PM: Bursa Malaysia Stamp Duty Rate Reduced To 0.1% From July

(Image: Bernama)

Prime Minister Datuk Seri Anwar Ibrahim has announced that the government will reduce the stamp duty rate for shares traded on Bursa Malaysia back to 0.1% of the contract value from July 2023 onwards. This is subject to a maximum cap of RM1,000 per contract.

According to the prime minister, this reduction is aimed at directly reducing the cost of securities transactions, which in turn, will lead to a more competitive Malaysian stock market.

“I am confident that this step will stimulate the market and enhance its attractiveness. The increase in market liquidity will attract more domestic and foreign funds into the Malaysian stock market, thereby encouraging SMEs to pursue initial public offerings (IPOs) and facilitating public listed companies in raising funds to expand their businesses and create more job opportunities,” said Datuk Seri Anwar during the launch of the Securities Commission’s capital market graduate programme.

For context, investors and traders are currently required to pay a stamp duty rate of 0.15% of the contract value, which itself was actually
raised from the previous rate of 0.1% back in early 2022
. Prior to 2022, the stamp duty cap was also set at a lower RM200, with the current RM1,000 cap introduced when the stamp duty rate was increased to 0.15%.

(Image: Malay Mail/Shafwan Zaidon)

When announcing the updated stamp duty rate for shares trading, Datuk Seri Anwar also commented that this initiative is one of several measures that are meant to support three pillars that will enhance the capital market, thereby driving greater economic growth, inclusion, and sustainability for the nation. Specifically, the three pillars – which were identified by the Securities Commission (SC) – include:

Creating market vibrancy with greater participation opportunities for the people

Attracting more investors to support financing for SMEs and the New Economy

Implementing market and structural reforms to enhance Malaysia’s competitiveness and strengthen market confidence

Another measure that the government also hopes to implement soon include getting the SC and Bursa Malaysia to roll out reforms to the IPO (initial public offering) process within the year, so that it’s easier for businesses to list on the exchange.

(Image: The Sun Daily)

Additionally, the Ministry of Finance and the SC will expand the definition of sophisticated investors to include more categories, such as angel investors, venture capitalists, and private equity firms. Briefly, sophisticated investors refer to high-net-worth individuals or entities with enough experience that qualify for certain benefits and opportunities.

There are also plans to draft and update policies to facilitate and attract the setting up of family offices in Malaysia, said Datuk Seri Anwar. This refers to investment funds that manage the financial assets of a family

“Any reform requires discipline and patience. It also requires confidence to do new things and make difficult decisions for the benefit of the people and the nation,” Datuk Seri Anwar stressed, noting that these steps are necessary to restore confidence in Malaysia’s dynamism and competitiveness.

(Sources:
The Star
,
Malay Mail
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Maybank Also To Cease Offering TNG Reload Services Via ATM

(Image: New Straits Times)

Maybank has followed in CIMB’s footsteps in discontinuing the Touch ‘n Go (TNG) card reload services at its automated teller machines (ATMs). This update is set to take effect starting from tomorrow.

“Dear valued customers, please be informed that the Touch ‘n Go service of reloading via ATM will no longer be available from 13/5/2023 onwards. Thank you,” the bank shared in a brief notice, without stating any reasons for the decision.

With this, the only banks that are still providing TNG reload services through ATMs are
RHB Bank and Bank Muamalat
 (with a reload fee of RM0.50 per transaction). CIMB Bank – which is part of CIMB Group, who owns TNG – had also announced the
termination of its TNG reload service via ATM early last week
.

Aside from bank ATMs, TNG users are able to reload their TNG cards via several other avenues, including self-service TNG kiosks as well as selected stores, petrol stations, and public transport stations. If you have purchased the
enhanced TNG card with near-field communication (NFC) capability
, however, you can enjoy greater convenience by topping up your card for free from your TNG eWallet app.

The enhanced TNG card – which was launched in April last year – can be purchased at various locations, including selected petrol stations as well as TNG hubs and customer experience centres. Even more conveniently, you can order it from
TNG’s official online store on Lazada
.

(Source:
Maybank
)

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Prasarana Offers Discounted Price Of RM5 Per Day For MyCity Pass

In an effort to boost domestic tourism, Prasarana Malaysia is offering further discounts on its MyCity passes. The MyCity Pass is a short-term travel pass that allows commuters unlimited rides on the Rapid KL rail (LRT/MRT/Monorail) and BRT networks.

Under the new discounts, you can get the 1-day MyCity Pass for just RM5 and the 3-day pass for RM15, starting from 1 July until 31 December. Prior to this, the MyCity Pass was offered at an already-discounted price of RM10 per day or RM25 for three days; when it was
first introduced
 it was originally priced at RM15 per day.

The MyCity Pass may be purchased at all 122 LRT, MRT, Monorail, and BRT stations. The price of the pass does not include the RM5 cost of the Touch ’n Go card that is required, nor the RM5 minimum balance you need to maintain in the card at all times.

“We hope that this initiative will be able to stimulate economic and business activities, especially in the Klang Valley and Selangor,” said Chief Operating Officer Muhammad Nizam Alias. It is also hoped that the MyCity Pass will help revive the domestic tourism sector that was badly affected by the Covid-19 pandemic since last March.

Prasarana also offers a My30 Pass offering unlimited rides for Rapid KL’s rail, BRT, and MRT shuttle bus network for only RM30. The My30 Pass was announced by the Malaysian government during the reveal of the
PENJANA economic recovery plan
.

(Source:
MyRapidKL
)

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DBKL assessment rate hike racquetball saga

In a sudden turn of events, DBKL (Dewan Bandaraya Kuala Lumpur) has announced it is deferring it’s plans to raise assessment rates until enough feedback from the people is collected. The hike has been postponed to March 2014 to enable more KL landowners to share their grouses.

In a report by
Free Malaysia Today
, Deputy Federal Territories Minister J Loga Balan Mohan said that the actually date for implementation is not currently known.

“The proposed increase will be deferred to allow for appeals to be heard from January to March next year.

“We have not decided when to implement it yet,” he said.

Federal Territories Minister, Tengku Adnan Mansor was the man behind the plan to raise assessment rates; stating that rates had not seen an increase in the past 21 years. The increment was supposed to see the light of day in January 2014.

Tengku Adnan also apologised to KL residents over the ‘mistake’ of issuing notices of the change instead of letters explaining the change to residents, as
 reported by the Star
.

 “I admit my mistake. I was the one who made that mistake,” Tengku Adnan confessed.

“When I gave out the instruction to DBKL, I never told them to give it back to me (to check) before they sent it (notices) out,” he explained.

“They should not have sent the notices out. What they should have done was to send out the letters first explaining the situation,” he told reporters after chairing a closed-door meeting with Federal Territory Umno chiefs and their representatives at the DBKL headquarters yesterday.

He also made assurances to residents that all appeals submitted before the December 17 deadline will be given proper consideration.

“A panel will be set up to look at their views, suggestions and feedback and based on all that, we will decide on the matter.”

Let us hope he remembers to review the panel’s findings before giving citizens another rude shock by ‘mistake’.

Update 3.00pm 28/11/2013

In a sudden flip-flopping that isn’t altogether unusual, it has been announced that
the hike will proceed in January but citizens will not have to pay until March
. If you weren’t already confused by the entire assessment rate debacle; you will be now.

The Malay Mail Online reported
 this afternoon that there has again been some kind of misunderstanding and that the hike will be implemented in January and not postponed as we reporters were made to believe yesterday. Perhaps the announcement was made in Klingon.

Datuk Seri Tengku Adnan Mansor clarifies today:

“What will happen is on December 17 we will get all the bantahan (objections), then the Datuk Bandar (mayor) and the panel will have hearings that will last at least three months,” he said at a press conference here.

“Most likely we will impose in January, but you don’t need to pay until we listen to the feedback… there is no need to pay (immediately). That’s the reason why yesterday, my timbalan menteri mentioned it will be delayed three months. Payment can be later,” he said, referring to Deputy Federal Territories Minister Loga Bala Mohan.

He also was keen to assure the rakyat that they live in a ‘nice country’.

“We’ve got the Act and have to follow the Act. We can’t bypass the Act because for the last 21 years we didn’t do anything. And please tell the opposition we are not punishing anybody. What we are doing is to correct the value of property and to be fair to DBKL. Even at this moment, we still haven’t collected RM300 million in arrears from the rakyat, but are we doing anything? We are doing it slowly, trying to persuade them… we are a nice country,” he said.

*Picture courtesy of Wikimedia Commons.

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Proton X50 Prices Start From RM79,200, Four Models Available

Proton has officially revealed the much-anticipated Proton X50 sports utility vehicle (SUV), with prices starting from a competitive RM79,200.

The official on-the-road price for the Proton X50 (without insurance) in Peninsular Malaysia are as follows:

5T Standard: RM79,200

5T Executive: RM84,800

5T Premium: RM93,200

5 TGDi Flagship: RM103,300

The listed prices are valid until 31 December 2020, and it takes into account the
ongoing SST exemption for the purchase of locally assembled cars
, provided under the PENJANA economic recovery plan. To further sweeten the deal for interested customers, Proton has also announced a launch package for the new car, which includes the following perks:

Five-year warranty with unlimited mileage

Five-year data package (1GB per month)

Five times free labour for servicing (limited to the first 30,000 bookings up to 31 December)

Financing rates starting from 2.22% via Proton Commerce Sdn Bhd

Proton premium insurance coverage package (includes flood relief allowance and personal accident coverage – among other benefits)

The Proton X50 is the national carmaker’s second SUV after the Proton X70. Like its predecessor, the Proton X50 is also jointly developed by Proton and its partner, Zhejiang Geely Holding Group.

According to the chief executive officer of Proton Edar, Roslan Abdullah, public interest for the Proton X50 has been unprecedented, especially during a turbulent year which saw many external factors at play. “We received inquiries from as far back as a year ago, and thanks to frequent updates in the media, the level of expectation amongst Malaysian car buyers is high. The onus is therefore on Proton to keep waiting times manageable and to deliver a product that meets the technology, performance, and quality expectations of our customers,” he said.

(CEO of Proton Edar, Roslan Abdullah)

The chairman of Proton, Datuk Seri Syed Faisal Albar further said that the Proton X50 alone could account for an annual purchase value of RM1.8 billion from Proton. This is with help from vendors and through the car’s technical offerings and achievements. “It’s clear that car manufacturers (local) do our part to help grow the nation’s economy,” he added.

The Proton X50 has been open for booking since 16 September 2020, with more than 20,000 bookings already made prior to the price announcement today. You can find out more about the specs and features of the new
Proton X50
 on Proton’s website.

(Sources:
New Straits Times
,
The Edge Markets
)

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AIA Unveils Family Drive Motor Insurance Plan, Offers 5% Discount For Family Members

AIA General Berhad has launched its first flagship product, Family Drive – the first car insurance in Malaysia to offer a family discount if two or more cars in the family are insured under the same plan. Family Drive also bundles personal accident protection in its coverage, offering all-rounded protection for both the driver and passengers.

With Family Drive, anyone travelling in the insured car is automatically insured for a total of RM250,000 in personal accident coverage. Therefore, Family Drive offers protection against accidental death and permanent disablement for yourself and your passengers in addition to the usual comprehensive motor protection which covers loss, damage, and legal liability.

In line with the family-first theme, customers get a 5% premium discount if two or more cars within one family household are insured with Family Drive. After the first purchase of a Family Drive policy, subsequent purchases will be entitled for the Family Discount up to a total of 4 cars in one household. This discount applies every year and upon subsequent renewal, the first insured car will also get 5% off their premium.

Another advantage of Family Drive is that you get automatic coverage for all authorised drivers at no additional cost. This means that you don’t need to name any additional drivers or pay any extra fees for them to be covered under your insurance policy – which is useful for family members who often share the usage of cars.

Family Drive also provides other benefits to add to the convenience and savings of the customer. In addition to standard AIA Roadside Assist services, customers will be provided with e-hailing vouchers to get home safely and even request for assistance with their police report. Moreover, Family Drive offers an inconvenience allowance of RM600 per accident for when your car goes to the workshop – one of the highest allowances in the market.

“Our market research identified various customer concerns where we saw the growing trend of expanding families who were worried about their family’s safety and the inconveniences caused by car accidents,” said Eric Chang, CEO of AIA General Berhad. “With these insights, we developed Family Drive as a way to meet the protection needs of our customers on the road – ultimately providing them with a worry-free driving experience for the entire family.”

According to Chang, in a few months, customers will be able to purchase the Family Drive plan online directly from the AIA General website. For now, interested parties can request for a quotation online, make enquiries with an AIA Life Planner, or walk in to any physical branches to buy the
AIA Family Drive motor insurance plan
.

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Who Is GSPARX & How They Can Help You Save On Electricity Bills

As Malaysians, we are always on the lookout for ways to save on our monthly expenses, especially electricity bills; whether it’s at home or for business. A few common ways of lowering our electricity bill at home, include going easy on the air conditioning and switching to energy efficient appliances. As for businesses,
employing energy efficient practices such as switching to LED lightbulbs and powering down machinery at the end of day are also just some of the ways to reduce operational costs.

Nowadays, the use of solar photovoltaic (PV) panels to generate electricity are becoming more commonly used by residential, commercial and industrial buildings in order to lower utility bills as well as to contribute to a sustainable and green environment.

However, converting to a solar solution does require a considerable start-up amount of money. And this is where
GSPARX, a Tenaga Nasional Berhad-backed one stop solar solution
 comes in to help you ease the transition to solar energy, while also providing you a cost-effective alternative.

Being part of TNB, GSPARX brings more than 70 years of experience to the table, along with the right expertise and continuous commitment to help Malaysians enjoy long-term savings with solar energy through their customisable solutions and benefits such as excellent customer service, 25 years panels performance guarantee, free maintenance and repair, and many more!

Moreover, the government’s Net Energy Metering (NEM) scheme which ends this December 2020, could bring additional savings to those with solar PV systems at home as the scheme allows consumers to offset a part of their electricity bill by supplying excess solar energy to TNB.

To find out how much you can save with solar energy, there’s even a solar calculator on
TNB’s website
 that allows you to visualise how much you can save and how you’re contributing to a more green earth. For more information, you can head to GSPARX’s
Facebook
,
Instagram
 and
Youtube
 channel for the latest updates, promotions and energy saving tips – or simply head to
TNB
 or
GSPARX’s website
 to arrange a free consultation for your home, business and even community.

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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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    Benedict

    2 years ago

Do you have a branch in Sabah ?

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    Faridah Osman

    2 years ago

Very interesting

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    Chaw Chee Kien

    2 years ago

How much is the 10kWh solar system for home? Please WhatsApp 0126096173. Thank you

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    Stanley Tan

    2 years ago

I would like to know more and how the cost like

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MPay Collaborates With Four Entities To Launch Prepaid Mastercard And E- Wallet

ManagePay Systems Bhd (MPay) has announced a partnership with several entities to roll out a series of products, namely the MPAY PanPay MasterCard Prepaid Card, MPAY Smartlink Wallet, and MPAY Smartlink Online Wallet.

According to MPay’s announcement in a filing to Bursa Malaysia, MPay’s partners include the app creator Smartlink Asia Bhd, fintech outfit Richwood Ventures Bhd, direct selling outfit Panpay Holdings Sdn Bhd, and e-commerce outfit QMIS Richwood Blacktech Sdn Bhd. The four entities are collectively referred to as Smartlink.

Under the agreement, MPay will be responsible for the expertise and interface to the system for the management of the three products. Meanwhile, Smartlink will carry out the promotional functions and duties. “The parties shall endeavour to make MPAY Smartlink Online Wallet and MPAY PanPay (QMIS Richwood Blacktech) Mastercard Prepaid Card available to merchants’ outlets, as well as all Mastercard’s outlets throughout the world,” said MPay.

At present, not much information has been released with regard to the products, but MPay itself is a provider of end-to-end electronic payment solutions for banks and financial institutions, merchants, and card issuers with operations in Malaysia. Its solutions thus far include the EDCPOS (over-the-counter terminal solution for credit, debit, and prepaid card payments) and ECPOS (a portable point-of-sales solution).

(Source:
The Edge Markets
)

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

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MyEG Enters NFT Space With The Launch Of NFT Pangolin

MyEG Services has officially ventured into the non-fungible token (NFT) space with the launch of its NFT marketplace, dubbed NFT Pangolin.

Tapping into the public’s growing interest in the instrument – particularly among artists and investors – MyEG said NFT Pangolin will be a stepping stone into a global market to support the creative arts and to unlock future innovations based on smart contracts. To clarify, NFTs are non-interchangeable data units, tokens, and assets on a blockchain that can be authenticated and traded.

In the case of NFT Pangolin, it will run on the Zetrix Layer 1 blockchain network, which is set to be launched soon. The Zetrix Layer 1 blockchain network also serves as a parallel chain to the international backbone and supernodes of Xinghuo, China’s national blockchain infrastructure.

(Image: Utusan Malaysia)

“NFT Pangolin currently supports Ethereum but will also introduce Zetrix-based NFTs, providing for lower gas fees and carbon footprints which not only decreases financial barriers to entry for participants, but is also eco-friendly and in line with the industry’s move towards sustainable ESG practices,” MyEG shared in a statement.

This combined use of both the Ethereum blockchain and the Zetrix blockchain will see NFT Pangolin becoming a multichain platform – which will be a unique value proposition. “Furthermore, issuers of NFTs on NFT Pangolin will be able to market these NFTs in China as digital collectibles, where there are strict regulations on trading of NFTs but collectors may buy them as long-term collectibles,” MyEG further commented, adding that the launch of Zetrix may even enable the cross-chain trading of NFTs.

At present, NFT Pangolin has already onboarded several artists – such as Vinn Pang and Faezal Tan – by working with boutique sales-and-marketing service firm Imperium Universe. More artists are expected to join soon as NFT Pangolin is set to announce key partnerships in the coming months, in its bid to make the platform an ASEAN-wide home for a growing pool of talent.

The group managing director of MyEG, Wong Thean Soon said that NFTs is set to unleash a new wave of innovations. “We believe that the application of NFTs will go far beyond digital art, and we will be pioneering NFTs, which are pegged to ownership of mainstream assets, for example, ownership of your vehicle registration number for a start,” he said.

Meanwhile, the business development director of NFT Pangolin Technologies Sdn Bhd, Mohamad Johan Nasir said that the company is building support for physical artworks as many traditional artists and art galleries are interested in entering the NFT space.

“While the regional space of creative talents is excited to get into the NFT industry, there’s still a lot of work needed to educate the mass market of buyers about the benefit and value of owning any NFTs and their potential application outside of the creative world,” Mohamad Johan stated, adding that efforts are already being made to address this issue, such as building a gamified educational tool for upcoming campaigns with influencers, celebrities, and brands.

(Sources:
NFT Pangolin
,
Digital News Asia
)

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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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Citi’s E-Wallet Reload Promos Return With 10.10 Deals, Offer Up To RM30 Rewards

Citi is once again offering another round of e-wallet reload promos as part of its 10.10 Deals, in conjunction with various other upcoming 10.10 sale events that will also be happening soon. Valid only on 10 October 2022, these e-wallet reload promos will allow Citi credit cardholders to earn various rewards in the form of cashback, rewards points, or vouchers when they top up a specified minimum amount into selected e-wallets.

Here are the full details of these promos for the five participating e-wallets:

Boost

7,000 Boost Stars (minimum top-up RM300)

Earn 7,000 Boost Stars (worth RM18) when you use your Citi credit card to top up a minimum of RM300 into your Boost e-wallet. Offered on a first-come first-served basis, it is capped at a maximum of 600 redemptions – with each cardholder only allowed to redeem it once.

Eligible cardholders who do win will receive their Boost Stars reward in their BoostUP account by 30 October 2022.

GrabPay

RM30 GrabFood voucher (minimum top-up RM500)

Citi cardholders who reload at least RM500 into their GrabPay will earn themselves a GrabFood voucher worth RM30. Limited to only one redemption per cardholder, this promo is capped at 600 redemptions on a first-come first-served basis.

Note that the GrabPay voucher has a validity period of 45 days from its issuance date. Additionally, you can only redeem it if you pay for your purchases using Citi cards, GrabPay, or PayLater by Grab.

Lazada Wallet

RM18 cashback (minimum top-up RM200)

The first 800 Citi credit cardholders who top up a minimum of RM200 into their Lazada Wallet using their cards will earn themselves a cashback reward of RM18. The amount will be credited into their accounts within 30 days from the date of the successful transaction.

To use the RM18 cashback reward, you will need to activate and select Lazada Wallet as the payment option for your purchases on the e-commerce platform. Do also be aware that the reward has a validity period of 30 days, so make sure to use it before the deadline.

ShopeePay

RM18 cashback (minimum top-up RM200)

Earn RM18 cashback when you reload a minimum of RM200 into your ShopeePay using your Citi credit cards. Each cardholder can only tap into this deal once, with redemptions capped at 600 units on a first-come first-served basis.

If you do manage to win it, the reward will be credited into your Shopee account after the transaction is completed. Shopee also highlighted that the voucher won is not stackable with other promotions or vouchers, except for seller vouchers. Additionally, it cannot be used to purchase selected items, including baby products as well as food and supplements.

Touch ‘n Go (TNG) eWallet

RM30 cashback (minimum top-up RM500)

Finally, Citi credit cardholders can earn RM30 cashback (in the form of a TNG eWallet reload) when they top-up at least RM500 into their TNG eWallet (eWallet Balance). Also offered on a first-come first-served basis, it is limited to 600 redemptions throughout the offer period, with each cardholder only eligible for one redemption.

Those who manage to win will receive their cashback reward in their TNG eWallet account within 14 working days after the end of the campaign period.

***

For those who are not aware, these e-wallet reload deals by Citi are recurring promos that are offered fairly frequently; for instance, it previously made an appearance as part of Citi’s larger CitiCyberSale event in
March
,
July
, and
September 2022
. As usual, these latest e-wallet top-up deals for Citi’s 10.10 Deals are also complemented by other
e-commerce and online shopping promos
, including online food and grocery deliveries, dining, and shopping – so make sure to tap into them if they appeal to you!

(Source:
Citi
)

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How Can You Profit From Bank Negara Increasing the Overnight Policy Rate?

Earlier this year, Bank Negara Malaysia increased the Overnight Policy Rate (OPR) by 25 points to 3.25% from 3.00%.

Almost immediately, news articles on how this would affect the rates for banks’ products and services, such as mortgage loan and fixed deposit are published.

But how does the OPR hike affect the man on the street, or you for that matter, personally?

First things first, let’s talk about what the OPR actually is.

What is the OPR or Overnight Policy Rate?

The OPR is the rate a bank has to pay another bank when it borrows money from it. Banks need to do this sometimes because in a typical business day, cash flows from one bank to another due to the bank fulfilling account holder requests like wire transfers, disbursing loans, and other transactions. This can leave some banks with shortages of cash and some other banks with a surplus of cash.

In order to keep the banking system running, banks with extra cash would often lend it out to banks that don’t have enough. The rate they charge each other is called the OPR.

As a borrower, when the OPR (set by Bank Negara Malaysia) is higher, the interest rate goes up. This means you will have to pay more for your mortgage or hire purchase loans. But as a depositor, you get to enjoy better interest rates on your savings such as fixed deposit account.

So How Do I Take Advantage of This?

One clear and easy way to exploit this advantageous situation is to deposit your money in a place where it can maximise its earning potential, yet is risk-free. Thankfully, lenders like Alliance Bank have taken this opportunity to provide its customers with the best interest rates when it comes to bank accounts.

The
Alliance SavePlus Account
 caters to your needs in savings as it lets you enjoy high-interest rates of up to 3.5% per annum, higher than the previous 3% before the OPR increase, alongside easy access to your cash whenever you need it. This means you are free to withdraw your cash anytime, anywhere without forfeiting the interest earned.

This is in large contrast to a regular savings account (which gives you lower interest rates) or fixed deposit (which locks your money for long periods). Plus, your high returns from Alliance SavePlus Account are calculated on a daily basis and credited monthly. You can withdraw your money on the 20th of the month and still earn interest on the first 19 days.

For an idea of how the Alliance SavePlus works, please refer to the table below:

Additionally, the
Alliance SavePlus Account
 gives you a waiver on transaction fees such as debit card annual fee, ATM withdrawals and online transfers such as Interbank GIRO (IBG) and Instant Transfer (IBFT). All you have to do is maintain a monthly average balance of RM10,000 in the account to be eligible for these perks.

Did you know that historically, the Alliance SavePlus-i Account* pays a higher rate at 3.55% per annum, compared to the conventional product? Open your Alliance SavePlus-i Account today!

For more information on how to apply for an
Alliance SavePlus Account
, please visit
www.alliancebank.com.my
 . Alternately, you can drop in on any of their nearest branches or get in touch with their Contact Centre at 03-5516 9988.

*Terms & Conditions apply.

** The historical rate shall not be construed as an indicative rate, subject to terms and conditions at the Bank’s discretion.

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    Nur

    7 months ago

Out of curiosity, the OPR will affect the conventional fixed deposit for sure. How about the fixed deposit under shariah compliance ? Will it be affected as well (probably the same with conventional one with higher profit earned )

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Maybank Card “I Want” Campaign Offers Exclusive Prizes, Including Sony PS5 And iPhone 12

Maybank is currently running the Maybank Card “I Want” campaign, which gives its credit cardholders a chance to win selected monthly and bonus prizes when they spend on specific cards. From now until 31 March 2021, the monthly prizes include Sony PlayStation 5, iPhone 12, Dyson V11 cordless vacuum, and RM50 Shopee e-vouchers.

The campaign is open to all new and existing principal cardholders, and it requires you to earn qualifying entries by spending on your cards so that you stand a chance to win monthly and bonus prizes. Monthly prizes are allocated according to Visa, Mastercard, and American Express card spend, and are earmarked as such for each of the three campaign months:

Sony PlayStation 5 – For Visa cardholders (60 winners/month)

iPhone 12 – For Mastercard cardholders (30 winners/month)

Dyson V11 – For Amex cardholders (30 winners/month)

This allocation means that if you’re aiming to win a specific monthly prize, you will need to plan your expenses according to your available cards ahead of time. Meanwhile, there is also a bonus prize of RM50 Shopee e-vouchers (redeemable with a minimum spend of RM100) that can be won throughout the entire campaign period, available to all cardmembers. A total of 1,500 of these e-vouchers will be awarded.

If you’re interested in joining this campaign, you must register for it by sending an SMS to 66628. Make sure to type
WANT<space>12-digit NRIC number
 in your SMS. You’ll then receive a confirmation SMS to validate your registration, after which you can go about earning entries. The spending requirements and entries that you can earn are as follows:

Spending requirements/Earning conditions

Qualifying entries

Every RM100 single transaction

1x

Every RM50 single transaction:

– Groceries

– Petrol

– Contactless transactions

– All online shopping/e-commerce

– All online food orders

5x

New-to-bank principal approved card

10x

(Image: The Star)

Maybank has also included the following transactions as qualified spending for this campaign:

Retail and online purchases transacted locally and internationally

Auto PayBills

Auto reloads for Maybank Touch ‘n Go Zing Card

EzyPay instalment plan performed via Maybank credit cards (full transaction amount)

The bank further clarified that regardless of when you register for the campaign, it will still calculate all the qualifying expenses throughout the whole campaign period for the purpose of earning your entries. In other words, even if you are only able to successfully register for the campaign on 31 March 2021 (last day of the campaign), the bank will still compute all your qualifying expenses from the start to the end of the campaign period, to provide you with your entries to win campaign prizes.

Note, though, that you are not allowed split your transaction amount or carry out five or more retail transactions from the same merchant in a day. Otherwise, your eligibility for the campaign will be disqualified.

(Image: The Star)

With regard to the selection of winners for the prizes, Maybank will use a randomiser programme to shortlist potential winners from a pool of eligible cardmembers. The final winners for the bonus prizes will be chosen according to the selection sequence, after which they will receive the unique code of the Shopee e-voucher via email or SMS within 16 weeks from the end of the campaign.

Final winners for the monthly prizes, on the other hand, will have to go through an additional step of answering a question correctly when contacted by the bank. If successful, they will also receive an email within 16 weeks after the campaign ends, containing instructions on how to redeem their gifts.

All winners will be announced on Maybank’s website after the campaign is over, so be sure to keep an eye out for the notice! Also, each eligible cardmember is entitled to win only one prize throughout the whole campaign period.

For more information about
Maybank Card “I Want” campaign
, you can head on over to the bank’s official website.

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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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BNM: Outstanding Household Loans Under Repayment Assistance Hikes Up To 16% In 1H21

Bank Negara Malaysia (BNM) has revealed that there has been an increase in the number of household loan accounts that were under repayment assistance plans as of June 2021, as compared to December 2020. This was disclosed in the central bank’s latest Financial Stability Review, for the first half of 2021 (1H21).

According to the review, 12.8% of household loan accounts – or 16% of outstanding household loan exposures – were under repayment assistance plans up to June 2021. This is higher than the 8.9% of household loan accounts and 11.1% of outstanding household loan exposures that was previously recorded in December 2020. BNM further highlighted that there was a subsequent sharp increase in the figures at end-July 2021, which saw the share of household loan accounts and exposures under repayment assistance skyrocket up to 25.4% and 30%, respectively.

That said, the central bank also reassured that based on its conservative simulations, only 11% to 15% of these borrowers will likely need to draw on pre-existing savings to pay off their debts or sustain themselves over the next 18 months if they lost their source of income. Moreover, only 1.9% of them are at risk of depleting their cash or deposit buffers during this period of time.

“About two-thirds (65%) of such at-risk borrowers comprise those earning less than RM5,000 monthly, who are also more highly leveraged compared to other income groups pre-Covid-19. Exposures of banks to these most vulnerable borrowers are estimated to account for only 1.3% of banking system loans,” said BNM, maintaining that most borrowers are therefore still reasonably resilient, with assistance plans providing additional reserves against potential shocks.

Aside from that, the central bank also noted that borrowers who opted for the latest assistance packages were spread across all income groups. This – along with the relaxed eligibility criteria for the aids – implied that the recent rise in the number of loan accounts under repayment assistance plans is not driven solely by financial distress. Rather, surveys and anecdotal evidences have indicated that one-third of borrowers that applied for repayment assistance did so to build up precautionary buffers and to invest in the equity market.

Finally, BNM noted that there had been a lower annual growth of household financial assets between the end of 2020 and the first half of 2021, with June 2021 logging in 5.4% in comparison with 7.2% back in December 2020. This translates to a decline in aggregate financial assets of RM3 billion between December 2020 and June 2021. BNM attributed this to the withdrawal of retirement savings via the
i-Sinar
 and
i-Lestari facilities
, adding that this could lead to longer-term difficulties for households that are already likely to have insufficient savings for retirement.

“While access to repayment assistance is helping to temporarily support borrowers’ debt-servicing capacity, a more entrenched economic recovery remains key to restoring the longer-term financial health of borrowers,” said the central bank in its report.

(Source: BNM [
1
,
2
])

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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RM1 – All You Need For A Trip To Japan

Always wanted to explore Osaka, Japan with that special someone but haven’t yet saved quite enough money for it? Thanks to the RM1 Klookaway Deal, there’s a chance you could find yourself strolling down the streets of Osaka for a grand total of RM1. All you have to do is make a booking for RM1, and you will be in the running for an all-expenses-paid 4D3N trip for two to Osaka, Japan.

Klook is Asia’s one-stop booking platform with more than 40,000 activities, experiences, and services across 200 destinations, such as Hong Kong, Los Angeles, Sydney, and Paris. On Klook, you can find a variety of travel essentials such as theme park tickets, tours, transport, and pocket Wi-Fi. Klook also focuses on uncovering hidden gems and curating unique experiences, so it offers a variety of unique experiences, from cooking classes at culinary schools to glacier hiking in Iceland.

For easier access, Klook users can book online or on the Klook app, without having to search through multiple sites or coordinate with different operators. On top of that, you can even enjoy instant confirmation bookings, earnable Klook credits to offset your next purchase, and app access to avoid printing out tickets and emails. Klook also guarantees its prices are the best you’ll find anywhere, offering a full price difference refund or double the difference in Klook Credits if you find a cheaper deal elsewhere.

As you can see from Klook’s listed attractions of the city, there is no shortage of things to see and do in Osaka. Take the opportunity to visit
Universal Studios Japan
, home to the Wizarding World of Harry Potter, or immerse yourself in the underwater world at the
Osaka Aquarium Kaiyukan
. Marvel at architecture both traditional and modern by stopping at the historical
Osaka Castle
 or the landmark
Umeda Sky Building
. From Osaka, you could also go on a day tour to neighbouring
Kyoto
 or the beautiful
Nara Deer Park
.

Well then, what is this RM1 Klookaway Deal all about? Make a booking on Klook for only RM1, and you get one entry for the Grand Prize of the Ultimate Klookaway to Japan. In addition, you will be given a RM5 Klook voucher for immediate use on all activities. There will also be weekly giveaways of Klook travel vouchers for Hong Kong Disneyland, Universal Studios Singapore, and Universal Studios Japan passes. To increase your chances of winning, you can book as many RM1 Klookaway Deals as you want!

So, if you want to get yourself and a lucky companion to Osaka for just RM1,
head on over to Klook now
. While you’re there, make sure to check out the
Klookaway Sale
 for an extra 7% off all activities, and browse through the tickets, tours, and other travel essentials offered for more deals.

(Images:
Klook
)

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Maybank2u Web And App Experience Intermittent Slowness

(Image: The Star)

The Maybank2u website and mobile application are experiencing issues with “intermittent slowness” this morning.

Following complaints from Maybank users who faced long wait times or were even unable to log in completely, the bank posted a statement on twitter just before noon addressing the situation.

#MBBAlert

Kindly be informed that our Maybank2u web and app are currently experiencing some intermittent slowness but our MAE app is operating as normal.

(1/3)

— Maybank (@MyMaybank)
November 30, 2020

“Kindly be informed that our Maybank2u web and app are currently experiencing some intermittent slowness but our MAE app is operating as normal,” Maybank stated. “You may log in to the MAE app using your existing Maybank2u User ID & Password to perform banking transactions available in Maybank2u app such as transfer funds and pay bills.”

Maybank further apologised for any inconvenience caused and thanked users for their patience while the bank worked to resolve the issue “as soon as possible.”

When members of our team tried to log into Maybank this morning, we were met with mixed results. Some of us had no issue logging in whatsoever, while one of us was completely unable to log in to the website, Maybank2u app, and even the MAE app – even though Maybank claimed that the MAE app is not facing any issues.

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Maybank Now Allows Seamless Switching From Conventional Account To Islamic Account Online

Maybank customers can now switch from their conventional current and savings accounts (CASA) to a Syariah-compliant one – without the need to change their account number or even walk into a bank. This hassle-free migration service is aimed at customers who have always wanted to have a Syariah-compliant account but did not wish to start all over again with a new account number.

“Account portability of CASA is a service that provides you with the convenience to switch from conventional accounts to Islamic accounts while maintaining your account number and its operational tagging, such as bank’s standing instructions,” said Maybank Islamic CEO Datuk Mohamed Rafique Merican in a statement, adding that the service is offered at no extra charge.

Customers can easily migrate their accounts via the Maybank online banking site, M2U. According to Maybank, to make the switch, users simply need to click on the three dots on top of the current or savings accounts, select the option to switch to an Islamic account, and a notification on the status of the migration will pop up. For customers who do not have access to online banking, they can walk into any Maybank branch to seek assistance.

According to Mohamed Rafique, Maybank has taken note of views and feedback expressed by customers who prefer Syariah-compliant products. As such, this service should be a seamless solution for those who do not wish to lose their operational tagging when opening a new account, fill up forms, or have to go to branches just to open a new account.

“The service offers convenience for the customers whom in recent times have become more discerning, preferring speed and ease of use,” said Mohamed Rafique. “This is also aligned with Maybank’s mission to humanise financial services.”

(Source:
NST
,
The Edge Markets
)

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Wedding loans amongst Muslims on the rise

Just a month ago in July,
RinggitPlus
 asked the question;
should

you take a personal loan to fund your wedding?
 Although opinions varied,

there were those willing to take out debt for their big day. Commenters on the

article didn’t agree and deemed the practice imprudent.

However,
Kosmo! reported
 yesterday that there is a significant

number of Muslims taking personal loans of between RM50,000 to RM85,000 to get

married. The report featured stories from people of differing backgrounds

providing details of their marriage and what led them to seeking out debt for

their nuptials.

Amongst the reasons for ballooning wedding costs include the

dowry required; lack of savings due to early marriage and in some instances –

to impress the new in-laws.

In response to the news, the Ministry for Women, Family and

Community Development urged youngsters to budget within their means for their

weddings and spend accordingly.

“Kosmo! reported the

worrying trend of young Muslim couples being in debt after taking personal

banks loans of between RM50,000 to RM85,000 to get married.

Harun, 25, from Shah

Alam, took a RM85,000 loan to get married early last year.

…

Another fellow debtor

is 32-year-old civil servant Amran from Johor Baru who took a RM50,000 loan to

get married five years ago.

He said he took the

loan for a large dowry and lavish wedding reception as his wife was from a

well-to-do family.

Women, Family and

Community Development Minister Datuk Rohani Abdul Karim advised young couples

to budget for their weddings according to their means, adding that those

wishing to marry can participate in the ministry’s Smart-Start Pre-Marriage

programme for guidance on efforts to set up a home.”

A month before,
Kosmo!

reported on the rising costs of wedding ceremonies:
 RM4000 as the base

amount for an engagement and RM20,000 and up for the actual wedding day.

Looking at the exorbitant costs, it’s no wonder that many

are forced to resort to personal loans. Is there some way to reduce this cost

or is a personal loan the only way to go for now until affordability or

salaries start increasing?

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Car Loan Basics for Absolute Beginners

Is a Car Loan and Hire Purchase the Same Thing?

Not entirely. A straight up car loan is when you borrow money from a bank which you then use to buy a car. The bank will determine the interest rate from the kind of car you want (more on that later). Also, the loan is unsecured, requiring no collateral from the borrower. The car belongs to you as soon as you purchase it, but you still owe it to the bank to repay the loan with interest. However most banks offer hire purchase instead of car loans which provides them with better financial security.

What is a Hire Purchase?

In the case of a hire purchase agreement, what you’re doing is leasing the car monthly. The car is not yours until the last payment is made. Only once that happens does the full ownership of the car transfer to you. This means the bank can repossess the car if you can’t meet your loan repayment obligations. It also means that you can’t sell off your car before it’s fully paid off without some complications since it technically still belongs to the bank. As with home loans, borrowers are also expected to provide a downpayment. Which are typically 10% for new cars and 20% for secondhand vehicles.

What Are The Different Kinds of Car Loans / Hire Purchase?

For the sake of simplicity most banks use the term hire purchase and car loans interchangeably.

There are generally three kinds:

New Car Loans

The word “new” in there refers to the car, not the loan. Loans for new cars are often easy to get approval for if you have a good credit history. Interest rates are quite competitive with an average range of 3% per annum. However, when you shop around, you’re unlikely to come across banks that will disclose the general rates of interest for their car loans. This is because car loan interest rates vary depending on the type of car and the deals the bank has made with manufacturers.

Used Car Loans

Many banks offer a different set of loans for secondhand cars as well. It may be under “reconditioned vehicles”, or “used vehicles” or their regular car loan details include the age of the car. You can get a good loan for secondhand cars depending on the condition, supply, and popularity of the model. Speaking of condition, you don’t need to worry too much about that since PUSPAKOM guidelines require vehicles to undergo a Hire Purchase Inspection which ensure that the car is in top working order before you get your hands on the wheel.

My First Car Loans

If you want a new car, but you’re not keen on driving a secondhand vehicle, you can opt for a “My First Car” loan offered by some banks. It might also go under the name of “graduate car loan” or other names that suggest the loan is meant for those about to graduate or just entering the working world. These kinds of loans offer up to 100% of the car’s market price with lower requirements for eligibility. The only trade-off is that it’ll more than likely be one of the more practical cars rather than anything sexy. But hey, not a bad deal at all for your first car out of college.

How Do I Apply?

More often than not, you don’t. Car companies and used car dealers will usually offer to handle the negotiating of finance deals for you. If you go through this route, as most people do, all that’s required of you is to fill in the requisite forms, choose the tenure of the loan and submit these to the car agent together with proof of income.

The bank will get back to you with an offer letter indicating the terms of the loan including the rates and repayment schedule. If you’re keen to look for your own loan, take down the make and model of the car you want, then call up the banks of your choice. They will inform you of the prevailing interest rates based on this information and you can negotiate from there.

Don’t forget to include the year of manufacture of your vehicle too. This is important because the age of a vehicle can heavily affect the interest rate applied.

Cool. Any Other Things I Need to Know About Car Loans?

With car loans, you have to also pay for
insurance
 and road tax, as required by law. You must remember to include this expense so you don’t get surprised by how much you actually need to borrow and have for a down payment.

Insurance payments are higher than road tax payments in general, and the bank giving you the car loan will often arrange insurance for you with their selected partners. So if you prefer to find one on your own, do ask them in advance if that’s feasible.

When looking for the best car loans and hire purchases banks have to offer, you can check out our
car loan comparison tool
 right here on RinggitPlus. Have any other questions about car loans or see anything we missed out on? Let us know in the comments sections down below!

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Citi To Discontinue Redemption Of Rewards Points, Miles For Various Channels & Benefits

(Image: Bloomberg/Samsul Said)

Citi has notified customers that it will be discontinuing the redemption of Rewards Points and PremierMiles for various channels or benefits, effective on either 18 June or 11 July 2023. This comes as Citi continues with the process of migrating its consumer business to UOB Bank.

Here’s the full list of
Citi’s points and miles redemption services
 that are set to be discontinued on the respective date:

Effective date of discontinuation
Redemption channels that will be discontinued
18 June 2023
– Points Exchange
– Pay With Points via Samsung Pay
– Merchandise
– Shop with Points on Amazon.com
11 July 2023
– Pay With Points via Citi Mobile App and Citibank Online
– Vouchers
– Points Transfers
– Annual fee

Citi also reassured customers that they do not have to worry about their accumulated points being forfeited following this development. “Rest assured that your unredeemed Rewards points and miles will be transferred to United Overseas Bank (Malaysia) Berhad at an equivalent value, and you will be able to redeem them upon completion of migration,” the bank shared in the notice as well.

That said, Citi did not mention a timeline for the completion of this transfer or when customers can once again redeem their points and miles via UOB.

This latest update from Citi is undertaken as yet another step towards the migration of its services and assets to UOB’s ecosystem, following
UOB’s acquisition of Citi’s consumer business in 2022
. Last month, for example, Citi had already announced that it is
disabling Samsung Pay for its credit cardholders in stages
 starting from 17 June.

For context, Citi had sold its business in Malaysia – along with those in Indonesia, Thailand, and Vietnam – to UOB after making the decision to
exit retail banking in 13 markets across two regions
. Since
obtaining regulatory approval from Bank Negara Malaysia (BNM) for the acquisition in September 2022
, both the banks have been working to make the transfer as seamless as possible for existing Citi customers. The whole process is expected to be completed by September this year, as indicated by a
tentative timeline released by UOB back in November 2022
.

(Source:
Citi
)

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Alex Cheong Pui Yin

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

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Show me the money!

There are so many idioms or catch phrases that exist today. Have you ever wondered where they came from, where or who started them?

One of the most famous catch phrases was non other than “Show me the money!” Originating from the 1996 movie
Jerry Maguire
, starring Tom Cruise, this one took the world by storm. Take a look at the video and see why it successfully became a worldwide phenomenon

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Perodua Myvi, Axia, And Bezza Are Malaysia’s Best-Selling Cars This Year

(Image: Bernama)

Perodua has noted that Malaysia’s three top-selling vehicles year-to-date (YTD) are the Myvi, Axia, and Bezza models, each of which sold 29,313 units, 28,107 units, and 25,416 units, respectively.

Of particular pride to the car manufacturer is the Myvi model, which has been Malaysia’s best-selling car since 2006. “It still remains one of the most affordable cars with advanced safety features in the country,” said the president and chief executive officer of Perodua, Datuk Zainal Abidin Ahmad. He added that the Myvi model has recently been upgraded with the latest Advanced Safety Assist (ASA) 2.0 suite of driver assistance safety systems.

Additionally, Perodua revealed that it has sold 23,203 vehicles in July – up 9.2% from the 21,250 sales made in the previous month. Following the increase, July became the best sales month for Perodua thus far this year, and the latest sales figure has helped to bump the car manufacturer’s YTD volume up to 97,373 units. Perodua also estimated that its July market share stood at 40%, whereas its YTD market share amounted to 42%.

“Since our operations restarted after a two-month Movement Control Order (MCO) closure, our volume has rebounded swiftly, aided by the government’s sales tax exemption which will run until year-end. Should this encouraging trend continues, the healthy volume will enable us to further bolster Malaysia’s automotive ecosystem of suppliers and dealers in this time of need,” said Datuk Zainal Abidin.

It helps, too, that the Penjana economic recovery plan includes
100% sales tax exemptions on locally-assembled cars
. For the three Perodua models, this translates to
savings between RM723 to RM1,893
.

(Image: Malay Mail)

The Malaysia Automotive, Robotics, and IoT Institute (MARii) has previously projected that the automotive ecosystem needs to sell at least 500,000 units this year to ensure its survival for 2020. Datuk Zainal Abidin also commented that Perodua is aware that it needs to work to its fullest capacity to help shore up the Malaysian economy and to ensure that jobs are protected.

Datuk Zainal Abidin further added that as the market leader, Perodua’s utmost priority is to continue providing the best products and services to ensure maximum customer satisfaction. “We are committed to continue offering better value propositions to all Malaysians in the forms of affordability, quality, technology, and the latest advanced features,” he said.

(Source:
New Straits Times
)

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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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Top Job-Hunting Mistakes You Should Always Avoid

No matter if this is your first-time on the employment circuit or even if you’ve been here before, these job-hunting mistakes could cost you a prime position.

Let’s go through four major no-nos for job seekers:

1. Applying Without A Cover letter

While most are working hard on resumes, the cover letter is oft ignored or is just a generic, ‘copy-and-paste’ submission. However, the contents and structure of your cover letter may be more important than your resume.

When drafted well, a cover letter can convey your communication prowess, highlight your potential value and present an added opportunity to market yourself. In some cases, HR professionals may first look at your
cover letter
 to determine if your resume is even worth a glance.

2. Skimming Their Instructions

While scouring the job ads, take note of application guidelines or yours could be tossed without even getting seen. For instance, if you were asked not to send any attachments – don’t send any attachments or if you were told to write a specific subject header for your email – just do it.

These rules, while seemingly unimportant, show a recruiter that you can take direction and follow protocol when requested, an important criteria for most employers.

3. Leaving Big Gaps in Your Resume

No, we’re not talking about the line spacing in the document (although proportionate white spaces are recommended), we are talking about timeline gaps in your resume. If you’ve been unemployed for more than a year, be sure to explain your absence from the workforce.

Use your
cover letter
 to provide details of your absence in a positive light – don’t embellish, rather, describe the constructive activities that took place while you were unemployed. For instance, how you kept abreast with industry happenings and updated your skills. These examples show that you still know your stuff and have relevant expertise to share.

4. Being Unprepared For An Interview

Assuming you’ve caught the attention of a hiring agent with your well-written cover letter and resume, take the next crucial step by preparing for the interview. You should firstly research the company, which you might have already done if you’ve customized your resume and cover letter; a recommended task.

Go further and take a comprehensive look, starting with the company website and move on to news articles and videos they may have posted online. You can even contact your connections on
LinkedIn
 to learn more about the company.

You’ll also need to practice
common interview questions
 and answers with a friend, especially if you get nervous during interviews (and who doesn’t). Lastly, prepare some questions to ask the interviewer, skip the generic ones and ask questions that you actually want answers to (except for salary and benefits, leave that till the callback).

What You Can Do To Improve Your Chances of Getting a Job Offer

Ask for feedback from the interviewer.
 Even if you didn’t get the job you interviewed for, remember to ask where you fell short, it’ll help you address potential issues and might make your next interview a success.

Try referral programs.
 Don’t be shy to reach out to former colleagues, friends and even relatives for a job referral. This can actually be one of the
most effective ways to secure an interview
.

Follow up with your prospective employer.
 If you made it pass the screening stage and had an interview, remember to send a thank you email, reiterating your interest for the position and include a pertinent detail that was discussed during the interview. Remember to keep all correspondence professional and brief.

Keep Your Head Up

At the end of the day, if you did not secure a meeting with a potential employer or failed to get a callback after an interview – don’t fret! Simply pick yourself up,
improve your resume
, work on your
interview skills
 and try again! In the meantime, check out our article on
how to make money from home
 and who knows, you might even find your true calling.

If you are contemplating leaving your current position for a potentially better one, we recommend that you have healthy savings stashed to bolster your finances as you navigate a job hunt. Use our
comparison page
 to find the best savings account for your goals.

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Finance Ministry: Govt Still Reviewing Suitability Of Reimplementing GST

(Image: The Malaysian Reserve)

The Finance Ministry has said that the government is still in the midst of reviewing the suitability of reintroducing the Goods and Services Tax (GST), and the usage of other taxation models.

Responding to queries from members of the Parliament, the ministry reiterated that the study on this matter needs to take into consideration various aspects, before a decision can be made. These include the weaknesses of the Sales and Services Tax (SST) – which is currently in place – versus those of the GST. “The study being carried out also covers the impact on the economy, cost of living, cost of goods, as well as ability to address the shadow economy (or black market),” it shared.

To explain, the SST is a single-tier consumption tax system that imposes tax only on either the manufacturer (sales tax) or consumer level (services tax). In contrast, the GST is a multi-stage tax system, with tax imposed on every level of distribution, such as manufacturers, wholesalers, retailers, and customers. The Malaysian government had been utilising the SST since the 1970s, but eventually
switched over to GST in 2014
. It then switched back
to SST again in September 2018
.

(Image: Malay Mail)

The ministry further added that if the government does decide to implement the new tax system, it must be easily manageable and will not increase the cost of doing business. This is on top of ensuring that it is able to strengthen the nation’s fiscal position, especially as Malaysia is still recovering from the economic impact of the Covid-19 pandemic.

Back in 2020, former Prime Minister Tan Sri Muhyiddin Yassin had said that the government
may consider bringing back the GST
 to replace the current SST due to strong criticisms against the latter tax system. He also stressed that an
in-depth study must be carried out first
, with
input and proposals to be provided from various parties
, including industry players, academicians, and members of the public.

(Source:
The Sun Daily
)

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Grab Hit By Service Disruption Across Several Countries Since Morning, Including Malaysia

Grab has been hit with technical difficulties since this morning, causing in a disruption of services for not just its Malaysian users, but also those in Singapore, Indonesia, Thailand and the Philippines.

“Dear users, we are currently experiencing a service disruption, which may result in your Grab app not working as expected. Our team is currently looking into this and we will update when the app is back up & running. Apologies for the inconvenience & thank you for your patience,” Grab Malaysia shared in its latest Twitter post at 9.19am. No other explanation was provided, and it also did not share an estimated recovery time.

Affected users across the region have taken to expressing their frustration on Grab’s social media pages, with many saying that they were unable to book rides or access other services.

Pleaseee do somethingggg! Because of this im late to work. I had to take the bus to the office just now. Hopefully this issue can be resolve ASAP! aku nak balik naik grab petang japgi oiiii
— 🧚🏼♀ (@takdanamaaaa)
November 16, 2021

I couldn't go to work this morning because there was no Grab car. I tried for almost two hours .🥲
— Mariam Abbas (@mariamabbas86)
November 16, 2021

Drivers and GrabFood riders, too, were impacted by the disruption, causing them to be unable to receive jobs. One user commented that this has “rendered us all ‘jobless’ in full gear.”

As of the time of writing, Grab users accessing the app will be greeted by a fairly empty homepage, with its usual promotional materials missing. Attempts to book rides also failed; we were able to access the map and select pick-up locations, but eventually came to a dead end with an error message.

For context, Grab has presence in more than 400 cities in eight countries across Southeast Asia. We will continue to keep an eye out for updates from Grab, and will share more soon.

(Sources:
Grab
,
CNA
,
Lowyat.NET
)

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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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What kind of Christmas Tree can you afford?

Splashing out on a designer job? Or keeping it real with a singleton tree?

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Diana Chai

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Revised Budget 2023 To Include Alternative Solutions To EPF Withdrawals

(Image: BusinessToday)

Deputy Finance Minister Datuk Seri Ahmad Maslan said that the revised Budget 2023 will contain alternative measures to help Malaysians cope with the rising cost of living, instead of relying on more Employees Provident Fund (EPF) withdrawals.

Ahmad Maslan reiterated that many EPF members simply just are not able to make more EPF withdrawals even if they wanted to, because their savings are already insufficient. To illustrate, he said that 6.7 million contributors above the age of 55 now have less than RM10,000 left – after four rounds of Covid-related withdrawals that had been permitted previously.

As such, the government will strive to include other measures in the revised national budget to assist those in the lower income groups, said Ahmad Maslan, echoing an earlier message from Prime Minister Datuk Seri Anwar Ibrahim. Prior to this, Datuk Seri Anwar – who is also the Finance Minister – had commented that he will look for
better solutions to help alleviate the people’s financial stress
 without resorting to yet another EPF withdrawal.

(Image: Bernama)

Aside from that, Ahmad Maslan also said that the government is looking at ways to increase wages for the people so that they can contribute more to their EPF accounts. In turn, it is hoped that this will eventually enable them to replenish their depleted retirement funds following all the previous withdrawals.

To note, approximately 8.1 million EPF members withdrew a total of RM145 billion during the Covid-19 pandemic via the
i-Lestari
,
i-Sinar
,
i-Citra
, and
RM10,000 special withdrawal
 facilities.

(Source:
Free Malaysia Today
)

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Allianz Life, Pos Malaysia Offer Life Insurance Plan Starting From RM0.14/Day

(Image: Bernama)

Allianz Life Insurance has partnered with Pos Malaysia to roll out a new life insurance plan called Pos LifeCare. Intended to be both affordable and accessible for the Malaysian public, the premium for this yearly renewable non-participating group term life insurance plan (under the Master Policy of Pos Malaysia) starts from as low as RM0.14 per day.

The Pos LifeCare plan provides up to RM7,000 coverage against death and total and permanent (TPD) disability, alongside additional benefits for accidental death or TPD, as well as death due to dengue and Covid-19 infection. On top of that, it also offers a hospital cash benefit if policyholders are hospitalised due to dengue fever.

Specifically, there are three options that are offered under the Pos LifeCare insurance plan to all Malaysians aged between 18 to 70 years of age, as shown in the table below:

Options

Coverage/Benefits

Annual Premium (by age)

Plan 1

– Death or TPD benefit of RM3,000

– Additional benefits of RM10,000

– Hospital cash benefit of RM30/day (dengue fever)

– 18 to 50 years old: RM50

– 51 to 60 years old: RM95

– 61 to 70 years old: RM160

Plan 2

– Death or TPD benefit of RM5,000

– Additional benefits of RM20,000

– Hospital cash benefit of RM50/day (dengue fever)

– 18 to 50 years old: RM65

– 51 to 60 years old: RM145

– 61 to 70 years old: RM250

Plan 3

– Death or TPD benefit of RM7,000

– Additional benefits of RM30,000

– Hospital cash benefit of RM700/day (dengue fever)

– 18 to 50 years old: RM85

– 51 to 60 years old: RM195

– 61 to 70 years old: RM360

(Image: The Star)

The chief executive officer of Allianz Life, Joseph Gross, said that this partnership with Pos Malaysia aims to provide life insurance plans for all Malaysians in urban and rural areas. “Pos Malaysia has been connecting people and businesses for over 200 years. It has the largest delivery and touchpoint network in the country, which would widen the reach for us,” he said.

Gross also commented that the Pos LifeCare insurance plan included additional benefits for death due to Covid-19 infection or dengue fever because both diseases posed a major risk to Malaysians today. “In the event of death due to Covid-19 infection before 31 December 2022, we will pay the sum assured after the issue date of the insurance certificate with an attached death certificate stating Covid-19 infection as the cause of death,” he further explained.

(Image: The Star)

Meanwhile, the chief executive officer of Pos Malaysia, Mohamed Rozaidi Md Sharif said that they look forward to leveraging Allianz Life’s expertise and comprehensive product portfolio to strengthen Pos LifeCare’s product proposition. This is in hopes that the plan options offered will fulfil the individual needs of Pos Malaysia’s customers.

The Pos LifeCare insurance plan is now available at all Pos Malaysia post offices nationwide; you can head on over to the nearest Pos Malaysia branch to find out more.

(Source:
The Malaysian Reserve
,
Business Today
)

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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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OCBC Moratorium Extension: Financial Relief Assistance Includes Lower Instalments With Step-Up Payments

OCBC has shared the details of its post-moratorium financial relief packages, offering aid to its home loan and home financing customers who may need more time to get back on their feet when the current moratorium ends in September 2020.

The three post-moratorium financial relief packages offered by OCBC are as follows:

Unemployed individuals

You are allowed a moratorium extension of three months, from 1 October to 31 December 2020. When the extension is over, your subsequent monthly instalment amount will be adjusted to repay the loan across the original tenure of your loan. In other words, the tenure of your loan will not be revised.

Individuals who suffered a drop in income

OCBC has outlined two financial relief packages to meet the needs of this group. Customers within this category can tap into either of the following assistance:

Lower instalments with subsequent step-up payments

Your monthly instalment will be
reduced by 50% for 12 months
 once the current moratorium ends in September 2020. Subsequently, when the 12-month period of lowered instalments is up, your
monthly payment will be increased to re-amortise
 your loan/financing. The tenure of your loan will remain unchanged.

Tenure extension

You can also opt to extend the tenure of your loan/financing instead, allowing you to make lower monthly instalment payments. Note that the tenure of the loan
cannot be extended beyond 35 years from the date of its first disbursement
 (i.e. the maximum loan tenure), or past the maximum age of 70 for the borrower – whichever is earlier.

How to apply

You can apply for the financial packages through
OCBC’s online application form
 or by calling the bank’s dedicated Consumer Post-Moratorium Hotline at 603-83175011. Otherwise, you can also visit any of
OCBC’s branches nationwide
 to enquire.

Be sure to attach the following supporting documents with your application:

Salaried individuals

Retrenchment letter

Salary slips (before and after pay cut)

Self-employed individuals

Bank statements of your business income (before and after it was impacted)

Alternatively, you can submit a downloadable
statutory declaration
 if you are unable to provide any of the above supporting documents.

Upon submission of your application, you can expect a response from OCBC within 7 working days through email, SMS, or post. Following that, individuals who successfully applied for a moratorium extension or for lower instalments with subsequent step-up payments will receive a letter of notification. Meanwhile, those who opted for a tenure extension will be provided with a supplementary letter of offer.

Applications are open from now until 30 June 2021.

***

For more information, head on over to
OCBC’s post-moratorium financial relief page
 on its website.

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How To Maximise Your Income Tax Refund Malaysia 2019 (YA 2018)

No-one likes seeing a chunk of their hard-earned salary being deducted for tax purposes. If you’re earning above RM34,000 per annum, you’re not going to escape paying your taxes, but what you can do is make sure you get the maximum possible tax refund back. You can do this by identifying all the tax reliefs and tax rebates you are eligible for and claim for them when you file your taxes.

Claiming for tax relief allows you to reduce your chargeable income, but how does this affect your tax refund? As you know, the amount of tax you are charged is based on your amount of chargeable income. If your chargeable income amount is lesser, you will have to pay less tax – sometimes, you may even be charged with a lower tax rate. The Inland Revenue Board explicitly shows the
income tax rates for the current assessment year (YA)
, while we’ve also shown
a comparison between the tax rates for YA 2018 and YA 2017
.

For example, let’s say your annual taxable income is RM40,000. Based on this amount, the income tax to pay the government is RM1,000 (at a rate of 8%). However, if you claimed a total of RM11,600 in tax relief, your chargeable income would reduce to RM28,400. This would enable you to drop down a tax bracket, lower your tax rate to 3%, and reduce the amount of taxes you are required to pay to RM402.

However, since you are already paying income tax at a higher bracket every month via the monthly tax deductions (MTD) for salaried employees, it is highly likely that you are paying more income tax than you should be. This is where the government has the obligation to refund you the tax you’ve overpaid – which is why the more tax reliefs you claim for, the bigger your tax refund will be. If you’re confused by all these different terms, make sure to check our
Income Tax Glossary
 to set yourself straight.

Here are some examples of tax relief that you can claim to maximise your tax refund in 2019 (for YA 2018).

(Update 12/3/2019: An earlier version of the infographic stated an incorrect value for Breastfeeding Equipment, and has since been rectified. The error is regretted.)

What You Need To Know About Income Tax Reliefs In Malaysia

Lifestyle

You can get up to RM2,500 worth of tax relief for lifestyle expenses under this category. Buying reading materials, a personal computer, smartphone or tablet, or sports equipment and gym memberships for yourself, spouse, or child allows you to claim for tax relief. You can also claim for your monthly home Internet subscription. Yes, you get tax relief for just paying your monthly Internet bills from Unifi, Streamyx, and so on. It’s also the only utility payment you can get a tax relief for, so make sure you don’t miss out on claiming for it.

Deferred annuity/private retirement scheme

If you’re putting some money aside for a mutual fund or unit trust, why not consider investing in a deferred annuity or private retirement scheme (PRS) instead? These come with a tax relief of up to RM3,000 per year. This way you can maximise your tax refund
and
contribute towards your long-term savings at one go.

Education

For yourself, you can claim for a Master’s, Doctorate, or a non-degree at Master’s or Doctorate level for acquiring law, accounting, Islamic financing, technical, vocational, industrial, scientific or technological skills or qualifications (CLP, ACCA, etc) for up to RM7,000.

For your child, the conditions for tax relief are that your child has to be 18 years and above, unmarried, and in full-time education for A-Level, certificates, matriculation, or other preparatory courses. You can claim a higher limit for those receiving further education in Malaysia for diploma level or higher (excluding matriculation/preparatory courses) or outside Malaysia for degree level and above.

SSPN

SSPN stands for the Skim Pendidikan Nasional, or the National Education Savings Scheme. It is a savings plan introduced by PTPTN to enable parents to invest for their children’s higher education and can be opened with Maybank, Bank Islam, Agrobank, Bank Rakyat, or RHB Bank. As long as your total deposit in the year 2018 is larger than your total withdrawal, you’re eligible for a tax relief of your net balance up to RM6,000.

Zakat/fitrah

Do take note that, this is
not
a tax relief, but a tax deduction. Tax rebates are not deducted from your chargeable income like a tax relief is, but from your final tax amount at the end. So, if your amount taxed after taking all your claimed tax reliefs into account is RM402, you can claim a tax rebate for zakat up to the actual amount expended or the maximum of tax charged.

Keep Your Receipts!

When claiming for any purchases, premiums, donations, or fees, it’s crucial that you have the receipts to back your claims up. It is your responsibility to keep them for the next 7 years from the year of filing. If you fail to produce these receipts and should you be audited by the Inland Revenue Board, you must pay a penalty – so don’t try to claim for anything unless you know you have the receipt.

Don’t Lose Out – Get Your Tax Money Back

From single individuals to those married or married with kids, there are definitely tax reliefs to help reduce your tax burden and maximise your tax refund. When you
file your income tax
 this 2019, make sure to have a good hard look at your expenditure from the year before so you don’t miss out on any tax relief you can claim for. Poring over your finances from last year probably won’t be fun, but at least you’ll know you can get the highest tax refund back possible!

More on Malaysia income tax 2019

Malaysia Income Tax: An A-Z Glossary

Income Tax Malaysia 2017 vs 2018 For Individuals: What’s The Difference In Tax Rate And Tax Reliefs?

How To File Your Taxes For The First Time

Income Tax Malaysia: Quick Guide To Tax Deductions For Donations & Gifts

Tax Exemptions: Which Part Of Your Income Is Taxable?

Malaysia Personal Income Tax Guide Malaysia 2019 (YA 2018)

Find more income tax related content in our
Income Tax
 page.

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    Alan

    3 years ago

Hi, can club studio membership (which includes fitness, swimming and gym) to claim tax relief under lifestyle?

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    Jacie Tan

    3 years ago

    Reply to

        Alan

Unfortunately, club memberships, even those which provide gym facilities, are expressly excluded from this tax relief.

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    Hussain

    3 years ago

Question: I bought a smartphone that costs 3700RM. How can I claim it under lifestyle relief?

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HSBC Introduces Voice ID Biometrics Solution For Telebanking Services In Malaysia

(Image: The Malaysian Reserve)

HSBC has launched its voice biometrics solution, Voice ID, for customers in Malaysia – making us the first Southeast Asian country to receive the bank’s upgraded security technology.

With the introduction of the Voice ID solution, HSBC aims to provide quicker, safer, and more convenient access to its telebanking services. Customers will be able to use the voice recognition technology to verify their identities during their calls to the bank, thereby removing the need to remember passwords or answers to security questions.

“With the introduction of our Voice ID solution, retail customers in Malaysia will have even quicker and easier access to their bank accounts while leveraging a more secure form of identification; using customers’ unique voiceprint which will help protect their accounts against fraud,” said HSBC Malaysia’s head of wealth and personal banking, Tara Latini.

(Image: The Edge Markets)

To tap into the benefits of the Voice ID feature, eligible telebanking customers must first register via a dedicated HSBC Voice ID enrolment hotline. During the registration, you’ll be prompted to repeat a standard passphrase (“My voice is my password”) three to five times so that a unique voiceprint can be created. You also have the option to speak in Bahasa Malaysia or Mandarin. The whole procedure is expected to take less than three minutes.

Once you are enrolled, you can then proceed to use the Voice ID passphrase instead of your Telebanking PIN (TPIN) to use HSBC’s telebanking services. Note that to register for HSBC’s Voice ID, you must meet the following requirements:

Above 18 years of age

Have an active HSBC bank account

Already registered for HSBC’s telebanking services

Have a consolidated TPIN or a valid mobile number maintained in the system for SMS OTP authentication

In its FAQ, HSBC also reassured its customers that it will be extremely difficult for imposters to commit fraud attacks by imitating your voice. This is because the Voice ID solution measures more than 100 physical and behavioral factors on how your voice is produced. In other words, Voice ID creates your voiceprint based on the way you speak rather than the sound of your voice.

The same reason also explains why Voice ID will still be able to verify your identity even when you have a cold or sore throat. Should the Voice ID function fail, though, you will be transferred to speak with HSBC’s customer service representatives instead.

You can find out more about
HSBC’s Voice ID feature for telebanking
 on its website. Alternatively, if you’re ready to enrol, you can call the HSBC Voice ID enrolment hotline at 03-8321 800.

(Source:
FintechNews Malaysia
)

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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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    Fakhri

    1 year ago

Someone random guy called me today, asking whether I can hear him or not. I said ‘Yes’ then I heard a ‘beep’ sound and he hang up. I suspected he recorded my voice saying ‘Yes’. Should I make a police report or inform Bank Negara? I would really appreciate it if you can help me with my concern to take a precautionary measure for the future as it seems this is the only 3rd party website mentioned about this other than the bank.

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