What are the most popular credit cards for online payment?

Malaysians are used to making payment online in recent years thanks to the AirAsia wave since 2001 and the deal site invasion since 2011, which you can refer to in
e-commerce history & milestones in Malaysia
.

Generally, the most used online payment method by Malaysians are (in this order):

Credit card

Internet banking (Maybank2u, CIMB Clicks etc.)

Offline banking (ATM / Cash bank in)

PayPal (used more at foreign shopping sites)

It is quite close between credit card and Internet banking, depending on average order value of the online business. Internet banking might contribute the most number of orders but credit card might contribute the highest transaction value to your business.

Maybank2u is undoubtedly the most preferred Internet banking method, followed by CIMB Clicks. But, how about the credit card? Who are the leaders (by card issuer)?

Top Online Credit Card Payment by Issuer

Before we start, you can refer to the
list of credit card issuers
 by Bank Negara Malaysia, both banks and non-banks.

We have done a sampling* of over 2,000 local e-commerce merchants and here are the
leaders
:

MAYBANK

25.34%

CITIBANK

18.32%

HSBC

11.45%

CIMB

8.45%

HONG LEONG

5.91%

PUBLIC BANK

5.67%

STANDARD CHARTERED

5.05%

UOB

4.68%

RHB

3.06%

ALLIANCE BANK

3.03%

AMBANK

2.44%

OCBC

2.14%

BANK RAKYAT

1.38%

MBF CARDS 1

0.82%

BANK ISLAM

0.54%

BSN

0.42%

AEON CREDIT SERVICE 1

0.42%

AEON CREDIT SERVICE 2

0.37%

SYNERGY CARDS

0.25%

AFFIN BANK

0.24%

MBF CARDS 2

0.01%

The top 5 credit cards (by issuer) being used for online payment are (in this order):

Bank

Percentage (%)

Maybank

25%

Citibank

18%

HSBC

11%

CIMB

8%

Hong Leong

6%

It wouldn’t be a stretch to assume that this reflects the current credit card customer base by issuer.

Master vs Visa: Which is more popular in Malaysia?

Based on the same sampling(*), more Malaysians are using Visa credit card (59%) to pay online compared to Master credit card (41%).

Visa

59%

MasterCard

41%

What we have seen lately is that local banks are trying to increase their credit card customers spending by working on co-promotions with e-commerce operators, especially deal sites and Zalora.

Is this kind of co-marketing campaign effective for both banks and e-commerce sites?

* Sampling source:

– Data collected in 2013 from online merchants operating and selling in Malaysia only.

– Online merchants ranging from various categories from electronics, fashion & accessories, health & beauty etc.

– Sampling size: 2,000+ orders contributing to RM400,000+ transaction value.

This was brought to you by ecommerce.milo, An
e-commerce blog
 that focuses on e-commerce

insights in Malaysia and Asia.

Teaser image courtesy of Sura Nualpradid at
FreeDigitalPhotos.net

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TNG eWallet Introduces Second Investment Feature, GOinvest

Touch ‘n Go (TNG) eWallet has once again partnered with Principal Asset Management Berhad to introduce a second investment feature for its users, this time dubbed GOinvest. Essentially an investment platform housed within the eWallet, it allows you to invest in unit trust funds with Principal, with the first fund being a money market fund with a competitive projected return of up to 2.70% p.a. (excluding fees).

According to the FAQ on GOinvest, users who are aged above 18 years old can begin investing via the platform with a minimum deposit of RM10. Currently, there is only one fund that is available for you to tap into, namely the Principal Islamic Money Market Fund (Class D), but there are plans to include more funds – both
shariah
-compliant and conventional ones – in the near future future.

GOinvest is also marketed as a goal-based investing platform as you’re required to create or select an investment goal when you are setting up your account. If you do not wish to create a specific goal, you can opt for a pre-set “General Savings” as your goal instead. You may also keep multiple financial goals at all times, although you are only allowed to create one goal at a time.

As we’ve mentioned earlier, you can begin investing on GOinvest by cashing in a minimum amount of RM10, either via your TNG eWallet or FPX online banking. There is no maximum limit to the amount that you can invest – although you will be restricted to a limit of RM30,000 for each transaction if you use FPX online banking to perform your cash-in transactions.

Unlike
GO+
 which has features instant cash-in, it may take up to one business day to process and credit your cash-in payments to the GOinvest platform. Specifically, if you successfully cash in by 1pm, your payment will be processed using the net asset value (NAV) per unit for that business day, while payments made after 1pm will be processed using the NAV per unit for the next business day.

Meanwhile, cash-out transactions can be performed starting from a minimum of RM10, which will then be credited back to your bank account (currently, all cash-out transactions can only be made into bank accounts). There is also no maximum limit to the amount that you can cash out either, but you should be aware that GOinvest will proceed with a full cash out if your cash-out request results in a unit balance that dips below the minimum unitholding balance threshold.

As for how long it takes to process your cash-out request, GOinvest will credit your money to your bank account within two working days upon receiving your request (with any fees to be shouldered by the investor). Similar to cash-in transactions, the NAV per unit used to process your cash-out request will depend on whether you submit your request by or after 1pm.

Another interesting detail about GOinvest is that there is a cooling-off period of six business days. Applicable only to first-time investors of the fund and the first cash-in amount, you are given the right to request for a full refund of your first cash-in amount (in the event that you have a change of heart about investing via GOinvest).

If you’d like to give the new GOinvest platform a try, go ahead and tap on the GOinvest tile in your TNG eWallet, then follow these steps:

Perform the eKYC verification process (users who have already performed this step when they set up their GO+ account can skip this)
Select and personalise your financial goal
Start cashing in money using either your TNG eWallet balance or FPX online banking

Finally, note that funds invested in GOinvest cannot be used for any TNG eWallet payments; it is allocated solely for investing purposes. This is different from funds in stored in GO+, which can be tapped into for payments such as toll, parking, and retail purchases if your eWallet balance is insufficient.

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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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    Anonymous

    1 year ago

May I know how long we will be able to earn the total return? It seems so slow and it’s not on daily basis, thank you

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Budget 2019: 10 Key Highlights

1) Fuel subsidy for 6.6 million vehicle owners

The government announced a targeted fuel subsidy for those who own a single vehicle with engine capacity of 1,500cc and below. It will be set at an expected rate of least 30 sen per litre. Car owners will get up to 100 litres of subsidised fuel and motorcyclists up to 40 litres. The subsidy will kick in during the second quarter of 2019 and is estimated to cost the government RM2 billion annually.

Those on social media had been quick to point out that there are luxury car brands with engine capacities below 1,500cc, but
Finance Minister Lim Guan Eng
 responded that there was “no hope” for those driving luxury cars to benefit from the subsidy. As it is now, the exact mechanism of this targeted fuel subsidy has yet to be clarified, with Lim asking for more time to iron out a proper system.

2) Toll hike freezes and abolished motorcycle tolls

All intra-city highways will have their toll prices frozen for 2019, costing the government an approximate amount of RM700 million. The toll for motorcycles for the First and Second Penang Bridge, as well as the Second Link in Johor, will be abolished effective 1 January 2019. This will cost the government about RM20 million per annum.

3) Unlimited monthly transport passes

A total of RM240 million will be allocated for
an unlimited monthly public transport pass
, to increase the utilisation of public transport. In a press conference held by Transport Minister Anthony Loke, further details about the travel pass were announced.

The 30-day unlimited pass comes in two versions – RM100 for use on all Rapid Rail and Rapid bus services, and RM50 for travel on Rapid bus services in the Klang Valley. The new travel scheme will be limited to Malaysians only, through the use of their MyKad. According to Loke, users can start registering for the pass in December and begin utilising it from 12.01am on 1 January 2019.

4) Tax amnesty programme for 2019

A Special Voluntary Disclosure Programme will be launched, giving taxpayers the opportunity to voluntarily declare any unreported income and offering reduced penalties in return. The sooner you declare your unreported income, the lower the penalty you’ll have to pay for evading tax.

3 November 2018 – 31 March 2019: 10% penalty

1 April 2019 – 30 June 2019: 15% penalty

30 June 2019 onwards:80%–300% as provided for in existing tax laws.

5) New taxes introduced by Budget 2019

Here are four of the new taxes that will come into effect over the next year.

Service tax on imported services.
Imported services such as architecture, graphic design, IT, and engineering design services will be subjected to service tax starting 1 January 2019.

Service tax on imported online services.

Starting 1 January 2019, any Malaysian business that imports online services will have to pay a service tax. Similarly, consumers who are using foreign online services in Malaysia will have their transactions taxed starting 1 January 2020. Affected services include software, music, video, and digital advertising, such as Netflix and Spotify.

Departure levy.
 To encourage domestic tourism, the government is imposing a departure levy to those travelling abroad by air starting 1 June 2019. The proposed rate is broken into two tiers: RM20 for outbound travellers to ASEAN countries, and RM40 to countries other than ASEAN.

Sugary drinks tax.
 From 1 April 2019, there will be a duty of 40 sen per litre on two broad categories of sweetened beverages: non-alcoholic beverages containing added sugars of more than 5gm per 100 ml drink and fruit juice containing added sugars of more than 12gm per 100 ml drink.

6) Gambling industry taxes increased after 13 years

Casino licences are to be increased by RM30 million to RM150 million per annum and casino duty charges will be increased up to 35% on gross collection. Machine dealers’ licences will be increased from RM10,000 to RM50,000 per year, and gaming duties will be increased from 20% to 30% on gross collection.

7) B40 households will continue to receive Bantuan Sara Hidup cash grants

The government support for B40 households will be continued under a new “Bantuan Sara Hidup” cash grant scheme. Households with a monthly income below RM2,000 will receive a sum of RM1,000, households with a monthly income between RM2,001–RM3,000 will receive RM750, and households earning between RM3,001–RM4,000 will receive RM500.

For every child 18 years and below or disabled member of the family, there will be an additional top-up of RM120 per child (up to a maximum of four children). 4.1 million households are expected to receive this financial assistance, amounting to RM5 billion in grants in total.

Here’s a comparison of
how the new Bantuan Sara Hidup compares to the previous Barisan Nasional government’s BR1M scheme
.

8) Assistance for civil servants

To show appreciation to civil servants, the government will be allocating a special payment of RM500 to public servants of Grades 54 and below. Government pensioners will receive a bonus of RM250, with those receiving less than RM1,000 in monthly pensions being eligible for a one-off RM500 assistance.

Muslim civil servants will be given seven days of unrecorded leave to perform their
umrah
, while to appreciate the 201,600 non-Muslims in civil service, the government will also grant a similar period of unrecorded leave for other religious pilgrimage and functions.

As for government contract staff who do not enjoy the full privileges enjoyed by full-time civil servants, the government will allocate RM10 million per year to extend healthcare services to the parents of these contract staff. Additionally, these contract officers may apply for quarantine leave should their children suffer from any infectious diseases.

9) Steps to encourage working retirees

The government has highlighted that there will be an estimated 1 million Malaysians aged between 61 and 65 years who will still be active and productive, and is proposing steps to encourage their participation in the workforce.

Budget 2019 proposes reducing the statutory employers’ share of EPF contribution for retirees from 6% to 4% and providing additional tax deduction to employers who employ those over the age of 60 up to a monthly salary of RM4,000. Both these steps would incentivise employers to hire or retain retirees, especially those in the B40 category. It is also proposed that the current mandatory employee contribution for this group be set to 0%, to increase the take-home pay of working retirees and encourage them to continue working as well.

10) First-time homeowners win over property investors

The government has taken steps to
make it easier for Malaysians to finance affordable homes
. On the other hand, those choosing to invest in or purchase higher-end properties may find some of the announcements not so favourable to them. Budget 2019 will increase the Real Property Gains Tax (RPGT) for properties sold after the fifth year from 5% to 10% for companies and foreigners, and from 0% to 5% for Malaysian individuals. The stamp duty charges for transfer of properties valued at more than RM1 million will also be increased from 3% to 4%.

However, for first-time home owners and those looking to buy affordable homes, the government has announced the following steps and initiatives:

-Housing with prices below RM200,000 will be exempted from RPGT

-First-time home owners purchasing properties priced up to RM500,000 will have stamp duty waived up to RM300,000

-The government’s six-month National Home Ownership Campaign will waive stamp duty charges on unsold properties priced between RM300,001 to RM1 million, while developers are to offer a minimum 10% price discount

-Exempted SST charges on construction and building materials

-RM1 billion fund offering a concessionary rate for home loans from as low as 3.5% per annum

-New property crowdfunding initiative

For a full overview of Budget 2019 and how each of its proposals affect you, check out our
infographic on Budget 2019 and You.

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5 Things To Know About Contactless Payments

Contactless payments have been around for a while now. Visa contactless – or Visa payWave, as it was previously known – was first introduced to the Malaysian market in 2007, allowing customers to tap their cards against a payment terminal to pay for their transactions. Later on, contactless payments evolved and you can now use your mobile phone to make contactless payments or even a wearable contactless gadget, like a smartwatch or bracelet.

However, if you still aren’t familiar with contactless payments and how they work, here are a few facts that you should know.

#1 How Do Contactless Payments Work?

Most contactless payments work on a type of short-range wireless technology known as Near Field Communication (NFC) technology. Contactless cards have a chip embedded in them that allows communication over to a contactless-enabled reader. The exchange of radio waves between the chip in the card and the payment terminal results in a contactless transaction being made.

In addition, most modern smartphones today have built-in NFC, usually used for data transfer between devices. In recent years, smartphone companies began unlocking NFC to enable contactless payments using credit cards stored in the devices’ virtual wallets.

NFC is actually an evolution of radio frequency identification (RFID) technology – which most Malaysians will recognise as the latest way to pay for your toll fare.

#2 How Do You Make a Contactless Payment?

First of all, make sure that the merchant’s payment terminal is contactless enabled. You can do this by looking out for the contactless symbol at the checkout counter. As contactless transactions are accepted in almost every major store in Malaysia, you shouldn’t have an issue opting for this method of payment.

To make a contactless payment, just tap your contactless card or device against the merchant’s checkout terminal, and hold it for 1-2 seconds. An audible beep sound from the terminal usually follows, indicating that information has been captured and it is safe to remove the card. And… that’s it. If your card has sufficient credit limit, the transaction will go through. The whole transaction usually only takes 4-12 seconds to complete.

For transactions under RM250, you don’t need to key in your six-digit PIN on the keypad, making your payment experience even faster and more seamless.

#3 What’s With The RM250 Limit?

There is a common misconception that you can’t make contactless payments for transactions above RM250. This isn’t true. If your contactless transaction is above RM250, you can still go contactless – there’s just one extra step to take.

For transactions above RM250, tap your card against the reader like you would with an ordinary contactless transaction. When you hear the beeping sound, remove the card from the terminal, which will now request you to “Enter PIN”. Key in your six-digit PIN, and again if your card has sufficient credit the transaction will be approved. So, you don’t need to insert your card into the reader at any point – you just need to tap and key in your PIN.

This is important to remember, as some credit cards in Malaysia today offer perks for contactless purchases – don’t miss out on them because of false information.

#4 Why Should You Use Contactless?

Some credit cards in Malaysia offer additional benefits when you make contactless payments. For example, you could get 5% cashback for contactless transactions with certain credit cards – providing even more incentive for you to switch to contactless payments.

However, most people opt for contactless payments simply because it’s speedy and convenient. Contactless transactions, on average, take a few seconds from tapping to completion – the fastest among other credit card payment options.

It is also certainly faster than whipping out your phone, opening your e-wallet app, navigating to the “Pay” function, scanning the retailer’s unique QR code, and manually keying in the purchase amount.

#5 Are Contactless Payments Safe?

There has been plenty of debate regarding the security of contactless payments. The most popular concern is whether someone can “steal” your card info, or whether someone can just “tap” your card to complete a fraudulent transaction.

The truth is, data interception of contactless transactions is really, really difficult to be done, requiring many variables to be aligned at the right moment. Contactless cards today have many security features built in to prevent that.

For example, Visa’s contactless-enabled cards contain embedded chips that use cryptography to generate a unique one-time code to authenticate a transaction. In addition, these chips also do not store the cardholder name nor the CVV number, which means the intercepted data (if it is acquired) cannot be used for card-not-present transactions (such as online payment).

On top of that, a card needs to be placed within 4cm of the terminal for at least 1-2 seconds to complete a transaction. That means you can’t “accidentally” pay for something as you walk by a payment terminal – the action has to be deliberate to be registered.

***

If you were unsure about going contactless before, hopefully these facts about contactless payments will help answer some of your questions. Once you opt for contactless, you’ll find that fumbling for the right amount of cash or sticking your card in the reader are things of the past, while other solutions such as e-wallets are still more cumbersome. So,
start going contactless
 and you’ll have a secure way of paying that takes up lesser time at the checkout counter.

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How Dollar-Cost Averaging Helps Build Your Retirement Fund

With all the “get rich quick” advice out there, there still somehow are plenty of people who just haven’t gotten rich quickly yet. That’s because the advice often comes down to banking on luck, or you know, they’re usually just financial scams. Sure, the concept of “buy low, sell high” is painfully obvious, but many investment veterans would also agree that effectively timing the market is nearly impossible. Remember Bitcoin? That didn’t work well for most people either…

Luck aside, no investing strategy can reliably earn high returns in a short period of time. So, what’s the best way to build long-term wealth sustainably? The answer doesn’t involve cryptos or timing the market or going to the casino. The answer is boring, but is also effective and reliable: a monthly investment plan.

A long-term monthly investment plan
 imposes discipline on your daily spending, keeps you accountable to save towards your financial goals, and minimises your risk exposure.

First, do you have a monthly savings plan?

A monthly savings plan is a long-term wealth-building exercise that works. It encourages you to consciously keep an eye on your spending, and eventually be able to effectively grow the monthly amount to save. That said, starting a monthly savings strategy might feel like a hassle at first, especially if it forces you to make some adjustments to your day-to-day lifestyle.

Before you can create a monthly savings plan that you can actually stick to, you’ll need to know how much you’re spending – and on what – each month. Here’s where you will realise that even the smallest expenditures add up. Skipping that café-bought latte each day can easily reduce your monthly spend by a few hundred Ringgit! There are plenty of other places you cut back once you take a look at how you’re spending your money. Do you really need that new pair of sneakers? RM650, saved! How about that weekly karaoke session with friends? That’s an easy RM300 or so a month, saved!

How to make the most out of your monthly savings plan

A solid monthly savings plan instills discipline to save more, but you benefit even more when you get the money to work for you. Remember, most basic savings account only give a paltry 0.2% of interest, while even the best fixed deposits offer around 4-4.5% interest per year.

Just saving an RM300 each month by not buying that cup of coffee each day, and then investing it in a theoretical portfolio that returns 6% p.a. nett for 25 years, you will save an impressive RM206,300.80 at the end of that period. Compare this with the following amounts:

– RM90,000 if you kept your savings under your pillow (zero interest earned).

– RM92,263.51 if you deposit all your savings into a basic savings account that yields 0.2% p.a. interest.

– RM136,170 if you saved RM300 into an automatically-renewing monthly fixed deposit with a 3.15%% p.a. interest rate.

With a moderate return of around 6%, even RM300 savings a month can yield over RM200,000 in 25 years (RM206,300.80, to be exact). We’ve done the math if you saved more every month:

– RM343,834.70 if you save RM500 each month (vs RM150,000 without interest).

– RM687,669.30 if you save RM1,000 each month (vs RM300,000 without interest).

– RM1,375,339 if you save RM2,000 each month (RM600,000 without interest).

But of course, investing comes with its own set of risks. Sticking to a monthly investment plan minimises these risks, andalso allows you to take advantage of a risk management investing strategy called dollar-cost averaging.

What is dollar-cost averaging?

Dollar-cost averaging involves investing a fixed amount of money every week or month. By investing consistently and periodically, sometimes you’ll buy low, and sometimes you’ll buy high, diversifying the risk of buying “at the wrong time”. As Nobel Prize laureate Harry Markowitz said, “the only free lunch in investing is diversification”.

The problem with investing larger chunks sporadically, even if it’s from saving up a portion of your monthly income to invest a larger amount later on, is that you become over-exposed to the market conditions at that given time. This means that you may enter the market when the prices are too high. And if you think it’s ideal to wait for “a great time to invest”, pause and remind yourself that even professional fund managers don’t always get to “buy low, sell high”.

A monthly investing plan will keep you disciplined enough to invest and take advantage of dollar-cost averaging every single month. Setting up a monthly standing instruction to an investment account can make it easy for you not to forget to invest.

Take control of your financial future

If you haven’t already, start investing monthly deposits towards one of your goals. Don’t know how much you should save each month to reach your financial goals?
StashAway
, a robo-advisor that entered Malaysia in 2018 from Singapore, has a goal calculator that can determine how much you need to save each month to reach your financial goals based on your personal financial situation and preferences. Don’t have a financial goal in mind? Investing monthly can still enable you to grow the value of your savings so that when there comes a time you are ready to make a big purchase, you’re ready.

StashAway
 offers personalised investment portfolios with no minimum balance and flexible deposit schedules so that you can maximise your monthly savings and reach your financial goals sooner. The system emphasises the importance of monthly savings so that you can take advantage of dollar-cost averaging because risk management is the focus of its investment strategy. On top of calculating how much you need to save each month, the ultra-convenient service even allows you to set up recurring direct debits from your personal bank account so you can stay on track to reach your financial goals without ever having to set another reminder.

Whatever you’re saving up for, make sure you set aside a portion of your monthly savings into investments, and don’t even ask yourself whether the markets are “up or down”. Instead of trying to time the market, focus on maximising the time your money spends invested by investing a portion of your salary each month.

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Malaysians To Pay Higher Medical Insurance Premiums In 2020

(Image: The Sun)

Malaysians can expect to pay higher medical insurance premiums from this year, with the increase being as much as 30%.

Citing the price hike as “inevitable”, major insurance companies have revealed that the spike is primarily due to two reasons: a high inflation in medical and hospitalisation costs in recent years, technological advancements in treatments, and an increase in patients.

Not only that, the increase is also meant to buffer an expected increase in insurance claims, which is estimated to hit 13% for 2019.

Both AIA Berhad and Zurich Malaysia have sent announcements to its customers of the expected increase in premium prices.

“With the number expecting to rise further and outpace the general inflation rate, we have to make the necessary adjustments to your medical plan’s premiums so that they can keep up with healthcare inflation,” reads a notice by AIA sent to its customers.

A
global survey on medical trends
 was conducted last year by global insurance consultants, Willis Towers Watson, which stated that Malaysia ranked among the highest in Southeast Asia when it came to expected increase of medical costs.

(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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    Arumugam Perumal

    1 year ago

Hi Sir./Mdm

Good Day to you

My Medical Card provider increased from Rm2571.00 to Rm4166.00 per year suddenly.

This amount is very far beyond my capacity but the company reluctant to consider.

Where can i lodge a complaint against this increase?

Pls reply

Thanks

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Finance Ministry Holds Weekly Polls To Get Public’s Opinion On Budget 2021

In a bid to adopt a participatory approach for the upcoming Budget 2021, the Finance Ministry has kickstarted a series of weekly polls on several issues to let the Malaysian public have its say in the national budget. The polls, which are already ongoing, will continue until 1 November 2020.

Each week, the ministry will open the poll for a new issue to the public, with topics covering key matters such as embracing a sustainable lifestyle, assistance for the needy, and addressing social issues. The results will then be used by the government to decide on the priorities of Budget 2021. Here is the full schedule of the polls for your reference:

Embracing a sustainable lifestyle (28 Sept – 4 Oct)

Assistance for the needy (5 Oct – 11 Oct)

Addressing social issues (12 Oct – 18 Oct)

Cultivating a caring society (19 Oct – 25 Oct)

Focusing on NGO and community activities towards a quality life (26 Oct – 1 Nov)

The weekly polls are hosted on the Budget 2021 portal that was launched in August, complementing the Finance Ministry’s
Budget 2021 consultation roadshow
. It is intended as
a way to obtain public input
 for the national budget.

According to the portal, Budget 2021 – which is set to be announced on 6 November 2020 – will focus on four key areas: safeguarding the welfare of the
rakyat
, driving economic growth, enabling sustainable living, and enhancing public service delivery.

To cast your votes for these weekly polls, head on over to the
Budget 2021 portal
 here.

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Has Google released its own credit card?

Well, they haven’t. Or at least they haven’t
yet
. But our friends over at
Credit Card Compare
 have come up with a pretty amusing infographic that might just answer the question, “What if they did?”

From
CreditCardCompare.com.au

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TNG eWallet Collaborates With Alipay+ To Enable Cross-Border Payments In China

TNG Digital Sdn Bhd said that it has tapped into its collaboration with Chinese digital payment solutions provider, Alipay+ to enable Touch ‘n Go (TNG) eWallet’s cross-border payments capabilities in mainland China. With this, it will be the first Malaysian e-wallet that can be utilised for payments in the republic country.

“This augurs well for all our users travelling there as they will enjoy the ease of making cashless payments, and in ringgit as well. We expect our users to experience the same seamless convenience of using TNG eWallet in mainland China as how they would in Malaysia, and with the assurance that their transactions are safe and secure,” said the chief executive officer of TNG Digital, Alan Ni in a statement.

Angel Zhao – who is the president of Ant Group, the parent company of Alipay+ – also remarked that this collaboration is a milestone for Alipay+. “Through simple adaptation, more than 2.5 million merchants around the world are able to access and better serve the growing user population of various leading digital payments providers, as digital transformation takes hold around the world,” she added.

(Image: New Straits Times)

TNG Digital further noted that with this latest collaboration, TNG eWallet users can conduct cross-border payments not only in China, but also various other locations that support the QR code generated by Alipay+. The growing list of countries includes
Singapore
, Japan, South Korea, Britain, Italy, France, and Germany.

To use TNG eWallet’s cross-border payment service, simply tap on the Pay tile, and swipe upwards on the page as prompted (“Swipe up to pay abroad via Alipay+”). You can then go ahead and select the currency that you’d like to pay in via a dropdown list on the top right corner, then proceed to make your payments using the QR code displayed. The foreign exchange rate that applies to your payments will also be stated on the page for your reference.

(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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    Yan Susanto

    9 months ago

Can it be used in Singapore now or it is pending?

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    M.Chew

    4 months ago

Excellent

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I Chat Up Women on Tinder to Build My MLM Business

Garrett is the kind of guy very few women would swipe left on Tinder. He seems more suited to the bodice-ripping covers of a Jane Feather novel or an Abercrombie and Fitch ad than he is to the backdrop of a Kuala Lumpur Starbucks. But that’s where Garrett would usually take his Tinder dates, inevitably giving them the ‘presentation’. Imagine most women’s delight when a 6’3, sandy blonde haired, muscle bound man with green eyes and a slightly unshaven face shows up to greet them. It doesn’t matter what he’s selling – they buy it.

And that’s exactly the kind of response Garrett and others in the business hope to get. Under a cloak of anonymity Garrett shared with us how he gets recruits and sells products for his MLM (multi-level marketing) business with age old marketing tools: good looks, charm, misleading pictures (for illustration purposes only) using a very new platform, social media apps.

A Little Background

Just a little explanation on what MLM is.
Investopedia
 describes it as:

“A strategy that some direct sales companies use to encourage their existing distributors to recruit new distributors by paying the existing distributors a percentage of their recruits’ sales. The recruits are known as a distributor’s “downline.” All distributors also make money through direct sales of products to customers. Amway is an example of a well-known direct-sales company that uses multi-level marketing.”

If all that just flew over the top of your head allow us to simplify. MLM is direct selling by ‘independent representatives’ (or salespeople) who receive a commission on sales. But there’s more. It’s called multi-level marketing for the very reason that it …er… contains many levels. Every representative is ‘encouraged’ to recruit other representatives under him which will then be called his ‘downlines’.

The benefit is that not only will a guy like Garrett make money from his own sales, he’s able to make a cut from the sales of his downlines as well. If the MLM company is actually selling products instead of merely recruiting ‘members’ who pay a fee – they are considered legitimate businesses not illegal pyramid schemes. Whilst the practice is by the strict letter of the law, legal – the methods employed are not always ethical. But we’ll get to that later.

In previous years MLM businesses targeted the older set. Retirees who couldn’t find gainful employment found the idea of ‘anyone being able to do it’ an attractive business. But today, charmed and bedazzled by the promises made by leaders – younger people are getting in on the MLM bandwagon. And nothing appeals to millennials quite like social media.

If you’re not familiar with
Tinder
, the opening para may have make you go … “say what?”

A dating app created for the superficial Tinder allows users to ‘search’ users within your vicinity for potential friends, relationships or casual hook-ups (if we’re completely honest, an app this focused on physical appearance is more likely used for casual hook-ups than anything). On Tinder, users are able to browse pictures of members based on their search criteria (age/gender) and click ‘yes’ (or swipe right across your screen) or ‘no’ (swipe left) based on preference for picture or profile.

Of course, you can click the image to read a short paragraph about the person and view mutual friends or interests but let’s get real – if the profile picture doesn’t interest you, you’re unlikely to click to see more. Once you’ve clicked ‘yes’ on a person, they need to return the ‘yes’ click on your profile too before the two of you can chat. This isn’t easy because ‘yes’ clicks are kept anonymous until the other person reciprocates. But of course people have found a way to beat the system – widen the net and catch more fish – click ‘yes’ on everyone! If a match is created and you don’t like the person simply ‘unmatch’ with no shame!

Because Tinder works in this way people like Garrett found it all too easy to score new possible ‘downlines’. Click ‘yes’ on every girl and wait for whichever ones give him a ‘yes’ back. The fact that he looks good makes Tinder the perfect platform – very few women would say no to a profile photo like his.

The Lure of the Good Life (Re: Financial Freedom)

But good looks only get you so far. As a good ‘independent representative’, knows the real clincher is the promotion of the ‘good life’ that you could potentially live if you were to sign up. Garrett’s pictures doesn’t just include good looking headshots and washboard abs – he added pictures of himself vacationing in exotic locales, eating in fancy restaurants, and driving posh cars. He then tells women that he is able to afford all of that on his fabulous ‘freelance’ job. Once he gets them interested, out comes the presentation.

Anyone who’s ever been given an MLM pitch will know about the PRESENTATION. It deserves capitalisation because it is THE most important thing taught to representatives. Do the presentation right and you’ll recruit. Never forego the presentation because that is the most important bait.

You can rest assured that the presentation will be filled with more photos of the ‘good life’, how easy it is to make money and how you can too join the jetset just putting down enough cash to buy the products you’ll be selling. Oh, and a small ‘subscription fee’.

The problem: what most representatives won’t tell you is that it isn’t as easy to make money as it looks.

Multi-Level Marketing: Separating Fact from Fiction

So here are some FACTS first.

Yes, it is a legal business model
 and not a scam if you are selling real products BUT there’s a lot that falls in grey areas and MLM companies have superb lawyers who know the loopholes. They are legal but no one said anything about ethical.

Yes, you CAN make oodles of money.
 The real question is – will you really? So, unlike actual scams – there really is a potential (however small) for you to make good money. Based on the multi-level model; the more downlines you have selling products; the more commissions you make sometimes even without selling anything yourself. Now imagine if you had rows and rows of downlines under you.

It’s like marketing
Inception
 – you make money from your downline and his downline and his downline’s downline… ok, we’ll stop because it’s confusing us too but you get the idea.

The potential to make money is definitely there but here’s what they don’t tell you – how difficult it actually is to not only get downlines but to get good downlines who will sell enough product to earn you the money you need to attain ‘financial freedom’. Now you may think, “hey that’s common sense! Of course, it’s hard work.” Don’t get tricked by the common sense card – you have no idea how persuasive and sometimes blatantly dishonest ‘representatives’ can be when they themselves are trying to make a sale.

You will need to put down a good sum of money.
  At least RM2,000 and above is a safe guesstimate. Promises of ‘financial freedom’ doesn’t come without a price. Of course, this will take the form of you buying a representative ‘starter pack’ which includes the items you will sell; reading materials to help you craft your presentation and whatever miscellaneous admin fee they may have.

You usually can’t hold the company responsible if you are ‘coerced’ even under false misrepresentation by other ‘independent representatives’.
  The defence is simple and right by law: “We can’t be held responsible for what our representatives tell you when they are making a sale. We can only train and advise them to be honest, transparent and ethical.” Great. But how ethical and honest will a person be if he just sold his only cow in a rural kampung village to pay for his starter kit and needs to make a sale ASAP to feed his family? There’s your grey area. And it’s more than 50 shades.

So now you know the facts, and we’ve already divulged some fiction, for let’s go the extra mile.

Not everyone can do it.
Well, ok, technically everyone can cash out their life savings and buy a starter kit – you don’t need a degree or work experience for it. But selling a product and recruiting downlines requires a particular marketing know-how. It requires charisma, a talent for talking and well, as Garrett proved to us – good looks and washboard abs go a long way.

The fiction is in telling people who are unable to sell because they lack the skill to close deals that EVERYONE can do it is misleading. True; you don’t need a marketing diploma nor be of any particular age but if you can’t sell then you’ll fall through the cracks. It’s like telling a person who can’t paint that he can be a master painter just by purchasing your canvas and paints. He could work hard. He could practice but to truly hit the paydirt – he needed to have the talent.

It isn’t easy.
 Despite the good life you’re sold in the presentation – what you’re seeing is possibly only a small fraction of the people who join the movement. You’re seeing the success stories. The people you’re not seeing are the retirees or village folk who begged and borrowed to buy the starter kit but found they had no one to sell to and even when they did – they lacked the ‘finesse’ to close deals. We’re not saying it isn’t possible.

If you’ve got talent in sales and the willingness to work hard you could be a success story. But the odds are much higher than you think. Don’t be fooled by the flashy presentations (or good-looking Tinder dates). Know exactly what you’re getting yourself into.

They’re not ‘all scams’.
  As stated above, you can actually make money and it is a legitimate business. The difference is in spotting the genuine multi-level marketing businesses amidst the scam pyramid schemes. Usually, the non-existence of products is a dead giveaway but before signing up with ANYTHING – always do your homework!

Wait, so what’s this got to do with Tinder?

Multi-level marketing representatives have started taking whole new, innovative steps to make money. They’re not just hounding relatives and friends of friends – they’re using social media. Everything from Tinder, Facebook, to even Google Plus (yea we know right…?) and they’re using every charm and charismatic phrase in the industry wordbook. It’s not necessarily unethical (businesses use social media to promote all the time) but it does become so when they meet you under the guise of something else and then proceed to misrepresent what they are selling.

Again, it isn’t illegal but if you’re blindly signing up thinking you can be a ‘paid vacationer’ or whatever it is they’re calling their members – keep the main rule of thumb in mind – if it looks too good to be true, it likely is. The point is: don’t sign up for anything no matter how good it looks (or how good the salesman looks!) without first doing your homework and knowing what you’re signing up for!

We’re not saying no one should ever join an MLM business nor are we out to demonise the industry. We’re saying if some sales representatives cannot be transparent about what they’re selling then
YOU
 need to know what you’re getting into.

The decision is as always yours.

Note
: we changed Garrett’s name. Guys called Garrett who you meet on Tinder might really be the love of your life. Or not.

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Malaysia’s DuitNow To Link With Singapore’s PayNow For Real-Time Cross-Border Payments

Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) have announced plans to link Malaysia’s DuitNow and Singapore’s PayNow real-time payment systems beginning in the fourth quarter of 2022 (4Q22).

Under Phase 1 of this linkage, customers of participating financial institutions will be allowed to make real-time fund transfers between Malaysia and Singapore using just a mobile number. Customers will also be able to make retail payments by scanning DuitNow or NETS QR codes displayed at merchants’ storefronts, according to a joint statement.

With the high volume of remittances between Malaysia and Singapore, which reached RM4.2 billion in 2020, the project will enable more seamless payments for a lot of people. This includes those who travel back and forth between the two countries regularly with pre-pandemic traffic recording about 12 million arrivals yearly on average.

(Image: The Malaysian Reserve)

Following the launch of Phase 1, BNM and MAS are expected to progressively expand the DuitNow-PayNow linkage to incorporate a wider range of innovative features and participants. These include distributed ledger technology-based solutions to catalyse greater efficiencies in payments clearing and settlement between participating banks.

“By bringing the efficiencies observed in domestic payments to cross-border payments, the DuitNow-PayNow linkage will be a game-changer resulting in faster, cheaper and more accessible payment services for the people of both countries. Not only would this initiative further strengthen the economic ties between Malaysia and Singapore, it would also serve as a key enabler to support post-pandemic economic growth,” said the assistant governer of BNM, Fraziali Ismail.

(Image: Bernama)

Meanwhile, the chief fintech officer of MAS, Sopnendu Mohanty said that this move will further enhance close bilateral ties between Malaysia and Singapore. “For Singapore, the remittance corridor with Malaysia is our largest remittance corridor; hence, the DuitNow-PayNow linkage will be an important infrastructure to support cross-border payment needs of individuals and businesses, as well as the growing digital economic activity between both countries,” he stated.

For context, the DuitNow-PayNow linkage is not the only cross-border payment linkage that Malaysia has agreed to. Earlier this year, BNM had also worked with the
Bank of Thailand (BOT)
 to enable a cross-border QR payment linkage between the two nations.

(Source:
BNM
)

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E-Tunai Rakyat: 6 Million Applicants Approved, RM180 Million Redeemed

(Image: The Star)

As of 5 February 2020, six million Malaysians have successfully claimed their RM30 digital incentive through the e-Tunai Rakyat initiative, said Finance Minister Lim Guan Eng. This totals to a payout of RM180 million to all the applicants.

That said, the e-Tunai Rakyat programme has yet to meet its goals. The government had set aside RM450 million for the initiative, with the aim of dispensing it out to 15 million eligible Malaysians to stimulate the use of digital payments and e-wallets.

“We hope to attract 15 million Malaysians of the age of more than 18 years old and having an income of less than RM100,000 a year,” said Guan Eng.

(Image: The Sun Daily)

Guan Eng also noted that successful applicants can get more than the RM30 incentive offered by the government through the programme, citing a figure of at least RM60. This is because the programme’s
three e-wallet partners
 are also offering additional perks of their own. In fact, GrabPay has
expanded on its e-Tunai Rakyat initial additional incentives
 to encourage the take-up rate.

“This amount will certainly be multiplied and be able to contribute to total purchases and also economic growth,” Guan Eng added.

Aside from persuading more consumers to use e-wallets, the e-Tunai Rakyat programme is also vital in encouraging more businesses to adopt the technology. According to Guan Eng, an additional 16,182 traders and hawkers have registered for e-wallet platforms.

(Image: Buletin Mutiara)

The launch of the e-Tunai Rakyat programme saw a success with
380,000 applications
 being made on the first day itself. It was also found that most Malaysians used the e-credit to pay for
groceries, telecommunications charges, transportation, and food
.

The programme is still ongoing, and eligible Malaysians can claim their
RM30 digital incentive
 before the registration deadline on 9 March 2020. The e-credit must also be utilised by 14 March 2020 or it will be forfeited. All
unclaimed or forfeited e-credit
 will then be returned to the government.

(Source:
Malay Mail
)

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Where Can You Spend Your Bitcoins in Malaysia?

A couple of days ago, we ran
a quick guide to bitcoins for Malaysians
. If the magic internet money piqued your interest, you might be wondering what avenues are out there for you to spend your bitcoins. While more and more companies, from plucky startups to retail giants are starting to accept bitcoin payments, a large number of them only accept bitcoins from US customers.

But does that mean all hope is lost for the Malaysian bitcoin-er (sorry, we couldn’t come up with something more clever). Hardly that! Today’s article details where the typical Malaysian can spend his or her bitcoins.

Online Shopping

The most obvious items to buy with bitcoins are of course, electronic and tech products over the internet. After all, bitcoin is the currency of the virtual world.

Two homegrown online technology and gadgets stores –
iPmart
 and
GeekZen
 – now accept bitcoin payments.

iPmart sells pretty much anything and everything technology-related, from phones to laptops and televisions. Heck, they even sell bitcoin mining gear. GeekZen caters to buyers of premium tech products, from smart speakers and
power drone quadricopters
 to quirky and cool stuff like a
pot that powers your electronic devices
.

Overstock
 is one of the few international online stores that allows Malaysians the option to shop with bitcoin. Overstock is an online retailer of everything – very much like Amazon – with a focus on furniture.

Spunky local online marketplace startup,
Ked.ai
 is another local online joint that accepts bitcoins. 1337 Tech Sdn. Bhd, the company behind Ked.ai, has Arsyan Ismail, one of Malaysia’s first bitcoin advocates, as it’s founder and CEO, so it’s probably no surprise that he made Ked.ai bitcoin friendly.

Pay for Taxi

TaxiMonger
, a local player in an increasingly saturated market for taxi-hailing apps announced last November that it would be accepting bitcoins as a method of payment for booking taxis with their app.

Hoping to gain an edge over competitors, taxi hailing apps are finding ways to offer their customers more convenience. Having the option to pay with bitcoins removes the concern about not having enough cash in hand and is simpler than the credit card option that
Uber
 and
Easy Taxi
 offer.

All it takes for TaxiMonger users to pay with bitcoin is to transfer the bitcoins to the app and TaxiMonger would convert the bitcoins to Malaysian ringgit before handing it to the taxi driver.

Digital Cash in the Real World

At this stage of bitcoin’s adoption in Malaysia, the only merchants you can pay with bitcoins are all based around the Kuala Lumpur and Selangor area.

Did you run out of petrol in Kuala Lumpur? Refill your tank using bitcoins at Shell Jalan Raja Chulan, Malaysia’s one and only petrol station that accepts bitcoin. Feeling hungry? have some nasi dagang at
Nasi Dagang Capital
, the first restaurant in the country to accept bitcoin.

Closing Thoughts

As of writing, you may not be able to buy even a fraction of the things you could with cold hard cash with bitcoin. But it does not mean bitcoin is bound to fail. Bitcoin is a technology (and concept, some would argue) that is at its infancy and is still growing.

Bitcoin’s adoption is steadily rising around the world:
Microsoft
 and
Dell
 now accept bitcoin payments, but only for their US customers.
Gyft
 provides an intermediary for shoppers to purchase high street goods with bitcoin by selling gift cards users could buy with bitcoins, but only in the US.

It is only a matter of time before these companies and services expand their bitcoin payment accepted regions to include Malaysia – and then it won’t be long before other merchants follow suit.

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Malaysia, Several SEA Countries To Link Cross-Border Payment Systems By November 2022

(Image: Digital News Asia)

The central banks of five Southeast Asian (SEA) countries – including Malaysia – are set to link their payment networks by November 2022, so that citizens and travellers within the region can enjoy a more seamless payment experience. If successful, individuals will be able to perform QR code payments in other linked SEA countries using mobile banking or e-wallet apps from their home country, instead of having to download new apps or go through a remittance provider.

Revealed by the governor of Bank Indonesia, Perry Warjiyo, during a recent G20 meeting, this initiative will involve Malaysia, Indonesia, Thailand, Singapore, and the Philippines. He also explained that payments made through the linked networks will use local-currency settlement between the countries. So for instance, payments transacted in Thailand using an Indonesia app will be exchanged directly using rupiah and baht (instead of using US dollar as an intermediary).

(Image: Reuters/Ajeng Dinar Ulfiana)

At present, however, the integration of these payment networks still requires work. Malaysia, for example, has already enabled cross-border QR payments with
Thailand
 and
Indonesia
, but are still working on doing the same with
Singapore
 (set to begin in the fourth quarter of 2022) and the Philippines. Meanwhile, Singapore is already linked to Thailand, and is looking to expand. The Philippines, too, announced its intention to seek
cross-border payment linkage with Malaysia and Thailand
 just at the end of last year.

Moreover, establishing a payment system linkage within the SEA region is not the final game plan. According to the managing director of the Monetary Authority of Singapore (MAS), Ravi Menon, the central banks will eventually seek to link the SEA network with other regional clusters around the world. From there, real-time bank transfers and central bank digital currencies (CBDCs) may be implemented on a broader level.

(Image: Business Times)

“This can be a deeply impactful move that we can build to the rest of the world. It’s a public good infrastructure which improves financial inclusion, enhances efficiency, and creates new business opportunities for all citizens,” said Menon.

Governor of Bank Negara Malaysia (BNM), Tan Sri Nor Shamsiah Mohd Yunus also shared a similar sentiment, stating that an
efficient cross-border payment service is especially crucial for Malaysia
 as a small and highly open economy.

(Source:
Bloomberg
)

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Budget 2023: PTPTN Repayment Discounts Now Better Than Last Year's

As part of Budget 2023, PTPTN repayment discounts will again be offered to borrowers. Set to start from 1 November this year, the discount rates are actually higher than the one announced in last year’s Budget.

To further encourage PTPTN borrowers to repay their student loans, Budget 2023 also includes special discounts for PTPTN repayments, broken down by the following:

20% discount on outstanding balance if paid in full

15% discount on outstanding balance for a single payment of at least 50% of outstanding balance

15% discount for salary deductions or direct debit

The discount rate for this year is higher than
last year
, which were in the range of 10-15%. Regardless, those interested to repay their outstanding PTPTN balance can enjoy the new discounted rate from 1 November this year until 30 April 2023.

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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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Luno Officially Announces Localised App In BM, To Be Rolled Out In Stages

Digital asset exchange Luno has officially announced that its app is now available in Bahasa Malaysia, in a localisation effort to reach out to more investors and inspire Malaysians to attain financial fitness. Implemented as part of a larger campaign dubbed Move With Luno, the BM version of its app will be rolled out in stages for all users.

In a statement, Luno said that it will not only provide its app services in Bahasa Malaysia, but also localise content resources and communications to support more Malaysians on their crypto learning journey. In particular, Luno Academy online learning courses on cryptocurrencies will be localised in the national language to educate a wider audience. This is in addition to other upcoming online and offline initiatives, including running on-ground educational tours and holding conversation starters on financial fitness.

On top of these, the Move With Luno campaign will also see the crypto exchange appointing well-known athletes – Olympic diver Pandelela Rinong and professional footballer Mohamad Zaquan Adha – as its brand ambassadors. Both will spearhead the campaign, as well as share their personal finance journey and how they incorporate Luno into their investment plans.

Another effort under the Move With Luno campaign also includes its recent launch of new digital asset options. Just last week, Luno added two new tokens,
Chainlink (LINK) and Uniswap (UNI)
, as part of its offerings – bringing the total number of tradeable tokens in Luno up to seven. Prior to this, Luno users were able to trade five coins: Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ripple (XRP), and Bitcoin Cash (BCH). Since the launch of LINK and UNI tokens on its platform, Luno said that Malaysians have already traded more than RM7 million worth of the new assets.

The APAC general manager of Luno, David Low said that the launch of the Move With Luno campaign highlights the crypto exchange’s commitment in supporting financial literacy in Malaysia via education and a better understanding of digital assets. “Interest in digital assets as an alternative or complementary investment strategy to achieve financial goals is on the rise and Move With Luno will inspire and guide Malaysians looking to grow and preserve their wealth. This is where we come in to nurture Malaysians with the right resources to learn about digital assets,” he said, adding that Luno has over 700,000 customers in Malaysia to date.

Luno’s plan to localise its app and to introduce new cryptocurrencies for trading on its platform has actually been in the works for a while now. At the end of last year, the crypto exchange mentioned that it is looking to roll out
several new initiatives in 2022
 to provide a better user experience for its investors.

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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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StashAway Partners With BlackRock To Launch New General Investing Portfolio

Digital wealth platform StashAway has partnered with global asset manager BlackRock to roll out a new offering in the form of a General Investing portfolio. Specifically, the asset allocation of the new portfolio will be guided by the insights and analytics from BlackRock, while StashAway manages the trade execution, deposits, withdrawals, rebalancing, and customer support.

According to StashAway, this General Investing portfolio is its most diversified portfolio yet, with 15 to 25 underlying funds. There are four different equity-bond ratios that you can choose from when setting up your portfolio, depending on your risk appetite:

Conservative
: 20% (stocks), 80% (bonds)

Balanced
: 60% (stocks), 40% (bonds)

Aggressive
: 80% (stocks), 20% (bonds)

Very aggressive
: 100% (stocks), 0% (bonds)

All of the above portfolios have been around for some time; the 20-8-, 60-40, and 80-20 portfolios were first launched in 2015 and have since delivered 6.9%, 10.1%, and 12.2% annualised returns, respectively. Meanwhile, the 100-0 portfolio was introduced in October 2016, delivering 11.1% annualised returns since its inception.

As is the case with all of StashAway’s investment portfolios, there is no minimum balance or monthly requirements to invest in the new portfolio, and no lock-in period either. In terms of fees, management fees will range between 0.2% to 0.8% annually, with an average expense ratio of 0.2% p.a..

Following this latest development, StashAway investors will now have two General Investing portfolios to choose from: powered either by BlackRock, or by StashAway. This is on top of other investment options, such as
Responsible Investing
,
Thematic Investing
,
Flexible Portfolio
, and
Goal-Based Investing
.

StashAway explained that the key difference between the two General Investing portfolios lies in their objectives. The General Investing portfolio that is powered by StashAway (which relies on its investment framework, ERAA) seeks to minimise overexposure to risk when seeking returns. This means it may “deviate at times from the way markets are behaving in order to keep risk constant.”

Meanwhile, the General Investing portfolio powered by BlackRock prioritises broader exposure to the market. It generally follows the ups and downs of the markets to tap into opportunities that are available, with more re-optimisations in the process as compared to the General Investing portfolio powered by StashAway.

Here’s a comprehensive summary by StashAway to help you better grasp the differences behind both General Investing portfolios:

General Investing (powered by BlackRock)
General Investing (powered by StashAway)
Investment strategy distinction
Provides the broadest market exposure while optimising for long-term returns
Keeps risk constant while optimising for long-term returns
What you can expect
Expect long-term outperformance, and ups and downs that follow the markets
Expect long-term outperformance, and occasional deviation from how the markets are doing in order to keep your risk level constant
Number of ETFs in a portfolio
15 – 25
7 – 13
Frequency of re-optimisation
Routine updates to the portfolio, approximately 4 – 6 times a year
Portfolio asset allocation changes are driven by economic regime changes, historically about once a year
Portfolio selection
Select your portfolio based on your preferred stock-bond ratio
Select your portfolio based on the potential drawdown

Ultimately, StashAway emphasised that regardless of which portfolio you choose, they are all designed to outperform their benchmark in the long term. As such, investors are encouraged to invest regularly by dollar-cost averaging to benefit from either portfolios.

To celebrate the launch of the new portfolio, StashAway is currently running a promo where all new deposits into General Investing (powered by BlackRock) will be managed for free until 31 July 2023.

(Source:
StashAway
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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Is Takaful Motor Insurance Better for You?

If you own a motor vehicle, you would have dealt with agents or an insurance company to apply for coverage. This may have opened up the possibility to choose a Takaful based motor insurance. Did you brush it off and move directly to the familiar conventional motor insurance?

You are not alone, when people consider taking an insurance policy, the vast majority automatically take the conventional motor insurance that they are familiar with. Very few take the time to explore the uncharted grounds of Takaful motor insurance.

But could it be a better option for you? We help you find out.

What is Takaful Insurance?

Essentially when we take an insurance policy, we are transferring our risk to an insurance company. We pay the insurance company a fee to cover us in case of any accidental damages that may occur to our motor vehicle.

Takaful insurance
 works on the same concept as conventional insurance, but on a different ideology. The Takaful Motor Insurance uses Syariah compliant laws as well as Islamic teachings to form its policies. If you’re not sure what this means, check out our
beginner’s guide to Syariah compliant banking
.

For Takaful insurance, people make contributions towards a shared interest that assist the misfortunes of those in need. Instead of paying a premium, the policy requires one to make a donation towards the fund which is known as
Tabarru
.

The Tabarru’ is put into a special account known as the General Risk Investment Account. The fund will then be used to cover damages to whoever is in need at any given time.

In a conventional insurance, the consumer pays a premium instead of making a donation and the funds are then managed by the insurer to pay for damages as they deem necessary. The dynamics of how the two work are the same in terms of making a payment or donation as which leads to coverage. However the two pose a slight difference in benefits which will be discussed later in the article.

No Claim Bonus (NCD)

Just like in conventional insurance, it rewards the policy holders who do not make a claim known as NCD (No Claim Discount). The table below illustrates the amount of NCD that one would receive year upon year if no claims are made:

Period of Coverage

Discount

1st Year

25%

2nd Year

30%

3rd Year

38.33%

4th Year

45%

5th Year

55%

The NCDs listed in Takaful insurance above are in actual fact identical to conventional NCDs. However, a Takaful motor insurance rewards its drivers who do not have claims during the year with an additional sharing of profits called
‘Hibah’
.

If there is a surplus of sharing at the end of the financial year, the fund will be distributed between the insurer and insured on an equal basis.

In the case you are renewing your motor insurance under the Takaful policy, you may use your rebate as part of your renewal donation. If you have a 55% NCD and you were given a 10% hibah rebate, you could be paying an approximate remainder of 35% on your renewal.

This is provided there are no other loading fees (often based on age of vehicle), sum insured changes, or any other factors that could change your premium in accordance to the underwriting of the insurer.

How Does it Differ?

Essentially, the coverage for the your motor insurance does not differ from conventional to Takaful insurance. The concept behind the fees being paid, how funds are allocated and other details may differ, but to the insured the difference is the
loss of use
.

If you were to find yourself in an instance that your car has to be left in the workshop for a week or two, the conventional insurance pays out a loss of use as compensation for the inconvenience. The Takaful insurance on the other hand does not include such a benefit.

The other difference between the two types of insurance is profit sharing. In a Takaful policy, if you do not make a claim during that year, you are eligible for a certain percentage of profit sharing depending on the company’s profit.

Is it More Expensive?

In terms of paying for a conventional insurance premium versus a takaful based motor insurance, the total payment / donation would be identical or approximately the same. As an example, a conventional calculation by
Tokio Marine
 and a Takaful calculation by
Takaful Ikhlas
 on a sum insured of RM50,000 both totaled approximately RM763.

Can I Apply?

Despite the policy using the Islamic teachings and concepts, it is opened to anyone. Non-muslims are allowed to apply for a Takaful coverage on their motor insurance. However, it would be wise to understand the slight differences as discussed in the article to ensure you are comfortable with the difference in benefits before making your choice.

Since there are almost no difference in terms of premium, this opens a new door for you to consider when you renew or purchase your
motor insurance
.

Did you have any questions or comments to share on this policy? Let us know in the comments.

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Gavin Pereira

Gavin Pereira

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Standard Chartered Introduces New Privilege$aver Bonus Category, Increases Total Interest To 6.15% p.a.

Standard Chartered has revised its Privilege$aver campaign to introduce a new Loyalty Bonus category that allows accountholders to unlock yet another 2% additional interest, thereby raising the total interest rate that can be earned from 4.15% p.a. to 6.15% p.a.. This is set to take effect immediately.

For context, existing Standard Chartered Privilege$aver accountholders are able to increase their interest from a base 0.05% p.a. to 4.15% p.a. by fulfilling three requirements: Save (0.70% p.a.), Spend (0.70% p.a. for credit and debit card spend, respectively), and Invest/Insure (2.00% p.a.). Starting from this month, however, you can earn up to 6.15% p.a. by meeting a new fourth Loyalty Bonus requirement (additional 2% p.a.), which involves increasing the balance in your Privilege$aver account by a minimum of RM3,000 every month.

Note, though, that while the bonus interest for the Save, Spend, and Invest/Insure categories are calculated for each calendar month, the new Loyalty Bonus will only be awarded on a quarterly basis (provided you meet the requirement for all three months in the quarter). It will be calculated based on your monthly average balance (MAB) for each quarter.

Here’s a table to quickly summarise the new earning structure for Standard Chartered’s Privilege$aver campaign, as compared to the existing conditions:

Category
Existing earning requirement
Earning requirement after 1 February 2023
Existing interest rate
Interest rate after 1 February 2023
Base interest
–
–
0.05% p.a.
0.05% p.a.
Save
Single deposit of minimum RM3,000 in fresh funds
Single deposit of minimum RM3,000 in fresh funds
0.70% p.a. (calculated monthly)
0.70% p.a. (calculated monthly)
Spend: Credit card bonus
Minimum spend of RM1,000
Minimum spend of RM1,000
0.70% p.a. (calculated monthly)
0.70% p.a. (calculated monthly)
Spend: Debit card bonus
Minimum 5 transactions per month
Minimum 5 transactions per month
0.70% p.a. (calculated monthly)
0.70% p.a. (calculated monthly)
Invest/Insure
– Minimum RM40,000 investment in unit trust, or
– RM40,000 annual premium in insurance products
– Minimum RM40,000 investment in unit trust, or
– RM40,000 annual premium in insurance products
2.00% p.a. (calculated monthly, but only for 3 months)
2.00% p.a. (calculated monthly, but only for 3 months)
Loyalty Bonus
N/A
Maintain a minimum incremental average balance of RM3,000 in each month
N/A
2.00% p.a. (calculated quarterly)
 Total interest

4.15% p.a.
6.15% p.a.

In addition to the introduction of the new Loyalty Bonus category, Standard Chartered has also decided to remove a
special offer for new Privilege$aver customers
, which was introduced back in January 2022. This offer enabled new-to-bank customers who maintain a monthly average of RM10,000 in their Privilege$aver accounts to enjoy another bonus rate of 0.70% p.a.– on top of all the bonus interest that they can earn via the Save, Spend, and Invest/Insure categories. This special bonus was previously payable on a monthly basis, for the first three months upon opening their accounts.

With this update, Standard Chartered is bringing the interest rate of its Privilege$aver campaign back to its heyday; prior to multiple revisions in
2021
 and
2022
 due to the reduction of the overnight policy rate (OPR), Privilege$aver accountholders were able to
earn up to 6% p.a. interest
. Of course, there are now also more hoops to jump through to unlock this new high rate of 6.15% p.a – which may, understandably, deter some customers – but if you’re able to do it, the Privilege$aver campaign remains one of the
most rewarding high-interest savings accounts
 in Malaysia.

(Source:
Standard Chartered
)

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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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    Anonymous

    7 months ago

Ridiculously complicated.

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BSN credit card and debit card holders are spoilt for choice with privileges

With so many privileges to choose from
, BSN credit card and debit card holders sure are a lucky lot!

If you’re one of them, be sure to check out all of
the great promotions just waiting for you
.

They will undoubtedly make the festive season so much more fun.

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ringgitplus

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Economists: Stamp Duty Rate Reduction Will Have Minimal Impact On Stock Market

(Image: The Malaysian Reserve/Razak Ghazali)

Economist Professor Geoffrey Williams has commented that the government’s recent decision to lower the stamp duty rate for shares traded on Bursa Malaysia to 0.1% will have minimal impact on the stock market. This is due to the persistence of structural problems in the listed companies, which ultimately make these companies unattractive to investors.

Professor Williams – who is also a lecturer at the Malaysia University of Science and Technology (MUST) – explained that although investors would certainly be pleased by the reduction in transaction costs, most companies on Bursa Malaysia are “not attractive” because they have been underperforming. This is especially when compared against alternative investments in other countries, which are doing much better.

In addition to that, investors also need to contend with issues like low liquidity, as well as limited opportunities to get into a favourable position due to factors like closely-held shares and the dominance of government-linked investment companies (GLICs) in many industries. Furthermore, a majority of the big-budget businesses in Malaysia are conducted by government-linked companies (GLCs), which are owned by the government and GLICs.

“So there’s very little room for private companies because they are crowded out of the big-ticket projects by government interference. This is why many of the GLCs should be reformed, starting with the responsible privatisation of the tens of thousands of subsidiary companies they own,” said Professor Williams, adding that overseas investors, in particular, are generally unwilling to take on corporate governance along with the environmental, social, and governance (ESG) risk.

Meanwhile, the managing director of Astramina Advisory Sdn Bhd, Wong Muh Rong said that the reduced stamp duty will primarily benefit only retail investors who do not trade in large volumes. “For institutional investors, it really won’t make a difference in their investment decision, whether or not it is 0.1% or 0.15% as they will be investing way above RM1,000,” she said, referring to the maximum cap of RM1,000 imposed on stamp duty.

Wong also noted that the government should find ways to encourage more businesses to go public, which will then stimulate capital formation, and provide greater opportunities for investors to diversify their portfolios. One suggestion is to speed up the listing process by giving initial public offering (IPO) advisors more accountability in the listing process, as opposed to the current process where all disclosure of information needs to be cleared by authorities before a prospectus can be published.

“We need to move away from this, to enable the process to be done speedily. The speed of a listing process is an important criteria when companies decide where to list,” said Wong.

(Image: Bernama)

Head of research at Malacca Securities, Loui Low also proposed that the government could draft policies that attract start-up and foreign-origin companies to list on Bursa Malaysia. With such diversity on the local stock exchange – which essentially encourages competition – investors may be more attracted to explore and trade.

Finally, economist Tan Sri Ramon Navaratnam – who is also the former Treasury deputy secretary-general – opined that the new measures introduced by the government are small and technical in nature. “We hope they reflect the new era of bigger changes and more significant reforms, making us more competitive, especially in equity ownership,” he commented.

Prime Minister Datuk Seri Anwar Ibrahim had announced yesterday that the
stamp duty rate for shares traded on Bursa Malaysia will be reduced from 0.15% to 0.1%
 of the contract value from July 2023 onwards. This is one of several strategies that the government hopes to implement to boost the Malaysian capital market, which in turn, is expected to
help shore up the local currency
.

(Sources:
The Star
,
The Edge Markets
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Centrifugal Juicer or Cold Press Juicer: Which Juicer Should You Choose?

Malaysians have a rather odd relationship with fruits and vegetables. We can consider ourselves fortunate that we have a variety of fruits and vegetables, especially local fruits like durian. However, when it comes to our diet, the amount that we take is insufficient as compared to the recommended average of at least
400g
 (five portions) of fruits and vegetables a day.

NST reported over 85% of Malaysian are not consuming sufficient amounts of fruits and vegetables daily
. While there are several reasons for the lack of consumption, most of us agree that we need to increase consumption to avoid getting sick. But before you rush out to purchase that Panasonic slow juicer that you’ve heard all about, there are a few things you ought to know first.

A Great Way to Introduce Fruits and Vegetables into Our Diet

There are many different ways to introduce fruits and vegetables into our daily diet. One of the popular ways to introduce them into our diet is by juicing them. After all, it is one of the easier ways for people to consume vegetables, especially children and busy adults.

While it is easy to just buy a ready-made juice pack to suit our busy lifestyle, there is also the option of making your own juice. What are the benefits of a juicer? Here’s what you need to know.

1) For one, you get to make your own juice based on your preference, need and taste. This part is crucial as each of us may require a different diet based on medical conditions and other factors. For parents and adults, this part is a plus point to avoid fears of high levels of sugar that are commonly found in commercial juices.

2) Put it this way, you may need to fork out a significant amount of money for a juicer and this may cause a dent to your savings. But like all investments, you will need to spend a little to save money in the long run. You can check out the comparison that’s been done by lifestyle website
Kitchn
 as they study the cost private average buying juice from a juice bar as opposed to making your own juice.

Type (Green Juice)

Per serving

Months (Per week)

Juice Bar

$10 (RM38.75)

$40 (RM154.98)

Home – made (Green 3 Juice)

$5.17 (RM20.03)

$20.66 (RM80.05)

Besides that, you can find recipes for fruit juice recipes online – providing you more value and incentive – to make your own juice. Just be sure to keep your fruit and vegetable options open as price will vary according to season.

Centrifugal Juicer vs Cold Press Juicer

Now, before you go out and buy a juicer, there are two types of juicers in the market: the centrifugal juicer and the cold press juicer (a.k.a. slow juicer). Centrifugal juicer produces juice by utilising a fast moving blade and a mesh filter, separating juice from the flesh. Cold press juicer extracts juice by crushing and pressing fruit and vegetables for the highest juice yield.

The centrifugal juicer is the most common juicer on the market, offered by brands like Panasonic and Harvey Norman. The Cold press juicer is relatively new but there are some notable cold press juicers on the market like the Hurom slow juicer, Philips slow juicer and Khind slow juicer.

Centrifugal Juicer

Cold Press Juicer

Fast operation
 – If there is one advantage of having a centrifugal juicer, it will be its faster-juicing speed. Centrifugal juicer produces juice much faster than a cold juicer, which is perfect for busy office workers.
Renonation
 stated that a centrifugal juicer has different speed variance to choose from, which provides more option for customisation.

Versatility
 – Cold juicers are known for versatility as these juicers are able to process leafy greens and nuts efficiently. In fact,
Huffington Post
 stated that slow juicers are suitable for making green juice and cashew milk. Some review sites like
Just Juice
 and Juicing Nation stated that the Hurom slow juicer is excellent for creating any juices and milk, making it a value for money purchase.

Low price point
 – Another advantage that centrifugal juicer has over cold press juicer is its low price point. A centrifugal juicer is cheaper than a cold press juicer, which is excellent for beginners and people who just “juice for fun”. Lifestyle website
Juicing for Health
 stated the low price point is ideal to introduce people to juicing.

Pulp and fibre retention
 – As slow juicer produce juice by crushing and pressing an entire fruit, this meant that fibres and pulps are retained in the juice. This is a plus point for juice enthusiast as the fibre from fruits and vegetables can help in controlling blood sugar level, reducing cholesterol and preventing constipation.

Noisy
 – One major drawback of the centrifugal juicer is the amount of noise that it produces during operation. The centrifugal juicer creates juice by grinding fruits and vegetables with a fast spinning blade, which creates a lot of noise.
Juice Master
 and Food Matter stated the centrifugal juicer is often noisy as the motor is running at high speed to process fruits and vegetables.

Quiet
 – Most slow juicers do not produce as much noise as the conventional juicer due to their low speed of crushing and processing fruits and vegetables. In fact, juicers like the Hurom slow juicer and the Kuvings slow juicer are touted for how quiet they are during operation. These juices are a perfect match for families with small children and people prefer a silent juice model.

Easy to operate
 – Depending on the type of juicer, the amount of preparation needed can vary drastically. Some juicers can only process fruits and vegetables after they were cut down to a smaller size, which can be tedious. However, the centrifugal juicer allows one to skip that step with its strong blade and wide mouth. This attribute is another plus point for working adults who want a quick juice.

Slow operation
 – Cold press juicers are also known as slow juicers for a reason. Slow juicer takes a longer time to process and produce juice than a conventional juice due to the lower speed of crushing and pressing fruits and vegetables. Review sites like
Uber Appliance
 stated that a slow juicer can take as much as three times longer to produce juice. (So, yeah. Patience is a virtue.)

Most Common
 – Unlike the cold press juicer, the centrifugal juicer is the most common form of juicer available in the market. Most home appliance shops have this type of juicer due to its low price point. This availability also extends to the different parts of the juicer, making it easy to find replacements. Better Juicer noted anyone can find a centrifugal juicer according to their budget due to the variety of centrifugal juicer in the market.

Higher yield
 – Thanks to the slower speed, you will be rewarded with a higher yield of juice just by putting up with the longer operating time. Lifestyle site
Food Matter
 made a comparison between conventional juicers and cold press juicer. The conclusion? Cold press juicers produce more juice than their conventional counterparts. So, if you are looking for a juicer that will provide you more than just juice, you should opt for the cold juicer.

What should you be looking for in a juicer?

Image courtesy of UK Juicers

With all this information, you may be thinking which juicer you should pick. Don’t worry, we will present a few cues to help you choose your juicer.

The centrifugal juicer will be suitable for:

People who are on a tight schedule

People who want to start juicing

People who want a cheap juicer

You should pick a cold press juicer if:

You are juice enthusiast

You are a parent with young children

You don’t mind spending a little more

If you just want to get a juicer, we have something installed for you. For a limited time, you can get a
free juicer
 when you apply for
selected Maybank credit cards
 with us. If you want a juicer but do not want to spend the money, we have something installed for you. For a limited time, you can get a free juicer when
you apply for selected Maybank credit cards with us
. Along with the juicer,
the selected Maybank credit cards
 provide rewards like a 5% cash rebate whenever you spend locally on your weekly petrol and groceries.

Is there anything you’d like to add to this article? Share your thoughts and ideas with us in the comments section below and we’ll take it from there.

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7-Eleven Campaign Offers RM5 e-Vouchers With The Purchase Of Google Play Codes

7-Eleven Malaysia is now running a promotion where customers can redeem a RM5 e-cash voucher when they successfully collect three e-Stamps. Already ongoing, the e-Stamp collection period of the campaign is slated to end on 30 September 2021, whereas the voucher redemption period will end on 31 October 2021.

Open only to My7E app users, members can begin collecting the e-Stamps that are required to earn the e-cash voucher by purchasing one Google Play code worth RM20. Simply present your My7E member barcode to the cashier for scanning during your purchase, and your collected e-Stamps will be tracked via an e-Stamp Card in the app.

Upon collecting three e-Stamps, you will then be awarded with a RM5 7-Eleven e-cash voucher. To do that, refresh your My7E app, and a redemption barcode will appear under the completed e-Stamp Card. Go ahead and redeem the e-voucher during your next purchase. Note, however, that the e-voucher can only be redeemed for purchases of Google Play gift cards ranging from RM50, RM100, or RM200. Only one redemption is allowed per transaction, and a new e-Stamp Card will appear after that.

Each My7E member is only allowed to earn a maximum of five e-cash vouchers during the whole campaign period. The vouchers are awarded on a first-come, first-served basis, and are limited to a total of 3,000 units.

You can find out more about 7-Eleven’s RM5 e-cash voucher promotion
here.

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