How Your Friends Can Help You Get Credit Card Reward Points

It’s always way better to use a
credit card that offers rewards
 than to swipe with just a regular credit card. But maximising the number of reward points you can get from your card can be a hard to do sometimes. Especially if you’re not the sort of person who shops a lot. If you’re one of those people, then you should know that there are ways to get way more points that you ever can on your own with a little help from your friends.

Pay For Group Meals

Planning a lunch or dinner outing with your buddies? What you can do is make sure everyone agrees to a venue that participates in your card rewards scheme. Then, what you do is pay the whole bill with your card and ask your friends to split the charges once the receipt comes. It’s a great and easy way to quadruple how much you “spend” at the place while not actually affecting your expenses. Of course, for this move to be 100% successful, be sure to only do this with
 friends who won’t conveniently “forget” their wallet
.

Help Your Friends Buy Things Online

Online deals and credit card deals
 sometimes go hand in hand
 but as hardcore as you might be with online shopping, you probably won’t be doing it all the time. A good way to still rake in the points without filling up your house with packaging and bubble wrap is by being the go-to online shopper for your friends. Be the first one to share hot deals and promotions to your pals and offer to buy these items for them (with their money, of course). Put that purchase on your card and offer to pick the item up and send it to your buddies. Don’t underestimate the number of your friends who hate going to the trouble of signing up, logging in, and collecting parcels, but would still love to buy some online-exclusive merchandise for cheap.

Be Somebody’s Mall Buddy

As we’ve covered before,
everyone has their own style of spending
. Some of your friends might be the kind who can only comfortably go shopping with somebody else in tow. Or maybe you have friends who need your advice on what kind of item to buy. You can offer yourself up to be a shopping buddy and help this friend navigate the mall and keep them company. While you’re doing this, you can also help swipe for their purchases with your card and rack up on rewards. Be sure that your friend still pays for everything themselves, of course.

Organise Group Holidays

Travelling with a group of good friends is
one of life’s greatest joys
. And it’s also one of life’s greatest opportunities for you to earn some major reward points. Offer to plan and organise the trip, and pay for everything with your card first. As usual, have everybody pony up their share afterwards. Don’t forget to check for reward cards that offer extra points for purchases overseas, too.

Some Notes on Effectiveness and Etiquette

By now we’re sure you’ve figured out the major principles at work here. All you need to remember is to offer your card for a swipe and make sure your friends pay their share. However, it’s also important to let them know that you’re doing this, so they don’t feel cheated out of their own points. Earning bonuses from friends is good, but staying friends and being upfront about things is better.

You should also always remember to check whether or not the card you’re swiping with will earn you points. Take note of cashback caps, points usability periods, and other limitations so you get the best out of your swipings.

If you’re keen to try out our tips but don’t yet have the right reward cards, you can
head over to our comparison page and find the right card that fits your needs
. Know any other tips we missed out on? Do share your thoughts and ideas with us in the comments section down below!

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Ahmad Mudhakkir

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Economists: EPF Dividend For 2021 Expected To Be Marginally Higher Than ASB's

Several economists have forecasted that the Employees Provident Fund (EPF) will pay a higher dividend than Permodalan Nasional Bhd’s (PBN) Amanah Saham Bumiputera (ASB) this year. This came at the heels of PNB’s announcement of
a five sen dividend for ASB
 for 2021, comprising of a 4.25 sen distribution and a 0.75 sen bonus.

According to Putra Business School associate professor Dr Ahmed Razman Abdul Latiff, the EPF should be able to announce a higher dividend pay for 2021 compared to last year as it has a greater asset amount, reaching almost RM1 trillion. Additionally, the provident board should perform marginally better than PNB because of its greater exposure to international equity investment, which usually gives higher annual returns. This is in comparison to the performance of local equity, where the FTSE Bursa Malaysia KLCI registered a growth of -7.8% in 2021.

“EPF’s dividend is normally lower than PNB, with an exception of last year’s dividend. I expect the EPF dividends for 2021 will probably be around 5.2% for Conventional Savings and 4.9% to 5.2% for Shariah Savings, making it consecutive years that its dividends will be higher than PNB’s,” said Dr Ahmed Razman. To note, EPF recorded a dividend of
5.2% and 4.9% for Conventional Savings and Shariah Savings for 2020
, respectively. Meanwhile, PNB’s ASB distribution payout for 2020 is logged at
4.25
s
en per unit
.

(Image: New Straits Times)

Dr Ahmed Razman also shared that the annual contribution for EPF has always been on the higher side, and that it should hit more than RM80 billion in 2021 – with a surplus of about RM25 billion to RM30 billion. While some funds may have been disbursed under several Covid-19 withdrawal facilities – such as
i-Lestari
,
i-Sinar
, and
i-Citra
 – there should not be any other significant applications after this, and as such, there is enough surplus every year to ensure that EPF’s dividend will not be hurt, he further said.

According to the EPF, a total of RM20.8 billion had been disbursed via i-Lestari, whereas RM58.8 billion via i-Sinar. Another RM21.5 billion was paid out through i-Citra. In total, the amount withdrawn under all three facilities came up to RM101 billion, as of 3 November 2021.

Meanwhile, the chief economist of Bank Islam, Dr Mohd Afzanizam Abdul Rashid also remarked that the EPF dividend should be fairly decent this year. He attributed this primarily to EPF’s portfolio diversification strategy, which taps into global markets. “This has helped to negate the lacklustre performance in the domestic equities space,” he said.

(Image: New Straits Times)

That said, Dr Afzanizam stressed that the people should not compare EPF and PNB directly because the two funds have very different mandates and objectives. “In totality, it does help when both funds have been able to perform well this year, as it will help to enhance the wealth of the average Malaysians,” he emphasised instead.

The EPF previously shared that it had recorded a total investment income of RM34.05 billion for the first half of 2021 (1H21) – a 25% increase compared to the RM27.26 billion that was earned in the first half of 2020 (1H20). The provident fund’s chief executive officer, Datuk Seri Amir Hamzah Azizan, also noted that EPF enjoyed a resilient 1H21, driven by the progressive recovery of the equity market and most asset classes amid the global rebound. This is boosted by the accelerated rollout of Covid-19 vaccines and reopening of economies, particularly in developed markets.

(Source:
The Malaysian Reserve
)

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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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How NOT to Write a Cheque

We’ve mentioned before that there are plenty of reasons to still use a cheque even in a time where online banking is cheap and accessbile. But how many of us are aware of the rules you should follow when writing a cheque? In case you need a primer, here’s a quick video to show you:

But not only are there good ways to write a cheque, there are also common mistakes when writing them. To help you avoid making these mistakes, let’s list them down one by one:

Incorrect Date

You might think this isn’t something many people mess up, but you’d be wrong. Remember that Malaysia uses the date, month, year format and to write that day’s date on the cheque. You can also post-date a cheque which means to write a future date on it.

People do this so it doesn’t get cashed in before something else happens (before the delivery date of a product you’re meant to receive, for example). But this means you must be sure you have the amount written on the cheque by the time that date arrives. Writing only the actual date you’re filling the cheque out avoids this problem entirely.

Too Much Space Between Words

If you leave too much space between the words where you write the amount or your full name, you risk people writing into that space and changing the infomation on it.

Write cleanly and leave as small a gap as possible in between words. And don’t forget to draw the horizontal line from the last letter to make certain there’s no room for tampering.

Signature Mismatch

Your signature that you use on your cheque has to be the same one that the bank keeps on file. Another seemingly obvious tip, but you may be surprised how much your signature may have changed just from growing older, using a different pen, or writing on different surfaces.

Another related mistake to this is sometimes people forget to even put a signature on their cheques at all! That one is easiest to clear up, but also one to keep in mind.

Inconsistent Handwriting

Sometimes you may forget the spelling of a person’s name and ask them to write it on the cheque for you. You may think of it as harmless enough, but inconsistencies like this can be read as tampering which can lead to your cheque being void.

When you write a cheque you should be the only person writing the whole thing all the way through. Remember also to stick with one language throughout the writing of the cheque. Being a multilingual Malaysian means paying special attention to that. Be consistent and use block capital letters too just to be extra safe.

Numeric Amount Doesn’t Match Written Amount

Numbers are much easier to jot down than their written-out counterparts, and this mistake happens more often than you think. This also happens because we rarely write out numbers in letters anyway in daily life.

An easy way to avoid this mistake is to simply type in “[your figure] in words” into a Google search bar and Google with spell it out properly for you. You can then copy it word for word and not be wrong. In tune with the tip for writing consistently, we recommend you write your cheque in the language you’re most comfortable with so the words come out easier.

We hope with these tips, you’ll never make a mistake again the next time you’re writing a cheque and that you become a cheque-writing hero in no time!

Keen on getting yourself a current account to start practicing your cheque-writing skills? Then “cheque” out our comparisons page to find the right one for you. Have anything to add to this article? Do share your thoughts with us in the comments section down below!

Image credits: Fredrik Rubensson’s
photostream

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Ahmad Mudhakkir

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Boost Introduces Boost Payment Link, A Low-Cost Payment Solution For SMEs

Boost has introduced a new low-cost and accessible contactless solution for businesses, the Boost Payment Link. The new feature allows merchants to easily send their customers a payment link via any messaging app, removing the need to invest in a point-of-sale (POS) or payment terminal or even having a static QR code to accept payments.

Through Boost Payment Link, traditional cash-based businesses can receive orders and payments online upfront before delivering their goods or services. This would be particularly useful for F&Bs, small grocers, or convenience stores during this conditional movement control order (CMCO) period where online orders and home delivery services are becoming the norm.

According to Boost CEO Mohd Khairil Abdullah, this latest feature is Boost’s way of helping businesses build resilience, adapt to simple digital solutions, and continue operating remotely. With movement restrictions introduced to contain the spread of Covid-19, many micro- and small-business owners who typically ran cash-based businesses faced the risk of shuttering due to the sudden drop in customers. More customers also began going cashless in order to limit the use of bank notes, seeking cleaner and safer ways to transact.

“Contactless everything is now the new normal. The pandemic and MCO has changed the way businesses and consumers engage with each other digitally, moving away from face-to-face interactions,” said Mohd Khairil. “The Boost Payment Link easily enables micro- and small- cash-based merchants to go cashless and protect their businesses with almost no investment required. All they need is a smartphone, a Boost account and data or WiFi connection.”

The Boost Payment Link is available for all Boost merchants via their Boost Business Account and can be found on the profile page. To share the payment link with customers, merchants just need to click “Share My Business Payment Link”, enter the amount that the customer is required to pay, and then select which email or messaging app to share the link. Lastly, customers only need to click on the received payment link to make payment via Boost.

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Jacie Tan

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The Maybank Grab Mastercard Platinum Is Malaysia's First Dual-Faced Credit Card

Maybank has officially launched its latest credit card, the Maybank Grab Mastercard Platinum. The card, a product of “three like-minded forces coming together”, is now open for application and offers cardholders rewards in the form of GrabRewards points.

The Maybank Grab Mastercard Platinum is also Malaysia’s first dual-faced credit card, as it is available in Black and White options. While there are limited edition card faces for some cards in Malaysia (such as the
RHB Visa Rewards and RHB Visa Cash Back Olympic Games 2020
 limited edition cards), the Maybank Grab Mastercard’s two colour options are permanently available.

As
covered in our report
 yesterday, the Maybank Grab Mastercard Platinum is a credit card made for heavy Grab users. The card’s benefits come in the form of GrabRewards points instead of the usual TreatsPoints, with multipliers given based on different types of spending.

The most rewarding will be on using the card on any transaction in Grab at a rate of 5 GrabRewards points for every RM1. Meanwhile, cardholders also earn 2 GrabRewards points for every RM1 spent on overseas, cross-border, and e-commerce transactions. Finally, other transactions will yield 1 GrabRewards points for every RM3 spent on local transactions (based on Maybank’s list of eligible transactions).

It is worth noting that this card also offers 5x GrabRewards points for topping up the GrabPay Wallet, which makes this the only Maybank credit card that offers rewards for e-wallet top-ups (albeit only for GrabPay).

In addition, all Maybank Grab Mastercard holders will automatically be upgraded to Platinum on GrabRewards, allowing them to enjoy accelerated points earnings of 3 GrabRewards Points for every RM1 spent using GrabPay, as well as
other perks
.

New cardholders will receive two welcome gifts: 1,000 GrabRewards points upon activation, as well as five RM5 GrabFood and GrabRide vouchers upon meeting a spend criteria of RM300 on Grab services within 45 days from card approval.

At the launch event, Maybank also announced that this card is the first card to be available on a fully-digitalised application process, with
same-day approval and digital card issuance
 for existing Maybank2u users. This allows successful applicants to immediately use their cards in online channels – such as linking it to Grab – without waiting for the physical card to be delivered.

Finally, it also appears that with the launch of this card, there will
not be a GrabPay Card launching in the Malaysian market
, as confirmed by Priyanka Madan, Head of GrabPay Malaysia.

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About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

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

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    Vincent

    3 years ago

Assuming you already have platinum status in grab, does that mean that reloading grab gives you 5x grab points and using grabpay to pay gives a further 3x grab points?

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    Pang Tun Yau

    3 years ago

    Reply to

        Vincent

Yes. All cardholders will automatically be upgraded to Platinum status, too, so they will all get the 3x points multiplier when they spend with their GrabPay wallet.

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    S

    3 years ago

The information posted seems to differ from other sites. Some sites have cited that instead of 5 points for every RM1 transacted in Grab, it is 5x points for every RM1 transacted in Grab. It is also stated here there will be 5x points when we top up the Grab e-wallet with this card. However there is no existing points awarded for topping up the e-wallet? So what would the multiplier be worth? Hope the article can be further updated to confirm on these few pointers.

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    Pang Tun Yau

    3 years ago

    Reply to

        S

They’re the same thing, ie 5 pts for every RM1. It’s just common practice to say the multiplier vs the actual points accrual. Maybank considers topping up GrabPay Wallet as “a Grab transaction”, and therefore this, as well as GrabFood/GrabRide/GrabMart transactions, will give 5 points for every RM1 spent. If you use the card to top up GrabPay Wallet, you also earn 3pts for every RM1 spent using GrabPay Wallet (in Platinum tier) – so in that sense you earn GrabRewards Points both for topping up and spending using GrabPay Wallet.

2

Reply

    Daniel Goh

    3 years ago

uhm my ShittyBank Credit card is already dual faced before Maybank launched this…. terrible reporting

-1

Reply

    Pang Tun Yau

    3 years ago

    Reply to

        Daniel Goh

May I know which card are you referring to?

Please note that the claim is made by Maybank & Grab, and is included in the press release sent to all journalists. Note that for balance, our write up also covers the “special edition” cardfaces from RHB.

0

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    Bkv

    2 years ago

I tried using my card in a merchant but it decline. Is grab card only for digital purchases

0

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    Vivienne Wong

    2 years ago

I am grab full time platinum driver, intend to apply maybank grab MasterCard Platinum credit cards.hope ability to collect at maybank pyramid Bandar subway branch.mail me for details,2019 yearly income Rm62k.

0

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    Vivienne Wong

    2 years ago

Being replied, application approved at August, Till now, September still haven’t receive platinum grab maybank MasterCard.

I am platinum full time grab driver about+3years ++ ,with ,2019 yearly income Rm62k.Hopefully to get my maybank grab MasterCard platinum card at maybank pyramid.TQ.

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    RObert

    2 years ago

Upon approval, cardholders will also receive a welcome gift of 1000 GRP and an automatic Grab membership upgrade to Platinum tier for six months

i have received 1000 GRP,  but member not yet upgrad to platinum. how long my member will be upgrade to Platinum ar? Thanks

0

Reply

    Tun Yau Pang

    2 years ago

    Reply to

        RObert

it should be upgraded already – you should check with Maybank on this.

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Whatever Your Mood, Citibank and Häagen-Dazs Will Be There For You

Sometimes we all need a little help getting through the week. Some people turn to their friends, some rely on retail therapy and some reward themselves in their favourite comfort food. And there’s no name that says comfort better than Häagen-Dazs premium ice-cream.

Now it wouldn’t do much good if your comfort food left a dent in your bank account as well would it? But if you were a Citibank credit cardholder you wouldn’t have that problem as you’ll be entitled to a 10% discount when you make a purchase of more than RM60 at any Häagen-Dazs outlet. Citibank Premier Miles, Platinum, Biz Platinum, Cash Back Platinum & AA-Platinum credit cardholders on the other hand will receive a 15% discount.

Feeling iffy about which flavour you’d like today? Try out the Mood-o-Meter to find the right ice-cream to match your mood.

This promotion will last until 31 December 2013.

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Brendon Lee

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Everything You Probably Need to Renew For the New Year

The start of the year always symbolises renewal and a fresh start to things. Spring cleaning is often done at this time, new furniture brought into the house, new clothes, maybe a new car even.

As long as we’re thinking of renewing things in the new year, don’t forget to renew these essentials as well. Some of these are related to your yearly finances, some are just related to your daily life, but all of them can mean pricey penalties or expensive recovery measures if you fail to renew them on time.

Driving License

You may think a driving license isn’t something to be renewed necessarily since you already took the test once, right? Wrong. Local authorities insist on having each driver renew their driver’s license every few years. Thankfully, the expiry date is always pegged to the holder’s birthday so it’s easy to remember when you should renew yours.

What’s even better is that the renewal process is easy as well. Just bring your license, MyKad, passport-sized photo and RM30 for every year of validity you want to extend onto your license to your nearest post office or JPJ branch and everything should be sorted in less than 10 minutes.

Road Tax & Insurance

Having a driving license is good, but you still won’t be legally allowed to drive a vehicle if its road tax is expired. You can’t renew your road tax if your insurance policy isn’t up to date either. Good thing you can renew both at the nearest post office.

Simply bring your geran kereta or geran motor (also known as a green card) along with your insurance cover note. The fee depends on what vehicle you use. You can also try to renew yours online via MyEG services.

Identity Card

If you’re one of the many people who still has their identity card from when they were 12 years old, you have to get it renewed once you reach the age of 18. No fine will be imposed as long as you do this before you turn 26.

You also may need to update your MyKad with information on your new address should you move to a new one. Updating just the chip on the MyKad will cost you RM2, but updating the card itself, will require an additional RM10. All these procedures can be done painlessly at your nearest JPN branch.

Passport

Travelling without a MyKad around Malaysia is risky enough, so if you’re planning to travel overseas, make sure your passport is all renewed too. It’s best to do this a few months before the expiry date of your passport since visa requirements and travel planning might require your passport to be valid way before you even start packing.

To do this, just visit your nearest KDN branch with your passport, your MyKad, and RM200 for a 5-year renewal. You may also choose to renew your passport online via MyIMMs e-Services. You don’t need to wait as long, but you do need to fiddle with the payment methods and still pick up your passport at their offices whenever they say your passport is ready.

Bank Cards

The expiration date on your bank cards does not mean you need to get new cards, you just have to get them renewed. Bring your cards to the nearest branch of the bank your card is from and they’ll help you out with everything.

This procedure is especially important for 2017 since bank cards will be switching to the PIN system gradually throughout the year. You don’t have to rush in changing your cards, but be aware that you
will
 have to do so this coming year so that your bank cards can keep up with the changing usage standards.

That’s pretty much it for the yearly (or semi-yearly) renewables you need to refresh to ensure your Year of the Rooster runs without a hitch. Once you’ve checked everything in this list off, you’ll be ready to kick butt and win at life this new year! Don’t forget to check out our
top promotions happening this month
 as well.

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Ahmad Mudhakkir

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Finance Minister: Government Will Improve GST If Reintroduced

(Image: The Star)

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has said that the government will make several improvements to the Goods and Services Tax (GST) if it is reintroduced.

According to Tengku Zafrul, the upgrades to the GST will include improving the efficiency of the tax refund process, as well as devising a better mechanism to classify taxable and non-taxable goods to avoid any confusion among the people. Additionally, the government will seek to enhance the relevant skills of government officials involved, and increase tax compliance by businesses.

That said, Tengku Zafrul noted that it may be too early for the government to implement the GST by this year, as the country’s economy needs to be on a stable footing first. “Any new taxation system would also need to be approved in Parliament, and if taken into account the need to engage with the people, as well as to improve the existing system, it is unlikely that the GST will be implemented this year,” he elaborated.

(Image: Astro Awani)

Additionally, the finance minister highlighted that 175 countries – equivalent to about 90% of countries in the world – have adopted a consumption tax or value-added tax (similar to the GST). This is likely attributed to the taxation model’s characteristics as being more efficient and transparent, thereby deterring revenue collection leakage.

Late last month,
Prime Minister Datuk Seri Ismail Sabri Yaakob had stated that the government is keen to reimplement the GST
, and is in the process of evaluating the proposal. He also said that the government will aim for a reasonable GST rate that will be beneficial for all parties if the taxation model is reintroduced.

(Source:
The Edge Markets
)

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Nur Adilah Ramli

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RinggitPlus Announces Strategic Partnerships With StashAway And FWD Takaful Berhad (“FWD Takaful”)

RinggitPlus has announced that it has entered into strategic partnerships with roboadvisor StashAway and takaful provider FWD Takaful, aimed at offering wider benefits and advantages to the RinggitPlus community.

“Malaysia is home to plenty of companies offering innovative financial services and products, whether that is direct and affordable takaful coverage, or transparent and convenient investments powered by big data and algorithms,” said Hann Liew, co-founder and director of RinggitPlus.

“Both StashAway and FWD empower Malaysians with financial inclusivity and I am genuinely excited that we at RinggitPlus will be collaborating with two more prominent companies in the industry,” Hann said.

StashAway

StashAway was the first roboadvisor in Malaysia to obtain a Capital Market Services Licence for Fund Management from the Securities Commission under the Digital Investment Management framework in 2018.

Since then, the roboadvisor has offered more and more Malaysians access to personal, low-cost investing guided by data-driven investment decisions. It is now the largest roboadvisor in Malaysia and in Southeast Asia, managing over USD1 billion worth of assets. From inception in 2017 until end 2020, StashAway’s portfolios have delivered up to 17.6% in annualised performance.

StashAway is known for its zero sales charge, so more of your capital is put to work. With the overall low costs, you can make withdrawals and transfer between portfolios with ease. StashAway’s management fees are also kept low and affordable at 0.8%p.a. and below.

To celebrate our collaboration, we have a special promo for you – StashAway is offering RinggitPlus readers
50% off fees for the first RM100,000 invested for 6 months
. All you have to do is
sign up for StashAway using this link
,
exclusively for RinggitPlus blog readers!

FWD Takaful

FWD Takaful offers Shariah-compliant plans that include various aspects of takaful coverage, from family takaful to critical illness protection. FWD Takaful has both online and offline offerings with a wide range of plans that are beneficial to everyone, including those with lower incomes and people with disabilities.

As part of our collaboration, FWD Takaful is offering a special promotion exclusively for
all RinggitPlus Blog readers
! From 15 August to 31 December 2021, you can enjoy one of the following benefits:

(i) With the promo code
FWDR50
, get 50% off your first-month contribution payment for monthly payment mode
(ii) With the promo code
FWDR10
, get 10% off your first-year contribution payment for yearly payment mode.

Simply enter the promo code at checkout to enjoy the discount. This offer is applicable to the following FWD Takaful plans:

FWD Big 3 Critical Illness Protection Plan
, a critical illness protection plan
FWD Protect Direct
, a pure protection takaful plan
FWD Care Direct
, a cancer protection plan
FWD MedSecure Direct
, a hospitalisation income plan

********

The partnerships with StashAway and FWD Takaful mark another exciting milestone for us at RinggitPlus, together with our partners and our valued community members. We hope you enjoy the savings and exclusive benefits from our exciting partnership promos above!

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How Grab Enhances Malaysians’ Digital Payment Experience

The Covid-19 pandemic has accelerated
 digital adoption
. From shopping for groceries to paying bills, the habit of using online platforms to perform these everyday transactions has become part of the new norm for many. This has powered the rise of digital payment services with the average Malaysian making
 170 digital payments in 2020
. Moreover,
 a report by Boku
 has highlighted that e-wallets are the most preferred payment method among consumers in Southeast Asia.

Digital payment services have become a focal point in Malaysia’s digitalisation journey perhaps because consumers find it easy to use such services. With that, businesses might want to ride on this transformation wave and start rethinking their payment strategies to provide greater flexibility and a more seamless experience for their consumers.

More Ways To Pay And Earn Rewards

Grab has played a part in helping Malaysians embrace the digital economy. This includes launching the GrabPay Wallet in 2018. Since its launch, it has introduced various features such as ‘Save Using Points,’ and ‘Pay with GrabPay’ (online and offline payments) – all within one app.

“GrabPay makes every amount spent more exciting with GrabRewards. With GrabRewards, consumers can use their accumulated points to redeem exclusive deals or cash vouchers to offset payments at their favourite GrabPay merchant stores. With the “Save Using Points” feature, consumers have utilised a total of over 400 million GrabRewards Points to offset their bill payments in Q2 2021,” said Priyanka Madan, Head of GrabPay, Grab Malaysia.

Additionally, Grab offers users PayLater, which allows you to either split your big-ticket purchases into four monthly instalments or consolidate your spending and pay them off at the start of the following month. Grab’s internal data showed that over 80% of consumers use PayLater as a budgeting tool to ease cash flow and not as an avenue to increase their total liabilities. In fact, 72% of Grab consumers agree that having more payment options is important to them.

Strategic Partnership With Maybank

Grab has also partnered with Maybank to introduce the
 Maybank Grab Mastercard Platinum Credit Card
 in 2020 to provide Malaysians with more rewards for their digital-first lifestyle and everyday spending. With the Maybank Grab Mastercard Platinum Credit Card, cardholders will be able to earn more GrabRewards points faster and easier, which can be used to redeem any Grab or partner vouchers, offset bills, and make payments.

The Maybank Grab Mastercard Platinum Credit Card has even nabbed the
 “Best Credit Card Product” award at the 2021 Asian Banker Awards
.

Coming up next, Grab is partnering with Maybank for the Maybank Bonanza Challenge 6.0. The campaign runs from September to October 2021 and will reward both new and existing cardmembers when they spend with their Maybank Grab Mastercard Platinum Credit Card.

For new Maybank Grab Mastercard Platinum credit card holders, you will stand to win 6 months’ worth of GrabFood (RM6,000 GrabPay credits) or a Nintendo Switch Lite when you spend using your Maybank credit card during the campaign period.

Meanwhile, first time Maybank credit cardholders who apply, activate, and spend a minimum of RM300 within 45 days with the Maybank-Grab-Mastercard Platinum Credit Card will receive RM100 cashback.

The Future Of Payments

Grab also launched
 GrabPay DuitNow QR
 nationwide, Malaysia’s National QR code that is designed to offer consumers with a safe, easy payment method for in-store purchases. The GrabPay DuitNow QR code is simple to use. GrabPay users only need to simply launch the Grab app, open the QR scanner and scan any DuitNow QR code to pay.

“We have also helped businesses of all sizes to digitalise and thrive in the digital economy. In the past year, we welcomed a wide variety of merchants to the platform, from wet markets and hawkers to grocers and health and beauty merchants nationwide.

“We have enabled merchants to serve Grab users through our robust payments and rewards ecosystem, while providing convenience to consumers to purchase essential items and be rewarded when using their GrabPay Wallet,” said Priyanka Madan.

Based on
 Google’s e-Conomy SEA 2020 report
, e-wallet transactions rose to an average of 25% post Covid-19. “We are humbled by the opportunities and support in our efforts to drive digital payments growth in Malaysia. We will continue innovating on our offerings to better serve the digital financial needs of our consumers and merchants,” she concluded.

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ShopeePay Now Accepts Debit And Credit Card Top Ups

Shopee’s e-wallet, ShopeePay, has (finally) unlocked the ability to top up funds via debit and credit cards. This feature is now rolling out to all Shopee app users.

When it was first launched in July 2019,
ShopeePay
 was quite limited in scope. You could only use it to purchase items in Shopee within the wallet’s limits (RM500 for Basic, RM1,500 for Premium), and more importantly, wallet fund top-ups were only available via online banking via FPX. But, it helped users easily purchase items immediately, without having to key in TACs like credit cards and thus speeding up the process.

To encourage ShopeePay adoption, Shopee began limiting its 11.11 and 12.12 campaign vouchers (which offer generous Shopee Coins cashback) only for ShopeePay users. It looks like this wasn’t enough to convert more users to use ShopeePay, as late last month the company tweaked the terms and conditions of the service to include debit and credit card reloads, before finally rolling it out in the last few days.

For now, it is likely that ShopeePay top-ups will not have the same MCC code as Shopee’s marketplace (and therefore be considered “online” transactions). Our top-up using BigPay (which reveals the transaction category in the app) shows that ShopeePay top ups are categorised as “Financial Services”. So no, it looks like you won’t get cashback for topping up ShopeePay on most credit cards.

That being said, allowing credit card top ups makes ShopeePay on par with its closest competitor, Lazada Wallet. The ability to withdraw funds, which is present in ShopeePay Premium Wallet with little restriction, is available for Lazada Wallet under strict conditions (only for refunded purchases). However, with a maximum wallet size of just RM1,500 (vs RM4,999 in Lazada Wallet), you won’t be able to purchase big-ticket items with ShopeePay.

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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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    Arif Anuar

    3 years ago

failed to top up to shopeePay on 3 different accounts using my debit card, rendering mine useless.

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5 Money Tips for More “Huat” This Lunar New Year

The lunar new year is just around the corner, and with it, also comes hope and anticipation for a fresh new start considering the challenges that 2020 has presented us with, especially financially. That being said, while the lunar new year celebration may be different this year – it will still be an auspicious one as we turn the new page with lessons learned to better manage our personal finances.

Let’s start with
5 money tips
 that will lead you to more
“huat”
 in this year of ox!

1. Assess Your Financial Status – Check Your Credit Score

Debts, commitments, and liabilities are among many other financial factors that you should consider before you plan to grow your wealth. There may be late payments or missed payments you did not realise, which could prevent you from growing further. On the other hand, there is also a saying that goes
“Out with the old, in with the new”
. By assessing your past financial tracks, it will help you to identify your bad financial habits so you can improve them with good new habits this year.

To assess your financial status, begin by checking your credit score. Established companies that provide credit checking services will usually provide you with a comprehensive report on your overall financial commitments and behaviour. After knowing your credit score, you can now benchmark your progress accordingly and start moving forward.

2. Start Budgeting SMART

If you have been budgeting but often find yourself still struggling with your finances at the end of the month – you might want to revisit your budgeting method. If you haven’t already, now could be a good time to sit down and start applying the SMART method to your budgeting.

SMART stands for
 Specific
,
Measurable
,
Attainable
,
Realistic
, and
 Time-Based
 – all of which your financial goals should be. By setting your financial goals as specific as possible, you will see that they are now easy to measure. Besides that, keep in mind that your goals should also be attainable and realistic in ways that you have the ability and resources to actually achieve them. Making your goals time-based will allow you to track your progress in achieving them and naturally motivate you to keep ongoing.

For example, instead of
“I will save more, so I can be rich”,
your SMART budget should be:

“I want to save
RM40,000
 in
3 years
 by
saving RM1,100 every month
 so that I can use it as a
downpayment for my dream home
.”

3. Reward Yourself Differently

It’s no secret that rewards can be a great motivation to push ourselves into achieving certain goals. Besides setting your financial goals the SMART way, you can also try rewarding yourself differently. Instead of rewarding yourself with items that only give you short term gratification, choose to reward yourself with items or experience that add value to your life.

For example, if you are a shoe lover who falls into the habit of impulse purchasing just because of its attractive design – but with low quality that can last only a few months of wear – choose to reward yourself with high-quality designer shoes that will last for years. Not only that it will motivate yourself to achieve your SMART financial goals, you will also get to save more out of your purchase as high-quality items tend last longer compared to items that are cheap but require constant replacement.

Besides physical rewards, treating your loved ones their favourite meals or signing yourself up for a course that you have always wanted to participate in are also some of the rewarding experiences that will bring value to your life.

4. Change Your Mindset – Pay Yourself First

Do you save what’s left of your monthly income only after spending it on your daily purchases?

While there is nothing wrong with it – but chances are that by the end of the month, you would have overspent it with not much left to save. This can be overcome by treating your savings as one of the mandatory commitments you make every month.

As soon as you receive your monthly salary – keep it in mind to pay yourself first. Motivate yourself by envisioning your ideal future be it in marriage, your children’s future, or even your ideal retirement. Once you have paid yourself, adjust your spending accordingly to what’s left of your salary to last you throughout the remaining days of the month. Not only that it will indefinitely help you save, it will also help encourage you to be more disciplined with your finances and spend more wisely.

5. Explore Other Options To Grow Your Retirement Savings

When it comes to saving for retirement, many working Malaysians would relate it to Employees Provident Fund (EPF). But besides relying only on EPF to grow your retirement savings, there are also other great supplementary options that you can consider investing in.

On the other hand, you can also consider potentially growing your retirement savings via
EPF i-Invest
, an online platform which lets you “DIY” your investment by allowing you to invest your retirement savings directly in your preferred funds according to your risk appetite. When you choose to invest by yourself via EPF i-Invest, you get to enjoy 0% sales charge, until 30 April 2021, which helps you maximise your investment capital.

A Bonus
Huat
For You: Earn Up To 0.88%* Reward In This Year Of Ox!

Principal EPF i-Invest
 is offering its seasonal
Huat Ah
! promotion from 25 January to 28 February 2021 for new and existing Principal EPF i-Invest investors, where you can
earn up to 0.88%* reward
 of your total investment with Principal EPF i-Invest with a minimum investment of RM1,000 by inserting the campaign code “HuatAh” via EPF i-Invest!

*T&C Apply

With Principal EPF i-invest, it is literally investment at your fingertips as you can now conveniently invest online as all procedures are done digitally. Most importantly, all funds available via Principal EPF i-Invest are approved by EPF with 0% sales charge, so you can choose the funds that you would like to invest in according to your risk appetite and geographical preference.

All Principle EPF i-Invest funds approved by EPF (source: Lipper; as of 31 Dec 2020)

Nevertheless, it’s important to keep in mind that while investment may bring higher returns, they are not guaranteed and could differ every year with a certain level of risk. Previous years’ performances do not guarantee and are not indicative of future performances. Should you decide to invest, ensure that you know what you are investing in as well as the risk that you are willing to take.

***

We hope that the 5 tips above will help you manage your finances better this year and ultimately, bring more
huat
into your lives! Besides that, the lunar new year is also the time of togetherness, and while we may not be able to get together due to social distancing measures, as long as you and your loved ones are healthy – that in itself is prosperous!

In the meantime, if you would like to know more about Principal EPF i-Invest, you can
visit their website here
. To participate in the
Huat Ah!
 promotion by Principal EPF i-Invest
, simply click on this link here.

Disclaimer:

You are advised to read and understand the Prospectus/Information memorandum/Disclosure Document dated and its Product Highlight Sheet (if any) which may be obtained at our offices, distributors or our website at [www.principal.com.my]. You are advised to read and understand the contents of the relevant documents. Investing involves risk and cost. You should understand the risks involved, compare and consider the fees, charges and costs involved, make your own risk assessment and seek professional advice, where necessary. This advertisement had not been reviewed by the SC.

Where past performance is quoted, the past performance of a fund should not be taken as indicative of its future performance.

The documents have been registered and/or lodged with Securities Commission Malaysia. Registration of these documents does not amount to nor indicate that the SC has recommended or endorsed this product or service.

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SC Takes Action Against Huobi Global For Illegal DAX Operation In Malaysia

(Image: Shutterstock)

The Securities Commission Malaysia (SC) said that it has taken action and issued a public reprimand against Huobi Global Limited, along with its chief executive officer Leon Li for operating a digital asset exchange (DAX) without registration in the country.

Accordingly, Huobi has been ordered to cease its operations in Malaysia, as well as to stop publishing and circulating advertisements via all channels – such as emails or social media platforms – to Malaysian investors. It is also required to take down its website and mobile application on Apple Store, Google Play, and any other relevant digital application platforms.

Furthermore, the SC also shared that it has specifically ordered Li – as the CEO of the platform – to oversee the execution of these directives (as of the time of writing, Huobi is still available for download on Google Play Store and the App Store).

“This decision comes after concerns about the platform’s compliance with local regulatory requirements and protecting investors’ interests. The SC views this breach seriously, as operating a DAX without obtaining the SC’s registration as a recognised market operator (RMO) is an offence under Section 7(1) of the Capital Markets and Services Act 2007,” said the SC in its statement, adding that Malaysian investors who have been using Huobi should immediately withdraw their investments and close their accounts.

(Image: New Straits Times)

To note, the SC has placed Huobi on its Investor Alert List since 2022 for operating a DAX without registration in Malaysia. At present, there are only
four registered RMOs
 allowed to legally operate in Malaysia, namely Luno Malaysia, MX Global, SINEGY, and Tokenize Technology.

Huobi had also previously committed an offence back in 2020 by making some sweeping statements, such as that it had secured a licence from “Malaysian authorities” to offer local investors a “safe and regulated way to trade cryptocurrencies”. In truth, Huobi was only permitted to operate within the jurisdiction of Labuan, and not the whole country (this requires additional approval).

Finally, the SC also took the opportunity to remind all investors that they should invest with RMOs that are registered with the SC as this means the operators have undergone strict regulatory scrutiny and are obliged to abide by a set of guidelines. It also enables investors to be protected under Malaysia’s securities laws, especially if they are exposed to risks such as fraud.

“Investors should exercise caution when choosing investment platforms and to always do their due diligence before making any investment decisions. Additionally, investors should be wary of investment schemes that promise high returns with little risk, as they may be too good to be true. By taking these precautions, investors can safeguard their investments and avoid falling victim to fraudulent schemes,” said the SC.

(Sources:
Securities Commission Malaysia
,
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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Car Ownership vs. Car Sharing: Which is Cheaper?

No matter which way you spin it, owning a car is a big financial burden. The price of a new car can be quite daunting, and that’s before you take into account other costs like loan financing, insurance, maintenance, and petrol. Sadly, many Malaysians feel pressured to take on the costs of owning a car anyway just for the convenience of getting around.

However, what if there was another way for you to get where you need to go – and one that is cheaper as well? That’s where SOCAR comes in.

SOCAR is an app that allows you to book from over 26 car models for your personal use by the hour, day, or week, so you get a car to drive without the financial burden of owning one. Car sharing with SOCAR is not only as convenient as driving your own car, it can also be cheaper! And we have figures to prove it.

As you can see, car sharing a Toyota Vios with SOCAR can save you more money compared to owning one yourself. With SOCAR, you don’t have to worry about rising petrol prices, car maintenance schedules, annual car insurance renewals, or the depreciating value of your car. When you book a car using the SOCAR app, there is no financial burden for you to carry for years and years – you just pay the SOCAR rental rate, based on how long you need the car.

So, instead of tying yourself down with monthly car loan repayments and rising maintenance costs, opt for car sharing and save money with SOCAR instead. You can
find out more about SOCAR here
.

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    Wan Ikhwan W. Ismail

    3 years ago

You forgot the equity of the car own….

17

Reply

    Choo Kuan Wei

    3 years ago

Rm4238 per year for maintenance? Really? Would love to see a breakdown of this number as well as all the other numbers

14

Reply

    Bob

    3 years ago

Car last more then 5 years

0

Reply

    Aniq

    3 years ago

Wait, you’re telling me using socar, I don’t have to spend a dime on petrol?

14

Reply

    Neato4u

    3 years ago

There’s a lot of things which the author failed to clarify. And with socar, you can’t just rent and park (end the lease) anywhere. It need to be parked back at the designated spot. Too bad if you dont have spot at your office, that means you have to pay for 8+3hours per day (not including additional minutes if stuck in traffic)?

7

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    Mawarni Hassan

    2 years ago

Except that a monthly package with Socar even for Axia is currently RM1,500 plus a month..

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BNM: Drastic Increase In OPR By Year-End Unlikely

(Image: New Straits Times)

Bank Negara Malaysia (BNM) governor Tan Sri Nor Shamsiah Mohd Yunus has reassured the public that BNM will not likely increase the overnight policy rate (OPR) drastically by year-end.

Tan Sri Nor Shamsiah explained that the central bank will not take an aggressive approach in normalising its monetary policy to the pre-pandemic level as this will risk disrupting the country’s economic growth. To note, Malaysia’s OPR prior to the onset of Covid-19 was recorded at 3% – 75 basis points (bps) higher than the current OPR of 2.25%.

“We [BNM] have said that any adjustment and recalibration to monetary policy will be done in a gradual and measured manner. So changing [the] OPR by 75bps this year will not be in line with that,” stressed the governor.

(Image: Malay Mail/Razak Ghazali)

Additionally, Tan Sri Nor Shamsiah reiterated that the central bank’s decision to raise the OPR twice thus far in 2022 was spurred on by the fact that Malaysia is clearly no longer in crisis anymore. “This view remains unchanged as the economy continues on its recovery path with a growth of 6.9% in the first half of this year,” she added, referring to the OPR hikes in
May
 (25bps) and
July 2022
 (25bps).

“As such, the recent OPR adjustments would also pre-emptively manage the risk of excessive demand on price pressures. This is important because whenever the inflationary pressures are excessive, it is damaging to the economy and causes even deeper hardships for the
rakyat
compared to a gradual increase in policy rates,” the governor further said.

Tan Sri Nor Shamsiah also stated that the OPR adjustments made were necessary to avoid the need for stronger measures in the future, such as faster and steeper OPR hikes.

(Image: Malay Mail)

“We obviously do not want to be in such a position. We [BNM] will continue to conduct monetary policy in order to achieve our goal of price stability and sustainable economic growth over a longer term,” she elaborated, adding that the central bank will also continue to assess evolving conditions and their impacts on the country’s inflation and growth.

Several
local investment banks
 as well as
financial and research institutions
 have commented that Malaysia’s OPR will likely settle between 2.50% to 2.75% by the end of this year.

(Sources:
New Straits Times
,
The Malaysian Reserve
)

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Make A Hong Leong Mach Experience

New customers who are applying for a Hong Leong Bank credit card and other products will stand a chance to win an experience of a lifetime courtesy of
RedRibbon Days
. You could be one of the lucky winners being chauffeured to work in a Toyota Camry or be chilling out at the movie with a bunch of friends at a private cinema. Existing Hong Leong Bank customers are also eligible for this promotion.

5 weekly prizes of RedRibbon Days gift vouchers worth RM500 will be awarded each week to each Mach outlet. Three monthly prizes are awarded each month and winners will be able to select from the one of the following
packages
:

Chauffeured Driven to Work

The Underground Supper Club

A Cinema of My Own

Shoes in the City

Cage Rage!

Football Night Fever

There are several ways to participate in the Mach Amazing Experience Contest depending on which type of Hong Leong Bank product is applied.

For new customers (participants who sign up from 1 March 2013 onwards):

·        Mach Credit Card – Participation for weekly prizes is registered upon approval of credit card. To qualify for the monthly prize the newly approved credit cardholder must complete at least one (1) retail transaction within the same month.

Cruise Control Car Loan – Participation is registered when a loan of more than RM70,000 is approved and disbursed.

Money Box Deposit Account – To participate a newly opened account must maintain a monthly average balance of RM1500

I.O.U. Personal Loan – Participation is registered when a loan of more than RM15,000 is approved and disbursed

Mach FD – Participation is registered when a new account is opened with a minimum of RM5,000 and this amount is maintained throughout the contest period.

For existing Hong Leong Bank customers:

Mach Credit Card – Participation for weekly prizes is registered upon completing minimum of three (3) retail transactions within the selection week. A minimum of five (5) retail transactions must be made within the selection month to qualify for monthly prizes.

Money Box Deposit Account – To participate existing account holders must top up a minimum of RM1,500 and maintain the incremental balance on the due date OR open at least one (1) Dream Jar Savings Account.

Each winner is only eligible to win one (1) weekly prize and one (1) monthly prize. This contest runs from 1 March till 31 May 2013. Please refer to the Terms & Conditions for further details on prizes and winners selection process.

Considering a Hong Leong Mach credit card? Get the details and apply online at
RinggitPlus.com

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Brendon Lee

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Four Elements To Consider When Planning For Retirement

Retirement is often referred to as the “golden years”, and it brings to mind a phase of life that is filled with complete respite and comfort. It’s a time when you reap the fruits of your hard work over the past decades – and just enjoy the good life as it should be lived.

But here’s the thing: it takes more than just being dedicated to your job to obtain a comfortable retirement. Instead, it often involves a good deal of planning, particularly in terms of ensuring that you have the monetary means to sustain yourself during your retirement – so it pays to start early when you’re still young. This is especially as you consider matters like inflation and the rising cost of living – both of which can undermine the vision of a happy retirement.

Even more interestingly, the new generation of employees are also beginning to redefine and embrace new concepts of retirement, such as exploring the possibility of retiring earlier or even semi-retirement. Here’s a look at some other variations of retirement, along with four key things that you must consider in order to retire comfortably.

As mentioned earlier, planning for your retirement is not a process that can be taken lightly; the earlier you begin, the better – especially if you want to ride on the benefits of compounding interest to grow your retirement funds. So make the most out of your investments, and start today!

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Build your retirement savings from as low as RM1,000 with Hong Leong AM's EPF-MIS approved unit trust funds via EPF i-Invest.

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About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

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

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    Loh

    11 months ago

I am already retired. 58 yrs old.

Looking for good advice for investment if it’s good.

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Standard Chartered And UOB Credit Cardholders Can Earn Bonus Cashback And Vouchers On Grab Transactions

UOB and Standard Chartered credit cardholders can now earn cashback and vouchers when using their cards on Grab services, including topping up their GrabPay e-wallet. Check out the various deals below.

Standard Chartered cardholders: Earn Grab vouchers when you use Grab services or top up GrabPay

From now until 30 June 2020, you will be able to earn a variety of Grab vouchers when you use selected Standard Chartered credit cards to top up your GrabPay and to pay for your Grab rides or GrabFood orders. These vouchers will let you save up to RM60 in total.

If you’re using Standard Chartered’s
Priority Banking Visa Infinite
,
WorldMiles World Mastercard
,
JustOne Platinum
,
Visa Platinum
, or
Liverpool FC Cashback
, then you’ll be eligible for the Grab deals offered:

Grab Deal 1
: Top up GrabPay and earn RM10 Grab merchant vouchers

When you make a minimum top up of RM100 into your GrabPay with any of the selected credit cards, you’ll be entitled to a Grab merchant voucher worth RM10. However, you will only be able to earn one voucher each month.

Standard Chartered has allocated a total of RM90,000 for this reward for the whole promotion period, with RM30,000 earmarked for each participating month. In other words, only 3,000 cardholders will be able to claim this benefit every month.

Grab Deal 2
: Pay for Grab rides and earn RM5 Grab ride vouchers

You’ll earn Grab ride vouchers worth RM5 when you spend a minimum of RM15 on your Grab rides with any of the participating credit cards. These vouchers are also limited to one unit per Grab user each month.

A total of 3,000 vouchers will be given out throughout the three participating months, with 1,000 vouchers allocated for each month.

Grab Deal 3
: Pay for GrabFood and earn RM5 GrabFood vouchers

When you use any of the selected credit cards to pay for a minimum of RM25 for your GrabFood orders, you’ll get a GrabFood voucher valued at RM5. Like the other two Grab deals, you’ll also be limited to only one voucher per month.

As many as 2,000 vouchers will be distributed each participating month, with a total of 6,000 vouchers worth RM30,000 allocated for the whole promotion period.

UOB Visa cardholders: RM5 cashback for every third Grab transaction

Starting now until 31 May 2020, Grab users using UOB Visa credit cards will be able to earn RM5 cashback for every third Grab transaction that they carry out in each participating month.

To qualify for the promotional campaign, you’ll need to spend a minimum of RM20 for the valid Grab transactions, using a UOB Visa credit card. Your Grab transactions can include those done for Grab rides, GrabFood, or via GrabPay. That said, you are limited to three cashback rewards per month, which means that you will stop earning after gaining a maximum of RM15 cashback.

Note also that the cashback rewards will be credited to your card account within eight weeks after the end of each participating month. In other words, those who earn their cashback in April 2020 will get their rewards by June/July 2020, whereas those in May 2020 will get theirs by July/August 2020.

If you’re using a supplementary UOB Visa credit card, your transactions will also be included for the campaign. However, they will be consolidated with the expenditures done on the principal card, and the cashback is credited to the account of the principal card.

In total, there is RM20,000 to be won each month, and the cashback will be awarded on a first-come-first serve basis to
UOB Visa
 cardholders who meet the requirements.

***

Through these promotions, Grab aims to offer better value to the cardholders from both banks, especially during this period of ongoing movement control order (MCO), as well as the days after the order is lifted. For more information about the deals, you can head on over to the
UOB
 and
Standard Chartered
 websites.

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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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    Yi Wei

    3 years ago

Example of grab merchant voucher?

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    Pang Tun Yau

    3 years ago

    Reply to

        Yi Wei

It means you can use the voucher for any Grab service in the app.

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Water Tariff Rates May Be Increasing This Year

Water, Land, and Natural Resources Minister Dr Xavier Jayakumar has hinted that water tariff rates across Malaysia may be increasing in stages this year. The increase in rates is said to go in line with the government’s plans to restructure the water supply industry in Malaysia.

The Malaysian government’s efforts is essential to protect the quality of water being supplied to consumers and ensuring the industry’s services. Apart from that, Dr Xavier Jayakumar also mentioned that discussions are still going on to ensure prices of the increase don’t burden the citizens.

The ministry is currently working with the National Water Service Commission (SPAN) and discussing plans with all state governments to get agreements from all parties before implementing the increase in water tariff rates. Dr Xavier Jayakumar stated that the tariff increase rate is yet to be confirmed as different states implemented different rates.

(Source:
The Star
)

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Should you Apply for a Balance Transfer Programme to Cut your Credit Card Debt?

Oh no, you’ve out-swiped yourself! Now, the sight of your credit card statement sends chills through your bones. Never mind the haunted doll “
Annabelle
“; you’ve got a more terrifying problems to scream about! But good news, big spenders! We’ve got the solution to shoo those demonic debts away. Instead of grudgingly paying the minimum amount for a couple of years, you could easily cut your debt in half by applying for a balance transfer credit card.

Gasp! Another credit card?!

Applying for another credit card to cut down your debt may sound a little
loco
(re: crazy if you lack street cred)
,
but a balance transfer card allows you to transfer all of your high interest credit card debt (usually at 15% p.a. – 18% p.a.) onto another credit card at a lower interest rate (or even none at all) for a limited time to help you pay off your balance faster. Here’s how balance transfer card works:

Yep, instead of paying off your debt at a whopping 15% to 18% p.a., you can now enjoy a lower interest rate. Even better, some banks in Malaysia actually offer
a 0% balance transfer promotion
 – which makes paying down your debt move a lot faster. In case you were wondering
“why are the banks offering me this super generous gift?”,
it is essentially because they want to promote their products to attract new consumers, and what better way than to offer a 0% interest rate on your credit card balance?  Whilst it may seem like the bank is only doing it for themselves – that doesn’t mean you can’t benefit from the situation. Who doesn’t want an interest free period on any credit product?

3 Things You Need to Know About Balance Transfers

We know the zero percent deal sounds awesome but wait up! Before applying for a transfer, here are three things you absolutely must know about the programme.

1. Balance Transfer Interest Rates and Payment Scheme Differ with Every Bank

There are gazillions (maybe we exaggerate but there’s at least 300+) of credit cards here in Malaysia, and most, if not all, do offer balance transfer programmes. However, only a handful of banks offer to transfer at 0%. If your heart is set on applying a 0% balance transfer credit card (and why shouldn’t you!), it’s best to go with the bank that gives you the longest 0% period. In Malaysia, you can expect to get up to 12-months of interest free debt payment. But why grab the longest period? Here’s why:

If you don’t repay your debt in the given period, the credit card’s interest rate will revert to the bank’s prevailing rates (that’s 15% to 18% p.a. for most banks), bringing you back to square one. However, If you have the bucks and can afford to pay off your debt in 6 months or less, then go for it!

Banks usually have two payment options;
easy
and
fixed
 payment. With easy payment, banks usually require RM50 or 5% of the outstanding balance every month. So if your balance transfer amount is RM10,000, you can choose to pay RM100 for 11 months and RM8,900 on the last month. On the contrary, fixed payment means that you’re stuck with RM833.33 per month for the whole 12 months – which will make it harder if you can’t afford that amount every month.

2. Some Have an Upfront Fee

Banks sometimes do charge a 3% to 4% upfront fee; this is basically the fee for transferring your outstanding balance to your brand new credit card. Not all banks have this transfer fee, so feel free to breathe a sigh of relief. Also, like any old loan, some banks can and will slap you with a fee of up to RM100 when you decide to settle your balance transfer earlier than expected (quite common with fixed payment balance transfer cards). It might be a good idea to start reading your terms and conditions / grill the bank officer for every little detail.

3. There is a minimum and maximum transfer amount for Balance Transfer

The minimum transfer amount for balance transfer is usually RM1,000, and the maximum transfer amount is normally at 90% of your credit limit. If you are a credit card hoarder, here is a piece of good news for ya’ll! You can consolidate your debts from more than one credit card from different banks into your balance transfer credit card. For example, the Maybank Balance Transfer programme allows you to transfer balances from up to three banks at one time. Note, that this is subject to if you’re credit limit will allow for a consolidation such as this.

Should you apply for a balance transfer credit card?

If you can manage your debt well, then the answer is yes! But then again, don’t fall into a false sense of security and keep these tips in mind:

DON’T SWIPE IT!
 The whole point of taking up a new card with the 0% balance transfer promotion is to settle off – NOT accumulate – more pesky debt. Once you’ve been approved for a balance transfer programme, best to keep your balance transfer card locked away in a drawer – or even better – cut it up.

Don’t forget about your debt
. Now that your 18% p.a. interest rate is gone, you can finally stop choking. It feels great to finally be free of interest rates, but do keep in mind that your debt is still there, and the 0% interest will only be available for 12 months or less – so you better get those payments going!

Keep two cards? Maybe not!
 Once you paid off your debt, should you keep the card? This is a tough one, but it all depends on your current situation. If you can’t even handle one card, it might be best to keep only the top card in your wallet and get rid of the other one.

Who knew that applying for a brand new credit card could help you reduce your debt? Balance transfers can no doubt be used to your advantage, as long as you don’t let the bank win the battle by accumulating more debt!

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Report: Credit Card Details From Malaysia And Other SEA Countries Compromised In Huge Data Leak

A cybersecurity startup has claimed that a massive data breach has resulted in over hundreds of thousands of credit card information across five Southeast Asian countries being leaked online and available for sale in the dark Web.

Technisanct, a cybersecurity start-up based in India, stated that this was a result of a series of data breaches involving top banks in Singapore, Malaysia, the Philippines, Vietnam, and Indonesia. Worse, the leaked info not only contains the card numbers, but also include CVV and PIN values.

According to the company, as many as 37,145 cards from Malaysia had been compromised. Philippines is the worst-affected country, with 172,828 cards breached.

“The results are alarming as it seems no one is aware that such a huge volume of payment card details – including the CVV and PIN – are available,” said the chief executive officer of Technisanct, Nandakishore Harikumar. The CVV and PIN are both anti-fraud security features to protect credit cardholders.

Nandakishore further said that he has informed the Computer Emergency Response Team (CERT) of each country. In Malaysia, this falls under the jurisdiction of Cybersecurity Malaysia, which provides a range of cybersecurity initiatives including the
MyCERT service
.

In light of this, it will be a good idea for you to keep an eye out for any unauthorised transactions made to your credit cards. If you haven’t done so already, enable SMS notifications for any transaction above the minimum value as specified by the bank; some banks set this value at just RM1. If you find yourself to be an unfortunate victim of
credit card fraud
, alert your bank as soon as you can.

You may also want to consider subscribing to a fraud protection and credit monitoring service, such as the
CTOS SecureID
 and RAM Credit Information’s
JagaMyID
, for better fraud protection in the future.

(Source:
South China Morning Post
)

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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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KPDNHEP Sets Up Dedicated Channel For Complaints On Food Delivery Services

(Image: Malay Mail/Hari Anggara)

Consumers or merchants facing any issues related to food delivery services can now submit their grievances to the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) through a dedicated complaint channel that has been set up.

“We have created a special channel so that not only traders but also consumers who have any problems can lodge complaints to us,” said the deputy minister of KPDNHEP, Datuk Rosol Wahid. Elaborating, he clarified that the Malaysian public can now email their complaints specifically to
[email protected]
 so that the ministry can investigate and take appropriate actions against any offenders.

Additionally, Datuk Rosol shared some data on the number of complaints that has been lodged against the two main delivery service companies (also known as p-hailing) in Malaysia, namely FoodPanda and GrabFood. As many as 1,903 complaints had been made against FoodPanda throughout the whole of 2020, while another 946 complaints were lodged between January to August 2021. Meanwhile, KPDNHEP received 30 complaints about GrabFood in 2020, followed by 43 complaints between January to August this year.

(Image: Malay Mail/Firdaus Latif)

Datuk Rosol further reiterated that KPDNHEP has been actively reaching out to these key players in the industry to resolve various crucial issues. These include delays in payment of food sales to traders and high commission charges. Earlier this year, several organisations within the F&B industry had appealed to the government for help to
lower the steep commission rates
 charged by these p-hailing companies.

“Some p-hailing companies claim that the delay in payment in due to problems with their system. They promise to improve their system. There are also companies that want to lower their commission rate,” said Datuk Rosol.

(Source:
Astro Awani
)

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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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BigPay Expands International Remittance Service To The UK And Europe

BigPay has officially announced an expansion to its international remittance service, now enabling users to send money to a total of 38 new countries. These include the four countries that make up the United Kingdom, as well as another 34 countries across Europe.

Here’s the full list of the new countries that BigPay has added to its service for your reference:

Region
Countries
United Kingdom
– England
– Scotland
– Wales
– Northern Ireland
Europe
– Austria
– Belgium
– Bulgaria
– Croatia
– Cyprus
– Czech Republic
– Denmark
– Estonia
– Finland
– France
– Germany
– Greece
– Hungary
– Iceland
– Ireland
– Italy
– Latvia
– Liechtenstein
– Lithuania
– Luxembourg
– Malta
– Monaco
– Netherlands
– Norway
– Poland
– Portugal
– Romania
– San Marino
– Slovakia
– Slovenia
– Spain
– Sweden
– Switzerland
– Vatican City

Users who wish to send money abroad to these countries can do so via the usual steps. Simply fire up your BigPay app, tap on “Explore” followed by “International Transfer”, and then key in the amount that you’d like to send and select the right currency. Once you’ve filled in the required details of your recipients, hit send and you’re done!

BigPay stated that it remains committed to its goal of making international remittance affordable, convenient and transparent for users. “The addition of the United Kingdom and countries in Europe under its remittance feature plays a key role in further democratising the movement of money across a brand-new region,” it further shared in a press statement.

To celebrate this expansion, BigPay is currently offering a limited-time promo where you can make money transfers to the 38 new countries for free. There is also no minimum or maximum amount requirement in order to tap into the offer.

Aside from the newly listed countries across the United Kingdom and Europe, BigPay also enables users to transfer money directly to bank accounts in Singapore, Thailand, Indonesia, China, and Australia – among others. These can be done with no additional fees.

(Sources:
BigPay
,
Lowyat.NET
)

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A Pressure Cooker Saves You Time And Money

Deciding what and where to eat is a common headache among us Malaysians every day. Many people know that eating at home is the better option because it’s healthier than eating out, and friendly on the wallet too. Sadly, cooking can take quite a bit of time and effort, which may deter some people from preparing their own meals.

However, there is a way you can reap the benefits of home-cooked meals without spending too much time and effort spent in the kitchen: you could invest in a pressure cooker. A pressure cooker is a sealed pot which uses high temperatures and high pressure to cook food up to 70% faster than other cooking methods.

Now you know about the benefits a pressure cooker can bring you, why not make a lifestyle change and start using one? Make the Khind Electric Pressure Cooker PC6000 an essential appliance in your kitchen and save yourself time and money while maintaining a healthier diet. You can find out more about
Khind Electric Pressure Cooker PC6000
 on the Khind online shop.

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How Alpha Edge Cloud Services Can Help Businesses Become Future-Ready

In today’s highly competitive business environment, staying ahead of the curve is essential in order to flourish and thrive. Keeping up to date with technology is a must to stay relevant but doing so is difficult, because most times, we’re always too busy keeping our business running. A challenge that surfaced during the COVID-19 pandemic was how businesses would operate while employees were working from home or remotely, and as a result, the situation has led to a significant increase in digital adoption.

Following that, Cloud computing is becoming increasingly popular amongst businesses of all sizes because it allows for the storage, management, and processing of data to take place on a network of servers that are conveniently hosted remotely on the internet. So how does Cloud computing allow digital businesses to be elevated into an intelligent enterprise? The infrastructure allows for flexibility, scalability, and automation – necessary traits to drive rapid innovation. The massive amount of data collected is able to design a solution that assists processes powered by artificial intelligence (AI) and machine learning (ML).

Nurturing A Digital Future

It is particularly important for startups to be agile and flexible, so that they are able to disrupt the market and offer distinctive services to the consumers. Innov8tif Solution, OrangeFIN Asia, Boss Boleh, and Orpheus Capital were among the 10 finalists shortlisted from more than 140 entries in the Huawei Spark Programme, a hybrid accelerator competition that aims to incubate and accelerate company growth and build an ecosystem for businesses in the Asia Pacific (APAC) region. These startups were carefully chosen because of their unique and innovative use of Cloud and AI.

They received access to the
TM ONE Alpha Edge
 Cloud platform, business matching opportunities, networking sessions, and one-on-one mentoring from industry experts. The programme, powered by

TM ONE Alpha Edge

is organised by Huawei Technologies (Malaysia) Sdn Bhd in collaboration with the Malaysia Digital Economy Corporation (MDEC) and TusStar (Malaysia), with the objective to accelerate deep-tech startup growth by providing critical resources and business development opportunities.

Let’s explore how these Malaysian companies have utilised Cloud computing to grow their business, and their experience of using Alpha Edge

in building their solutions.

Innov8tif Solution’s “OkayDoc” Machine Learning Authentication Process

Providing Electronic Know-Your-Customer (eKYC) solutions for banks, telecommunication companies, fintechs, and insurance firms, Innov8tif’s customer base extends across several ASEAN countries, like Cambodia, Indonesia, the Philippines, and Thailand. OkayDoc’s AI-powered document verification tool automates the authentication process through Cloud servers, allowing for data to be transferred efficiently in real-time. As Cloud computing has scalability feature, data management and the migration process to different platforms are consequently smoother. They can scale up their infrastructure’s computing power as and when needed with Cloud computing, allowing them to accommodate temporary spikes in traffic or build-out capacity for permanent increases in workloads.

OkayDoc has found its journey to the cloud simpler by using Alpha Edge:

“Up to my expectation for a competitive hyperscaler. Easy deployment. The support given by the enablement team is above and beyond.”

— Law Tien Soon, COO, Innov8tif Solutions Sdn Bhd

OrangeFIN Asia’s Accessible and Sustainable Automation

Using software bots, Robotic Process Automation (RPA) automates business processes based on specific sets of business logic. These bots operate at a highly personalised level, are self-sustained, and require minimal monitoring. Managing automation pipelines is convenient as tasks like updating and altering commands, and logic can be done seamlessly via Cloud. In fact, OrangeFIN was able to automate its Cheque Clearing Process to clear an average of 135,000 cheques every day.

Because of this large number of transactions that OrangeFIN needed to automate, it tapped into the high computing power of Alpha Edge cloud services.

“What I have experienced is that it reduces cost for SMEs, and this helps us to also reach out and help socially almost at no cost. Hosting our solution on a secured platform like Alpha Edge gives me peace of mind. Speed to Market matters, because this has to align with our customers. And most importantly, it is customer-friendly. No hassle, seamless.”

— Robin Hoo, CEO, OrangeFIN Asia Sdn Bhd

Boss Boleh’s Flexible Online Secretarial Services

Powered by Cloud technology, Boss Boleh intends to fully automate manual tasks with its end-to-end solution, which minimises secretarial expenditures and compliance complexities for small businesses through a wide range of integrated systems, including advisory, request tracking, cloud storage of company documents, and signing resolutions online, on a single platform. Boss Boleh utilises AI and cutting-edge technology to automate processes and substantially reduce secretarial expenses, making it a cost-efficient solution without compromising on service level quality.

Commenting about its use of Alpha Edge,

“Convenient move, very clean and straightforward. Just two days of migration, very surprised how painless it is.  This is important as it is aligned with the speed of BossBoleh, to support our customers’ needs.”

— Billy Lee, Co-Founder, Boss Boleh Sdn Bhd

Orpheus Capital’s Fully Digital Financing Solutions

Cash flow is a problem faced by many SMEs especially during the pandemic. Orpheus Capital seeks to assist the underserved SME community by providing fully digital, seamless financing solutions with services like invoice financing, contract financing, and payday financing through an advanced AI system. The technology allows Orpheus Capital to operate its business securely and efficiently. For businesses like Orpheus Capital that require rapid information processing, having operations on the Cloud is definitely an advantage to accelerate time-to-market.

The founder of Orpheus Capital has also found his experience with Alpha Edge convenient.
“We have been on the Cloud for the past several months, and are very happy with the services. Smooth migration and excellent support.”

— Muhammad Hamudi Bin Abdul Khalid, CEO, Orpheus Capital Sdn Bhd

TM ONE Alpha Edge – Intelligent Industry Cloud Platform

Alpha Edge is a hyperscale, secure and compliant Cloud service from TM ONE that helps businesses achieve the benefits of innovation and digital transformation.

Alpha Edge’s AI solutions are suitable for a wide range of use cases, including improving customer experience, increasing operational efficiency, and solving complex problems. The compliant, secure, and cost-effective Cloud infrastructure is designed to fast track digital growth for Malaysian businesses and government agencies besides supporting them in building resilience, agility, and innovation.

Built To Cultivate Digital Transformation

What makes Alpha Edge’s offerings attractive, among others are its hyperscale features, data residency, low latency, compliance, and reliability.

Alpha Edge makes use of comprehensive capabilities, all-scenario AI, and a best-in-class hybrid Cloud solution with industry-standard abilities and functionalities. This means that businesses can scale seamlessly in a cost-effective approach. Besides that, its Cloud infrastructure is bolstered with cybersecurity, and hosted in secure TM ONE Data Centres within Malaysia, ensuring compliance with data residency and sovereignty regulations for the maximum security of critical and important data.

In running a business, speed is of utmost importance and with Alpha Edge, businesses can expect enterprise-grade, low latency network, and connectivity that supports ultra-high speeds for faster access to applications and workloads.

Begin Your Cloud Journey With Alpha Edge

Although technology trends are evolving at a surging rate, it is important for companies to keep up and adopt new technologies. Staying on with outdated systems has many downsides, such as not being able to stay competitive in the market and exposed to cyber security risks.

If accelerating digital transformation is a goal your business aspires to, Alpha Edge offers an intelligent industry Cloud platform that is secure, comprehensive, and cost-effective. The integration of AI and Cloud has the potential to positively affect business productivity. So if you’re looking for a complete Cloud-based platform with tailored solutions, Alpha Edge end-to-end Cloud solution is the one for you.

To learn more about Alpha Edge, click
here
.

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PDRM Offers Up To 80% Discount For Summonses In Celebration Of 100-Day Aspirasi Keluarga Malaysia

The Royal Malaysia Police (PDRM) is offering up to 80% discount on outstanding summonses from 9 December to 12 December 2021, in celebration of the government’s 100-Day Aspirasi Keluarga Malaysia.

Specifically, PDRM is offering an 80% discount for summonses issued in the Federal Territory and Putrajaya, whereas those issued in all other states will get a 70% rebate. To enjoy this discount, however, Malaysians must make their payments at a dedicated payment counter in the Kuala Lumpur Convention Centre (KLCC) between 9am to 6pm during the specified dates.

PDRM also clarified that the discounts are applicable to all types of offences, except for the following:

Accident summonses in 2021
Non-compoundable summonses
Summonses that require court hearing
Summonses for matters related to lorries
Summonses for overtaking in a dangerous manner in 2021
Summonses for driving in emergency lanes in 2021
Summonses for running red lights in 2021
Summonses for overtaking on double lines in 2021
Summonses for illegally modified exhaust pipes

The authorities further said that it hoped these discounts will benefit Malaysians, and advised the public to obey all Covid-19 standard operating procedures (SOPs) when they visit the convention centre. These include wearing a face mask, sanitising often, and practising physical distancing.

(Source:
Ministry of Transport
)

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MAA: Prices Of CKD Cars May Go Up By 8% To 20% In 2023

(Image: The Star)

The Malaysian Automotive Association (MAA) has cautioned that the prices of locally assembled (CKD) cars may increase by 8% to 20% in 2023. This is if the government decides to go ahead with the implementation of the updated open market value (OMV) excise duty calculation method, which is slated to begin next year.

To explain, this new excise duty calculation method was originally introduced by the Malaysian government back in 2019, and was set to take place at the start of 2020. Unlike the previous method – which included only the profit and manufacturing costs of vehicles for its calculation – the new method takes into account the expenses incurred for the sales of the vehicles too.

In other words, the new method will also compute expenses such as advertising, warranty and trade royalty, as well as general and administrative costs – all of which will drive the excise duty up, and in turn, the prices of the cars. Due to public displeasure, the implementation of this new method was eventually postponed.

(Image: The Edge Markets)

“The implementation of the excise duty was postponed in 2020 to end-2022, and will be enforced starting next year. We have already submitted a proposal to the Ministry of Finance (MOF) to revert to the previous policy which did not include non-manufacturing-related costs in calculating the OMV, thus lowering the car prices,” the president of MMA, Datuk Aishah Ahmad further explained, adding that MOF has yet to respond to them.

Additionally, Datuk Aishah stressed that automotive companies do not intend to increase their margins; any subsequent hike in car prices will be due to the increase in taxes. “Buyers will be the ones affected by this move, and this, in turn, will cause car sales to drop,” she said.

Aside from sending a proposal to MOF regarding the excise duty, the MMA said that it is also appealing to the government to further extend the sales and services tax (SST) exemption period for new vehicles until end-2022. This is so that car manufacturers can fulfil their backlog of orders, which has stretched up to six months because of shortages of various spare parts and raw materials – caused by the Covid-19 pandemic.

(Image: New Straits Times)

The current SST exemption – which sees CKD cars and fully imported (CBU) cars getting 100% and 50% SST exemption, respectively – is
slated to end in June 2022
. It was first
announced as part of the PENJANA stimulus package
 in June 2020, and has been extended three times thus far: from December 2020 to June 2021, then to December 2021, and finally to June 2022 (under Budget 2022).

(Sources:
Malay Mail
,
Paul Tan’s Automotive News
)

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Cars

Datuk Aishah Ahmad

Excise Duty

Malaysian Automotive Association (MAA)

Sales and Services Tax

SST

SST Exemption

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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