Bankrupt And Blacklisted Individuals Can Now Apply For Bantuan Prihatin Nasional Aid

Lembaga Hasil Dalam Negeri (LHDN) has announced that bankrupt or blacklisted individuals are also eligible for the Bantuan Prihatin Nasional (BPN) aid, and can now make online applications for it.

“Their applications will be processed based on the eligibility criteria that have been set. For applications that have been approved, BSN payments will be made in cash at Bank Simpanan Nasional,” said the department in a
statement
.

The
BPN aid
 was announced by Prime Minister Tan Sri Muhyiddin Yassin as part of the
Prihatin Economic Stimulus Package
, and is meant to provide some relief for Malaysians in coping with the negative economic impact of the Covid-19 pandemic and movement control order (MCO). A total of RM9.24 billion has been allocated for this aid, which will paid out to eligible recipients in two phases
starting from 6 April 2020
.

Bankrupt and blacklisted individuals in need of the BPN assistance can apply online at LHDN’s
official website
 or its
quick link
.

For enquiries, you can also contact LHDN through the Hasil Care Line at 03-8911 1000, the HASiL Live Chat, or the
customer feedback page
. Alternatively, you can head on over to its
Facebook
 and
Twitter
 page.

(Source:
Free Malaysia Today
)

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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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Grab Expands Its GrabCar, GrabFood, GrabMart Services To More Areas

Grab has announced the expansion of its GrabCar, GrabFood, and GrabMart services to several rural areas in Peninsular Malaysia beginning from this month.

The expansion exercise will see the GrabCar service being offered in Mersing and Segamat (Johor) starting from the end of September, followed by GrabFood and GrabMart services in the fourth quarter of 2020. The technology giant also has plans to expand to other areas such as Batu Pahat (Johor), Cameron Highlands (Pahang), Pantai Remis (Perak), and Baling (Kedah).

The head of outer cities of Grab Malaysia, Ben Chin, said that this expansion is Grab’s effort at ensuring that no one is left behind in the digital economy. This is especially the case in rural areas, where median incomes are reported by the Department of Statistics Malaysia (DOSM) to be 41% lower than in urban areas.

Meanwhile, the head of government and public affairs of Grab Malaysia, Ebi Azly Abdullah, elaborated that this exercise is intended to help the community generate income as well as to encourage the country’s digital economy sector.

“Indirectly, we create more income-generating avenues via our service ecosystem spanning transportation, food, and supermarket, particularly in the rural areas. With this development, we also hope to cooperate with the local authorities and strategic partners so that the digital economy in the said areas continue to progress,” said Ebi Azly. He added that businesses can now expand their customer base by capitalising on the potential users from the small towns.

Ebi Azly also said that Grab will work with the rural entrepreneurs to ensure the success of the promotional campaigns and strategies tailored to help them expand their businesses. Additionally, the company has enhanced its Pakej Pikul Bersama initiative for new Grab drivers by providing reimbursements of up to RM190 for their Public Service Vehicle licence applications and initial Puspakom vehicle inspections.

(Sources:
New Straits Times
,
Bernama
)

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Alex Cheong Pui Yin

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Mitraland Celebrates Merdeka With Exciting Rebates And Deals For Your Dream Home

The months of August and September are typically reserved for celebrating our beloved country’s independence and the establishment of the Malaysian Federation where the streets would be lined with our Jalur Gemilang and stores would play patriotic music through their speakers.

This year, Mitraland has launched Simply Malaysian Simply United in celebration of Merdeka and they’ve got tons of exciting prizes to give away to buyers of their participating projects. Among them are Merdeka Angpows worth RM1,500, Dyson V8 Slim Fluffy Vacuum, Flash Rebates, and free maintenance for up to 18 months with terms and conditions apply. Buying a unit also means you’ll automatically be in the running to win the biggest prize in their lucky draw–Merdeka Angpows worth up to RM60,000. On top of that, you can also enjoy HOC 2021 benefits if you purchase a unit before 31 December 2021.

As part of Mitraland’s Simply Malaysian campaign, three participating projects have been specially selected. Take a look and choose between The Tresor, Ashino Residences, or Upperville to enjoy the excellent rewards they’re offering.

Just A Stone’s Throw From An Iconic 8-acre Lakepark

Nestled in Klang South,
The Tresor @ Gravit8
offers a unique Santorini-inspired living experience. The award-winning residence is beautifully designed with blue domes, a grand Cycladic lobby, and stylish retail stores while facing the lush lakepark, making each day feel like a vacation for its residents.

Offering both serviced apartments and parkhomes afront a Grecian backdrop, The Tresor is a dream come true for those with wanderlust.

Neighbouring The Tresor within Gravit8 lies
Ashino Residences
, an integrated development comprising residential, retail, hotel, and office. This freehold serviced apartment creates the perfect ambiance for relaxation with an extensive 3-acre facility deck equipped with a jacuzzi, swimming pools, and sundecks.

Not only that, residents also get to enjoy a breathtaking view of the iconic 8-acre lakepark. If unwinding is what you’re after, consider making the Ashino your new home.

Now with Ashino Residences recently completed, you have the luxury of moving in immediately to enjoy all the comforts that this development has to offer.

The Perfect Balance Between Nature And City Living

Not everyone can say they live next to a quartz ridge that UNESCO describes as
 a unique natural treasure
. Residents of
Upperville
in 16 Quartz, however, can.

Designed as the perfect upgrade and second home, the low-density condominium boasts magnificent views of green landscapes, clean forest air, and large room sizes for its 3-bedroom units, among others.

Make A Donation For Even More Rebates

Mitraland is also hosting a donation drive to provide assistance to the underprivileged children of Persatuan Rumah Sayangan. To receive a RM1,000 property purchase voucher for The Tresor, Ashino Residences, and Upperville, all you have to do is
make a minimum donation of RM50
 and submit your proof of payment. All donations are to be made directly to Persatuan Rumah Sayangan.

Join The Tik Tok Challenge To Win RM1,000 Cash

On top of the Merdeka Angpows and donation rebates, you can also be rewarded for your creativity on Tik Tok.

The challenge is to
Tell Us You Are Malaysian Without Telling Us You Are Malaysian
. Submit your best entry by 26 September, and if you are among the top five most creative videos, you’ll get to take home RM1,000 in cash.

***

Be sure to secure your choice unit of The Tresor, Ashino Residences, or Upperville soon as #MitralandSimplyMalaysianSimplyUnited contest ends 26 September. For additional rebates and rewards on your exciting new purchase, take part in Mitraland’s donation drive and Tik Tok challenge.

Enjoy HOC 2021 benefits such as free stamp duty if you make your purchase before 31 December 2021.

For further information on Mitraland Simply Malaysian Simply United and the participating projects, you can visit
www.mitraland.com.my/simply-malaysian

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How to Get Your Business Started with a Microloan

Starting your own business takes plenty of thinking and planning as
we’ve covered before
. But once you’ve got that down, the next thing you’ll need is the capital to get your business going. A personal loan or business loan are great places to start, but not everyone can qualify for these.

What if you’re one of the unlucky ones? Then you should know that you don’t have to give up on your dreams yet, because you can still borrow some cash in the form of microloans.

Are These Just Smaller Personal Loans?

Not quite. Microloans are specifically made to assist entrepreneurs with viable business projects who can’t get financing either due to a lack of credit history, collateral, or other reasons. Meaning these loans are made precisely to help small business owners get the money they need for their ventures.

Why Only “Small” Business Owners? My Business is Huge!

Tough luck, then. Because microloans aren’t just given out because the smaller amounts present less of a risk to lenders, they’re also made to help entrepreneurs who are
just starting out
. In fact, there are a number of important conditions your business must meet in order for your business to qualify as a micro enterprise:

Sectors

Annual Sales Turnover OR

Number of Full Time Employees

Manufacturing, Manufacturing-Related Services, & Agro-based Industries

Less than RM250,000 OR

< 5

Services, Primary Agriculture, Information & Communication Technology (ICT)

Less than RM200,000 OR

< 5

Source:
SMEinfo

If your business is not in one of those two industries, have a sales turnover that exceeds the limit, or have 5 or more full time employees, you are
not
 eligible for a microloan.

Okay. Where Can I Apply For These Microloans?

There are 3 financial development institutions that offer this:

Agrobank

Bank Rakyat

Bank Simpanan Nasional

and 7 banking institutions:

Alliance Bank

AmBank

CIMB Bank

Public Bank

Maybank

United Overseas Bank

Bank Muamalat

Source:
Bank Negara Malaysia’s Official Website

Commercial banks might label these microloans as Credit Guarantee Schemes, SME loans, or something comparable. If you want to be doubly sure, participating financial institutions would display the National Micro-finance Logo which looks like this:

What Are the Advantages of Microloans Over a Small Personal Loan?

As we’ve mentioned, these micro-financing schemes are built to aid new small entrepreneurs in starting out their businesses, so there are several features that help make it attractive:

Short disbursement time (about 10 days)

No guarantor needed

Simple application form

No minimum income requirement (you just need a business license)

However, Keep in Mind That…

You can only borrow a relatively small amount (between RM5,000 to RM50,000)

The repayment period can be pretty tight (as little as one month) which can work to your advantage

Interest rate is flat

So don’t give up on your dreams of being your own boss! If your business qualifies for microloans, we suggest you apply for one and get your business going. If your business doesn’t qualify, there are plenty of
other personal loans you can still apply for from our comparison page
. Have anything to say about this article? Share your thoughts with us in the comments section down below.

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How to Financially Prepare Yourself for Nuclear War

We know as much as you do about whether or not
North Korea
 will ever deploy their nuclear armaments, but there’s no harm in being prepared, right?

Even if you think Malaysia might not realistically be affected by nuclear war, knowing how to prepare yourself financially for it can actually bring plenty of benefits even if war never breaks out. This is because the same things that help you sustain yourself financially during wartime are the same things that will keep your finances robust in times of heavy uncertainty.

How Would Nuclear War Affect My Finances?

Let’s imagine a scenario where Malaysia is in a state of war. In such a case, there is a real chance that these things may happen:

You may
lose your job
 because the industry you’re in may not be functioning

Some of your
assets and property
 may be seized and repurposed for public interest

Your businesses
 might have to shut down due to labor forces

The value of
local currency
 might drastically drop

Now that we know this, we can set up some strategies to mitigate the potential damage brought upon by these events and better protect ourselves financially. With the 4 risks above in mind, let’s outline some steps we can take.

Protecting Your Job

It’s reasonable to assume that in the event of war, if you don’t get drafted into the military, at least your current civilian job might not exist in the same form anymore. To prepare for times of extreme uncertainty, you can:

Work towards an
industry that’s robust enough to withstand periods of economic decline
. These would be industries like discount retail, education, technology, jobs in federal government, and healthcare, among others. If you’re already in these industries then you stand a good chance of still being gainfully employed.

If you’re not in these trades, what you can do is
take a look at your current skill set
 and experience to see how these can translate to usefulness during wartime. In fact, if you can afford to do it, it doesn’t hurt to try and shift your career trajectory to one that’s in an industry better suited to weather unpredictability.

Protecting Your Assets

In the event of war, your liquid assets (bank accounts, stocks, bonds, etc) are at risk of becoming majorly devalued, while your real assets (physical items like your house, vehicles, machinery, etc) are at risk of being seized and repurposed for public benefit.

For your bank accounts, you can make sure that they’re
protected under the PDIS (Perbadanan Insurance Deposit Scheme)
 so that the cash there will be insured up to RM250,000 per account.

Your real assets would actually be of good use in these times especially if they have intrinsic value like a vehicle or land property, provided they’re not seized like how we mentioned earlier.

If you want to ensure that your assets don’t devalue too much, what you can do is
transfer some of your investments over to assets like rare coins or gold
 that tend not to depreciate in value. To protect from asset seizure, you can
try to purchase and hold them in another, more stable country
. You can open a bank account, buy property, and even purchase gold and coins outside Malaysia as well. There’s a reason wealthy people keep their liquid assets offshore. Just make sure you read up on the rules on how to do this so you don’t break any
exchange control rules set forth by Bank Negara Malaysia
.

<a href=”
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Protecting Your Business

Unfortunately, if your business is already set up and you can’t position them to
service the recession-resistant industries
 we mentioned above, you may have to take a heavy hit. This means laying off your workers, halting production, or maybe even selling off your capital if things get really bad.

However, there are some things you can do to better fortify your business. For one, you can
take stock of your supply chain and ensure that they’re diversified enough
. That is to say, make sure your sources are spread across different markets in the region so that should one area get severely affected, it won’t impact your pipeline too heavily.

Another thing you may be able to set up is to
register your business in a foreign country
. Doing this can help sequester your business from harmful economic impact within the country. If you keep your overheads low and focus on
keeping your business as lean as possible
, you should be able to survive wartime relatively intact. Owning
fewer specialised equipment or machinery
 is also advantageous since it means you have a better chance of repurposing your current tools to service the fluctuation market needs.

Lowering Your Expenses

You probably won’t be attempting any retail therapy in times of conflict, so it makes sense to also lower your spending elsewhere. One quick and simple thing you should already be doing is to
take care of your health and the health of those under your care
. Having
a sturdy insurance policy or medical card
 on top of being in good health will heavily reduce your medical bills and keep you fit enough to continue doing the work you need to do to sustain yourself.

While all the tips above are context-dependent, they all do follow some important key principles that you can apply to any other part of your finances to remain resilient in times of hardship:

Branch Out
. Spreading out your assets so it extends beyond national borders doesn’t just help hedge against currency fluctuations, it also helps protect your property from being damaged or used for war.

Be Flexible
. Having several different options when it comes to your businesses, career choices, and investments means your risk is spread out more and the chances of one point of failure ruining everything for you are minimised.

Be Prepared
. Building solid financial foundations like a healthy investment portfolio, insurance policies, and emergency funds means even if you do get knocked off your feet, you have a thick fiscal cushion to break your fall.

We hope these tips have enlightened you on how you can make your finances more resistant to heavy changes. Who knows? You might even survive a potential nuclear war unscathed. Do you have anything to add to this article? Do share your thoughts and ideas with us in the comments section down below!

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Ahmad Mudhakkir

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Treasury Sec-Gen: Govt Considering Lower Electricity Subsidy For High-Income Households In 2H23

(Image: The Edge Markets)

The Ministry of Finance (MOF) is considering providing lower electricity subsidy for high-income households in the second half of 2023 (2H23), said Treasury secretary-general Datuk Johan Mahmood Merican. This is as the government continues to carry out its subsidy rationalisation plan.

“Perhaps in the second half of the year, we would certainly moot, for example, high-income households not to be subsidised as much, probably we have to sequence it (the subsidies),” said Datuk Johan during a post-budget forum, adding that this is in line with the government’s expectation for high-income earners to also contribute to the poor, instead of relying solely on the government to do so.

Additionally, Datuk Johan revealed some key data from MOF to justify why the government is considering such a step, noting that domestic electricity subsidy amounted to RM4.9 billion just for the first quarter of 2023 (1Q23) – well above the RM2.3 billion spent during the second quarter of 2022 (2Q22).

(Image: Malay Mail/Yusof Mat Isa)

Of the RM4.9 billion electric subsidy expense recorded, 13.1% (equivalent to RM1.95 billion) was used by households that consumed more than 600 kilowatt hour (kWh). In comparison, households that used between 300 kWh to 600 kWh received 12.7% (RM1.89 billion) of the subsidy, whereas those who consumed less than 300 kWh took up 7.1% (RM1.06 billion).

The table below further summarises other data points that were also shared by Datuk Johan:

Domestic consumers (electricity)
Power consumption
1Q23 subsidy amount
Average electricity bill per month
Domestic A
Households that consume <300kWh
RM1.06 billion
RM77
Domestic B
Households that consume between 300kWh to 600kWh
RM1.89 billion
RM77 to RM220
Domestic C
Households that consume >600kWh
RM1.95 billion
More than RM230

“The group that are billed RM230 and above, they are only about 900,000 of the domestic users, but you notice that they consumed almost RM2 billion of the subsidy. Meanwhile, the vast majority of our population, under Domestic A, numbers about 4.6 million people, but they have less than half of the subsidy,” Datuk Johan pointed out, noting that this is why the government feels the necessity to reduce electricity subsidy for the rich.

Similarly, Datuk Johan noted a similar trend for electricity subsidy meant for companies as well. He said that electricity subsidy for companies in 1Q23 is expected to come up to RM10 billion, with around 100,000 big companies taking up over RM6.5 billion, while approximately 1.6 million small and medium enterprises (SMEs) consuming about RM3.5 billion.

“The big companies and the top domestic users…so 10% of the population consumes 50% of the electricity subsidy. And a very similar matrix applies for petrol (subsidies),” Datuk Johan commented. That said, the government has already begun to implement a targeted electricity subsidy mechanic for non-domestic consumers, where medium and high-voltage (MV and HV) non-domestic users are currently required to pay
a surcharge of 20 sen/kWh
. Meanwhile, farmers and animal breeders, as well as lower voltage (LV) non-domestic users – such as micro businesses and small and medium enterprises (SMEs and MSMEs) – will be charged the existing 3.7 sen/kWh surcharge.

Datuk Johan further shared that the government has set aside RM6.8 billion for electricity subsidy in the re-tabled Budget 2023, but the total expenditure for electricity subsidy in 2022 came up to RM9.8 billion. As such, he stressed that certain steps must be taken to ensure that the government can keep to its budget allocation for electricity subsidy.

(Source:
The Edge Markets
)

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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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Public Bank To Charge Customers For Using Cash and Cheques For Card And Loan Repayment

(Image: Wonderlist Property)

Public Bank has recently announced that it will impose fees on any loan and credit card repayment using cash and cheques starting April 2019.

In an announcement on Public Bank’s website, customers who repay their credit card balance or loans over the counter will be required to pay a RM2.00 fee for each transaction. In addition, customers will be charged RM0.50 for every transaction performed at the following:

Cash Deposit Terminal,

Cash Recycling Machine, and

Cheque Deposit Machine.

Customers are encouraged to use the following list of services which are free of charge:

Standing Instruction with the Account Holding branch,

The bank’s ATM,

Online and mobile banking services (PBe or PB engage) such as Instant Fund Transfer and Interbank Giro.

However, Public Bank will waive the fees for senior citizens, the disabled and customers who do not have access to a current or savings account with the bank.

The announcement, like
the removal of the instant fund transfer fee by all the banks in Malaysia on 1 July
 , is another an example of banks encouraging its customers to utilise mobile banking and embrace cashless transactions.

(Source:
Public Bank
)

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Hong Leong Mach‘s ‘Third Way’ reviewed – a new way to shop?

Since its launch in mid-2012, Hong Leong Mach has been introduced some interesting products such as the
Hong Leong Mach Visa
. We recently came across another new product from Mach, the “Third Way of shopping
”.
This is basically a combination of Mach’s Money Box and Dream Jar savings accounts that provides a novel way to save up for things you want.

Just like everyone out there, I have things that I want but due to other commitments, practicality or just plain inertia when it comes to savings; many of us, myself included, don’t often get to achieve the little dreams we set out to. Whether it’s an iPhone 5 or a trip to Paris, the Dream Jar and Third Way offer a new way to save and shop.

What is the Third Way of Shopping?

The concept is simple. You want something that costs a lot but you don’t have the cash. You think of turning to your credit card but don’t want the pain of debt hanging over you.

The
Third Way
 makes you save for it.

You start by picking a ‘goal’ from the list of deals on the
Third Way site
. Then you set the timeline within which you’d like to achieve it, open a Money Box account and a Dream Jar account and start saving. The Money Box is a current account without the chequebook service which will auto-debit fixed amounts to your Dream Jar account as agreed based on the timeline for achieving your goal. Not only will you receive a 2% (p.a.) interest on the amount in your accounts, but you’ll also receive a RM2 for every RM500 reached as a cash incentive to hit your target.

The Mechanics

Here’s a short list of what you need to know:

To start a Dream Jar account, you will have to open a Money Box current account. The Money Box account requires a minimum RM200 deposit to start and you then get to choose between a 1.8% p.a. interest rate or free Interbank Giro transactions (up to 15 a month with a minimum remaining balance of RM1000 at all times).

Once you have a Money Box account, open a Dream Jar account for each goal (you can open up to five Dream Jar accounts).

Set the timeline of your goal from 6-18 months.

Start with a deposit as low as RM50 into your Dream Jar account. Subsequent set amounts will be calculated and auto-debited from your Money Box into your Dream Jar account.

Save and reach your goal.

Example of calculations: To own a Samsung Galaxy S4: RRP RM2249, chosen savings over 12 months = RM2249/12, or RM187.42 per month. This amount will be auto-debited from your Money Box account into your Dream Jar account every month.

Each Dream Jar account balance will earn 2% p.a. in interest.

Is it just another savings account?

The auto-debiting, planned fixed amounts and incentive features of the Dream Jar account are definitely an interesting way to automate your savings habit. There are many savings and FD accounts in the market with better interest rates but none of them offer the extra ‘nudge’. If you are keen to start saving up rather than buying on credit then you may want to consider it. However, even with the auto-debiting you will still need to stay disciplined to reach your goals and enjoy the rewards.

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20% Off Dim Sums with AmBank credit cards

Foodies and dim sum lovers can make a brunch date at Restaurant Chef Choi and go all out on dim sums because AmBank is giving all customers a
20% off
 when they charge their food bill on their AmBank credit card.

This promotion is only valid for dine-ins with a minimum spend of RM100 on a single receipt and applicable to orders from the ala carte menu and dim sums. Offer is not valid with other on-going promotions and discounts.

For more details please read the
Terms & Conditions
 page.

Find the right AmBank credit card for you at
RinggitPlus.com
.

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Shopee Helped Boost Digital Economy With Its 11.11 Big Sale Event

Shopee revealed that it has made a substantial impact with its 11.11 Big Sale this year, which is in line with the e-commerce platform’s vision to make online shopping for everyone.

In a statement, Shopee said that it saw a robust sale momentum throughout the day of the event, uplifting businesses in its seven markets within the Asian region. This includes Malaysia, Singapore, Indonesia, Thailand, Vietnam, Philippines, and Taiwan. In fact, sellers across the region who participated in the 11.11 Big Sale for the first time saw 10 times more orders than an average day.

Collectively, consumers in the region also watched more than 20 million hours of live streams on Shopee Live, and played Shopee’s in-app games more than 2.5 billion times.

In Malaysia, the 11.11 Big Sale also created a spike in shopping activity as Malaysians look for the best deals from sellers on Shopee while enjoying greater convenience. Some key trends to take note of include:

Strong demand in major states, such as Selangor, Kuala Lumpur, and Johor. For instance, 650,000 items were sold in an hour in Selangor at the peak of 11 November.

Malaysians will purchase their household needs from Shopee as they continue to stay at home to help combat the spread of Covid-19. Among the favourite purchases of Malaysians include detergent, hand sanitisers, disinfectant, smart robot vacuum cleaners, and home improvement tools.

There is a growing confidence in online shopping, with one Shopee user spending as much RM70,000 in a single transaction within the first eight hour of the 11.11 Big Sale event.

On top of these trends, Shopee said that the surge in shopping activity on 11 November also created tangible growth for local businesses. Of note, the top 3,000 Malaysian micro SMEs on Shopee managed to achieve an average of RM55,000 in sales from the online event.

(Image: The Edge Markets)

According to the regional managing director of Shopee, Ian Ho, the success of the 11.11 Big Sale reflects the continued growth of e-commerce in the region and the vast opportunities it presents for businesses and shoppers. “Shopping events such as the 11.11 Big Sale have also allowed us to push the boundaries of innovation, introducing new features and initiatives to empower and enable brands, retailers and sellers as they kick into high gear for recovery in this current economic climate,” he said.

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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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All Outstanding AES Summonses Since 2012 Written Off

Transport Minister Anthony Loke has announced that all outstanding summonses issued under the Automated Enforcement System (AES) will be cleared, as operation of the system will be handled by the Road Transport Department (JPJ).

As of May 2018, there are a total of 3.1 million unpaid AES summonses, which could be worth up to RM430 million. However, the government has decided to wipe out all issued summonses after it chose not to renew the concession agreement with the current operator of the AES, Irat Properties (a subsidiary of Lembaga Tabung Angkatan Tentera (LTAT)).

Loke stressed that “this is a one-off” move. “There will not be any more such offers or discounts”, he added, before announcing that all AES operations will be taken over by JPJ from 1 September 2018. “This means that the operations of the speed cameras, the taking of photos, the issuances, of summonses and such will be done by JPJ.”

(Image: Media Permata)

The AES was largely considered a nuisance by drivers, as the implementation of the system was deemed to incentivise the issuing of summonses. “Because the payment system to these two companies are lopsided, it received a public backlash.” Loke said that back in 2012 when AES was implemented, for every summon that was issued, RM16 was paid out to the operators, Beta Tegap Sdn Bhd and ATES Sdn Bhd.

As for those who have already paid their summonses – or only 18% or 690,000 summonses of the total issued – Loke had bad news: there will be no refunds given. “To those who have paid, I would like to say thank you and sorry at the same time.”

(Source:
The Star
, featured image: The Malay Mail)

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

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How To Save on Interest for Credit Cards and Loans

Interest rates are sneaky, if you’re not careful and vigilant about your payments, it can creep up from behind and incapacitate your finances when you least expect it. That is why if you want to minimise your debt, you should first look for ways to save by reducing interest payments on credit card and loans.

Here are some strategies you can use to significantly cut down on your interests – be it for your credit cards or loans.

Ask for a Lower Interest Rate

Few cardholders are aware of this, but you can call your credit card provider to request for a lower interest rate. Of course, the approval is subject to their discretion, but they’re usually more amenable to your request if you’re a long-term customer and have a good payment record (which means you’ve never missed a payment).

You’ll need to do a little research first; find out what the other credit card providers are offering and compare their interest rates and features against your current card. You should also check what your current provider is offering to new customers for the exact same card.

If they are reluctant to grant you your request, tell them politely that you’ve received several interesting offers from other credit card providers, and ask if they’re willing to match the offers you’ve received to retain you as a customer.

More often than not, credit card providers will be more than happy to approve your request if you meet all their requirements. Besides, you’ll never know unless you try.

Tip:
 Before applying for a new credit card or loan, check your credit record with CCRIS and CTOS. If you have a good credit score, you can use that as leverage to request a lower interest rate.

Always Pay More than the Minimum Amount

Paying the bare minimum (usually 5% of your total outstanding amount) is exactly what the banks want you to do because the
credit card interest rate
 will constantly add up to your outstanding amount and will eventually snowball into a much larger sum than the initial debt owed.

You may think the small minimum amount is more affordable, but what you’re actually doing is paying for the accrued interest.

Instead, bite the bullet and make it a point to pay at least double the minimum amount – that is, if you can’t pay the full amount owed. If you think it’s beyond your budget, analyse your expenses and trim where necessary. Read our
money saving tips
 for ideas if you’re not sure how you should start.

Repay Your Outstanding Amounts with Savings

Whether it’s a credit card or a loan outstanding, make it a point to pay it off as soon as you can if you have savings in your bank account. While it’s a no-brainer for credit card outstanding amounts, it’s an idea that you should consider for your loans as well.

Most personal loans charge an early settlement fee of 1% to 3% of your total outstanding amount if you make a full settlement before the end of the loan term.

But the early settlement fee is much less than the total amount of interest you will pay if you stick to the entire loan duration. You can calculate your total interest with a simple calculation formula:

Interest = Principal x Interest Rate x Tenure

For example:

Principal amount:
 RM20,000

Interest rate:
 8% (flat rate)

Loan tenure:
 48 months (4 years)

Total interest
 = RM20,000 x 0.08 x 4 =
RM6,400

Take note that this calculation formula does not include any compounding interest or other costs that may be charged on the principal loan amount.

Here’s how much you would save if you choose to make a full settlement in the second half of the loan tenure:

Loan outstanding amount:
 RM10,000

Remaining tenure:
 24 months (2 years)

Total interest for 2 years:
 RM3,200

Early settlement fee:
 3% of total outstanding amount (0.03 x RM10,000 =
RM300
)

Amount saved by making full settlement:

RM2,900

Notwithstanding any other costs that might be incurred on your principal loan, the calculation above shows that you’ll save more by paying off your loan in full when you have the funds to do so.

Tip:
 Ask your lender if they can waive off the early settlement fee before you make the full payment. Some lenders allow the fee waiver if full settlement is done after the second half of your loan tenure.

Consolidate Your Debt under One Loan

If you have too many credit card debts and loans and is struggling to keep up with the payments, you can apply for a debt consolidation loan with a lower interest rate and merge all of your debts under the one loan.

By consolidating your debts under a debt consolidation loan, you only need to pay for one monthly payment as opposed to several at once. The aim is to pay off your debt faster while saving your cash from paying interests, so you can focus on rebuilding your finances without too many distractions.

For this to work, your debt consolidation loan should have a lower interest rate than your existing credit card or loan’s interest rate. Also, be sure to shop around for the lowest interest rate before you apply for a debt consolidation loan.

If you’re not sure which loan to choose,
Citibank Personal Loan
 is tailored to help you consolidate your debts for easy management. At 6.5% flat interest rate per annum, it’s also one of the most affordable personal loans in the market with repayment tenure of up to 60 months!

Learn more about Citibank Personal Loans on
RinggitPlus
 today!

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5 Awesome Time Fillers for Unemployed Fresh Grads

Being unemployed sucks. Ask anybody. You end up staring at walls, watching reruns of
How I met Your Mother
 on your laptop, or annoying your mom for most of the day. The same question will be asked numerous times a month from
kepoh
 relatives and some genuine loved ones: “What are you going to do ah?”

It is all pretty much the same; recently graduated from a way too expensive course, but no luck in the job department despite the college/university’s pre-sign up promises of lucrative jobs post graduation. The problem is apparently
more common than people realise with approximately 53,000 unemployed grads recorded last year
.

If you are unfortunately banished from taking a ride on the
Gravy Train
; here are some suggestions to hopefully get you on board in no time.

1. Crash Some Parties!

Dress up, ladies and gentlemen; it’s time to look the part. You might find yourself a tad confused at the suggestion of partying when your employment chips are down but I’m not talking about dance clubs or a bar hopping night.

I’m talking about going to events that are not only attended by influential people, but also successful personas in an age-old business activity known as; networking. This will give a you a chance to engage with people who have made it to the top. Pick their brains, exchange numbers and totally hang-out with the
creme de la creme
 of the industry you’re in (who knows they might give you a job).

Easier said than done, though. First you might have to find the right party to crash. Apart from your twitter and Facebook feed, you might want to try
Eventbrite Malaysia
 where you can choose from numerous events ranging from charity runs, entertainment, social causes and even economic forums!

Here is the most awesome part: these events is mostly free and in-need of public attendance! Cool huh? So crash some parties, enjoy some free-drinks and make the right friends for your future. You’ll love it.

2. Start a Professional Blog

Wait, this is not as simple as it sounds. Though, it is totally cool to have some place you can pour your thoughts; you want to have a plan so that your blog will not read (or look) like a diary of a 10 year old.

For someone who is looking to impress a prospective employer or client; a blog is a free way to show the world what you can do especially in the area of design and writing. Use infographics, put up some videos and pictures to spice things up.

After creating your blogging masterpiece, you need to promote the blog. You can do it through social media, forums or just any online platform. Get your friends in to help by asking them to share.

The most important thing is to consider the Aristotle means of appeal and persuasion; ‘Ethos’ which is the appeal to credibility and trust; ‘Pathos’ which is the appeal to emotion; and ‘Logos’ which is the appeal to logic and reason.

3. Volunteer

Why not do something to give back to the community? There are numerous non-governmental organisations that offer volunteering projects in need of man-power in Malaysia. All you have to do is look for something that is close to your home and offers the opportunity to do what you like.

For instance, if you love children, you can volunteer at the orphanage or schools to teach certain subjects. If you love community work, you can look into the soup-kitchen websites such as
Pertiwi
,
Dapur Jalanan
 and
Kechara Soup Kitchen
 that offer food for the homeless.

By doing volunteer work, you will have a chance to not only make a difference to the selected cause but also beef up your resume, experience level and engage with experienced activists to change your worldview.

*A volunteer talks to a resident at an old folk’s home
from The Star Newspaper
.

4. Take a Class

The need of the current economy is for future workers to not only adapt to the the ever-changing world, but also possess a sustainable set of skills and knowledge that can be utilised in the future.

Hence, if you are unemployed and considering to market yourself better to prospective employers, try taking some extra classes or courses to better your chances of getting ahead of the competition. This can be anything from short courses on languages to technical skills or educational discourse.

Wouldn’t it be cool to have French as your third language; the ability to Code or perhaps knowledge about a particular specialised area of study? Future clients and employers will see you as a versatile and progressive person, hence increasing the chances of getting hired.

5. Be Your Own Boss

Nothing sounds cooler than being your own boss. By starting a business, you will learn to develop your own product or services, marketing your business and building your very own empire. From there you may attract talent from all over Malaysia to be part of your little project. But do remember that going it alone requires a good dose of smarts; and some capital doesn’t hurt.

You can start small to test waters and see how well your product or service does before expanding. The benefit of small initiatives is that you’re always able to go back to working for a company without much loss should your endevour not do as well as you’d like.

To conduct a business, you will need a certain level of dedication, and hard work. Even in the event of failure; these will be valuable traits to have in future work life.

These are just some of the things you can do when stuck in the rut of unemployment. Hopefully, these initiatives also help you find that dream job faster. Good luck!

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Yasier Mahayudin

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How GoPayz Is More Than Just Another E-Wallet

As the use of e-wallets become increasingly ingrained within our daily lives, one thing becomes clear: consumers do not just want another mobile payment app taking up precious storage space on their phones. Can an e-wallet app do more than just pay for things? If so, how can it improve the lives of its users?

U Mobile’s new e-wallet, GoPayz, aims to fill that gap. It doesn’t just offer a comprehensive mobile payment solution; U Mobile goes further by designing GoPayz to be a lifestyle companion app.

Accepted Basically Everywhere, Even Overseas

An e-wallet lives and dies by its acceptance rate. There’s no point having one e-wallet app to pay for this dining spot and another just for a specific café, right?
GoPayz
 was built from the ground up with the goal of “universal acceptance”, where one payment solution can be used virtually anywhere. Besides QR-based transactions, GoPayz comes with optional Visa, Mastercard, and UnionPay physical card options which means you can even use GoPayz overseas, setting GoPayz apart from most of the other e-wallets in Malaysia.

Making GoPayz universally acceptable is really useful especially when GoPayz offers rewards points for transactions made with the e-wallet, allowing you to redeem additional rewards. GoPayz even has “surprise rewards” when you make certain transactions!

Insurance That’s Cheaper Than Bubble Tea

Besides universal acceptance, GoPayz aims to differentiate itself further with another unique feature. GoPayz is the first e-wallet to allow its users to purchase micro-insurance policies directly from the app. GoPayz offers extremely affordable life insurance policies that start from just RM13 a month – almost the same price as a fancy cup of bubble tea or barrista-brewed coffee!

U Mobile’s GoLife Plus micro-life insurance policies are an affordable option to offer Malaysians some financial protection should an unfortunate incident leave you permanently disabled – or worse. You can purchase a GoLife Plus micro-insurance policy directly from GoPayz. Here’s a quick overview of the coverage provided by the micro-insurance plan:

GoLife Plus

Monthly premium

RM13

Death/TPD due to all causes

RM38,000

Death/TPD due to specified infectious diseases (Dengue fever, Chikungunya fever, Malaria, Japanese Encephalitis, Avian Influenza, Zika virus)

RM76,000

Gone are the days when insurance policies were expensive and always came with high coverage. For about the same amount you’d spend at your local mamak, you would be providing yourself and your loved ones with some basic financial protection if something happened to you.

An E-Wallet That Helps You Invest

If that sounds counter-intuitive, check out GoPayz and its feature of letting you seamlessly grow your wealth. GoPayz users can easily invest in funds offered by

FSMOne
, the country’s largest online unit trust marketplace. Pick and choose from hundreds of unit trust funds with a variety of risk levels, and let your hard-earned cash grow.

No time, or not sure which to choose? FSMOne has its own range of managed portfolios that requires you to only choose your risk appetite (from Conservative to Aggressive), and between Conventional and Islamic portfolios.

More Than Just An E-Wallet

With GoPayz, U Mobile set out to create more than just an e-wallet. With a keen understanding of the needs of today’s youths, GoPayz is designed to be an app that can do it all – from paying for everyday essentials, securing yourself with insurance, and even a trusty travel app.

Of course, GoPayz wasn’t designed to just cater to urban Malaysians, but to those who previously did not have access to conventional banking facilities. With GoPayz, this underbanked community will now have the ability to shop online and a place to store physical cash securely – all without the need of a bank account.

Download GoPayz today
 and check out how much you can do with this app.

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    Kam

    3 years ago

physical card should be free.

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EPF Dividend Rate For 2019 Is 5.45% For Conventional, 5% For Shariah

The Employees Provident Fund (EPF) has declared the dividend payouts for its members at 5.45% for conventional and 5% for its Simpanan Syariah fund. For the conventional fund, the rate is the lowest since 2008, where the dividend was just 4.5%.

Citing a “challenging 2019” which saw plenty of events that affected the global and domestic markets, the EPF maintained that the 5.45% rate is a “solid performance”, and reiterated that it is 2.95% above the mandate set in the EPF Act 1991, which requires it to declare at least 2.5% in dividends every year.

“As anticipated, we saw substantially more volatility in 2019 as compared to 2018. Certainly 2019 exemplified what it means to be living in a VUCA (Volatility, Uncertainty, Complexity, Ambiguity) world. Many issues in the global markets remained unresolved, but we also saw some new issues cropping up. There were three rate cuts made by the US Federal Reserve, the US-China trade spat escalated and continues to be unresolved, and there were uncertainties surrounding the Brexit negotiations. On top of this, we did not expect the Hong Kong protests to be prolonged and that certainly added pressure on an already fragile far-east market,” Chief EPF Officer Alizakri Alias said.

A stagnant domestic market was also a big factor. “In addition, the domestic markets did not support the income-generating capabilities of the EPF as 70% of the fund’s assets are in Malaysia, with a major part of our assets in domestic equities,” Alizakri added.

Overall, the EPF’s investment income from equities in 2019 dropped 24% from 2018, at RM21.49 billion from RM26.66 billion in 2018. Equities remained the biggest income contributor for the fund, at 47%, with fixed income instruments contributing a further 43%. Real Estate & Infrastructure (6%) and Money Market Instruments (4%) make up the rest of the income.

Many were expecting a lower EPF dividend payout for 2019, given the volatile global market conditions last year. This was intensified when
PNB announced a 5.5% payout for its historically-resilient Amanah Saham Bumiputera (ASB) for 2019
. Since 2008, there have only been
four occasions when the EPF dividend has dropped below 6%
: 2008 (4.5%), 2009 (5.65%), 2010 (5.8%), and 2016 (5.7%).

The EPF is already bracing for another difficult year ahead. “We expect that 2020 is going to be just as or even more challenging than 2019, with the full impact of the COVID-19 virus likely to drag down already soft global growth. The US-China trade war still sees no signs of ending, among other risks to economic recovery. We hope that the domestic markets will be resilient, especially in light of the soon-to-be-announced government stimulus package which should help support investor and consumer sentiment,” Alizakri said.

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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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Take a divine snooze on a Heavenly Bed® with this sumptuous deal from UOB

Sleep on a bed fit for the Gods with help from your UOB Debit or Credit card. Get a 25% discount on full packages of the Westin’s Heavenly Bed® when you pay with your UOB Debit or Credit Card.

Just place your order using the form available
here
, and wait just 14 days to partake of some divinely inspired rest, which will be delivered to your doorstep.

Promotion ends 31 May 2013 and is dependent on availability of stocks.

For enquiries, please contact the Westin, Kuala Lumpur customer service centra at 03-2731 8333.
Terms and Conditions
 apply.

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Diana Chai

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RinggitPlus Ties Up Strategic Partnership With Robo-Advisory Platform, MYTHEO

RinggitPlus has announced that it has added another strategic partner, this time with MYTHEO, a digital investment management platform to drive and promote the adoption of robo-advisor services.

MYTHEO is a Malaysian robo-advisor that was built to be different from the others. It was derived from Money Design, the pioneer and most successful robo-advisor “THEO” in Japan. Silverlake Digital INX and Money Design formed a joint venture in Malaysia called GAX MD, which created MYTHEO to offer automated discretionary portfolio management services to investors. MYTHEO has been in operation since 2019 after being granted the Capital Markets Services License by the Securities Commission Malaysia (SC).

Ronnie Tan, CEO and Managing Director of MYTHEO said, “We are proud to offer a wide array of ETFs and portfolio customisation. We believe in creating a tailored experience for every distinguished customer. This means we would be able to cater your every need when it comes to diversifying in multiple asset classes and countries. On behalf of MYTHEO, we are extremely grateful to announce our strategic collaboration with RinggitPlus to provide an opportunity to the community by providing value and inclusiveness well beyond pricing.”

MYTHEO uses a proprietary algorithm developed by Money Design which generates optimised portfolios for each investor based on their profile, individual income, and risk appetite. Its investing universe consists of 60 exchange-traded funds (ETFs) that includes over 10,000 underlying securities, making MYTHEO the robo-advisor with the most diverse offerings and range of asset classes in Malaysia.

What’s unique with MYTHEO is its “Omakase” style approach with its dynamic portfolio allocation, which has up to 231 combinations. From the set of questions during the registration process, MYTHEO will recommend a personalised portfolio that comprises a ratio of its three functional portfolios: Inflation Hedge, Income, and Growth. As such, each MYTHEO client will have a unique investment portfolio that is tailored to their risk appetite, investment goals, and preferences. This personalised digital solution offers ease of mind by helping users manage the nitty-gritties of investment in a data-driven manner.

Meanwhile, sophisticated investors can also tweak their portfolios if they wish to do so, especially since MYTHEO’s ETF universe covers five geographical regions: North America, South America, Europe, Africa, and Asia Pacific. Finally, each of MYTHEO’s three functional portfolios are back-tested for performance and better optimisation.

“MYTHEO brings a refreshingly different approach to robo-advisory platforms, giving investors plenty of flexibility when it comes to their investment decisions. I’m excited to be able to collaborate with MYTHEO and offer benefits to our community,” said Hann Liew, Co-Founder and Director of RinggitPlus.

Thanks to
our partnership with MYTHEO
, new customers who sign up from now until 31 December 2021 can enjoy a 3-month management fee waiver from the date of approved initial deposit. Simply enter the referral code “MYTHEORP” when you
register via this link
 to enjoy this promotion.

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Securities Commission Malaysia

Silverlake Digital INX

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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Celebrate Raya With A New LG OLED TV, Experience Double Joy With Exciting Rewards

With Syawal just right around the corner, many of us will be planning our trips back to our hometowns to spend the festive season with family and friends. On the days leading up to Hari Raya, families tend to gather to prepare money packets, cook
rendang
for hours, weave
ketupat
, hang festive lights, and socialise with one another.

Besides shopping for new
baju raya
, it’s also common practice to refresh our home in case we have surprise guests and it also helps with setting the Raya mood. This festive season, you could experience a cinematic and immersive experience with your friends and family when you upgrade to the LG OLED TV. On top of that, you’ll also take home exciting gifts when you make your purchase before 4th June.

Before that, let’s explore what makes LG OLED TVs a worthy upgrade:

Immersive, Captivating Visuals

OLED, which stands for organic light-emitting diode, simply implies that it has the extraordinary ability to produce colour and light on its own. They are self-emitting, unlike conventional TVs, and don’t need a separate backlight, which greatly reduces the issue of light leakage and halo. This creates a delightful viewing experience that delivers crisp contrast, impeccable details, sharpness, and colour accuracy.

Some of LG’s OLED TVs come with the α9 Gen5 AI Processor, which runs unique algorithms to deliver a brighter picture of *up to 30%, resulting in sharper, more realistic visuals with superior light efficiency.

*Brightness Booster Max is only available on G2 models.

True Cinema Experience

Besides its crisp visuals, the TVs also come with Dolby Vision IQ which intelligently adjusts picture settings based on content genre and ambient surroundings. At the same time, users will get to enjoy multi-dimensional surround sound delivered by Dolby Atmos. This powerful combination makes for an outstanding cinematic experience.

Swift Response, Comfortable Viewing & Slim Design

Not only are LG OLED TVs great for watching your favourite content, its near-instantaneous response time makes gaming immersive and smooth thanks to NVIDIA G-SYNC & AMD FreeSync™ Premium. The super fast graphics doesn’t just make gaming feel more lifelike, it could also help you score your victories in-game.

In the past, you may have experienced dry or strained eyes after a TV marathon. You won’t have to worry about that with an LG OLED TV as it emits a non-harmful amount of blue light and is Flicker Free certified by Underwriter Laboratories (UL) for removing screen flashes that cause eye strain.

*LG OLED TV panels have been certified as flicker-free and discomfort glare-free by UL

In terms of how they look, the LG OLED TVs are designed to be sleek and slim. It can complement the interior of just about any home. They come in a variety of sizes, ranging from 48 inches all the way up to 83 inches.

Smart User Experience

On top of its impressive visual abilities, LG OLED TVs also offer an array of smart features such as:

Magic Remote
: Search for your favourite content and launch apps quickly via voice command. Point, click, and scroll to easily search for content with the on-screen cursor.

WebOS 23-Features:
 Experience an all-new redesigned user interface (UI) that provides plenty of room for customisation and convenience. The new Quick Cards allow category grouping such as Home Office, Gaming, Music, and Sports so you can access those that you frequently use faster and easier.

LG ThinQ
: Use the LG ThinQ app to effortlessly control your TV. You could use voice command feature or the on-screen remote to conveniently and seamlessly control your TV.

Experience Double The Joy With Exciting Rewards When You Upgrade To LG OLED TVs

What better way to compliment your brand new, stunning OLED TV, than with an audio device that promises rich sounds?

Take home a FREE LG XBOOM 360 RP4 Portable Speaker worth RM2,199 when you purchase selected  OLED TVs from 4 April to 4 June 2023.

The LG XBOOM 360 RP4 Portable Speaker delivers 360⁰ omnidirectional sound from one source as well as 360⁰ ambient lighting. Pick from a variety of lighting options to suit your mood!

What’s better than one gift? Two, of course! Aside from taking home the LG XBOOM 360 RP4 Speaker, you’ll also be rewarded with up to RM2,000 Touch ‘n Go eWallet Credit!

Upgrade to the LG OLED TVs now so you can experience Double The Joy this Raya. Watch your favourite festive films on a cinematic and immersive new TV with your loved ones.

Click here to purchase your very own LG OLED TV.

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Budget 2019: BR1M Renamed As Bantuan Sara Hidup; Offers Cash Assistance For B40 Households

The new Malaysian government will continue the cash grant program from the previous administration as a means of assisting the B40 households.

Besides the change in the programme’s name – BR1M is now known as Bantuan Sara Hidup – the conditions in which the grants are distributed is a major difference between the two. Bantuan Sara Hidup’s cash grant tiers are different compared to BR1M. Here’s a comparison between the two:

BR1M 2018

Bantuan Sara Hidup

Household income < RM1,000

RM1,200

N/A

Household income < RM2,000

N/A

RM1,000

Household income < RM3,000

RM900

RM750

Household income < RM4,000

N/A

RM500

Singles above 21 earning < RM2,000

RM450

N/A

Senior citizens

RM1,000

N/A

Children below 18/disabled

N/A

RM120 per child (up to maximum of 4 children)

In theory, the total grant for a family with a household income below RM2,000 a month with four children below 18 years old will add up to RM1,480, which is higher than the existing BR1M distribution structure. In total, the allocation for Bantuan Sara Hidup is RM5 billion, and will benefit 4.1 million households.

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

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Standard Chartered Revises Liverpool FC Cashback Credit Card To 1% Cashback Rate

Standard Chartered has made a major revision to the cashback benefits of its Liverpool FC Cashback Credit Card. Effective 1 February 2021, you will earn
1% cashback on all retail purchases capped at RM50
 instead of the previous tiered cashback rates that goes up to 5%.

In its current version, the Liverpool FC Cashback Credit Card has three cashback tiers based on your monthly expenditure. Spending below RM1,000 would yield 0.2% cashback (capped at RM2), expenditure between RM1,000 – RM1,999.99 garners 2% cashback (capped at RM20), and spending RM2,000 and above would offer 5% cashback capped at RM50.

You can compare the benefits of the Liverpool FC Cashback card before and after the revision in the table below.

Retail spend per month

Cashback

Cashback cap per month

Before 1 February 2021

RM0 – RM999.99

RM1,000 – RM1,999.99

RM2,000 and above

0.2%

2%

5%

RM2

RM20

RM50

After 1 February 2021

Any amount

1%

RM50

For Liverpool FC Cashback users who are used to remaining around the middle or highest tier of spending, the new revision will certainly see a drop in their cashback earnings given the lower 1% rate offered. In offering the new flat rate of cashback for all retail spending regardless of minimum spend, the new Liverpool FC Cashback Credit Card offers almost identical benefits to
Maybank’s FC Barcelona Visa Signature
, which also gives 1% cashback capped at RM50 each month.

The rest of the features of the Liverpool FC Cashback Credit Card remain exactly the same. Petrol and insurance transactions are not applicable for cashback under this credit card, along with transactions made to charities, government bodies, and other common exclusions. However, you will earn cashback for topping up selected e-wallets. The annual fee also remains the same at RM175 per annum, waived only for the first year.

Standard Chartered had
previously revised the benefits
 of the Liverpool FC Cashback relatively recently in January 2020, although not in such a major way. Alongside this latest change to the
Liverpool FC Cashback Credit Card
, the bank has also revised the
Standard Chartered JustOne Platinum Mastercard
 and you can
find out more about the revision here
.

(Source:
Standard Chartered
)

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Jaya Grocer And Mydin USJ 1 Open Earlier For Senior Citizens To Shop

(Image: Malay Mail)

Two Malaysian supermarket chains have introduced special opening hours that are catered specifically for senior citizens. Both Mydin and Jaya Grocer made the announcements following the government’s recent enforcement of a nationwide movement restriction order to curb the spread of the Covid-19 pandemic.

Starting from 18 March 2020 onwards, Mydin USJ 1 will open at 7.30 a.m. instead of the usual 8.00 a.m. for senior citizens and disabled people so that they can shop in a less crowded environment. The supermarket chain will also have cashier counters dedicated to assisting them, along with staff members to help them move their items.

“(This is) exclusively for senior citizens and the disabled. We know they are the most vulnerable during these difficult times so let’s give them the time and space to shop,” said the managing director of Mydin, Ameer Ali Mydin.

(Image: Free Malaysia Today)

Jaya Grocer, too, announced that its outlets will open half an hour earlier so that they can specifically serve senior citizens.

“We are introducing special opening hours from 9.30 a.m. to 10 a.m. at participating outlets for elderly customers (60s and above) and their caretakers. This initiative is to ensure those in need can shop for their daily needs in a safe and worry-free environment,” said the supermarket chain in a statement.

The movement restriction order that was imposed across the country will last for two weeks, starting from 18 March 2020 until 31 March 2020. It will not affect supermarkets, grocery stores, stores selling basic necessities, and
food delivery services like Grab
.

(Source:
Malay Mail
,
SAYS
)

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

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EPF To Launch ESG-Focused Savings Option For Members By End Of 2022

Employees Provident Fund (EPF) members may soon have the choice to save their retirement funds in a savings option that is based on environmental, social, and governance (ESG) factors. This came following a comment by the provident fund’s chief strategy officer, Nurhisham Hussein, who revealed that the EPF is looking to introduce a sustainable savings option by the end of 2022.

According to Nurhisham, this upcoming option will enable members to manage their retirement funds according to their personal principles. Details about its portfolio structure are still sparse as it is still in the early stages of planning, but Nurhisham said that members will be allowed “to allocate their funds to a sustainability fund”.

“This is the first step, we will be including more options later on. This is so that you [EPF members] can put [their] money into what [they] believe in. [We are doing this] because there’s no point in members coming to us saying ‘we want [more] sustainable [options]’ but we don’t give them that choice. I think it’s important to have that option,” said Nurhisham.

(Image: Malay Mail/Ham Abu Bakar)

At present, EPF members are allowed to choose between two savings options for their retirement fund: the conventional or
shariah
 portfolio. Typically, the returns for the
shariah
 portfolio are slightly lower than the conventional portfolio because
shariah
 assets are not invested in global conventional banking systems, including insurance companies.

Nurhisham further remarked that at present, a majority of EPF members are still more focused on the aspect of returns and how much they can earn via an investment, but this will change with the demographic of its members. He said that millennials and Gen Z members – who make up more than 5.1 million of the EPF’s 7.6 million members – tend to make investments that align with their personal values. This, in turn, has spurred the current demand for sustainable investment options.

Furthermore, Nurhisham said that the launch of a sustainable savings option is in line with the provident fund’s commitment to sustainability. To note, the EPF launched its Sustainable Investment Policy (SIP) at the end of last month to guide its investment decisions by integrating ESG considerations in the investment management process; the provident fund seeks to become fully ESG-compliant by 2030 and climate-neutral by 2050.

Aside from that, Nurhisham noted that businesses and entities that ignore rising concerns about sustainability will risk failure, given the significant focus on sustainable investing in recent times. “There is this question of whether sustainable investments actually provide superior returns, but from what we see, if you are not ESG-compliant, you are not going to be able to provide returns at all. They [investee companies] will simply not get the capital and [investors] will not get their returns. People just won’t invest in you,” he said, adding that this trend applies to both public listed companies and private markets.

Accordingly, Nurhisham shared that the EPF is also currently performing ESG assessment on its existing investments. “ESG is not going to be a feature anymore – it’s going to be part of the system. And if you’re not onboard, you’re going to be left out,” he stated.

(Source:
The Edge Markets
)

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Astro Offers Free Access To All Movie Channels During Period Of Movement Restriction Order

(Article updated on 19 March 2020 to include Astro Sport Pack.)

Astro customers will be able to enjoy complimentary access to all movie channels on Astro and Astro GO, starting from now until 31 March 2020. The perks are offered by Astro after Prime Minister Tan Sri Muhyiddin Yassin announced a 14-day movement restriction order to curb the spread of Covid-19 pandemic in the country.

“As the nation goes through these challenging times to contain the Covid-19 pandemic via the Movement Control Order, Astro is committed to serving Malaysians by keeping them informed and entertained,” said the company in a statement.

The list of movie channels available to all customers include:

BOO

HBO

Cinemax

FOX Movies

FOX Family Movies

FOX Action Movies

tvN Movies

Celestial Movies

Astro Citra

Tayangan Hebat

Thangathirai

BollyOne

HITS Movies

Celestial Classic Movies

Besides Astro, you can also stream the shows on these channels via Astro GO app, which is available on both
Google Play
 and the
App Store
. Alternatively, you can also access Astro GO at
astrogo.com.my
.

Additionally,
Astro
 is giving NJOI customers free access to two extra channels, KIX and Nat Geo WILD. This complimentary viewing will also end on 31 March 2020.

Customers subscribing to the
Astro Sport Pack
, on the other hand, will be able to enjoy full access to all Astro channels for an extended period, from now until 30 April 2020. The offer, however, excludes Pay Per View movies and events.

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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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Win a RM1,000,000 shopping spree with Malaysia Airports’ Indulge & Win Contest!

What would you buy with one million bucks? Well, take part in
Malaysia Airports’ Indulge & Win Contest
 and you just might find out!

To get an entry, spend at least RM250 in three accumulated transactions made within 24 hours at KL International Airport, Low-Cost Carrier Terminal, Kota Kinabalu International Airport, Kuching International Airport, Langkawi International Airport or Penang International Airport.

Doing so will also get you a RM10 Indulge Voucher that can be redeemed at any participating airports. The more you spend, the more vouchers and contest entries you’ll get. See the table below for details.

Amount Spent

RM250-RM1,000

RM1001-RM2,000

RM2001-RM3000

RM3,001 and above

One (1) RM10 vouchers

Two (2) RM10 vouchers

Three (3) RM10 vouchers

Four (4) RM10 vouchers

1 contest entries

2 contest entries

3 contest entries

4 contest entries

If you’re a MasterCard credit card holder, it’s doubly good news for you as you’ll enjoy double the vouchers and contest entries with your purchases. Talk about a great credit card bonus!

Amount Spent With MasterCard Credit Card

RM250-RM1,000

RM1001-RM2,000

RM2001-RM3000

RM3,001 and above

Two (2) RM10 vouchers

Four (4) RM10 vouchers

Six (6) RM10 vouchers

Eight (8) RM10 vouchers

2 contest entries

4 contest entries

6 contest entries

8 contest entries

The very lucky Grand Prize winner will get to go on a whopping RM1,000,000 shopping spree at KLIA. He or she will be flown to the airport via business-class, and be given a two-night stay at a five-star hotel as well as the services of a personal shopper during the spree. Besides the Grand Prize, RM10,000 airport shopping vouchers will also be handed to seven lucky Monthly Indulgers.

Contest ends 28 February so you might want to pay your nearest airport a visit soon. Do have a look at contest
terms and conditions
 too.

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Shopee Introduces SPayLater, Lets Users Buy Items Now And Pay Later

Shopee has introduced a new payment feature that lets its Malaysian users purchase items and pay for them at a later date. Aptly named SPayLater, the feature is available only through the Shopee app, and it allows you to “postpone” the payments for your current purchases to the following month or convert them into monthly instalments of up to six months.

Applicable to Malaysians who are 18 years of age and above with a valid MyKad, the SPayLater feature includes four payment options: BuyNowPayLater (BNPL), and monthly instalments of two, three, and six months. Here’s a table from Shopee that shows you how each option works:

SPayLater payment options

Processing fee

Late payment fee

Buy Now, Pay Later (BNPL)

0%

1.5% monthly on overdue amount

2-month instalment

1.25% per month on order amount

3-month instalment

6-month instalment

In short, Shopee users who take the BNPL option will have to pay the full amount of their purchases in the following month, with no fees charged. Those who opt for monthly instalments, meanwhile, will need to pay a 1.25% processing fee on their order amount each month.

Aside from that, all Shopee users who tap into the SPayLater feature must also make sure to clear their bills within the stipulated timeframe, or they will be hit with a late payment fee of 1.5% each month on the overdue amount. According to Shopee’s FAQ, all payments must be made by the 10
th
 of every month.

So for instance, if your purchases are made between 1 to 30 January under the BNPL option, you must settle your bill anywhere between 1 to 10 February. If you opted for the 2-month instalment, you’ll need to pay the instalments between 1 to 10 February and 1 to 10 March. A similar schedule applies to the other monthly instalments as well. You can pay your SPayLater bills using the ShopeePay e-wallet, online banking, or cash at 7-Eleven.

Note as well that all users tapping into the SPayLater feature will be granted a spending cap, subject to a maximum limit of RM3,000. This cap will differ from user to user, and it will be determined by various factors, such as your spending behaviour and purchasing pattern on Shopee, as well as repayment history.

According to Shopee, SPayLater is currently only available to selected users who get a notification in the app. However, its website contains a page to show how to activate SPayLater, as shown below:

Once you have activated it, SPayLater will appear as one of your payment options during the checkout process. You’ll also be able to select your preferred instalment plans then.

Shopee is the latest player in the growing BNPL scene, with many fintech startups deep in the water. While it trails another giant, Grab which launched its own
PayLater feature
 back in 2019 and
recently enhanced it with 0% instalment options
, SPayLater is already present in two other markets: Indonesia and Thailand.

SPayLater is managed by SeaMoney, the fintech arm of unicorn startup Sea, the parent company of Shopee as well as the popular gaming company, Garena. From its website,
SeaMoney
 looks to also dabble in other traditional banking services, including
consumer cash loans
 as well as
financing for sellers
 on Shopee. Subject to regulatory approval, these could likely be introduced in Malaysia as well, considering Shopee is rumoured to be interested in one of the five digital banking licenses in Malaysia and has
already secured one for Singapore
.

(Source: Shopee [
1
,
2
])

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

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How to Use Airmiles to Get More For Your Travel Budget

With the holiday season soon approaching, you may have just caught the travel bug and are itching for a vacation! But before you jet off on your dream holiday, take a few minutes to learn how you can #GetMore bang for your buck with your airmiles.

What are Airmiles?

You can think of it as a reward system for air travel, most commonly associated with Frequent Flyer Programmes (FPP) of airlines. The concept follows a mileage-based scheme whereby the more you fly (or spend), the more miles you rack up. Each programme has varying methods of miles distribution that are largely based on membership tiers and travel classes among others.

It’s a good idea to register for membership with similar programmes because frequent flyer or not, you can still earn miles without travelling. If there’s a programme you’re interested in, do check if any hidden charges like membership or annual maintenance fees exist before you join.

How to Get More Miles?

The fastest way to boost the number of miles points you have is to combine all rewards points available from your FPP, credit card spending, and hotel membership points and even by converting loyalty rewards from other merchants into miles points.

Here’s how to power up your miles:

Pay for your transit tickets with a
travel credit card
 and gain bonus miles if your card is linked to the same airline.

Collect miles from your airline’s FPP.

Convert other points into miles: for instance PETRONAS Mesra Points can be converted into Air Asia Big Points.

Book your accommodation with a partner hotel.

Buy tickets during promotion periods that let you receive offers like lump sum bonus points and multiplier-style rewards (2X, 5X or 10X your miles or spend).

Use your regular credit card to earn points for petrol or grocery purchase.

Note
: Whenever you choose to make purchases with credit cards, do at least pay off the minimum monthly requirement to avoid interest charges. Interest costs will not only negate your miles benefits but also add to your debt accumulation.

For the methods mentioned above, you might need to synchronise and even overlap parts of your holiday itinerary with maximum point redemption promotions or practices to fully utilise benefits.

For instance, with item 3 and 4, point conversion and hotel loyalty programs will require you to spend with their partners in order to reap the benefits. In addition, item 5 may cause limitations on holiday periods, so even though it’s not necessarily an easy task, planning and managing your miles can be worth your while to maximise the value of cash spent.

How to Get More Value from Your Miles?

Now this is the fun part, once you’ve accumulated all those points, how are you going to spend it? Most of us usually only use them to ‘buy’ flight tickets, but there are so many ways to #GetMore value for money by using your miles.

Here’s how those pretty points can make a difference in how much you spend while travelling.

A. Complimentary Tickets and Upgrades

As mentioned, this is the most common way people use their miles, but did you know it can also cover flight costs for those travelling with you? To really make it a cost-effective group trip, you can elect to use your miles to purchase tickets for others.

To further extend the value of your trip and spend less money, you can style a pot-luck type vacation, where each member of your travelling party contributes. And there’ll be more savings all around if they too have excess miles to spare.

If travelling solo, use your miles to up your comfort level by upgrading seat classes without paying for extra frills. Overall, this type of reward can be considered one of the best Ringgit-stretching uses of your miles.

B. Free or Discounted Hotel Stays

If you can’t (or won’t) stay with friends or relatives while on vacation, use your miles to redeem free stays at partner hotels.

It ultimately takes away the added expense of paying for accommodation or at the very least gives you a significant discount that lets you spend more of your travel cash elsewhere.

C. Access Airport Lounges

Airport lounges offer a fantastic way to relax and rejuvenate in style between transits. You’ll be able to enjoy your holiday better if you’re well-rested and in a good mood. A good lounge can do just that, and did we mention refreshments are usually free?

Additionally, it’s a great place to chat with fellow travellers, soak in the relaxing atmosphere and serve as a worthy extra to your overall travel experience.

D. Free or Discounted Dining at Airport Restaurants

You can take advantage of this offer and redeem a free meal before take-off or when you land at selected airport restaurants.

If you do choose to eat when you land or on stopovers (and if you have the option), look for restaurants that serve cuisine from that locale or region. This way you’ll be having a free (or at least cheaper) sampling of local food.

The Long and Short of Airmiles

To wholly enjoy miles/points benefits, you’ll need stay up-to-date on the offers available with your memberships and rewards programmes. In addition, choosing the right
credit card
 can really help surge your mile counter.

What you can do to further maximise your benefits is to place a cash value on each redeemable goodie. Then, choose the one with the highest real-world price (a quick internet search can assist with this).

However, we do caution you to consider all miles or point-accumulation systems with a grain of salt as the practice of sensible spending is always preferred over getting induced to buy or purchase more in the hopes of reaping the rewards. Instead, simply think of your accrued miles as a valuable result of your clever spending over the years.

Just like the
Pudding Guy who ate his way around the world just by earning airmiles from a pudding promotion
 – you too can #GetMore for your cash via savvy mile collection. It’s time to start poring over those credit card brochures! But of course, if your card is downright stingy with the perks – get a new one from
our list of the best credit cards in Malaysia
.

Did you like learning how to #GetMore for your travel in this article? Follow our #GetMore hashtag on your favourite social media channels as we bring you more tips on how you can get more for your money in everything from travel to shopping and dining until the close of 2015. Who wouldn’t like to #GetMore for their money?

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Alliance Bank Unveils New, Enhanced Strategy To Drive Its Growth

(Image: Malay Mail)

Alliance Bank has announced a new and enhanced strategy plan that is set to guide its growth over the next four years until 2027. Dubbed the Acceler8 plan, its propositions include focusing on new market segments, championing greater emphasis on sustainability, as well as driving value creation through digital innovations and partnerships.

In a statement, Alliance Bank explained that the Acceler8 strategy is essentially an expansion of its challenger bank mindset with a community-centric approach, which was previously focused on its business customers and has yielded good results. The bank now aims to extend this same mindset to several other high-growth areas, enabling it to provide fast, convenient, and personalised solutions that are relevant to customers even as their needs evolve.

Group chief executive officer of Alliance Bank, Kellee Kam further shared that under Acceler8, Alliance Bank will expand its consumer banking focus to target the emerging affluent customer segment, described as the HENRY (High Earners Not Rich Yet) segment. This is on top of the existing high-net-worth individuals that the bank is hoping to also serve.

“The HENRYs have growing financial needs which we will be well-positioned to support, being a partner to achieve their life goals and aspirations,” said Kam, adding that the bank wants to be able to assist them at every stage of their life cycle.

Kam also said that the bank aims to provide a comprehensive suite of financial offerings in areas such as education, renewable energy, and healthcare sectors – in addition to championing ESG adoption among the community. This is in hopes that Alliance Bank can further make a positive impact on the society, economy, and environment.

“Our approach to this is defined by the 3As, namely advocacy, advice, and answers; where we create awareness, encourage and enable consumers and businesses to adopt ESG practices,” said Kam. In this same spirit, he stated that the bank will also heighten customer and engagement activities – such as open houses and community events – to forge meaningful connections with the community and to make its branches a focal point in neighbourhoods.

The Acceler8 strategy has also pinpointed its Islamic banking business as another main growth pillar, especially with Islamic finance being the fastest growing segment in Malaysia. Kam said that Alliance Bank has already begun building relevant offerings for its SME customers – namely the
Halal in One solution
 that provides businesses with
halal
 certification advisory,
shariah
-compliant financing, and market access – but the bank aims to further expand on it.

Ultimately, Alliance Bank hopes that with Acceler8, it will be able to launch itself into the top quartile in the banking industry for return on equity, as well as record a cost-to-income ratio that is below 45%. It also wants to attain a loans growth that is above the industry average, in addition to achieving excellent customer service, employee satisfaction, and sustainability.

“To be successful in the long run, we must proactively take a look at the market we operate in and how well we are positioned. Against an evolving backdrop of an economy in recovery, we remain positive in fulfilling our growth ambitions under Acceler8 through our planned transformation in technology, branding, culture, sustainability, customer service, and other key areas of our business,” said Kam.

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

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RHB Corporate And Purchasing Cardholders Can Now Enjoy AirAsia’s MyCorporate Benefits

 (Image: CorporateTravel.ID)

The new RHB Bank-AirAsia partnership now enables Corporate and Purchasing cardholders to take advantage of AirAsia’s MyCorporate benefits. AirAsia’s MyCorporate is a travel programme designed with corporate clients in mind, helping them manage travel costs while enjoying corporate travel benefits simultaneously.

This programme includes Fare Only, Corporate Lite, and Corporate Full Flex. Fare Only is a no-frills option while Corporate Lite offers an entry bundle fare. On the other hand, Corporate Full Flex is all-inclusive.

Generally speaking, RHB’s commercial cardholders can enjoy a host of rewards ranging from saving on fares and add-ons, greater flexibility with flight arrangements, to priority services. Note that all these are subject to fare type.

That aside, cardholders will earn AirAsia BIG points at a much higher rate compared to most other membership tiers. In addition, they can also benefit from GoShow, a feature that allows travellers to be on standby for an earlier flight to the same destination on the same day of travel with no additional cost at all. However, GoShow is only exclusive to Corporate Full Flex.

Furthermore, RHB’s corporate clients gain access to the MyCorporate platform, allowing them to book flights conveniently while taking the organisation’s travel policy into consideration. As this platform provides comprehensive reporting, SMEs and corporates would also be able to track their corporate travelling expenditure.

According to Rakesh Kaul, Head of Group Retail Banking of RHB Banking Group, RHB is the first bank to partner AirAsia in offering such benefits to SMEs and corporate clients.

(Source:
Bernama
,
AirAsia MyCorporate
)

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Christine Tay

Christine Tay

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EPF "Concerned" That Over 70% Of Members Opted For 7% Contribution Rate

The Employees Provident Fund (EPF) is concerned that more than 70% of its members have opted to reduce their employee statutory contribution rate from the original 11% to 7%.

The government had
revised the contribution rate to 7%
 as part of the first economic stimulus package in February 2020, although members could
choose to maintain it at 11%
 by filling up a form via their employer if they wished to. The revised rate is applicable from April 2020 to December 2020, and is the lowest to have been recorded in 40 years.

According to EPF, the last time the government allowed EPF members to keep a lower statutory contribution rate, only about half of all members chose to do so compared to the current 70%.

(Image: The Star)

The current reduction in the statutory contribution rate is expected to provide up to RM10 billion of consumption boost for the nation’s economy. However, coupled with the
allowed withdrawals from Account 2 via i-Lestari
, it also means that members are tapping into their retirement funds for their present use, as well as losing dividends and the compounding power of those savings. The situation is made worse by the fact that at least two-thirds of EPF members do not have the necessary retirement savings recommended for their respective age band.

As such, the EPF is once again considering raising the minimum target for EPF basic savings for its members. The basic savings refers to the amount that is considered sufficient to support a member’s basic needs for 20 years upon retirement. At present, members are expected to have saved a minimum of RM240,000 by the age of 55. This target was set in 2019, and was benchmarked against the
minimum monthly pension for public sector employees
 of RM1,000 per month.

(Source:
The Edge
)

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KWSP

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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