24 Countries; 13 months; RM50,000: How I trekked half the globe on a budget

“If I had to describe my trip, I’d break it into three parts: the warm up, the hardcore and the ‘I-don’t-want-to-see-my-backpack-anymore’!” Jason laughs over Skype.

Jason David, 30 is calling from Dublin, Ireland after a whirlwind 13 months of travelling. He’s now found ‘base’ in Dublin where he plans to recuperate and build his finances before heading to South America.

In these 13 months, the former Malaysian Team Leader from the American Express customer service centre has seen 49 cities in 24 countries. “It was hard tabulating. I’ve only listed the places that I actually spent some time in as opposed to just passing through.” He said. Which means the number is much larger.

On a trip of a lifetime

Like most youths; Jason dreamt of seeing the world but he never had the funds. “I could never save. I’d spend all my money every month. The only responsible financial decision I made was to buy a house at 23.”

Jason worked for eight years at American Express and just before he left, was earning approximately RM6000, but he felt unfulfilled. “I told my parents: I have the rest of my life to work but I’ll never be young enough again to go through vigorous travelling. They thought I was mad. They wanted me to do what ‘normal’ people did: get a job; buy a house; get promoted; then marry and give them grandchildren.” He chortled.

But Jason was sure he didn’t want to be ordinary.

“It wasn’t an easy decision. My mum gave me the silent treatment for a week but soon realised that I wasn’t going to back down. I sold my house; quit my job and left. I didn’t plan exactly where I was going: I was willing to go anywhere and experience anything.”

The warm up

The first leg of Jason’s trek was in India and Nepal. He took domestic flights between different states in the two countries. The flights were cheap but the planes were not the best.

“I had heard that two planes crash every year. I dreaded each flight but that’s the price you pay when you want cheaper travel.” He joked.

In Nepal, Jason stayed at the Backyard Hotel: a budget hotel with rates of approximately RM65++ per night. “The owner and his wife would invite me to their home for meals.” It was a bed & breakfast for a fraction of the cost.

In India, Jason saved more by falling back on his ethnic Indian heritage. “I didn’t have to pay tourist prices at tourist spots because they assumed I was an Indian National. I paid only INR20 (RM1.08) compared to the tourist price of INR750 (RM40.50) at the Taj Mahal!” Jason also decided to ‘couchsurf’ to save on accommodation. It would be the first of his couchsurfing days: a practice that saved him thousands of ringgit.

The hardcore

From India, Jason headed to China for his iconic train ride. “There isn’t another word I can think of to describe my journey aboard the
Trans-Siberian Railway
. Hardcore has to be it.” He says.

The Trans-Siberian Railway links East to West: from Beijing to Moscow, it is the longest railway line in the world. Writer Paulo Coelho’s book Aleph was written about one of his adventures aboard this railway line.

Buying the full trip from an English speaking Russian travel agent from Beijing to St Petersburg would typically cost you EU€1500. Jason did it within RM1500 by foregoing the travel agent and buying tickets station to station; standing in line with the mass of Eastern European tradesmen.

Aboard the train you could choose 1st class, 2nd class or 3rd class ‘seats’. The first class is usually taken up by rich tourists and comprises of two bunk beds per compartment.

“We never took first class!” Jason roared with laughter at the obviousness of the statement regarding his ‘budget’ travels. Second class comprised of four bunk beds per compartment and the third class was 54 beds in a giant compartment with no separators! “I took one leg on second class and another on third. I don’t remember the exact price I paid but I remember that the difference between second and third class was only RM300. But I don’t regret it. In the compartment of 54 people, I made many friends who shared food and drink with us. Food isn’t cheaply (there’s a cafeteria of sorts but he was on a budget!) available on the train so you will have to stock up at every stop. We lived on bread, canned pἂtἑs and biscuits. Oh, and the Russian vodka that everyone offered us!”

For 8 days, Jason stayed on the train. In Mongolia, he stayed in
a traditional GER house
; a cabin without any modern electrical items or electronics. “They didn’t have a freezer for their meat; I was surrounded by goat parts but I slept well!”

“From Mongolia to Moscow there was not a single person who spoke English so if I were you: learn some Cyrillic!”

In Russia, Jason encountered the famed Lake Baikal: “We stayed in

a Cabin in Listvyanka which overlooked the lake. It reminded me that the world

was indeed a beautiful place.” After leaving Russia, Jason took the train to

Ukraine, Romania and Bulgaria before heading on to Turkey, Austria, the Czech

Republic and Germany.

I-don’t-want-to-see-my-backpack-anymore

After Germany, Jason headed to Dublin where for three months where he stayed with a host family and recuperated. “I needed a break from my break.”

Jason continues to stay in Dublin but travels around Europe from there. “I’ve seen Wales, Scotland, Sweden, Denmark, Morocco, France and Norway. I am planning to stay put in Dublin for a bit; I have a student visa so I plan to do a short course and work part time to rebuild my savings. Once I do; it’s on to the Americas!”

It was possible

“After going through this, I know for a fact how easy travelling has become compared to what it may have been like for our parents. You need to take a leap of faith. I am glad I did see most of the world before too late. Money plays a huge role, yes, but with budget airlines, buses and trains: interconnectivity is at a high. Couch surfing is also a great way to save and meet some fantastic people.”

Jason attributes most of his trip’s budget success to couchsurfing and land travel. “I couchsurfed 90% of the time. I used sites like
CouchSurfing
,
Hospitality Club
 and
BeWelcome
. When my friend paid RM320 per night in Tromso, Norway so we could see the Northern Lights; I paid nothing by couchsurfing. Where I could, I would walk or take cheaper rail trains. The Northern Lights Tour cost RM400. I decided to save that and WALK. I nearly lost a few toes to frostbite but it worked out in the end! I walked a LOT. In Pammukale, Turkey there was an entrance fee of RM33. My friend and I decided to take the ‘scenic’ route around the mountains to avoid the fee! It’s time consuming but you’ll see so much more. I’ll admit; this isn’t the kind of trip I could have made if I had commitments and a paper pile-up waiting for me back home.”

“I did a lot of crazy things to save money. None of which I’d recommend a person to do if they can help it! It was an adventure to me but these are some genuine tips for travelling on a budget.”

Jason’s top frugal travel tips

1. Couchsurf! Accommodation makes up the bulk of your travelling costs. If you are a single woman traveller concerned about safety; make sure you read all the do’s and don’ts posted on the couchsurfing community pages on how to select the right host. The first time you try it; make sure you have a friend staying nearby or a known hostel as back up if anything should go wrong. Alternatively, you could consider budget accommodation.

2. Try land travel. Instead of flying; opt for multiple use rail and bus passes. The information may be a little harder to dig up but most continents are so well connected; the savings will be worth the effort.

3. Forego the travel agent/booking agent. Many people allow an agent to book their connecting flights and plan their itinerary. It’s definitely no-fuss but as is seen in the case of the Trans-Siberian Railway; it can mean paying four times the price.

4. When in Rome… do what the locals do; go where they go and eat what they eat. The best part about couchsurfing is it comes with a free host who knows the where’s, what’s and how’s about the country.

5. Get ready to rough it! You’re going to be tired. You’re not always going to be warm or comfortable and sometimes; sanitation may elude you but roughing doesn’t just save you money – it offers a whole new experience that the 5 star hotel in a main town may not.

6. Pack easy-to-eat, preserved food. When roughing it; you never know when the next convenience store may pop up. Keep water and bread in your backpack.

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Diana Chai

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4 Things to Look for When Moving to a New Neighbourhood

Buying your first piece of property that you would most probably call home for the next 20 odd years is a monumental step in the life of any millennial.

Getting caught up in the excitement of the tangible purchase is only but natural for anyone but several external factors about your new neighbourhood should be thoroughly considered to ensure convenience in the many years to come.

You will come to find that these factors not only benefit and affect your family as a unit but also the value of your home considerably. Whatever your plans may be for this new home, these are some of the things to look out for outside its perimeter fence.

Proximity to Your Workplace

Whilst we don’t recommend you stay at the apartment unit attached to your office building – having less of a commute to work not only enables you to be more productive (you don’t have to spend 2 hours getting there); you can save a lot in transport costs.

Nonetheless, sometimes a dream job may take you further or an office may suddenly move – but where possible, choose a location that is central enough to get to most industrial and city areas that your work will most likely take you.

Of course, do weigh the pros and cons. Some people do opt to stay further if rent/homes are significantly cheaper and the commute goes against the regular flow of traffic. You will need to consider your options for yourself.

Public Transportation

You may or may not own a personal vehicle, but we cannot stress on the amount of money you would be able to save by having public transportation close by.

The basic form of public transport would be buses, followed by trains – which from a local perspective looks very promising with the MRT works already well underway to improve connectivity around the Klang Valley by 2016.

This would also allow you to plan for future finances that revolve around family matters better – transport for leisure or college where your kids are concerned is made easier without the use of personal transport – which is an added exorbitant cost.

Expenses like fuel, toll and maintenance can all be siphoned from the equation at a time when everything seems to be on a steady rise – for converse effects,
even the value of your home from being close to public transportation
.

Accessibility to Schools

The schooling age constitutes at least an entire decade for a majority of Malaysians based on our education system requirement, therefore having schools close by is definitely an advantage.

Kindergartens are ubiquitously available but having primary and secondary schools close to your home can cut lots of cost where commuting is concerned too.

Some folks opt for school buses or domestic transport like a collective van – costs you can conveniently eliminate if schools can be found at a walking distance from your home.

This also leaves parents with lots of leeway in traveling to work and returning home in torturing rush-hour traffic and having to pick up kids from school when these growing children can simply get home on foot.

This also boosts the value of your home considerably.

Grocery Stores and Shopping Malls

Have you run out of sugar and the nearest grocery store is a 10 minute drive away? We know exactly how you feel and this would be the last problem you would want to face after settling in your new home.

Accessibility to grocery stores is primary while shopping malls and al-fresco haunts of sorts can come secondary – especially during weekends where family time takes over and sitting behind the wheel in traffic is most certainly not anyone’s idea of great weekend.

Check with the real estate agent to find out if there are any plans from developers whom they know around the area to erect shopping malls, and you could just take a short walk to get what you need.

If it’s possible (though quite a luxury), look out for the existence of other utility establishments like hardware stores, pharmacies, clinics and sundry shops as these will significantly increase your home’s convenience.

Conclusion

No doubt there are a tonne of
factors involved in picking the right neighbourhood
 for you, but the ones mentioned above seem to be the basics for a family looking for the ideal fresh start.

If you already have a home that’s on your radar, use our
home loan calculator
 to see if you’re getting a good deal and do keep the above points at the back of your head in the process because after all, its all about location, location, location.

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Austin Victor

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Win a Tab from Maybank with the MyMobile Transact and Win

Finally play Temple Run on a bigger screen with a brand new tablet which you can win through
Maybank’s MyMobile Transact and Win Contest
. All you have to do is make a mobile airtime reload, third (3rd) party fund transfer or bill payment via MyMobile on your smartphone. You will be in the running to receive the daily prize of an iPad Mini 16 GB Wifi or Samsung Galaxy Tab 2.7.

The contest runs from 1 March 2013 to 29 April 2013.

Click here
 for Terms and Conditions.

And
Click here
 to apply for MyMobile via Maybank2u if you haven’t already got it on your phone.

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Diana Chai

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Tips to Achieving Your Bucket List

Necessities are nice and by definition, necessary, but we all have those lofty pie-in-the-sky, “things to do before I die” type things. Maybe you’ve always wanted to go skydiving, or live in Paris, or swim with dolphins, or buy your parents a house.

There’s no reason to keep those items on your bucket lists unchecked forever. With the New Year practically on top of us; there is no time like the present to get planning, saving and living the dream. Here are some tips on how you can achieve your wildest ambitions.

Start Thinking About Your Bucket List Now

Just because they’re things you want to do before you die, doesn’t mean you have to wait until you’re almost dead to do them. In fact, some of the experiences you want to have in the future may be things you won’t be physically capable of doing or appreciating once you’re older. Don’t put off things you can realistically enjoy right away.

Also in our increasingly interconnected world, the thing you want to achieve that sound beyond your grasp might be closer to your reach than you think. With ease-of-access to in-depth facts and details alongside lowering barriers of communication, that one bit of information you need to get your accomplishment going can be just one click away.

Add in the fact that prices for goods and services are always going up, future inflation, and the less-than-peachy projections for the global economy, now may be the best time to start saving up and really go for your lofty goals. So start listing down what you really want to do (if you haven’t already) and begin thinking hard about how to get them done.

Break Them Down to Little Achievable Goals

A lot of people put off even thinking about the items in their bucket list because they see them as too big, too complex, or too difficult to do in their current situation. What we mustn’t lose sight of is that all major achievements are built up of many smaller ones. Breaking down your goal into smaller chunks will help you see clearly the steps it will take to get there while motivating your to get closer to the goal at the same time.

Take “living in Paris” for example. When we break that down, we can get something that looks like this:

Find a job opening in Paris;

Look for accommodation options;

Search for expat communities;

Save enough for transitional expenses.

Now, each item on the list looks much simpler and more easily attainable. Tackling each one on your own pace gets you closer to living in Paris and crossing off another item in your bucket list.

Try this with one of your goals. Break them down and you might be surprised to see how the individual steps might be even actions you can take right now.

Find Others Looking to Do the Same Thing

Your favourite social media network isn’t just good for looking at pictures of cats. A powerful function of sites like Facebook, YouTube or Twitter is in their ability to connect people. Finding groups of like-minded individuals who share the same items on your bucket list can go a long way towards helping you achieve your goals.

Search for any activity or interest related to your goal and you can find a group of enthusiasts around you who dedicate their free time to only that. Join them and you can make helpful connections, share your questions or thoughts, and even pool your resources and achieve the same goal together with them.

While going skydiving this weekend may not be attainable for most, joining a skydiving group on Facebook while gathering advice and sharing a Groupon is something everyone can do super easily.

Don’t Give Up

Chances are, if it’s on your bucket list, it’s going to be something pretty out there. Nobody puts “make hot Milo” as a notable objective to reach before they pass on. The things you want to do are likely something unconventional, or challenging, or extremely difficult. Do them anyway.

While many people manage to save up enough funds to reach their goals, some never do or wait too long to do so due to opposition and obstacles to breaking away from their normal routine. It doesn’t just take money to do things, but also the willingness to break out of the herd and be singular in your achievements. Get out there and do it!

Do you have any tips on how to achieve your bucket list? Or maybe you have stories on how you manage to cross out some items off of yours? Share your stories or questions with us in the comments section down below!

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Ahmad Mudhakkir

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Buying a New Car for the New Year? Watch out for These Things...

Our ardent readers may recall how we’ve previously mentioned that
December might be the worst month to buy a car
 due to the annual depreciation of car value, which might be something that you will need to take into consideration especially if you are planning to resell your car sometime in the future.

If we are to observe the fact that a car is worth less with each successive calendar year (not counting days or months), it should follow that January would be the best time to buy a car and retain its maximum resale value.

However, while you may not need to worry about rapid depreciation when buying a car in January, there are still other factors you need to pay attention to, like incentives and rebates.

What Incentives and Rebates Are We Talking About?

At their most basic, incentives and rebates are things that entice the consumer (that means you) to buy a particular product. In the case of cars, the common incentives are: car rebates, low-interest financing, and special freebies. Let’s go through these one by one so you’re aware of them and know how to factor them in the next time you go to a car dealership.

Car Rebates

Also referred to as cash rebate, or cash back. Cash rebates are essentially money that the seller gives you to entice you into buying the car. This amount can be somewhere from a few hundred Ringgit to several thousand. Of course, nobody ever buys a car and drives off with a bag full of cash rebates.

Typically, the rebates are applied to the cost of the car. For example, a car that’s priced at RM120,000 can have a cash rebate of RM26,000 which means you only pay RM94,000 on the car. It’s good to remember that rebates are applied to the final price of the car. So, if you’re negotiating for a lower price, it’s best to speak in terms of the full price of the car, before any rebates or incentives.

Low-Interest Financing

If you’re buying a big-ticket item such as a car, it goes without saying that you’d need to borrow some funds. A low-interest car loan would then be a good incentive to get people to buy a new car since a lower interest means you’re paying less month to month.

Low-interest financing are typically deals between the dealership and the manufacturers made to boost the sales of a particular model. Usually, if a dealer offers both this cheaper rate and a cash rebate, you would have to choose between one or the other. Make sure to do the maths and pick the one that will save you the most in the long run.

Read Also:
Car Loan Basics for Absolute Beginners

Special Freebies

If you’ve ever purchased anything that requires at least a debit card, you’re sure to have asked for some free gifts. These are also part of the incentives that dealerships may offer you to sweeten the deal. Normally, these would be things like a free umbrella, dashboard ornament, free maintenance, car insurance coverage for one year or other complimentary services.

When taking these into account, remember that they have done the maths on this more times than you have. So whatever they include, while nice, is certainly not more valuable than a few thousand off the final price or a few points off the interest rate of the loan. When negotiating for the best price, don’t let these little freebies sway you too much.

In Conclusion

Buying a new car at the start of the new year can be the smartest thing to do. Now that you’re also equipped with the proper know-how when it comes to handling incentives and rebates, we hope you can make a more informed decision when figuring out which perk to go for on your next car purchase. In light of that, if you do decide to purchase a new car, securing a
car loan with affordable interest rates
 that matches your requirements would be your next objective.

Ease the process of seeking and comparing by using our
comparison tool
 to find the best hire purchase loan in town. Happy hunting!

Do you have any experiences of buying a new car before or after the New Year? Let us know your thoughts and comments in the comment section below.

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Ahmad Mudhakkir

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Standard Chartered Revises Liverpool FC Credit Card Cashback Benefits

Effective 1 January 2020, there will be some changes to the Standard Chartered Liverpool FC Cashback credit card. The card will no longer have a minimum spend requirement, but the cashback rates will be tweaked.

Currently, there is a minimum spend amount of RM500 in order to be eligible for any cashback on the Liverpool FC Cashback card. From there, the card offers a tiered cashback benefit that increases the more you spend, maxing out at 5% capped at RM50 when you spend a minimum of RM1,500.

The 1 January 2020 revision removes the RM500 minimum spend, but at the same time the cashback tiers and caps will also be changed. Any expenditure less than RM1,000 will only yield 0.2% cashback, which amounts to a maximum of RM2 in cashback at the lowest tier. The cashback rate for the middle tier of spending has also been reduced from 3% to 2%, with the maximum cashback cap per month lowered from RM25 to RM20.

As for the third and highest tier of spending, Standard Chartered has kept the cashback rate and cap the same at 5% and RM50 respectively. However, you would now need to spend a minimum of RM2,000 to unlock this 5% rate instead of RM1,500 previously.

Here’s a comparison of the current and future cashback benefits in the table below.

Retail spend per month

Cashback

Cashback cap per month

Before 1 January 2020

RM500 – RM799.99

RM800 – RM1,499.99

RM1,500 and above

2%

3%

5%

RM10

RM25

RM50

After 1 January 2020

RM0 – RM999.99

RM1,000 – RM1,999.99

RM2,000 and above

0.2%

2%

5%

RM2

RM20

RM50

Besides the above changes,
all other features
 of the Standard Chartered Liverpool FC Cashback credit card remain the same. As before, petrol and insurance transactions are not eligible for cashback, but do count towards your retail spend amount.

You can find out more about the
Standard Chartered Liverpool FC Cashback credit card
 here.

(Source:
Standard Chartered
)

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Jacie Tan

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AmBank Bags Asian Banker Award For Customer Onboarding Experience

(Image: The Star)

AmBank Group has won the Best Digital Account Opening/Customer Onboarding Initiative/Application in Malaysia Award for 2021, given by The Asian Banker Malaysia Awards.

The award is offered in recognition of the seamless and secure mobile onboarding process provided via AmBank’s mobile banking app, AmOnline. It allows customers to open an account anytime and anywhere through the electronic-Know Your Customer (eKYC) verification process, with comprehensive step-by-step in-app guidance to ease the whole procedure.

The group chief executive officer of AmBank Group, Dato’ Sulaiman Mohd Tahir said that this award is a promising step forward for the bank’s digital ambitions, given its focus on delivering customer-centric solutions by leveraging on its digital capability. This, in turn, helps it to remain competitive amidst the rapid changes of globalisation.

Meanwhile, the group chief operations officer of AmBank Group, Datuk Iswaran Suppiah highlighted the enhancements made to the AmOnline app, thereby providing a better user experience. “By leveraging on AmBank’s digital capabilities, we have further enhanced the AmOnline app to extend flexibility for our customers to facilitate their banking needs irrespective of time and space. We will continue to develop the app for a more intuitive banking journey, with security capabilities to ensure an overall smoother experience for our users,” he said.

The managing director for AmBank’s retail banking, Aaron Loo also chimed in with similar sentiments, saying that the bank launched its fully digital onboarding experience via the AmOnline app in May 2021. This eliminated the need to visit bank branches. “The development of the digital account opening was timely, amidst the ongoing Covid-19 pandemic where we wanted our customers to be able to bank safely with us. We are truly honoured to be recognised for this feature,” he said.

The Asian Banker Awards is noted to be one of the most prestigious recognitions in the banking industry, given its rigorous and transparent criteria for innovation in retail financing within the Asia Pacific, Central Asia, West Asia, and Africa region. Other awards that were also presented in The Asian Banker Malaysia Awards 2021 include the Best Digital Customer Ecosystem Initiative/Application in Malaysia Award and the Best Financial Inclusion Initiative/Application in Malaysia Award.

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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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VSure Introduces Two Personal Accident Insurance Plans, Flexi-Fit And EzPA

On-demand digital lifestyle insurer VSure.life (VSure) has rolled out two new personal accident (PA) insurance plans, namely the Flexi-Fit and EzPA plans. Specifically, the Flexi-Fit is targeted at physically active individuals, whereas EzPA is an annual PA plan offering coverage for permanent disablement or death caused by an accident.

According to a statement, FlexiFit is underwritten by VSure, and is designed with the sporting community in mind. Aside from providing compensation for sports injuries, the plan also offers reimbursements for the loss or damage of sports equipment, identity theft protection, as well as Covid-19.

The Flexi-Fit plan is also currently available for selected sporting events, namely runs and marathons, although VSure aims to add cycling and hiking to the list in the near future as well. Interested individuals can purchase the plan for permitted sporting events, and it will provide coverage throughout the selected duration.

VSure further said that it is also looking to collaborate with marathon organisers and other sporting events driven by public participation to promote the Flexi-Fit plan. This is on top of events that are organised by the company itself, such as a previous MalaysiaKu Run event and an upcoming Pink Run in support of the Majlis Kanser Nasional (MAKNA).

Alongside Flexi-Fit, VSure has also launched EzPA, an annual PA insurance that provides protection against injuries caused by accidents, which ultimately result in permanent disability or death. Priced at less than RM8 per person, VSure emphasised that all Malaysians will be able to acquire protection for themselves and their loved ones at an affordable rate.

“It is with great pleasure that we are able to announce Flexi-Fit and EzPA, and we are grateful that through our various partners and governing bodies such as Bank Negara Malaysia (BNM), we are able to realise our vision to provide more convenient and affordable protection to Malaysian citizens. To heal as a nation, we must make important strides towards improving accessibility of important health benefits such as insurance for all Malaysians,” said the co-founder, chief executive officer, and managing director of VSure, Eddy Wong.

VSure elaborated in its statement that insurance premiums have been increasing between 6% to 8% per year, making it difficult for most B40 and M40 households to purchase typical insurance plans. This is attributed in part to the rising medical costs in Malaysia, as seen in the 13.1% increase in just 2019 and 2020.

VSure had obtained approval from BNM in August 2021 to offer on-demand insurance and protection plans for the public, becoming the
first digital insurer to do so
. Meanwhile, the new Flexi-Fit and EzPA plans are already available for purchase via the VSure mobile application. You can download the app via
Google Play
 or the
App Store
.

(Source:
VSure.life
)

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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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FSMOne Promo Offers 0.5% Sales Charge For Recommended Unit Trust Funds

Between today until 29 July 2022, online wealth management platform FSMOne will be running a campaign that provides its customers with a promotional sales charge of 0.5% for selected unit trusts. This is in conjunction with the reveal of its updated list of Recommended Unit Trust Funds for 2022/23.

The offer will apply to the 44 funds that are included in the list (classified under 38 categories), consisting of equities and fixed income with exposure to various regions across the globe. You’ll find funds from both developed and emerging markets, such as United States, Europe, Japan, China, and Malaysia.

Meanwhile, some key funds that may interest investors include Principal Asia Pacific Dynamic Growth (AUD, MYR, SGD, and USD), Principal Greater China Equity Fund (AUD Hedged, MYR, MYR Hedged, RMB Hedged, SGD Hedged, and USD), and Manulife Global Thematic Fund (MYR Hedged and USD).

Investors who wish to tap into this deal must ensure that all their payments, either made through cash (cheque and online payments) or Employees Provident Fund (i-Akaun) must reach FSMOne by 3pm on 29 July 2022. Otherwise, you will not qualify for the 0.5% sales charge promo offered.

FSMOne also clarified that those who are subscribed to FSMOne’s Regular Savings Plan (RSP) will see their usual sales charge adjusted (where applicable) to reflect the promotional sales charge. Additionally, accountholders under the FSMOne Rewards Programme who are entitled to exclusive discounts will be charged either the promotional sales charge of 0.5% or the FSMOne Rewards Programme discount – whichever is lower.

Do also note that the 0.5% sales charge promotion is not applicable to intra-switch transactions (switching between funds managed by the same fund house).

Finally, FSMOne highlighted that its list of Recommended Funds has thus far demonstrated both consistency and quality. This is supported by the fact that 27 out of the 38 funds in its earlier list of Recommended Funds for 2021/22 have made it back on the 2022/23 list.

(Source:
FSMOne
)

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Alex Cheong Pui Yin

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

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You Can Now Use Razer Pay For Online Shopping

You can now use Razer Pay to pay for your online shopping at Razer Pay’s selected partner merchants. According to the e-wallet’s Facebook page, Razer Pay can now be used as a payment method at over 1,000 online merchants.

Some of the merchants on Razer Pay’s partnership list include Hermo, Fashion Valet, JD Sports, Decathlon, Uniqlo, F.O.S, BloomThis, Shogun2u, and Easy Parcel.

To use Razer Pay online, visit your desired merchant web page and carry out your online shopping as usual. At the checkout page, select “E-wallet” as your payment method and choose “Razer Pay” from the list. Then, you can just scan the QR code with the Razer Pay app to pay. If you have a Razer Pay coupon, just select the coupon you wish to use prior to payment.

Razer Pay is the latest e-wallet player to let its users pay for online as well as in-store transactions, following in the footsteps of other e-wallets like Boost and Grab. Earlier in June, Razer announced a partnership with Visa to introduce a virtual
prepaid Visa card within the Razer Pay e-wallet
.

(Source:
Razer Pay
)

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Boost Announces Partnership With Mastercard To Introduce Prepaid Card & Other Solutions

Boost has announced a partnership with Mastercard to expand its range of innovative payment solutions and offer better convenience to its users. This includes the introduction of a Mastercard prepaid card, among various other solutions.

According to Boost, the Mastercard prepaid card will complement existing offerings that are already being provided via its Boost e-wallet. Specifically, users will soon be able to use the prepaid card to make seamless and convenient payments at any physical merchants that accept Mastercard, both locally and globally. Boost did not, however, share specific details on when it will roll out the card.

Aside from that, the Boost-Mastercard partnership also seeks to enhance the services that are currently offered to micro as well as small and medium enterprises (SMEs and MSMEs) through the Boost Biz and Boost Credit platforms. It will see the launch of new SME financial products to assist this segment of the market. Additionally, Boost will be allowed to tap into Mastercard’s technology to further expand its fintech and payment offerings across the South Asian region.

The chief executive officer of Boost, Sheyantha Abeykoon said that this “multi-faceted partnership” is an exciting step to take for the company. “Drawing on Mastercard’s global expertise and technology, and coupled with our wide spectrum of fintech solutions, we are excited to reimagine what’s possible for our local and regional customers and merchants as we navigate a rapidly changing digital landscape,” he said.

Meanwhile, the division president of Southeast Asia emerging markets for Mastercard, Safdar Khan said that Mastercard is delighted to help Boost bolster its existing range of products and services to benefit its users. “As we collectively work towards creating more cashless, and digitally inclusive economies, partnerships at all levels of the ecosystem will be necessary to ensure that we reach as many people as possible,” he said.

Boost is not the only e-wallet that is looking to enhance its services by partnering with digital payment service providers to offer a prepaid card. In October, Touch ‘n Go eWallet had also announced that it is teaming up with Visa to introduce a
TNG Visa prepaid card
 that is tied to the eWallet, while
Kiple was the most recent e-wallet
player to launch a prepaid card.

(Source:
Amanz
)

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Economists: Longer Pause On OPR Hike Now Expected

(Image: Malay Mail/Yusof Mat Isa)

Several economists now say that Bank Negara Malaysia (BNM) is likely to hold the overnight policy rate (OPR) at its current level for a longer period, and will push further hikes into the second half of 2023 (2H23) instead. This veers from previous expectations, where economists predicted more rate hikes in the first quarter or half of 2023.

Economist Paolo Casadio, who is also a professor at HELP University, said that a resumption of OPR hikes in the first half of 2023 (1H23) could negatively impact Malaysia’s economic growth, especially following its 2.6% contraction in the fourth quarter of 2022. Additionally, industrial activities are slowing down, along with a reduction in export – both situations spurring the need for a pause in OPR adjustments.

“The evolution suggests the need to monitor further the situation before deciding another move in the interest rates. The expectations of the market should incorporate this new scenario and expect a possible intervention by Bank Negara in the second half of the year,” Casadio commented, adding that he had been calling for the OPR to be retained at its current rate of 2.75% since November 2022 as it is already back to a “neutral” level.

(Image: Bloomberg)

Casadio also noted that various developments on the international level could lead to some changes to the Malaysian business cycle as well, and as such, necessitate a pause in the OPR to regroup and rethink business decisions. “The new path of the OPR contains an important signal to the market and the government about the additional prudence to consider in taking new business decisions,” he added.

Similarly, economist Manokaran Mottain also called for a longer pause in OPR hikes, although he believes that the OPR will likely reach 3.25% by the end of 2023. He said that a pause is needed at present because the nation is still struggling with an increased cost of living.

“In addition, appropriate actions to remedy cost of living are not coming as fast as we expected. So, under such a circumstance, a continued OPR hike would only add burden on the rakyat,” said the former chief economist of Alliance Bank.

That said, Mottain also highlighted that BNM may eventually be compelled to raise the OPR as it still needs to maintain a certain spread between the OPR and the US Federal funds rate, without leaving a considerable gap. This is following the
US Federal Reserve’s aggressive stance in tightening its monetary policy since last year
.

(Image: The Malaysian Reserve)

Analyst at CGS-CIMB Research, Nazmi Idrus also agreed that BNM will continue to adopt a cautious position and take an extended pause to observe the economic impact of previous hikes, especially with the weakening of Malaysia’s domestic environment and softening in private consumption. However, like Mottain, he also expects the OPR to hit 3.25% by the end of 2023, with two rate hikes of 25 basis points (bps) scheduled in 2H23.

Malaysia’s OPR currently stands at 2.75%, which resulted from four hikes back in
May
,
July
,
September
, and
November 2022
. These consecutive increases led to
widespread expectations that BNM will continue its rate hikes in early 2023
, bringing the OPR back to its pre-pandemic level of 3% or more. BNM then went on to surprise the market by
hitting the pause button in its first MPC meeting of the year in January 2023
, stating that it needed
time to assess the economic impact of previous decisions
.

(Source:
The Star
)

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October Unemployment Rate Increases Slightly To Stand At 4.7%

The unemployment rate in Malaysia has increased by 0.1% since September to stand at 4.7% in October, said the Department of Statistics Malaysia (DOSM) in its latest monthly labour force report. It also noted that the number of unemployed individuals rose by 1.5% (10,700 people) to total up to 748,000 people.

In a statement, chief statistician Datuk Seri Dr Mohd Uzir Mahidin explained that the labour force has improved at a slower pace in October due to increases in both employed and unemployed persons. Parallel to the increase in the number of unemployed individuals, the number of employed persons also continued its upward trend – which has sustained for five consecutive months – with a marginal growth of 0.1% since September to 15.21 million persons.

DOSM’s monthly report further noted that although most states underwent the conditional movement control order (CMCO) effective 14 October 2020, industrial and business activities were still carried out. As such, the labour market was able to maintain its modest condition, as indicated by the employment-to-population ratio which rose to 65.3% in October.

(Image: Malay Mail/Firdaus Latif)

“As for the status of employment, a higher number was recorded for the employee category in October, with an increase of 28,100 persons to 11.78 million persons compared to the previous month. Own-account workers, on the other hand, decreased by 0.3% to record 2.43 million persons,” said DOSM.

Meanwhile, the number of employed individuals who were temporarily not working rose by 100,700 people to settle at 183,600 persons in September. This is primarily due to the implementation of the CMCO. For context, the country registered the highest number of temporarily non-working individuals during the MCO in April, amounting to 5.9 million people at that time. These people were not categorised as unemployed as they still have jobs to return to.

“Looking at the current situation, with an increasing number of new Covid-19 cases since October 2020, the labour market will continue to face uncertainties. Nevertheless, with the CMCO being lifted in phases starting 7 December, this will partly lead the economic sectors to regain their momentum following higher demand, and subsequently encourage businesses to retain or even increase job opportunities,” said DOSM in the report.

Malaysia had seen all-time high unemployment numbers in
March
,
April
, and
May
 due to the spread of the Covid-19 pandemic and the implementation of the MCO. The rate eventually improved gradually in
June
,
July
,
August
, and
September
.

(Source:
DOSM
)

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Finance Minister: Malaysia's Inflation Could Reach Around 11% Without Subsidies

(Image: Bloomberg)

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has remarked that Malaysia’s inflation rate could reach “around 11%” if the government does not provide the subsidies that are currently being offered for essential items. These include petrol, diesel, cooking oil, and electricity.

According to Tengku Zafrul, Malaysia has managed to keep its inflation around 2.5% for the first half of this year primarily because of the substantial size of government subsidies. He also stressed that the 2.5% inflation rate is considerably lower compared to other countries across the world, and is still maintained within the 2.2% to 3.2% range expected for this year.

That said, Tengku Zafrul acknowledged that the current blanket subsidy policy is unsustainable, even though it is necessary for short-term economic recovery. As such, the government is already in the midst of finding ways to resolve the matter, although Tengku Zafrul also noted that the government “[doesn’t] want to pull the handbrake too soon.”

(Image: Reuters)

The minister further reassured that at present, Malaysia still has the fiscal space to maintain the current subsidies. This is because the country’s current debt-to-gross domestic product (GDP) ratio – which stands at 60% – is still below the country’s statutory debt ceiling of 65% of GDP.

“Having said that, we are cautious as well; monetary policy is tightening also in Malaysia,” Tengku Zafrul also said, referring to the recent overnight policy rate (OPR) hikes in
May
 and
July
 this year. He added that this is part of Malaysia’s efforts to ease the rising inflation in the country.

Previously, Tengku Zafrul had already stated that the
existing blanket subsidy policy is not sustainable
 for the country in the long run. This is especially as the cost to provide the
subsidies in 2022 is projected to reach nearly RM80 billion, far exceeding the original allocation of RM31 billion
. Given the significant cost, he reiterated that the government is looking to review the current subsidies and other incentives so that the assistance can be targeted to those who are truly in need.

In line with the move, it was reported late last month that the government is testing the
mechanism for targeted petrol subsidy
; the mechanism will be studied for up to six months before being implemented.

(Source:
The Edge Markets
)

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Public Islamic Bank Removes Travel Insurance Benefit For Platinum Credit Cards

Public Islamic Bank will be removing the automatic travel insurance benefit of up to RM500,000 for its Public Islamic Bank Visa/Mastercard Platinum credit cardholders. This change will take effect from 1 June 2021.

The existing benefits of the PIB Platinum cards allow you to get complimentary automatic travel insurance of up to RM500,000 per annum when the full travel arrangements are charged to your Platinum credit card. The coverage includes claims for inconvenience due to luggage delays, luggage loss, flight delays, missed connecting flights, trip cancellations, and repatriation expenses.

Interestingly, Public Islamic Bank had just
revamped the PIB Platinum credit cards
 not long ago at the end of March 2021, but there had been no hint that the travel insurance benefit would be removed so soon after the official relaunch. To find out more about the Public Islamic Bank Visa and Mastercard Platinum credit cards, you can refer to our
in-depth review
 here.

For those with any queries about the removal of the travel insurance benefit, you can contact PB Card Services at 03-2176 8000 or email
[email protected]
.

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Introducing The New Mitsubishi Triton Quest

With the wide variety of options in the market, consumers now are spoiled for choice even when it comes to pickup trucks. Unfortunately, many of these vehicles struggle to combine good performance and solid features at an affordable price. Mitsubishi aims to strike the perfect balance of the three with the introduction of the new Mitsubishi Triton Quest, a pickup for the urban roads.

The Triton Quest: A Pickup Truck Built for Leisure and Work

Running a business that involves moving physical merchandise often means that there is a lot of loading and moving to do. The Triton Quest is a versatile workhorse, and its unique Dynamic Shield Design gives the vehicle an SUV-like exterior – which means it looks great on the road too. Let’s look at some of the many useful features packed into this vehicle.

Power and control right in your hands

Powered by a 2.5-litre turbocharged diesel engine that delivers 110PS max power and 200Nm of torque, the Mitsubishi Triton Quest adds that with a robust suspension system and best-in-class turning radius of just 5.7m, ingredients for a dynamic driving experience. Feel its power as you easily cruise on the roads even with a full cargo, and still effortlessly navigate tight spaces when making turns on the road or in parking lots.

If you hate potholes, you’ll also love that the suspension can easily handle it, while the improved chassis increases stability and traction. For everyday driving in or outside the city, the Triton Quest will surprise you.

Safety comes first, always

Powerful driving should not come with sacrifices in terms of safety with the Mitsubishi Triton Quest.

The Triton’s body also incorporates Reinforced Impact Safety Evolution (RISE) technology so that there are crumple zones which reduce the force of impact should a collision happen. Meanwhile, standard safety features include dual SRS airbags, seatbelt pre-tensioners as well as Anti-lock Braking System (ABS) with Electronic Brake-force Distribution (EBD).

Finally, the Triton Quest comes with Electronic Time and Alarm Control System (ETACS), adding a nice touch to this workhorse. This system adds little subtle features such as headlamp auto-off function, auto-adjusting wiper speeds, interior light delay, and more.

Comfort and storage for both driver and passengers

For an affordable pickup truck, the Triton Quest has impressive storage space. The massive load capacity of up to 970kg (including passengers and cargo) lets you carry a whole lot of things in there, be it for your business or a family road trip. Additionally, a functional J-line increases interior space and comfort for rear seat passengers without compromising cargo space.

Not only that, this vehicle even comes with a secret storage space located behind the rear seats, making it easy to reach yet invisible to prying eyes. Finally, the multi-information display provides vital information for the driver.

A Versatile Workhorse For All

With a starting price of just RM79,890 (OTR price without insurance for individual private owners in Peninsular Malaysia), the Mitsubishi Triton Quest packs plenty of value for those looking for a vehicle that works hard and looks good.

Besides the array of safety and comfort features available as standard offerings into the pickup, the Triton Quest even comes with a generous 100,000km or 5-year warranty, whichever comes first.

Now that you know everything this powerful pickup truck has to offer to both your work and home life, book a test drive on the
official Mitsubishi Motors Malaysia website
 today.

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12 Chinese Zodiacs: Is Year 2020 Good For Your Wallet?

Now that the Lunar New Year is here, we will leave behind the year of the Earth Boar and embark on a new one with the Metal Rat. What’s more, it is also the kick-off of another 12-year zodiac cycle. So fresh beginnings all around, yes?

Appease your anticipation for the double new start with your wealth forecast for the new year, and find out what are your chances to strike it rich in year 2020.

Rat

Your finances will benefit from your hard work in year 2020, but do be wary of excessive expenditures. It would be wise to set a budget for yourself and to sort out your monetary priorities, such as necessary repayments and any other essentials. You would also do well to resist impulse purchases and to avoid incurring any additional debts. Take it easy on the investments and the casinos this year.

Ox

Well, well, good news for those of you born in the year of the Ox. You can expect to enjoy various opportunities to grow your wealth, even beyond your usual monthly income. That said, watch out for your physical and mental health even as you strive hard for these opportunities. A full wallet means nothing if you find yourself burnt out and listless. It is also advisable for you to exercise caution when dabbling in any form of speculative investments.

Tiger

Year 2020 looks to be a little shaky for those born in the year of the Tiger, financial-wise. Monetary loss seems to be a pretty prevalent risk throughout the year, and it’d be wise to be prudent about your expenditure. Keep a close eye on what you are spending on. You might also be able to mitigate loss by looking for alternate sources of income or by being flexible with your financial plans.

Rabbit

Financial prosperity is very likely to be yours throughout year 2020, but you will need to practise diligence and adhere to professional ethical standards to earn it. It is also advisable to avoid high-risk investments in the upcoming year, although you could consider partaking in real estate portfolios or assets with growing value. Do so with caution and care, though.

Dragon

Those of you born in the year of the Dragon may face a period of financial strife with significant losses this year. However, you could counter that by making fixed deposits and committing to savings plans to prevent further losses from occurring. You would do well to gain insights from experts as you strategise and carry out your financial plans. Additionally, it would also be wise to watch your spending to curb unnecessary expenses.

Snake

Those born in the year of the Snake will have more opportunities to save and to spend more generously in 2020. That said, do not go overboard and always prioritise your financial obligations before splurging on impulse purchases. It’s also crucial that you keep an eye out for your assets and belongings, such as your credit cards, so as to avoid losses.

Horse

Hard work and persistence are particularly crucial for those of you who seek to grow your wealth this year. You will also benefit from meticulous financial planning so as to avoid reckless investments. Additionally, be sure to check and cross-check before signing any contracts or agreements, ensuring that you do not lose money due to vague clauses, unread small prints, or pure carelessness on your part.

Sheep

Those of you born in the year of the Sheep will have a largely prosperous year come 2020, save for the possibility of a minor wealth loss. This, however, can be averted with some caution and meticulous planning. Of more importance is the fact that you should adopt a more optimistic viewpoint when assessing your financial circumstances. This will help you recognise your blessings and fortune in the present, which could then open you up to better opportunities in the future.

Monkey

You will likely benefit from a boost in wealth, but this will only come with the aid and support of other people. This could be in the form of investment recommendations from financial experts, financial security advice, or even professional endorsements. It is essential that you do not neglect to pay it forward, though.

Rooster

Year 2020 would be a good year for you to consider diversifying your investments and portfolios for extra wealth opportunities. Do not merely limit yourself to your current ventures; you can afford to be moderately adventurous in seeking out new opportunities. That said, make sure to explore and enquire for more information before committing yourself to something. Research and seek out professional help along the way for the best results.

Dog

Those born in the year of the Dog may have to stay vigilant throughout year 2020 as there is a constant risk of monetary loss. Aside from avoiding high-risk and hasty investments, make saving money your priority. You would also benefit from a solid financial backup plan. Best to stay modest in terms of your expenditure and to live within your means.

Boar

Year 2020 looks financially rewarding for you as job opportunities open up. However, most of these opportunities will likely be alternative sources of income, instead of something that you get from your day job. Don’t expect a windfall, though. If you properly employ your prospects in 2020, it will give you a modest but constant stream of fortune.

***

And there we have it. Good or bad, though, bear in mind that these are only predictions. Read them in good fun, and avoid relying on them completely for your wealth planning in year 2020. At the end of the day, nothing beats practising prudence and doing your own due diligence when it comes to setting your financial priorities or goals.

(Source:
Joey Yap
)

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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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KATSANA’s “Safe Driving Rebate Program” Seeks To Reward Safe Drivers With Insurance Rebates

(Image: KATSANA)

KATSANA has announced the pilot launch of the “Safe Driving Rebate Program”, which seeks to reward safe drivers and promote good driving behaviour on the road. The programme – which is rolled out under the company’s subsidiary, DriveMark – is supported by Etiqa Insurance and Takaful Ikhlas General Berhad.

The “Safe Driving Rebate Program” offers a rebate of up to 30% for their motor insurance, on top of the driver’s existing No Claim Bonus (NCB) at the end of the motor insurance policy period. More importantly, it is also intended as an introduction to full-fledged usage-based insurance in the country.

Usage-based insurance is a type of motor vehicle insurance that calculates your premium based on
current
 criteria such as the distance of your drive, your driving speed and attitude, your destination, and the time of your travel. These data are called telematics, and insurers offering usage-based insurance will base your premium off these real-time telematics and how they perceive your risk as a road user in the present time.

This differs from conventional motor insurance where your premium is calculated based on
past
 driving history, the make and model of your vehicle, mileage, and vehicle use.

The distinction could make a significant difference in the premium that you pay for your motor insurance. For instance, if you had purchased a conventional auto premium and were earmarked as a high-risk driver by the insurer due to various accidents in the past, you’d be required to pay a high premium.

But with present-day telematics, insurers could offer you a recommended coverage with a lower premium, based on your recent driving behaviour.

DriveMark
 is a mobile app designed by KATSANA to monitor and collect drivers’ telematics. In 2017, KATSANA was able to sign
memorandums of understanding (MoUs)
 with several insurers, including Etiqa Insurance and Etiqa Takaful, to help them better price their motor insurance with DriveMark’s database.

The “Safe Driving Rebate Program” is carried out as part of an on-going collaboration with Etiqa Insurance Berhad and Etiqa Takaful Berhad.

(Image: KATSANA)

“We are extremely pleased to receive support from Etiqa Takaful Berhad, Etiqa Insurance Berhad and Takaful Ikhlas Berhad to reward proven safe drivers with significant motor insurance rebate. This pilot program can only be realised through continuous collaboration with the insurance partners and the wealth of driving behaviour data that has been collected in the past 3 years,” said the group chief executive officer of KATSANA, Syed Ahmad Fuqaha bin Sd. Agil.

Syed also added that this collaboration between established insurers and DriveMark is a pivotal moment for all parties involved as it helps pave way towards promoting a progressive and transparent usage-based insurance approach.

DriveMark’s initiative also reflects the
merit system
 that the government will be introducing in January 2020 to encourage better driving behaviour among Malaysians.

Interested Malaysian drivers can now test out DriveMark by downloading the app from the
Apple App Store
 or
Google Play
.

(Source:
FintechNews Malaysia
,
DriveMark
)

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Here's Your Chance To Grab A Playstation 5, RM600 Cash, RM200 Shopee e-Voucher & Many More

The most wanted gifts are up for grabs once again this week! From gadgets for your entertainment to appliances to make life a little easier, and cash – because why not?

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

For this week (11 April – 18 April 2022), our featured bank partners include
Citibank, HSBC, Standard Chartered Bank, Alliance Bank, and Ambank
 – if you have considered applying for any of these banks, check out our latest deal below!

Citibank – Sony Playstation 5 Disc Edition

Worth RM2299, the legendary gaming console comes with 4K graphics and 3D Audio Technology.  Immerse yourself like a pro when you play your favourite games when you apply, get approved, and spend with a Citibank credit card.

The Playstation 5 Disc Edition will be given to every 10th successful applicant! While other successful applicants will receive a pair of Apple AirPods.

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

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

HSBC – Guaranteed RM600 Cash Via DuitNow

Think of all the things you could do with RM600; there are too many. Whether it’s for some retail therapy or some necessities, RM600 can very well be a helpful hand for most of us today.

Apply, get approved, and spend with a new HSBC credit card to get RM600 cash via DuitNow. Just remember that current cardholders and applicants who were denied or have cancelled their HSBC credit cards within 6 months before this campaign are not eligible to take part in this campaign. Otherwise, you can
apply for your HSBC credit card here.

Standard Chartered Bank – PerySmith Cordless Vaccum Cleaner or Riino 3.5L Rapid Air Fryer

With a Hepa Filter and powerful suction, the PerySmith Cordless Vaccum Cleaner is a sleek addition to your home for both light and heavy-duty cleaning, while the Riino 3.5L Rapid Air Fryer allows you to cook up faster meals for the whole family, especially in this holy month of Ramadan.

Choose between these two guaranteed appliances when you apply, get approved, and activate your new Standard Chartered credit card. Applicants are still required to activate their card within 30 days upon approval to be eligible for this prize.

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

Alliance Bank – Guaranteed RM200 Shopee e-Voucher or Riino Evolution V8 Super Cyclone Vacuum

Apply for an Alliance credit card to get a guaranteed gift of either an RM200 Shopee e-Voucher or a Riino Evolution V8 Super Cyclone Vacuum.

Whether it’s to shop or clean, applicants are required to activate their credit card upon approval to be eligible for the prize.

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

Ambank – Morgan Air Fryer

Rapid air circulation system, a multifunction to fry, roast and bake, and a non-stick coating pot for easy cleaning – there’s nothing to not love about the guaranteed Morgan Air Fryer

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

***

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

While this week’s flash deal ends on 18 April 2022 (11am), you can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Katrina Balan Quiroz

Katrina Balan Quiroz

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

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Use your EPF to pay for your Home Loan or Tuition

We all know the importance of having an

Employees Dividend Fund (EPF) account: That special fund that can only be

accessed after retirement. But besides acting as a retirement nest egg did you

know that your EPF savings can be used to help you with some of your debt?

The mechanics

Every EPF account is broken down to Account

1 and Account 2. Every month 70% of your EPF contribution is allocated to

Account 1 while the remaining 30% goes to Account 2. Account 1 is off limits

until you reach the age of retirement but you can tap into your funds in

Account 2 for various investments such as buying a house or paying for a higher

education course.

Buying a house

You can withdraw from your EPF to service

a home loan if you’re purchasing residential property. There are many

circumstances and conditions for the maximum amount allowed but the withdrawal guideline

is either 10% of the house price or all of Account 2. To qualify, you would

need to provide the Sale and Purchase Agreement which is not more than 3 years

from the date of application among other related documents as listed in EPF’s

website.

Settling existing home loans

If you have an existing house loan, you can

lighten

the load with your EPF savings. You could either choose to settle a lump

sum payment (capital repayment) or opt to have EPF service the monthly repayment.

For a lump sum payment, the amount depends on how much you have available in

account 2 or the total balance of your loan whichever is lower.

For monthly repayments; you will also only

be allowed to take out the available balance from account 2. Calculating how

many payments you can make with the available balance and fill in the form

accordingly. EPF will block the entire amount and make the payments every month

automatically. However, this means that the full amount is removed from your

EPF account and you will not be receiving any interest from EPF on it. As such;

many customers prefer to take out lump sum amounts and have their banks convert

it into advance payments.

To perform either withdrawal method, you

will need to request for a balance statement from your bank. The statement is

specifically for EPF purposes and will contain details of the property as per

your Sale and Purchase Agreement as well as your loan details. The amount

withdrawn from EPF will then be credited directly to your home loan account. Your

Account 2 funds can also be used to reduce/redeem a housing loan on behalf of a

spouse or immediate family member. All withdrawals are subject to a minimum

withdrawal of RM500 or all of Account 2 savings.

For education purposes

If you have an education loan with PTPTN or

MARA, you can choose to repay in full or in part using your available balance

in Account 2. Similar to housing loan repayments; you will need to apply for a balance

report from PTPTN or MARA and submit this along with the relevant documentation

as required by EPF. This can be done by both the former student or his/her

parents.

Current and future students who did not

qualify for PTPTN or other loans can also fall back on the EPF of their parents

to finance

tuition fees. You can opt to withdraw once per academic year or each

semester. Be aware though that an interview is required every time you submit

an application for withdrawal. Make sure you do your homework before you apply.

Swing by the KWSP website to confirm if the education institution and course you

are enrolling your child with is recognised for EPF withdrawals. The amount you

are able to withdraw will be limited to either the amount of fees or the amount

you have available in Account 2, whichever is lower.

These are just a few options that are

available to as an EPF member. You can visit the
KWSP

website
 for a full list of withdrawal purposes.

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Brendon Lee

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    Anonymous

    1 year ago

This is rubbish, EPF gives about 5%-6% interest, and housing loan only cost 4%-5%, how can you recommend people to use EPF to pay off mortgage?

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Apple Pay Malaysia Has Enabled Support For AMEX Cards

Apple Pay users who own American Express (AMEX) cards can now rejoice as the mobile payment service is confirmed to have enabled support for AMEX cards in Malaysia. This comes as Maybank – the only bank in Malaysia to offer AMEX cards – announced that cardholders can already begin to set their cards up for Apple Pay.

Apple Pay – which finally
made its way to Malaysia last month
 – initially accepted only Visa and Mastercard cards from three banks:
Maybank
,
AmBank
, and
Standard Chartered
. However, Maybank highlighted even back then that customers can expect support for AMEX cards to be enabled soon.

As such,
this latest update
 means that Maybank cardholders can now also add these following AMEX cards to their Apple Pay, in addition to the previously supported Visa and Mastercard credit and debit cards:

The Platinum Card

American Express Gold Charge Card

American Express Charge Card

Maybank 2 Cards Premier Reserve American Express

American Express Platinum Credit Card

American Express Cash back Gold Credit Card

Maybank 2 American Express Platinum Card

Maybank Islamic Ikhwan American Express Platinum Card-i

Maybank 2 American Express Gold Card

Maybank Islamic Ikhwan American Express Gold Card-i

Singapore Airlines KrisFlyer American Express Platinum Credit Card

Singapore Airlines KrisFlyer American Express Gold Credit Card

Shell easiGO American Express Prepaid Card

Wait no more because Apple Pay is now ready for Maybank American Express Cardmembers! Enjoy a safe, easy, contactless way to pay in stores while still getting all your cards’ rewards and benefits. Set it up now via the Apple Wallet app. Info:
https://t.co/akye9gsDQL

#MaybankCards

pic.twitter.com/e6Aef9gJRS
— Maybank (@MyMaybank)
September 29, 2022

As was the case before, you can add your Maybank cards to Apple Pay fairly conveniently, either through Apple Wallet on your iPhone or via the MAE by Maybank2u (MAE) app. Those who wish to do it via Apple Wallet will only need to fire up the app, tap on the + sign on the top right corner, and follow the prompts provided (including a verification process).

Meanwhile, if you use the MAE app to add your card, you’ll need to first access the Maybank2u tab at the bottom navigation bar, followed by the “Card” dashboard. From there, you can select the card that you’d like to add to your Apple Wallet, and go through the necessary verification procedure to complete the process.

Also, do remember that each user is allowed to add multiple Maybank cards to their Apple Pay, but only up to a maximum of 10 cards. Additionally, each Maybank card can be added to more than one device using Apple Pay, up to a maximum of 10 devices.

(Source:
Maybank
)

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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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Enjoy Savings In Abundance When You Shop On Grab This Christmas

Whether we care to admit it or not, there are certain times in a year that require us to spend more money than we’d like. It could be for annual celebrations like birthdays, one-off events like weddings, or for festive seasons like preparing Chinese New Year money packets or getting our loved ones Christmas gifts.

It’s important to plan ahead and have a budget allocated for these expenditures so we don’t disrupt our cash flow. Having smart spending habits like sticking to a budget, using vouchers, and collecting any cashback or savings, help us make the most out of our money.

‘Tis The Season For Savings

At times like these, having the convenience to shop from the tip of our fingers is remarkable because it grants us the opportunity to consider our choices in our own sweet time without even leaving home. Not to mention, it saves petrol, time, toll charges, and parking fees.

Do your Christmas shopping on Malaysia’s popular super app Grab if you want to save money or earn rewards for all of your festive purchases. Using GrabPay for your shopping allows you to save money thanks to the numerous GrabPay promos that are now available. Not only that, but every time you shop, you’ll earn GrabRewards, which you can later use to offset future purchases.

In fact, if you’re still on your search for last-minute Christmas gifts, Grab is offering up to RM30 OFF your online purchases across numerous merchants with the code
30GRABPAYDEALS
. This way, you’ll save yourself the trouble of finding the right gift and going out to purchase it, and instead, enjoy savings, the convenience of online shopping, and collecting GrabRewards!

Do Your Christmas Shopping For The Entire Family On Grab

Finding the perfect gift can be daunting especially when shopping for a long list of loved ones. While some make clear gift requests, others tend to be harder to decipher. Not just that, sometimes it’s the expectations we set for ourselves and
wanting that particular gift to be a symbol of our appreciation
for them. If you need some gift ideas for your loved ones, check out what you can get through the Grab app:

For The Men In Our Lives

For the men (or women!) who love gaming consoles and getting lost in alternate realities, perhaps the
Nintendo Switch™ – OLED Model White set
 from Gamer’s Hideout would make a great gift. This new edition of the Switch offers enhanced audio, even better contrast and more vivid colours on its 7-inch OLED screen, perfect for those who appreciate stunning visuals.

If showing up in style is more like them, consider the
Nike Air Force 1
 from JD Sports. After all, the Nike Air Force 1 has withstood the test of time and its various colourways would suit varying tastes.

For The Women Who Care For Us

L’Occitane’s Cheerful Cherries Box
 features a generous offering of three miniatures and their best-selling full-sized bath and shower gel, making an ideal gift for those who love body care. All packaged up in festive colours, give the gift of cheerful, floral Cherry Blossoms to those who love treating their olfactory receptors.

For the women who love bold-coloured lips,
 MAC Cosmetics
has a holiday-exclusive lip trio kit in limited-edition shades that you can get as a present. Whether you choose Neutral or Red, the kit includes MAC’s famous Matte formula, known for its high colour payoff, and ultra-creamy Amplified formula, offering a smooth glide, bold colour payoff, full coverage, and a semi-lustrous finish.

The trio comes with a matching hypnotic optical-illusion box ready to be gifted this Christmas.

For The Kids We Adore

Let’s not forget the little ones this holiday season and celebrate them with
Hermito’s Luxury Baby Gift Set
 in Blue or Pink for those between 6 to 9 months. This premium gift comprises 100% hand-picked premium cotton clothes, soft, skin-friendly textures, and can be personalised with name embroidery.

Choose Between Two Secure Payment Options

Once you’ve decided on the gift you’d like to purchase, choose between two convenient payment methods.

To complete the purchase immediately, users can utilise their e-wallet balance through GrabPay and reap the benefits of GrabRewards. Alternatively, you could also use PayLater by Grab.

For PayLater, users can choose to pay in Instalments or Postpaid. With the former, you’ll get to spread the cost of your purchase across 4 interest-free monthly instalments. With the latter, you can consolidate your spending into a single bill and settle the payment by month’s end. This includes rides, food, deliveries, and everything offered on the Grab app.

PayLater offers a simple payment process with no interest, upfront costs, or fees as long as you pay on time. When used responsibly, it can help manage your cash flow and become a convenient payment method for purchases.

Whether you choose PayLater or GrabPay,
there are security features in place
 that will enable users to perform real-time digital transactions on the platform securely. This includes a two-factor authentication (2FA) with Grab PIN and biometrics which Grab highly recommends for all users. The security enhancements are in place to provide assurance to Grab users regardless of which payment method they prefer.

Shop, Save, Do It All On Grab

Christmas is only a few days away so if you have yet to complete your shopping, just head to the Grab app, click Shopping and start finding the right gift! Merchants like Gamer’s Hideout, Kiehl’s, L’Occitane, and MAC Cosmetics are currently offering rebates and discounts through GrabPay and PayLater. Enjoy the variety of merchants and products to shop from, the convenience of shopping via mobile, having your items delivered, flexible payment options, and most of all, the savings from your shopping experience!

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Lisa Ameera Azman

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PTPTN Loan Repayments Deferred For Another 3 Months, Applications Open Tomorrow

The government has agreed to defer the loan repayments of the National Higher Education Fund Corporation (PTPTN) for another three months, until 31 March 2021. Eligible borrowers who are affected by Covid-19 can apply for this extension starting tomorrow 5 January 2021.

According to Higher Education Minister Datuk Seri Dr Noraini Ahmad, the decision was made out of concern for borrowers who are still affected by the Covid-19 pandemic and are unable to repay their loans. PTPTN borrowers who have experienced loss or reduced income due to the pandemic are eligible for this further three-month deferment.

Eligible borrowers can make their applications via PTPTN’s official portal from 5 January until 31 March 2021 without the need for any supporting documents. Borrowers will be notified of the approval via email within three working days of applying. The three-month extension of the loan deferment will begin in the same month as the approval of the individual’s application.

(Image: Malay Mail)

“Borrowers are reminded to update their contact information to ensure that information regarding the approval of extension applications can be conveyed to them,” PTPTN added in a statement.

The initial PTPTN loan repayment deferment was first announced as part of Malaysia’s Revised
Economic Stimulus Package 2020
 and took place from April to June 2020. It was then extended by three months for the period of
July to September
, before being further extended to the
end of 2020
. With this latest extension, eligible borrowers will be able to postpone their repayments for a total of 12 months.

You can make your applications for the extended deferment on the
PTPTN portal
 starting tomorrow.

(Source:
The Sun Daily
,
The Edge Markets
)

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Jacie Tan

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BNM And All Banks In Kuala Lumpur Will Open As Usual On 3 December 2021

Bank Negara Malaysia (BNM) has said that the central bank, along with all banks in Kuala Lumpur, will operate as usual on 3 December 2021 (Friday). This is following an earlier announcement by the Federal Territories Minister, Datuk Seri Shahidan Kassim, declaring the day as a public holiday for the Federal Territories.

“Bank Negara Malaysia wishes to announce that Bank Negara Malaysia and all banks, including branch operations, in the Federal Territory of Kuala Lumpur will be open and operating as usual on Friday, 3 December 2021. In this regard, financial market transactions in the foreign exchange, money and over-the-counter bond markets will continue to function as usual,” BNM said in its brief press release.

Last night, Datuk Seri Shahidan declared Friday as a
public holiday for Kuala Lumpur, Putrajaya, and Labuan
 in celebration of Kuala Lumpur City FC’s victory over Johor Darul Ta’zim in the Malaysia Cup. The win came after a long wait of 32 years, with the title last won in 1989.

(Source:
BNM
)

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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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Lower EPF Dividends Expected For This Year, Between 4.8% To 5.1%

(Image: The Star/Faihan Ghani)

Employees Provident Fund (EPF) is expected to distribute significantly reduced returns to its contributors this year, with the dividend for conventional and shariah savings projected to range between 4.8% to 5.1%, and 4% to 4.5%, respectively.

Revealed by a source familiar with the matter, EPF’s dividend rate for the previous year stood at
6.1% for conventional savings and 5.65% for shariah savings
, by comparison. “However, the rates are definitely much better than commercial bank interests for fixed deposits. Under the circumstances, they should be acceptable, especially those with high savings in their accounts,” the source further commented.

The source also explained that despite the significant dip, these rates are the best outcome that could have been achieved by the provident fund, given the decline seen in global financial markets over the past few years.

(Image: BusinessToday)

Several economists, too, have previously
forecasted that the EPF’s dividend will be lower for this year
, although they also believe that it will still be at an acceptable rate. Professor Geoffrey Williams from the Malaysia University of Science and Technology (MUST), for instance, noted that the EPF has been managed well thus far with the appropriate investment strategy, and as such, is still “one of the best risk-adjusted long-term investors”.

Meanwhile, Professor Yeah Kim Leng from Sunway University said that most international funds, including the EPF, are expected to report poorer performance for 2022 due to rising interest rates that have negatively impacted capital markets.

In the
past decade
, EPF’s dividend for conventional savings has ranged between a high of 6.9% (2017) to a low of 5.2% (2020). As for shariah savings – which was introduced not too long ago in 2017 – the highest dividend that was recorded stood at 6.4% (2017), while the lowest was 4.9% (2020).

(Source:
Free Malaysia Today
)

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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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    Danny Tang

    6 months ago

Kwsp don’t know to invest & drop ever year’s dividend pls take all the money out if can

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Unlock More Travel Experiences: Convert Bank Points To Enrich Points With 10% Bonus and Fast Track your Elite Status

Travelling is more than just exploring new destinations. It’s also about the unique experiences we encounter, the connections we make, and the rewards we accumulate along the way. Every seasoned traveller understands the thrill of finding the best deals. Thus they’re always on the hunt to discover innovative ways to squeeze the most value out of their vacations or business trips.

Recognising the importance of maximising rewards for every trip, Enrich by Malaysia Airlines Bank Conversion Campaign, Enrich members can convert bank reward points into Enrich Points and earn an additional 10% bonus for the extra boost to their travel plan. With the door to enriching your travel experience opened, let’s delve deeper into this campaign and see how it can elevate your travel experience to new heights!

A World Of Rewards With Enrich Points

Enrich Points are more than just frequent flyer points – they are your currency to access an array of travel and lifestyle rewards. Whether you’re a traveller or a newbie, these Enrich Points are here to help you make the most out of your journey.

If you’re unfamiliar with the process of converting your bank points into Enrich Points or wondering if you’re eligible to join this campaign, don’t worry. It’s rather simple and straightforward because all it requires is for you to own a credit card from participating banks and request for the conversion.

Your request will then be processed and successfully converted. Enrich Points will be credited to your Enrich account within 14 working days. If you are not an Enrich member yet, sign-up for free
here
 to participate in this campaign.

So, what’s next after earning your Enrich Points? It’s, of course, to redeem various rewards that will enhance your travel experience. Redeeming for flights has been the most popular reward, but one of the best things about Enrich Points redemption is their versatility. Want to book city view accommodation? You can redeem your points for that via enrichhotels.com. Looking to unwind at the Malaysia Airlines Golden Lounges before your flight? Use your Enrich Points. Want to enjoy flight upgrades? Enrich Points can offer that too. Not travelling anytime soon? Then explore the extensive lifestyle rewards from the comfort of your home. Redeem for an exclusive dining experience, online shopping including duty-free items, gift cards and e-vouchers, or you can even donate your Enrich Points to the charity that supports your cause. The possibilities are extensive!

The Enrich Points you converted and accumulated hold a validity of 3 years from the earned date, while the bonus of 10% from this campaign remains valid for a year from the earned date as well. So you’ll have ample time to plan ways to use your points for your travels or others throughout the period.

Elevating Your Travel Status With Elite Points

As an Enrich member, every time you take a flight, you’re not just travelling from point A to point B, but you’re also racking up Elite Points to elevate your travel experiences to an entirely new stratum. The Elite Points aren’t your ordinary reward points. They are the determiner of your membership status and, consequently, the level of privileges you get to enjoy.

The Enrich program consists of four distinct membership tiers – Blue, Silver, Gold, and Platinum, each offering greater benefits and privileges than the last. Earning Elite Points is the only way to propel you up these tiers, with each increment bringing you closer to the coveted Platinum membership.

Another exclusive offer from this month’s Bank Conversion Campaign, Enrich members who convert your bank reward points into Enrich Points will also earn Elite Points.

To earn Elite Points, you simply need to convert your bank points into Enrich Points in increments of 30,000. Each block of 30,000 Enrich Points garners you 1 Elite Point. That means if you were to convert enough to reach 60,000 or 90,000 Enrich Points, you’d receive 2 or 3 Elite Points, respectively. But remember that these conversions need to be exact multiples of 30,000 Enrich Points to qualify for Elite Points. If your goal is to amass Elite Points, then it’s better for you to instruct or align your goals with your bank accordingly.

While Elite Points couldn’t be used to exchange for rewards like the Enrich Points do, they are an essential key to help you unlock the prestigious doors to the Elite membership. As an Enrich Elite member, your travel experiences will transform significantly to become much more comfortable, convenient, and rewarding, with privileges like priority check-in and boarding, bypassing the usual hustle when flying with Malaysia Airlines and more.

But it doesn’t stop there; if you reach the Platinum membership, the highest echelon in the Enrich program, the benefits extend beyond these conveniences with complimentary access to Malaysia Airlines Golden Lounges and complimentary companion cards, among others. More than just perks, it’s about embarking on an exclusive journey, creating a travel experience that’s truly in a league of its own. And to top it all, Enrich Elite membership carries the coveted
one
world tier status that welcomes you to the world of
one
world Priority benefits.

It Gets More Rewarding: Win an HONOR Magic 5 Pro Or HONOR Magic

If you’re still pondering whether to start converting your points, consider this incentive: top converters will have the chance to win an
 HONOR Magic 5 Pro or an HONOR Magic
. These are smartphones equipped with advanced features designed to complement your daily life. With this campaign, you’re not just enhancing your travel experience, you’re also potentially securing a state-of-the-art smartphone making your journey more rewarding and exciting!

***

Embark On Your Rewarding Travel Journey Today

Seize the opportunity and take advantage of the Enrich Bank Conversion Campaign today. Gain more Enrich Points through the 10% bonus conversion while accelerating your membership status with Elite Points.

And remember, this campaign is not just about points. it’s about an opportunity to gain the most value of your bank points and reap the maximum rewards by scoring the chance to win the HONOR Magic 5 Pro or HONOR Magic! Time is ticking, and the other travellers are converting their points too. So, don’t delay – start converting now by clicking
here!

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