Singapore Enters Into Recession As Economy Shrinks More Than 40%

The Singaporean economy plunged into a recession in the second quarter of 2020, with a decline of 41.2% in gross domestic product (GDP) from the previous three months. The drop in GDP is the nation’s biggest quarterly contraction on record.

According to Bloomberg, the slump in Singapore’s growth figures indicate that the island nation is taking a bigger hit than many other Asian countries. At a decrease of 20% in GDP for Q2 2020 from the previous three months, Japan’s GDP decline rate is half of that of Singapore’s; it is also expected that China’s economy will return to growth when data figures are released this week.

Singapore’s huge drop in growth can be attributed to blows dealt by the Covid-19 pandemic on multiple fronts. The country’s export-reliant manufacturing industry was hit hard by the plunge in global trade due to Covid-19, plunging 23.1% compared with a growth of 45.5% in the previous three months. Meanwhile, Singaporean retailers were faced with a record dip in sales following the weeks-long partial lockdown measures in the last quarter. Services shrank 37.7% with airlines, hotels, and restaurants restricted during the “circuit breaker” measures implemented from 7 April to 1 June. The construction also took a massive hit, plummeting by 95.6% quarter-on-quarter.

The Singaporean government has already pledged about SGD $93 billion in stimulus packages to shore up troubled businesses and households. Trade and Industry Minster Chan Chun Sing stated, “We expect the recovery to be a slow and uneven journey, as external demand continues to be weak and countries battle the second and third waves of outbreaks by reinstating localised lockdowns or stricter safe-distancing measures.” The government’s current projection for the economy is a full-year contraction of 4-7%.

(Image: AFP)

Head of economics and strategy at Mizuho Bank Ltd said that the last quarter’s drop was likely to be the bottom of the cycle – “unless Singapore is forced to regress to the harsher iteration of circuit-breaker measures”. He added that the four fiscal packages given by the government would need time to permeate and cascade, although the possibility of additional stimulus is not ruled out.

Ho Meng Kit, head of the Singapore Business Federation, also predicted that the following two quarters would likely be better than Q2 with the economy having opened up since early June. However, with the tourism industry currently remaining on hold in Singapore, the economy is still not performing at previous levels due to the impact on demand, causing certain sectors to continue to be weak.

“Though there have been signs of a substantial pickup in activity in 3Q, we don’t expect a return to positive growth until 1Q 2021,” said Tamara Mast Henderson, an ASEAN economist with Bloomberg. “A full recovery for this transport hub will require the normalisation of global travel and trade.”

(Source:
Bloomberg
)

0

0

votes

Article Rating

SHARE

TAGS:

Bloomberg

Covid-19

Covid-19 Economy

Economic Recession

Recession

Singapore

Singapore Recession

Singaporean Economy

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Should You Still Use GrabPay?

Many regarded GrabPay’s points rewards system to be highly rewarding thanks to its generous points multipliers that can go up to 20x, but now that it’s gone, is it still the most rewarding e-wallet in town?

Grab’s
October 2019 changes to its rewards system
 follows an
earlier revamp in July this year
, activating the streamlining of points you earn per Ringgit spent on Grab services. Previously, Grab users not only earned points multipliers based on their membership tiers, but also an additional multiplier based on what service they used.

As a result, Grab users earned some serious returns in the form of its GrabRewards Points, which can offset future Grab transactions, or to redeem items in the GrabRewards catalogue.

Before we continue, let’s find out just how valuable these points are.

How much is a GrabRewards Point worth?

Grab’s general conversion rate (before and after 1 October 2019) remains pegged at RM5 = 600 points, which means 1 GrabRewards Point is worth 0.83 sen. Therefore, every Ringgit spent on in-store GrabPay prior to 1 October (RM1 = 20 points) yields 16.7 sen (0.83 x 20) worth in points – a whopping 16.7% return for Platinum members!

On top of that, not all items available for redemption on the GrabRewards catalogue follows the RM5 = 600 points rate set by Grab. Grab’s partner vouchers are seasonal and change frequently, and usually offer great value, such as a RM20 Zalora voucher for 600 points (3.3 sen per point) that yields a spectacular 66.67% return (!!!) if you spent RM30 on in-store GrabPay prior to 1 October.

Others need some mental gymnastics – but can be even more rewarding! Take the introduction of
redemption for Singapore Airlines’ KrisFlyer (KF) air miles
, for example. To calculate how much is the return rate of redeeming KF miles using GrabRewards Points, we need to take a few factors into account:

– How much would a flight ticket cost

– How much would that flight ticket cost in KF miles

– The redemption rate of KF miles using GrabRewards Points

The first two are easy. Let’s take the cost of a flight from Singapore to New York on business class, for example, on both cash and KF miles:

KF Miles: 198,000 miles (Business Saver)

Cash: S$6,231.60 (~RM18,857.21) (Business Lite)

Meanwhile, the GrabRewards redemption rate for KrisFlyer is set at 160 KF miles for 1,400 points, and can only be redeemed once per day.

Here’s where the number crunching begins. First, let’s calculate how many GrabRewards Points you’ll need to redeem 198,000 KF miles.

1400 / 160 * 198000 = 1,732,500 GrabRewards Points

That certainly sounds like a lot of points. But how much do you need to spend to earn that amount?

1732500 / 20 = RM86,625

That means – if you spend RM86,625 purely on in-store payment using GrabPay (on the old 20x earning rate), you earn a whopping RM18,857.21 worth in points, which equates to a return of 21.77%.

That’s a good 5% higher than what you’d earn on Grab’s base return rate at the previous 20x earn rate. It was great while it lasted.

Today, assuming Platinum status, the streamlining of points earning will yield 9 GrabRewards Points for every Ringgit spent on non-Grab services (i.e. in-store, online, and bill payments, and prepaid top-ups). Following Grab’s official redemption rate of RM5 = 600 points, every Ringgit spent will yield roughly 7.5 sen (0.83 x 9) worth in points, which means a return of “just” 7.5%.

Meanwhile, for the RM20 Zalora voucher, the rate of return would be adjusted to 30% return, while redeeming the same Singapore Airlines business class flight as above would yield roughly 9.8% returns.

As you can see, it’s not the end of the world.

Should you still use GrabPay?

To put into perspective just how good this rate of return is, consider the fact that even the best air miles credit cards has a rate of return of around 8-10% by redeeming a business (or first) class ticket. But this accumulation period can take years to unlock – nowhere near as immediate as Grab, where you can “earn” 7.5% returns from just RM66.67 in spending.

A rate of return of 7.5% is nothing to scoff at. Most cashback credit cards in Malaysia anywhere between 1% to 15% in cashback – but they always have a cap on how much cashback you can earn per month. On the other hand, GrabRewards has
no caps
on how many points you can earn per month – just like a rewards points credit card.

Let’s drive home this point by using the Maybank Amex Reserve as an example. Widely regarded as the best air miles credit card in Malaysia, it has an earning rate of RM1 = 5 TreatsPoints (TP) and a redemption rate of 5,000 TP = 1,000 KF mile. Using the same flight redemption rate above, let’s calculate the rate of return:

5000 / 1000 * 198000 = 990,000 Treats Points

Now, since the Amex Reserve earns 5TP for every RM1 spent on almost all retail transactions,

990000 / 5 = RM198,000

That means you need to spend RM198,000 on the Amex Reserve to earn a return of RM18,857.21 worth in points, which equates to a return of 9.52%. Pretty solid, and definitely better than plenty of cashback cards. But the question is, how long would
you
take to spend close to RM200,000?

Maximise returns by double dipping with credit cards

There used to be a time when you could use the Amex Reserve to top-up your GrabPay wallet (earning 5x TP), and then earning 20x GrabRewards Points by paying for items in-store using GrabPay, which easily accelerates your air miles earning as you earn on two fronts.

Now that Maybank no longer offer rewards for using its credit cards to top up e-wallets, it’s not the end of the world. Sure, no card offered the same earning rate as the Amex Reserve, but there are plenty of other cards that offer cashback or rewards points for e-wallet top ups. Even HSBC’s recent revision for its cards excluded GrabPay, as it does not have a fund withdrawal feature.

GrabPay vs other e-wallets

Of all e-wallets in town, GrabPay appears to be the only one that offers a fixed, consistent return via GrabRewards Points. Other e-wallets such as Boost and TNG eWallet offer random amounts of cashback, which can range anywhere from 5 sen to around RM2, regardless of amount spent. For smaller purchases this might be attractive, but GrabPay still takes the crown for high-value purchases.

This structured loyalty system makes GrabPay feel more like a rewards credit card with a mature and robust rewards system – but with extremely low redemption rates that lets you enjoy rebates faster than normal rewards credit cards.

This, it must be said, is disruption is being done right.

Bottom line

From our examples in this article, it is clear that GrabRewards still offers fantastic returns – 7.5% definitely isn’t as attractive as 16.7%, but with no limits per month or some randomised returns, GrabPay should remain your first choice e-wallet where possible.

Come 2020, however, the expected return of just 2.5% is still decent, and combined with existing credit card rewards may still make GrabPay worth using consistently.

5

2

votes

Article Rating

SHARE

TAGS:

Digital Payments

Digital Wallet

e-Wallet

Financial Technology

Grab

GrabPay

GrabRewards

About THE AUTHOR

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Alliance Bank Opens Pet-Friendly Branch At Desa ParkCity

Alliance Bank has opened its first pet-friendly branch at Plaza Arkadia, Desa ParkCity, as part of its ongoing commitment to enhance community life for its customers. In celebration of this, the bank is running several promotions and fun activities until September 2023, such as fixed deposit offers, exclusive gifts, and special Saturday events.

The new branch – which also serves as a Privilege Banking Centre – will typically operate from Monday to Friday (9.15am to 4.15pm). During the branch opening celebration period, however, it will also be open on Saturdays (2, 9, 16, and 23 September, from 10am to 4pm) to run special Saturday banking events.

The bank will be providing visitors with exclusive door gifts and light refreshments during these events, offered on a first-come first-served basis. On top of that, a range of activities that cater to both the young and the old will also be organised, including:

Complimentary spinal screening by Parkcity Chiropractic

Sand art station

Balloon art hands-on experience

Glow-in-the-dark workshop

Aside from these activities, Alliance Bank customers who visit the new Desa ParkCity branch will be able to tap into exclusive banking offers, such as a fixed/term deposit-i promo with rates of up to 4.20% p.a. (six-month placement), as well as preferential business deposit rates (current account and fixed/term deposit-i) and online banking fee waivers.

Lastly, the highlight of the celebration period falls on 23 September, which coincides with the Mid-Autumn celebration. Among other things, there will be a lantern giveaway, as well as dragon dance and magic trick performances to celebrate the occasion.

If you do plan to visit Alliance Bank’s Desa ParkCity’s branch in the upcoming weeks, you can register your visit in advance to reserve a welcome gift. Simply click on the “Register” button at the bottom of
Alliance Bank’s dedicated promotion page here
 and fill in the required details.

(Source: Alliance Bank [
1
,
2
,
3
])

0

0

votes

Article Rating

SHARE

TAGS:

Alliance Bank

Alliance Bank Privilege Banking Centre

Desa ParkCity

Pet-Friendly Bank Branches

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


MyPay Is A Single Online Platform For Malaysians To Perform Government-Related Transactions

After its beta phase late last year, Malaysians now have another one-stop platform to perform various government-related transactions. From paying fines, taxes, or loans, or simply enquiring about outstanding summonses, MyPay supports these features and more.

A product of Dapat Vista Sdn Bhd, MyPay is an evolution of the technology company’s journey from its inception in 2000, offering SMS-based services such as traffic summons enquiries to PDRM and the MySMS service. Now that SMS usage has shrunk considerably in today’s internet-driven world, MyPay aims to offer the same service for all Malaysians.

At launch,
MyPay
 allows users to pay student loans on PTPTN, traffic and council summonses, taxes with agencies such as DBKL, perform government-related enquiries such as voter registration status and renew licenses, and even deposit savings in SSPN. Various government bodies and agencies are already onboard, including the Election Commission (SPR), National Registry (JPN), the Immigration Department, local councils, and many more. Users can even purchase their credit report from RAMCI directly from the platform.

MyPay also packs a number of security features to ensure the safety of data stored for each Malaysian. The platform uses a “1-1-1 matching” system, where one MyKad number is locked to their phone number and email address. Logins are also protected with two-factor authentication, where a transaction authorisation code (TAC) is sent to the user’s phone number for verification.

Finally, MyPay also uses the increasingly common eKYC (electronic Know Your Customer) processes that is widely used today for user authentication and verification, requiring users to snap photos of their MyKad and a selfie, which are then matched using facial recognition technology.

Depending on the agency or government body, MyPay charges a transaction fee between RM0.50 to RM1. For example, the fee is RM0.50 for PTPTN loan repayment, while the charge is RM1 for settling summonses. Enquiries and information checks are free of charge.

The platform supports multiple payment options, including credit cards (Visa/Mastercard/American Express), online banking, and even e-wallets (Boost is currently the only one listed).

Moving forward, MyPay aims to expand its payments space to cover more government bodies and beyond, including utilities and telephone bills.

Malaysians interested to use MyPay can start doing so by
visiting its website
 on a mobile device and signing up.

0

0

votes

Article Rating

SHARE

TAGS:

American Express

Boost

DBKL

Mastercard

MyPay

PTPTN

SSPN

Visa

About THE AUTHOR

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Why Going Completely Broke May Be Your Best Financial Lesson

The
most financially successful people have been dirt broke at least once
. What lessons did they learn that helped propel them from a place of rock bottom to the peaks of success today? Perhaps there is something to be said for experiencing financial hard knocks.

We’re not advocating being reckless with your money, but if you have experienced a setback going broke, don’t be too hard on yourself – it could turn out to have been the best money lesson.

Here are ways in which going broke can sometimes manifest in good outcomes for you.

Understanding What it Means to ‘Rough it’

Being broke means adjusting to living within the small amount you have and you’ll be forced to start either cutting back, finding creative ways to juggle or alternative modes of earning interim money. Some who are particularly resourceful, may even do all three.

This balancing act and creative financial problem solving will surely hold you in good stead even in better financial days. You would have learned how to get by on a small sum; ways to realistically increase or stretch it to survive. You can be sure that these real life lessons cannot be easily replaced by controlled study.

Knowing these crucial steps when the going gets tough could be the know-how you need to keep your new business afloat or apply it to your other wealth building strategies. The art of stretching a ringgit should be no end useful.

Open to Consider New Income Opportunities

Do you have a creative hobby making clothes, food, or other knick-knacks that strangers have been praising and offering money for? Perhaps many people have been consistently contacting you to tutor them in topics or skills for pay.

Some of us may have stumbled upon these opportunities in the past, but we manage to produce several excuses to not pursue them. If you’re at rock bottom, chances are you would have tried many ways to earn extra money and this willingness should help open you up to the possibility of pursuing new income opportunities including the ones you earlier dismissed.

Learning to Make Better Financial Decisions

Being at rock bottom teaches you many things: it teaches you how to climb back out as well as what missteps made you fall in, in the first place. Playing it safe doesn’t always equate getting it right but making outright mistakes often teach us much more durable lessons.

Did you overspend to become broke? Or perhaps you foolhardily entered an agreement without first knowing the ropes. Whatever misstep you made to end up in the financial mire you did, you now know the consequences and hence, you know better.

Prevention is Better than Cure

The above outcomes are handy no doubt but people are inherently different and not all of them may respond to financial adversity in the same way. How many broke people remain so for the rest of their days? A large number we bet you won’t find in a Business Insider article.

We’ve painted a pretty good picture of how going completely broke can help you but that
is only if you have successfully gleaned the right lessons from the experience
.

If you have been broke before, we hope you learned the good lessons above from it. But if you haven’t, please don’t go out to recklessly attempt it! There is another way to learn about financial management as per the above by taking calculated risks.

Financial advisor
Ramit Sethi posits the method called the “Tripod of Stability”
.

He suggests that by taking absolute care of the big three things in life (which for him are his car, his relationships, and his home), you can be more comfortable with taking risks in the areas outside of those three.

You can modify this concept to fit your finances of course. It doesn’t have to be three areas. It just have to be enough for you to feel secure. One example would be to have
an emergency savings
, adequate
insurance policies
 and a good backing of untouchable assets, be it low risk investments or property.

Having this cushioning allows you to experiment with new opportunities, business ventures and learn what you need with the adequate backing of good crisis prevention assets – just in case one round of financial rum luck doesn’t teach you enough.

If you’re currently broke,
a good emergency credit card
 or
personal loan
 could help tide you over (just remember to pay it all back when you’re flushed with cash again!).

At the end of the day, it isn’t how badly we’ve faltered in our efforts to manage and build wealth but what we’ve taken away from the experience that counts for much more.

Have you bounced back from being broke yourself and would like to share your story? Let us know in the comments section below.

1

1

vote

Article Rating

SHARE

TAGS:

Debt

Emergency Fund

Financial Advice

Going Broke

About THE AUTHOR

Ahmad Mudhakkir

Ahmad Mudhakkir

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Boost, TNG, Or GrabPay: What RM30 e-Tunai Rakyat Incentives Are They Offering?

Now that the government’s e-Tunai Rakyat initiative is finally here, eligible Malaysians can finally start claiming their RM30 incentive from their e-wallet partner of choice. But between Boost, Touch ‘n Go eWallet (TNG), and GrabPay – which e-wallet should you be claiming your incentive from?

To encourage prospective e-Tunai recipients to choose
their
e-wallet for the incentive, Boost, TNG, and GrabPay are each offering additional perks that you will get when you claim the e-Tunai incentive with them. So, in addition to the RM30 credit from the government, you get add-on incentives from the e-wallet providers themselves. Yay!

Boost

When you claim your e-Tunai incentive with Boost, you will be entitled to receive one Shake Reward of up to RM8,888. As with all of Boost’s signature Shake Rewards, the benefit you can get from the Shake Reward is randomised – so while you could be getting that RM8,888, you could also be getting less.

In addition to the Shake Rewards, you will also get a variety of vouchers and discounted bundle deals – the vouchers offered include RM15 Fave vouchers, 23% off Zalora, and RM10 off Watsons.

Boost is also the only e-wallet to offer referral rewards for e-Tunai Rakyat. You can earn RM3 for every successful e-Tunai Rakyat claim with Boost made through your referral code – with an extra RM3 for every fifth successful referral. There are no caps and limits on how much you can earn through these referrals.

GrabPay

*UPDATE 24/1/2020:
 The rewards for the first 110,000 sign-ups have been fully claimed. Grab has added an additional tier for its e-Tunai Rakyat incentives: 200,000 claimers will get Grab vouchers worth RM60 as well as five other cash vouchers (worth RM20 excluding Hotlink). Once the rewards on this additional tier have been fully claimed, the rest of Grab’s successful e-Tunai Rakyat applicants will receive vouchers worth up to RM30.

GrabPay is offering GrabPay Exclusive RM5 vouchers to its e-Tunai claimants. The first 10,000 successful applicants get vouchers worth up to RM270 whereas applicant No. 10,001 to 110,000 get RM120 worth of vouchers. All other applicants will get vouchers up to RM30. Clearly, Grab is trying to encourage eligible applicants to make their e-Tunai claims as quickly as possible to get a higher value in vouchers.

Most of the vouchers have a minimum spend requirement – you will get RM5 off with a minimum spend of RM20. The GrabFood vouchers offer RM5 off a minimum spend of RM25, but the GrabCar vouchers have no minimum spend.

Touch ’n Go eWallet

UPDATE 19/1/2020:
Touch ‘n Go posted an update on Facebook saying that its extra RM30 cashback incentives for e-Tunai Rakyat have been fully given out.

TNG is offering the most straightforward perk of the lot – an additional RM30 in e-wallet credit. So, those who choose to make their e-Tunai claim with TNG will be getting a total of RM60 in their TNG eWallet. While the vouchers offered by Boost and GrabPay could be worth more in total, it’s a better option who would rather see cash in their e-wallet rather than discount vouchers.

UPDATE:
 it appears a lot of people have missed a key part of the additional RM30 bonus cashback – including ourselves. Buried on a completely separate page in the app’s Help Centre under “Promotions & Rewards”, it is finally revealed that the RM30 TNG eWallet Exclusive Bonus will be credited in six batches of RM5 only when you perform certain Services or Features with a minimum spend of RM20, as per the images below.

This definitely caught us by surprise when compiling this list, as it is not mentioned anywhere in the e-Tunai Rakyat page, including the FAQ. While spending RM20 isn’t super difficult on TNG eWallet thanks to support for Lazada and bill payments, it’s quite disappointing to see the terms hidden in a separate part of the app. (h/t:
@firstbasement
)

Besides the additional RM30 credit, successful e-Tunai Rakyat applicants also get 2x entries for TNG’s ongoing lucky draw – The Big RM2,000,000 Weekly Draw. Participants stand a chance to win a brand-new Proton X70, Huawei P30 Pro, and more.

Which E-Wallet Should You Choose For e-Tunai?

All three of the e-wallets are bound by the same eligibility criteria under the e-Tunai programme; you have to be Malaysian, aged 18 years and above as of 31 December 2020, and earned less than RM100,000 in the year 2018. The
claiming process
 for each e-wallet is also similar.

So, whether you want to play it safe with Touch ’n Go, or get a variety of discount vouchers with Boost and GrabPay, the choice is ultimately in your hands. You have from today until 14 March 2020 to claim and use your RM30 incentive, so start making your e-Tunai claims now!

3

2

votes

Article Rating

SHARE

TAGS:

Boost

e-Tunai

E-Tunai Rakyat

e-Wallet

e-wallet incentive

GrabPay

RM30 e-wallet

RM30 incentive

Touch 'n Go eWallet

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Survey: 72% Of Malaysian Customers Keen To See SMEs Adopt Digital Payments

(Image: Bernama)

A survey by cybersecurity firm Kaspersky has found that 72% of consumers in Malaysia are keen to see small and medium enterprises (SMEs) adopt digital payment systems. It also highlighted that out of all Southeast Asian countries, Malaysian consumers are the most enthusiastic about the implementation of digital payment systems among SMEs – followed by Singapore and the Philippines at 68%.

Revealed in the report “Mapping A Digitally Secure Path For The Future Of Payments In Asia Pacific”, Kaspersky further noted that 59% of the total survey respondents indicated that they will spend more at stores that accept digital payments. In terms of countries – specifically, the Southeast Asian region – 70% of customers in Malaysia are most likely to do so, followed by Vietnam (63%) and the Philippines (59%).

The study also found that mobile payment apps (58%) are the most frequently used form of digital payment among consumers in Southeast Asia. This is followed by internet banking via mobile apps (53%), debit cards (36%), credit cards (33%) and internet banking via browsers (31%). The respondents cited convenience, accessibility and privacy as their primary reasons for adopting these technologies.

(Image: Bernama)

Aside from capturing data on the respondents’ preferred payment method, the survey also showed that 64% of the participants believe that mobile wallets can help SMEs increase earnings, thereby boosting businesses. “Thailand is the most confident with this idea (71%), followed by Malaysia (68%) and Vietnam (64%),” said Kaspersky in a statement.

Despite their enthusiasm for the adoption of digital payments, respondents also indicated that they recognised the obstacles faced by SMEs to do so. 27% of the total respondents surveyed believe that some local businesses cannot afford to adopt digital payments due to internet connection issues and lack of devices. Within the Southeast Asian region, this view is mainly held by consumers in the Philippines (31%), followed by Vietnam (30%), Indonesia (29%), Thailand (28%), Malaysia (21%) and Singapore (20%).

Apart from these details, Kaspersky’s survey also revealed various other vital data regarding consumers’ perception of digital payments and online security. These include their awareness of cyber threats, as well as the public’s confidence when shopping with stores that suffered data breaches.

(Image: Bloomberg/Krisztian Bocsi)

Kaspersky’s study was conducted in ten countries within the Asia Pacific region – including Australia, China, India, South Korea, and Malaysia – with the help of research agency YouGov. In the research, a total of 1,618 working professionals aged between 18 to 65 years old who use digital payments were polled.

(Sources:
The Malaysian Reserve
,
Kaspersky
)

0

0

votes

Article Rating

SHARE

TAGS:

Credit Cards

Cybersecurity

Debit Cards

Digital Payment Systems

Digital Payments

Internet Banking

Kaspersky

Mobile Payment Apps

Small And Medium Enterprises

SMEs

About THE AUTHOR

Nur Adilah Ramli

Nur Adilah Ramli

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Apply To Win A Dell Desktop, Huawei Matebook, Samsung Tab & More This Week

The Tokyo Olympics has officially come to an end but our Unbox This Week Campaign never ends!

For those who are new, RinggitPlus’ Unbox This Week is a weekly event where we give you the best deals from our featured bank partners. All you have to do is apply for any selected credit cards from these banks from RinggitPlus to get rewarded.

For this week (9 August – 16 August), the featured banks are
HSBC, Standard Chartered, Maybank, and CIMB
 – if you’ve been considering applying for a credit card for either of these banks, check out the deals below!

HSBC: Be Complete With The Dell Desktop All-In-One (AIO)

Apply for a HSBC credit card and win a stunning addition to any workspace, the Dell Inspiron 24” Desktop All In One (AIO). Designed to look minimalistic yet powerful, it has an integrated forward-facing soundbar, InfinityEdge FHD display, and 11th Gen Intel®Core™ processors so you’ll be working productively and efficiently in style.

A total of 20 units will be given to randomly selected applicants who submit their applications from 9 to 16 August 2021. Applicants must activate their new card upon approval and spend a minimum of RM1,000 within 60 days to stand a chance at winning the Dell Inspiron 24” Desktop All In One (AIO).

Successful applicants who do not win the Dell Inspiron 24” Desktop All In One (AIO) will be given a Pensonic PVC-1000H Vacuum Cleaner.

Applicants or current cardholders who were previously denied, and/or have cancelled their HSBC credit cards within 6 months and 3 months respectively, prior to this campaign are not eligible. If you qualify, then you can
apply for a HSBC credit card here.

Standard Chartered Bank: Wake Up Your Workspace With The Huawei Matebook D15

Weighing at only 1.53kg, the Huawei Matebook D15 packs a 10th generation Intel ® Core ™ i3-10110U processor and NVIDIA® GeForce® MX250 graphics for seamless work and play. Apply for a Standard Chartered credit card to win your very own.

Only 20 randomly selected successful applicants will get to take home the Huawei Matebook D15. Applicants must activate their card within 30 days upon approval in order to be qualified for the prize.

Applicants who do not win the Huawei Matebook D15, will be rewarded with a Realme Band.

Existing cardholders and individuals who have held a Standard Chartered credit card in the past 6 months are not eligible for this campaign. Otherwise,
apply for a new Standard Chartered credit card here.

Maybank: Tap Tap Tap The Samsung Tab A7

Cure the boredom at home with a Samsung Galaxy Tab A7 worth RM999 when you apply for selected Maybank credit cards!

The Samsung Galaxy Tab A7 will be given to a total of 10 randomly selected applicants who submit their applications from 9 to 16 August. Applicants must activate their card upon approval and make their first transaction to be eligible for the prize.

Applicants who do not win the Samsung Galaxy Tab A7 will be given an RM100 Lazada e-Voucher.
Please take note that current cardholders and individuals who have cancelled their Maybank credit cards within a year prior to this campaign do not qualify for this deal. Otherwise,
apply for a Maybank credit card here.

CIMB: Guaranteed Samsung Galaxy Buds Live

Give your ears the pleasure of listening on the iconic shape and ergonomic design of the Samsung Galaxy Buds Live. Get this guaranteed gift when you apply and get approved for a CIMB credit card.

Once approved, applicants must spend any amount with their new credit card to take home the Samsung Galaxy Buds Live.

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

you can apply for a CIMB credit card here.

***

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

While this week’s flash deal ends on 16 August 2021 (1pm), you can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

0

0

votes

Article Rating

SHARE

TAGS:

CIMB

HSBC

Maybank

RinggitPlus Unbox This Week Campaign

Standard Chartered

About THE AUTHOR

Katrina Balan Quiroz

Katrina Balan Quiroz

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

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


ShopeePay Now Accepted At Selected Ramadan Bazaars In Kuala Lumpur

Customers visiting the Ramadan and Aidilfitri bazaars at Lorong Tuanku Abdul Rahman (TAR) and in Bandar Sri Permaisuri, Cheras will now be able to pay for their purchases using the ShopeePay e-wallet. This comes as ShopeePay collaborated with the Kuala Lumpur City Hall (DBKL) to enable its payment features for approximately 300 bazaar merchants, as part of its commitment to digitise micro, small, and medium enterprises (MSMEs).

According to the head of ShopeePay Malaysia, Alain Yee, offline merchants – especially micro traders and bazaar sellers – were among those hit hardest by the Covid-19 pandemic. Now, though, such bazaars have made a comeback, and ShopeePay hopes to assist by introducing them to its e-wallet alongside other curated incentives that will enable them to earn more.

With regard to enabling ShopeePay for the vendors, Yee emphasised that cashless payments are recommended to avoid unnecessary and extended time spent outdoors during the ongoing pandemic. On top of that, it can mitigate the risk of Covid-19 transmission posed by the exchange of physical cash.

Aside from that, Yee said that ShopeePay has also launched the Tawaran Bazar Ramadan campaign, where one of the perks offered is the waiver of the merchant discount rate (MTR) to support traders through economic recovery. With this waiver, traders will be able to use the e-wallet for their sales for free.

“By waiving the MDR charges, it is as good as collecting cash because you get 100% of the value of your sale and your transactions are all digitally recorded – which makes bookkeeping and sales reconciliation a lot easier. We hope with this, the traders will begin to also see the benefits of going digital. When more traders go digital, they will naturally also push the adoption of cashless payments among consumers,” added Yee.

On top of the waived MDR charges for traders, ShopeePay’s Tawaran Bazar Ramadan campaign also offers some incentives for consumers. This includes a RM4 cashback, which can be earned with a minimum spend of RM8 at participating vendors – such as Tealive, Nando’s, and Mohammad Chow. To obtain the cashback, buyers will need to first purchase the selected ShopeePay Bazaar vouchers that are priced at 5 sen each from the
“Deals Near Me” function
. They can then apply the voucher when they pay at the trader’s stall to receive the cashback.

Briefly, ShopeePay’s “Deals Near Me” function was launched just two weeks ago. It is a location-based, online-to-offline function that allows users to discover deals offered by nearby merchants through ShopeePay Vouchers available in the app.

Aside from the RM4 cashback, ShopeePay also has another ongoing RM3 cashback campaign that users can tap into for more discounts. This separate cashback can be earned on a daily basis with a minimum spend of RM15 each day. This essentially means that you can earn a total of RM7 cashback daily when you pay for your purchases at these selected merchants with ShopeePay.

You can find out more about Shopee’s
Tawaran Bazar Ramadan campaign here
.

0

0

votes

Article Rating

SHARE

TAGS:

Alain Yee

Covid-19

DBKL

Hari Raya Campaigns

Kuala Lumpur City Hall

Shopee

Shopee Deals Near Me

ShopeePay

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


How To Pay Income Tax In Malaysia

With income tax season well underway, we’re sure most of you have already
filed your income tax
 for the previous assessment year. For most of us, the mandatory monthly tax deductions (MTD) set by our employers would have already covered our income tax payments for the year, and filing our taxes means getting an income tax refund from the government.

But, for those who has a secondary income or run their own businesses, that isn’t always the case. If you have filed your income tax and there is a deficit to be paid, the Inland Revenue Board of Malaysia (IRB) offers a wide range of methods to pay for your taxes – ensuring there are no excuses for not paying your income tax on time.

Here are all the ways you can pay for your income tax in Malaysia.

Over-the-counter at IRB Malaysia counters

This option is available for registered businesses only, and does not apply for individuals.

There are three IRB payment counters in Malaysia: Jalan Tunku Abdul Halim Payment Counter for Peninsular Malaysia, Kuching Payment Counter for Sarawak & Kota Kinabalu Payment Counter for Sabah. Every payment needs to be attached with CP 207 payment slip which has been sent to the company.

Over-the-counter at Banks and Pos Malaysia outlets

Both individuals and businesses can pay their income taxes over-the-counter at selected banks and Pos Malaysia outlets. The list of banks are:

CIMB Bank

Public Bank

Maybank

Affin Bank

Bank Rakyat

RHB Bank

Bank Simpanan Nasional

Note that only cash payments are accepted at Pos Malaysia outlets. For individual taxpayers, ensure that the following information is included in the payment slip:

Payment Code

Name of Taxpayer/Employer

Income Tax Number/Employer number

IC number

Year of assessment

Payment amount

For businesses, use the CP 207 payment slip as a guide to fill up IRBM’s Bank In Slip provided at the bank to make payment. The customer’s copy of the bank in slip must be kept as a proof of payment.

Online

By far, online payment is the easiest and most efficient way to pay income tax in Malaysia. The best would be via the IRB’s own online platform,
ByrHASIL
. It’s the only online platform that supports payment by credit cards (Visa, Mastercard,
and
 American Express), so you can earn some points or cashback for paying income tax – just note that there is a processing fee of 0.8% imposed for credit card payments. You can also pay via FPX on ByrHASIL.

Besides ByrHASIL, a host of online banking platforms can also be used to pay for income tax, including:

CIMB Clicks
 (individual only)

CitiDirect
 (business only)

HLB Online
 (individual & business)

Maybank2u
 (individual only)

Maybank2e
 (business only)

MyBSN
 (individual only)

Pos Online
 (individual & business)

Public Bank eBank
 (individual & business)

RHB Online
 (individual only)

ATM

This option is available for individual taxpayers only, and does not apply for registered businesses.

Payment of individual income tax via auto teller machines (ATM) can only be done at three banks:

Public Bank

Maybank

CIMB Bank

You are required to have an ATM card from the respective bank’s ATM to proceed with payment. You must also provide your income tax reference number to complete the transaction.

Cash & Cheque Deposit Machines

This option is available for individual taxpayers only, and does not apply for registered businesses.

Likewise, payment of individual income tax via cash or cheque deposit machines (CDM) can only be done at two banks:

Public Bank (cheque)

CIMB Bank (cash)

Payment by post

This option is available for registered businesses only, and does not apply for individuals.

Payment of income tax by post must only be made with crossed cheques or bank drafts, and made payable to “THE DIRECTOR GENERAL OF INLAND REVENUE”. The cheque or bank draft must contain the name of the company, the tax reference number, installment number, year of assessment and the address on the reverse side.

While sending cash via post isn’t illegal, the IRB does not accept cash sent by post to pay for income tax. Neither are post-dated cheques, and cheques issued by banks outside Malaysia.

All cheques and bank drafts must be submitted to the Kuala Lumpur Payment Centre or the collection unit in Kuching or Kota Kinabalu.

Tele-banking

This option is available for individual taxpayers only, and does not apply for registered businesses.

The only reason why we’re listing this option is because it remains one of the supported channels to pay for income tax. Maybank’s Kawanku Phone Banking service can be used to pay for individual income tax, if you have a savings account with Maybank.

But seriously, there are better avenues to pay for income tax listed here.

Overseas money transfer

If you happen to be overseas and have no other means to pay for your income tax, you can still do so via electronic money transfer as well as bank draft.

a) Electronic Money Transfer via TT, IBG, & EFT

If the taxpayer wishes to pay tax via Telegraphic Transfer (TT), Interbank GIRO Transfer (IBG) or Electronic Fund Transfer (EFT), they will have to call the HASIL Care Line to receive the payment procedure at 03-8911 1000 (call within Malaysia) or 603-8911 1100 (call from oversea). Alternatively, they can also drop an email at
[email protected]
.

Taxpayers who made their payment via TT/IBG/EFT must provide the additional information to enable the IRB to update their tax accounts:

Payer name

Tax reference number

Transaction reference number for the TT/IBG/EFT

Year of assessment

Payment code (refer to table below)

Installment number, if any. If not stated, IRBM will consider current month as the installment number

Date of payment

Payment amount

(Image: IRB)

For this mode of payment, an official receipt will be issued after the amount is received by the bank, and after the complete payment information has been received by the IRB. Any incomplete information will result in a delay in the receipting process, and a late payment penalty could be imposed, so be sure that the information is furnished accurately.

b) By Bank Draft

Payment of income tax from oversea by monetary transfer using bank draft requires the payer to submit the following instrument:

Payable to: Director General of Inland Revenue

Name and address of payer bank must be “local paying bank” or “local correspondence bank” so that the draft becomes a local cheque.

In addition, the taxpayer may buy a bank draft in currencies other than Malaysian Ringgit (RM), but must ensure that the amount paid is accurate based on the exchange rate on payment day, because payment will be recorded based on the exchange rate on the day the funds are credited.

Also, taxpayer as well as payment details must be clearly written on the back page of the bank draft. Completed bank drafts are to be posted to:

Inland Revenue Board Malaysia

Kuala Lumpur Payment Centre

Ground Floor, Block 8A,

Government Offices Complex,

Jalan Tunku Abdul Halim,

50600 KUALA LUMPUR, MALAYSIA

No excuses

With an extensive list of payment methods – both offline and online – available, the IRB ensures that paying your taxes is an easy process, no matter where the taxpayer may be.

While paying our taxes is a necessary thing, it doesn’t mean we can’t get a little out of it. Credit cards that offer cashback and/or rewards points could be worth paying the extra 0.8% processing fee, as long as you get something better in return. Check out our list of
best credit cards for online transactions
 for more details – just be sure that the card’s fine print allows for cashback and/or points accumulation for tax- or government-related payments.

Check out the
RinggitPlus Income Tax page
 for more helpful guides and tips.

1

1

vote

Article Rating

SHARE

TAGS:

Affin Bank

American Express

Bank Rakyat

BSN

CIMB Bank

Inland Revenue Board

IRB

Mastercard

Maybank

Pos Malaysia

Public Bank

RHB Bank

Visa

About THE AUTHOR

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.

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    Lim

    3 years ago

May i know, whice credit card pay income tax get 0% interest installment now?

0

Reply


Maybank Campaign Offers Cashback Rewards For AMEX Cardholders, Including RM5,000 Grand Prize

In conjunction with the 20
th
 anniversary of the partnership between Maybank and American Express (AMEX), the bank is currently running its Register, Spend, And Win RM200,000 Cashback campaign. Ongoing until 15 July 2022, selected AMEX credit cardholders will be able to earn up to RM5,000 monthly cashback by becoming a monthly top spender, as well as 8% cashback on online retail spend.

Specifically, this campaign has two tiers of cashback rewards to be won, and is open to Maybank customers who hold these cards:

Maybank 2 American Express Platinum credit card
Maybank 2 American Express Gold credit card
Maybank American Express Gold Cashback credit card
Maybank Islamic Ikhwan American Express Platinum credit card

Tier 1: Spend & Win (All AMEX Credit Cards)

Under Tier 1 – which is open to all of the cards listed above – you can win up to RM5,000 cashback by becoming one of the top spenders of the month, through the transaction of any retail expenses. Here’s the full list of the cashback prizes that can be won:

Monthly prizes
Amount
Monthly top spenders
Winners per month
Total winners (for whole campaign period)
Grand prize
RM5,000 cashback
Top 1
1
4
1
st
 prize
RM3,000 cashback
Top 2 – 4
3
12
2
nd
 prize
RM2,000 cashback
Top 5 – 10
6
24
3
rd
 prize
RM1,000 cashback
Top 11 – 20
10
40
Consolation prizes
RM20 cashback
Top 21 – 500
480
1,920

Note that your monthly expenses for Tier 1 will be calculated as per the following schedule:

Month 1
: 15 March – 14 April 2022
Month 2
: 15 April – 14 May 2022
Month 3
: 15 May – 15 June 2022
Month 4
: 14 June – 15 July 2022

Maybank also clarified that transactions such as Flexi or Easy Payment Plan instalments, balance transfers , e-wallets, and cash advance do not quality for this campaign. Additionally, each cardmember is only allowed to win one prize under Tier 1 throughout the whole campaign period – so let’s say you’ve won a cashback in Month 2, you will not be able to win again in Month 3 or 4.

Tier 2: Spend & Win (Maybank Islamic Ikhwan American Express Platinum Card-i)

Meanwhile, Tier 2 is open only to cardholders of the Maybank Islamic Ikhwan American Express Platinum credit card-i, allowing them to earn an extra 8% cashback when they spend on online expenses via the card (capped at RM80). This is on top of the winnings allowed under Tier 1.

Again, note that only online retail expenses will qualify for this campaign, so expenses such as Maybank EzyCash or EzyPay transactions, JomPay payments, FPX transactions, and e-wallet reloads are not accepted as qualifying transactions. Maybank further stated that the cashback reward will be awarded based on transaction date, irrespective of the posting date.

***

If you do earn rewards from either tiers, the cashback amount earned will be credited into your account within 12 weeks from the end of the campaign period. You’ll also be notified of your winnings via SMS.

To join in Maybank’s Register, Spend, And Win RM200,000 Cashback campaign, go ahead and register your participation by sending an SMS (
AMEX<space>last 6-digit NRIC/passport number
) to 66628. Once successfully registered, you’ll automatically be enrolled for both Tier 1 and 2 sub-campaigns; there is no need to register twice.

(Source:
Maybank
)

0

0

votes

Article Rating

SHARE

Not yet a Maybank credit cardholder?

Apply now!

TAGS:

American Express

American Express Credit Cards

AmEx

Cashback Campaign

Maybank

Maybank 2 American Express Gold

Maybank 2 American Express Platinum

Maybank American Express Gold Cashback

Maybank Islamic Ikhwan American Express Platinum

Promotional Campaigns

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Hong Leong Wise Review: The Weekend Cashback Card

(UPDATE 24/10/2019:
With the
revision to the Hong Leong Wise
 earlier this year, the original review has been edited.)

Once a credit card with variable cashback categories targeted towards those on the higher end of the spending spectrum, the Hong Leong Wise has transformed into a cashback credit card for basic everyday expenses. With manageable criteria for cashback eligibility, the Hong Leong Wise is a dependable choice to get high cashback for essentials on the weekend.

Cashback For The Essentials

The Hong Leong Wise’s main benefit is the cashback it offers for petrol, dining, and groceries. The rates vary for weekdays and weekends : on weekends, the cashback rate for these categories is 8%; on weekdays, you’ll only get 1%. For all expenditure outside of these three categories, cardholders get 0.25% uncapped cashback.

The 8% and 1% cashback rates are unlocked with a minimum spend of RM500 each calendar month. If you spend less than that, you will only receive a tiny 0.25% cashback regardless of category.

For each category, the cashback cap is RM18 per month – which means you can get up to RM54 in cashback each month using the Hong Leong Wise (besides the 0.25% cashback for other categories). To get the maximum RM18 cashback each month, you would need to spend RM225 per category on weekends. And if you’re already spending that amount each month for the three cashback categories, you won’t need to worry about hitting the RM500 minimum spend.

To get the best returns with this card, you should view it as a weekend-only card; you could make it a general rule to only get your groceries and pump petrol on Saturdays and Sundays.

A Wider Market

Before its revamp in the middle of the year, the Hong Leong Wise was a different creature altogether. With a minimum spend requirement of RM2,000 to unlock the 10% cashback rates, the previous version of the Hong Leong Wise was definitely geared towards those with a bigger income – or at least to those with higher monthly commitments. The rewards were bigger too – cardholders could get up to RM100 per month in cashback.

The biggest blow arising from the revamp would probably be the loss of the Hong Leong Wise as a solid
cashback credit card for utilities
; the card offered cashback for one pre-selected category and two categories of the cardholder’s choice, and utilities was one of the options available.

The current version of the Hong Leong Wise offers lesser returns (RM54 vs RM100), but on the other hand, it stands to benefit more cardholders.

In fact, the benefits of the Hong Leong Wise now bear some similarities to the
Citi Cash Back Card
. Like the Hong Leong Wise, the Citi Cash Back Card also offers cashback for petrol, groceries, and dining – but the cashback rate offered is 10%, and an additional cashback category for Grab expenditure. The Citi Cash Back Card offers this high rate of cashback for every day of the week – but the cashback cap per category per month is RM10 (total RM40 per month).

However, the Hong Leong Wise wins out over the Citi when it comes to the overall amount of cashback offered. For a minimum monthly spend of RM500, you can get up RM54 in cashback per month with the Hong Leong Wise compared to the
Citi Cash Back Gold’s
 RM40 (minimum spend of RM500) and the
Citi Cash Back Platinum’s
 RM60 (minimum spend of RM1,500).

Entry-Level Requirements

In line with being a cashback card for the essentials, the fees and requirements for the Hong Leong Wise are reasonable. Both the Gold and Platinum variants of the Hong Leong Wise card have an annual fee of RM98, with the only difference between the two types of cards being the annual income requirement – even the benefits are exactly the same.

The Hong Leong Wise Gold is available to even fresh graduates with a minimum income requirement of RM24,000 per year (RM2,000 per month), whereas those earning RM60,000 and above annually (RM5,000 per month) can apply for the Hong Leong Wise Platinum.

Conclusion: Back To Basics

While some may mourn the loss of the Hong Leong Wise as a flexible cashback card with big returns, a wider group of people can benefit from the card now that the minimum requirement spend has been reduced. Once you’ve unlocked the 8% rate, you can get up to RM54 in cashback per month – which totals up to a potential RM648 in cashback a year. This does make the Hong Leong Wise a dependable way for you to get your returns in some very essential areas of spending.

Find out more about the
Hong Leong Wise Gold
 or
Platinum
 to see if it’s the right cashback credit card for you.

0

0

votes

Article Rating

SHARE

TAGS:

Cashback

Citi Cash Back Card

Dining

Groceries

Hong Leong Bank

Hong Leong Wise

Petrol

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Have A Visa Card? You Can Now Pay Using Buy Now, Pay Later

After a challenging couple of years, our lives seem to be slowly getting back on track. Many have been taking this opportunity to make up for lost time with loved ones. You might feel like a nice holiday with friends is in order or you want to upgrade your home to make it more comfortable for your family. If you’re thinking of making big purchases anyway, you may consider the ‘buy now, pay later’ scheme that allows you to pay for goods and services in instalments over a short period, usually without charges. This way, you won’t have to pay the full amount upfront and in turn, would be able to pace your payments.

Visa has partnered with HSBC Malaysia to introduce Visa Instalments (VIS)
, a flexible payment option for eligible cardholders without needing to sign up for anything new or undergo any credit checks. With VIS, you can arrange to split your payments into easy equal monthly instalment payments over a specific period for online purchases ranging from the latest tech gadgets to exciting holiday packages with 0% interest.

Read on to find out how you can get started with Visa Instalments.

Getting started is a breeze

If you’ve been online shopping or visiting the malls recently, you would have probably noticed or even been approached by BNPL platforms. Some of them might require you to undergo a sign up process and be verified before getting started.

With Visa Instalments, all you need to do is check your card’s eligibility. You may contact HSBC to see if your Visa card is eligible for instalments. Once that’s done, you can pretty much start right away with your eligible Visa card as there’s no additional step or credit check required.

Visa Instalments is offering a few repayment plans with a 0% interest rate for terms ranging from 3 months (with a minimum purchase of RM300) to 36 months (for purchases of RM2,000 and above).

Familiarity gives confidence

Although BNPL has been around for a few years, it is still a relatively new concept, so it’s only natural to feel uncertain about it, especially in the beginning. However, with Visa Instalments, you’re using a Visa card that’s already in your wallet, so it is easier to adapt to.

There’s no need to worry if the service can be trusted, if there are any surprises around what you need to pay or when to pay. With Visa Instalments, it’s like getting an extra feature – another way to pay for the things and experiences you love – on a payment network you’ve been using, are familiar with, and trust.

‘Buy now, pay later’ at your favourite stores

Now that you know how to get started on using Visa Instalments, you might be interested in knowing which stores offer this payment option. The list of participating merchants  is varied and include household names such as HLK Chain-Store, Valiram247.com, Firefly, and more.

You can anticipate new additions to the list and will also be able to use Visa Instalments on international e-commerce platforms this year. This means more options to shop for what you want and pay for them over time.

Split big purchases into monthly payments

Every once in a while, we need to spend on big-ticket items. At times, it might be an emergency situation such as your air-conditioner going kaput unexpectedly. Other times, it might be more of a planned activity such as an annual escapade with your travel buddies to reminisce about old times while sharing new experiences.

With Visa Instalments, you now have the option to pay for your purchases in instalments with 0% interest. This way, you won’t have to feel the strain of having to pay in full in one go, especially for a big purchase or dream trip that you’ve always wanted. Plus, you could also spread your payments by dividing them into easy monthly instalments over a specified time for a more balanced cash flow.

For example, Alex is currently shopping online for a coffee machine now that he is staying home more with his loved ones. He has a HSBC Visa card and wants to try out the Visa Instalments feature. So, he checks out the
list of participating merchants
 and finds a few electrical goods stores, such as TBM. Here is how Alex pays for his coffee machine with Visa Instalments:

Step 1
: Selects a coffee machine priced at RM599.

Step 2
:

Proceeds to checkout and enters Visa card details. The available instalment plans will appear if all conditions are met.

Step 3
: He chooses a 3-month instalment plan, accepts the terms, and completes his order.

Step 4
: Alex is provided a payment schedule at checkout. He only needs to pay RM199.67 each month.

***

Now that you know more about Visa Instalments, you might be wondering, ”What’s the caveat if there’s no interest charge?” Well, it’s important to know the terms and conditions of each BNPL provider. Find out about the repayment terms offered and if there is any processing fee or late payment fee charged.

When used responsibly, this scheme provides you with flexibility in making payments. Also, Visa Instalments do not require sign ups or credit checks, creating an easier and seamless journey for users. So, if you’re looking to try out BNPL, you may consider Visa Instalments for secure payments with a card you already own and a solution that provides a Whole New Way to Pay with easy, equal payments.

*The contents of this article do not constitute financial advice. Readers should conduct their own research before making a financial decision.

4

2

votes

Article Rating

SHARE

Want to know more about Visa Instalments?

Click here

TAGS:

Buy Now

Buy Now Pay Later

Credit Cards

Visa

Visa Instalments

About THE AUTHOR

Chee Jo-Ey

Chee Jo-Ey

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Finance Minister: Banks To Waive Compounded Interest, Penalty Charges For PEMULIH Moratorium

(Image: Malay Mail)

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has clarified that banks will waive both the compounded interest and penalty charges incurred during the loan moratorium that was introduced under the PEMULIH stimulus package. He said this after stating that the aid is not interest free.

This essentially means that although you will continue to incur interest on the loan amount during the moratorium period, you will not be charged interest on the interest that was accrued during the deferment (compounded interest).

“The moratorium that we announced (in PEMULIH) is the same as the moratorium we announced before – it is not interest free. Let’s focus on what is important. The important thing is we have managed to get the banks to give the moratorium to everyone, regardless whether they are affected or not. That moratorium hopefully will help the cashflow of the rakyat,” said Tengku Zafrul during a virtual briefing yesterday, adding that the banks had agreed to the waiver during a recent meeting with the government.

(Image: The Star)

The minister also emphasised that the moratorium was offered as a way to assist borrowers by deferring their repayments to a later date. He further advised borrowers to approach their respective banks for more information about the method of repayment.

“Every bank has a different scheme, and you (borrowers) need to discuss this with the respective banks,” Tengku Zafrul said, adding that borrowers can raise a complaint if their banks decide to charge compound interest or a penalty on the moratorium.

This
latest loan moratorium
 was announced during the reveal of the PEMULIH stimulus package earlier this week. It is the second six-month automatic moratorium to be provided to the public in a bid to support them amidst the country’s fight against the Covid-19 pandemic. The
first six-month automatic moratorium
 was offered between April to September 2020, and was followed by several other
targeted repayment assistances
 until today.

(Sources:
New Straits Times
,
The Sun Daily
)

1.7

3

votes

Article Rating

SHARE

TAGS:

Automatic Moratorium

Bank Loan Moratorium

Blanket Moratorium

Compounding Interest

Loan Penalty Charges

Moratorium

PEMULIH

PEMULIH Stimulus Package

Tengku Zafrul Abdul Aziz

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Leaving The Nest: A Guide to Spreading Your Financial Wings

You love your parents to bits. They put a roof over your head, food on the table and clothes on your back right up to your post-teen era. But there comes a certain age when still living with your parents can prove to be slightly embarrassing (we still love you!).

Here’s the case – you still live with your parents but have been itching to venture out and take on the world on your own. Other than being afraid of hurting their feelings, there seems to be another reason anchoring you down from starting your journey to independent living – can you survive it out there on your measly paycheck?

This writer gets and understands your fear. As daunting as it may seem, this rite of passage to adulthood was one she had to go through several years ago.

Discover what needs to be done for you to leave the nest and achieve financial independence (at least from your parents!).

1. Do some soul searching

The first step in the process of moving out of your parents’ is figuring out why you would want to move out.

Is it because you are ashamed to still be living with your parents in your late 20s? Is it the lack of privacy or freedom to do what you want? Is it a necessity or just a whim or fancy?

Think about it deeply and calmly. Make sure what you do is for the right reasons before you jump the gun.

2. Evaluate your current finances

Before you make any rash decision that could make you end up right where you started (back in the family home), sit down and assess your financial situation.

Start by noting down how much money you are bringing in every month. Then calculate how much of it goes to your current monthly expenses such as car loans, student loans, phone bills, petrol and toll budget.

3. Estimate your future finances

Now that you know how much you are already spending monthly, you would also be able to tell how much extra money you have left to spend. This would help in estimating how much you can spend on rent or even
buying your own place
.

While you are at it, know what you are getting into by putting an estimate on future expenses such as food, electricity, water and other utility bills.

4. Scour the city for the right home

Once you find out how much you can afford to pay for a place of your own, you can decide whether you should be renting, sharing or
buying
.

For starters who are not confident about your finances, maybe it is best to share the place with other tenants or friends until you can really stand on your own two feet. Or if you are not comfortable
sharing
 or living in tiny spaces, then look out for small apartments suitable for solo dwellers that are most likely still within your budget range.

Search online and really do your research on the places that best suit you. Also make it a point to view the places that have previously caught your eye before putting your John Hancock on anything.

5. Moving out can be hell on the budget

Now that you have found a place that you are comfortable with, it’s time to move!

Don’t get too excited just yet. Packing your things can be such a hassle and the cost of transporting them will send your ringgits flying off into the sunset.

While it might be a shock for both your parents and you to move straight away, be sure to give yourself ample time for them to accept the fact that you are moving out and to allocate some money for transporting and lifting costs.

6. Bills, bills, bills

Living in your own place might be all peachy but make it a point to always keep track of your bills. You wouldn’t want to live in darkness or without water a month after living in your new place, right?

7. Balancing your budget

This is where your previous estimation comes into play. Now that you know for sure how much you need to fork out for monthly rent and bills, you can balance your budget so that your expenses don’t exceed your income.

Properly portion your budget for flexible expenses such as food and clothing and keep track of what you buy so you can see where you can actually save money.

8. Save your money wisely

You don’t want to be living on your own but still depending on your parents for money because you’re on your journey to emancipation, remember?

Now that you have branched out, it is time for you to get serious about your savings. Always remember to allocate a portion of your income into your
savings account
. This way, you will always have extras lying around rather than asking your parents for favours.

But this doesn’t mean you can spend your savings whichever way you want to. Here’s a tip: never ever use your savings unless it’s an absolute emergency (mega sales not included!) and you will see your savings grow bigger and bigger monthly.

Leaving the nest is leaving your comfort zone but what’s life without taking a couple of risks? Other baptism-by-fire ventures to be mindful of when handling by yourself include
car loans
,
personal loans
,
term life insurance
 or perhaps even
credit cards
, all of which we would gladly lend a trusted helping hand in.

Some parents might find it hard to let their child wander off into the real world but with a little convincing and proving how you can be responsible for your own finances, we are sure that your parents will understand and let you spread those wings you’ve kept tucked for so long!

0

0

votes

Article Rating

SHARE

TAGS:

Adulting

Homes

Migrating

About THE AUTHOR

Ilyah Jamalludin

Ilyah Jamalludin

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


What You Need To Know About The New Regulations On Investment-Linked Insurance

If you have or are planning to purchase an investment-linked product (ILP) insurance policy, then you should take note of the new regulations by Bank Negara that will come into effect from 1 July 2019. In January, Bank Negara released a policy document that set several new requirements that investment-linked insurance providers must adhere to from 1 July 2019 onwards. These requirements were designed with the primary objective of protecting the interests of consumers.

According to the Bank Negara policy document on investment-linked businesses, insurance providers must adhere to three main requirements:

Implementation of standards on Minimum Allocation Rates to protect the account values of investment-linked policy/certificate owners;

Minimum standards on sustainability tests and communication to policy/certificate owners to improve long term persistency of IL policies/certificates and consumer awareness; and

Strengthened disclosure standards on product illustration to facilitate more informed decision-making by consumers.

As you can see, these requirements are quite broad in nature and rather complicated to understand, so here are some of the specific changes that you will be seeing in ILP policies from 1 July onwards.

The minimum allocation rate (MAR) must be set to at least 60%

The minimum allocation rate (MAR) refers to the minimum proportion of premiums that is allocated in the policy owner’s unit fund(s) of choice (i.e. the “investment” portion of the policy) before the deduction of any charges Effective 1 July 2019, the MAR for ILP policies longer than 20 years will be set at a MAR of at least 60% – this is being done with the intention of protecting your policy’s sustainability in the long run.

Year of premium payment or contribution

MAR

1-3

60%

4-6

80%

7-10

95%

11 onwards

100%

You will get an annual statement detailing your expected duration of cover

From 1 January 2020, all policy owners will receive a yearly statement which contains the expected duration of their insurance cover based on their current cash values (i.e. how long can the policy run if you stopped paying premiums). So, don’t panic if you receive this annual statement for the first time next January – it is the start of a yearly occurrence that will help you be aware of how long your insurance cover is predicted to last based on your current premium and fund performance.

You will get a pre-lapse notice

For policies sold before 1 July 2019, insurance companies have an obligation to send a pre-lapse notice for ILPs that will lapse within the next 12 months.

Premiums should be sustainable for the entire contract term

For policies sold after 1 July 2019, insurers must set premiums that are expected to be sustainable until the end of the contract term. In order to set premiums sustainably, insurers must make assessments that are current, specific to the individual ILP owner, and relevant.

Product illustrations should be based on 2% and 5%

(Sample product illustration by Bank Negara)

The regulations also introduce new rules for product illustrations at the point of sale so that the customer has an easier decision-making process. A product illustration is meant to show a potential ILP customer the possible movements of cash flows and the impact of fees and charges on cash values. Under the new rules, when illustrating hypothetical rates of return to a potential customer, insurers must base their illustrations on two types of rates: 2% and 5%.

Sample of a product illustration for an ILP policy that must be presented to an ILP customer at the point of sale. From 1 July, “Scenario X” must refer to return rates of 2%, while “Scenario Y” is set at a rate of 5%.

This is applicable for all types of funds except for equity funds, for which the rates should be 2% and the 10-year average historical FTSE Bursa Malaysia KLCI returns for the first 20 years and then 5% after that. According to Bank Negara, the 2% and 5% rates better demonstrate the interactions between cash flows without giving rise to undue expectations. These set rates should help paint a uniformly realistic picture to potential customers when deciding whether to take on an ILP policy.

All these new changes fall under Bank Negara’s overarching aim for investment-linked insurance products: to protect the interest of the consumers. From raising the MAR to improving transparency and standards of communication, these new regulations can hopefully help consumers to make better and more informed decisions regarding their ILP insurance policies.

The full Bank Negara policy document can be found on
Bank Negara’s website
.

5

1

vote

Article Rating

SHARE

TAGS:

Bank Negara Malaysia

Investment-Linked Insurance

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Government To Announce A Targeted Petrol Subsidy System Mechanism Next Year

(Image: The Malaysian Reserve)

Deputy Finance Minister Datuk Amiruddin Hamzah said the government will announce the mechanism for a targeted petroleum subsidy system early next year, which will benefit motorcycles and cars with smaller engine capacities.

“The government will provide petrol subsidy at an appropriate rate every month, and according to a quota that would be determined for eligible groups, namely motorcycles with 125cc capacity and below and 1300cc cars and below.

“The mechanism for this targeted subsidy system is being studied, and will be announced once its finalised,” he said. He added the government intends to finalise the mechanism and implement it as soon as possible, with an early 2019 target date.

(Source:
The Edge
 and
theSun
)

0

0

votes

Article Rating

SHARE

TAGS:

Datuk Amiruddin Hamzah

Petrol

Petrol Prices

Petrol Subsidy

About THE AUTHOR

Brian Chung

Brian Chung

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


May Day: Tax Filing Deadline Reminder!

The 15th of May – the extended deadline for filing individual tax – is looming and thus we ask you the dreaded question: have you filed your taxes?

If you have already filed and spent your returns over the weekend – good on you (though not so good if you blew it all, but that’s another story for another day) – if you haven’t, you may be nail-biting, hair pulling and having sleepless nights just thinking about it.

Best to get it over with.

But do you really know how much tax you should be paying? Perhaps you are a first time filer or even a ‘veteran’ who never really paid attention to the numbers you were keying in.

There’s no time like the present to start. The money saving experts at
Savemoney.my
 have gone through a lot of trouble to prepare
a great guide to filing your taxes
 including coming up with a
handy calculator
 to make sure you are only paying what you need.

Get to know your income taxes, the meaning of terms, avenues for cutting down and other interesting nuggets of tax info. The page includes detailed calculations on taxable income and what the final numbers should be. Refer to their chart of tax percentages to calculate your own.

Knowing what deductions you can claim for from your taxable income will reduce how much you pay; saving you a good amount of money. And who doesn’t want to save money?

Image courtesy of Grant Cochrane

FreeDigitalPhotos.net

0

0

votes

Article Rating

SHARE

TAGS:

Filing Income Tax

Income Tax

Personal Finance

SaveMoney.my

About THE AUTHOR

Diana Chai

Diana Chai

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


iPhone SE vs the iPhone 6s

The iPhone SE is going to be launched in Malaysia on the
13th of May 2016
. Apple products are known for their premium price tags. However the iPhone SE is supposed to cater to the masses with its lower prices. With its base model starting at RM1,949, how much have they skimmed in terms of features and functionality to offer a phone at this price?

Here is a table for the layman that will help you make a comparison between the latest iPhone SE against the iPhone 6s.

Features and prices sourced from
Apple

As you can tell from the table, many of the features that is on the higher end iPhone 6s is also on the iPhone SE. The display both have a pixel density of 326ppi (pixels per inch). Main difference is the iPhone 6s has
3D touch
. 3D touch basically enhances the phone and opens up more functionality with different pressures of touch. Meaning a light tap or a harder tap would open up different options for use. While this is a cool feature to have, not many apps have adapted these technology and could be something you may choose to ignore for now.

In terms of their front facing camera, the two both have 720p HD video recording but vary significantly when taking photos. For all the selfie-crazed individuals who are in love with themselves, this could be a bummer. The front facing camera on the iPhone SE has 1.2MP while the iPhone 6s shows off a 5MP camera. While the 1.2MP camera may seem like a downgrade, it is equivalent to the front facing camera of the iPhone 6 which produced some pretty fine pictures.

As far as aesthetics are concerned, both look amazing and has a great build quality. Both come in four colours, silver, space gray, gold and rose gold. Main difference you would notice is the size of the two phones. The new iPhone SE has a 4 inch screen as compared to the iPhone 6s which uses a 4.7 inch screen.

You will notice the huge difference on their price tags. Now that you know the main differences of the two, you can make a better informed decision.

If you would like to take a phone plan and compare other plans in the market. Check out our
smartphone plans comparison tool
 and apply for one today.

Do you have any preferences between the two phones? Tell us in the comments below.

0

0

votes

Article Rating

SHARE

TAGS:

Apple

iPhone

iPhone 6s

iPhone SE

About THE AUTHOR

Gavin Pereira

Gavin Pereira

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


BNM: Efficient Cross-Border Payment Services Crucial For Malaysia

Bank Negara Malaysia (BNM) governor, Tan Sri Nor Shamsiah Mohd Yunus has reiterated the importance of efficient cross-border payment services for Malaysia as a small and highly open economy. This is so that the nation can conduct trade and commerce with other countries conveniently and effectively.

As such, Tan Sri Nor Shamsiah said that BNM is currently making various endeavours to address this need, including linking DuitNow – Malaysia’s real-time payment service – with ASEAN neighbours. “This is a no brainer. Within Malaysia, DuitNow has enabled millions of individuals and businesses to transfer money instantly and seamlessly. So imagine if we could do the same for the whole region to make cross-border payments cheaper, faster, more transparent and accessible to all 600 million plus of us in the region. The economic impact can be significant,” she said.

The governor also said that given how highly integrated ASEAN economies are – with intra-ASEAN trade making up the largest share of total trade in the ASEAN region – cross-border payments can greatly help people and businesses in trade and travel. The 10 million people in ASEAN – or more – who are residing or working in other countries within the region will also benefit from it.

At present, Malaysia has successfully enabled cross-border QR payments with
Thailand
 and
Indonesia
, and are seeking to expand the services to include peer-to-peer (P2P) transfers as well. Efforts are also being made to pursue similar outcomes with Singapore and the Philippines.

But Tan Sri Nor Shamsiah also said that Malaysia shouldn’t stop at just ASEAN countries. “Our efforts to set up bilateral connections for payment system in ASEAN is important, but we also need to start thinking about how to go about it more efficiently at the regional and global level. That is why we are participating in the Project Nexus proof-of-concept to test the feasibility of establishing a more scalable, multilateral network of fast payment system,” she said, adding that Malaysia is also involved in Project Dunbar.

For context,
Project Nexus
 is an exploratory endeavour that seeks to determine the possibility of linking real-time payment systems between Malaysia, Singapore, and the euro area (19 countries that use the Euro currency). Meanwhile,
Project Dunbar
 is an international collaboration between BNM and the central banks of Australia, Singapore, and South Africa, as well as the Bank of International Settlements (BIS) Innovation Hub. Among other things, it sought to prove the possibility of using different central digital bank currencies (CBDCs) for direct cross-border transactions on a shared platform.

On top of all these efforts, Tan Sri Nor Shamsiah stated that BNM is also implementing an industry-wide migration to ISO 20022 messaging standards to facilitate seamless cross-border payments and improve banks’ services. Briefly,
ISO 20022
 is an open global standard for the exchange of financial information, allowing for the provision of more consistent, detailed, and structured data that can be utilised for all financial business transactions. Banks can use these data to improve their risk management procedure and offer more value-added services.

(Image: Indellient)

That said, Tan Sri Nor Shamsiah also admits that these efforts and ambitions come with its own set of challenges as well – amplified by the involvement of multiple players and entities. Some key challenges that BNM expects to run into include having to identify an appropriate governance and risk management framework, as well as ensuring the long-term viability of the cross-border payment infrastructure implemented.

The governor further stressed that she has “no silver bullet solutions” for these challenges, but it is crucial for BNM to abide by two principles as it navigates its way through. Specifically, the central bank must establish a clear value proposition to all stakeholders involved, and foster strong public-private sector partnerships so that the industry can drive cross-border payment initiatives.

“For us in BNM, we have found the setting-up of Project Steering Committees in each cross-border payment initiative that we are participating in as being useful in fostering strategic alignment and ensuring timely resolution of issues to drive the project forward. Such arrangements also provide an avenue to ensure that any initiatives are underpinned by an appropriate governance and risk management framework that adequately manages risk in both jurisdictions,” Tan Sri Nor Shamsiah emphasised.

(Source:
The Edge Markets
)

0

0

votes

Article Rating

SHARE

TAGS:

Bank for International Settlements (BIS)

Bank for International Settlements (BIS) Innovation Hub

Bank Negara Malaysia

BNM

Cross-Border Money Transfers

Cross-Border Payments

Cross-Border QR Payments

DuitNow

DuitNow QR Cross-Border

ISO 20022

Project Dunbar

Project Nexus

Tan Sri Nor Shamsiah Mohd Yunus

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


How to Get Back Your Time: All 36 Hours of It

Online Shopping with a Credit Card Lets You Skip the Queues and the Blues

Some years ago, I remember overhearing a tourist telling his friend that Malaysians love to go to shopping malls because of the air-conditioning. Quite a funny observation.

However, in a new
‘PayPal Skip the Queues Survey 2012’
, more Malaysians are now turning to the Internet to do their shopping with a credit card, especially during the festive period.

How many Malaysians prefer to shop online, you may ask? According to the survey, which was conducted on 1,000 Malaysian online shoppers aged 18 and above, 46% Malaysians plan to do their holiday shopping using the Internet this year. This holiday season, Malaysians are expected to shop online twelve times and by doing so, save an average of three hours each time!

Incredibly, the survey calculates that Malaysian shoppers can gain back thirty six  hours of their time by shopping online with a credit card. Think about it: not having to drive,  find a car park, avoid long queues at checkout counters and best of all – no crowds. The time saved would enable the average person to spend more time with family and friends, perhaps even exercising, or taking up a new hobby.

Time saving aside, one of the most exciting perks of online shopping is also the access to international sales and discounts like Black Friday and Cyber Monday, which used to be available only to those residing in the United States. Using a credit card it’s easy to manage foreign exchange and you’ll nearly always get a good deal on currency conversion.

It’s good to see Malaysian shoppers getting smarter and more tech-savvy. If you’re using your credit cards to shop, be sure to protect your privacy and your account. MasterCard and Visa have provided tips to stay safe online; it is worth checking them out before you make your purchases.

Image:
PayPal

0

0

votes

Article Rating

SHARE

TAGS:

Credit Cards

Discounts

E-Commerce

Mastercard

PayPal Skip the Queues Survey 2012

Visa

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Gold Investments in Malaysia: Is it Worth the Price?

Gold is a commodity that holds a universal value throughout the globe and has been used as a trading commodity throughout the ages. The rare mineral is always recognised as a high valued form of currency and that is why many people look towards gold, in hopes of growing their existing wealth.

Unfortunately, there have been
scams in Malaysia
 that saw individual investors putting in as much as RM200,000 for non-existent gold. The report also stated that investors in the Klang Valley alone had lost RM340 million to these scams.

It is not surprising why some investors are sceptical about investing in gold, unless there is a physical form factor that they can keep. However, having a gold bar at home can be risky in the case of theft. With scams and the danger of having physical gold in mind, would gold still be a good investment?

Where Do I Get it?

For a seasoned player who would like to diversify their portfolio, there is always the option of purchasing gold via our banking systems. Banks like
CIMB Bank
,
Public Bank
,
UOB
,
Maybank
,
Kuwait Finance House
 all offer a gold investment account.

These investment accounts allow you to purchase and sell gold at the bank’s set price without having any gold in its physical form factor. With most of these accounts, you can get started with as little as owning a single gram of gold.

Are Gold Investments Really Safe?

According to the financial eggheads over at
the balance
, gold is not just a commodity for safe haven, it is also a direct investment. It does not churn out any dividends or interest. It is directly related to the world market prices which co-relates to supply and demand. That also means you are affected by global economic issues and not just local ones.

That is why it is good to have it in its non-physical form. You can purchase gold via gold deposit accounts and sell it immediately unlike physical gold that takes far more time.

Be that as it may, gold related investments via banks are not protected by
Perbadanan Insurans Deposit Malaysia
 (PIDM). That means, if the bank goes bankrupt for whatever reason, you can kiss your investments goodbye.

Is Gold Better Than Cash?

In some ways, yes. Late last year, India made a drastic change to demonetise two of its largest banknotes in order to reduce corruption. The entire population was in a state of frenzy and in order to maintain a monetary value of their savings, they
swarmed jewellers
 and spent the currency that was soon to be devalued.

During such uncertain times, people turned to gold as a safe haven in order to maintain the value of their money. When a government chooses to demonetise a currency, gold would still hold its value even though it may not be the easiest commodity to use in case you need to buy a loaf of bread and some milk. However, the majority of the time when we still use regular paper currency, cash is still king.

So Should I Buy Gold?

As we’ve mentioned, gold as an investment asset is great to have during times of economic uncertainty and it’s a relatively stable store of value to boot. So if you buy gold, make sure that it’s for those reasons.

But if putting your money in something that is not protected by PIDM is not going to allow you to sleep at night, then it is going to be a horrible investment for you. Don’t put your health at risk thinking about your investments. If you’re just getting started with investing, you could opt for something safer like fixed deposits instead. Dive into our
fixed deposit page
 and discover which one is paying out the highest interest and begin growing your money.

Do you have anything to add to this article? Share your thoughts and ideas with us in the comments section down below!

3.7

3

votes

Article Rating

SHARE

TAGS:

CIMB

Gold

Gold Investment

Kuwait Finance House

Maybank

Public Bank

UOB

About THE AUTHOR

Gavin Pereira

Gavin Pereira

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


MyCC: Statements On Potential Price Hikes May Cause Panic Among Consumers

(Image: The Straits Times)

The Malaysia Competition Commission (MyCC) has stepped forward to reprimand “certain influential groups of enterprises”, stating that statements signalling the market on potential price increases are unnecessary. Additionally, it may cause fear and panic among consumers.

In a statement, the commission said that it is aware of recent remarks made by certain groups that have warned consumers to prepare themselves for price increases of up to 10% for both food and non-food items. This is on top of comments regarding the potential disruption of certain essential food items until Ramadhan and Aidilfitri, due to prolonged discussion on subsidy.

“The MyCC views the statements by these entities with deep concern. It is to be noted that these entities have strong leverage in the relevant markets, and as such, the said statements could amount to an attempt to shape the conduct of enterprises in the market,” it warned, adding that such actions – if significant enough – may raise concerns under the Competition Act 2010.

MyCC further explained that the act of price signalling may include invitation to collude, or public statement that have potential anti-competitive effects of pricing disclosures. This could potentially translate to a violation under “generic prohibitions of anti-competitive agreements, or concerted practices prohibitions.”

The commission then urged all entities to cooperate with the government to find the best mechanism to address any issues of concern. “We would like to remind all groups, especially federations of associations, or associations of traders or enterprises to refrain from issuing similar statements and any similar statements to the effect in the future,” said the chief executive officer of MyCC, Iskandar Ismail, adding that MyCC will continue to actively monitor the situation and take enforcement actions where necessary.

Prior to this, several associations have shared comments regarding potential price hikes for both food and non-food items, with the most recent being the Federation of Malaysian Manufacturers (FMM). The FMM had cautioned consumers that they may need to pay
up to 10% more for their daily essentials
 if the cost of food and non-food items are not controlled. The managing director of hypermarket and retail chain
Mydin, Datuk Ameer Ali Mydin, too, had previously made similar remarks
.

(Sources:
MyCC
,
The Edge Markets
)

0

0

votes

Article Rating

SHARE

TAGS:

Competition Act 2010

Datuk Ameer Ali Mydin

Federation of Malaysian Manufacturers (FMM)

Iskandar Ismail

Malaysia Competition Commission (MyCC)

Mydin

Price Hikes

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Dr Wan Azizah Launches Suri Incentive EPF Contribution For Housewives

(Image: The Star)

The Suri Incentive programme, also known as i-Suri, has been officially launched by Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail. The entire programme consists of three phases and phase one will begin on 15 August.

”Women deserve an adequate retirement income, regardless whether the woman’s work life is spent unpaid in the home, in the paid workforce, or a combination of the two,” said Dr Wan Azizah at the opening of the Employees Provident Fund (EPF) International Social Security Conference 2018 at Hilton Kuala Lumpur.

The Deputy Prime Minister, who is also the Women, Family and Community Development Minister added, ”Social security is important to all Malaysians, but it is especially crucial to enable the financial well-being of women, especially because women outlive men by about 4.7 years.”

For the first phase, i-Suri members will have to save a minimum of RM5 monthly into their EPF account to show their commitment towards savings, upon which the government will contribute RM40 monthly. The target group for this phase will consist of housewives to the head of a household, single mothers, and widows registered in e-Kasih.

e-Kasih is a national-level database system established as support to the planning, implementation, and monitoring of the poverty programme for those in the bottom 40 (B40) category. There is a total of 359,065 registered e-Kasih members – housewives make up the majority (221,980), followed by widows (98,536), divorcees (28,116), and single women (10,433).

(Image: The Star)

In phase two, in addition to the RM40 EPF contribution, the government will disburse RM 10 for protection under the Social Security Organisation (Socso). However, as protection under Socso is not currently extended to housewives, legislative changes will have to be made before the second phase can begin. Dr Wan Azizah expressed hopes to launch this phase early next year.

The third phase will involve 2% of the husband’s 11% EPF contribution being entered into their wife’s account. For this phase to be made possible, amendments will have to be made to the EPF Act 1991 and the government has to further consider various financial and non-financial factors. It is targeted to be implemented in early 2020.

The Suri Incentive programme is part of the Pakatan Harapan government’s Ten Promises in 100 Days following its win in the last general election. The government has made an allocation of RM20 million to contribute to the programme.

(Source:
New Straits Times
,
Malaysian Business
)

0

0

votes

Article Rating

SHARE

TAGS:

Datuk Seri Dr Wan Azizah Wan Ismail

e-Kasih

EPF

i-Suri

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments