MAS Offers 20% Rebate On Domestic Flights For Teachers, Lecturers, And Students

Malaysia Airlines (MAS) has agreed to provide a 20% rebate on domestic airfares for students, teachers, and lecturers who will be returning to schools and campuses soon.

According to senior minister Datuk Seri Ismail Sabri Yaakob, the discount for teachers and lecturers are applicable for
online bookings made between 9 July to 10 August
, with the travel period being from 10 July to 30 November. “Discounts can be enjoyed through online booking by keying in a promo code that will be announced by the government soon,” he said.

Meanwhile, students can get their 20% discount through the
MHexplorer programme
, which requires you to
sign up
 first if you’re not yet a member. The programme, which is a fully digitised student travel programme by MAS, will allow students to enjoy the discounted fare until 30 November or until their membership expires.

“I thank Malaysia Airline’s management for agreeing to offer discounted fares to teachers, lecturers, and students, and I hope other airlines will also follow in their footsteps,” said Datuk Seri Ismail.

Datuk Seri Ismail further explained that the discount is provided only until 30 November because most schools and universities are expected to reopen by then, if not earlier. “Schools, for example, will reopen fully by 22 July. For higher education institutions, the minister will be making an announcement soon. Hence, those involved will be travelling in the near future, and not later,” he said.

(Image: The Sun Daily)

Earlier this week, Datuk Seri Ismail had issued a request for airline companies to
adjust their flight prices
 back to pre-movement control order (MCO) levels following public outcry over inflated airfares. Alongside that, he’d also called on the Malaysian Aviation Commission (MAVCOM) to negotiate special ticket prices for students, teachers, and higher education institute students who need to travel back to their institutions when classes resume.

(Source:
The Sun Daily
)

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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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What Games Can Teach You About Finance

Games are not merely idle amusements. Be it classics like
chess
, or its modern counterparts like
Magic: the Gathering
 or
Starcraft
, games are simulations that allow us to exercise our creativity and ingenuity to solve complex puzzles. Besides fostering a range of
cognitive benefits
 and being an immensely satisfying activity, skills acquired from gaming could be applied to the management of your personal finances.

But just what money lessons are surreptitiously hidden in these games? Read on!

Resource Management

From Blizzard Entertainment’s Hearthstone: Heroes of Warcraft

Games are superb tools to learn and practice resource management. Players start out with an allocated amount of finite resources – be it hit points or gold – and the player who exacts the most value out of his or her resources often emerge the winner. In real life, our finite resources consist of money (for most of us at least), time and social capital.

A brilliant resource manager extracts the maximum value from his or her resources. Nearly all games involve an aspect of resource management: govern your armies in
real-time strategy
 games, manage your clutch of spells and creatures in
card games
 and manage your gold acquisition, hit points and teammates (human resources anyone?) in
MOBAs
.

Extend the mileage of your resources by prioritising their consumption. Good players possess an implicit understanding of which resource to spend and which to hold at different stages of the game.

Having a Game Plan

Uncovered Clues by Jaime Jones, from Magic: the Gathering

While ‘have a plan’ sounds like a
protip
, planning is often overlooked. For many reasons: it takes time and effort to plan and planning is not exactly the most enjoyable part of any activity.

In competitive gaming, having a game plan is one of the factors most likely to aid you in securing a win. Having a financial game plan comprises of more than a vague “Buy a house by thirty” or “Make a million by forty”.

A good game plan entails an implicit understanding of your chosen strategy and how to adapt it to novel scenarios you may encounter during the course of a tournament. A well-devised financial plan involves understanding your financial goals and having a concrete route to achieve it, step-by-step. It should include an awareness of the tools available to assist you in your journey as well as present and future opportunities that inch you closer to your objective.

Part of having a plan is to be aware of the things that could prevent you from achieving your goals and work around them. Or at least to have a contingency plan prepared should those things happen.

Financial planning helps you utilise your limited resources optimally, just as a game plan helps you navigate the treacherous realms of competitive gaming. Planning is the necessary evil that gels your resource management efforts together.

Stick to the Plan

It is one thing to have a game plan, another to stick to them. Gaming tournaments involve a fair amount of pressure, especially when there is a large prize pool or an invitation to the professional circuit on the line. Players with the mental fortitude to stick to their plans amid pressure trump the players who crumble.

Likewise, there would be plenty of distractions as you work your way towards your financial goals. After all, we are primed to favour instant gratification over long-term success. It takes conscious effort to commit to your plans in the midst of distractions, but stick to it and you will reap the rewards.

Quitting Should Not Be an Option

Gaming competitions are ruthless. There could be hundreds of players competing, but there can be only one champion when the dust settles and the arena is strewn with the shattered dreams of the losers.

Thankfully, financial success is not a zero sum game. There may be a lot of losers, but there is space for a lot of winners. If you make a mistake and derail your financial plan, there is no need to give up on it. Salvage what you can and rebuild your financial plan, this time from a wiser perspective.

As with games, you only truly lose when you give up.

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The Different Types of Business Entities in Malaysia

Ready to head out on your own and start your own company like you’ve talked about for years? There are quite a few things you need to figure out first. Of course you need your product, some capital, a business plan, and plenty of courage. But before those, you also need to know the kinds of business entities that exist in Malaysia. Why? Because you’re going to have to register your business under one of them.

Different business entities might suit different stages of your business or serve different business needs. Knowing them all and how they’re different from one another will help you understand more about how other businesses function and see your own business idea in a different light, while helping you choose which type of business entity you should register as.

Sole Proprietorship / Partnership

A sole proprietorship is defined by the Companies Commission of Malaysia as a business wholly owned by a single individual using a personal name or trade name. It is also the cheapest and simplest to set up. There is no annual filing requirement, and Malaysia’s Business Registration Act does not require sole proprietors to appoint auditors to audit their accounts. Quick and easy.

But, this ease comes at a price. Sole proprietorship has unlimited liability. Which means if you cannot meet your liabilities, your creditors can go after your personal assets. Since you are the sole proprietor, there is no separation between your assets and the proprietorship’s assets. This can also cause problems if the business is on hard times, since a proprietorship cannot obtain public funds to help itself out.

A partnership is much the same as a sole proprietorship, except there is more than one owner. This is usually set up for professional firms like lawyers and auditors. Otherwise it has the same benefits and disadvantages as a sole proprietorship, except the liabilities and profits are now spread over more than one person.

When Should You Go for a Sole Proprietorship or Partnership?

Taking the pros and cons into account, you should go for this type of business entity if you’re comfortable doing your own audits and your business’ potential liabilities can be sheltered with insurance. For example, a food business might get you personally sued if someone gets sick, but a business selling hats has a lot less liability.

Private Limited (Sendirian Berhad)

This form of business entity is the most commonly seen in Malaysia. Unlike a sole proprietorship or partnership, a private limited company is its own separate legal entity. It can acquire its own assets, go into debt, sue or be sued in its own name and has a perpetual succession until the directors and shareholders decide to dissolve the company. This definitely takes the legal load off of the members of the company.

A private limited company is also taxed as its own entity. From here, the company will get specific tax breaks, rates, and reliefs, among other things. However, with this comes with the extra cost of having to provide yearly accounts audits, annual returns, and doing the aforementioned taxes.

When Should You Go for a Private Limited Company?

If your business might require venture capital funding or any outside funds, or your products and services have specific liabilities tied to them, then a private limited company is for you. A private limited company is also seen as more credible, since it’s much harder to dissolve compared to a sole proprietorship or partnership.

Limited Liability

This is somewhere between sole proprietorship and private limited. The Companies Commission of Malaysia has only quite recently introduced this option to Malaysian entrepreneurs in 2013 so one immediate disadvantage is how local banks are still new to the idea of limited liability companies and setting up a bank account for it might be a bit troublesome.

Even state-level CCM officials can be unsure about the processes necessary to go through the registration of a limited liability company.

When Should You Go for a Limited Liability Company?

Since there’s less liability than a sole proprietorship or partnership but not as many breaks tax-wise, (it even has a more expensive annual fee than private limited companies) we can’t yet recommend your business to go for this type of entity. Perhaps in future when more companies adopt limited liabilities, we can feel better about recommending this. For now, choosing between a private limited and a sole proprietorship or partnership seems the headache-free way to go.

What About Public Limited Companies?

To oversimplify things a bit, a public limited company is kind of like when a private limited company offers its shares to the public. Which means this business entity is not one a company can become immediately without being a private limited company first. So for first-time businesses, this option is not available.

There you have it. The different types of business entities your company can become. Now that you know these, we hope you can form a better plan and make more informed decisions on how your future company will be like. And if you’re keen on taking out a
personal loan
 to help you out, feel free to check out our
comparisons
 page. Any questions, concerns, or suggestions? Drop them in the comments section down below!

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Enrich Introduces Enrich Points Pool, Allows Members To Combine Points With Family & Friends

Malaysia Airlines’ (MAS) frequent flyer programme Enrich has introduced a new feature called the Enrich Points Pool, where Enrich members can combine their Points, as well as those from their family members and friends, in a single pool through eligible transactions. This, in turn, allows you to work your way faster towards a shared redemption goal or reward that can be enjoyed by all of you.

Each Pool is allowed to have a maximum of nine members, consisting of one beneficiary (the person who will claim the reward) and eight contributors (those who contribute their Enrich Points to the Pool). Beneficiaries are responsible for creating the Pool and for registering their family members and friends as nominees, after which they can then add active nominees to the created Pool as contributors. Meanwhile, contributors are allowed to fix the percentage of their Points earnings that they wish to contribute to the Pool; it is not an all-in or all-out situation where you must commit 100% of your earned Points upon joining the Pool.

Each Pool has a validity of five years, ending on the last date of the fifth year (31 December), whereas the Points contributed to the Pool will follow the original expiry date based on the contributors’ earnings (and not the Pool’s expiry date). To clarify, all Enrich Points are valid for three years once it is earned and credited to a member’s account.

Aside from that, note that each Enrich member can only participate in one active Pool at a time, either as a beneficiary or a contributor. As a beneficiary, you will have the right to end a Pool ahead of its expiry date or remove contributors; similarly, contributors can also decide to leave a Pool at any time before the end date, but the Points that have been contributed will not be refunded to each individual contributor. In other words, once your Points have been contributed to the Pool, the transactions cannot be reversed.

Do also be aware that you can only contribute to the Pool with Enrich Points that are earned through your spending. Points obtained via other channels – including Buy Points, Gift Points, Transfer Points, Inehrit Points, and Sponsorship Points – cannot be used to contribute to the Pool. The Enrich Points Pool feature is also not applicable to Elite Points, and cannot be used to help advance your tier status.

If you’d like to give the new Enrich Points Pool feature a try, here’s a quick step-by-step guide from Enrich on how to create and join a Pool via the Enrich Portal:

Creating a Pool
Joining a Pool
– Log in to your account on the Enrich Portal.
– Select Profile >> Relationship >> Family Pool >> Create Pool
– Member who creates the Pool will be automatically designated as the beneficiary.
– Fill in the required information and submit your form.
– An acknowledgement message will pop up, and your Pool start date begins upon successful creation.
– As beneficiary, log in to your account on the Enrich Portal.
– Select Profile >> Relationship >> Family Pool >> Join Pool
– Members who are added to the Pool will be automatically designated as contributors.
– Fill in the required information and submit your form.
– Family members and friends will need to attach supporting documents as proof of relationship.
– An acknowledgement message will pop up, and your Contribution start date begins upon successfully joining the Pool.

Finally, note that to become a beneficiary, the Enrich member must be at least 18 years of age. Meanwhile, contributors can be any Enrich members starting from the age of 2 – although those below the age of 18 must obtain consent from their parents or guardians to join a Pool.

(Source:
MAS Enrich
)

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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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Tapping Into The New Normal With Contactless Credit Cards

Credit cards offer a convenience that is not shared by many other forms of payment. They are compact and pocket-sized, less prone to wear and tear than banknotes, offer easy accessibility to large sums of money without added bulk and weight, and today they even include contactless payment features.

Over the years, the security features of credit cards have advanced with changing technologies. For example, the introduction of magnetic stripe verification in the 1960s allowed cardholders to simply swipe their card at the terminal and it would approve or decline the transaction within seconds. But as the use of a magnetic stripe became more common, cases of credit card fraud also increased as it became easier to clone the credit card data from the magnetic stripe.

This led to the current employment of EMV chips in bank cards. EMV encrypted chips are embedded in the card offering improved security over its predecessor, the magnetic stripe.
 As of 2005, Malaysia completed its migration to EMV chips
 in debit and credit cards, and soon after, the integration of a type of radio frequency identification (RFID) technology allowed for contactless payment features.

How Do Contactless Credit Cards Work And Is It Secure?

Today, most contactless payments use Near Field Communication (NFC), a form of short-range wireless technology that has its roots in RFID technology.

This is why contactless credit cards, like the HSBC Platinum Mastercard® Credit Card, have an EMV chip and a tiny radio frequency antenna embedded within the card. Once the card is tapped at the payment terminal, there is an exchange of radio waves between the card and payment terminal. Then, the payment information is sent wirelessly to Mastercard’s network so that it can be processed and confirmed within seconds.

One common fear with contactless payments is data theft during the wireless exchange. However, contactless cards have numerous security features built in to prevent that. These include employing secure encryption technology, as well as the inclusion of EMV chips that use cryptography to generate a unique one-time code to authenticate a transaction, making it nearly impossible to clone the credit card.

So yes, contactless credit cards are secure as long as the usual precautions, such as not losing the card and not sharing your confidential card information with any unauthorised third-party, are taken to keep your credit card safe.

Furthermore, with contactless technology, the card does not leave your hand when you tap to pay at the terminal, thus reducing contact with the teller during the payment process. With the ongoing rise of Covid-19 cases in Malaysia, reduced contact via contactless payments is continuingly encouraged as the “new normal”, especially after it was found
earlier in the year that exchanging banknotes could contribute to the spread Covid-19
.

Go Contactless and Be Rewarded with HSBC Platinum Mastercard® Credit Card

With this shift into contactless payments being encouraged, take a closer look at the
HSBC Platinum Mastercard® Credit Card
 as you stand to gain exciting gifts with huge Reward Points multipliers for contactless purchases and online payments.

Gain 8x Reward
Points
1
 for every RM1 spent via contactless purchases made with the HSBC Platinum Mastercard® Credit Card. Additionally, online purchases gain 5x Reward
Points
1
for every RM1 spent on e-commerce websites such as Lazada, Zalora, HappyFresh, and even Grab!

Now, whether you’re doing your grocery shopping, getting take-out, commuting to work, or enjoying a bout of online shopping, be rewarded for your day-to-day expenses with the HSBC Platinum Mastercard® Credit Card – especially when you use the card’s contactless feature.

You can exchange the Reward Points gained for a variety of gifts and vouchers from the
HSBC Rewards Catalogue
 including RM100 Lazada vouchers, a Sony PlayStation 4, and even cash back into your HSBC credit card if nothing in the catalogue catches your fancy.

So, if you’re looking for a credit card that gives you rewards as you tap your way to safe, secure, and contactless payments and online purchases, why not consider the HSBC Platinum Mastercard® Credit Card. With generous Reward Points multipliers, and a rewards catalogue brimming with gifts, the HSBC Platinum Mastercard® Credit Card could be the perfect compact, pocket-sized companion as you traverse through the new normal.

What’s more, when you apply for a new HSBC Platinum Mastercard® Credit Card and spend a minimum of RM2000 within 60 days from the date of your Welcome Letter, you will receive an RM500 Lazada
e-Voucher
2
.

Apply for the HSBC Platinum Mastercard® Credit Card here
.

1
Terms and
 Conditions for HSBC Platinum Credit Card Programme apply. Effective 15 July 2019. The Additional Reward Points are awarded up to a maximum of 3,000. Additional Reward Points each for Contactless Purchases, Online shopping spend and Groceries spend and 6,000 Additional Reward Points for Overseas Transactions as defined in Clause 16, per Eligible Cardholder, per Month (“Additional Reward Points Cap”). 1x Reward Points will be awarded for every RM1.00 transaction charged after the Additional Reward Points Cap is met and all other retail transactions that falls under Eligible Spend. The terms used herein are as defined in the Programme Terms and Conditions.

2
HSBC Lazada eVoucher November 2020 Acquisition Campaign Terms & Conditions apply. Sign-Up Period runs from 1 November 2020 to 31 January 2021, both dates inclusive. To participate, customer must apply for a primary HSBC credit card(s)/-i and complete the application, including submitting the necessary income documents through Our website. “Gift” refer to one (1) unit of RM500 Lazada eVoucher for approved applicant of HSBC Platinum Mastercard® Credit Card or one (1) unit of RM350 Lazada eVoucher for approved applicant of HSBC Visa Signature Credit Card or HSBC Amanah MPower Platinum Credit Card-i. You stand a chance to receive maximum one (1) unit of the Gift upon fulfilment of the Participation Criteria, on a first come first served basis, subject to maximum total of 750 units Lazada eVoucher (both RM500 and RM350 eVoucher combined) throughout Campaign Period and the terms and conditions of this Campaign.

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Standard Chartered Unveils New Liverpool FC Cashback Credit Card

Diehard Liverpool Football Club fans will be interested to know that Standard Chartered has released a new credit card designed for fans. The Liverpool FC Cashback credit card, which was formerly known as the Standard Chartered Platinum Mastercard, comes with the same cashback privileges as before but now enhanced with some additional benefits for fans.

Up to RM50 cashback a month

The Liverpool FC Cashback credit card operates on a tiered cashback system. You are eligible for cashback as long as you spend a minimum of RM500 a month – and if you spend at least RM1,500 each month, you can get up to RM50 worth of cashback.

Cashback is eligible on all local and international retail purchases, with the exception of petrol and insurance transactions. However, these two types of expenses do count towards the minimum RM500 required to unlock the cashback benefits.

Interestingly, the cashback won’t be credited directly to your account at the end of the billing cycle. You will get it within 60 days from the end of the month through Standard Chartered’s 360 Rewards programme. Under this programme, you can use your cashback value to redeem gift items or transfer it back to your credit card account to offset your outstanding balance.

Sports and dining deals

The discounts and perks offered by the new Liverpool FC Cashback credit card include 1-for-1 beers and 15% off dining at selected pubs and restaurants on weekends – perfect for matchday viewing with your football mates. You also get up to 15% off at selected sports outlets, as well as e-commerce purchase protection for your online purchases.

Also, from now till 28 February 2019, successful applicants stand to receive an official Liverpool FC Men’s Home Shirt 18/19. This offer is only open to new Standard Chartered customers who spend at least RM1,000 on their new Liverpool FC Cashback credit card within 60 days from their card approval date. Meanwhile, existing Liverpool FC Cashback cardholders are still eligible to redeem an official Liverpool FC Home Shirt, but only upon payment of the annual fee for the credit card. Finally, cardholders also stand a chance to
win trips to Anfield and the Champions League Final
 in Madrid when they use the card.

The minimum annual income requirement for the Liverpool FC Cashback is RM24,000 per annum. The credit card comes with an annual fee of RM175 for principal cardholders, which will be waived if you make retail purchases of at least RM20,000 per year on your credit card.

Head on over to the Standard Chartered website to find out more about the
Liverpool FC Cashback credit card
.

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Put A Leash On Credit Card Debt With OCBC Balance Transfer

There is no shortage of balance transfer offers in Malaysia and OCBC is the latest bank to offer its 6-12 month tiered low interest Balance Transfer programme.

With this offer existing OCBC credit cardmembers are eligible to make a balance transfer of not more than 90% of their outstanding balance from another bank’s credit card into their existing OCBC credit card account. Cardmembers are then able to choose to pay off this approved amount via 6 or 12 month instalment. Depending on the chosen tenure, a one-time 2% (6 month tenure) or 4% (12 month tenure) interest will be charged based on the approved transfer amount and calculated into the first month’s instalment.

The table below illustrates an example of a 12-month tenure with various approved balance amounts.

So technically you’ll be paying interest only once during the entire tenure however if you miss a payment you will be charged 1.5% per month on your outstanding balance. In the event that the cardmember seeks early settlement of payments a written request must be provided and is subject to bank’s approval.

Click
here
 for the full Terms & Conditions.

Interested in getting ahead of your credit card debt? Find the right credit card for you at
RinggitPlus.com

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Banks Revise Base Rates, FD Rates To Reflect Third OPR Hike In 2022

(Image: The Star/Muhamad Shahril Rosli)

(
Updated on 19 September 2022.
)

Bank Negara Malaysia (BNM) has raised the overnight policy rate (OPR) for a third consecutive time yesterday in 2022, up by another 25 basis points. With this, the OPR is increased from 2.25% to 2.50%.

As expected, major banks across Malaysia will also adjust their base rates (BR) and base lending/financing rates (BLR/BFR) to reflect this update. In addition to the usual BR and BLR/BFR, the banks’ announcements this time round will also include the
standardised base rate (SBR)
, a new reference rate used for retail floating-rate loans that took effect starting from 1 August 2022.

Here are the banks that have updated their BR, SBR, and BLR/BFR as of the time of writing. We will continue to update the list as more banks share their revisions.

Affin Bank

(Image: The Star)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.25
2.50
Base Rate (BR)
3.20
3.45
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.06
6.31

Deposit rates will also increase by 0.25%. All new rates will be effective from 12 September 2022 onwards.

Agrobank

(Image: The Malaysian Reserve)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.25
2.50
Base Rate (BR)
2.85
3.10
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.00
6.25

Deposit rates will also increase by 0.25%. All new rates will be effective from 13 September 2022 onwards.

Alliance Bank

(Image: The Star)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.25
2.50
Base Rate (BR)
3.07
3.32
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.92
6.17

Deposit rates will also increase by 0.25%. All new rates will be effective from 14 September 2022 onwards.

AmBank

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.25
2.50
Base Rate (BR)
3.10
3.35
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.95
6.20

Deposit rates will also increase by 0.25%. All new rates will be effective from 13 September 2022 onwards.

Bank Islam

(Image: The Malaysian Reserve)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.25
2.50
Base Rate (BR)
3.02
3.27
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.97
6.22

Deposit rates will also increase by 0.25%. All new rates will be effective from 9 September 2022 onwards.

Bank Muamalat

(Image: The Malaysian Reserve)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.25
2.50
Base Rate (BR)
3.06
3.31
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.06
6.31

Deposit rates will also increase by 0.25%. All new rates will be effective from 13 September 2022 onwards.

Bank Rakyat

(Image: The Star)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.25
2.50
Base Rate (BR)
3.10
3.35
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.08
6.33

Deposit rates will also increase by 0.25%. All new rates will be effective from 19 September 2022 onwards.

Bank Simpanan Nasional

(Image: MalaysiaKini)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.25
2.50
Base Rate (BR)
3.10
3.35
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.85
6.10

Deposit rates will also increase by 0.25%. All new rates will be effective from 19 September 2022 onwards.

CIMB Bank

(Image: Bloomberg)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.25
2.50
Base Rate (BR)
3.25
3.50
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.10
6.35

Deposit rates will also increase by 0.25%. All new rates will be effective from 13 September 2022 onwards.

Citibank

(Image: The Edge Markets)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.25
2.50
Base Rate (BR)
2.90
3.15
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.05
6.30

Deposit rates will also increase by 0.25%. All new rates will be effective from 14 September 2022 onwards.

Hong Leong Bank

(Image: The Star)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.25
2.50
Base Rate (BR)
3.13
3.38
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.14
6.39

Deposit rates will also increase by 0.25%. All new rates will be effective from 13 September 2022 onwards.

HSBC Bank

(Image: Malay Mail/Hari Anggara)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.25
2.50
Base Rate (BR)
2.89
3.14
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.99
6.24

Deposit rates will also increase by 0.25%. All new rates will be effective from 19 September 2022 onwards.

Maybank

(Image: Bernama)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.25
2.50
Base Rate (BR)
2.25
2.50
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.90
6.15

Deposit rates will also increase by 0.25%. All new rates will be effective from 12 September 2022 onwards.

MBSB Bank

(Image: The Malaysian Reserve)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.25
2.50
Base Rate (BR)
3.15
3.40
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.00
6.25

Deposit rates will also increase by 0.25%. All new rates will be effective from 19 September 2022 onwards.

OCBC Bank

(Image: Getty Images)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.25
2.50
Base Rate (BR)
3.08
3.33
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.01
6.26

Deposit rates will also increase by 0.25%. All new rates will be effective from 14 September 2022 onwards.

Public Bank

(Image: Bernama)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.25
2.50
Base Rate (BR)
2.77
3.02
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.97
6.22

Deposit rates will also increase by 0.25%. All new rates will be effective from 12 September 2022 onwards.

RHB Bank

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.25
2.50
Base Rate (BR)
3.00
3.25
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.95
6.20

Deposit rates will also increase by 0.25%. All new rates will be effective from 12 September 2022 onwards.

Standard Chartered Bank

(Image: Global Business Outlook)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.25
2.50
Base Rate (BR)
2.77
3.02
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.95
6.20

Deposit rates will also increase by 0.25%. All new rates will be effective from 15 September 2022 onwards.

UOB Bank

(Image: Bernama)

Rates before OPR hike (%)
New rates (%)
Standardised Base Rate (SBR)
2.25
2.50
Base Rate (BR)
3.11
3.36
Base Lending Rate (BLR)/Base Financing Rate (BFR)
6.07
6.32

Deposit rates will also increase by 0.25%. All new rates will be effective from 12 September 2022 onwards.

***

As of 1 August 2022, banks have begun utilising the standardised base rate (SBR) to decide on the interest rates of your floating-rate loans (such as housing and personal loans). Meanwhile, the base rate (BR) was used as the benchmark between 2015 to July 2022, and the base lending/financing rate (BLR/BFR) before 2015. As there are ongoing loans taken out that continue to refer to the BR and BLR/BFR, banks are required to display both as well.

BNM said that the decision to
raise the OPR for the third time this year
 was spurred on by the positive growth prospects for Malaysia’s economy. It noted that Malaysia’s transition to endemicity with regard to Covid-19 has resulted in stronger growth performance in the second quarter of 2022, and indicators pointed to a continuation of the trend. The central bank also emphasised that all adjustments to Malaysia’s monetary policies will be done in a measured manner to ensure economic stability and sustainability.

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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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Qantas Offers 7-Hour Flight To Nowhere, Sells Out In 10 Minutes

(Image: Qantas)

With closed borders and travel bans still in place in many countries due to the global Covid-19 pandemic, air travel has all but ground to a halt this year. Some airlines have decided to get creative and introduce “flights to nowhere”, letting their customers live the experience of taking a flight without breaking any border restrictions.

Australian airline Qantas is running a 7-hour scenic flight that will depart from Sydney and return to the same airport, performing a giant loop over Queensland, the Gold Coast, New South Wales, and some of the country’s outback heartlands. The plane will be doing a low flyover over landmarks like Uluru and Bondi Beach to offer its passengers a closer view.

The flight, which will take place next month on a Qantas Boeing 787 Dreamline aircraft usually reserved for intercontinental journeys, went on sale yesterday. All 134 tickets, from economy class (AUD$787 or RM2,380) to premium economy and business class (AUD$3,787 or RM11,438) were reportedly sold out in under 10 minutes.

“It’s probably the fastest-selling flight in Qantas history,” said a Qantas spokesperson. “People clearly miss travel and the experience of flying. If the demand is there, we’ll definitely look at doing more of these scenic flights while we all wait for borders to open.”

Qantas is not the first or only airline to adopt the concept of a flight with no destination this year. Following up on an earlier event in July that allowed the public to check in and board a grounded plane, Taiwan’s EVA Air operated a 3-hour flight around Taiwan in August. All Nippon Airways also ran a 1.5-hour scenic flight in Japan that aimed to emulate a “Hawaiian resort” experience onboard.

Closer to home, Singapore Airlines has also stated that it is considering operating scenic flights from next month, although no final decision has been made as of yet.

(Sources:
CNN
,
Straits Times
)

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HSBC Rolls Out EZInvest Unit Trust Investment Platform On Its Mobile App

HSBC Malaysia has upgraded its mobile banking app with EZInvest, a new unit trust investment platform aimed at providing customers with the ability to access their investment portfolio at any time of the day. It is the bank’s first digital initiative that offers a simple, flexible, and affordable unit trust investment solution exclusively through the mobile app.

Available to all HSBC customers with an HSBC/HSBC Amanah unit trust investment account, EZInvest will enable them to log on to the HSBC mobile app to transact in a selected list of unit trusts. HSBC Amanah customers can also invest in a range of shariah-compliant funds.

In total, there are 11 unit trust funds to choose from, such as the Principal Islamic Lifetime Sukuk Fund, Affin Hwang Select Balanced Fund, and RHB Asia Dynamic Fund. The selection of funds is spread across different asset classes for better diversification, and also offers global exposure with security as a priority. Not only that, they also feature different risk levels to cater for investors of different risk appetites.

(Image: The Malaysian Reserve)

Interested customers can begin investing from RM500 onwards, although the bank also reminded that different funds will have different minimum investment amounts as per their prospectus. Note as well that each subscription will see a sales charge of 1% to 1.5% of the investment amount, depending on the fund type. Other fees that you should also be aware of include annual management fees, trustee fees, and admin fees – all of which are charged by the fund houses.

HSBC also reassured customers that the EZInvest platform is designed with multiple security features to protect customers’ privacy and financial details. “With multi-layer log on security verification methods, customers’ financial information is protected by a combination of biometric verification, unique username and password, or a one-time security code generated by
Mobile Secure Key
,” said the bank.

The head of wealth, wealth and personal and personal banking for HSBC Malaysia, Jon Chivers further commented that EZInvest is proof of the bank’s commitment in making wealth management a more seamless and convenient experience for customers. “This is part of our ongoing effort and investment in digital wealth. This is a significant milestone for us as EZInvest will be the first investment feature on our mobile app, enabling customers to go beyond payments and transfers,” he said.

Meanwhile, the head of customer propositions and marketing, wealth and personal banking, Heather Goh said that HSBC is constantly striving to introduce more digital innovations to provide a more robust banking experience. “With the introduction of EZInvest that allows customers to purchase unit trust funds right from their HSBC Malaysia mobile app anytime and anywhere, we are making progress in the right direction in being the bank in every customer’s pocket,” she said.

HSBC customers who are new to investing and would like to give EZInvest a try will need to first open an investment account by going to the nearest branch or calling 1 300 88 1388. The application process will take less than 24 hours, after which you can use the new platform on the HSBC mobile app to begin your investment journey. HSBC is also currently offering an introductory promotion where the sales charge is reduced to 0.88%, which is slated to end on 31 May 2021.

You can find out more about HSBC’s new
EZInvest platform
 on the bank’s website.

(Sources:
HSBC
,
The Star
)

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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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Enjoy Up To 10% Cashback For Grab Transactions With UOB Credit Cards

If you are a regular user on Grab and own a UOB credit card, here’s some good news. UOB is offering up to 10% cashback for Grab transactions made with the UOB ONE and UOB YOLO credit cards.

The cashback is eligible for Grab transactions including rides, food, delivery, prepaid, and subscription services. Note that to be eligible, users need to set their UOB credit cards as their primary payment method (and not their GrabPay wallet balance). Speaking of which, GrabPay wallet top-ups are not eligible for cashback under this campaign – with the exception of wallet top-ups used specifically for prepaid top-up.

Cardmembers will earn 5% cashback on weekdays and a higher rate of 10% on weekends – capped at RM20 per month. For each promotional month, RM15,000 and RM65,000 has been allocated for cashback for the YOLO and ONE cards respectively, and is distributed on a first come, first served basis.

The
UOB ONE card
 offers cashback on movie tickets, petrol, groceries, and mobile plans, with varying rates depending on the day of the week and category of expenditure. Meanwhile,
UOB YOLO
 offers 5-8% cashback on online spending and dining, based on the number of transactions made with the card per month.

Grab transactions used to qualify for cashback under the UOB YOLO Card as online spending,
but will no longer be eligible
 starting 1 June 2019. So, from next month onwards the only way you can get the cashback for your Grab transactions is through this promotion. You will also still earn Grab Reward Points for transactions made with your UOB card.

The promotion is valid from 1 May 2019 to 31 January 2020. For other terms and conditions, visit the official
UOB website
.

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Working In Any Of These 13 Professions? Enjoy Exclusive Personal Financing By Bank Islam

Personal financing can be a useful tool towards helping you realise your goals as it can give you the financial assistance needed to further studies or even start a side hustle. Alternatively, it can also be a handy cushion during times of need. By its very nature, financial emergencies tend to come without any warning, sometimes as unexpected medical bills, home repairs or renovation, or even your car breaking down — in these situations, it might be useful to take out a personal financing.

As such, personal financing offers a unique flexibility since they can be taken out for a variety of reasons, provide a lump sum of money, and when used right, might be more cost-efficient.

What’s more, there are many different types of personal financing including ones that offer  exclusive  benefits  for  individuals  working  in a  specific  profession.  One  such personal  financing  is  Bank  Islam’s  Personal  Financing  for  Professionals  Programme. This  Shariah-compliant  financing  programme  is  exclusively  available  for  13  specific professions, such as: Doctors, Dentists, Accountants, Engineers, Lecturers, Architects, Safety   Officers,   Pharmacists,   Veterinarians,   Optometrists,   Opticians,   Quantity Surveyors, and Actuarists.

Under the Personal Financing for Professionals Programme, individuals working as any of the above 13 professions can gain access to a number of exclusive benefits such as maximum financing, competitive profit rates, and more. Let’s a take a closer look at what these benefits are:

Enjoy Shariah-Compliant financing up to RM300,000 with competitive rate as low as 4.20% p.a.

Whether it’s for personal use or to cover a financial emergency, the Personal Financing for  Professionals  Programme  offers  high  financing  amounts  that  range  between RM10,000  to  RM300,000.  On  top  of  that,  approved  applicants  will  also  enjoy competitive profit rates from as low as 4.20% p.a. alongside the reassurance of Bank Islam’s fully Shariah compliant processes. Do keep in mind that the financing limit and profit rate will also depend on your current credit score, and other factors.

Financing for debt consolidation

This  competitive  profit  rate  can  also  come  in  handy  if  you’re  looking  for  a  personal financing  for  debt  consolidation.  With  debt  consolidation,  you  can  consolidate  any existing debts such as credit cards or other personal financing under a single financing. The advantages of debt consolidation include improved cash flow since you’ll only be making a  single  monthly  payment,  could  reduce  monthly  payments,  and,  with  low profit  rates  such  as  those  offered  by  the  Personal  Financing  for  Professionals Programme, you’ll also potentially reduce your overall profit cost and save more.

More protection with Takaful coverage

Additionally, with the Personal Financing for Professionals Programme, you can also opt for Shariah-compliant coverage with Takaful protection for any unfortunate event of death or total permanent disability during the financing tenure. The additional Takaful protection gives you the benefit of peace of mind and taking care of your loved ones by reducing their financial worries during what may be a difficult and stressful time.

Speedy application with doorstep banking

Lastly,  applying  for  the  Personal  Financing  for  Professionals  Programme  is  a  breeze! Bank  Islam’s  doorstep  banking  brings  the  bank  to  you  so  that  you  can  conveniently apply  for  financing  online  with  just  a  few  necessary  documents.  The  user-friendly online  application  form  allows  you  to  easily  apply  at  your  convenience  without  the restrictions of branch opening hours.

With their innate flexibility, personal financing can be useful to your personal finances since they can be used for just about anything. However, it is important to be cautious and  fully  understand  the  details  of  the  contract  prior  to  signing  up  for  any  personal financing as it is a long-term commitment.

That  said,  if  you’re  a  professional  who’s  working  as  any  of  the  13  professions  listed above and is considering a personal financing why not take a closer look at Bank Islam’s Personal  Financing  for  Professionals  Programme?  With  a  convenient  application process,  exclusive  benefits  just  for  you,  and  competitive  profit  rates,  the  Personal Financing  for  Professionals  Programme  may  be  just  the  financial  boost  you  need  to help you achieve your goals and dreams.

Learn more about
Bank Islam’s Personal Financing For Professionals Program
.

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PM Announces Revised Minimum Wage Of RM1,500, Effective 1 May

(Image: Bernama)

Prime Minister Datuk Seri Ismail Sabri Yaakob has announced the increase in the minimum wage from RM1,200 to RM1,500 that will be in force nationwide starting 1 May 2022. The announcement was made during his closing speech at the recently concluded UMNO General Assembly.

The Prime Minister said that the government has approved the revision to the minimum wage as it is aware of the rising cost of living that is affecting the people, especially the B40 group. “I hear the debates and concerns raised by delegates who represent the voice of the people. Therefore, I would like to announce that the minimum wage of RM1,500 a month will begin on May 1 nationwide,” he added.

Details on the implementation is light at the moment, but the Prime Minister stated that it would be first applicable to private sector companies with at least five employees. For small and micro companies, he said that Human Resources Minister Datuk Seri M Saravanan and Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar will have a discussion on delaying the implementation as the companies may not have the ability to pay the new minimum wage.

Datuk Seri M Saravanan (Image: Bernama)

Previously, the Human Resources Minister said in a parliamentary session that the revised minimum wage of RM1,500 will be implemented within the next month or two. He added that certain sectors may be exempted from paying the new minimum wage for about two years of the policy implementation.

The current minimum wage in cities and towns is RM1,200 per month, while the rate is slightly lower in rural areas with RM1,100 per month. The minimum salary in cities and towns was last adjusted in February 2020 with an increment of RM100, bringing the minimum wage to RM1,200 from RM1,100 per month.

(Sources:
New Straits Times
,
The Star
)

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Know the Difference Between Money Games and Real Investment Platforms

What do you know about money games? Names like
JJPTR
,
MBI
, and others have been hot on the news lately for scamming investors out of millions of Ringgit. Masquerading as investment platforms, these money game companies promise to invest your cash for sizable returns, only to turn around and run away with the money.

How do you not fall victim to this and stay ahead of the game? First, you need to know what money game companies are.

What Exactly Are Money Games?

To put it crudely, money games are
pyramid schemes
 dressed up as investment platforms. They sound like, look like, and on the surface, perform like legitimate investment companies but are actually just tricking people out of their money. They do this by selling their services and then simply leaving the customers empty handed.

There is good reason why people fall into the seductive trap of money game companies. They offer what looks like real investment returns, and in the current economically wobbly climate, many of us may fall prey to their scheme. So here’s how to know when a company is a legitimate investment platform, and when they’re not.

It’s a Legitimate Investment Platform if:

Their advertised rate of return are reasonably higher than fixed deposits or maybe even some unit trusts, but not that high. Their language when describing investment returns would include disclaimers that the market is volatile and there’s a non-zero chance that returns may be less than expected.

…But NOT When:

Their advertised return rates are way higher than any unit trust of fixed deposit you’re aware of. They might even guarantee you a certain amount after a certain period of time, claiming they have a system that beats all the other investors’. Remember, “con man” is short for “confidence man”. If you’re realistic about the market, you won’t be too confident, man.

It’s a Legitimate Investment Platform if:

They treat potential investors like you as a possible client and treat you as such. Providing information, reassurance, and guidance whenever you feel lost about what their business is about.

…But NOT When:

They also offer to recruit you as an agent while offering high commission rates. You may recognise this strategy as one used by multi-level marketing schemes.

It’s a Legitimate Investment Platform if:

There are clearly defined products and services, with readily available fact sheets for your perusal. Use can use that information to double and triple check whether or not their investments are legitimate. They would also not afraid to be transparent about their dealings.

…But NOT When:

Their product details are vague and they deflect your request for clear information on their investments. They might also say their investments are in something ambiguously trendy like cryptocurrencies, forex, or gold, without offering any fact sheets that you can study up on yourself.

It’s a Legitimate Investment Platform if:

They are regulated by Malaysia’s Securities Commission which you can check for by
entering the company name on their official website
.

…But NOT When:

They are not regulated by the Securities Commission and give you several excuses why that’s the case. While whatever they say may have sound logic behind it, understand that when you deal with an unregulated investment entity, your investments are not at all protected by Malaysian law.

It’s a Legitimate Investment Platform if:

The funds are managed by an entity separate from the operators themselves and there’s a clear, simple, and easy process to withdrawing your funds.

…But NOT When:

Your funds are held directly by operators and the process of getting your funds out is tricky, complicated, or difficult.

Schemes and scams like this operate on the schemers knowing that people are often willing to go to great financial lengths to grow their cash. It becomes especially attractive when we assume there’s a secret trick to getting easy, fast cash. Unfortunately, that’s never how it works in the real world. It’s up to us to keep informed and be more knowledgeable about our finances so we don’t fall into this trap ourselves.

One More Thing…

You may have close friends or acquaintances who have already sunk in their cash into money games and are benefiting from it handsomely. They might be 0.001% who are lucky enough to get out before their downlines catch up to them. But don’t let their apparent success lure you into thinking money games are ethical, legal, or reliably lucrative because it’s none of those things. Even if by pure chance they do well right now, the authorities are never far behind as they’ve already
clamped down on several of these unscrupulous companies recently
.

Investments aren’t magic and it takes a while for you to earn dividends so if it looks too good to be true, it absolutely is. If you’re looking for ways to grow your money without things getting weird on you, we recommend
starting out with a fixed deposit
 and go from there. Be safe!

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ShopeePay Registered About 500,000 Successful eBelia Claims On First Day Itself

Shopee revealed that its e-wallet, ShopeePay, has recorded approximately 500,000 registrations for the eBelia programme on the first day of its launch. Successful claimants were not only able to receive RM150 e-wallet credit via this collaborative effort with the Malaysian government, but also an additional RM500 worth of guaranteed vouchers from Shopee.

In a statement by Shopee, the bonus vouchers are curated to offer youths greater savings on items such as learning tools for their studies, household supplies, as well as groceries for them and their families. Additionally, they are also given several free shipping, Coins Cashback, and
ShopeePay Deals Near Me
 vouchers so that they can gain more value from their purchases.

Shopee further complemented these eBelia perks with some cashback rewards, carried out in collaboration with some other partners. One such reward is a supplementary RM5 cashback that is provided to the first 20,000 ShopeePay eBelia claimants, provided they spend a minimum of RM10 by scanning the DuitNow QR codes of other e-wallets or banks to complete their retail payments.

For context, DuitNow QR is Malaysia’s national QR standard, and it is designed to enable payment interoperability. In other words, customers who are utilising different e-wallets or banking mobile apps will be able to pay for their purchases by scanning one same QR code (the DuitNow QR code). This is provided the e-wallets and banking mobile apps are
registered as part of the DuitNow QR ecosystem
.

The head of ShopeePay Malaysia, Alain Yee said that Shopee is glad to be included as one of the official e-wallets for the eBelia programme as it seeks to contribute to the growth of Malaysia’s digital economy. “While eBelia was announced as an assistance programme to alleviate the financial burden of Malaysian youths and promote cashless spending, we believe that the programme will play a bigger role to simultaneously generate economic activities and sales for local merchants and traders,” he said, adding that ShopeePay is now accepted at over 750,000 touchpoints nationwide, including petrol stations, F&B outlets, hypermarkets, convenience stores, pharmacies, bookstores, and more.

Yee also emphasised that with more Malaysian consumers entering the cashless spending ecosystem, smaller businesses will also see the need to adopt cashless payment methods as part of their operations so that they are not left behind. Consequently, this push will benefit the country’s digital economy.

The eBelia programme –
which kicked off on 1 June 2021
 – was first introduced during the tabling of Budget 2021 to encourage to use of cashless and contactless payments among youths. It provides eligible recipients with RM150 worth of e-credit, and can be redeemed once from four participating e-wallets: ShopeePay, Touch ‘n Go eWallet, Boost, and BigPay. Like ShopeePay, each participating e-wallet has also stepped up to offer a
range of additional perks for the youths
.

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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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How To Insure Your Home Loan: MRTA or MLTA?

There are definitely plenty of insurance plans out there. You can insure anything from your car to your pancreas and lately even your pet cat. But more commonly, you can also opt to insure your mortgage or as it’s widely known; home loan.

What is the point of insuring your home loan? Well, typically it’s to pay off your loan in the unfortunate event that you can’t. Usually, death and permanent disability are the events that these insurance policies cater to so you can’t use it if you’re simply down on your luck and out of work. Or just lazy.

But we digress. If you’d like to insure your mortgage and protect your family from losing their home to credit collectors when you pass on; this is the product for you. But as with any kind of insurance; mortgage insurance also come in different types. At present, there are two: the Mortgage Reducing Term Assurance (MRTA) and the other one is the Mortgage Level Term Assurance (MLTA).

Here’s the lowdown on the two.

MRTA vs MLTA

To start you off; we made a super simple chart to show you the differences between the two insurance types. Though the purpose is the same; you’ll notice they are creatures quite different.

MRTA

MLTA

Purpose

Protection

Protection, Savings and/or cash value

Coverage

Covers the outstanding housing loan on a decreasing sum assured basis

Covers the outstanding housing loan on a fixed level sum assured basis

Payment

Lump sum payment by cash or financed into housing loan

Paid periodically on a monthly, quarterly, semi-annually or annual basis

Total Premium

Lower

Higher

Nomination

Bank is the beneficiary

Anyone can be the beneficiary

Transferability

No

Yes

Suitable for*

Where buyer aims to own the house in a longer term

Where buyer is expected to sell the house in short-term

*The line on suitability is just a suggestion. As always, you’re welcome to choose whichever makes you comfortable. After all, insurance is supposed to make you feel comfortable in the event of a calamity.

Do I even need mortgage insurance?

This is a tricky question for sure. Do you need life insurance? Do you need personal accident insurance? For the many of us viewing the glass half-full; these events are either very remote (permanent disability) or really far off (death) so there is truly no need for mortgage insurance. When we have passed on; loved ones can either continue paying the loan or sell the house to repay if necessary. In the best of situations; we would have paid the house loan in full by the time we meet our maker.

But as the realists know; life hardly ever works according to plan. Who knows what tomorrow holds? The very premise of insurance depends on us not knowing when disaster will strike and if you are the kind to feel antsy – you could definitely do with such a policy.

Property agents will of course encourage you to take it. It’s a great policy for them too as it ensures they will get paid no matter what happens to you. But even during a hard sell on the benefits of the policy and the guilt trip about leaving your loved ones peace of mind: always remember that the sole decision rests with you.

Do I have to decide when I buy my house?

The simple answer is no. Insurance agents and banks will always be happy to sell you a policy later in your mortgage if you didn’t buy one on the outset. Why would they turn away a paying customer? But there are of course things to remember when putting off purchasing a mortgage insurance policy:

1) If paying for MRTA which requires lump sum payment – can you afford this? Many who take MRTA upon application of their home loan will add the additional premium lump sum into their loan amount to help pay for it. Since you can’t do that later on – you must have the full amount on-hand.

2) Does not having mortgage insurance make you squeamish? Some people just like having insurance and not having a policy even for a short time makes them nervous. If you’re such a person – can you stand having a mortgage but not a mortgage insurance policy?

Once you’ve made a decision; it’s on to the next question – which one should you choose?

Which one is better?

There are two salient differences to note between the MRTA and the MLTA. The first being that the MRTA will pay out based on the amount still owed to the bank and the MLTA will pay the exact amount agreed in the policy no matter how much you owe (this is usually more than the amount owed and based on the value or purchase price of the property). The second difference is that the MRTA requires only a single lump sum premium payment whilst the MLTA will be recurring yearly.

There are two ways of looking at this selection: MLTA is great because not only will you receive the amount you need to repay the bank but a little extra which works as a cash value. But because MLTA premiums are repetitive; you’ll definitely be paying more in the long run than you would for an MRTA. Think about your loan tenure: is the extra you will pay for an MLTA justified in the event of a pay out? MRTA on the other hand is great if all you want to do is to secure your mortgage. It’s the bare minimum in mortgage insurance and it’ll definitely do the job but it’ll give you little else. Still, it’s a single premium payment and is easier if you don’t expect to have a good enough cash flow to keep paying premiums every year.

Also remember that MRTA is non-transferable – meaning it is tied to this house during this financing period. Should you choose to sell; you cannot take your policy with you to the next property you purchase. The opposite is true for the MLTA which is a policy that follows you (if you so want it to!).

When it comes down to it, which is better will depend on you. If you want a bare minimum policy just to secure your house this time around – the MRTA is the choice for you but if you want something a little extra; the MLTA will be a better option.

In truth, the policies have so many important distinctions that it’s not really possible to say either one is better than the other. As always, after informing you of the distinction; the best thing you can do is make the decision based on your needs.

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Malaysia Unemployment Rate In June Lowers To 4.9%

For the month of June 2020, Malaysia’s unemployment rate lessened to 4.9%, down 0.4% from the nation’s record-high 5.3% rate in May. From May to June, the number of unemployed persons in the country decreased by 52,900 individuals to 773,200.

According to the Department of Statistics Malaysia (DOSM), the number of employed persons in most sectors increased as most economic activities reopened during the recovery movement control order (RMCO). “This increase is apparent in the Services sector, as it observed its first month-on-month positive growth since January 2020,” the DOSM report stated.

The number of employed persons also rose within the e-commerce activity, delivery services, and information and communication technology related activities, among others. Overall, the number of employed persons in Malaysia grew marginally by 0.7% month-on-month to 14.99 million persons in June.

Unemployment figures for those who were temporarily not working due to the movement control order improved as well, going down to 768,000 persons by 3.1% as compared to the previous month. Likewise, the actively unemployed for less than three months reduced by 3.1% while the inactively unemployed shrunk by 29%.

However, the official unemployment rate for the second quarter of 2020 increased to 5.1% compared to 3.5% in the first quarter, caused mainly by the
sharp rise in unemployment for May.
 “During this quarter (2Q2020), labour utilisation had yet to resume at optimum level as businesses had only begun to regain their momentum,” said Chief Statistician Dr Mohd Uzir Mahiddin. “Thus, the (number of) employed persons decreased 2.4% to 14.88 million persons, largely in semi-skilled and low-skilled occupation.”

Looking ahead, DOSM predicts that the labour force situation in July 2020 is expected to grow and improve, due to the initial stage of recovery having kicked off coupled with the effect of the short-term stimulus recovery packages by the government.

(Source:
The Edge Markets
,
DOSM
)

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Selangkah App Introduces New E-Wallet Feature, Selangkah Wallet

Selangor’s Covid-19 initiative mobile app Selangkah has been updated with a new e-wallet feature dubbed Selangkah Wallet, allowing users to carry out cashless transactions via QR code payments.

Powered by fintech company Kiple, a subsidiary of Green Packet Bhd, Selangkah users who wish to tap into the new e-wallet are first required to verify their personal details and identity. These include steps such as recording a three-second video, as you can see from the tutorial video here:

Selangkah users can already begin to use the Selangkah Wallet at various stores – such as EconSave, Mydin, KK Mart, 99 Speedmart, as well as Burger King – and more is expected to join in soon, including agencies outside of Selangor. Selangkah also highlighted that its e-wallet feature is the first health-oriented payment platform in the country, given that it is recognised as the official payment gateway for Selangor’s Selcare Clinic and Selcare Pharmacy services.

To note, Selcare Clinic is the medical arm of Selangor’s Covid-19 task force, working hand in hand with authorities including the District Health Office (PKD) and the Royal Malaysian Police. Additionally, the network of healthcare institution is the subsidiary of Selgate Corporation Sdn Bhd.

In revealing Selangkah Wallet, the chief executive officer of Selgate Healthcare, Dr Muaz Omar said that the e-wallet will help to prepare the society as Malaysia embarks on its journey to enter the endemic phase. “Initially, the app was developed for contact tracing and screening purposes. However, we thought it is better to revolutionise it. From the aim to save lives, it has now become an app to facilitate people’s lives,” he added.

Selangkah had actually signalled the rollout of the Selangkah Wallet much earlier this year, when it first launched the
Selangkah Biz feature
 for businesses and traders. Back then, Selangkah also said that it will introduce Selangkah Pay, which allows for the payment of bills and summonses within the app.

You can find out more about the
Selangkah app
 here or download it for free on
Google Play
 or the
App Store
.

(Sources:
Selangkah
,
Selangor Journal
,
Lowyat.NET
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Fave Introduces Table Ordering Feature, Order And Pay For Meals At The Table

(Image:
Digital News Asia
)

Fave has rolled out a new Table Ordering feature for restaurants across Malaysia and Singapore, allowing users to order their food and pay for their orders without even leaving their seats.

Table Ordering allows users to order food through the Fave app without having to go to the counter or call for a waiter. Since its pilot launch last April, over 50 diner partners in Malaysia and Singapore have registered and more are expected to join the bandwagon. The service is now available at some big-name F&B merchants in Malaysia including Murni Discovery, Naughty Nuri’s, Frisky Goat Bakery Café, and Home Noodle.

The cashless feature allows you to order meals at the table instead of calling and waiting for a waiter to take your order, making the process faster and seamless. Payments via FavePay also gives cashback that can be used to offset future payments to the merchant. Meanwhile, merchants can decrease manpower thanks to Table Ordering as well as increase their waiters’ productivity in serving customers. Tracking sales is made easier through the feature so merchants can plan marketing strategies around customers’ preferences to increase sales. Merchants can also sign up for free during this launching period as no setup fees are charged yet.

(Image:
Mashable
)

Table Ordering works by simply scanning the QR code displayed on the table with your Fave app on your mobile phone. Add the table number you are sitting at and you will be directed to a menu that can be customised (less ice, no sugar, non-spicy, etc). After you are done choosing, pay using your preferred payment method through FavePay and wait for your meal to arrive.

At the moment, this feature is only available for dine-in and not available for take-out nor discounted and promotional items.

Fave’s new Table Ordering feature is likely the result of the company’s recent acquisition of CutQ in Singapore and FoodTime in Malaysia, with both specialising in food ordering, takeaway, and delivery. Fave states that it will accelerate its growth in Southeast Asia through continued partnerships, the introduction of new services, and continued effort into merchant acquisition. The Fave app is available on the
Apple App Store
 or
Google Play
.

(Source:
Fave
,
Marketing Interactive
)

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