TrueMoney E-Wallet Is Launched In Malaysia, Named As Lotus’s Official Payment Provider

Fintech company TrueMoney has announced the official launch of its e-wallet in Malaysia today, offering another digital payment solution for Malaysians to use when making their purchases. On top of that, TrueMoney – which is also the subsidiary of Ascend Money – has been named as the “official payment provider” for popular retail chain Lotus’s as well.

In its statement, TrueMoney said that its e-wallet – which is approved by Bank Negara Malaysia (BNM) – will enable customers to not only make cashless QR code payments, but also mobile prepaid and game credit top-ups, utility bill payments, as well as international remittances – among other things. Customers can also make money transfers to friends through the app, provided they have upgraded their basic account by completing the standard electronic Know Your Customer (eKYC) procedure.

Meanwhile, TrueMoney’s wallet size and transaction limits are as follows:

Basic Wallet
Upgraded Wallet
Wallet size
RM200
RM10,000
Incoming daily limit
RM200
RM10,000
Incoming monthly limit
RM200
RM10,000
Outgoing daily limit
N/A
RM10,000
Outgoing monthly limit
N/A
RM10,000

Note as well that TrueMoney has not been onboarded as part of the DuitNow QR ecosystem yet, but there are plans to do so soon.

Alongside the official launch, TrueMoney also said that it has now been appointed as the official payment provider for Lotus’s, although the option to pay using other e-wallets when shopping at the retail chain remains available. This is as TrueMoney (as the subsidiary of Ascend Money) and Lotus’s both share the same parent company: Thailand conglomerate Charoen Pokphand (CP) Group. With this collaboration, Lotus’s customers who pay for their purchases using TrueMoney can earn twice the amount of rewards points via the Lotus’s loyalty app and the TrueMoney e-wallet app.

Country managing director of Ascend Group, Jessie Chong shared that Malaysia is the seventh Southeast Asian market that TrueMoney is expanding into. Prior to this, the e-wallet had already built its presence in Thailand, Vietnam, Cambodia, Myanmar, Indonesia, and the Philippines.

“We aim to leverage our international presence to create a holistic and dynamic approach to creating a payment ecosystem within Southeast Asia that benefits individuals and SMEs; which includes cross-border payments in the pipeline. We may be the new kid on the block, but we bring with us a strong tech infrastructure and pre-existing businesses to connect with users in Malaysia,” Chong further said.

Meanwhile, the customer executive director of Lotus’s, Vivian Yap said that this latest partnership is in line with Lotus’s ongoing digital transformation. “Not only will customers have an easy cashless option with TrueMoney, but it will also be very rewarding as TrueMoney Malaysia will reward our customers with My Lotus’s points. My Lotus’s loyalty points can then be used to pay for purchases, giving them further savings on their shopping,” she said.

If you’re interested to check out the new TrueMoney e-wallet, it is available for download on
Google Play
 and
the App Store
. New users will be able to receive instant benefits upon activation, including the opportunity to earn up to RM10 cashback by completing five “quests” on the e-wallet.

(Source: TrueMoney [
1
,
2
])

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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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    ong

    7 months ago

too difficult to upgrade ,ID taking is impossible.It seems like I can’t remove  my added card.

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Top 4 Trusted Freelance Websites to Help You Generate Side Income

Search for “freelance work in Malaysia” and you will be greeted by tonnes of pages that offer you a range of platforms and businesses searching for freelancers.

Freelancers no longer have to write in, call or hope for a referral in order to attain some project or contract based work. Online platforms tend to simplify all these steps.

Unfortunately, they also simplify the ways in which freelancers can get screwed over, since the lack of face-to-face encounters make it easier for clients to just run off without paying.

To ensure you’re not duped into submitting some work for free, here are a few trusted freelance web portals that offer some brilliant solutions.

eRezeki by MDEC

Malaysia Economic Development Corporation (MDEC) Sdn Bhd is a government owned organisation and has created a portal called
eRezeki
 to provide side income for households that generate below RM4,000 per month.

All you have to do is sign up and list your skills. The website will then fit you into the right jobs, according to the category and scope they deem appropriate for you. Typically these tasks include photo-tagging, data entry, and other simple tasks.

The agency has also opened centres called “Pusat Rezeki” for those who lack the equipment and infrastructure such as high speed internet and computers in order to work on the jobs assigned.

The tasks assigned will come from local and international corporations which also connect people to digitally enabled opportunities. That means, not only designers, programmers, and people who work with computers have an opportunity. It will also provide plumbers, electricians and other blue collar jobs an opportunity to attain freelance opportunities beyond their day job.

Fiverr

This is a free to sign up platform for entrepreneurs who are not able to afford a permanent staff on their payroll, or choose to be cost efficient.

All you have to do as a freelancer is, sign up and list your services on
Fiverr
. Allocate your services according to the category and prices you are intending to charge. Potential employers then scroll through and pick people who they are comfortable with. When someone chooses to hire you, there is a built in system to discuss details of the project with your temporary new employer.

Upon completion of the job, you are paid immediately and Fiverr takes 20% from the total of the price. While it may seem like a heavy commission, you can factor that in and raise your prices.

What makes this even better, you get paid in US dollars and with the current exchange rate, you can make a lovely sum of side income.

Freelancer.com

The
freelancer.com
 model is similar to the Fiverr model, with a few minor differences. Employers post up jobs on to the website and freelancers can then choose to bid on the project. The employer then picks out the bid they like and the person awarded the job then has to deliver.

As a free user, you are given 8 free bids per month and you can choose to
upgrade your bid
 with highlights or a top spot which cost anywhere between US$2 to US$50.

Although lower pricing helps to attain jobs, it also reflects on the quality of your work. Pricing too low could make you seem less skilled in the market space. The best thing to do is to remain competitive within the market standards.

Depending on the project, the employer can choose to make a lump sum payment after the entire project or provide incremental payments as the project stages are complete. Just like Fiverr, there is a 20% commission for the website on all jobs completed.

Upwork

Another reliable source for freelance work is
Upwork
 which functions very similarly to Fiverr and Freelancer.

Similar to the other two websites, you will need to start a profile and list your skills and rates. Then people can engage you for your services provided.

The main difference between this site and the other two previously mentioned is that, the service fee. Upwork has a tier service fee model. That means, the higher your billings per client, the lesser they take from you.

It starts at 20% for the first US$500 and drops to 10% if you bill between US$501 to US$10,000. The lowest bracket is 5%, which requires you to bill a client US$10,001onwards.

Freelance Financial Security

Working on freelance basis can be extremely unpredictable as your next paycheque may be a month away or you may enjoy a certain influx of projects during a certain period of time.

In order to manage your finances properly, pull out a portion of each paycheque you get and slot it into a fixed deposit for a rainy day. That way you are less likely to overspend during the good times and will only break the fixed deposit only when you really need it.

Head on over to our fixed deposits page and use the
comparison tool
 to figure out the best rates available in the market.

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Gavin Pereira

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FamilyMart Is Pilot Testing Fully Cashless Stores In Malaysia

Convenience store franchise FamilyMart is now pilot testing a fully cashless store concept in Malaysia, where customers can only pay for their purchases using cards and e-wallets.

While FamilyMart did not officially announce this effort, some customers have shared images of notices at some outlets stating that “We’re a cashless store” which “now only accept cards and e-wallet payment”. Accepted methods for cards include MyDebit, Visa, Mastercard, Amex, and UnionPay. Meanwhile, e-wallet payments include Touch ‘n Go (TNG) eWallet, ShopeePay, and GrabPay.

(Image: Facebook)

We reached out to FamilyMart for additional information, and were told that this is an ongoing pilot test run in selected outlets to test consumer sentiment. Meanwhile, FamilyMart outlets that are not involved in this pilot test will continue to accept payments made using cash, in addition to debit and credit cards, as well as e-wallet payments.

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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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    Amira Ali

    1 year ago

Yay, definitely more discounts

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    Anonymous

    1 year ago

Suggest to be precise and list the affected outlets for a more comprehensive understanding

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    Pang Tun Yau

    1 year ago

    Reply to

        Anonymous

As shared in the article, Family Mart did not reveal them to us this info as well as several others.

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Everyday Cash Back Credit Cards That Give A Great Deal On Petrol

Danger: reading this post might be harmful to your Bank Manager

Yesterday we told you all about Petrol Station Branded Cash Back Credit Cards, how they’d save you money on your fuel bill and how to choose one based on your monthly fuel bill.

Today the RinggitPlus team want to wise you up on General Cash Back Credit Cards that give a great deal on petrol. As usual, we’ll kick off with a comparison table to help you see the savings at a glance.

GENERAL CASH BACK CARDS

Card

Petrol Cash Back

Maximum cash back per month

Note / Limitations

OCBC Titanium

5%

RM50

Any petrol stations

Citibank Cash Back Platinum Credit Card

5%

Max RM600 monthly eligible spend on petrol

RM30

Any petrol stations

UOB One Card

5% Max RM600 monthly eligible spend on petrol

RM30

Any petrol stations

Additional 2% rebate, RM8, monthly for up to RM400 of Petrol at BHP stations

Maybankard 2 Gold Card

5% weekend cash back

RM50 per account

Any petrol stations

AmBank CARz Cards

Platinum:

Revolver: 5%

Transactor: 2%
Gold:

Revolver: 3%

Transactor: 2%

RM80

RM20RM50

RM20

Any petrol stations

Revolver only pays the minimum or partial monthly amount, Transactor pays in full every month

RHB Travel Money

5% cash back on the 1st weekend and 2% cash back on other days

Max eligible petrol spend capped at 20% of total card spend

RM60

Any petrol stations

Alliance You:nique Card

RM 0-500: 0.50%

RM 501-1,350: 0.70%

RM 1,351-2,550: 0.90%

RM 2,551-5,000: 2.00%

RM 2.50

RM 9.45

RM 22.95

RM 100

Any petrol stations

Deciding which Cash Back Credit Card will work to give you the best discount on petrol comes down to the way that you use your card.

If you’re a light credit card user and your bill comes to about RM1,000 each month then the
OCBC Titanium
 is best all-round cash back card here. There are no restrictions on minimum or maximum spending, no maximum rebates on categories like petrol or hypermarket spending, and no restrictions on weekdays and weekend spending. There’s just a simple RM50 maximum monthly rebate that’s simple and straightforward to achieve.

If you usually charge more than RM1,000 every month then the
Citibank Cash Back Platinum Credit Card
 and
UOB One Card
 both give a wide range of Cash Back rebates on different categories of shopping and spending. This includes 5% on petrol (capped at RM30 per month), 2% a month on hypermarket shopping (capped at RM60 per month), and 2% on your Maxis, Celcom and Digi phone bills (UOB is capped at RM6 per month). The UOB One Card also gives an additional 2% rebate, RM8, monthly for up to RM400 of Petrol at BHP stations.

The
Maybankard 2 Gold Card
 offers a strong 5% Cash Back rate but is only valid on weekend spending – great if you’re stuck in an office all week, bad news if you’re out and about every day.

The
HSBC Amanah Mpower Visa Platinum Credit Card-i
 will give you up to 8% Cash Back on your weekend spending and a maximum cash back of RM100 per month, making it one of the best Cash Back deals in the market. [
Warning:
 we’ve not included this card in our comparison table because it is only a limited time offer that expires on 31
st
 December 2012].

Last but not least, the
AmBank CARz Cards
 are worth considering if you don’t pay your Credit Card bill in full every month. AmBank CARz helps out by offering a higher Cash Back rate on petrol – up to 5% for Platinum Card Holders.

The RinggitPlus Team’s Advice

If petrol is one of your largest credit card expenses every month think about applying for a Branded Card linked to your favourite petrol station.
Read our previous article for the details
.

Choosing between the Everyday Cash Back Credit Cards we have to recommend the
OCBC Titanium
 card for pure convenience. Other cash back cards may offer higher maximum rebates and other benefits, but OCBC stands out for being the easiest card to use to achieve the RM50 maximum rebate every month. For heavier credit card users with monthly bills over RM1,000 the
Citibank Cash Back Platinum Credit Card
 and
UOB One Card
 may deliver better overall cash back but you will have to keep an eye on the petrol and hypermarket spending limits.

Finally, always make sure that you’re able to pay your credit card bills in full every month. If you miss any payments or don’t pay in full, chances are any cash back you enjoy will be erased by fees and charges.

Want to know what the best cash back cards are for hypermarket shopping or which credit card pays you the most just to sign up? How about whether cash back cards are better than rewards points cards? Well bookmark RinggitPlus.com or add us to RSS readers because we will be answering all these questions in the coming weeks.

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RHB Travel Money Visa

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AirAsia Adds Late-Night Flights At Fixed Fares For Chinese New Year

AirAsia has once again added fixed-fare, late-night flights between Peninsular and East Malaysia for the Chinese New Year season. This year, Chinese New Year falls on 25 January; the late-night flights will be available from 21 to 31 January 2020.

Under this promotion, the additional late-night flights will come with special one-way all-in fares for the following six routes between West Malaysia and Sabah and Sarawak:

Kuala Lumpur-Sibu (RM149)

Kuala Lumpur-Bintulu (RM149)

Kuala Lumpur-Miri (RM149)

Johor Bahru-Sibu (RM149)

Kuala Lumpur-Sandakan (RM199)

Kuala Lumpur-Tawau (RM199)

The promotional fares offered are for one-way travel and are inclusive of fees and taxes. According to AirAsia, the additional flights will add 12,960 seats for the festive celebration.

In addition to the fixed-fare late-night flights on these six routes, AirAsia has added extra flights to 20 popular routes across Malaysia and to Singapore. These include flights from Kuala Lumpur to Langkawi, Penang, and Sibu, as well as flights to Singapore from Kuala Lumpur, Ipoh, and Penang.

“Whether it is a family reunion or a quick getaway, we hope these additional flights will help everyone to have a memorable celebration,” said Riad Asmat, CEO of AirAsia Malaysia.

There are only two and a half weeks to Chinese New Year, so if you haven’t already booked your flight back to your hometown, you can take advantage of these fixed fares to East Malaysia now. AirAsia also launched a similar initiative for the Chinese New Year period last year, but the extra flights were added earlier in advance in November 2018.

(Source:
AirAsia
)

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RM10,000 Fine For Individuals Breaching SOP Violations, Starting 11 March

(Image: The Star)

Beginning 11 March, individuals who violate the standard operating procedures (SOPs) for the prevention and control of the Covid-19 pandemic can be fined up to RM10,000 – instead of the current RM1,000 fine. Meanwhile, companies who violate the SOPs can be fined up to RM50,000.

The increases to the compounding amounts are brought about by the new Emergency (Prevention and Control of Infectious Diseases) (Amendment) Ordinance 2021, which also makes several other changes to the Prevention and Control of Infectious Diseases Act 1988.

(Image: The Malaysian Reserve)

This includes an amendment on the general penalty under Section 21 of the Infectious Diseases Act, which now states that any person who commits an offence “for which no penalty is expressly provided” can be fined up to RM100,000 or imprisoned for up to 7 years, or both.

Besides that, another amendment states that if a company is found to be in violation of the pandemic rules, the company’s representative can be charged in court. The ordinance also gives reference to the wearing of tracing devices for Covid-19, where a person who loses or tampers with their tracing device will be committing an offence.

You can read the new ordinance as published on the
Federal Gazette
 website here.

(Source:
Free Malaysia Today
)

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CGS-CIMB Expects BNM To Gradually Reduce OPR By Another 75 Basis Points In 2020

CGS-CIMB Securities has predicted that Bank Negara Malaysia (BNM) may further reduce the overnight policy rate (OPR) by a total of another 75 basis points (bps) throughout year 2020. The cuts may be carried out gradually in anticipation of an impending economic decline and subdued inflation.

According to economists from the research house, Michelle Chia and Lim Yee Ping, BNM is likely to begin with a 50bps cut in May 2020, followed by another 25bps cut in the second half of the year. Additionally, the nation’s monetary policy may also be tweaked to be more accommodative.

CGS-CIMB also projected a sharp decline of 4.3% in gross domestic product (GDP) this year. The contraction will likely dampen the country’s economy for the next 12 to 18 months. Consequently, this will result in an extended period of subdued inflation of 1.1%.

Prior to this, BNM had already reduced the OPR by a total of 50bps via two recent cuts. The
first cut
, which was carried out in January 2020, saw the OPR being reduced by 25bps. This brought it down from 3.00% to 2.75%. In March 2020, BNM announced
another 25bps cut
, causing the OPR to settle on its current 2.5%.

According to BNM, the reduction in the OPR is intended to provide a more accommodative monetary environment to encourage the country’s future economic growth amid price stability. The central bank also commented that the country’s growth will be affected by the Covid-19 pandemic, particularly in the first quarter of 2020. This is especially so for tourism-related as well as the manufacturing and the agriculture sectors.

For the Malaysian public, an OPR cut will essentially lead to
lowered interest rates
 for both savings and loans. This may be good news for those on a variable-rate loan (such as home loans) or those who wish to take out a loan in the near future. Conversely, you will also be earning less for your savings accounts and fixed deposits.

(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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Angkasa Identifies Strategic Partners In Its Bid For Digital Bank Licence

(Image: Berita Harian/Nurul Shafina Jemenon)

The National Co-operative Movement of Malaysia (Angkasa) has expressed interest in vying for one of the five digital bank licences offered by Bank Negara Malaysia (BNM). To do so, it has identified more than 10 conglomerates and major cooperatives in the country as its strategic partners.

According to the president of Angkasa, Datuk Abdul Fattah Abdullah, these strategic partners include telecommunications and finance companies. Each of them possesses strengths that can support Angkasa’s application for the licence, thereby giving the cooperative movement a significant edge.

“For example, large companies have large capitals and we need a certain amount of capital as it is one of the conditions to apply for the licence. Additionally, we need strategic partners among cooperatives because of their large number of members,” said Abdul Fattah.

(Image: MStar)

Abdul Fattah also added that the digital bank licence will strengthen Angkasa’s position from various aspects, including its role as the driving force of the country’s cooperatives in the future. Founded in 1971, Angkasa describes itself as the national apex cooperative of Malaysia, representing the cooperative movement in Malaysia on both the national and international level.

Meanwhile, BNM will issue Malaysia’s five
digital bank licences
 by the end of the year. The licences – which saw interest from numerous parties, including
Grab, AirAsia
,
AMTD
,
Sunway Group
, and
BigPay
– had encountered a delay in rollout due to disruptions caused by the Covid-19 pandemic. This came following BNM’s decision to
extend the consultation period for the digital banking regulatory framework
 from 30 April to 30 June.

(Source:
Bernama
)

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Alex Cheong Pui Yin

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It's Not Too Late To Get Life Protection With Allianz BolehCover

“It’s going to be expensive to buy life insurance at an older age. You should’ve started early.”

If you are well into your 40s and have only started to consider purchasing life insurance, you would have probably heard of the above many times in your search for the suitable plan.

And in most cases – if you haven’t already – you will find out that age and health condition are the two factors amongst others that will decide which
risk class
 you belong in. And it is depending on this risk class; high, low or in between, which will determine how expensive your premium would be.

Age is one of the key determining factors to your risk class due to the assumption that the older you are, the more likely you are to have health issues. As such, the cost of insurance will also increase with age – the closer you are to your life expectancy (
74.9 years for Malaysians
), the more expensive you are to be insured.

However, your current age should not deter you from getting life insurance – especially if you are with dependents. If you are still not covered by any life insurance plan, it is not too late to get protected with
Allianz BolehCover
.

Allianz BolehCover – Even At The Age Of 46 Up To 70!

Unlike conventional life insurance plans available in the market, Allianz BolehCover is a life insurance plan that is designed for those in their golden years, specifically, from the
age of 46 to 70 years
.

Allianz BolehCover offers
life coverage of up to the age of 100
 where upon the maturity of the policy, you would receive the maturity benefit of 100% of Insured Amount payable to you.

However, in the event of your unfortunate passing before the maturity period, Allianz BolehCover provides
Death Benefit of up to 2x
 of the Insured Amount payable to your nominee(s) depending on the circumstances of the passing: Accidental Death or Non-Accidental Death.

In the case of
Accidental Death
 such as being involved in a car accident, your nominee(s) may receive up to 2x of the Insured Amount, while for
Non-Accidental Death
 or natural cause, 1x of the Insured Amount or 100% of Total Premium Paid is payable – depending on the Policy Year at the time of Death.

No Medical Examination Required, With Affordable Premiums

Besides providing life insurance coverage for those in their golden years, Allianz BolehCover also offers a
hassle-free enrolment
 with
no health questions asked
 and
no medical examination required
.

With no medical examination required, Allianz BolehCover provides an opportunity for those who were turned away by insurers, either due to their medical history or pre-existing health conditions, to be protected.

Furthermore, from
as low as RM1.65 per day
, Allianz BolehCover is affordable especially for those who are close to retirement or are already in retirement without burdening their monthly expenses. Additionally, Allianz BolehCover guarantees a
level premium
 throughout the coverage term which means that your monthly premium remains the same even as your age increases.

Give Yourself Or Your Loved Ones The Gift Of Assurance

With Allianz BolehCover, it is not too late to get covered for your golden years. You can also take advantage of its affordable premiums to
add another layer of protection
 for yourself.

Alternatively, you can also
purchase Allianz BolehCover for your parents
because without a doubt, the payout benefits will help lighten you or your family’s financial burden in the future when the time comes, considering the ever-rising cost of living.

Meanwhile, You Can Also Start Early With Allianz 1Cover

If you’re between 16 to 45 years old, you might want to consider
 Allianz 1Cover
 which offers a
30-year term plan with three options of life coverage
 – RM50,000, RM100,000 or RM200,000 from
as low as RM0.85 a day.

Allianz 1Cover provides up to
3x of the Insured Amount,

payable in a lump sum
 should anything happen to you during the coverage term. Similar to Allianz BolehCover, there are
no health questions asked
 and
no medical examination required
, giving a chance to those who are considered as high risk to have their first financial safety net for the family.

If you have a young family and have only begun to secure a financial safety net for your family – Allianz 1Cover could be a good starting point to protect your dependents.

Also, Stand A Chance To Win A Gintell Massage Chair Worth RM9,988!

For a limited time only, Allianz is collaborating with RinggitPlus to reward one lucky reader with a Gintell massage chair worth RM9,988 upon signing up of either Allianz BolehCover or Allianz 1Cover!

Beginning
15 January 2021 for a contest period of 3 months
, RinggitPlus will be giving away one (1) unit of Gintell DéVano SC Queen Massage Chair to one (1) winner.

To get started, register your contact information
here
 today to arrange a consultation with an authorised Allianz representative!

Click to find out more information about
Allianz BolehCover
 or
Allianz 1Cover
, and get yourself or your loved ones covered today. Remember, while it is not too late to get covered, you shouldn’t waste any moment given either.

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Katrina Balan Quiroz

Katrina Balan Quiroz

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

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DOSM: Average Household Income Increased To RM8,479 In 2022

(Image: Malay Mail/Choo Choy May)

The average household income in Malaysia has increased by 2.4% from RM7,901 in 2019 to RM8,479 in 2022, said the Department of Statistics Malaysia (DOSM). This was revealed in the latest Household Income Survey Report and Household Expenditure Survey Report (HIES) 2022 – surveys which are conducted twice every five years.

Meanwhile, the median household income in the country is revealed to have reached RM6,338 in 2022, with a moderate annual growth rate of 2.5%. This is in comparison to RM5,873, which was recorded back in 2019.

“The income value takes into consideration the mean household size of 3.8 persons, with an average of 1.8 income earners. This household income comprises paid employment, self-employment, income from investment, and current transfers received,” said the chief statistician of DOSM, Datuk Seri Mohd Uzir Mahidin.

The survey data also revealed that four states had managed to record an average household income that is above the national level of RM8,479, namely Putrajaya (RM13,473), Kuala Lumpur (RM13,325), Selangor (RM12,233), and Johor (RM8,517).

Additionally, a total of six states were able to top the national median income level of RM6,338. These included Kuala Lumpur (RM10,234), Putrajaya (RM10,056), Selangor (RM9,983), Labuan (RM6,904), Johor (RM6,879), and Penang (RM6,502). Of these states, Selangor recorded the highest median income growth at 6.5% annually from 2019 to 2022.

Aside from announcing the average and median household income statistics, Datuk Seri Mohd Uzir said that the DOSM had also taken the initiative to analyse the survey findings from the perspective of disposable income. This is in line with the
government’s intention to use disposable income in its approach to help and provide subsidies to the people
 moving forward.

Accordingly, it was found that the average monthly disposable household income had increased by 1.7% from RM6,764 in 2019 to RM7,111 in 2022. The median monthly disposable household income also showed a 1.9% increase from RM5,116 in 2019 to RM5,413 in 2022. “Disposable household income constituted 83.9% of the total gross household income,” the survey further showed.

In terms of household income distribution, the report indicated that the B40 income threshold – which covers 3.16 million households – stood at RM5,249. The M40 group’s income, on the other hand, ranged between RM5,250 to RM11,819. As for the T20 group, the income threshold exceeds RM11,820.

“The T20 group accounted for 46.3% of the total household income distribution, a slight decrease from 46.8% in 2019. The M40 group accounted for 37.6%, while the B40 group represented 16.1%, slightly up from 16% in 2019,” said Datuk Seri Mohd Uzir, adding that the poverty line income (PLI) rose from
RM2,208 in 2019
 to RM2,589 in 2022. The PLI value of food also rose from RM1,169 in 2019 to RM1,198 in 2022.

Meanwhile, on expenditure, DOSM noted that the average household in Malaysia spent RM5,150 per month in 2022 – going mostly to four main necessities. These include utilities like water, electricity, and gas (23.2%); non-alcoholic food and beverage (16.3%); restaurant and hotel (16.1%); and transportation (11.3%).

For context, the
last Household Income Survey Report and Household Expenditure Survey (HIES) was conducted and published back in 2019
. Among other things, HIES 2019 had spurred DOSM to introduce new income definitions for B40, M40, and T20 – with a total of 10 sub-categories – to allow for better implementation of targeted assistance programmes by the government.

(Sources:
Malay Mail
, DOSM [
1
,
2
])

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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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MDI: Three Conditions For Insolvents With Small-Scale Debts To Apply For Early Discharge

The Insolvency Department has listed three conditions that must be met for insolvents with small-scale debt to apply for an early discharge. This came following Prime Minister Datuk Seri Anwar Ibrahim’s announcement of the initiative under Budget 2023 to assist bankrupt individuals with debts amounting to less than RM50,000.

According to the minister of law and institutional reform in the Prime Minister’s Department, Datuk Azalina Othman Said, the three eligibility requirements that affected insolvents must meet to lift their bankruptcy status include:

Total debt or outstanding debt must not exceed RM50,000

Bankruptcy declaration must have passed five-year period from the date of the acceptance and bankruptcy/judgment order

No court orders, court proceedings, or investigative proceedings conducted on the individual under the Insolvency Act 1967

(Image: The Star)

“Individuals who fulfil these conditions can go to the department’s branches or email them to check on their bankruptcy cases,” said Datuk Azalina in a statement, adding that insolvents can check the Insolvency Department’s FAQ regarding the discharge of bankrupt, available on
its official website
.

During the re-tabling of the national budget last Friday, Datuk Seri Anwar Ibrahim had said that there were more than 260,000 bankruptcy cases recorded as of January 2023, involving many individuals whom he believes have the potential to contribute to the country’s economy if given a second chance. As such, the prime minister proposed for the
the Insolvency Act 1967 to be amended
 so that eligible insolvents can be freed automatically from bankruptcy soon. In the meantime, minor insolvency cases that adhere to certain conditions can apply to be discharged immediately.

Malaysia’s bankruptcy threshold is currently set at RM100,000,
raised from the original RM50,000
 back in 2020 in a bid to help the public cope with financial difficulties during Covid-19.

(Sources:
MdI
,
New Straits Times
)

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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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    Anonymous

    6 months ago

Not useful info

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FSMOne Campaign Offers 0.5% Promotional Sales Charge For Selected Unit Trust Funds

Online wealth management platform FSMOne is currently running a campaign that provides its customers with a promotional sales charge of 0.5% for selected unit trust funds. Ongoing until 30 December 2021, the deal is offered in conjunction with FSMOne’s reveal of its 2022 Key Investment Themes and Outlook research.

Specifically, the promotion will be provided for a total of 20 funds from a number of developed and emerging markets, including Malaysia, Europe, Japan, China, and India. Most of these markets are rated as fairly attractive investment markets in
the recently published report
, where FSMOne shared some predictions as to what it thinks may happen in the investment sphere in 2022.

Some key funds that you can look forward to investing via this promotion include the Principal Greater China Equity Fund (AUD Hedged, MYR, MYR Hedged, RMB Hedged, SGD Hedged, USD) and the Eastspring Investments Dinasti Equity Fund. The full list of funds that are on offer is as follows:

Note that if you’d like to tap into this promotion, you must ensure that all cash payments made to FSMOne – inclusive of cheque and online payments – must be completed by 3pm on 30 December 2021. Meanwhile, those who are investing via their Employees Provident Fund (EPF) i-Akaun have until 4pm on the same day to do so.

FSMOne also clarified that customers who have registered for a Regular Savings Plan (RSP) will see the usual sales charge adjusted to reflect the promotional fee where applicable. Additionally, the online platform stressed that this promotion does not apply to intra-switch transactions (switching between funds managed by the same fund house).

Finally, accountholders who are enrolled in the
FSMOne Rewards Programme
 will be entitled to either this promotional sales charge or the FSMOne Rewards Programme discount – whichever is lower. You will not be able to tap into both.

(Source:
FSMOne
)

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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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5 Reasons To Consider Subscription-Based IT Services For Your Company

The subscription economy today is at least a couple of
trillion dollars industry
 and it is easy to see why. Most of our daily lives revolve around the economy, what’s more with the pandemic accelerating digitalisation across businesses as well as the movement restriction that put us home most of the time.

Our monthly entertainment subscription, pay per order for food delivery, and the collection of online courses we subscribe to allow us to enjoy things at affordable monthly prices, conveniently. Subscription services extend more than just benefiting consumers but also serving businesses especially small and medium businesses and enterprises lacking expertise and resources in certain areas of their operation.

For example, a full-fledged IT department is not necessary and cost-efficient for your neighbourhood artisan bakery, but the IT solutions are still essential to keep the bakery up and running in this digital era. This is where subscription services, especially in areas that require technical expertise and resources such as IT comes into the picture for business owners. Read on to learn more.

Today, we live in an exciting world side by side with technology that makes the expansion of services possible. As consumer demand changes, the business model develops along with this demand, creating an ingenious subscription-based model that is more sustainable for small and medium businesses and enterprises.

HP DaaS, a subscription-based IT solution is one such service. If your business is in need of HP DaaS, you can learn more
here
. If you are still considering, get your free IT assessment and consultation by HP worth up to RM399. Hurry though, as it is only limited to the first 99 consumers! Register your interest
here
.

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Sharon Bentley

Sharon Bentley

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How Do You Register a Business in Malaysia?

While some is at home with the 9 to 5 life, others prefer to try their hands at being an entrepreneur. So you have your ideas (and probably) products ready, but hold on, have you registered your business?

If you’re not sure on where and how you can register your business (or company) in Malaysia, check out our complete guide and start your
business registration
 process today!

What Types of Businesses Are Available in Malaysia?

First off, you need to decide on what type of business is suitable for you. There are 3 most common
types of businesses
 that you can register for in Malaysia. They are:

Sole Proprietorship (i.e. Enterprise or Trading)

Partnership (e.g. Wandagal and Partners)

Sendirian Berhad (i.e. Sdn Bhd or Private Limited)

The first two options are easily the most popular business options among the new
Small Medium Enterprise (SME)
 owners in Malaysia – simply because they’re the cheapest options (we’ll get to the fees later).

One thing that you do need to note is that a
Sole Proprietorship
 business can only have one registered owner, while a
Partnership
 business can be registered under two owners and can have as many as twenty registered partners.

On the contrary, a
Sdn Bhd
 business needs to have a minimum of one director who
do not have a bankruptcy status
 as well as a minimum of one shareholder. All business needs to be legally registered with the
Companies Commission of Malaysia (SSM)
. Here’s a simple table of the differences of the three business types to help you understand them better:

Sole Proprietor

Partnership

Sdn Bhd

Recommended For

Small businesses

Small businesses

Medium to large businesses

Registration Costs

RM100+

RM100+

RM1,160+

Duration of Registration

1 hour

1 hour

Min 24 hours

Number of Owners

Max 1 person

Max 2 persons and 20 partners

Min 1 director and 1 shareholder

Potential to Get Loan Approvals

Low to Medium

Medium

Medium to High

Loan Approval Determining Factors

Depends on the owner’s financial strength and how well they keep track of the income, payments, and important financial documents

Depends on both owner’s combined financial strengths, capacity, and how well they keep track of their income, payments, and important financial documents.

Depends on company’s cash flow, assets, and how well the company’s accounts are kept.

Requirements

Must be Malaysian citizen or a Permanent Resident and 18 years old and above. Only the owner can make application.

Must be Malaysian citizen or a Permanent Resident and 18 years old and above. Only the owner can make application.

Must be Malaysian citizen or a Permanent Resident and 18 years old and above. Only the owner (director) can make application. Must have at least 1 shareholder and 1 company secretary.

Who is Companies Commission Malaysia (SSM)?

The SSM (also known as
Suruhanjaya Syarikat Malaysia
 is a statutory body that regulates the companies and businesses in Malaysia. They also help to provide company and business information to the public.

Once you’ve registered your business with the SSM, a
Business Registration Certificate
 will be issued to you within an hour (if you register and make the payments at any one of the SSM branches). It’s valid for between one to five years (depending on which you decide on) and can be renewed on an annual basis.

No matter how small your business is, it’s advisable to register with the SSM before you operate to avoid the legal consequences. According to SSM, anyone who carries on with a business without a valid Business Registration Certificate (which can only be obtained from SSM) could potentially be looking at a fine of up to RM50,000 or a maximum of two years of imprisonment.

If you’re not sure where the nearest SSM branch is, you can easily look it up on their website. There’s at least one branch in every state in Malaysia, so you can be sure to find one closest to you. Alternatively, you can also register your business online through SSM e-Lodgement, although the waiting period may be slightly longer compared to a walk-in registration.

What Are the Documents I Need To Start a Business?

In general, the most basic documents you’ll need are a photocopy of your (and the co-owner’s) identification card (NRIC), your suggested business name (have several names prepared in case they’re already taken by others) and complete business registration forms. Here’s a list of the registration forms that you’ll need to complete before you walk-into an SSM branch:

● Business Name Approval Form (Form PNA.42) (Only if you’re not using your own name)

● Business Registration Form (Form A)

These two forms are the most basic forms that you need to complete if you’re registering for either a Sole Proprietorship or Partnership business. As for a Sdn Bhd business, there are more forms that you’ll need to complete and requirements that you’ll need to fulfill (such as legally hiring a company secretary). For a complete guide on how to register a Sdb Bhd business, check out the Local Company Incorporation Guidelines by SSM.

What Are The Fees I Need to Pay?

As it’s mandatory to register a business with the SSM, they’ve made it affordable to the small business owners (a.k.a those who are registering for a Sole Proprietorship or Partnership business). Take a look at the fees table below and find out how much it really cost to register a business in Malaysia:

Sole Proprietorship

Partnership

Sdn Bhd

Registration

Using own name (e.g. Ali Enterprise) RM30, Using trade name (e.g. The Flash Trading) RM60

RM60

Between RM1,000 to RM70,000 (depending on the share capital)

*
Branch *

RM5 annually (per branch)

RM5 annually (per branch)

Not stated

Business Information

RM10.60 (GST included)

RM10.60 (GST included)

Not stated

Stamps

Not stated

Not stated

RM100

Request for Information of Name

None

None

RM30 (each)

Of course, the fees stated in the above table is not exhaustive. For more details on the fees and requirements needed to register a business in Malaysia, you can contact any one of the SSM branch or walk-in to get their assistance. You can also drop an email to them at
[email protected]
.

Did you find this article helpful? Get more tips and advice on how to manage your business and other information on SME business at
RHB SME Knowledge Centre
!

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

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Syaza Abd Jani

Syaza Abd Jani

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Can You Save Money By Spending Money?

It’s not too an obscure idea as many people are familiar with the saying, “you have to spend money to make money”. But you can also
save
 more by spending?

A lot of it is pretty logical but still often neglected areas. For the most part, people avoid these costs in order to save money but what happens is that they end up costing themselves so much more when something goes wrong.

Save yourself the gigantic bill in future by spending on these items well in advance!

Home and Car Maintenance

Do you spend to do regular upkeep and maintenance on your house and car such as servicing your car, aircon and appliances? Do you keep both home and car regularly cleaned and repaired when necessary?

Many people neglect servicing their cars and appliances simply because the recurring cost may seem like pesky drains on the bank account but a little can go a long way.

For instance, servicing your car costs as little as RM90 depending on the make, model and mechanic you choose and an aircon servicing (without gas filling) as low as RM80. Done every 6 months, these services can not only greatly increase the life span of your vehicle and appliance; it can also bring problems to your attention before they become serious.

By taking good care of the things you own, you prolong it’s useful life, pre-empt the need for costly fixes, and prevent constant replacing of these items.

Insurance Policies

Whilst attempting to have every insurance policy ever created is not be possible thanks to limited resources; it certainly pays to have basics. Having a medical card, travel insurance and homeowner’s insurance can help you save money.

Medical card insurance
 will take care of the costly bills if and when something comes up. Stays and treatment at private hospitals rarely cost below RM2,000 and can turn into fortunes when lengthy stays and more serious illnesses are concerned. Having a
medical card
 will give you both peace of mind to get well and help prevent further complications that may occur after seeing the bill!

Travel insurance
 is also often neglected but if you’ve ever experienced lost luggage or a flight cancellation that cost you in room bookings and other miscellaneous costs – you’ll be glad you paid the piddling RM35 or so when booking.

The final basic insurance plan to have is homeowner’s insurance. Depending on if you are renting or living in your own home; you can decide whether to insure the contents, exterior or both. Typically, renters take out home contents insurance to protect their belongings as the landlord will take out insurance for the building. If you are staying in your own home; it will be wise to take both in case of fire or break in.

You can find out
more about home insurance and what is covered in our previous post on the topic
.

Of course, there are heaps more insurance types you can consider such as
personal accident insurance
 and
general life insurance
 but they fall somewhat outside the scope of ‘saving money’. They are still good policies to have so consider it if you can afford it.

Spending More on Regularly Used Items

Items subjected to regular and vigorous use tend to wear out or need replacing quite frequently. Although, we don’t mean that you need to buy branded or luxury items; spending a little more on those you use regularly could help cut down the number of times you need to replace them – saving you money in the long run.

Think of items such as mattresses, everyday shoes and home appliances. Although, it doesn’t always follow that more expensive means a better product so do your research and in the event a better item can be purchased for a slightly higher price – consider it an investment to avoid more spending in future.

Medical Check-ups

Where health is concerned, the main thing should of course be your well-being and not the cost but it’s hard to not think ringgit and sen when healthcare is becoming so expensive.

Basic medical check-ups are recommended to be done at least once a year to help identify any issues at an early stage. Depending on the test you are doing, the cost can be anywhere between RM150 – RM500 at a private clinic.

Getting even a basic blood test done costs RM150 – RM200 but goes a long way in checking that everything is functioning relatively well. Whilst considering health check-ups for the benefit it does your well-being should be paramount, it will also save cost when problems are picked up at an early stage.

Not Always Ringgit and Sen

Saving money is awesome and we love to tell you how you can do that easily any chance we get. But sometimes there is more to saving money – like saving time, effort and in the long run; more money! Just kidding… almost.

Of course, at the end of the day, we can only do the best we can with the limited resources we are given. We may not always have the means for multiple insurance policies or buying the best mattress the furniture store has – but we can go for medical check-ups once a year perhaps.

Where possible, prioritise your health and well-being because that will ultimately be worth much more than any amount of money saved.

What are the items you splurge on and why? Let us know in the comments!

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Diana Chai

Diana Chai

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Govt To Reintroduce Ceiling Price For Bottled Cooking Oil

(Image: The Star/Izzrafiq Alias)

The government has said that it will reintroduce a ceiling price for bottled palm cooking oil, following manufacturers’ failure to lower their retail prices despite a decline in crude palm oil prices.

According to the chairman of the
Jihad Tangani Inflasi task force
, Tan Sri Annuar Musa, this step was taken as existing efforts to reduce the price of bottled palm oil has not yielded any results. “It’s been two weeks since the committee gave a period to see the price of bottled palm oil lowered, it seems that the existing mechanism is not effective, the steps to negotiate and ask for a price reduction do not seem to be effective, and the government needs to make effective decisions to protect the interests of the public,” he said.

Following this decision to gazette the maximum retail price of bottled cooking oil, Tan Sri Annuar said that the process may take approximately a week, with specific details to be provided soon by the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP).

Meanwhile, the deputy minister of KPDNHEP, Datuk Rosol Wahid stressed that the gazetting of the maximum retail price for cooking oil will consider both the interests of the industry and the welfare of the consumers.

(Image: Reuters/Hasnoor Hussain)

“We are doing this to protect the interests of both parties (industry and consumers), we don’t want to pressure the traders, as they may sulk and that will spell trouble. At the same time, we don’t want the consumers to be victimised. We have to put a balance, traders need to run their business wisely and the consumers must also be smart,” said the minister.

The government had previously decided to
remove the subsidies for bottled cooking oil
 as of 1 July 2022, but this consequently saw the price of the commodity skyrocket soon after. Efforts were then made by the Jihad Tangani Inflasi task force to communicate with relevant industry players, with manufacturers hinting that they will
gradually reduce their price by 5% to 10%
 within two weeks. However, this appeared to have come to nothing thus far.

Meanwhile, cooking oil in polybag packages (1kg) is still being subsidised, although the government has also decided to ban its export recently in a bid to combat the smuggling of the item.

(Sources:
Malay Mail
,
The Edge Markets
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Citi Rewards Card Sees Multiple Revisions To Benefits, Including 12x Points For E-Wallet Transactions

Citibank has announced multiple revisions to its Citi Rewards Cards benefits, all of which came into effect at the beginning of this month. This includes the introduction of a new 12x points multiplier for selected e-commerce spend as well as a new spend bonus for meeting a cumulative annual retail spend. However, Citi Rewards cardmembers will no longer be entitled to their annual bonus rewards points benefit.

To begin, Citi said that it is offering a new benefit in the form of 12x Citi Rewards Points for selected e-wallet transactions and online spend. The 12x Rewards Points benefit will be offered for transactions made on three participating e-wallets, namely Touch ‘n Go eWallet, Boost, and BigPay. Additionally, it will also be awarded for purchases that you carry out on iTunes.

Note as well that the 12x Rewards Points is capped at RM300 per month per merchant. Upon reaching the cap, your expenses will earn you 1x Citi Rewards Points for every RM1 of your transaction instead.

Another new benefit that is introduced is the provision of bonus Citi Rewards Points for a specified cumulative annual retail spend. Essentially, Citi will reward you with a total of 125,000 bonus Citi Rewards Points when you spend an annual cumulative of RM48,000 and above on retail purchases. Transactions such as petrol purchases qualify as eligible expenses that contribute to the cumulative annual retail spend as well.

Alongside the introduction of two new generous perks, however, Citi has also decided to remove the annual bonus Rewards Points benefit. Prior to this, Citi Rewards credit cardholders were allowed to earn up to 200,000 worth of annual bonus Rewards Points when they pay their Citi Rewards Card annual fees to renew their cards. Payments made for principal cards will net you a generous 200,000 bonus Rewards Points, whereas supplementary cards will gain another 25,000 Rewards Points. These upsized rewards were provided following an
earlier revision in August 2020
.

Outside of this latest update, the
Citi Rewards Card
 offers 5x Rewards Points for every RM1 spent at major departmental stores, supermarkets and hypermarkets, e-commerce expenses with selected online platforms, as well as for overseas spend. You’ll also get 1x Rewards Points on other local spend, as well as additional perks such as 6x complimentary access to Plaza Premium Lounge at KLIA and KLIA2. The minimum annual income requirement for this card stands at RM60,000, which is equivalent to RM5,000 per month.

(Source:
Citi
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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UOB Becomes First Bank In Southeast Asia To Offer Insurance Solutions Entirely Online

(Image: Bernama)

UOB Bank has joined its bancassurance partner Prudential Assurance Malaysia Berhad in a tie-up that allows the bank to offer its insurance services via a new Virtual Face-to-Face (VF2F) feature on the insurer’s Pulse app. This makes it the first bank in Southeast Asia to be able to do so.

Using this VF2F feature on the health and wellness app, UOB sales representatives will be able to connect with their customers via chat or video call, and provide them with a suite of insurance solutions that meets their needs. These include insurance advisory services, such as recommendations of life insurance products that are relevant to them.

Aside from that, the VF2F feature also allows UOB customers to conduct the entire purchase and application process online through the app – from the obtaining financial guidance to confirming the insurance coverage. They can also submit the necessary documentation and forms electronically, thereby eliminating the need to fill in a physical questionnaire or to visit a bank branch. It also makes for a simpler, smarter, and swifter protection and wealth planning process.

In unveiling the collaboration, the managing director and country head of personal financial services for UOB Malaysia, Ronnie Lim emphasised that this is a testament to the bank’s commitment in providing customers with progressive solutions that are relevant to their lifestyle and preferences.

“Many customers are unable to seek assistance or support at our branches due to the ongoing movement restrictions and physical distancing requirements. The impact of the prolonged pandemic also has many customers reassessing their financial goals. We are pleased to be the first bank in the region to use the VF2F feature on Prudential’s Pulse app, thereby offering our customers the flexibility and peace of mind of seeking wealth advice from the comfort of their own home,” said Lim.

Lim also said that the bank aims to have one in every two customers benefitting from this new feature, with them signing up for the protection or wealth solutions that are offered together with Prudential.

Meanwhile, the senior director of partnerships distribution for Prudential Assurance, Lee Ee Hui said that the insurer has always aimed to help people get the most out of life by protecting their health and growing their wealth. “The pandemic has elevated the awareness of insurance protection and the critical need to be financially protected. With this partnership, we are able to offer UOB Malaysia’s customers a secure end-to-end service anytime, anywhere through our AI-powered health app, Pulse,” he said.

The
Pulse app
 was launched by Prudential back in 2019 as a one-stop holistic health management tool. Since then, it has expanded to include new partners, tools, and services. Additionally, this latest VF2F initiative is one of several efforts that have been introduced during UOB and Prudential’s decade-long partnership.

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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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You Can Now Go Cashless At 1 Utama With 1Pay E-Wallet

1 Utama has introduced 1Pay, an e-wallet for members of its ONECARD loyalty programme. The e-wallet allows you to go cashless when shopping at participating outlets at 1 Utama and earn UPoints at the same time.

Just like with any other e-wallet, shoppers can link their debit or credit cards to top up funds and use the app to scan and pay while shopping at participating outlets. 1Pay users will get their UPoints credited instantly to their account, instead of having to swipe their physical ONECARD or scan and submit their receipts when paying with other methods.

As ONECARD members will know, UPoints can be redeemed to offset purchases at 1 Utama at a rate of 1 UPoint = RM0.01. As a 1Pay user, you will automatically see the cash equivalent of your UPoints credited in your 1Pay balance and ready for your use.

Currently, 1Pay is running a promotion which offers RM5 cashback in UPoints for every ONECARD user who tops up a minimum of RM30 in a single transaction into their 1Pay e-wallet. The top-up must be done through a debit or credit card and not through any other channels to qualify for the cashback. The 1Pay Top Up Promotion will run from 18–31 March 2019.

Those without a ONECARD membership will have to apply for one before they can use the 1Pay e-wallet. ONECARD memberships are valid for 3 years at a fee of RM20 or 5 years at a fee of RM30. It comes with benefits like preferred parking and cheaper parking rates in addition to UPoints collection.

1Pay can be accessed through the 1 Utama Mobile App, which is available in the
App Store
 or
Google Play
.

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Jacie Tan

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Guaranteed Gifts All Around With RM700 Lazada e-Voucher And Samsung Galaxy Buds2 Up For Grabs

The Unbox This Week credit card campaign is back with guaranteed gifts and five participating banks!

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

For this week (25 October – 1 November), our featured bank partners include

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

Citibank – RM700 Lazada e-Voucher

Citibank is giving you a guaranteed RM700 Lazada e-Voucher so you can shop to your heart’s content when you apply for selected cards from Citibank through us!

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

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

HSBC – Samsung Galaxy Buds2

Hey, music lovers! We’re now presenting you with a guaranteed Samsung Galaxy Buds2 as your gift when you apply for a credit card with HSBC! Touted by Samsung as the lightest earbuds they’ve ever made, the stylish-looking Galaxy Buds2 comes with easier controls, unmatched comfort fit, Active Noise Canceling, and seamless connectivity to your phone and watch.

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

Standard Chartered Bank – RM500 Cash via DuitNow

Standard Chartered is also now giving ALL approved applicants guaranteed RM500 cash via DuitNow. Whether you’re looking to send some pocket money to loved ones or splurge on yourself, this gift can do it all!

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

CIMB – Giordano Luggage Bag

CIMB is giving away a guaranteed Giordano Luggage Bag to all its successful credit card applicants. Just apply, activate, and perform the first swipe of any amount to be eligible for this gift!

We know that some of you’re ready to travel, be it for personal or business reasons, and a new luggage bag could be just what you need!

Only applications for CIMB e Credit Card are valid for this campaign. Upon approval, you do have to activate and spend any amount to meet the requirements of the campaign and be eligible to get the prize.

Existing cardholders of any CIMB credit card and individuals who have held or cancelled a CIMB credit card in the past six months are not eligible for this campaign. Apply for the CIMB e Credit Card
here.

Alliance Bank – Herman E88 Drone

This week, we have Alliance Bank once again joining the party with a guaranteed gift – the Herman E88 Drone. This dual-camera drone comes with Wi-Fi FPV (First Person View) functionality that transmits video directly to your smartphones for easy usage.

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

Existing cardholders of any Alliance Bank credit card and individuals who have held or cancelled a Alliance Bank credit card in the past six months are not eligible for this campaign. Apply for an Alliance Bank Credit Card
here.

***

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

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

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About THE AUTHOR

Chee Jo-Ey

Chee Jo-Ey

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Catch The Big Bad Wolf with OCBC Credit Cards

Are you ready for the Big Bad Wolf? One of the country’s biggest book sale is back and going to be knocking on the door of Melaka residents from 9 May till 13 May 2013 with discounts of up to 90%. If you happen to be an OCBC credit cardholder you’re also entitled to a further 5% discount on final prices.

This promotion is applicable during the Big Bad Wolf Melaka sale (9 May – 13 May 2013).
Terms & Conditions
 apply.

Wanna get your paws on an OCBC credit card. Find the right one for you on
RinggitPlus.com

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Brendon Lee

Brendon Lee

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Restricted Movement Order: Banks & Financial Services To Continue Operations As Usual

As part of the Restricted Movement Order announced by Prime Minister Tan Sri Muhyiddin Yassin, all government and private premises to be closed, with the exception of those that provide “essential services”.

Under the Government’s definition, the list of “essential services” is quite extensive, and includes:

Water

Electricity

Energy

Telecommunications

Postal

Transportation

Irrigation

Oil

Gas

Fuel

Lubricants

Broadcasting

Finance

Banking

Health

Pharmacy

Fire

Prison

Port

Airport

Safety

Defense

Cleaning

Retail

Food Supply

From the list, it is confirmed that offline banking services will continue to operate as usual during the Restricted Movement Order from 18 to 31 March 2020. This means you will be able to perform over-the-counter (OTC) transactions as well as access ATM and CDM machines to withdraw and deposit cash respectively. It also means financial services such as RinggitPlus will also operate as usual during this period.

That said, companies are free to set internal policies and other precautionary measures to ensure employees are protected from exposure to Covid-19. This may include work from home policies, social distancing methods such as restrictions to face-to-face meetings, among others.

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Pang Tun Yau

Pang Tun Yau

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

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Micro-Investment App Raiz Now Allows Investors To Link Non-Maybank Debit Cards, Accounts

Permodalan Nasional Bhd’s (PNB) micro-investing app, Raiz has now been updated to allow investors to link debit cards from other banks, aside from Maybank, to the app. This comes following a partnership with digital payment service provider Visa.

With this latest update, the Raiz app is now made accessible to individuals who do not have a Maybank account or debit card as well, enabling them to invest in Amanah Saham Nasional Bhd (ASNB) unit trust funds with just RM5. On top of that, they can also tap into Raiz’s unique round-up feature, which automatically rounds up their daily transactions to the nearest amount when they pay with the linked card, and “collects” the spare change for their investment.

Prior to this, users were only permitted to
link the Raiz app to their Maybank debit cards and accounts
 as Raiz had established an exclusive partnership with the bank. However, Raiz did also clarify previously that it was looking to welcome more partners from other banking institutions and e-wallet providers.

(Image: Kosmo)

The chief executive officer of Raiz Malaysia, Aidi Izham said this agreement with Visa is a pivotal moment for Raiz in Malaysia. “We are excited about the opportunities and growth we have had through our existing relationships with Maybank and PNB. This new partnership with Visa will allow more Malaysians to access all features of the Raiz app to improve their financial well-being,” he further commented.

Aside from enabling the Raiz app for non-Maybank users, Raiz Malaysia also stated that it is seeking to expand the app’s features, to be guided by their users’ feedback – but did not share further details. It currently has more than 100,000 active users.

The Raiz app was first launched back in July 2020. It was developed by Raiz Malaysia, a joint-venture company between Jewel Digital Ventures Sdn Bhd (a subsidiary of PNB) and Raiz Invest Australia Ltd (a subsidiary of Raiz Invest Ltd).

(Source:
FintechNews Malaysia
)

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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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Affin Bank Reveals New Cashback And Rewards Dual Credit Cards, Affin Duo

As promised in its
teaser
 earlier this week, Affin Bank has officially launched the Affin Duo, a Visa-Mastercard pair of credit cards that offer cashback and rewards points respectively. The Affin Visa Cash Back Card offers 3% cashback on online, e-wallet, and auto-billing transactions, whereas the Affin Mastercard Rewards Card gives 3x Affin Rewards Points on dining, groceries, and petrol spend.

Affin Visa Cash Back Card

The Affin Visa Cash Back offers cashback on e-commerce/online transactions, e-wallet reloads/transactions, and auto-billing. These cashback categories are attractive to say the least, given the current popularity of online and e-wallet transactions. Moreover, there are precious few credit cards that offer cashback on utilities these days.

Affin’s FAQ lists as many as 20 e-wallets that are eligible for cashback, from the popular players like Boost, GrabPay, BigPay, and Touch ‘n Go eWallet, to smaller wallets like Sarawak Pay and Presto Pay. As for auto-billing transactions, the Affin Visa Cash Back sets out a quite a general definition of payments falling under this category, with utility bills, telco bills, and online monthly subscriptions such as Spotify, Netflix, and iflix given as examples.

Furthermore, the 3% cashback is capped at a generous RM80 a month, which means that cardholders can get cashback returns on up to RM2,667 worth of spend each month. And lastly, there is no minimum spend amount required to unlock these cashback benefits.

Affin Mastercard Rewards Card

You can get 3x Affin Rewards Points for every RM1 spent on dining, groceries, and petrol transactions using the Affin Mastercard Rewards Card – categories of expenditure that are generally considered the “essentials” in a regular household.

Cardholders will be glad to know that is no limit on the number of points that you can earn using the Affin Mastercard Rewards Card each month. As for points expiry, Affin Rewards Points expire after 3 years from the points issuance date – pretty standard for most rewards credit cards.

We’ll be taking a look at the Affin Rewards catalogue to provide you with some calculations on how much each rewards point is worth, and how to best use this card to your advantage – so keep a look out for our in-depth review on the Affin Duo cards soon.

More about the Affin Duo

The Affin Duo has an annual fee of RM75 for each card; this is quite a reasonable amount, but made better by the fact that it is free for the first three years and subsequently waived upon 12 retail transactions of any amount per annum. It’s also available to those with a minimum annual income of RM24,000 or RM2,000 per month, so even fresh grads should be able to apply.

Interestingly, the Affin Duo is also quite similar to Affin’s other cashback credit card – the
Affin Visa Signature
. Launched last year, the card has quite a fair amount of synergy with the new Affin Duo (Cashback in particular): 3% cashback on contactless transactions capped at RM80 per month, and a similar design language with half the card being translucent.

Coupled with the straightforward card benefits for both cashback and rewards, it does seem like the Affin Duo is shaping up to be a very attractive pair of credit cards – but it joins a club of dual-cards that have proven extremely popular: the Maybank 2 Cards and the Public Bank Quantum cards. Will it be just as successful? We’ll break it down in our review.

In the meantime, more information on the Affin Duo cards is available on the
Affin Bank website
.

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Lucky July Exclusives: Apple iPad Air, RM600 Cash, RM200 Shopee e-Voucher & More

It’s July, the lucky 7th month of the year, and we’ve got the awesome goods to giveaway with this week’s selection of credit cards.

For those who are new, the Unbox This Week Campaign is a weekly campaign where we present the best deals from our featured bank partners. All you have to do is apply for selected credit cards from these banks through RinggitPlus and you’ll receive exclusively selected gifts!

For this week (4 July – 12 July 2022), our featured bank partners include
Citibank, HSBC, Standard Chartered Bank, Alliance Bank, and Ambank
 – if you have considered applying for any of these banks, check out our latest deal below!

Citibank – NEW Apple iPad Air 2022

The latest and mighty Apple iPad Air is here, and you’ve got the chance to win one!

Powered by the powerful M1 Chip, the new iPad Air boasts a 10.9-inch Liquid Retina display with True Tone, P3 wide colour and an anti-reflective coating for a more immersive and impressive experience for the eyes. With its 12-MP Ultra-Wide Front Camera and 12-MP Ultra Wide Back Camera, video calls, content creation, and photos will look sharp, natural, and even better.

To get your hands on the all-new Apple iPad Air 2022, all you need to do is apply, get approved, and spend with a Citibank Credit Card. The offer is limited to only 10 units. Other successful applicants will otherwise be guaranteed to receive a pair of Apple AirPods.

To be eligible, applicants must apply for a Citibank credit card, get approved, and spend a minimum of 8 retail transactions on their new card within 60 days upon gaining approval.

However, note that current cardmembers and individuals who cancelled their Citibank credit cards within a year before this campaign do not qualify for this promotion. Otherwise,
apply for a Citi credit card here.

HSBC – Guaranteed RM600 Cash via DuitNow

After you’ve budgeted for the month, it’s always great to see how your savings have gone up. By applying, getting approved, and spending with a new HSBC Credit Card, you’ll be guaranteed RM600 Cash via DuitNow to add to your savings pool or treat yourself!

Just remember that current cardholders and applicants who were denied or have cancelled their HSBC credit cards within 6 months before this campaign are not eligible to take part in this campaign. Otherwise, you can
apply for your HSBC credit card here.

Standard Chartered Bank – RM200 Shopee e-Voucher or URBANlite Trapez 24” Luggage

Shopping online for essentials, groceries, and the latest products has never been easier. With an extra RM200 Shopee e-Voucher, you could be looking at saving more than a few bucks on your online expenses.

Luggage can usually last a long time, but to make travelling a breeze, the URBANlite Trapez 24” 8-Wheel Spinner Hard Case Luggage is a great addition to your travels as its anti-scratch guarantees that it will still look like new after a few years.

Choose between an RM200 Shopee e-Voucher or the URBANlite Trapez 24” 8-Wheel Spinner Hard Case Luggage when you apply, get approved, and activate your Standard Chartered Credit Card.  Applicants are still required to activate their card within 30 days upon approval to be eligible for this prize.

Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past 6 months are not eligible for this campaign. If you qualify, then you can
apply for your new Standard Chartered credit card here
.

Alliance Bank – JBL Live Free NC+ Earbuds or Tune 710BT Headphones

Worth RM799, the JBL Live Free NC+ Earbuds lets you experience powerful, clear, and immersive sound. With Active Noise Cancellation, it lets you concentrate on whatever you’re doing without distraction. On the other hand, the Tune 710BT Headphones capture the true bass sound that lets you move to beat anywhere, anytime with 50 hours of playback time!

Those who apply for a new Alliance Credit Card with Bank Transfer will receive the JBL Live Free NC+ Earbuds while others will get the Tune 710BT Headphones. Apply, get approved, and activate your new Alliance Credit Card, with or without the 0% p.a. Balance Transfer, to take home either one of these audio devices. Just make sure to activate your Alliance Credit Card upon approval to be eligible.

Existing cardholders of any Alliance Bank credit card and individuals who have held or cancelled an Alliance Bank credit card in the past six months are not eligible for this campaign.
Apply for an Alliance Bank Credit Card here.

Ambank – Morgan Air Fryer

With the recent hike in cooking oil prices, it’s best to reduce your consumption of cooking oil with a handy Morgan Air Fryer. You get the same taste with less cooking time and without the oil.

The Morgan Air Fryer also features a rapid air circulation system to ensure your dishes are well cooked, and a convenient cleaning tray for quick cleanups after your meals.

To score the Morgan Air Fryer, all you need to do is apply, get approved, and activate your Ambank credit card within 30 days upon approval to be eligible for this prize.

Existing cardholders and individuals who have held or cancelled an Ambank credit card in the past year are not eligible for this campaign.
Apply for an Ambank Credit Card here.

***

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

While this week’s flash deal ends on 12 July 2022 (11am), you can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Katrina Balan Quiroz

Katrina Balan Quiroz

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

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Standard Chartered Offers RM885 Double Card Cashback Deal

Sharing a credit card account can be scary sometimes. There’s always the risk of one person spending too much without informing the other and before you know it, your account is dangerously close to busting your credit limit. Aside from the obvious financial strains it can be detrimental for relationships between partners or families.

Thankfully there are some banks out there which realize the need for better financial management and are providing services that reward customers who spend wisely. Take for instance Standard Chartered’s latest
RM885 cashback offer
.

Now with all credit cards it’s always important to zoom in on the fine details before signing up for a new plastic. Lucky for you we at RinggitPlus have done all the homework and went through their
Terms & Conditions
 with a fine tooth comb.

How to qualify for a Standard Chartered RM885 Cashback

1)      Apply for any of these Standard Chartered credit cards

–
Preferred World MasterCard credit card

–
Business Visa Platinum credit card

–
Business Visa Gold credit card

–          Gold credit card (
Visa
 or
MasterCard
)

–          Platinum credit card (
Visa
 or
MasterCard
)

2)      Decide whether you would like to get a supplementary card along with your principal card.

3)      Provide Standard Chartered with the required documents via
email
 within 24 hours of submitting your credit card application.

4)      Spend a minimum of RM1500 on each card to be entitled to a RM400 cash rebate per card plus an additional RM55 cashback on your principal card and RM30 on your supplementary card.

How to REALLY qualify for a Standard Chartered RM885 cashback

1)      There is a cap of RM100 cashback per month and this only applies to the first 4 months upon successful application of your chosen credit card. Any cash rebates (if available) received from the 5
th
 month onwards will depend solely on the type of credit card you have chosen.

2)      You are only eligible for a RM100 cashback if you successfully uploaded all of the required documents within 24 hours after you submitted your credit card application. You will not benefit from this however if your submission was incomplete and the bank has to chase up with you for missing or unreadable documents.

3)      In the event that you did not manage to provide all full documents within 24 hours you are still entitled to a sign-up cashback of RM200 (Principal Platinum / Preferred World MasterCard / Business Platinum), RM150 (Principal Gold / Business Gold) or RM30 (Supplementary Gold / Platinum / Preferred World MasterCard).

4)      Applicants who successfully provided all their documents within 24 hours are also entitled to an additional sign-up cashback of RM55 for Principal Gold, Business Gold, Principal Platinum, Preferred World MasterCard, Business Platinum and RM30 for Supplementary Gold, Platinum and Preferred World MasterCard.

5)      You will see your cashback deposited into your principal account 60 days after the end of a transaction month.

So by now you must be thinking where on earth did the RM885 come from? It took awhile for us to wrap our heads around it as well but we finally figured it out:

Let’s say Mr X applies for a Business Platinum Visa along with a supplementary card. He manages to upload all the required documentation within 24 hours of his credit card application submission with no requests for a resubmission from the bank.

He gets his cards and for the next four months charges at least RM1500 on them each month. This entitles him to a maximum of RM100 cashback for each card for the next four months hence RM200 per month. By the fourth month Mr. X would have been entitled to RM800 in cashback plus an additional RM55 sign-up cash rebate for his principal card and RM30 for his supplementary card. And that’s how we got to the magic number of RM885!

Whether or not this card suits you is entirely up to you and your lifestyle choices. The most important thing to aim for with any credit card is to get the most amounts of savings for your spending. We at RinggitPlus believe like most savings and investment plans every little bit helps.

Please note that this promotion does not extend to existing Standard Chartered Credit Cardholders.

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