2020 Recession In Malaysia: What You Need To Know

The spread of the Covid-19 virus has vastly impacted the health and economic landscapes of countries all over the globe, with Malaysia being no exception. In response to the Covid-19 pandemic, the Malaysian government declared a movement control order (MCO) on 18 March 2020, where all except the most critical economic industries were instructed to shut down.

While most businesses have been allowed to resume operations in May under the subsequent conditional and recovery MCO periods, the effects of the restrictions as well as the pandemic in general have been forecasted to contribute to a decline in economic activity for a prolonged period – or in other words, an economic recession.

What Is A Recession?

A recession is usually characterised as a significant decline in general economic activity in a specific region. The most popular rule-of-thumb definition of a recession was introduced by US economist Julius Shiskin, where a recession is identified by
two consecutive quarters
 of declining gross domestic product (GDP). Other markers of a recession include a decline in real income, employment, industrial production, and wholesale-retail sales.

Recessions In Malaysian History

Malaysia has had three significant periods of major economic crises since its independence, each with its own causes, economic impact, and recovery policies.

1985-86: Commodities Shock

Malaysia fell into its
first major recession post-independence
 in 1985, triggered by the US high-interest rate policy (known as the Volker shock) that resulted in a massive collapse of global commodity trade. The nation’s economy contracted by 1% in 1985 and the unemployment rate increased to 8% the year after. The Malaysian government responded with reduced state spending under a contractionary fiscal policy, exchange rate devaluation, and a decided shift towards the private sector. By way of recovery, the current account went into surplus in 1987 and by 1988 the Malaysian economy had entered into its second high-growth phase since independence; however, the public debt overhang continued well into the 1990s.

1997-98: Asian Financial Crisis

The financial crisis that began as a currency crisis in Thailand set off a series of currency devaluations and massive flights of capital from the Asian region,
Malaysia included
. Net portfolio investments shrank to a deficit of RM12.9 billion in 1997 from a surplus of RM10.3 billion in 1996, the GDP contracted 6.7% in 1998, and the ringgit fell to its lowest of against the US dollar in January 1988. Malaysia fixed the ringgit exchange rate to the US dollar, introduced selective capital controls, and announced a RM2 billion fiscal stimulus package as part of its policy response. Although the economy recorded a positive growth rate in the second quarter of 1999, it only regained its pre-crisis level of GDP by mid-2000.

2008-09: Global Financial Crisis

The
global financial crisis
 was triggered by the bursting of a speculative bubble in the US housing market in 2008, impacting Malaysia in terms of trade and investments. Share prices in Malaysia fell by 20% between 2007 and 2009, a massive exodus of short-term capital flows took place, and exports fell by 45% between July 2008 and January 2009. The economy contracted 1.7% in 2009. The government released two fiscal stimulus programmes amounting to RM67 billion, and responded with expansionary monetary policy with Bank Negara Malaysia cutting interest rates thrice to lower the overnight policy rate to 2%. In response, Malaysia’s GDP growth rebounded to positive territory in the last quarter of 2009.

(Image via: The Star)

Malaysia And Recession In 2020: What It Means For You

The Department of Statistics Malaysia revealed that Malaysia’s gross domestic product (GDP) grew by 0.7% in Q1 2020, when it was expected to grow between 3.9% to 4.2%. Virtually every economic analyst is forecasting the GDP figures for Q2 2020 to be one of the worst in recent memory – given that this period covers the entire Movement Control Order (MCO) alongside the Conditional and Recovery MCOs where there were barely any economic activity.

If, as expected, the GDP growth goes into negative territory in Q2 2020, Malaysia will only officially enter the official definition of an economic recession if Q3 2020 is also a negative growth quarter.

(Source: Department of Statistics Malaysia)

Despite the best efforts of the government with the multiple economic stimulus packages, it is highly likely that Malaysia will enter an economic recession this year. In April 2020,
Bank Negara Malaysia
 projected Malaysia’s GDP for the year to be between 0.5% and -2%. The
Department of Statistics Malaysia forecasted
 a decline of -1.7%, while the
World Bank
 projected a -0.1% growth.

As a comparison, Malaysia’s GDP growth in 2019 was 4.3% in 2019, and 4.8% in 2018.

So, what does this mean for the everyday Malaysian? What are the effects of a recession and how can they be seen in our daily lives.

Increased unemployment rate

In March 2020,
unemployment in Malaysia
 rose to 3.9%, whereas in
April it spiked to 5%
, the highest it has been since 1990. It is highly likely that the unemployment rate will keep rising thereafter. During a recession, businesses tend to see less demand as well as reduced output – which leads to the next logical step of cutting back on labour. This can be in the form of laying back on new hires or even retrenching current employees, both of which contribute to high joblessness in the labour market.

If you’re a fresh graduate looking for your first job during the recession, you can expect it to be a little tougher getting hired than normal, whereas current members of the workforce may see their companies downsizing or freezing new hires.

Reduced wage growth

Miniature people businessman standing on calculator and talk to staff about salary and wage increase

During a recession period, it is unlikely that the nation would see a high upward pressure on wage levels. For the same reasons that businesses will be slow to hire as discussed above, employers will also have less room to offer their workers higher wages or salary increases when a recession is ongoing.

In a survey run by the
Federation of Malaysian Manufacturers
 in April, employers revealed that they were likely to take cost-cutting measures in the next 3-6 months, including unpaid leave, removal of non-contractual allowances and benefits, reduction in hours of work per day, and pay cuts. Therefore, besides reduced mobility in the labour market, you can also expect companies to be more cost-sensitive when it comes to offering competitive wages or additional benefits.

Issues with debt servicing

With workers facing unemployment, pay cuts, and unpaid leave, some individuals will find themselves in difficulty when it comes to paying off their existing debt – be it housing, car, and personal financing, or even
credit card bills
. Generally, debt obligations need to be paid off each month even if your income has been affected during tough times.

However, Bank Negara Malaysia (BNM) has acknowledged the difficulty faced by Malaysians in paying off their loans with the introduction of a
six-month automatic bank loan moratorium
. All individuals and SMEs were given a six-month automatic deferment for all loans starting April 2020, offering some respite to those who are unable to make their loan repayments due to the Covid-19 pandemic.

Difficulty in building savings

There are several reasons why a recession isn’t conducive to saving. For starters, if your source of income is affected, it is likely that you will find yourself with less money to save at the end of the month. In fact, you may even have to dip into your savings to pay for your necessities and debt obligations.

Moreover, the central bank often carries out overnight policy rate (OPR) cuts to encourage spending and stimulate the economy. While a lower OPR can be beneficial to the consumer in the form of lower interest rates for loans, it also decreases the interest rates for savings accounts and fixed deposits, slowing down the rate at which you can grow your savings. BNM has already
slashed the OPR
 three times this year, with analysts predicting that it will be
further reduced to 1.0%
 by the end of 2020.

What Can You Do To Survive In A Recession?

Take advantage of available initiatives

The arrival of the Covid-19 pandemic impacted the nation hard, which prompted the government and the central bank to introduce a
list of initiatives
 to help those affected as well. To aid the Malaysian economy in the current recovery phase of its six-phase strategy recovery plan, the government has also introduced a list of 40 initiatives as part of its
PENJANA economic recovery plan
, which include a
childcare subsidy
,
work-from-home tax deductions
, and
e-wallet credits
 – among many, many others.

In short, there
are
various forms of assistance that you can make use of during this economic downturn, so make sure you keep yourself up-to-date and well-informed on them, now and in the near future too.

Upskill for employability

If you are out of a job, you could use this time to upskill yourself in order to become more employable. For example,
MDEC has partnered with Coursera
 to offer unemployed Malaysians 3,800 courses to learn digital and data skills – including professional certificates designed for jobs in high demand under the post Covid-19 normal. Under the
PENJANA economic recovery plan
, the government has also allocated a fund of RM2 billion to support various upskilling and reskilling programmes through a variety of different avenues. Moreover, you can consider starting a side business on one of Malaysia’s many e-commerce platforms to earn some income to tide you over or help build up your savings.

Make informed decisions

In times like these, it’s more important than ever to keep yourself well-informed and make smart choices, especially when it comes to keeping your finances in check. For example, when BNM announced the automatic moratorium, there was quite a bit of confusion regarding the effects of the deferment on interest calculations, payment amounts, and so on – which we
addressed in this article here
. Whenever you’re about to make a decision that directly impacts your finances, make sure to do your research and educate yourself on all the implications beforehand.

Use the best financial products

With the lowered OPR and interest rates during the current period, it can be discouraging to see that you’re not earning the same amount of interest on your savings as before. However, this is all the more reason to ensure that your savings account or fixed deposits are offering you the best available rates on the market. You can check out the
best high-interest savings accounts
 or
fixed deposit promotions
 at RinggitPlus and decide to make the switch to immediately earn higher interest rates on your deposits.

And if you don’t already have a
reliable cashback credit card
, now is the time to look for a good one. Cashback credit cards can save you up to hundreds of Ringgit off your normal expenditure each year, and every sen counts when you’re going through tough times.

***

Hopefully, this article has helped shed a bit more light on what exactly a recession is, its effects on the everyday Malaysian, and the steps you can take to make living through a recession a more manageable affair. If you would like an easy way to stay informed and up-to-date on all things related to finance, drop your email in the orange subscription box at the top of the page and get personal finance updates straight to your inbox.

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Boost Increases Number Of Boost Coins Earned For Every RM1 Spent

Boost has revised the earning rates for its loyalty programme BoostUP, where users earn Boost Coins on transactions made using the Boost e-wallet. Effective 29 July 2020, Boost users across all levels of membership can earn more coins for every Ringgit spent than before.

Here’s a comparison of the Boost Coins earning rates from before and after the update.

Before 29 July 2020

After 29 July 2020

Level 1

1 Boost Coin for every RM3 spent

up to 1 Boost Coin for every RM1 spent

Level 2

1 Boost Coin for every RM2 spent

up to 1.5 Boost Coins for every RM1 spent

Level 3

1 Boost Coin for every RM1 spent

up to 2 Boost Coins for every RM1 spent

Level 4

2 Boost Coins for every RM1 spent

up to 4 Boost Coins for every RM1 spent

Alternatively, you can refer to this image shared by
Boost in a Facebook post
:

Basically, you can now earn up to 1 to 4 Coins for every Ringgit spent using Boost, a potential improvement from the previous earning rate of 0.3 to 2 Coins.

According to Boost, the homegrown e-wallet will also be bringing in more updates and rewards on BoostUP, so users should stay tuned for more.

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    Beng

    3 years ago

Admin, it is “UP TO” 4/2/1.5/1coins, NOT 4/2/1.5/1 coins.

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Investment Ideas for Young Malaysians

Financial goals, everybody has their own. It doesn’t really matter how old you are because (say it with me), age is just a number; unlike the digits that appear in your annual bank statement.

In achieving those financial goals, it solely is a matter of understanding a potential investment and making the right decisions that are pivotal in ensuring financial comfort and freedom for yourself as well as the ones you hold close to your heart.

However, achieving such is no easy task. When people think of investments, they think of complicated government bonds, volatile stock markets, and shrewd market play but whilst these risky investments can make the savvy investor oodles of money; you don’t have to be a pro or take such high risks to earn a bit of extra cash on your capital.

We’ve come up with a list of possible ventures into the world of mushrooming entrepreneurship for the young; balancing risk, investment capital and return of investment (ROI) to suit your short and long term financial interests whatever your investment know-how.

Fixed Deposits

This is considered one of the other more popular modes of investment in our country. Fixed deposits don’t require much investment knowledge and are generally considered low risk. Returns are guaranteed according to deposited amount but the interest is usually lower than high risk investments.

It guarantees a high return ranging from 3% to 4% per annum for a minimum investment of RM1,000, hassle-free management, rewards loyalty, and is protected by government insurance.

However, there is a catch to this lucrative deal. Your pot of investment has withdrawal restrictions throughout the tenure of your preference ranging from as short as a month to as long as 5 years. If at any time during this period so much as a ringgit is withdrawn, you stand to lose a chunk of your promised interest.

Some banks help you manoeuvre this clause with
CASA Bundling (current and savings account)
, which invites you deposit money into two separate accounts, the first prohibits withdrawal while the other acts as a savings account whereby withdrawal is permitted.

However, do remember that different banks can and do have different policies so be sure to scrutinise your selected bank’s T&Cs before applying.

No ‘Wolf of Wall Street’ Investment Know-How required to own an FD

Real Estate

The larger your investment capital becomes, coherently, so do your risks and return of investments.

However, risk in this category is given a sense of reassurance due to the ever appreciating value of property that Malaysia has seen thus far. Simply buying a home in the right district can mean earning a profit of even double the purchase price in 5-10 years (or less, if the area is highly profitable).

However, do take note that your dream of maximum house sale profits may be hampered by the
Real Property Gains Tax (RPGT)
 that acts as a federal administrative to maintain a healthy balance of property value in the industry. RPGT is charged based on
when
 you sell the property so do take note of the rules to maximise your returns. In any case, property can yield a higher profit if you wait.

Choosing the best property for the highest return is a mixture of research and luck. The following considerations will likely tip the scales from profitable to otherwise and vice versa.

1) Location;

2) Distance from Amenities;

3) Availability of public transport;

4) Development of surrounding area;

5) Design, size, aesthetics;

6) Public perception and image of the neighbourhood.

However, we did mention that there is still a matter of luck. Sometimes, you could check off all the boxes above and still find yourself waiting anxiously for the property to appreciate, or you could buy what seems to be a dud and watch it flourish. But hey, it’s just the nature of investment.

Insurance Products

Arguably the most popular form of investment in our society that does not require a large investment capital,
investment linked insurance policies (ILP)
 not only provides you extensive coverage but a handsome amount of cash upon maturity.

Due to intense competition between policy providers, a tremendously wide range of byproduct protection policies are being introduced even as you scroll lower into this written piece.

Policies range from life insurance, family insurance, saving plans, education funds, and endowment policies amongst many others, which require either a monthly, biannual, or an annual commitment.

ILPs may not be able to guarantee returns but there will most of the time be nominal payouts (the insurance companies do want to keep your business!). Even if there isn’t, the coverage offered for medical claims are usually worth the premiums paid especially in old age.

However, selecting the right policy is key and when done at a younger age offers optimum coverage for illnesses as you will not have the bar of ‘pre-existing illness’ to contend with.

Investing in insurance won’t necessarily make you rich – but investing in a good policy keeps your medical needs paid for so your own money can be channelled elsewhere.

Franchise Business

Caution: This is the most expensive and riskiest option in this list but the returns can be much greater if one succeeds.

Admittedly, this isn’t the option for most people but if you have the money – why not consider turning your investment into a business opportunity? With a whopping investment capital requirement ranging from at least RM500,000 up to RM4,500,000 depending on size of the business (Food & Beverage franchises); franchises are an idea when you have the funds but don’t want to take the time building a brand.

Before proceeding, we just have to make it clear that this sort of business requires a ton attention and an eye for precision because of the risks involved spanning over different industries like food and beverage, pharmaceuticals, automotive, and even beauty and health; in short, this is not for the faint hearted.

However, some comfort lies in the fact that the risk factors of a franchise business is much lower than that of a personal business due to its ready-made successfully proven business model and products. Comparing to a personal business, you might have full creative control but you must be prepared to face business turbulences.

The table below illustrates the start-up cost for popular food and beverage franchise businesses in Malaysia:

Franchise

Initial Capital

McDonald’s

RM2,000,000 – RM4,500,000

Subway

RM600,000 – RM900,000

Old Town White Coffee

RM600,000 – RM800,000

Kenny Rogers Roasters

RM800,000 – RM1,000,000

Secret Recipe

RM600,000 – RM650,000

Pappa Rich

RM1,200,000 onwards

That’s not all though, most of these franchisers have ongoing fees which are pretty hefty too; for instance royalty fees, premises rental, marketing contribution and many more depending on brand value and marketability.

Should this appear to scare you, fear not because buying over an existing business is actually less spooky compared to erecting a brand new outlet as a lot of the groundwork has already been done for you. That doesn’t mean you can rest on your laurels, though. you’ll still need to work hard to make it succeed!

If you are interested in one of these juggernaut businesses, be sure to be well educated and equipped with all the necessary before stacking up the ringgit!

Conclusion

The main idea of investment is at the end of the day to maximise the cash you have available to you.

Truth be told, various money making opportunities exist out there, its just a matter of understanding and then picking the right one to suit your risk appetite, available capital and preferences.

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Communications Ministry Proposes Digital Currencies As Legal Tender

(Image: Shutterstock/eamesBot)

The Ministry of Communications and Multimedia has proposed the adoption of digital currencies, such as cryptocurrencies, as legal tender in Malaysia.

The proposal is aimed at assisting the younger generation who actively use digital currencies, especially on non-fungible token (NFT) trading platforms. Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin, who presented the proposal, said that the ministry will explore ways to boost the participation of youths in digital currencies, stating that it is the future of finance.

“All of these are under the purview of Bank Negara Malaysia and the Securities Commission Malaysia.

“We hope the government will allow and legalise this so that we can increase the youth’s uptake of cryptocurrencies,” Datuk Zahidi added.

 (Image: The Star)

To clarify,
legal tender
 is defined as a means recognised by law to pay private or public debt, or meet financial obligations, such as taxes, contracts, and legal fines or damages. The
Currency Act 2020 (Act 827)
 states that only currency notes and coins issued by Bank Negara Malaysia shall be legal tender in the country.

Early this month, Deputy Finance Minister II Yamani Hafez Musa said that
Malaysia does not recognise cryptocurrencies as legal tender
 as they do not portray the characteristics of universal money. “In general, digital assets are not a store of value and a good medium of exchange. This is due to the state of digital assets which are exposed to volatility as a result of speculative investments,” he added.

Yamani highlighted that cryptocurrencies or digital assets are also not a payment instrument regulated by Bank Negara Malaysia.

(Source:
The Edge Markets
)

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Nur Adilah Ramli

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Win Big With Unbox This Week With Apple Watch Ultra, RM800 TNG eWallet Credit, Apple iPad Air M1, And More

We’re entering the month of July with exciting prizes to be won! If you’re looking to apply for a credit card, stand a chance to take home Apple products such as Apple Watch Ultra, an iPad Air M1, Apple Watch SE, and other amazing gifts this week.

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

From 26 June to 3 July, our featured bank partners are

none other than
Standard Chartered, HSBC Bank, UOB, RHB, Alliance Bank, and Public Bank
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Standard Chartered – Apple Watch Ultra

You could win an Apple Watch Ultra when you apply for a Standard Chartered credit card this month!

The newest Apple Watch comes with a 49mm aerospace-grade titanium case, extra-long battery life, specialised apps that work with advanced sensors, and a new customisable Action button – making this a watch designed for exploration, adventure, and endurance.

You’ll still be able to take home a guaranteed RM600 in Touch ‘n Go eWallet Credit if you don’t win the Apple Watch Ultra!

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

HSBC Bank – RM800 TNG eWallet Credit

A guaranteed cash gift awaits! Apply for a HSBC credit card this week and you’ll get RM800 in TNG eWallet Credit.

It’s always useful having extra cash at your disposal – use it for driving through tolls, going on a shopping spree, paying for utilities, or even treating yourself to a nice meal!

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

UOB – Apple iPad Air M1

Stand a chance to win the Apple iPad Air M1 when you apply for a UOB credit card.

With an immersive 10.9-inch Liquid Retina display, the iPad Air M1 utilises the breakthrough Apple M1 chip, making it a creative and mobile gaming powerhouse. Featuring Touch ID, 12MP front and back cameras, blazing-fast wireless, and USB-C charging port, the iPad Air M1 is the go-to device for both work and play.

You’ll still be able to take home guaranteed RM250 Touch ‘n Go eWallet Credit if you don’t win the Apple iPad Air M1!

To redeem your gift, apply for your card via the RinggitPlus website, get approved by UOB, and activate your card. Apply for your UOB credit card
here
.

RHB – Apple Watch SE

Stand a chance to win an Apple Watch SE when you sign up for an RHB Credit Card this week!

The trendy Apple Watch SE has essential features to help you stay connected, active, healthy, and safe. Take calls and reply to texts directly from your wrist, track your daily activity and workout sessions, and even send emergency alerts to the authorities with its advanced safety features including Fall Detection, Emergency SOS and Crash Detection – the Apple Watch SE has everything you need in a smartwatch!

For those who are not selected, you will still walk away with guaranteed RM300 Cash via DuitNow.

Once approved, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the gift. Existing cardholders of any RHB Bank credit card and individuals who have held or cancelled an RHB Bank credit card in the past six months are not eligible for this campaign. Apply for an RHB Bank Credit Card
here
.

Alliance Bank – Tribit Flybuds C2 True Wireless Earbuds Or URBANLite Ledge 24” Luggage

Apply for a new Alliance Bank Credit Card and you’ll be able to take home a guaranteed pair of Tribit Flybuds C2 True Wireless Earbuds or URBANLite Ledge 24” Luggage this week!

You’ll be guaranteed the Tribit Flybuds C2 True Wireless Earbuds when you apply for an Alliance Credit Card with Balance Transfer. The wireless earbuds feature crystal-clear stereo sound, with a lightweight design for maximum comfort. You’ll also be able to connect your devices with its Bluetooth function, allowing you to make and receive calls.

Applying for an Alliance Credit Card without Balance Transfer? You’ll receive the URBANLite Ledge 24” Luggage. What makes this luggage the perfect accessory for travelling is its hard case that protects your items on your adventures, as well as a telescopic trolley handle for easy manoeuvrability.

Upon approval, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the gift. Existing cardholders of any Alliance Bank credit card and individuals who have held or cancelled an Alliance Bank credit card in the past six months are not eligible for this campaign. Apply for an Alliance Bank Credit Card
here
.

Public Bank – Xiaomi Redmi Buds 3 Pro

Take home a guaranteed pair of Xiaomi Redmi Buds 3 Pro when you apply for a Public Bank credit card. These wireless earbuds come with 32db of noise cancellation, which is perfect for listening to music without external interruptions. With up to 28 hours of battery life, you’ll be able to enjoy listening to music for long periods of time without running out of power.

All you need to do is complete your application via the RinggitPlus website, get approved by Public Bank, and make an accumulative spend of RM250 within sixty (60) days of approval to be guaranteed this gift. Apply for your Public Bank credit card
here
.

***

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

While this week’s flash deal ends on 3 July 2023 (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Boost, RHB Team Up To Bid For Digital Banking Licence

Boost Holdings Sdn Bhd has partnered with RHB Banking Group to form a consortium in a bid to apply for a digital banking licence from Bank Negara Malaysia (BNM).

According to Axiata Group Bhd, the parent company of Boost, Boost will own a 60% stake in the digital bank joint venture, whereas the remaining 40% will go to RHB. The partnership will focus on expanding Boost’s fintech offerings that have been developed through Aspirasi (Axiata’s digital micro-financing and micro-insurance provider) as well as the Boost e-wallet.

Through this effort, both parties aim to increase financial inclusion and accelerate the development of digital products and services to the underserved and unserved segments. These include micro entrepreneurs, small and medium enterprises (MSMEs and SMEs), as well as individuals in the gig economy.

The president and group chief executive officer of Axiata, Datuk Izzaddin Idris said that although both parties have yet to submit their joint application for the licence, the digital bank is ready to kick off as soon as it secures one. Additionally, they will be including the Aspirasi loan book into the venture in order to do so.

(
Image: Business Today
)

“We are going to inject the loan book of Aspirasi to kickstart the business of the digital bank. The deadline for submission is 30 June, but it will take BNM about 18 months to decide on the award of the licences. We will only know towards the end of next year,” said Izzaddin.

Izzaddin further shared that although the consortium is currently limited to Axiata and RHB in the interest of expediency, the two parties may still hold discussions on the matter of admitting more partners going forward. “As far as we are concerned, the two partners currently are good to go for submission for the digital banking licence,” he said.

Meanwhile, the group managing director and chief executive officer of RHB, Datuk Khairussaleh Ramli said that this venture will serve as an extension of RHB’s Digital Transformation Programme – a core of its FIT22 strategy. Briefly, the
FIT22 strategy
 is a comprehensive five-year blueprint that was developed by RHB in 2018 to strengthen its presence in Malaysia and to better serve targeted segments.

(
Image: Berita Harian
)

Khairussaleh also explained that while the bank could attempt to make a bid for the licence on its own, it will have to start looking at new technology stacks and understand how business is being done for small-ticket items.

“That would take a long time. We believe the best way for us to approach this segment is to partner someone who has that experience, and Boost has been involved in this segment – it is not something new for them,” he said, referring to Axiata’s expertise in artificial intelligence (AI) and the new technology stack. Meanwhile, RHB will bring to the table its experience and expertise in running a bank, such as in liquidity, capital, and risk management as well as compliance.

(Source:
The Edge Markets
)

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Axiata Group Bhd

Bank Negara Malaysia

BNM

Boost

Datuk Khairussaleh Ramli

Datuk Mohd Izzaddin Idris

Digital Banking

Digital Banking Licences

Digital Banks

RHB

RHB Bank

RHB FIT22 Strategy

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Boost Teases TNB Bill Payment On BoostBills, Coming On 13 November

Boost has shared a teaser post on its social media, hinting that Tenaga Nasional Berhad (TNB) electricity bills may soon be available to pay using Boost.

“A new partner for #BoostBills coming soon. BoostBill is about to get better and brighter on 13 November 2021. Stay tuned for more updates,” the e-wallet shared in its Facebook post earlier today, which showcased a GIF with TNB’s logo.

Based on this teaser, Boost will become the first official e-wallet payment partner for TNB, allowing Malaysians to pay their electricity bills directly via Boost’s bill payment feature.

This is potentially – and surprisingly – a big deal. Currently, TNB does not support any e-wallet payment options despite the growing acceptance for e-wallets nationwide, and almost appearing to actively prevent third-party payment services from accepting e-wallet payment for TNB bills over the past year and a half. As
we shared in our 2020 article
, being able to use e-wallets to pay for TNB bills can result in substantial savings in the long term, especially when “double-dipping” with credit card rewards.

We will continue to keep an eye out for updates on this news. Currently,
BoostBills
 – which was launched in July – lists Sarawak Energy, Sabah Electricity, and NUR Power as its three billers under the Electricity category.

(Source:
Boost
 (Facebook))

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    ignitor

    1 year ago

Dah Tadi Bayar Bil TNB , BoostApp Bagi RM3.00 Bayaran RM100 Keatas .Harap Kontrak TNB Dan BoostApp Kekal…

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    Anonymous

    1 year ago

    Reply to

        ignitor

boleh ke….. tak nampak ada tnb selection pun

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    Pang Tun Yau

    1 year ago

    Reply to

        Anonymous

Boleh, tapi Boost disable TNB balik. Check 13 November nanti bila dia officially launch.

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Chinese New Year 2021: Financial Predictions For Your Zodiac

Chinese New Year is full of fun traditions and customs, and one of them is looking up how your new year is predicted to be based on your Chinese zodiac. In Chinese astrology, your zodiac is based on your year of birth, represented by one of the 12 Chinese zodiac animals. Every lunar new year, feng shui masters and other experts in the field line up their predictions for each zodiac sign, covering areas like wealth, health, career, and relationships.

Let’s take a look at what financial predictions are in store for the different zodiac signs in this year of the Metal Ox.

Rat

Those born in the Year of the Rat seem to be set for moderately good wealth prospects in the upcoming year. Your income should be pretty good this year, with unexpected sources like literary or artistic creations possibly bringing in new financial profit. However, be on the lookout for unexpected expenses. Use this time to save money and keep your desire to spend under control. You may want to avoid high-risk investments like real estate.

Ox

It seems like the finances of the Ox in 2021 will be in relatively good shape, but this comes with several caveats. Hard work and patience will lead to good returns and significant achievements this year, as long as you don’t get carried away by excessive stubbornness. Do not act on impulse when it comes to financial decisions and be prepared for your income to possibly fall short of expectations. It is unadvisable to venture into high-risk investments and you should not lend money to others.

Tiger

The predictions indicate that this is a good year for you to focus on long-term financial plans and pay careful attention to your expenses. Be ready to make small adjustments to your finances throughout the year and always plan before you spend. Similar to the Rat and the Ox, you should try to avoid big investments and be wary of fraudulent investments. However, you can look forward to more recognition this year, which could lead you to some extra profits.

Rabbit

On the outset, it looks like the Year of the Ox may not be the smoothest year for the Rabbit’s finances, given that both income and expenses are expected to be volatile and unpredictable. However, in terms of professional projects and activities, you will find that the year ahead will be an interesting one. There may be some risks to your source of income, but you can overcome this by adopting a cautious approach to your finances and avoiding risks like lending money to relatives or friends.

Dragon

It seems like the Year of the Ox is a promising year for the Dragon career-wise, with the potential for new businesses and money-making ideas. Still, it is a good idea to re-organise your financial situation and focus on achieving better financial balance and improved accounting. Make sure to do your research before investing and avoid investing based on hearsay or speculation. You may suffer some financial loss, but you could also have some alternative income to make up for it.

Snake

If you are born in the Year of the Snake, you can look forward to some good luck in terms of finances in 2021. It is meant to be a good time for you to make long-term investments such as buying properties, precious metals, and so on – although of course you should research them beforehand. While you may be at the risk of some monetary loss this year, you can still rely on help from the people around you.

Horse

This is a great year for the Horse to learn investment related skills and technical analysis. However, make sure to start with low-risk investments and avoid making hasty or impulsive decisions when it comes to investment. You should also only take on meaningful debt this year; do not get trapped in debt and avoid overspending at all costs. Furthermore, working on your interpersonal skills and relationships will help enhance your opportunities.

Goat

During the Year of the Ox, it is predicted that the Goat may be faced with stagnant income growth, especially when it comes to business owners. However, you can avoid encountering any big financial crises by expanding your financial management skills this year. You should pay more attention to any important documents as loss of focus and negligence can lead to more financial losses. Stay away from risks like becoming someone’s guarantor or investing in high-risk products.

Monkey

Those who work hard will see their efforts rewarded financially in the Year of the Ox and you will have good career prospects in your current endeavours. However, business owners should be more conservative in their expenditure and risk-taking. Be aware of burglaries and be mindful of the safety of your belongings this year. From the investment aspect, avoid speculative investments where possible.

Rooster

2021 is the year of change for the Rooster, where sacrifices and hard work will be paid off in kind. You can look forward to some financial stability this year, and it would be good to make and stick to a financial plan each month. According to some predictions, this may be a good year for Rooster investors, although you have to be well-informed and stay away from greed.

Dog

It is good for those born in the Year of the Dog to exercise caution with finances this year. Observe your finances with great care and attention to avoid losing money and becoming indebted in 2021. You should be careful when signing documents and learn how to maintain the value of your wealth through financial planning. Save some money this year to prepare for future expenses and possible rainy days.

Boar

This year, you should make full use of your entrepreneurial spirit and talent for making money, alongside progressions in your career and income. If you have increased wealth this year, make sure to put it aside to save for the future. Do not overspend this year and do more research before making any investments – avoid taking risks unless you are absolutely certain and well-informed.

***

Of course, bear in mind that these are only zodiac predictions and that nothing is set in stone, especially during such uncertain times. Read these predictions for the year 2021 in good fun and remember that when it comes to your wealth, nothing beats good financial literacy and prudent financial planning!

(Adapted from
Joey Yap
,
thechinesezodiac.org
)

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Huawei Pay Arrives In Malaysia, Available Only For Selected Huawei Phones

Huawei has announced the arrival of its contactless payment system, Huawei Pay, in Malaysia today. Partnering with UnionPay International and the Industrial and Commercial Bank of China (ICBC) to bring the new function to local shores, Huawei Pay is intended to provide an easier and more secure contactless, cashless payment process on selected Huawei smartphones.

Huawei Pay is housed within the Huawei Wallet app as one of its key services, and it requires an NFC-enabled (near field communication) phone to work. To enable and use the new function, you’ll first need to add a supported credit card to your Huawei Wallet app. Once done, you can then proceed to carry out transactions conveniently by tapping your Huawei smartphones to payment terminals.

“Instead of having the need to unlock their phone, application, or even connect to the internet, users can opt to make in-store payments by holding the Huawei smartphone close to the payment reader. Once the fingerprint is authenticated, the payment is done,” said Huawei in a statement.

One stumbling block is that currently, Huawei Pay supports only UnionPay credit cards issued by ICBC within Malaysia, although the tech giant’s website clarified that Huawei Pay can actually accept UnionPay credit, debit, and prepaid cards issued by partner banks. Huawei also emphasised that users can use Huawei Pay at over 20 million payment terminals across 51 countries and regions around the world, as long as the terminals carry the UnionPay QuickPass logo.

In terms of security, Huawei Pay taps into several safety features to provide a more secure service for their customers. One key feature is that it makes use of a device-specific number (token) instead of your bank card number to conduct payments. When you add a card to Huawei Pay, a token will be encrypted and stored in a separate security chipset intended for sensitive data. In other words, your actual card number will not be stored on your device or Huawei Pay servers, nor will it be shared with merchants – thereby limiting the possibility of data theft or leakage. This is a technology similar to those used in Samsung Pay, Google Pay, and Apple Pay.

Aside from that, each Huawei Pay transaction must be authenticated by your fingerprint or passcode. The new mobile payment function also will not keep transaction information that can be traced back to you, which further reduces the risk of data leakage and guarantees the security of your information and funds.

According to Huawei, Huawei Pay has been made available to local users since 15 November 2020, although only users with selected smartphones spanning across the
Mate, P, and Nova series
 can use it. If you’ve got a compatible phone and the right credit card, and would like to test out Huawei Pay for yourself, here’s a full list of the merchants that you can visit to do so:

Category

Merchant

Fashion

Superdry

La Senza

G2000

Timberland

Vans

Levi’s

Cotton On

Lacoste

Marc Jacobs

FashionValet

Giordano

Armani

Emporio Armani

DKNY

Calvin Klein

Food & Beverage

McDonald’s

KFC

Purple Cane Tea

Acme Bar & Coffee

Enoshima Japanese Restaurant

Yuzu Japanese Restaurant

Ozeki Bistro

Ya Shi No Mi Café

Dunkin Donuts

Din Tai Fung

Beauty & Cosmetics

YSL Beauté Boutique

Lancôme

THEFACESHOP

Christian Dior

Nu Skin

Skin Town

Sephora

Sport & Others

Royal Sporting House

Sports Direct

Nike

Adidas

Reebok

Puma

Toys”R”Us

Groceries

Parkson

Isetan

NSK

Family Mart

Village Grocer

KK Mart

99 Speedmart

As an introductory promotion, all ICBC UnionPay credit cardholders who register their cards with Huawei Pay between 12 December 2020 until 12 March 2021 will be able to enjoy up to 50% cashback for every transaction with a minimum spend of RM20. The top monthly spender will also stand a chance to receive prizes such as a Huawei P40, Huawei FreeBuds 3, and Huawei Watch GT 2E.

Huawei Pay was first introduced in China in 2016, and was eventually expanded to other countries including Hong Kong, Macau, Singapore, Thailand, Pakistan, and Russia. You can find out more about
Huawei Pay
 here, or check out the
FAQ
 here.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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3 Financial Advantages When You Buy A Ready-To-Move-In Property

Meridin Bayvue, Johor

For many, the options for buying a property are either a new project from a developer, or a completed unit from the sub-sale (secondary) market. Both have their own sets of pros and cons, but could buying a new property from a developer that’s also ready to move in be an option that offers the best of both worlds?

Ready-to-move-in properties from developers are new units that are not yet sold upon the property project’s completion. There are usually the few remaining units available, and as its name implies, are ready to move in when the ownership paperwork is completed. Compared to new projects or sub-sale units, ready-to-move-in properties are a less common option – but let’s take a look at some factors on why you should consider this third alternative.

1. Less risk exposure compared to new launches

The Loft, Penang

New launches have a completion time of around three years. In that period, many things can happen, the worst of which is if the project is delayed or even cancelled halfway. If you’ve already committed to the project, you will need to pay for the interest incurred from the home loan during the construction stage – even if there are delays on the project’s completion. A ready-to-move-in property alleviates these risks, as the project is already completed.

On top of that, a ready-to-move-in property offers the opportunity for consumers to review the quality of the property – and even the entire completed project – in person before choosing to invest. This alleviates the risk of unforeseen defects cropping up, which can be quite common when buying a property which is still under construction.

Ferringhi Residence, Penang

M Residence 2, Rawang

The units around the property may also already be filled, so you could even take a look at your neighbours before deciding to get the property. It may sound trivial, but the quality of neighbours is an important factor that you can’t control when buying a new property project.

2. Better financing options when buying completed units from a developer

Meridin East, Pasir Gudang, Johor

Most properties require at least a 10% downpayment to be paid upfront, but developers usually offer attractive rebates for new properties that reduce the 10% figure by a significant chunk – it isn’t uncommon to see rebates of up to 8% to offset the downpayment amount. In addition, partner banks for the project may also offer lower interest rates for the home loan.

But since subsale properties are dealt with individual owners, buyers will not enjoy such a scheme. That means you need to raise a healthy amount of money to be able to pay the downpayment. You could apply for a personal loan to pay for this, but that means you’ll be servicing
two
 loans that will surely leave a dent in your income.

Icon Residence, Mont Kiara

Savanna Executive Suites, Southville City

Finally, developers may even waive legal fees for ready-to-move-in projects. This is easily a five-figure sum that subsale buyers cannot save on. For instance, Mah Sing has a number of ready-to-move-in properties that offer attractive financing options, free legal and SPA fees, and even free moving services for some projects.

While that may not mean the final purchase price will be lower than when it is under construction, you do get to enjoy similar financing options.

3. Attractive Benefits & Offers

Lakeville Residence, Jalan Kuching

For ready-to-move-in properties, developers would usually provide attractive offers so that it can sell off these remaining units of the project. As such, they may bundle free furniture or additional home appliances, or even cover part of the renovation costs if you wish to make some minor changes to the property.

Some developers may even go the extra mile, offering unique perks when you buy its ready-to-move-in properties. Depending on the project, Mah Sing offers benefits like downpayment as low as 1%, free moving services, free interior design package, or even a Smart Home package with digital door locks and basic home automation.

Final Words

D’sara Sentral, Sungai Buloh

Buying a property is one of the milestone moments you’ll reach as an adult. It is arguably the biggest thing you’ll buy in your life, and regardless whether you live in it or not, a property is an investment that will literally take decades to pay off. So it’s only natural to be extra careful and weigh your options when you’re financially ready to make the jump.

Meridin Medini 2, Iskandar Malaysia

A property from a developer that’s ready to move in offers a “best of both worlds” scenario, giving the benefits of buying a sub-sale property but with lower risks as opposed to a project that’s still in development.
Mah Sing’s ongoing promotion
 for its existing properties offers plenty of additional benefits, with projects available in Kuala Lumpur, Selangor, Penang, and Johor. Find out more at
Mah Sing’s official campaign page
.

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How Stores Trick You Into Spending More Without You Knowing

Ever walk into a store with the sole purpose of buying one new shirt and end up walking out with a whole new wardrobe? Spending more than you intended to is an all-too-familiar scenario faced by many shoppers everywhere.

Little do you know that this budget blunder is not at all a random affair. Here is a list of sales and marketing tactics used by physical and online stores alike that you should be aware of:

1. Discounts and Sales

Discounts and bargains are almost always the biggest culprit when it comes to seducing you into buying things you don’t need. Sales triggers such as ‘For a limited time’, ‘50% off’ or ‘Now only RMXX.XX’ are deployed to convince you that you are getting a good deal, but are you really? The truth is that some discounts and bargains are completely
made up
! Prices are sometimes marked way up only to be slashed severely during promotion or sale periods.

Do this instead:
 Buy only the things you need and ignore the sales, especially if you are on a tight budget. If you are interested in a sale item, quickly check retail prices online to see if it is really a bargain or just a gimmick. Prices for obscure brands may not be so easy to track though, so stick with this rule: If it sounds too good to be true, it probably is.

2. Chummy Sales People

No matter how friendly the salespeople are, remember that they are just doing their job – helping you buy more so the store makes profit. Some will go ‘above and beyond’ to
upsell
 you, as is usually the case when a salesperson takes the time to be all charming and friendly in order to persuade you to buy the higher priced product or service you are interested in. Don’t be compelled to go with the more expensive alternative just because the salesperson tells you it is a better deal.

Do this instead:
 Be a savvy shopper and conduct a research on what you’re looking to buy
before
 you step out to make the purchase – this way, you’ll be prepared in terms of the cost and value of the product, and would less likely be coaxed into buying something you don’t want.

<a href=”
https://ringgitplus.com/en/credit-card/?utm_source=ringgitplus&utm_medium=banner&utm_campaign=my-rpint-crcd-gen&utm_content=blogcta_crcd_bestcreditcardinmalaysia_ringgitplus_mid”title=”Compare
 credit card”>

3. Free Shipping

Online stores often offer free shipping with minimum purchase, and the same could be said for most higher-end, brick-and-mortar department stores. It might seem like a serious money-saver, but don’t be so quick to fall for the offer, especially if the ‘minimum purchase’ is on the high side. If the free delivery comes with no strings attached, go for it; but if you have to spend hundreds to qualify for the offer, take some time to consider if the extra purchases are worth it.

Do this instead:
 Single out stores that offer completely free delivery and use cash vouchers when possible to offset delivery charges.

4. Supermarket Samples and Other Freebies

People often feel guilty when accepting something and giving nothing in return – this is called the reciprocity principle. Thus, taking free samples and simply walking away might make you feel uncomfortable. This could prompt you to pick up a box of coffee you’ll never drink, just to return the ‘favour’ for the free sample you’ve just received.

Granted, this is not how everyone operates, but in some cases, free samples have
boosted sales by 2,000%
! This means a lot of people are triggered by free samples.

Do this instead:
 Practice saying no to samples that you aren’t interested in trying and don’t accept freebies that you don’t want or need.

5. Product Placement

Products that are placed at eye-level are the ones being promoted; they may not be what you’re looking to buy, and are more likely to be the more expensive option (though not always). Cheaper selections are often stacked higher up, making it difficult to reach or on the bottom where you might miss it.

Do this instead:
 Stand three to five feet away from the aisles and scan the products on all shelves, top to bottom, before making your choice. If you need help reaching for the products, don’t be shy to ask for assistance.

More Things You Can Do To Stay Frugal

1. Make a list and set a budget.
 Having a list helps you make fewer unintended purchases. Similarly, setting a spending limit could inspire more cost-efficient choices.

2. Set a shopping time limit.
 The more time you have to aimlessly browse the aisles, the more likely you are to spend on something you don’t need. Schedule to-dos in between, like planning a chore to do at home, picking up your kids from school or meeting friends for lunch.

3. Avoid buying from the checkout aisle.
 Those little aisles placed by the cashier are not there for convenience’s sake. They are usually the last in sales and marketing strategy to tempt you to buy more as you wait in the line. Items on these aisles are usually
unhealthy snacks
 (to tempt the children or the sweet tooth in you), expensive toothbrushes, batteries and other small but could-be-practical items.
Ignore these aisles
. If you need any of these items, put them on your list and pick them up from their rightful aisles.

4. Choose a shopping basket.
 When browsing at stores, avoid taking a large shopping cart or trolley. Baskets fill up much quicker and it does get heavy, therefore slashing the chances of you lingering and make unnecessary purchases.

To get more value for the money you spend, consider taking advantage of the perks that come with credit cards such as cash back offers, reward points and discounts. See our
comparison page
 for help finding a truly rewarding credit card to suit your spending style.

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CIMB To Automatically Convert Existing Enrich Credit Cards To New CIMB Travel Cards

CIMB has announced that existing CIMB Enrich co-branded cards will automatically receive replacement cards from the
new CIMB Travel credit cards
. In addition, the existing cardholders’ Bonus Miles will be converted to Bonus Points without any loss in value.

Given that the new CIMB Travel credit cards are meant to replace the
discontinued Enrich co-branded cards
, existing CIMB Enrich cardholders, will receive the new travel credit cards according to its appropriate tiers, as per the following:

Existing card
New card
CIMB Enrich World Elite credit card
CIMB Travel World Elite credit card
CIMB Enrich World credit card
CIMB Travel World credit card
CIMB Enrich Platinum credit card
CIMB Travel Platinum credit card

CIMB has prompted affected cardholders that they can expect to receive their new cards anytime between 21 October to 31 December 2022. Meanwhile, the existing Enrich cards will be discontinued on the expiry of the card, or on 31 March 2023 – whichever comes first.

Cardholders can also opt to cancel their Enrich cards ahead of time, if they so prefer. They can do so by calling CIMB’s consumer contact centre at +603 6204 7799.

Existing Bonus Miles to be converted

CIMB has reassured that all existing Bonus Miles that are earned up to 21 October 2022 will be converted accordingly to CIMB’s Bonus Points (BP), at the rate of 1 Bonus Miles to 10 Bonus Points.

This conversion from Bonus Miles to Bonus Points will not see any dip in value. This is because the conversion rate of CIMB’s Bonus Points itself to Enrich Points or other airlines’ frequent flyer programmes (FFPs) is also set at 10 BP = 1 air mile.

So assuming you had 10,000 Bonus Miles prior to 21 October 2022 (which is equivalent to 10,000 Enrich Points), it will be converted to 100,000 BP after 21 October. This 100,000 BP can be redeemed for 10,000 Enrich Points – 0% loss in value. On top of that, BP can be used to redeem air miles from other frequent flyer programmes.

And this brings us to the final highlight.

Flexibility in redeeming air miles via Bonus Points

The previous CIMB Enrich co-branded credit cards only allowed cardholders to redeem Enrich Points, which – as you would know – is tied only to Malaysia Airlines (MAS). This means little flexibility in terms of your redemption.

With the new CIMB travel credit cards, cardholders are no longer as limited as they can use their Bonus Points to redeem rewards via a much wider range of eleven FFPs and three hotel chain partners. While you can still redeem airmiles with Enrich if you’re a fan of Malaysia Airlines, you will also have the option to redeem from any of the following:

Programme
Partner Miles/Points
CIMB Bonus Points required
IHG Hotels & Resorts
IHG One Rewards
1,000 Points
10,000 BP
Marriott
Marriott Bonvoy
1,000 Points
10,000 BP
Accor
ALL – Accor Live Limitless
1,000 Points
20,000 BP
AirAsia
BIG Rewards
1,000 Points
8,000 BP
Malaysia Airlines
Enrich Loyalty Programme
1,000 Points
10,000 BP
Air France KLM
Flying Blue
1,000 Miles
10,000 BP
EVA Air
Infinity Mileagelands
1,000 Miles
10,000 BP
British Airways
Executive Club
1,000 Avios
10,000 BP
Etihad Airways
Etihad Guest
1,000 Miles
10,000 BP
Turkish Airlines
Miles&Smiles
1,000 Miles
10,000 BP
Qatar Airways
Privilege Club
1,000 Avios
15,000 BP
Emirates
Emirates Skywards
1,000 Miles
15,000 BP
Cathay Pacific
Asia Miles
1,000 Miles
15,000 BP
Japan Airlines
JAL Mileage Bank
1,000 Miles
20,000 BP

***

As we’ve mentioned, the three new CIMB Travel credit cards are expected to be
quite an attractive set of cards
, especially the premium CIMB World Elite Travel credit card, which offers “best-in-class” air miles earn rate at 10x BP for all retail transactions (overseas and local). Other notable perks include the complimentary access to airport lounges (Plaza Premium First, Plaza Premium Lounges, and other affiliated lounges), as well as hotel benefits such as complimentary HoteLux Elite Plus membership for 12 months and 2,000 HoteLux points.

If you’re keen to find out more about these cards, mark your calendars for 21 October 2022 as the new range of CIMB Travel credit cards will be launched then.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Maxis Unveils Affordable Fibre Broadband Plans, Starting At RM89 Per Month

(
Update 5 September: TM has removed the minimum income requirement of RM4,500 and below from the Unifi Basic Plan, thus making it available for all customers.)

Maxis has launched its most affordable fibre broadband plans for home and business users, at prices 36% – 65% lower than its previous plans, while simultaneously upgrading the speeds. Starting next month, Maxis customers will be able to get a fibre broadband plan with up to 100Mbps speeds at a starting price from just RM89.

The launch is likely a response to
TM’s internet speed upgrade announcement
, where the national telco announced a new entry-level broadband plan for RM79, as well as the “Unifi Turbo” upgrades that offer up to 10x speed upgrades to existing Unifi fibre plans, making it the most competitive fibre broadband plan in the market. This comes thanks to government’s call for cheaper and faster internet services. It appears Maxis has now also followed suit.

MaxisONE Home Fibre: 30Mbps for RM89/month, 100Mbps for RM129/month

(Image: Maxis)

For home users, the MaxisOne Home Fibre plans is priced at RM89 per month for 30Mbps, and RM129 per month for 100Mbps. The new prices are a massive reduction from
the original prices of RM179 per month and RM299 per month respectively
. Additionally, the new home fibre plans come with unlimited internet quota, a dual-band WiFi router, and technical support from the Maxperts team. Customers who opt for the 100Mbps home fibre plan will also enjoy unlimited voice calls and a free DECT phone.

Interestingly, Maxis also appears to have serious plans to upgrade the fibre broadband speeds even higher. The FAQ section states that the company will provide higher internet speeds of up to 800Mbps once the infrastructure is ready – directly matching the maximum speeds offered by TM’s Unifi Turbo upgrade.

New Fibre Broadband Plans For Business Users

(Image: Maxis)

Maxis’ business customers can get the new MaxisOne Business Fibre Plans, which are priced at RM99 for 30Mbps, and RM139 for 100Mbps. Both plans come with a free future-proof business-grade router, immediate internet availability upon installation, and free wireless back-up internet access (a Maxis SIM card is fitted into every Business Fibre router, and offers 4G LTE internet access when the fibre network is offline). Similar to the Home Fibre plans, the 100Mbps business plan comes with unlimited voice calls and technical support from the Maxperts team.

MaxisONE Fibre vs New Unifi Plans

The new MaxisONE HomeFibre plans are very competitive with TM’s recent offerings. Here is a table of comparison between the new MaxisOne Home Fibre plans with the Unifi Basic Plan and Unifi Turbo Upgrade.

MaxisOne Home Fibre Plan 30Mbps

Unifi Basic Plan

MaxisOne Home Fibre Plan 100Mbps

Unifi Turbo Upgrade (10/20Mbps to 100Mbps)

Price

RM89

RM79

RM129

RM129

Monthly Quota

Unlimited

60GB

Unlimited

Unlimited

Voice call

RM10 per month

RM0.20 per minute

Unlimited

RM0.20 per minute

Requirement

None

Household monthly income below RM4,500

None

None

While the 30Mpbs MaxisOne Home Fibre plan costs RM10 more than the Unifi Basic Plan, it does not have a limit on internet quota and no income requirements. Meanwhile, if the Unifi Turbo upgrade for the current Unifi Lite 10Mbps is increased to 100Mbps, it will be on par both on speed and price as the MaxisOne Home Fibre 100Mbps – but the Maxis plan will have the upper hand with free unlimited voice calls (compared to 20 sen/minute on Unifi).

Cheaper and Faster Internet for Everyone

In
a press statement
, Maxis explained how the new broadband plans could benefit businesses and the company’s commitment to providing more accessible fibre network. Maxis’ Head of Enterprise Paul McManus said the new business fibre broadband plans enables SME business owners to focus on running their businesses without worrying about bad internet connections. The free wireless backup solution first appeared in another Maxis plan: the MaxisOne Prime, which combined both a fibre broadband package with a smartphone data plan.

Besides that, Maxis CEO Robert Nason also noted that the company’s new consumer fibre plans are in line with the government’s push for faster and better internet for everyone, before hinting at even faster speeds are coming. “We welcome the Government’s initiative to enable the industry to offer more choices at competitive prices to consumers and businesses. Meanwhile, we will continue to invest in accessing available fibre networks in Malaysia and building our own where possible. We expect to secure access to even higher speeds in the coming months and when we do, we will make new plans available to our customers,” he said.

Non-Maxis customers can pre-register for the new broadband plans, which will be available on 13 September. Meanwhile, existing customers can request for an upgrade to the new plans by filling up an online form on the same page with their names, NRIC and phone number. Both of these can be done at
Maxis’ fibre broadband landing page
.

Update 5 September

TM has removed its previous household income requirement starting this month, effectively making the
Unifi Basic plan
 available to all customers.

(Source:
The Star
,
SoyaCincau
)

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Maybank Integrates Sama-Sama Lokal Online Platform Into MAE App

Maybank has integrated the Sama-Sama Lokal online marketplace into its MAE by Maybank2u (MAE) mobile banking app in the latest update, in an effort to further assist small and medium-sized enterprises (SMEs) in the F&B industry.

Prior to this, the Sama-Sama Lokal platform is available exclusively on the Maybank2u app, with upgraded features such as a
seamless payment process and an order tracking function
. With this latest development, Maybank customers will now also be able to access the Sama-Sama Lokal online marketplace on the MAE app. To place orders, you can just go ahead and click on the Sama-Sama Lokal banner on the homepage, and proceed to place your orders as usual!

“Existing Sama-Sama Lokal customers will continue to enjoy a smooth food order experience, with their past orders, list of favourite merchants, and personal particulars – such as mobile number and address – automatically migrated to the MAE app,” said the bank in a statement.

This integration of the Sama-Sama Lokal platform into the MAE app is part of Maybank’s continued endeavour to deliver practical digital solutions to both its individual and SME customers. Additionally, it provides businesses with complementary support and solutions beyond traditional banking services.

For context, Sama-Sama Lokal was launched back in 2020 to
assist local hawkers and neighbourhood businesses that were struggling
 due to the movement control order (MCO) put in place to fight Covid-19. Onboarding businesses were not required to pay commission or any other fees. Today, the online marketplace connects approximately 14,000 F&B merchants to the bank’s customer base of 12 million people.

“From the start, our purpose of setting up Sama-Sama Lokal was to help our neighbourhood businesses recover and grow. While the economy has reopened, our intent has not changed, and that is why we will continue to ensure Sama-Sama Lokal remains a zero-commission platform, with no set-up, transaction, or administration fees. By allowing the businesses to keep 100% of their profits, we hope to help them maximise their earnings and recover rapidly from the pandemic,” said the group chief executive officer of community financial services at Maybank, Dato’ John Chong.

Dato’ John also highlighted the rapid growth of food delivery services in recent times, such as the Sama-Sama Lokal platform. He commented that this is a sign that businesses must adapt if they want to survive in the post-pandemic landscape.

(Image: The Star)

“In 2021, we saw a surge in merchant adoption and usage of Sama-Sama Lokal, with a 12-fold year-on-year increase in orders. Even with the reopening of the economy now, we continue to see strong sales in November and December 2021 – which grew by over 18-fold compared with the same period last year,” said Dato’ John, adding that brick-and-mortar businesses need to digitalise to remain visible to customers and future-proof themselves.

You can download the MAE app for free on
Google Play
, the
App Store
, or the
Huawei AppGallery
 to try out the Sama-Sama Lokal platform for yourself. Maybank is also currently running a couple of Sama-Sama Lokal campaigns, offering a 50% rebate off your orders via the
Kongsi Food with MAE campaign
, and another
28% off via the Maybank 28% Off FU-ture Fortune campaign
.

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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How to Retrieve These Financial Documents (if You Lose Them!)

We’ve mentioned the importance of
keeping your financial documents safe and backed up
 before. Both digital and hardcopy backups are needed to truly ensure that your finances are safe. Some financial documents are more troublesome when lost than others. Let’s explore 3 of the more essential financial documents and how to retrieve them in case they’re lost.

Fixed Deposit Slips

Once you sign up at the bank for a fixed deposit account to get started with investing, you will receive what’s called a fixed deposit slip. This document is needed whenever you want to withdraw funds from your fixed deposit account. If you lose it, your growing funds will just sit there in the account, far away from your wallet. Boo.

To retrieve the slip, you need to go to the bank and ask for a new one, for which you’ll be charged about RM5. Pretty easy. Of course, a much easier way is to open up an online fixed deposit account. You won’t get a fixed deposit slip through this account, but you can freely withdraw or deposit at any time without needing a slip.

Proof of Payment on Your Income Tax

We’re all aware of the big yearly payment we make to the government as contributing citizens. Taxes on our income is important stuff, and so is the proof that we’ve paid it. If we lose the proof of payment on our taxes, in the event of a tax auditing, we may be liable and get summons or penalties for failing to prove we paid our taxes. Yikes.

To retrieve a lost proof of payment, you can visit the bank and request for a chunk of your banking statements that show you’ve cleared your taxes. This method can take a while, so it’s best to always keep copies of your proof of payment as soon as you get them.

Vehicle Title

Besides needing this pink document as proof of ownership over your vehicle, you also need the original copy for insurance claims and for paying your road tax. Losing this document not only means you cannot do the tasks we’ve mentioned, but you also run the risk of someone else claiming ownership over your vehicle.

To retrieve a lost vehicle title,
you no longer have to make a police report
. You can just go to JPJ (Malaysia’s Road Transport Department) with your MyKad, fill in the JPJ K7 form and pay a fee of either RM20 for motorcycles or RM50 for cars.

These aren’t the only financial documents that you need to keep safe, of course. There are many others and we encourage you to save digitally as well as hardcopy backups of them so your finances remain secure and efficient.

Speaking of saving, why not check out our
savings accounts comparison tool
 to find the best type of savings accounts for your needs? Have anything to contribute to this article? Do share your thoughts with us in the comments section below!

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New E-Hailing App GOJO Sees Steady Growth Despite Covid-19 Challenges

New e-hailing app GOJO is recording steady growth despite having launched during a challenging economic time caused by Covid-19. Dubbed GOJO – short for Good Journey – the app is capitalising on the opportunities offered by Malaysia’s surging digital transformation.

According to the director and chief operating officer of GOJO, Pradeep Kumar, the start-up is serving approximately 1,000 daily bookings at present. It also boasts 12,000 active drivers and 45,000 users just two months after its launch in August this year.

GOJO’s current services are primarily rooted in offering city rides. The app comes with several functions to provide a safer riding experience, such as an in-app SOS button to call local authorities or your emergency contacts in times of trouble, and a real-time ride tracking function that lets you share your location with your family or friends. Additionally, GOJO is adding a facial recognition technology to its app that detects if its drivers are wearing masks, thereby serving as a precautionary measure against Covid-19 and ensuring commitment to health and safety standards. In time, GOJO is set to offer intercity rides and goods delivery services as well.

With regard as to how the start-up is helping its drivers who are affected by the Covid-19 pandemic, Pradeep said that GOJO is using its proprietary technology and corporate social responsibility (CSR) initiatives to do so.

“For instance, GOJO launched a MarketPlace ecosystem, powered by our proprietary technology, which empowers drivers to choose their desired bookings that suit their schedule. In addition, GOJO also created Founder’s Fund, a 12-month profit-sharing initiative that gives a portion of profits back to eligible GOJO drivers,” explained Pradeep.

Pradeep further commented that GOJO is interested in tapping into Malaysia’s growing digital economy, which was spurred by the Covid-19 pandemic and saw companies of all sizes moving online. “GOJO’s open platform has the technological capability to support local merchants in their digital transformation, opening up new sales pipelines. We expect to welcome all local merchants onboard our platform in the near future,” he said.

For now, though, GOJO aims to triple its current pool of driver partners as soon as possible. “It is part of our vision and mission to make seamless connected for not only inbound international travellers, but also outbound GOJO customers travelling elsewhere,” said Pradeep, adding that GOJO has established global affiliate relationships with more than 200 providers in more than 300 cities.

Head on over to
GOJO’s website
 to find out more about the new e-hailing app. Alternatively, you can download the app from
Google Play
 or the
App Store
.

(Source:
The Sun Daily
)

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

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Over RM5000 Worth Of Prizes Coming Your Way! PlayStation 5, Galaxy Watch4 & More

The month of March is here and it’s time for you to march on to apply for selected credit cards to unbox the latest and most wanted gifts of this season!

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

For this week (7 March – 14 March 2022), our featured bank partners include
Citibank, HSBC, Standard Chartered Bank, Alliance Bank, and Ambank
 – if you have considered applying for any of these banks, check out our latest deal below!

Citibank – Win The Sony PlayStation 5

Go on an adventure right at home with the Sony PlayStation 5. Remastered with an ultra-high-speed SSD for faster loading games, and a sensational controller paired with haptic feedback and adaptive triggers so you can immerse yourself completely into the latest games.

Capped at 10 units, every 10th successful Citibank credit card applicant is guaranteed the Sony PlayStation 5. Other successful applicants will receive an RM600 Shopee e-voucher.

To be eligible for the Sony PlayStation 5, applicants are required to apply for a Citibank credit card, activate and spend a minimum of 8 retail transactions on their new card within 60 days upon gaining approval.

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

HSBC – Win The Samsung Galaxy Watch4

Health is wealth, so much so that technology has evolved for us to keep track of our heartbeats, oxygen levels, and remind us to move after a long day of work. The Samsung Galaxy Watch4 provides all that and so much more.

With the Samsung BioActive Sensor, measure your body composition so that you’ll know your body inside and out to better achieve your fitness goals. Track any workout, count your steps, and get healthier.

Apply, get approved, and spend with a new HSBC credit card to be eligible for the Samsung Galaxy Watch4. Every 10th successful applicant is guaranteed to take home this powerful fitness partner. Other successful applicants will receive an RM600 Shopee e-voucher.

Applicants are required to activate their new card upon approval and spend a minimum of RM1,000 within 60 days to be eligible.

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

Standard Chartered Bank – Get A i-ROVA K5A Robovac Or Riino 3.5L Rapid Air Fryer

The chores at home never stop, but maybe a home or kitchen appliance can make life a little easier. Take your pick between a guaranteed i-ROVA K5A Robovac Or Riino 3.5L Rapid Air Fryer!

i-ROVA K5A Robovac allows you to have spotless floors all the time with its microfiber dry mopping feature while the Riino 3.5L Rapid Air Fryer provides you with easy cooking anytime along with easy cleaning up after.

All you need to do is apply for a Standard Chartered credit card to take home the appliance of your choice! Applicants are still required to activate their card within 30 days upon approval to be eligible for this prize.

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

Alliance Bank – Guaranteed Riino Evolution V8 Super Cyclone Vacuum

A clean home brings in a clear mind. Clear your mind with the Riino Evolution V8 Super Cyclone Vacuum. With high suction power plus an easy one-click dusting system, your home could be spic and span in no time.

Every successful Alliance credit card applicant is guaranteed to receive a Riino Evolution V8 Super Cyclone Vacuum. Applicants are required to activate their credit card upon approval to be eligible for the prize.

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

Ambank – Morgan Air Fryer

Fry up healthier meals for the whole family with a guaranteed Morgan Air Fryer. A staple for every home, the Morgan Air Fryer features a stylish yet ever capable rapid air circulation system, a multifunction to fry, roast and bake, and a non-stick coating pot for easy cleaning.

Apply, get approved and activate your Ambank credit card within 30 days upon approval to be eligible for this prize. Existing cardholders and individuals who have held or cancelled an Ambank credit card in the past year are not eligible for this campaign.
Apply for an Ambank Credit Card here.

***

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

While this week’s flash deal ends on 14 March 2022 (11am), you can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Katrina Balan Quiroz

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

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The Best (and Cheapest!) Places to Enjoy Oktoberfest in Malaysia

Oktoberfest usually starts in the middle of September, if you can believe it. Every third Saturday in September, Germany celebrates this giant folk festival for 16-18 days, bringing in tourists from all over the world to their city of Munich.

The rest of the world of course recognises Oktoberfest as more of a beer festival, with many countries celebrating it by offering promotions and offers related to beer and other German goodies during this seasonal holiday. Malaysia is no exception.

In fact, we have our own little guide to the best spots for you to have your own little Oktoberfest on a budget:

Go to These Cheap Events

There are many Oktoberfest events around if you care to look, but quite a few of them have hefty
entrance
 fees. However, you can still go to events like
1Utama’s Rooftop Oktoberfest event
, where entrance is free. In the spirit of the folk festival, they’ll have activities like barrel rolling and arm wrestling there in addition to them serving up German delicacies prepared by award-winning German chef Jochen Kernmaestros. Wunderbar!

If you’re in Penang, you can also seek out Penang’s Malaysian German Society. They’ll be hosting their own Oktoberfest with original German draught beers, food, and a live performance by a Bavarian band flown straight from Germany. All this for an entry fee of just RM30. Both these events offer non-alcoholic and halal food alternatives too so everyone can join in the fun.

Find Some Cheap Booze at These Places

You can also elect to celebrate just the “drink” portion of this food and drink festival by scouting for some cheap beer. Duty-free areas like Langkawi or Labuan are good for these. In Langkawi, if you look hard enough, you’ll be able to find a can of beer for as low as RM2-3.

In Labuan island local beer is sold for as low as RM3 for a bottle and imported beer for about RM7. Interestingly, you’ll be able to find many brands here from neighbouring Philippines. Nothing quite says “Malaysian” like drinking a Pinoy beer while celebrating a German holiday in Labuan.

Check Out These Local German Restaurants

On the other hand, perhaps you’re more keen on the “food” part of Oktoberfest’s food and drink festical. In that case, you should plan a visit to enjoy German bread’s stews, pastries, and cured meats instead. While German restaurants aren’t exactly a dime a dozen here but a quick search can reveal some hidden gems around Klang Valley.

Der Backmeister at Taman Tun Dr Ismail is a good place for fresh German pastries and breads.
Cafe Berlin
 at Mont Kiara serves German delicacies as well as other goodies from around Europe. There’s also the genuinely German (or the closest to it at least) Black Forest at Bukit Bintang. Don’t forget to take advantage of their special Oktoberfest-related promos to keep your wallet light.

We hope our tips and suggestions can help you celebrate Oktoberfest while saving some cash at the same time. If you’re really looking to save on Oktoberfest dining however, take a look at the
best dining promotions
 in Malaysia and see which one tickles your fancy.

Have anything else to add to this article? Do share your thoughts with us in the comments section down below!

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BigPay Increases Credit Card Top-Up Limit To RM10,000, Introduces 1% Convenience Fee

BigPay has revised the maximum limit for top-ups via credit cards, increasing it from the existing RM1,000 per month to RM10,000. However, only the first RM1,000 reload will be processed for free each month, with subsequent amounts subjected to a 1% convenience fee. This is set to take effect immediately.

If your BigPay reload for the month does exceed RM1,000, the 1% convenience fee will be calculated and added to your total top-up amount. At the payment page, you’ll then need to pay a total of your desired top-up amount, on top of the convenience fee.

To illustrate how the new arrangement works, BigPay shared two scenarios in its FAQ:

Example 1

It’s 1 July, and you top up RM700 with your credit card. No additional fees were applied on that transaction as it’s below RM1,000. On 30 July, you top up another RM500 using your credit card. This makes your total top-up amount RM1,200 with your credit card as the top-up method. As it’s still July, this means you have gone above RM1,000 and a 1% fee will be incurred.

The 1% fee is calculated on the excess amount, which in this case is RM200. The fee of RM2 will be added to your top up amount of RM500, which means your total top-up amount will be RM502.

Example 2

On 1 July, you use your credit card to top up RM2,500. The first RM1,000 of your credit card top-up is free, just like before. The next RM1,500 will incur a 1% fee, which is RM15. This makes your total top-up amount RM2,515.

At this point, any subsequent credit card top-ups you do in July will also incur a 1% fee. If you top up RM1,000 on 30 July, this will mean your total top-up amount is RM1,010, with RM10 of fees applied to it.

With this latest update, BigPay’s credit card top-up limit is once again restored to the original cap prior to three revisions that were made in 2020. Back then, BigPay slashed its credit card top-up limit from
RM10,000 to RM5,000
 per month, followed by another
reduction to RM2,500
, and finally to
RM1,000
 – with all new caps enforced either immediately or within days after BigPay informed its users through email.

Surprisingly, BigPay has yet to send any notification emails to its users this time round (as of the time of writing); instead, you’ll be alerted of this change when you fire up your BigPay app to make reload transactions.

(Source:
BigPay
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Salasiah binti matsaad

    1 year ago

I topup debit card to bigpay 1k..nothing

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Visa payWave – The Ultimate Convenience

Paying at the register has never been easier since Visa payWave was introduced. It takes less than a second to complete a transaction instead of rummaging through your wallet for the right amount of bank notes or waiting for your card to be processed. It makes shopping or running your errands faster as all you have to do is Wave & Go for any purchases up to RM250.

What’s Visa payWave?

It is all about going cashless. You can just Wave & Go to make all your purchases at the designated terminals.

Visa payWave is available with credit, debit and prepaid cards. It can even be enabled on a mobile phone or a Micro Tag sticker.

The iconic ripple symbol on the cards indicates if your cards are enabled with the Visa payWave feature.

Is Visa payWave Secure ?

When you’re out-and-about, the last thing you want to worry about is if your money is secure. This doesn’t have to be a concern with Visa payWave because your card is protected by Visa’s strict security measures.

Visa payWave cards carry multiple layers of security, similar to any other Visa chip card.

Your card only works when it’s 4 cm away from the terminal. You will be asked to check the amount before you proceed with the payment.

The Visa payWave terminal can process only one transaction at a time so you don’t have to worry about your card being used somewhere else without your approval.

One of the best parts about using Visa payWave is that your card never leaves your hands during transactions; you are in control of the whole process, making it even more secure.

Do take note that our Wave & Go service is only available for purchases up to RM250. Purchases above the limit will require your 6-digit pin or signature.

How Do I Use Visa payWave?

Visa’s Wave & Go concept is ready and available for your usage at selected stores.

The cashier will enter the total purchase amount into the terminal. All you have to do is wave your card or phone over the terminal.

A green indicator light and a message will appear confirming that your transaction is successful

Where can I use my Visa payWave card?

Visa payWave payment is available at selected stored nationwide:

Note: All brand names and logos are the property of their respective owners, are used for identification purposes only, and do not imply product endorsement or affiliation with Visa.

Where do I apply for Visa payWave card?

Don’t get left behind when it comes to new and amazing tech such as this. There are many bank credit cards in the market that feature the payWave service. The table below are amongst the banks that currently provide the Visa payWave cards.

You may search,
make your comparisons
 and apply for your Visa payWave right here on RinggitPlus .

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