Ripple’s XRP Price Soars By Over 90% Following Landmark Win In SEC Lawsuit

(Image: The New York Times/T.J. Kirkpatrick)

The price of Ripple’s XRP token skyrocketed last night after scoring a partial win against the US Securities and Exchange Commission (SEC) in a federal court ruling that said the token should not be considered as securities when sold on exchanges to retail investors. However, if sold to investment funds and other financial institutions (known as institutional investors), then the coins are classed as a form of securities.

Following this decision, the token’s price instantly spiked from US$0.47 (approximately RM2.19), climbing 96% to as high as US$0.93 (approximately RM3.80) at one point – its highest level since March 2022 – as investors reacted to the news. Since then, the price of XRP has moderated to hover between US$0.85 to US$0.73; as of the time of writing, the token is trading at US$0.79.

The legal battle that brought on this landmark court ruling began all the way back in 2020, when
the SEC filed a suit against Ripple and two of its executives
 – co-founder and former CEO, Christian Larsen, and current CEO, Bradley Garlinghouse – for failing to register XRP as a security before selling them to raise over US$1.3 billion. This was part of the commission’s push to categorise numerous cryptocurrencies – including Ripple’s XRP – as securities, which effectively puts the tokens under its oversight.

Notably, one of the commission’s key arguments for its case is that Ripple had failed to provide important information to investors (both retail and institutional), “which deprived potential purchasers of adequate disclosures about XRP and Ripple’s business, and other important long-standing protections that are fundamental to our robust public market system.” In other words, investors – particularly retail investors – have not been adequately protected as they were deprived of key information to assess the risks of their investment.

If the SEC is successful in its bid, there will be a chain of consequences and implications for the industry – as you can expect. It would mean that existing token issuers and US crypto exchanges will both be classified as unregistered securities sellers and brokers, and must go through a tedious registration process to gain SEC’s approval if they wish to list and sell tokens to the public going forward.

(Image: Getty Images/Jakub Porzycki—Nurphoto)

Understandably, given the massive impact of the case, avid investors in the US crypto community have been watching this case closely – and this latest ruling is a significant one. Essentially, the court ruling by US District Judge Analisa Torres hinged on the fact that there is a distinction between sales to retail investors and to institutional investors, with the latter inherently being more informed about XRP’s pricing than the former.

“A reasonable investor, situated in the position of the Institutional Buyers, would have been aware of Ripple’s marketing campaign and public statements connecting XRP’s price to its own efforts,” said Judge Torres. Meanwhile, individual investors are deemed as “generally less sophisticated” and therefore, may not possess “similar understandings and expectations” of Ripple and XRP.

In stating that, Judge Torres ruled that the SEC’s motion is denied in part, making it only a partial win for Ripple. In short, Ripple is not guilty of providing unregistered securities offering to retail investors (because the token is
not
 considered to be a form of security in this case). However, the issuer is guilty of doing so with regard to institutional investors.

We said in Dec 2020 that we were on the right side of the law, and will be on the right side of history. Thankful to everyone who helped us get to today’s decision – one that is for all crypto innovation in the US. More to come.
— Brad Garlinghouse (@bgarlinghouse)
July 13, 2023

Following the order, one of the executives charged, Garlinghouse, said that the decision is “one that is for all crypto innovation in the US”. He also commented that “[w]e said in Dec 2020 that we were on the right side of the law, and will be on the right side of history.” Coinbase, the largest crypto exchange in the US, also said that it would relist the coin on its platform, given the court’s decision.

It should be noted, however, that Judge Torres’ ruling is only an intermediate ruling in a larger case. The case is set to go to a jury trial to decide on other claims.

(Sources:
CoinDesk
,
Washington Post
)

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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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(Updated) Tealive Still Has To Close Down As Stay Of Execution Is Dismissed

(Image:
Free Malaysia Today
)

(Update 16 July: The Federal Court has granted Loob Holding its application for a stay of execution. Read more below.

The stay of execution applied for by Loob Holding Sdn Bhd, owner of Tealive, has been dismissed. This means that the injunction requiring Tealive to shut down all of its operations still stands.

On 27 June, the Court of Appeal ordered an injunction against Tealive in favour of La Kaffa International Co Ltd, the owner of Chatime, ordering that Tealive shut down its operations. Tealive released a
statement
 saying that it would apply for a stay of execution while it filed for leave to appeal to the Federal Court. Today, the stay of execution has been dismissed.

This stay of execution would have given Tealive the chance to continue operating while it appeals to the Federal Court to reverse or overrule the latest decision. Now that Tealive’s stay has been dismissed, Tealive will have to close down even if it does end up continuing its battle in the highest court of the nation. So far, neither company has released a statement on the dismissal.

The companies behind Tealive and Chatime have been involved in a lengthy legal dispute since falling out over a franchise agreement.

(Update 16 July)

The Federal Court has granted Loob Holding its application for a stay of execution today, allowing Tealive outlets to continue running its operations as it pursues its legal battles. There is no news yet as to whether a Federal Court appeal from Loob Holding has been confirmed, but the effect of the stay is that Tealive stores will remain open until further legal developments unfold.

(Sources:
The CanLaw Report
,
The Malaysian Insight
,
BurgieLaw
)

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StashAway, EdgeProp Introduce Cash Incentives To Encourage Malaysians To Save For Future Homes

Digital wealth manager StashAway has announced a collaboration with property website EdgeProp to roll out cash incentives of up to RM130 per person for those who use StashAway to invest towards their homeownership goals.

In a statement, StashAway said that prospective homeowners can qualify for an initial RM30 cashback when they sign up and start investing with StashAway via the promotion link. For new customers, note that you must make your first deposit into your StashAway investment portfolio within 30 days after account verification in order to be eligible for the RM30 cashback reward (credited into your StashAway Simple cash management portfolio). You’re also required to stay invested for at least 3 months; a partial or full withdrawal made from the portfolio will mean that the RM30 cashback offer will be voided.

Meanwhile, existing users must apply the promotion code in-app before making a deposit to your StashAway portfolio in order to obtain the initial RM30 cashback reward (also to be credited into your StashAway Simple). Do also be aware that this promo only applies to new deposits made into your investment portfolios. Internal fund transfers – such as from StashAway Simple or other investment portfolios – are not valid.

Following that, all eligible investors can claim another RM100 bonus reward when they’ve purchased a property using the funds from their portfolios. Documents such as the sale and purchase (S&P) agreement or home loan documents must be presented as proof.

“We have always believed in empowering individuals to achieve their goals through investing, and homeownership is a significant milestone for many. Together with EdgeProp START, we look forward to supporting aspiring homeowners at every step of their journey, inspiring them to invest consistently and stay committed to making their dream home a reality,” said the country manager of StashAway Malaysia, Wong Wai Ken.

To note,
EdgeProp START
 is a partnership programme by EdgeProp that rewards Malaysian homebuyers for achieving specific milestone in the homebuying process. More specifically, you can unlock vouchers for products and services from various brands that related to their home purchases, including from IKEA, Samsung and Livspace – and now StashAway.

(Source:
StashAway
)

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Alex Cheong Pui Yin

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

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Maybank Ikhwan Credit Cards Get New Card Face, Now Made With Eco-Friendly Material

Maybank has updated the card faces for several of its Ikhwan credit cards to give them “a more modern and sleeker design”. On top of that, the cards are now also created from a new material, making them an eco-friendly card that contributes to sustainability.

Specifically, this latest update in card faces affects the following Ikhwan cards (Mastercard, Visa, and American Express):

Maybank Islamic PETRONAS Ikhwan Visa credit card-i (Platinum & Gold variant)

Maybank Islamic Ikhwan Mastercard credit card-i (Platinum & Gold variant)

Maybank Islamic Ikhwan American Express Platinum credit card-i

It does not include Maybank’s premium Ikhwan cards, namely the Maybank Islamic Ikhwan Visa Infinite credit card-i and the Maybank Islamic World Mastercard Ikhwan credit card-i.

Overall, the main design change made to the impacted Ikhwan cards involves the motif that is printed on the cards’ background; while the previous motif utilises a tighter and more congested print, the updated motif takes on a more contemporary appearance. The colour of the cards have also been brightened with some gradient, and there are some changes to the placement of texts on a few of the cards as well.

Here are how the new Ikhwan cards look like in comparison to their previous counterparts:

(Left: Previous design; right: new design)

Aside from updating the design, Maybank also highlighted that the new Ikhwan cards are now made from a new sustainable material, comprising of 84% bio-sourced and renewable polylactic acid (PLA) – which is extracted from non-edible corn. This works as a substitute for the plastic that was originally used, helping to reduce carbon emission. In fact, the use of polyvinyl chloride (PVC), petroleum-based plastic, and fossil-based plastic will be reduced by 82% with this move, said Maybank.

The chief executive officer of Maybank Islamic, Datuk Mohamed Rafique Merican said that the use of this new material is in line with the bank’s commitment to adopt good ESG practices within its business while increasing awareness among customers.

“We understand and recognise the journey ahead, hence, we are committed to looking for new ways and solutions to reduce our collective carbon footprint through the introduction of this new bio-sourced credit card,” said Datuk Mohamed Rafique. Maybank Islamic aims to issue over 100,000 of new eco-friendly cards in 2023.

In a conjunction with the unveiling of these new cards, Maybank is currently running a campaign that will reward Ikhwan cardholders with 5x TreatsPoints for every RM1 spent with selected eco-friendly merchants. This is on top of the opportunity to also win prizes such as a Honda City Hatchback, iPhone 14, and cashback rewards of up to RM1,000 by being one of 331 top spenders. You can find out more about
the campaign here
, which is set to run until 12 March 2023.

(Source:
The Edge Markets
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Lee

    8 months ago

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Financial Experts: Unwise To Have Allowed More EPF Withdrawals

(Image: Focus Malaysia)

A few financial experts have stepped forward to criticise the government’s decision in allowing another round of Employees Provident Fund (EPF) withdrawal. The comments came following the
kick-off of the i-Citra withdrawal facility on Monday
 – the third of such facilities to be allowed by the EPF since the start of Malaysia’s battle against the Covid-19 pandemic.

According to these specialists, it is crucial to find alternative ways to help Malaysians who are in need instead. They said that in most cases, individuals who need to dip into their retirement funds would have likely had very little left in it in the first place. In fact, most would have already taken most of it out under the initial
i-Lestari
 and
i-Sinar
 schemes.

Specifically, economist from Sunway University, Dr Yeah Kim Leng said that the government should increase the budget for those in the B40 and lower M40 groups, provided in the form of cash payouts. He also stated that about 20% to 30% of those who were previously in the M40 category, but have now fallen into the B40, are also in need of help.

(Image: Asia Insurance Review)

“We cannot continue with stop-gap measures. We have to look for long-term solutions to ensure that people are able to at least meet their basic needs,” said Dr Yeah, adding that vaccination efforts should also be intensified to enable the reopening of economic activities as soon as possible.

“The longer we wait, the higher the possibility that many more businesses will shut down, leaving more people unemployed. If that happens, the economy could be permanently damaged,” Dr Yeah further said.

Meanwhile, the director of Finwealth Management, Felix Neoh said that only individuals who are out of options should resort to the i-Citra withdrawal scheme. “People must realise that EPF savings are for retirement. The more you withdraw from it, the lower the savings you have left for your retirement. If anyone makes a withdrawal, he should have a plan to replenish it once his income returns to normal,” he said.

(Image: Malay Mail/Ahmad Zamzahuri)

Additionally, Neoh cautioned Malaysians against withdrawing from EPF savings for investment purposes as there is no guarantee that they will profit from it. Keeping their EPF savings, on the other hand, will ensure that they earn a minimum yearly return.

A
recent interview
 by the chief executive officer of the EPF, Datuk Seri Amir Hamzah Azizan revealed that 42% of EPF contributors (equivalent to 6.3 million people) have less than RM10,000 in their Akaun 1, whereas 9.3 million individuals have less than RM10,000 in Akaun 2. He also noted that the 6.49 million contributors who dipped into their EPF savings via the i-Sinar initiative were predominantly in the B40 and lower M40 groups.

(Source:
The Sun Daily
)

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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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Rakuten Trade: Bursa Malaysia In Dire Need Of Liquidity

(Image: The Star)

The head of research for Rakuten Trade, Kenny Yee has cautioned that Bursa Malaysia is in urgent need of liquidity. This is due to the massive foreign outflow that took place within the Malaysian and other regional markets.

According to Yee, Malaysia saw a record high foreign outflow that amounted to RM24 billion back in 2020. This is further worsened by a year-to-date foreign outflow that currently stands at RM5.9 billion. Only retail trading showed positive inflows, amounting to RM9.3 billion.

“Retail participation remains the hero for the local bourse as depicted from the persistent positive monthly inflows since January 2020. The total inflow for 2020 was RM14.2 billion, pushing the 2020 and 2021 total to RM23.5 billion,” said Yee.

(Image: Bernama)

Yee also highlighted that almost all of the Top 10 FTSE Bursa Malaysia KLCI constituents are trading well below their historical price-to-earnings ratio (PE ratio) because of the continuous selling by foreign funds. “Apart from Bursa Malaysia Technology Index and Bursa Malaysia Transportation and Logistics Index, the others are all trading below their historical PE ratio. It is obvious that the local bourse is in dire need of liquidity. While the retail portion is already in place, inflows from foreign funds would be of utmost importance,” he further clarified, adding that it is difficult to time the potential inflow of foreign funds.

That said, Yee believes that it is only a matter of time before foreign funds begin to make its way back – not just to Malaysia, but to the Asian region in general. In fact, he speculates that the comeback may happen at least by the end of the year.

“The catalyst for foreign inflows could be, as we go to the end of 2021, there will be repositioning of funds. Maybe some of these foreign funds will be looking for other avenues, that is why we are expecting some inflows of funds to the ASEAN region,” said Yee, who also commented that easy money is no longer available on Wall Street, which will then drive many investors to seek new avenues.

(Image: Bloomberg)

“Valuation-wise, US equities are currently trading at around 50% above its historical average. Though corporate earnings remain robust, growth should retrace back to normalcy. If I am a foreign fund manager, I will certainly look elsewhere (outside of the US) to put my funds. Although Malaysia may not be at the top of the investment list, it can enjoy some spillover effect if the foreign monies make a U-turn into the Asian region,” Yee explained.

Yee also noted that Malaysia is not the only country in Southeast Asia to suffer from foreign fund outflows. According to him, Vietnam, the Philippines, and Thailand were all also affected by substantial foreign outflows – with the latter two countries having a worse experience than Malaysia.

(Sources:
The Sun Daily
,
The Star
)

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New EPF rules mean more for retirement but less for unit trust investments

The Employees’ Provident

Fund is especially important to Malaysians as it will help take care of them in retirement.

Whether it’s simply to live our remaining years or to  take long-awaited vacations; our retirement is mostly funded through our EPF.

However,
lately, there has been concerns that the pot may not be enough
 for most people’s retirement. In light of this, EPF

has come up with new rules that will be implemented in the year 2014.

Minimum EPF savings raised

The
new

EPF rules
, effective January 2014, will raise the minimum savings for its

contributors from RM120,000 to RM196,800 by the age of 55. The revised rules,

according to EPF general manager, Nik Affendi Jaafar, are to ensure enough

savings to finance members’ retirement needs.

Double-edged rule

The new rule

is definitely good for retirement as it helps ensure one will have enough to survive on later on. However, the raise in minimum savings will affect

the unit trust industry as well as EPF members who wish to invest in unit

trusts.

The revised rule

will result in members needing to have more in their Account 1 to be eligible

for the EPF Members Investment Scheme where savings are invested in unit

trusts. As such, EPF members who are eligible to invest in unit trusts might

not be so come January 2014.

Further reaching effects are at the moment unknown but it will be interesting to see what creative solutions the unit trust industry will device to counter possible shortfalls in investing.

*Picture courtesy of Borneoinsider.com
.

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Unemployment Rate In August 2022 Remains Unchanged At 3.7%

(Image: Malay Mail/Choo Choy May)

The latest labour report from the Department of Statistics Malaysia (DOSM) has indicated that Malaysia’s unemployment rate remained unchanged at 3.7% in August 2022. However, the number of unemployed individuals dipped by 1.4% from the previous month, from 620,700 persons to 612,000 persons in August.

The report further noted that 82.9% of the unemployed group is categorised as actively unemployed – described as those who are unemployed but are actively looking for jobs. This translates to 507,300 persons, down by 2% from 517,400 persons in July. Meanwhile, the remaining 17.1% of the unemployed group is made up of inactively unemployed persons, equivalent to 104,700 individuals. This figure saw a slight 1.4% increase from the previous month (103,300 persons).

As for the working population, the number of employed individuals went up by 0.2%, from 15.98 million persons in July to 16.02 million persons in August. Of this total, 76% of them fell into the employees category – which itself also ticked up by 0.2% from 12.14 million persons July to 12.17 million persons in the following month. Similarly, the self-employed category remained on an upward trend with a 0.6% month-on-month increase to record 2.80 million persons, now making up 17.5% of the working population. The remaining working population consists of employers (3.4%) and unpaid family workers (3.1%).

Meanwhile, for the outside labour force group, there was a month-on-month decrease of 0.1%, from 7.25 million persons in July to 7.24 million persons in August. This group refers to individuals who are not classified as working or are unemployed, including housewives, students, retirees, and individuals uninterested in looking for a job. The largest composition of the outside labour force recorded for August was the housework/family responsibilities category at 42.9%, followed by the schooling/training category at 40.4%.

Finally, DOSM’s report noted that economic indicators have shown Malaysia’s economic performance to be improving, with a significant increase in August 2022 as compared to the previous year. “In line with the improving economic condition, the labour market is also expected to continue to flourish in the upcoming months, coupled with new entrants into the labour market as well as the entry of foreign labour into the country in the near future, which is expected to meet the increasing needs of the labour force in the market,” said DOSM.

(Source:
DOSM
)

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Alex Cheong Pui Yin

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Guaranteed Gifts Like RM600 Cash via DuitNow And More Are Up For Grabs

Updated: 23 December 2021

The Unbox This Week credit card campaign is back with awesome gifts from participating banks!

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.

For this week (20 – 27 December), our featured bank partners include

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

Citibank – RM600 Cash via DuitNow

Citibank is giving RM600 Cash via DuitNow to you when you apply for a credit card with us. Transfer money to loved ones via DuitNow easily or purchase monthly essentials with this cash gift.

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

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

HSBC Bank – RM700 Cash via TNG E-Wallet

This week, get guaranteed RM700 cash via TNG e-Wallet when you apply for a credit card with HSBC, so everyone’s a winner! From paying tolls to purchasing daily essentials, this gift can do it all!

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

Standard Chartered Bank – Giordano Luggage Bag

Standard Chartered is now giving ALL approved applicants a guaranteed gift – a luggage bag by Giordano! Stylish yet functional, the luggage bag can come in handy during your next family trip to your hometown or business trip.

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

Alliance Bank – Riino EVolution V8 Corded Vacuum

This week, we have Alliance Bank once again joining the party with a guaranteed EVolution V8 Corded Vacuum by Riino. Keep your home clean and bacteria-free with this practical appliance that has 15000Pa suction power and a design that allows it to be mounted on the wall for easy storage.

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

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

CIMB – Giordano Luggage Bag

CIMB is giving away a guaranteed Giordano Luggage Bag to all its successful credit card applicants. It’s easy to win this luggage bag that will get you ready for your next trip. Just apply, activate, and perform the first swipe of any amount to be eligible for this gift!

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

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

***

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 27 December (1pm), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Budget 2023: Key Highlights To Know

At 4pm today, Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz has tabled the national Budget for year 2023 in the Parliament – amidst much anticipation. With the allocation of RM372.3 billion – up from the previous year’s RM332 billion – it is expected to boost the welfare of Keluarga Malaysia, even as it focuses on the country’s economic recovery and socio-economic development. Accordingly, the Ministry of Finance has declared the themes of Budget 2023 to be “Strengthening Recovery, Facilitating Reforms Towards Sustainable Socio-Economic Resilience of Keluarga Malaysia”.

With numerous initiatives having been announced, here are some key highlights from Budget 2023 that you should know.

You can also view our
 other write-ups on Budget 2023 here
 for more in-depth coverage, and keep an eye out for upcoming articles!

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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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    Ling Chin Loong

    6 months ago

Good deed

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Big Company or Small Startup - How to Choose Your First Job As A Fresh Grad

Imagine this: You just completed your Bachelor’s Degree course and now you are looking for your very first job, not knowing where to go. What do you do?

For one, you may have received advice from your parents, friends and relatives, all of which may be in favour of bigger companies or lean startups but none of it which provided the insight that you are seeking for.

As such, let us help you decide on your career path with a brief guide on what to expect when you opt to work in a big company or a startup as well as the pros and cons of both workplaces.

Big Company

We start our list with the darling of parents, the silencer of aunties during Chinese New Year: the big companies. Big companies in this article refer to the franchise groups (Starbucks), major banks (Maybank), and international audit firms (PwC) etc. These companies are often held in high regards by some people, especially parents and grandparents.

Why not? They are big and well established, which always is a plus point on your resume and your potential life partner’s parents. Besides that, the idea of working in a big company at the start of your career is often exciting.

Before you start to send your resume to the big companies, we encourage you to have a brief look at what to expect for working at a big company.

Attributes

Benefit

One of the main attractions of working in a big company is the special benefits and perks that an employee is given. Major companies often provide attractive perks like company discount cards and longer maternity leave not only to motivate their employees but also to attract top talents

–

theSun daily wrote about Maybank offering its female staff a longer maternity leave up to a year (3 additional months of half pay leave and 6 additional months of unpaid leave). These additional leaves complement the existing 90 days (3 months) paid maternity leave to help female staff who intend on starting a family. (Yay for perks!!)

Fixed job scope

Depending on your preference, fixed job scope can be both beneficial and mundane. A fixed job scope provides the employee with a clearer picture of the job demand. While every employee has the occasional ad-hoc responsibilities, employees in a big company often get ad-hoc work that fell within their job scope.

–

However, a rigid SOP can make an employee feel bored about their current responsibilities. As most of the ad-hoc jobs are within the prescribed SOP, this means the employees rarely have the opportunity to learn other facades of the business. (So, do expect mundane work.)

Resume Enhancer

Big companies offer a cashless and valuable advantage to its employee that smaller companies could barely afford: reputation. Job search site Monster.com stated association with a big company enhanced a person’s resume and produce a higher chance of being hired by future employers.

–

Example
: 2 candidates with similar qualifications were shortlisted for an interview. The former worked in a small consulting firm, while the other worked in PwC. Although both have identical qualifications and work experience, the employer’s preference leans towards the one who worked at PwC. Not to discriminate against smaller firm candidates but rather, PwC is one of the big four international accounting firms with a rich network of reputable alumni and clients. An association with PwC gives the hiring manager the impression that this candidate is highly likely to be well-connected with valuable experience.

Competitive salaries/ commission

It is common practice for most Asian parents often used to convince their child to aim for big companies. You may have experienced this yourself and well, it is true that big companies have more resources to compete for talents than the small companies

–

One of the ways employed by big companies is to offer a higher/ competitive pay package to potential employees. Some big companies even offer better commission rate for employees in sales than smaller companies. However, it is important to note that this part depends on the type of industry that you are working

Built-in connection

Similar to the point resume enhancer, big companies offer a wide pool of connections of employees associated with them. As an employee of a big company, you get to tap into the large network of current and former employees via social media like LinkedIn.

–

This connection is very valuable for the future employers and employees. An employee can find employment opportunities via the network, while future employers see potential customers in the network.

Bureaucracy

If you choose to work in a big company, you must be prepared to deal with a high level of bureaucracy.

–

Most of the time, big companies have plenty of (written and unwritten) protocols and rules for the employees to follow. Some industries like finance and medical do require such level of regulation as they are dealing with important aspects of life (money and health). That said, a strict administration not only can cause delay and disruption in communication, it can also stifle creativity.

If your priorities are better pay, company reputation, large connection and specialised work, then a big company is an excellent way to start your career.

However, you need to take a few cues from us:

1) You need to budget your big package and spend them on the necessary expenses.

2) You need to make full use of the relevant perks like employee benefit card to save money on certain expenses.

3) You need to build your network of colleagues for your career development and office politics management.

4) You need to start investing some of your salaries (fixed account etc) and avoid pure dependence of EPF for retirement.

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Small companies/ startup

We now move to the more common cousin of the big companies: SMEs. According to
The Star’s
 report last year, SMEs represents 97% of established businesses in Malaysia, which contributed to 65% of employment.

Besides that, business news site
Demystify Asia
 stated in 2016 that the startup scene in Malaysia is growing at an intense pace. Thus, this is a sector worth considering for your first job.

Attributes

Opportunities

One thing that smaller companies have over bigger companies is they provide more employment opportunities than the bigger companies. Most big companies tend to look for the best fresh graduates or seasoned staffs, small companies often employ fresh graduates who are willing to put in the hard work. In fact, some small companies prefer to get fresh graduates as fresh graduates come with different ideas and creativity without any past baggage. As most fresh graduates come in with little to no experience, small companies can train them easily on the various aspects of the business.

Multiple hats

Unlike working in a big company, employees in a small company are often called the Jack/ Jill of all traits. These employees often assumed
multiple responsibilities
 and jobs from different parts of the business.
Example
: A salesperson in Nestle may be specialised in sales related operation and job scope. However, a salesperson in a small company can be seen assuming multiple responsibilities from different departments like marketing communication, finance etc. However, this fluidity can lead to a huge workload and burden on the part of the employee.

Camaraderie

While big companies provide you with more connections with current and previous employees, small companies enable employees and employers to know each other better. The environment, (relatively) flat structure and company/ group project enable bosses and employees to communicate better and forge a stronger relationship. As such, the company could become a second family to the employee. Besides that, this camaraderie enables the employees to execute projects more fluidly and speedily as the lack of structure allows for a faster communication and improvisation.

Creativity

Speaking of improvisation, small companies often encourage their employees to come out and present their ideas when it comes to meetings and brainstorming session. This is a contrast from big companies which encourages following orders. This freedom provides the employee with the sense of pride and ownership on the various ideas and projects they have. In turn, this freedom also provides them with the avenue to make an impact and get noticed by the boss.

Promotion

If there is one advantage that would also encourage you to work in a small company, it will be a better career progression/ advancement. If you make a significant impact on your company as stated above, it is likely that you can get promoted based on your contribution. This is not to say those big companies do not provide career progression. However, career progression in big companies is often marred by bureaucracy while small companies provide promotion based on performances. You will feel proud of your performance based promotion in a small company compared to a year-based promotion in a big company.

Smaller pay package

If your parents discourage you from working in a small company due to the relatively
small pay package
, they are probably right. Small companies do not necessarily have the resources to offer an attractive pay package and employment benefit like the big companies. While some industries and companies do offer salaries that could compete with big companies, most small companies offer a pay package that falls within the market rate. As such, most graduates from foreign universities and parents are not attracted to work in small companies.

If your priorities are an immediate entry into the workforce, a good career progression, camaraderie within your companies and constant learning, then you are a perfect fit for a small company.

Should you decide to work for a small company, you need to heed these few things.

1) You need to practice delay gratification and budgeting when it comes to managing your meagre salary.

2) As you will be given multiple responsibilities, it is advisable to apply for medical insurance and personal accident insurance to avoid hefty medical bills.

3) You should consider getting an adequate mobile plan for your business dealings and company work.

4) You need to put some of your salaries into saving and emergency funds to prepare yourself for the case of retrenchment or job change and avoid relying purely on EIS.

5) Please seize every opportunity to showcase your creativity and expand your skill sets.

Concluding advice

What we mentioned above is a general guide, so it is important to note there are exceptions to this guide based on industry. As you embark on your search for your first job, you need to consider the following factors.

1) Your qualification/ capabilities

2) Your working priorities

3) The necessary financial preparation for your selected job

With that, we hope you can find your first job and thrive in it. Looking for a saving account? You can consider getting one that suits you with our
comparison tool
.

Do you know of any other tips for your first job? Do tell us in the comments section down below!

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How Binge-Watching Can Save You Money

We’ve all spent good chunks of our time curled up in front of our devices, indulging in a few solid hours of TV shows and movies on a trusty video-on-demand service. Besides the clear entertainment value it brings you, have you ever thought about how binge-watching can actually save you money?

How exactly does sprawling out watching a dozen episodes of Arrow save you money, you ask? Well, here are a few major ways in which your idle pastime can help you save some ringgit – read on so that you can better justify yourself the next time your parents or partner asks you why you’re spending so much time on iflix.

Stay home, save money

Malaysians who want to pass their free time outside of their homes are spoilt for choice, but a good number of these options will certainly involve spending money. Whether it’s passing the afternoon in a shopping mall, sitting in a pricey café sipping coffee or exploring the latest food fads, you’ll find yourself forking out a fair bit to fund your days out. Sure, parks and hiking trails are mostly free to enter, but what will you do when it’s scorching hot or pouring outside?

Your answer lies in the comfort of your home, a bunch of cheap convenient-store snacks within reach, and an entire season’s worth of K-drama episodes lined up at the ready. No need to pay for a Grab or for parking, just settle down for an unabashedly comfortable day in and slash your unnecessary spending down considerably.

Time is money

Nowadays, everyone is concerned with control and autonomy.
The current generation isn’t interested in being told when to sit down and watch an episode of Brooklyn Nine-Nine. What if you’ve got plans? Or somewhere to be? What if you’re one of those free-spirited types, who find making themselves available at the same time every week just too much commitment?

On a more serious note, organising your binge-watching sessions to your own convenience brings many wider-view advantages. With more control over your viewing habits, your TV addiction doesn’t have to get in the way of your studies, work schedules, or moonlighting gigs. That way, you can have your cake and eat it – or in this case, stay up-to-date on The Flash without it interfering with your agenda of hustling for money.

Cheaper than going to the cinema

Gone were the days when a movie ticket cost you a flat rate of RM7 or RM10 at peak hours. Movie tickets can now go up to RM20 a pop for a new release in one of the more popular cinemas, and that’s without adding in a cheeky popcorn combo set. If you want to be kinder to your bank account, a trip to the cinema really isn’t for you – especially if you’re paying for your date as well.

Compare the above costs for a single trip to the cinema with a running subscription where you can access hundreds of movies to be played at your convenience, legally and even for free. From undiscovered local productions to classic blockbusters and family favourites, you can indulge in as many movies as you want without mentally calculating how much the whole experience is going to cost you per film.

Best of all – you can now get video-on-demand free

In the trump card to beat all trump cards, the ultimate justification for your binge-watching addiction is right here: you can do it for FREE! iflix has just launched a free tier for its streaming services, meaning that you can watch some of its content, with no cost to you at all!

iflix is our very own Malaysian-grown streaming video-on-demand service, offering you an array of TV shows, movies, original content, live sports, and more. You can stream all of this in high quality on your computer or smart device, or even download and watch offline on your portable devices for maximum mobility.

As we’ve pointed out, you can save by enjoying the free version of the service or pay a reasonable fee of RM10/month or RM96/year to unlock full VIP access. Be a thrifty binge-watcher and
head on over to iflix
 to check out your options now.

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Affin Hwang Launches New Mobile App For Investment, Allocate Plus

Affin Hwang Asset Management has officially launched its new mobile app, Allocate Plus, to provide investors with easier access and more flexibility in their investment journey with the company.

Allocate Plus serves as a digital solution for users who are looking for a seamless method to invest in a range of unit trust and private retirement scheme (PRS) funds via their mobile devices. It gives you full autonomy to open new accounts, top-up your investment portfolios, switch your investments between preferred funds, as well as sell and redeem your assets at your convenience. You are also be able to begin investing with as little as RM50 and no lock-in period.

On top of that, Allocate Plus comes with a combo portfolio function, which helps new customers invest based on their risk appetite and investment profiles. Consisting of combos such as the Starter Pack, Slow And Steady, and High Risk High Return, those who are unsure about which funds to choose can rely on this feature to help them kickstart their investment journey.

If you’re an existing Affin Hwang customer, you can use your i-ACCESS online login details to access the new Allocate Plus app. New customers who do not have an account with the company, on the other hand, will need to register a new one after downloading it into their mobile phones. You’ll have to verify your identity with your MyKad as well as a selfie image. Additionally, you’re also required to carry out at least one transaction within six months in order to complete the account opening process after setting up your account.

You can find out more about
Affin Hwang’s new Allocate Plus app
 now on its official website. Alternatively, download it from
Google Play
 or the
App Store
 to try out the app for yourself.

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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 Upgrades American Express Platinum Card To A New Metal Design

Maybank has become the first American Express partner in the world to launch the new American Express Platinum Card. Now made from stainless steel, the new card also sees some slight upgrades in its features.

Arguably the most exclusive consumer card in Malaysia, the American Express Platinum charge card is designed for the upper echelons of Malaysians. With a minimum annual income requirement of RM190,000 and an annual fee of RM3,250, this card offers exclusive benefits for cardholders including unlimited airport lounge access worldwide, Membership Rewards (MR) points that never expire, and an extensive range of redemption partners that cover both airline and hotel loyalty programmes.

Alongside the new stainless steel material, the card’s airline redemption rate has also been slightly tweaked. The MR5,000 = 1,000 Air Miles rate has been extended from just Malaysia Airlines’ Enrich to include Singapore Airlines’ KrisFlyer and Cathay Pacific’s Asia Miles. Given that the Amex Platinum card offers 5MR for every RM1 spent locally and overseas, this card has a RM1 = 1 Air Mile redemption rate for three of the most popular full-service airlines in the region – similar to Maybank’s own premium cards, the
Maybank 2 Premier
 which consists of an American Express Reserve and a Visa Infinite.

Other card benefits remain the same, including the complimentary tier upgrade to various hotel loyalty programmes, unlimited airport lounge access at over 1,200 lounges in over 500 airports worldwide, and of course, the one-time welcome offer of 300,000 MR points for new cardmembers who sign up and spend RM20,000 on their card within 90 days; the points are equivalent in value to a return Economy Class ticket from Kuala Lumpur to Tokyo.

At its launch event earlier this week, Maybank presented the new metal cards to the first 50
American Express Platinum
 cardmembers in Malaysia. However, existing cardmembers will only get the new metal card when their current cards expire. Meanwhile, new cardmembers will be issued the new metal card.

B. Ravintharan, Maybank’s Head, Cards said, “Our data shows that travel and hotels are consistently the top two industries for our Card Members. On average, 36% of their total billings are from overseas. This shows that our Card Members clearly appreciate the travel and lifestyle benefits the Card gives them. With the launch of the new exciting metal design, we target to increase the number of Malaysians carrying the American Express Platinum Card by 30% next year and hope to make it the main travelling card for the premier segment.”

Sanjiv Malhotra, Vice President, Global Network Services Southeast Asia & South Pacific, American Express, was equally enthusiastic. “This is an exciting year for American Express as we celebrate our 40th year of operating in Malaysia. And what better way than to introduce our flagship metal Card with our partner Maybank. Globally, we are seeing a trend among our Platinum Card Members – they are not just interested in material possessions, but are looking for meaningful and unique experiences. With that in mind, American Express is constantly looking to reinvent what luxury means and the new metal reflects that direction,” he said.

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Pang Tun Yau

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

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    Alain Chan

    3 years ago

Hi, where do we get the one-time welcome offer of 300,000 MR points for new cardmembers?

I can’t seem to see this offer on Maybank website.

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    Brian Foo

    2 years ago

    Reply to

        Alain Chan

https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/cards/charge/the_platinum_card.page
?

try to click on the link above and should able to see it .

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KPDN Launches Rahmah Insurance, Takaful Packages With Affordable Premiums

(Image: Utusan Malaysia)

Several insurers have agreed to join the government’s Rahmah initiative and will begin offering affordable insurance and takaful packages to the people, with premiums starting from as low as RM3 per month. These include Etiqa General Insurance Bhd and Etiqa General Takaful Bhd, as well as Allianz General Insurance Bhd.

According to the Domestic Trade and Cost of Living (KPDN) Minister, Datuk Seri Salahuddin Ayub, Malaysians aged between 16 to 65 can apply for the Rahmah plans, which can be renewed until the age of 70. He also shared some details regarding the packages that will be made available to the public.

Etiqa General Insurance and Etiqa General Takaful, for instance, will provide
RAHMAH PA coverage
 with a compensation of up to RM80,000 for those suffering permanent disability due to accident or disease, or death due to accidents. It also comes with funeral allowance in the event of accidental death. Premiums for these plans start from RM3 per month.

Meanwhile, Allianz General has put up its
Allianz4All MyProtection insurance
 as part of its Rahmah offerings, with personal accident (PA) coverage of up to RM50,000 and a yearly premium of RM53 to RM79.50 (including sales tax). It also comes with additional benefits such as reimbursement of medical expenses at government hospitals and emergency relief payments of up to RM750 in the event of flood evacuation – at no extra cost.

On top of that, Allianz General is offering
MotorcyclePlus insurance
 with a coverage of RM10,000 that protects both the rider and passenger in the event of death or permanent disability. This is in addition to hospital allowance through a policy based on the policyholder’s engine capacity, as well as complimentary flood relief benefits of up to RM1,000 without cost. If you opt for the Comprehensive policy, you’ll further enjoy some extra benefits, such as special perils coverage and roadside assistance of up to 50km.

“KPDN hopes that all plans offered through these two initiatives will help support more Malaysians, especially those in the B40, to own insurance or takaful coverage, next to applying the importance of owning insurance or takaful for the protection of one’s self and property,” said Datuk Seri Salahuddin.

These
Rahmah insurance packages
 are provided under the government’s ongoing Payung Rahmah initiative, which was introduced at the start of this year as a short-term strategy to assist those in the B40 income group. Since its introduction, the Payung Rahmah initiative has grown to encompass a range of aids from various sectors, with programmes such as
Menu Rahmah
, Bakul Rahmah, and Jualan Rahmah having been rolled out. One of the most recent to have been launched is the
Rahmah Eyeglass Package
.

(Sources:
Bernama
,
Malay Mail
)

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Touch ‘n Go eWallet Adopts DuitNow QR, Slated To Begin By July 2020

Touch ‘n Go Digital has announced that it will be embracing the DuitNow QR by July 2020.

Operated by Payments Network Malaysia (PayNet), the
DuitNow QR
 is Malaysia’s national QR standard. It essentially functions as a common QR code that lets users make payments from any preferred bank or e-wallet apps, as long as the bank or e-wallet is part of the DuitNow ecosystem.

“With DuitNow QR, a merchant needs to sign up with only one bank or e-wallet acquirer, and customers of all participating banks and e-wallets would be able to make DuitNow QR payments to the merchant using their respective mobile apps,” said the group chief executive officer of PayNet, Peter Schiesser.

As of now, 40 banks have registered their participation in the DuitNow ecosystem, nine of which are already offering DuitNow QR in their mobile banking apps. Meanwhile, a total of 38 banks, e-wallets, and non-bank acquirers are expected to implement the DuitNow QR over the next 6 to 9 months, with Touch ‘n Go being one of them.

“Our users and merchants are our utmost priority, and we strive to enable a seamless cashless experience for all. We can now proudly say we stand with PayNet as they rally to do the same. Merchants will now be able to run their businesses hassle-free knowing that users can seamlessly transact with their Touch ‘n Go eWallet through the DuitNow National QR Standard,” said the chief executive officer of TNG Digital Sdn Bhd, Ignatius Ong.

(Image: The Sun Daily)

That said, the process of transitioning over to the DuitNow QR will not be an immediate one. Instead, the e-wallet operator plans to progressively move its merchants over once DuitNow QR on Touch ‘n Go eWallet goes live. This will then allow the merchants to collect payments from more than 22 million bank and e-wallet account holders.

With Touch ‘n Go eWallet being part of the DuitNow ecosystem in the near future, its users will also soon be able to transfer funds instantly between their Touch ‘n Go eWallet and bank accounts, as well as with other e-wallets.

Touch ‘n Go eWallet is not the first e-wallet to adopt the DuitNow QR.
GrabPay
 had announced a partnership in November 2019, with the e-wallet likely able to support the DuitNow QR code by the first half of 2020.

(Source:
FintechNews Malaysia
)

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Versa Bumps Versa Cash, Versa Cash-i Promo Net Return Rate Up To 4.3% p.a.

Digital wealth management app Versa has bumped up the promotional net return rate of its Versa Cash and Versa Cash-i features from 4.0% p.a. to 4.3% p.a. (after fees) via a refreshed campaign. The new rate will take effect immediately, and is expected to continue until further notice.

On its promotion landing page, Versa clarified that the 4.3% rate will be applicable to the first RM30,000 deposit in its clients’ accounts, with the condition that they maintain a minimum amount of RM1,000 within the account. The calculation of the updated campaign reward – as of now – are as follows:

Versa Cash
: Versa Cash base net return rate (3.84% p.a.) + promotion net return rate (0.46% p.a.)

Versa Cash-i
: Versa Cash-i base net return rate (3.06% p.a.) + promotion net return rate (1.24% p.a.)

Accordingly, subsequent amounts above RM30,000 in your Versa Cash or Versa Cash-i account will earn you the base net return rate, without including the promotion net return rate of 0.46% p.a. or 1.24% p.a. – depending on which fund you tap into.

Versa further noted that clients can opt to have funds in both Versa Cash and Versa Cash-i at the same time to enjoy the 4.3% p.a. rate in each fund respectively. This is as long as you abide by the campaign mechanics (maintain a minimum RM1,000 in both accounts). You are also not required to deposit fresh funds of RM30,000 to enjoy the promotion rate.

Finally, note that your rebates from the campaign will only be credited to your account in the following month. So for instance, rebates that you earn for the month of July will only be credited to your Versa Cash and/or Versa Cash-i account in August. The campaign rewards will be paid on a first-come first-served basis; in the event that the total allocation for the campaign has been fully utilised, then you’ll continue to earn the base net return rate.

Versa first began running its Versa Cash campaign back
in September 2022
 with a promotional rate of 3.2% p.a.. The promotion was then extended and enhanced all the way until today, and also saw the inclusion of Versa Cash-i as well, when it was rolled out in early 2023. Prior to the latest 4.3% p.a. promotional rate for Versa Cash and Versa Cash-i, Versa had offered
a rate of 4.0% p.a.
 (
extended in May 2023
, and was originally slated to end on 31 August 2023).

(Source:
Versa
)

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Are You Financially Prepared For Your Goals This Year?

Financial freedom can mean different things to different individuals. For instance, Ellis’ definition of financial freedom is having a comfortable amount of savings, investments, and accessible liquid assets for her and her family. On the other hand, for Ben, it is being able to afford an enjoyable retirement whereby his assets can multiply and sustain his current and future lifestyle. For others, it may be being financially secure enough to be able to make a career change without considering the salary offered.

When the pandemic first struck, many realised the importance of being financially secure and how having a safety net could make a world of a difference. Now that we’ve progressed into the economic recovery, some of us have surely reworked our financial goals to be more aligned with the current situation so we’re better prepared for the unexpected.

Regardless of your financial goals, being credit healthy is one of the first steps to ensuring your path to financial freedom. Why?

According to the
Experian Malaysia State of Credit 2021 Report for Consumers
, Malaysians have been doing fairly well in terms of maintaining their credit score, as the average i-SCORE improved across all age groups over the last 4 years.

On Experian’s i-SCORE, a good credit score is between 800-690, while any number below 630, calls for an improvement.

Note: Experian i-SCORE ranges between 300 to 800. A score above 620 is considered above average.

Think of your credit score as a deciding factor for banks’ approval when you apply for a credit card or loan. A good credit score will also likely get your application(s) approved faster, give you access to lower interest rates, allow you to negotiate interest rates and repayment plans, and even give you access to better credit card deals.

Sounds good? Here are a few steps to follow to build a great credit score.

Pay Your Bills On Time

As simple as it may sound, paying your bills on time can make a difference as it shows how disciplined you are in managing your financial obligations.

Consider setting up automatic payments from your bank account once your salary comes in or scheduling a reminder to pay your bills before their due date.

Manage Your Credit Card Balances

Tucked nicely in your wallet is a credit card or two that entitles you to more than a few special benefits. We’re talking about rewards points, cashback, premier miles, and so on.

However, it’s important to note that credit cards usually have a high-interest rate, depending on your monthly minimum payment. A typical Malaysian usually has
2 or more credit cards
 and in 2021, the average credit card balance was almost RM4000.

Average Balance on Credit Cards of Individuals (2018-2021)

It’s important to note that banks do look at how responsibly you’ve been using your credit cards. This means utilising not more than 30% of your credit and repaying the balance on schedule.

Therefore, use your beloved credit card(s) wisely and like your bills, pay them on time.

Clear Out Debts

In 2021, the highest car loan balance racked an average of RM 46,377 amongst 36 to 50-year-olds, while the average mortgage balance increased 17% to RM 322,760.

Average Balance on Hire Purchases of Individuals (2018-2021)

If you have any current debts such as personal loans, mortgages, or a car loan, focus on clearing them as soon as you can according to your budget. Prioritise them in order of interest to minimise paying more in interest. This also includes all the online shopping you might’ve done during the Movement Control Order (MCO).

Aside from the sense of relief from clearing your debts and improving your credit score, you’ll also have the benefit of getting future loans for either a new home or car, approved quickly as banks can see that you’ve been diligent in your repayments in the past.

Update Missed Payments & Overdue Accounts

If you’ve had a few missed payments in the past and the present, avoid missing them in the future by calling the bank or owed companies, as you may risk lowering your credit score, paying late fees, and penalties.

If you require a payment reminder for your loans, consider
 JagaMyID by Experian
. It offers a two-in-one service that includes credit profile movement and credit notification alerts for when there are unusual activities and if there should be any non-payments on your credit card or bank loan.

In
 Experian’s State of Credit Report 2021
, individuals between the ages 22  to 28 had the highest past due dates of 90 days and more. This age group unfortunately also accounted for the lowest average credit scores.

Percentage of individuals with 90 days or more past due (2018-2021)

If you can negotiate the repayment terms or settle the overdue accounts, there’s a good chance of improving your credit score and achieving better financial health in the future.

Get A Personal Credit Report Plus With Experian

It’s important to note that credit scores don’t improve instantly. Your credit score is a reflection of your mid to long-term financial behaviour. Once you’ve made the necessary adjustments, and continue to for the long run, you may consider obtaining an extensive credit report that may help provide a clear illustration of how you can further elevate your financial standing.

Get an overall and comprehensive look at your credit score by purchasing a Personal Credit Report Plus with Experian for a promotional price of only RM15.60!

Experian Personal Credit Report Plus (PCRP)
 is an easy-to-read credit report pertaining to how you manage your finances. It includes historical records on how and when you pay your loan, how much debt you owe and how long you have been managing loan/credit accounts. It highlights items such as your Experian i-Score, aka your credit score, banking information, Skim Potongan Gaji Angkasa, PTPTN, trade references, litigation history, and more.

What’s more, PCRP also offers constructive guides to help you improve or maintain your credit score, an added advantage if you’re looking to get into the best financial shape this year.

Win A RinggitPlus Financial Planning Plus Package Worth RM999

Until 31 March 2022, you stand a chance to win a RinggitPlus Financial Planning Plus Package worth RM999 when you purchase an Experian Personal Credit Report Plus.

This package includes  3  sessions with a  Licensed Financial  Planner in which you will receive a  personalised financial plan, a comprehensive financial report, a financial plan execution guide, and tailored financial advice and recommendations.

***

Get into your best financial shape this year by getting to know your current financial health with a Personal Credit Report Plus with Experian. By understanding your financial health and creating a tailored plan based on your financial status, you’re already halfway towards your financial goals. For more information on Experian’s Personal Credit Report Plus and other products, head to their
website
 here.

*The contents of this article do not constitute financial advice. Readers should conduct their research before making a financial decision. The material has not been reviewed by the Securities Commission Malaysia (SC).

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Katrina Balan Quiroz

Katrina Balan Quiroz

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

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AIA Public Takaful Launches A-Life Legasi, A New Family Takaful Plan

AIA Public Takaful has introduced its latest family takaful plan, A-Life Legasi. A-Life Legasi offers up to 600% of the total sum covered in the form of hibah and is a fully shariah-compliant takaful plan. It also provides a charitable avenue through the inclusion of the A-Plus Infaq rider.

The A-Life Legasi plan offers high protection with a minimum coverage of RM350,000. The plan covers twice the sum covered if you pass away due to an accident or while performing hajj or umrah, three times the amount if the accident occurs in a public conveyance, and six times the amount if you pass away due to a natural disaster.

One distinctive feature of the A-Life Legasi plan is its latest and first-in-market A-Plus Infaq rider, which offers you a way to give back to the community. The additional rider sum covered will be paid to a charitable organisation of your choice if you pass away or suffer from total and permanent disability.

Elmie Aman Najas, CEO of AIA Public Takaful, said that A-Life Legasi was born out of AIA’s market understanding – particularly amongst Muslim families. The conceptualisation behind A-Life Legasi is that wealth is not only about leaving behind adequate savings for family members, but also contributing and continuing to do good even after life.

“Hence this year, we are broadening our takaful benefits to not just help our customers address their evolving financial and protection needs but also enable them to give back to those in need,” explained Elmie. “This is what it means by building and leaving your legacy.”

Furthermore, the A-Life Legasi plan also rewards good financial behaviour through its Akaun Legasi feature. Every two years, you will get a percentage of your total annual contribution credited into your Akaun Legasi fund as long as you pay your contributions on time. If you celebrate a milestone like marriage or graduation, up to 50% of your accumulated Akaun Legasi will be payable to you.

The A-Life Legasi plan is available to those aged between 14 days and 70 years old, with a coverage period of up to 70 and 80 years of age. You can find out more about
A-Life Legasi on the AIA website.

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PM: TRX To Be Malaysia’s Global Financial Hub

(Image: The Edge Markets)

Prime Minister Datuk Seri Anwar Ibrahim has named Tun Razak Exchange (TRX) in Kuala Lumpur as Malaysia’s global financial hub, with Iskandar Malaysia in Johor set to also gain a special financial zone in a bid to boost its growth.

“The government will mandate Tun Razak Exchange (TRX) as Malaysia’s global financial hub. TRX needs to attract the global financial industry to become the main destination for high-value foreign direct investment (FDI) that will strengthen our business ecosystem,” said Datuk Seri Anwar, who is also the Finance Minister, during the re-tabling of Budget 2023.

Previously known as the Kuala Lumpur International Financial District (KLIFD), TRX is already housing – or has seen investments from – several financial institutions, including banks and insurance companies.
HSBC Bank
, for instance, invested US$250 million to open its head office in Menara IQ within TRX just last year.

Similarly,
Affin Bank
 also moved its headquarters to the district’s Financial Quarter, back in June 2022.
Prudential
, too, unveiled its corporate head office at TRX in 2019, with its Menara Prudential being one of the first buildings to be completed and occupied in TRX.

Aside from that, the government also said that it is planning to boost the growth of Iskandar Malaysia, Johor, through the introduction of a special financial zone. Although there is not much information at the moment, Datuk Seri Anwar has said that this will involve offering a competitive incentive package to attract international investors and knowledge workers to call Malaysia their home.

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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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TNG eWallet Obtains Approval From Securities Commission To Offer Investment Products

Malaysians can soon purchase investment products, such as unit trusts, through Touch ‘n Go eWallet. TNG Digital Sdn Bhd has been granted conditional approval from the Securities Commission (SC) to operate as a recognised market operator (RMO), making it the first e-wallet to do so.

TNG Digital, which is a subsidiary of Touch ‘n Go Group (TNG Group), said that the approval will allow it to directly distribute capital market products through the Touch ‘n Go eWallet platform. In other words, there is no need to go through third-party applications for such processes.

“This truly is a landmark development and an industry first. Our teams have been working tirelessly together with regulators and partners to get to this stage. The RMO status will allow us to bring a string of innovative digital offerings to our users,” said the group chief executive officer of TNG Group, Effendy Shahul Hamid.

Effendy also shared that the company aims to launch a financially inclusive investment product in the first quarter of the year, allowing its e-wallet users to access basic investment services for as low as RM10. TNG Group’s new investment offerings will be provided in partnership with Principal Asset Management, one of Malaysia’s largest fund management companies.

Aside from that, Effendy said that TNG Group seeks to enable the offerings with a seamless and frictionless process for Touch ‘n Go eWallet users. “With the approvals behind us, we will now focus on ensuring the user experience is best-in-class as we move towards a launch,” he said, adding that the new products will add significant value to TNG Group’s large payments and transportation user base. It will also continue the company’s evolution into financial services.

Effendy further commented that this move to offer more financial services via Touch ‘n Go eWallet will help to advance the nation’s digital and cashless agenda, as well as increase financial inclusion among the public.

(Image: Business Today)

TNG Digital’s application to become an RMO was made possible after the SC announced last year that
e-service platforms
 – including e-wallets and e-payment service providers – are now allowed to sell capital market products. The regulator said that this is intended to encourage the development of innovative digital solutions and to make it easier for individuals to invest in Malaysia’s capital market. In line with that, the SC also updated the Guidelines on Recognised Markets to reflect the new provision.

(Sources:
New Straits Times
,
Fintech News Malaysia
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Why The Pocophone F1 Demands Your Attention

Earlier this week, a new smartphone brand launched its first smartphone. Pocophone, a new sub-brand from Chinese smartphone giants Xiaomi, announced the Pocophone F1, a flagship smartphone that’s unlike any other in the market today. The launch of this phone is incredibly important, as not only should you seriously consider buying it for its extreme value for money, it also promises to be a game-changer in the smartphone industry.

Taking value for money to another level

Xiaomi’s pricing model for its devices was always to sell them as close as possible to the cost price. In fact, its co-founder even pledged that the company will never charge above 5% profit for its smartphones.

Similarly, many would be familiar with OnePlus, a brand that grew famous for producing premium smartphones at a fraction of the price one would normally pay for. It has been around for several years now, offering high-quality smartphones with great hardware at prices that usually go over RM1,000 below that of a Samsung Galaxy or iPhone. That’s the reason why OnePlus marketed itself as a “flagship killer”, a tag that is now commonly used in the industry.

Pocophone looks to work on the same vein, but turning it up by a few notches. This new company, it appears, is aiming to be the “OnePlus killer”, as it is operating on the same business model – but selling its devices below OnePlus prices. This is unprecedented, as the Pocophone F1 doesn’t skimp on hardware. In fact, the Poco F1 is even more affordable than Xiaomi’s own current flagship, the Mi 8. Here’s how the Pocophone compares to the OnePlus 6 and Mi 8 smartphones.

Pocophone F1

Xiaomi Mi 8

OnePlus 6

Processor

Snapdragon 845

Snapdragon 845

Snapdragon 845

RAM

6/8 GB

6 GB

6/8 GB

Storage

64/128/256 GB, microSD

64/128/256 GB

64/128/256 GB

Display

6.18” 2246 x 1080, 18.7:9

6.21” 2246 x 1080, 18.7:9

6.38” 2280 x 1080, 19:9

Battery

4000mAh

3400mAh

3300mAh

Camera (rear)

12MP + 5MP, dual pixel

12MP + 12MP

dual pixel, OIS, AI enhancements

16MP + 20MP, OIS

Camera (front)

20MP

20MP

16MP

USB port

USB-C

USB-C

USB-C

Dust & water resistance

None

None

Splash-resistant

Dimensions

155.5 x 75.3 x 8.8 mm

154.9 x 74.8 x 7.6 mm

155.7 x 75.4 x 7.8 mm

Price

6GB/64GB: RM1,237 (*RM1,299)

6GB/128GB: RM1,428 (*RM1,499)

*prices after 10 Sept 2018

64GB: RM1,599

128GB: 1,899

6GB/64GB: RM2,399

8GB/128GB: RM2,799

8GB/256GB: RM3,099

(References:
Amanz.my
,
Lowyat.NET
)

The Pocophone F1 packs an industry-leading Snapdragon 845 chipset, paired with the fastest mobile memory module in the market in generous amounts (6GB or 8GB). It also uses the fastest flash-based storage standard available for smartphones, which is only previously reserved for the highest-end devices.

Other hardware choices are solid as well. The 4000mAh battery is massive, which should offer more than a day of battery life for the average user. The display is also sharp, and the fingerprint sensor is conveniently located at the back. However, the notch on top of the display also houses an IR camera, which allows the phone to detect your face even in the dark (much like the Face Unlock feature on the iPhone X, which is more than 3x more expensive).

The camera is usually the differentiator between the good smartphones and the great. On the Pocophone F1, you get a dual camera setup comprising a 12MP main sensor and a 5MP secondary unit. What’s interesting to note here is that the Pocophone F1 camera has a dual-pixel autofocus system, which first appeared on Canon DSLR cameras before debuting on the Samsung Galaxy S7 and S7 edge smartphone. This system achieves autofocus lock almost instantaneously the moment you hold your camera still, and focuses more accurately than regular sensors. On the front, the Pocophone F1 packs a 20MP selfie camera with some beautification features baked in.

In addition, Pocophone retains some of the more practical hardware choices, such as the inclusion of a 3.5mm headphone jack. At its price range, it makes no sense to omit this feature. In addition, the device also supports Quick Charge 3.0, and has a quick charger in the box; it sounds trivial, but all of the 2017 iPhones (iPhone 8, 8 Plus, X) support fast charging and yet none of them have a fast charger included in the box. The hybrid SIM slot also supports microSD cards, so you can easily expand storage when necessary.

That said, there are some missing hardware features on the Pocophone F1. The device does not have dust or water resistance, for example, which is becoming a staple among flagship phones. On top of that, there’s no NFC so there’s no support for things like Android Pay (though with the rise of QR-based e-wallets, this is less of a necessity). But considering the price, that’s a compromise many will be comfortable with.

Mind-boggling retail prices

Many already consider the OnePlus 6’s retail prices to be great, even if in recent years its prices have slowly gone up. Regardless, with prices starting from RM2,399, it is still significantly lower than mainstream flagship smartphones. The Mi 8 has an even lower starting price at RM1,599 – but the Pocophone F1 beats both quite comfortably in price.

The Pocophone F1 will come in 3 variants: 6GB RAM + 64GB storage, 6GB RAM + 128GB storage, and the highest-end configuration at 8GB RAM + 256GB storage. There’s also an Armoured Edition variant, which is the 8GB + 256GB version but with a unique back that’s covered in Kevlar (yup, the same material used in bullet-proof vests).

For the Malaysian market, the Pocophone F1 will only be available in two variants: 6GB RAM + 64GB storage and 6GB RAM + 128GB storage, and will retail for RM1,237 and RM1,428 (RM1,299 and RM1,499 from 10 September) respectively. Two colour options will be available for both models: Graphite Black and Steel Blue.

Frankly, even after the SST price increase, the Pocophone F1 packs so much punch for its asking price. Flagship-level performance below RM1,500 was impossible previously, where this price range usually only provides the level of performance of flagships from 2 or 3 years back. With the F1, Pocophone is again challenging the notion of how much should we pay for a flagship smartphone.

Shaking up the industry

It remains to be seen just how big an impact Pocophone will have on the smartphone industry. Samsung, Apple, and Huawei dominate this scene with the sheer volume of devices sold per year, but even these companies would feel the ramifications of this tiny outfit. If a small startup can offer a premium phone for almost a quarter the price of an iPhone X, why should we continue doing that?

To be fair, that’s something that the likes of Xiaomi and OnePlus have been getting at in recent years, to relative success. Huawei, backed by billions of dollars it earns in profit as a network infrastructure provider across the globe, also undercuts the competition with their flagship smartphones – the Huawei P20 Pro, for example, doesn’t hurt the wallet as much and yet is regarded as having one of the best smartphone cameras in the market.

Pocophone’s aggressive pricing model is likely not sustainable in the long run, but it leaves a strong message when it comes to showing the world the profit margins that we’ve been happily paying smartphone companies. As a startup, it is likely that the F1’s incredibly low price acts as a compelling marketing tool to gain a high amount of traction (and of course, sales) but like OnePlus, it may slowly increase its profit margins to keep the business going.

What’s more important is the question Pocophone poses to consumers: how much should you pay for a premium smartphone?

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Pang Tun Yau

Pang Tun Yau

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

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Digi Customers Can Now Purchase Dengue Insurance With Digi Plans

Digi has partnered with Gibraltar BSN Life Bhd to launch Dengue Cover+, a life insurance plan that covers both dengue and the Zika virus. Dengue Cover+ is offered exclusively to Digi postpaid and prepaid Malaysian customers within the age range 18 to 45.

Customers can sign up via Digi’s
EasyAdd
 service, a subscription marketplace by Digi. Start by picking a package online, filling up a policy form, and wait for the approval from the insurance underwriter. Interestingly, applicants do not need to undergo any medical examinations. Similar to other insurance policies, Dengue Cover+ offers different coverage at different price points based on these tiers: Platinum at RM20/month or RM220/year, Gold at RM10/month or RM110/year, and Silver RM5/month or RM55/year. Other separate plans can as low as RM0.15 a day.

The plans provide compensation for Total Permanent Disability (TPD), additional accidental death and TPD benefits, additional death benefit due to severe dengue or Zika virus infection, and up to 10 days of Hospital Cash Benefit for dengue fever or Zika virus infection. After signing up for the insurance package, subscribers can then manage their subscriptions via EasyAdd. Premiums will be directly debited to their Digi account.

“Our partnership with Gibraltar BSN allows us to connect our customers who matter most, by offering hassle-free digital insurance solutions and keeping them protected with up-to-date health alerts,” Digi Chief Marketing Officer Loh Keh Jiat said.

“By applying through their phones, Digi subscribers can easily supplement their existing life insurance coverage with Dengue Cover+ at affordable premium rates. We are pleased that our collaboration with Digi allows us to protect wider demographic groups and narrow the protection gap as we continue to launch simple, affordable, and relevant products to Digi users,” Gibraltar BSN President and CEO Rangam Bir added.

(Source:
The Star
,
Digital News Asia
)

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Affin Bank Revises Affin Visa Signature Cashback Benefits

Affin Bank has announced that it is revising the benefits of its Affin Visa Signature, namely introducing a new cashback cap of either RM50 or RM100 for contactless transactions (with conditions) and doing away with the rewards points benefit for other transactions. These changes are slated to take place starting from 1 September 2021.

The
Affin Visa Signature
 credit card currently allows you to earn 3% cashback on all contactless transactions (excluding government services and charity transactions) up to a monthly cap of RM80. On top of that, it also offers 1x AFFIN Rewards Point for every RM1 PIN-based and “card-not-present” transaction spent.

To clarify, contactless transactions are defined as a payment that is made by tapping your card at the Visa payWave contactless reader; such payments are limited to RM250 or less. Payments that exceed the amount will be considered as PIN-based payments instead as you will need to key in your PIN. Meanwhile, “card-not-present” transactions will include e-commerce, mail order telephone orders, and recurring and standing instructions.

Come 1 September 2021, Affin Bank will increase the already generous monthly cap of RM80 to an even higher limit of RM100 – but at the same time, it is also introducing a tiered cashback structure that is based on the balance of your preceding month’s credit card statement. Following the update, you will need to hit a previous balance of RM8,000 in order to enjoy the new RM100 cashback cap; if your previous balance is less than RM8,000, then you will only be able to earn a maximum of RM50 cashback. In short:

New monthly cashback cap
Details
Up to RM50
Card account with previous balance of less than RM8,000
Up to RM100
Card account with previous balance of RM8,000 and above

With this development, the effective cashback rates of the Affin Visa Signature could be significantly affected depending on your average monthly card usage. At present, the lack of a previous balance requirement means you can earn the full RM80 cashback at a 3% effective cashback when you spend RM2,667 each month. The update, however, will change the new effective cashback rate for the card as such:

Previous balance
Cashback cap
Official cashback rate
Effective cashback rate
Less than RM8,000
RM50
3%
0.625% to 3%
RM8,000 and above
RM100
3%
1.25%

As shown in the table, aiming for the full RM100 cashback will mean that you are actually only gaining an effective cashback rate of at most

1.25% – not to mention having to consistently maintain a previous balance of RM8,000 and above. If you wish to continue earning the full 3% cashback rate, you will need to limit your expenditure to a maximum of RM1,667 and ensure that your previous balance is less than RM8,000. This will, however, mean that you can only obtain a lower maximum cashback of RM50 – a dip compared to the previous cap of RM80 before. The introduction of this tiered cashback cap system based on previous balances follows
a similar revision
 that was made to the popular
Affin Duo credit cards
 earlier this year.

The new cashback mechanism may take a little getting used to as cardholders will need to be extra attentive to their expenses if they wish to fully maximise the benefits of the Affin Visa Signature card. Aside from the changes to the cashback benefits, Affin Bank also said that it will stop awarding AFFIN Rewards Points for PIN-based and “card-not-present” retail transactions. This effectively turns the Affin Visa Signature card into a full cashback credit card (with no Rewards Points benefit) that will solely reward contactless payments that amount to RM250 or less.

To find out more about the changes that are being made to the
Affin Visa Signature card
 starting from 1 September, you can head on over to the
FAQ on Affin Bank’s website
.

(Source:
Affin Bank
)

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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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