125,000 merchant partners during the 2-month e-Tunai Rakyat initiative, although these will likely be clarified at a later date.

Meanwhile,
Grab
 expressed that it is honoured to have its e-wallet, GrabPay, selected to participate in the initiative.

“We welcome and fully support our government’s progressive move to accelerate the adoption of e-wallets and digital payments among Malaysians,” said Grab in a statement. It also added that its participation in the e-wallet initiative was a testament to its commitment to provide access to the seamless and frictionless convenience of digital payments to everyone in Malaysia.

The e-Tunai Rakyat initiative was
announced under Budget 2020
, and its overall implementation is overseen by by
Khazanah
. The effort also involves close collaboration with various parties, including the National Registration Department (NRD) and the Inland Revenue Board (IRD). It will run for two months, ending on 14 March 2020.

(Source:
New Straits Times
,
The Malaysian Reserve
, Khazanah)

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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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Is Apple Pay Launching In Malaysia Soon?

It seems that Apple Pay may finally be launching in Malaysia soon, as there are hints that Apple and at least one local bank is currently testing its functionality.

Local tech site Lowyat.NET reported that AmBank may be testing Apple Pay integration after an SMS was sent to one of its cardholders, clearly indicating Apple Pay pairing. The SMS even contained a URL for Apple Pay on AmBank’s website, but that page is not yet available. Both Apple and AmBank also did not respond to Lowyat.NET’s queries on the matter, as of the time of writing.

[Image:
ken8888 / Lowyat Forum
]

Our own checks on Lowyat’s forum, meanwhile, found further hints of the possibility of Apple Pay arriving soon in Malaysia. Another forumer stated that he/she already has access to Apple Pay via both iPhone and Apple Watch in Malaysia – and that that Apple Pay may actually be enabled within the country as early as August 2022, supporting local cards issued by Malaysian financial institutions.

If these details are true, then there’s plenty to be excited about, especially since Apple Pay is a frequently requested feature by Apple users in Malaysia. There were even
petitions signed
 in order to support the request, although it has come to nothing – so far.

However, until there are actual announcements from banks indicating that they have officially enabled support for Apple Pay, this matter remains at most hearsay. But we will continue to keep an eye out for any further developments, and share further updates.

(Sources:
Lowyat.NET
,
Lowyat Forum
s)

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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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Economists: BNM Likely To Hold OPR At 3% For Remainder Of 2023

(Image: Malay Mail/Yusof Mat Isa)

Several economists and research houses have forecasted that Bank Negara Malaysia (BNM) will hold the overnight policy rate (OPR) at 3% for the remainder of 2023. This comes following the central bank’s latest decision to hike the OPR by another 25 basis points (bps) on Wednesday, during its third Monetary Policy Committee (MPC) meeting this year.

The chief economist of Bank Muamalat, Dr Mohd Afzanizam Abdul Rashid believes that the OPR hike is a “done deal” at 3%, and that it is now at a sweet spot. He explained that at the current rate – which is already within the pre-pandemic OPR range of between 3% to 3.25% – BNM will have some wiggle room to implement more monetary tightening if there is a need to respond to economic challenges in the future. At the same time, it will keep the deposit rates sufficiently high for individuals who are saving money, as well as discourage people from taking on more loans or debts.

Similarly, OCBC Treasury Research said that BNM is likely to hold the policy rate for the rest of 2023, provided Malaysia’s core inflation and financial imbalances remain relatively unchanged in the future. “The recent mix of weakening external data and easing inflation had suggested to us that BNM would not be inclined to hike further,” the research house shared in a note.

(Image: Samsul Said/Bloomberg)

Economist of Capital Economics, Shivaan Tandon also expects BNM’s money tightening cycle to end with the latest OPR hike, as he believes Malaysia’s inflation is set to fall further, with the economy slowing down.

“Household and corporate debt ratios in Malaysia are among the highest in the region, making the economy especially vulnerable to high interest rates. Malaysia is also heavily exposed to weak external demand and particularly to the ongoing downturn in the global electronics sector, [with] electronics accounting for Malaysia’s largest goods exports,” said Tandon, adding that BNM may be “too optimistic” about the economic outlook.

Experts from RHB Research, Chin Yee Sian and Wong Xian Yong also echoed similar opinions regarding the OPR – both of whom believe that the OPR could be raised to a maximum of 3.25% in 2023, although it is more likely to be kept at 3%. They further said that while domestic consumer demand is expected to drive the economy, export growth and the manufacturing sector may pull the economy down by a little. This is in line with a more subdued global trade activity.

(Image: The Malaysian Reserve)

Meanwhile, MIDF Research believes that BNM will now shift to a wait-and-see approach before deciding on future hikes. In particular, it will monitor developments by other central banks, especially those of key economies around the world.

On Wednesday, BNM surprised economists with its decision to
increase the OPR from 2.75% to 3%
, after pausing its rate hike cycle in the last two MPC meetings in
January
 and
March 2023
. Many experts had forecasted that BNM will
maintain the rate at 2.75% this time round
. However, the unexpected decision was generally viewed as a welcome one, with most considering the move as an indication of Malaysia’s economic resilience.

(Source:
The Edge Markets
)

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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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PTPTN Loan Repayments From 2013 - May 2019 According To Age Group

(Image: The Borneo Post
)

The National Higher Education Fund Corporation (PTPTN) had collected RM6.23 billion of loan repayments from 1.13 million borrowers of various age group from 2013 to May 2019, Education Minister Maszlee Malik told the Dewan Rakyat (15 July).

Paya Besar MP Mohd Shahar Abdullah asked Maszlee for the state of repayment of PTPTN loan according to age group in the Parliament. Below are the loan repayments made from 2013 up until May 2019 according to age group.

Age Group

Number of Borrowers

Amount

20 – 29

642,410

RM3.3 billion

30 – 39

449,403

RM2.65 billion

40 – 49

33,047

RM228.441 million

50 – 59

2,531

RM16.148 million

60 and above

80

RM3.67 million

(Image: The Borneo Post
)

The Education Minister was also inquired of a new policy to prompt the loan repayment. Besides, Maszlee was asked whether previous strategies and policies would be re-implemented by the ministry.

Last week, the Housing and Local Government Minister Zuraida Kamaruddin announced that
PTPTN defaulters listed in the CCRIS could even get a loan for their first home
.

(Source:
Malay Mail
)

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HSBC Credit Cards Can Now Be Added To Google Wallet

HSBC and HSBC Amanah credit cardholders are now able to add their cards to Google Wallet, with support having been recently enabled by the digital wallet. This makes HSBC the fifth bank in Malaysia to be able to add its cards to Google Wallet since its launch in Malaysia at the end of last year.

In an
FAQ
, the bank clarified that all personal HSBC and HSBC Amanah Visa and Mastercard credit cards can be added to Google Wallet. Once added, you can then go ahead and use Google Wallet in stores with Visa payWave or Mastercard contactless payment terminals, as well as make in-app purchases where Google Wallet is provided as a payment option.

HSBC further reminded that all the usual credit card transaction limits will apply as you pay with with Google Wallet. Your available credit limit will remain unchanged, and all contactless transactions will also have the usual limit of RM250. Any transactions above RM250 must be completed by keying in your PIN, just like any normal credit card transactions. Additionally, rewards points and cashback for Google Wallet transactions made with HSBC credit cards, too, will be awarded as usual.

Aside from that, the bank also highlighted the multiple benefits of using Google Wallet, with convenience and security being its main selling points. Upon adding your HSBC card to Google Wallet, you can immediately use the digital wallet to make contactless payments from your phone, without having to present your physical HSBC credit card.

“Your real card number(s) are encrypted and never shared with merchants or saved on your device. Opportunities for fraud are also reduced as a fingerprint, face or PIN is required to complete any transaction,” HSBC also noted on its website.

To add your HSBC card to Google Wallet, simply download
Google Wallet from the Play Store
 into your phone and follow these steps:

Once that’s done, you will only need to unlock your phone and hold it near the payment reader whenever you wish to make payments. You will see a check mark if the payment is successful, as well as receive a push notification in real time after each Google Wallet purchase.

In conjunction with this latest update, HSBC is running a promotion that allows cardholders to earn
RM30 cashback after they’ve made five Google Wallet transactions
 (minimum spend RM50 each transaction). Provided on a first-come first-served basis, it is limited to 3,600 redemptions throughout the whole campaign period, running from today until 31 July 2023.

Aside from Google Wallet, HSBC has also recently
enabled support for Apple Pay
, back in January 2023. Meanwhile, Google Wallet officially landed on Malaysian shores in November 2022, accepting cards from CIMB, Hong Leong and Hong Leong Islamic Bank, as well as Public Bank at launch.

(Source:
HSBC
)

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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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Singles and Retirement: Don't be Forever-on-Loans

Times are changing. Just as things were different 50 or even 20 years ago; they are changing today more rapidly than any of us can imagine. The rise of the single person household is an unmistakable phenomena with even more conservative Asian nations catching on.
The Economist reported in 2011
 that almost a quarter of Asians in their thirties to forties have never married and it doesn’t appear that the numbers look to decrease anytime soon.

We’re not here to debate on the reasons nor the merits of marriage versus singledom but if for your own good reasons you’ve chosen the route of ‘me my castle and I’; we are going to help you make the best decisions for retirement that you can.

Some Annoying Truths

Unfortunately, despite the pace of change within the make-up of households; it appears that few other areas of society has gotten the memo so admittedly; a single person will lose out on some benefits that married people still enjoy (and no we don’t mean childcare and the joy of wet towels on the bed).

You won’t get as many
tax breaks
.
 Couples not only receive reliefs for themselves, they receive tax write-offs for children and each other.

You can’t share costs.
You pay full price for hotel rooms, internet, utilities, spa packages and other services which usually offer reduced priced packages for couples. Couples are obviously able to share rooms, homes and other costs halving their spending each.

There isn’t the support of a second income.
 Just one income supporting a household can be tough. But not impossible.

Now those sound like some seriously trying odds but for many of those who have chosen the solitary life – the pay-off is getting to make your own decisions about your home, job, life and Astro subscription package without a heated debate. But the odds also mean a smaller, leaner retirement pot. After forking out some serious dough to just live well; singles don’t have the second income of a spouse to cushion a joint retirement fund. And this worries many but it doesn’t mean it’s the end of the world. Let us now tell you, single and fabulous people of the world, what you have going for you which will help you build that retirement pot sooner than you can say, “I do.”

Some Awesome Truths

Before you run out to the nearest matchmaking agency (or the biggest online one) in search of the person who’ll complete the financial ideal created by society; hear us out. You CAN save for retirement because here’s what you’ve got working for you.

You can ‘follow the money’.
 It’s often true that single people usually have better careers and are paid more money. This isn’t due to discrimination but because a single person is more able to get up and take a job half way across the world if it pays better. Even in less drastic scenarios – a single person would be more able to move jobs without worrying about day care or considering their spouse’s job. You’ll also have more time to really dedicate to the job as opposed to a married couple with added familial responsibility.

You can liv
e small.
 You don’t need a huge family vehicle nor a big house. Whilst a smaller space and vehicle doesn’t exactly halve costs – it means you have more mobility, more choices and essentially more flexibility in terms of where you stay, work and play. New job out in the middle of bustling Hong Kong where I can quadruple my RM salary? No sweat; I can live in a breadbox for a bit whilst I grow the bank account.

You can make your own financial decisions.
Whether it’s a risky stock you want to invest in or you want to buy rental property. Whatever you choose to do with your money is your decision alone. No council of Elrond required just because of the ring you accepted to carry.

There are no children to support.
 Ringing up numbers may take days but the truth is – children are expensive. It’s not being cynical; it is a fact. Education costs are skyrocketing as we type. Have two or more kids and you’ve likely negated every financial benefit you’ve reaped from the bulleted list above.

Whilst this may seem like marriage bashing; it isn’t. We’re saying both statuses have financial strengths and weaknesses which you need to play to. But how does this help you build that retirement fund? We’re getting there…

Building a Solid Single Retirement Fund

So now you know what you have going for you and what you don’t. Acknowledging pros and cons is the first step to making better decisions. Let’s see how we can maximise this for building a solid retirement fund.

Get a financial advisor
 (if you can afford it of course!). The financial advisor will be able to draw up a safe retirement plan for you and you only. Without the need to discuss this with a spouse or the need to factor their risk profiles into an already complicated calculation – the plan becomes much more straightfoward and easy to execute. This not only makes your decision making process easier; it also helps your advisor not fall into depression. Do this and you’ll have a gameplan based on what you feel comfortable with doing with your money.

Follow the money.
 You can do this; you have a financial plan now if you’ve done step 1; so maximise the extra time and mobility you possess to build your wealth. This could be building a career; taking on consultancies or even just investing wisely.

Get insured.
Not having the second income back-up plan means any emergency medical bill or such thing will cause quite a rumble in your savings and deplete retirement funds. Insurance is important to everyone but even more so for singles. You’ll be glad to have a comprehensive policy that lovingly has your back. And you don’t have to make it coffee in the morning.

Save as if you have children.
 Couples are often hounded by the nightmare that is a tertiary education fee and leaving an inheritance for their children. Get into the mindset of saving more like they do (because you’ll need it later on!) and put aside money into multiple
saving accounts
 and secured investments (like
fixed deposits
 and unit trusts) as if you have children to see to. You can always name them too. We found Trip to the Maldives for 3 months; Yacht Named Rosa; and Holiday Cabin in Switzerland very motivating names.

We’ve barely scratched the surface in terms of what singles can do to build their retirement fund. As society moves to eventually accept the dynamic nature of household makeup; hopefully there’ll be much more singles can do to enjoy as many financial benefits as couples. Until then; let’s work what we’ve got.

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Diana Chai

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PRIHATIN Economic Stimulus Package: Free Internet Access Daily Until End Of MCO

As part of the Bantuan Prihatin Nasional economic stimulus package, Prime Minister Tan Sri Muhyiddin Yassin announced some good news for Malaysians at home under the Movement Control Order (MCO): free internet access daily for all.

In his speech, Tan Sri Muhyiddin stated that starting 1 April 2020 until the end of the MCO, all Malaysians will be given free internet access. No further details was mentioned, but from a text blurb on the live stream, it appears that all Malaysians will receive 1GB data allocation per day, every day until the MCO ends.

According to a press release by the Malaysian Communications and Multimedia Commission (MCMC), the 1GB data allocation will be provided to all prepaid and postpaid users from the following telcos:

Celcom

Digi

Maxis

U Mobile

In addition, the free data allocation is only valid from 8am to 6pm daily.

The free internet access allocation is worth RM600 million, and is made possible with the assistance of local telecommunications companies. In fact, Tan Sri Muhyiddin Yassin also hinted that this is one of several special packages from the telecommunications and multimedia industry that will be offered to the rakyat.

In line with the increased usage of networks around the country during the MCO, the Government has also allocated an additional RM400 million to be invested for the improvement of networks and increasing coverage to ensure a high-quality telecommunications network during this period.

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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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Affin Avance Campaign Offers RM30 Cashback For Selected E-Wallet Top-Ups

Affin Bank customers who own an Affin Avance Savvy/Savvy-i account will be able to tap into the Affin Avance e-Wallet campaign to earn some cashback. Through this promotion, eligible accountholders will get cashback rewards of RM30 when they use their Affin Avance debit cards to top up a minimum of RM100 in selected e-wallets in a single transaction.

Specifically, you will earn the RM30 cashback reward when you perform a reload transaction on ShopeePay, Lazada Wallet, or GrabPay. Depending on the e-wallet that you choose to top up, the cashback reward may also be provided in the form of vouchers – as you can see in the following table:

Participating e-wallets
Types of cashback
Monthly cap
ShopeePay
RM30 ShopeePay voucher (minimum spend of RM50 required to use)
100 redemptions per month
Lazada Wallet
RM30 cashback
100 redemptions per month
GrabPay
RM30 GrabFood voucher
100 redemptions per month

Other than that, each accountholder is entitled to only one cashback reward per e-wallet every month. The prizes will be provided on a first-come first served-basis, and will be credited into your e-wallet account within 10 days after the month in which you perform the qualifying top-up transaction. Finally, this promotion is already ongoing and will run until 31 December 2021.

The
Affin Avance Savvy deposit account
 is one of the many privileges offered with the Affin Avance banking membership, which was rolled out at the end of 2020. The deposit account provides exclusive interest rates and rewards for specific deposit bands, and comes with a Visa debit card.

(Source:
Affin Bank
)

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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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FSMOne Launches Stockbroking Services For US, Hong Kong-Listed Securities

FSMOne customers will now be able to trade United States (US) and Hong Kong (HK) stocks and exchange traded funds (ETFs) on the online investment platform. This is following the launch of FSMOne’s stockbroking services for US and HK-listed securities for the Malaysian market today.

“The addition of US and Hong Kong stocks on FSMOne follows the
introduction of Bursa Malaysia stocks and ETFs
 in March 2021, providing investors with access to the world’s largest securities market, i.e.
US securities and additional exchanges
 (NASDAQ, NYSE, AMEX, BATS, HKEX), as well as increase the number of ETFs being offered on FSMOne,” the platform noted in the announcement post on its official website.

Aside from enabling access to these long-awaited markets, FSMOne also stated that it offers the service at a low fee – in fact, “one of the lowest fees in town”. Investors will be charged a minimal 0.08% processing fee to trade, subject to a minimum of US$8.80 or HK$50 per trade.

In launching the new service, the general manager of FSMOne Malaysia, Wong Weiyi said that FSMOne seeks to address some of the pain points that the public would encounter when trading foreign shares. These include high brokerage fees – which range from 0.2% to 0.8% – as well as additional fees associated with foreign exchange rates.

Wong also commented that the rollout of the US/HK stockbroking service at this time is apt as he believes that it is beneficial for Malaysian investors to hold overseas investment during the ongoing Covid-19 pandemic.

“Most Malaysians would have a portfolio which is locally biased, with a lot more local equities and exposure. However, if we look at how the Covid crisis is transpiring globally, it seems clear that the developed nations will emerge out of the crisis faster. In fact, in the US, they do not have the kind of movement restrictions that we are currently going through. As such, the pace of recovery for these developed nations will definitely be faster, and they have more flexibility for further fiscal stimulus,” said Wong, who also highlighted China’s resilience as an economic powerhouse despite recent sharp corrections made to its market.

If you’re interested in checking out FSMOne’s newly launched US/HK stocks and ETFs, you could also tap into an introductory offer that is meant to celebrate the launch. Starting from today until 30 August 2021, FSMOne is offering RM100 worth of selected RHB equity funds to the first 1,000 investors who carry out a successful trade in US or Hong Kong stocks and ETFs. The RHB equity funds on offer include RHB i-Global Sustainable Disruptors (MYR Hedged) or RHB Big Cap China Enterprise Fund.

You can find out more about
FSMOne’s US/HK stockbroking services and the introductory offer
 on its website.

(Source: FSMOne [
1
,
2
,
3
])

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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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Get Some Smart Dining Discounts With HSBC Credit Cards

Great Value In Food When You Dine Out On HSBC Credit Cards

The classy folk at HSBC have done some great with some of Malaysia’s finest restaurants offering you up to
50% discount on the best cuisine in town
.

Eat out at any one of a host of restaurants and you’ll get special deals on a la carte menu items or up to 50% off the whole meal!

Participating restaurants include:

Brotzeit, Belanga, Beard Papa’s, Grand Imperial, RakuZen, Pasta Zamani, Plan b, Botanical, Ben’s General Food Store and LaFite.

Honestly, the list is so long we suggest you
go and download it
.

Offer close March 31
st
 2013 so you have plenty of time to host everyone for those Holiday Dinners and get a generous discount.

Terms and Conditions apply

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Selangor Govt Unveils Internet Subsidy Programme For B40 and M40 Groups

The Selangor state government has introduced two internet subsidy schemes as part of its Kita Selangor 2.0 stimulus package, intended especially for the B40 and M40 income group. The schemes – dubbed Data Internet Selangor and Skim Internet Selangor Kategori M40 – are part of 25 initiatives that will be rolled out under the new stimulus package.

Specifically, Data Internet Selangor will benefit 70,000 people from the B40 income group, alongside various other entities in need, including senior citizens, single mothers, students, gig workers, taxi drivers, and small businesses. It offers an RM20 monthly subsidy for a SIM pack that comes with unlimited data quota, valued at RM35 per month. In other words, eligible recipients will only need to pay RM15 per month to tap into the perks provided by the mobile internet plan available.

According to the chief minister of Selangor, Datuk Seri Amirudin Shari, this subsidy will be provided for a period of one year, and will be funded by the investment arm of the state, Menteri Besar Selangor Incorporated (MBI). A total of RM17.5 million has been allocated for this scheme.

(Image: The Star)

Meanwhile, the Skim Internet Selangor Kategori M40 (SISM40) initiative will target those who fall under the M40 group, offering as many as eight internet packages. The packages – which are categorised as Family, Single, and Basic packages – will allow eligible households to enjoy monthly subsidies of between RM10 to RM30 for a year, starting from 1 July 2021. The SISM40 initiative will be carried out in partnership with Telekom Malaysia (TM).

Overall, the Kita Selangor 2.0 stimulus package is worth RM551.56 million, and is expected to assist 1.6 million Selangor citizens. It is a follow-up to
previous stimulus packages
 that have been rolled out, including the
Selangor Prihatin
and
Kita Selangor 1.0
 stimulus packages. Aside from the internet subsidies, the Kita Selangor 2.0 package also features moratoriums, financial aids for small and medium enterprises (SMEs), and Covid-19-related incentives.

(Sources:
Malay Mail
,
BFM
)

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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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LHDN Increases Maximum Limit For Income Tax Payment Via FPX

The Inland Revenue Board (LHDN) has increased the maximum limit for income tax payments made through FPX, making it more convenient for taxpayers to carry out their transactions online. The new limit will take effect immediately.

In a statement, LHDN clarified that the maximum limit for business-to-business (B2B) and business-to-consumer (B2C) transactions will be updated as such:

Transactions
Existing maximum limit
New maximum limit
B2B
RM 1 million
RM100 million
B2C
RM30,000
RM500,000

“The new transaction limit applies for the payment of income tax through ByrHASiL, which can be accessed on the official portal, and also through the online banking service of all banks that are appointed as LHDN’s collection agent,” the board commented.

Despite this revision, however, the board reminded taxpayers that their transaction limit is still subject to the maximum withdrawal limit that is set by their own respective banks. As such, they will need to first consult their banks and request for approval to increase their personal maximum withdrawal limit before they can tap into the benefits of LHDN’s latest update.

As always, taxpayers with any enquiries and feedback regarding this matter can contact LHDN through its HASiL Careline at 03-8911 1000 or 603-8911 1100 (overseas). Alternatively, you can use the HASiL Live Chat or the
feedback form
 on LHDN’s official portal.

(Sources:
LHDN
,
Malay Mail
)

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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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Why Do Bank Cards Need Expiration Dates?

Your bank debit card will typically expire every five to seven years (depending on the issuing bank) and when it does, you will not be able to use the expired card. Bank credit cards however, expire a little quicker but the good news is that renewal is often automatic and new cards will be mailed to cardholders.

Debit cardholders face the hassle of having to make their way to a bank to get it renewed. So why don’t banks simply allow cards to be functional in perpetuity? Here are three main reasons why your cards actually benefit from periodic renewals:

Additional Security Layer to Curb Potential Fraud

The expiry date is the extra bit of information required to make a purchase online in addition to your name, card number and security code. A payment would not go through if the expiry date does not match corresponding information on the card.

Technology Updates

A bankcard can do a lot more today than it could twenty years ago and this is why timely tech updates to the card are necessary. The recent Pin and Pay cards are equipped with better security as well as a contactless payment feature.

Condition of the Card

Even though it’s made of plastic it can’t last forever, ‘wear and tear’ might make the card unusable in the long run. Furthermore, the aesthetics of the card in terms of colour, design, images and even updated bank logos require a change from time to time.

How to Keep Track Of Your Cards’ Expiry Dates

It would be terribly inconvenient to have your card be declined at the counter; especially if that’s the only payment card you have on you. Thus, it’s best to keep track of the expiry dates, which can be a chore if you hold multiple cards.

Here’s some pain-free ways to stay on top of your cards:

Pay attention to ATM notifications and sign up for SMS alerts so you’ll be notified when your card is about to expire. Also, the validity date will be engraved on your card.

Set a reminder on your phone to replace your card one month before expiry.

Make sure to double check all cards before you depart on holiday if you intend to use it abroad.

Since credit cards are mailed, check with your bank on its estimated delivery, so you can be at home to receive your card.

Once you’ve noted when your card will expire, you’ll still have the task of renewing the card, which in some cases can be a rather speedy and convenient affair, however it differs from bank to bank.

As a case in point, during the Pin and Pay debit card replacement exercise, some banks offered online as well as kiosk services to replace cards in a jiffy.

As far as fees are concerned, if your debit or ATM card is replaced within a specified period from the expiry date, typically 12 months, fees will be waived. If you happen to lose or damage your card before the expiry date however, you will be charged a fee for replacement.

Bonus Tip:
 If you have used your card to pay for recurring subscriptions that automatically deduct payment such as Spotify or Netflix, ensure that you’ve updated your new card number (if yours has been changed), so payments are not interrupted.

You should also take your card’s expiration date as a sign that it’s time to scout around for new, potentially better cards on offer. We have a nifty list of the best credit cards in Malaysia on our
comparison page
 for you to check out in case a change is in order.

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5 things you need to know about reward point credit cards

Reward point credit cards – now doesn’t that sound appealing! Many banks have credit cards that will grant you reward points every time you swipe to make a purchase. The options to cash in on your use of plastic are vast and varied, as accumulated points can be used to redeem cash to offset your bill; air miles; household items; gift vouchers; and in some cases, even to offset the service tax on your credit card.

But not all reward points credit cards are made equal. Some offer more points at selected merchants or on special days and some have a generally high rate that remains the same across spending. How are you to know which cards offer the best reward points system? Check out your options on our
website comparison tool
; but before making a decision, here are some things to keep in mind when deciding on a reward points credit card.

Know the bank’s reward points system

Not all reward programmes are created equal, but usually, you stand to earn one point for every ringgit you spend. Some banks tend to award spending done overseas, online, or at partner merchants with more points for the same amount of spending done elsewhere.

Maximise your benefits by using your card mostly on purchases that earn you the highest amount of reward points. For example, you should charge all transactions made at the petrol station to your card if they offer higher points per ringgit compared to purchases made at the local supermarket. This also applies to merchants you know you frequent. Pick the card that offers more points at your favourite merchants.

Think twice before redeeming gifts

Consider this – say your credit card earns you 2 reward points for every RM1 spent. Think about the water kettle you have at home and acknowledge its full retail price. According to the bank’s gift catalogue, you will need a large amount of say, 15000 points to get your hands on one just like it. That’s RM7500 for a simple water kettle – Terrible value by any standard!

So what would your points be better suited for? They are worth more when exchanging them for air miles or travel vouchers, which can soften the blow of last minute holiday bookings. Some cards will also allow you to trade in your points for
MAS Enrich Points
, while Air Asia has special
co-brand cards
 that will earn
BIG Points
, on top of regular reward points. In the end, it’s about doing research on the redemption that gives you the most value for money.

Know when reward points expire

Some cardholders may benefit from non-expiring, evergreen reward points, but not all reward points cards give you these evergreen reward points. Most Malaysian banks will allow your points to stay unused for up to 3 years before they expire.

How fast you can earn these points, along with where and how you can redeem them should be important benchmarks when choosing a reward credit card. Reading the terms will help!

Cancelling a card means losing all rewards

Yes, cancelling a card, along with the account would usually mean losing all your accumulated reward points in one fell swoop. That is unless you have other ongoing commitments with the bank such as a mortgage or car loan that can continue to earn you reward points for every ringgit of financing.

Before you cancel a credit card, make sure to make full use of all unused reward points.

Keep calm and spend moderately

With a reward point card, you will probably feel more obliged to spend in order to earn points, and subsequently carry more credit card debt, offsetting the value of the rewards. Ask yourself this: are you getting a credit card for the sole purpose of redeeming gifts, or is it just an added benefit?

The bottom line is – regardless of which reward credit card you choose, paying your outstanding balance in full every month is the best and only strategy to avoid the burden of interest charges which of course, saves you money.

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Finance Minister: NRP, Budget 2022 To Form Foundation For Malaysia’s Recovery

(Image: The Star)

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has reiterated that the National Recovery Plan (NRP) and Budget 2022 will serve as the foundation to Malaysia’s long-term recovery and reform efforts. Additionally, both initiatives will complement the 12
th
 Malaysia Plan (12MP) in achieving this goal.

The minister said that the NRP will rely on science and data to set the nation firmly on the path of revival. On top of that, this recovery journey will also be supported by an expansionary Budget 2022, which sets the groundwork for the government’s wider and longer-term reform efforts.

Tengku Zafrul further emphasised that the government must make efforts to overcome not only the Covid-19 pandemic, but also to develop post-pandemic resilience. “We must also take the opportunity to address structural issues in the medium and longer term in pursuing short-term goals to prevent an economic recession,” he commented, adding that a proper digital infrastructure would be especially crucial in
reducing urban-rural inequality
.

(Image: Bernama)

Moreover, Tengku Zafrul highlighted that the 12MP will be an opportunity for the government to chart a new narrative for Malaysia as it lays down fundamental reforms that will transform Malaysia’s development trajectory. In turn, this will achieve a prosperous, inclusive, and sustainable Malaysia – in addition to upholding national security and sovereignty, as well as solidifying national unity.

The minister noted as well that the 12MP will commit to projects and policies that are aligned with the Sustainable Development Goals of the 2030 Agenda for Sustainable Development. One key target is to achieve a 45% reduction in greenhouse gas emission intensity to gross domestic product (GDP) by 2030, compared to 2005 intensity levels.

(Image: Bloomberg)

Other notable “game changers” to be introduced via the 12MP that will also be paramount include embracing the circular economy and accelerating the adoption of integrated water resources management, said Tengku Zafrul. The government will also look at strengthening the country’s fundamentals to become a more open, trade-oriented, and service driven economy despite the current altered supply chains and halted service trade.

“Overall, the plan will target growth of between
4.5% and 5.5% per annum
, resulting in a gross national income (GNI) per capita of RM57,882 or US$14,842 in 2025 while regaining full employment,” Tengku Zafrul stated.

(Sources:
The Star
,
New Straits Times)

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Tengku Datuk Seri Zafrul Abdul Aziz

Tengku Zafrul Abdul Aziz

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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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Affin Bank Clarifies "Outstanding Balance" Criteria For Upcoming Affin Duo Visa Cash Back Revision

Affin Bank has released a new FAQ document for its Affin Duo Visa Cash Back Credit Card, aimed at providing clarification to the revision that will take place on 1 July 2021. The bank has also amended its original notice to clarify that the term “outstanding balance” refers to a cardholder’s “previous balance” and provides further explanation in the FAQ.

To recap, earlier this week Affin Bank had announced a
revision
 to its popular Affin Visa Cash Back Credit Card. The revision introduced a new “outstanding balance” criterion of RM3,000 which would determine whether your monthly cashback would be capped at RM80 or RM50. Unfortunately, the meaning of the term “outstanding balance” was less than clear at the time, given that most banks tend to use monthly spend as a requirement for earning higher cashback benefits.

Now that Affin has confirmed that outstanding balance refers to “Your Previous Balance” as stated in your monthly credit card statement, what does this mean for your cashback earnings?

Some situational examples offered by Affin Bank

For those who want to earn a maximum of RM80 in cashback, from 1 July onwards you will have to maintain a previous balance of RM3,000. Take note, however, that this doesn’t necessarily mean you just need to
spend
RM3,000 in the previous statement month. If you check your statement, you will notice that any cashback credited to you actually reduces your balance for that month. So, if you are earning RM80 worth of cashback in a given month, you will need to spend RM3,080 in total to ensure your eligibility to earn RM80 in cashback the following month.

Here’s another scenario that might make calculating your previous balance less straightforward: if you have opted for a balance transfer or cash-on-call instalment plan. In your credit card statement, you will notice that your monthly instalment amount for either one of these plans will be included as part of your statement balance. As such, it is assumed that this will also count towards that RM3,000 previous balance requirement – although we can only confirm this for certain when the revision takes effect in July.

These two scenarios above both apply to those who are gunning for the RM80 maximum cap on cashback each month. Incidentally, if you are aiming for the RM80 cashback cap, your effective cashback rate actually stands at
lower
than 3%. Under the new revision, the only time you will earn an effective 3% cashback rate is when you spend up to RM1,667 in a month. Of course, spending below RM1,667 means that you will only earn a maximum of RM50 in cashback, but this may still be the preferable option since you won’t have to worry about maintaining that RM3,000 previous balance amount.

The
Affin Visa Cash Back
 was first launched in
August
 last year as part of the
Affin Duo
 cards, and offers 3% cashback on online, e-wallet, and auto-billing transactions.

(Source:
Affin Bank
)

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    Daphne

    2 years ago

Hi, may I know what it means by online banking which found in exclusion list? If pay insurance premium via the respective insurance portal e-payment service, is this entitle for cash back (online transaction)?

Meanwhile, is auto-billing similar as direct debit from credit card? Means I set a payment as auto billing (monthly – for example insurance premium), is this entitle to cash back as well. Thanks

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    Pang Tun Yau

    2 years ago

    Reply to

        Daphne

If I understand you correctly, “online banking” transactions using the Affin Duo Visa will not be eligible for cashback, hence it is in the exclusion list (alongside a few others). As for insurance premiums, I’ve seen most cardholders getting cashback with this card via auto-billing – not sure about online via the insurance e-payment portals though…you might need to try it out to see the result for this one!

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Sunway Group Enters Race For Digital Banking License Via Credit Bureau Malaysia Acquisition

Sunway Holdings, Sunway Berhad’s 100% owned subsidiary, is buying a 51% stake in Credit Bureau Malaysia (CBM). After the acquisition, Credit Guarantee Corporation Malaysia Berhad (CGC) and Sunway Holdings will be the two shareholders of CBM.

With this move, Sunway will diversify into the fintech sphere and enter the race to be granted one of Bank Negara Malaysia’s
virtual banking licenses
 – joining contenders like
Axiata Group
,
Razer, Grab, and AirAsia
, as well as
Hong Kong-based investment banking firm, AMTD
.

“The acquisition will enable us to advance our ambition of building a financial technology ecosystem and securing a digital banking license, in order to promote financial inclusion for Malaysians and small and medium enterprises (SMEs) aligned with the 10
th
 United Nations Sustainable Development Goal of Reducing Inequalities,” said Sunway president Dato’ Chew Chee Kin.

“SMEs are one of the most important catalysts of our economic growth and contribute almost 40% to the nation’s Gross Domestic Product. We see considerable potential in this segment, particularly in finance related services,” continued Dato’ Chew.

According to Dato’ Chew, the strength and expertise of CBM in credit reporting and trade referencing will complement the existing finance-related services offered by Sunway Group, which include money lending, hire purchase, factoring, cross-border remittance, and others.

CBM chairman Suresh Menon said that the new partnership will help bolster CBM’s efforts to offer more value-added solutions to its clients and the market. “With the collaboration, CBM and Sunway Group will soon be able to offer seamless end-to-end services from credit reporting right up to the various finance-related services to Malaysians and SMEs within the vast business ecosystem of CBM and Sunway Group,” he said.

(Source:
FintechNews Malaysia
,
The Edge Markets
)

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PM Announces One-Off RM10,000 EPF Withdrawal

Prime Minister Dato’ Sri Ismail Sabri Yaakob has announced that a one-off EPF withdrawal of RM10,000 will be made available to all Malaysians, some of whom are still affected by the economic effects brought about by the Covid-19 pandemic.

Further details will be shared by the Finance Ministry and the EPF at a later time, but the Prime Minister has stated that EPF members can withdraw RM10,000 through this facility. “The Government has listened, studied, and analysed the requests from all parties to withdraw EPF savings. As such, the Government has agreed to allow a special EPF withdrawal of RM10,000,” he said.

The Prime Minister further added that this was a difficult decision, as the EPF savings are meant for retirement. The special withdrawal, according to him, is a “middle ground to balance today’s desperate needs and tomorrow’s savings”. However, he urged members to only withdraw their EPF savings if they really need it.

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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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Bursa Malaysia Named Best Stock Exchange For Islamic Listings At IFN Awards 2022

(Image: The Malaysian Reserve/Razak Ghazali)

Bursa Malaysia has once again been named the Best Stock Exchange For Islamic Listings in the latest Islamic Finance News (IFN) Service Providers Awards 2022, which was conducted by Islamic finance news and solutions provider IFN.

This win marks the fifth consecutive time that the local stock exchange regulator has been awarded the title, since the
Best Stock Exchange For Islamic Listings category was first introduced in the IFN Service Providers Awards back in 2018
. It was established in a bid to recognise the most outstanding stock exchange for the listing of
shariah
-compliant securities in an enabling and conducive ecosystem.

Our heartiest congratulations to
@BursaMalaysia
 for being awarded the Best Stock Exchange for Islamic Listings in the IFN Service Providers Awards 2022.
Visit the link below for additional information on our awards:
https://t.co/virZgiCUbi
#IslamicFinance

#StockExchange

pic.twitter.com/QbQdSqgNhl

— Islamic Finance News (@IFN_news)
October 13, 2022

Meanwhile, the IFN Service Providers Awards 2022 itself is the award’s 17
th
 edition, providing recognition for the nine most outstanding service providers in the global Islamic finance industry. Aside from Bursa Malaysia, other award winners include Amanie Advisors (Best Shariah Advisory Firm), Moody’s Investors Service (Best Islamic Rating Agency), and S&P Dow Jones Indices (Best Islamic Index Provider). Winners were selected and voted by their peers.

“This has been a record year for the poll, with a 70% increase in voter participation compared with 2021,” IFN said in a statement, adding that the number of votes cast was at a record high. Specifically, over 8,800 votes were cast in total – from Islamic finance industry players, investors, and corporations across the world.

(Source:
IFN
,
The Edge Markets
)

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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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FOMCA, Namlifa: Medical Insurance Price Hike Should Be Deferred From 2021 To 2023

The Federation of Malaysian Consumers Associations (FOMCA) has called for the price hike for medical insurance premiums, which is slated to take effect in 2021, to be deferred to 2023 instead. This is because many individuals are still facing financial difficulties following the Covid-19 pandemic.

“The price increase should take effect in 2023. Looking at the recovery rate, the economy is still weak, and it will take time for consumers to be able to fend for their families,” said the president of FOMCA, Datuk Dr Marimuthu Nadason. A
price hike for medical insurance premiums
 had originally been scheduled for 2020, but insurance companies eventually decided to postpone it to 2021 following increasing financial difficulties among Malaysians, caused by the spread of Covid-19.

(Image: New Straits Times)

Dr Marimuthu further reiterated that the
implementation of a price hike on the premiums so soon is untimely
. “Over 700,000 people are unemployed, and many have taken pay cuts to survive and put food on the table,” he said.

FOMCA’s call for a delayed price hike on medical insurance premiums was also echoed by the National Association of Malaysian Life Insurance and Family Takaful Advisors (Namlifa) – both of which had previously reached out to Bank Negara Malaysia (BNM) to step in.

“The amount of price increase is dependent on the various insurers and takaful operators (ITOs) and policyholders, ranging from 5% to 40% per policyholder. It’s not set as a standard across the board. Older policyholders suffer higher increases compared to the younger ones,” said the president of Namlifa, AM Naidu. Depending on the insurer and individual policies, the price hike could take place as soon as January 2021.

Meanwhile, BNM explained that it has already been engaging key stakeholders in the medical insurance industry to oversee the repricing exercise. It also stressed that renewed commitment is required for all parties to address the issue holistically on a national level.

Additionally, the central bank said that while it recognises the challenges faced by many Malaysians during this difficult time, it’s also crucial to acknowledge the
existing efforts already taken by insurance companies
 to
help policyholders with financial difficulties
. These include temporary premium or contribution deferment, interest-free instalment payments, as well as the option to switch to an alternative plan with no additional underwriting requirements.

“These flexibilities have provided financial relief to almost 60,000 affected policyholders and takaful participants, who opted to
defer their premium payments by three months
, totaling to more than RM74 million collectively,” said the central bank.

(Image: The Sun Daily)

BNM also noted that the premium and contribution adjustments for medical and health insurance and takaful (MHIT) products are highly impacted by medical cost inflation. As evidence, the central bank shared that MHIT claims grew at a faster rate of 11.6% a year compared to the MHIT premium of 9.5% yearly between 2016 and 2019.

“This trend, coupled with the rising cost of private medical care in Malaysia, which is reported to be among the highest in Southeast Asia and above global average, continually puts pressure on the pricing of MHIT products. It also puts stress on the long-term affordability of private healthcare services in Malaysia,” said BNM.

(Source:
The Star
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Chen Song Ping @ TPTan

    2 years ago

Very true! Not a time for premium increase 🙁

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Minister: 12MP To Prioritise Welfare And Social Protection Matters, Including Poverty

(Image: The Sun Daily)

Minister in the Prime Minister’s Department (Economy), Datuk Seri Mustapa Mohamed has commented that the 12
th
 Malaysia Plan (12MP) will prioritise the people’s welfare and social protection. These include issues such as poverty, income gap, as well as the rural and urban poor – in addition to other people-centred projects.

Speaking on air during an RTM programme last night, the minister touched on Covid-19’s significant impact on the country’s people and economy. He emphasised that as much as 20% of the M40 income group – equivalent to about 580,000 households – has now dropped into the B40 category. As such, the government must employ the 12MP to address issues related to the people’s wellbeing, such as health and economic hardships.

“Many who live in rural areas do not have social security and are self-employed, and some are working in the gig economy sector without social security. This pandemic has prompted us to relook at some policies that did not seem to be a problem before, but is now problematic. This is something we have to deal with,” said Datuk Seri Mustapa.

(Image: Bernama)

Accordingly, the minister said that the government will cut down on mega projects in the following year, and continue to give attention to basic-needs project in rural areas instead. These include ongoing projects such as the Johor Bahru-Singapore Rapid Transit System (RTS) and the East Coast Rail Link (ECRL), among others.

Datuk Seri Mustapa further noted that the five-year 12MP will also seek to address matters related to Sabah and Sarawak. “The 12MP will also focus on our promises related to the 1963 Malaysia Agreement with regards to the government’s commitment to the development of Sabah and Sarawak, encompassing the construction of roads, hospitals, schools, and digital [infrastructure],” he said.

(Source:
The Edge Markets
)

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How Malaysians Can Take Advantage of #Brexit

Britain voted on a referendum called
Brexit
, to leave the EU last Friday. Because UK is a big player in the global market, a lot of panic happened around heavily fluctuating stock prices and the heavy dropping of value of the GBP(Great British Pound).

Advantages

We don’t want to do an economics lesson here. Let’s instead talk about how Malaysians can take advantage of Brexit. Assuming the trend of GBP going lower continues for awhile (it’s very likely).

Shopping for British Products are Cheaper

First of, there was a panic for online shoppers the day Brexit was announced. The ASOS website was down for a day, but they denied it had anything to do with the announcement of Britain’s exit of the EU and was actually due to a
power outage
. So now that we know there was nothing to worry about, get your credit cards ready for some cheaper shopping. With the GBP rates dropping, shopping on sites that use GPB as their base will allow you to buy some products cheaper.

If fashion isn’t quite your thing, maybe you would want to buy books at a bargain. Try checking out
Book Depository.com
 which is a UK based book company which delivers to Malaysia. There a ton of these stores based in the UK, just go online and take your pick.

Vacation

This probably is the most direct and obvious results of a drop in currency, the possibility of a cheaper holiday. Due to the drop in currency, you could get more for every GBP you convert. The current rates are at RM5.50 to 1 GBP, which used to be approximately
RM6
 at the begining of June.

That way, you can save on some hotel accommodation, food expenses and not to mention whatever tours and shopping you might do while you are there. Of course to enjoy all of this, you are going to need to book and plan your holidays now before it stabilizes and allows for prices to adjust due to inflation rates.

Disadvantages

With all the benefits of the British exit from the EU (European Union), there are bound to be some cons to the situation that can’t be avoided. Question is, does it outweigh the benefits?

British Investments

Should you wish to invest in property, the exchange rate again plays towards your advantage. Not to mention, their property market and many other industries are in disarray at the moment as people are really unsure of the full extent of how the economy is going to be affected. This could cause property prices to fall a little further in the process.

As a foreign investor aside from currency, the market sentiment isn’t very promising. But despite the
FTSE (Financial Times Stock Exchange) falling 8%
 within minutes of the Brexit announcement, some are still
confident it will bounce back
 and believe it is time to keep investing. It is only a matter of time before the bad situation turns upwards.

However, if you already have any money or stake in the British economy, either by investments, stocks in UK companies, property, then your gains could be negatively affected at the moment. While it may be a tough ride for awhile, hang tight and be prepared for it by re-evaluating your position or consider balancing your portfolio accordingly.

Studying in the UK Might Get Complicated

Studying in the UK is pretty popular for Malaysian students even before the sliding GBP. If you’re already studying there, your fees just got a little cheaper. The cheaper currency helps ease the financial burden, but certain areas of study might not be as viable for other reasons.

Areas of study that require heavy research traditionally requires funding and support from the rest of the EU since the equipment and expertise are typically shared around the region. But the recent Brexit might affect how different countries treat shared research. This is not to mention university twinning with neighbouring countries. Depending on the agreements reached, it would be best to study up on the possible implications on your field of study if you’re thinking of studying in the UK.

Enjoy the Advantages

Some may think Brexit is a great achievement while others think it was a wrong move. Now that you know how the whole Brexit ordeal gives you certain advantages, you can take advantage of them while it last. If you are intending to make purchases and use the weakening foreign exchange, be sure to maxmise every sen with a credit card that gives you some amazing rewards while you spend.

Check out our credit card
comparison tool
 and let your needs make the right choice for your lifestyle. Tell us in the comments section on what else you think could work in favor for Malaysians due to the Brexit move.

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Bursa Malaysia, Malaysian Companies Not Directly Impacted By SVB Collapse

(Image: Bloomberg)

Malaysian companies and Bursa Malaysia should not see a direct or major impact from the recent collapse of the Silicon Valley Bank (SVB) in the United States, said Economy Minister in the Prime Minister’s Department, Rafizi Ramli, as well as several economists.

Specifically, Rafizi said that Malaysia is not expected to experience major backlash from SVB’s shutdown because Malaysian firms do not have deposits at the bank, which primarily services major startup clients in the Silicon Valley. That said, the minister acknowledged that Malaysia may not escape completely unscathed, and could be slightly impacted by the aftereffects of the crisis.

“If the collapse drags the US banking and the capital markets temporarily, it might have some drags on us too, albeit at a much smaller scale,” Rafizi said.

(Image: Bernama)

Senior analyst at Malacca Securities, Kenneth Leong also agreed that there will be marginal or no impact on businesses in Malaysia and on Bursa Malaysia. “It may trigger some indirect effects as banks (would be more careful) after this issue. Perhaps it may result in the tightening of lending or margin policies regarding crypto markets,” he said.

Similarly, the vice president of equity research for Rakuten Trade, Thong Pak Leng said that the crisis will have little impact on Bursa Malaysia, and that investors should not worry. “(There may be a) little impact, but we don’t need to worry because the US banking system is different from ours. We are stricter, hence the risks are lower,” he stressed, adding that the Malaysian banking system is highly regulated where asset quality risks are well contained.

Thong also addressed the selldown that happened on Bursa Malaysia on Monday morning, which caused the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) to
fall from Friday’s close of 1,433.08 to 1,414.00 during opening time
. He said that it was a knee-jerk reaction due to investors’ panic, and that “when people realise later (that there is little impact), they will buy back.”

(Image: Jeff Chiu/AP Photo)

Bursa Malaysia continued to
remain lower at mid-morning today
, affected by the continuous selling in heavyweight stocks led by financial services, in addition to industrial products and services.

For context, SVB – which was listed as one of the top 20 American commercial banks prior to its collapse – was
shut down by regulators last Friday
, days after it announced big losses. Its losses were caused by a combination of factors, including poor risk management. A subsequent bank run by its depositors further exacerbated the situation. Since then, regulators have rushed to
rescue affected depositors and contain the fallout from SVB’s collapse
, but the full impact on the global economy remains to be seen as
global bank shares continue to plunge due to contagion fears
.

(Source: The Edge Markets [
1
,
2
])

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Alex Cheong Pui Yin

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Apple iPhone 14 Series Launched With RM4,199 Starting Price, Pre-Orders To Begin On 16 September

(Image: Reuters/Carlos Barria)

Apple has launched its latest iPhone 14 series, once again featuring four new models: the iPhone 14, 14 Plus, 14 Pro, and 14 Pro Max. Along with the reveal, the official Malaysian pricing has also been released, with the devices available for pre-order starting from 16 September 2022.

Specs-wise, the iPhone 14 and iPhone 14 Plus models – which feature screen sizes of 6.1 inches and 6.7 inches across, respectively – share quite a bit of similarities. Both feature the A15 Bionic chip (which was already in use with the
iPhone 13 series
), as well as a 12MP main camera – which now comes with a larger sensor with bigger individual pixels. Both models also have a 12MP front TrueDepth camera with autofocus, along with upgrades such as a new Action mode and Photonic Engine. Battery capacity for both phones has also been significantly boosted, now able to last up to 26 hours for video playback (as compared to only 19 hours for iPhone 13).

Meanwhile, the iPhone 14 Pro and 14 Pro Max feature the enhanced A16 Bionic chip and a new pro camera system, with a 48MP main camera along with another 12MP ultra-wide camera and third 12MP telephoto camera. This setup is paired with a 12MP TrueDepth front camera with autofocus as well. The Pro models also come with upgraded software tech for its camera setup – such as Action and Cinematic Mode, and Photonic Engine – as well as the Dynamic Island feature that hides the capsule-shaped notch at the top of the screen, deemed as “a new way to interact with iPhone”. As for battery capacity, it can last up to 29 hours (video playback).

Other interesting features to the new iPhone 14 series are its new safety capabilities, which see the addition of emergency SOS via satellite and crash detection features. Specifically, the emergency SOS via satellite feature enables iPhone users to message emergency services even when outside of cellular or WiFi coverage. Meanwhile, the crash detection feature will trigger a call to emergency services if it detects severe car crash and the user does not respond to the iPhone’s interface.

Finally, the Apple Malaysia website was also updated to reveal the retail prices of the entire iPhone 14 lineup. The standard iPhone 14 is the most affordable of the lot with a starting price of RM4,199, while the iPhone 14 Plus begins at RM4,699. They are available in five different colours – namely Blue, Purple, Midnight, Starlight, and (Product) Red – and three storage options ranging from 128GB to 512GB.

Meanwhile, the iPhone 14 Pro is set at a starting price of RM5,299, and the iPhone 14 Pro Max at RM5,799. These models come in four colours: Deep Purple, Gold, Silver, and Space Black. There are also four storage options from 128GB all the way to 1TB.

Here’s the full list of pricing of the iPhone 14 models in Malaysia:

iPhone 14
iPhone 14 Plus
iPhone 14 Pro
iPhone 14 Pro Max
128GB
RM4,199
RM4,699
RM5,299
RM5,799
256GB
RM4,699
RM5,199
RM5,799
RM6,299
512GB
RM5,699
RM6,199
RM6,799
RM7,299
1TB
N/A
N/A
RM7,799
RM8,299

As we’ve mentioned earlier, you can begin to pre-order the new phones on 16 September 2022, with availability from 23 September onwards (except for iPhone 14 Plus, which will only be available starting from 7 October). Do also check in with local telcos as they would offer package deals that offer rebates or other perks.

(Source: Apple [
1
,
2
])

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