7-Eleven Malaysia Launches New My7E Loyalty App

7-Eleven Malaysia has launched its own loyalty app called My7E. According to the 24/7 convenience store chain, users get to enjoy special rewards and exclusive discounts via this new membership app.

My7E allows you to collect points by presenting your in-app barcode to the cashier when you make a purchase at 7-Eleven. The app also rewards members who make use of the app’s e-stamp cards, where repeat purchases from selected brands earn you various benefits. The My7E app has e-coupon deals with discounted offers that you can take advantage of as well.

Furthermore, you can link your B Infinite card and Razer Pay e-wallet to the My7E app to earn points from those rewards programmes too. The Razer Pay e-wallet can also be used to make cashless payments via the app.

Currently, the My7E app is offering RM3 e-cash vouchers to new users who sign up for the application. Besides that, users will also get one free Slurpee for every six Slurpee drinks purchased.

With My7E, 7 Eleven seems to be following in the footsteps of fellow convenience store Family Mart, which launched its own loyalty app called
MY Family Mart
. You can download the My7E app on
Google Play Store
 or the
App Store
 now.

(Source:
Lowyat.NET
)

0

0

votes

Article Rating

SHARE

TAGS:

7-Eleven

Convenience Stores

Loyalty App

My7E

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Lazada Promises Compensation Rebates For Late Deliveries With New Policy

(
Image: The Star
)

In a bid to increase customer satisfaction, Lazada has introduced the LazMall Guaranteed Delivery policy, a fast delivery service that features a compensation in the case of late deliveries.

Under this policy, customers will be promised a delivery date on the Order Confirmation page when they purchase from LazMall sellers covered by LazMall Guaranteed Delivery. Should the order fail to arrive by the promised date, a compensation of RM5 will be automatically credited to the customer’s Lazada Wallet within 24 hours from the Delivered status. The customer will not be required to file any claims.

“Urgency has become a necessity in fast-paced lifestyles, and we want to meet the needs of our customers by providing certainty in our delivery services so that they are assured that their items will arrive on time,” said Lazada Malaysia Chief Executive Officer, Leo Chow.

That said, there are conditions to the LazMall Guaranteed Delivery policy. The policy is extended to selected items, including popular products from categories such as electronics, mother and baby, and home appliances. Products covered by the policy will be represented by either one of these icons on the product page:

Lazada has also noted that only one compensation is applicable per order, with at least one package covered by the policy. This means that if an order is split into several packages, and more than one of the packages arrive late, the customer will only be compensated once.

Compensations are also exempted under other
various stipulations
, such as in the event of incorrect or incomplete delivery addresses, failure of payment, and unconfirmed orders. Customers will not be compensated either if they are unavailable to receive the delivery or if the delivery cannot be made for reasons beyond Lazada’s control, such as natural disasters or riots.

The LazMall Guaranteed Delivery policy is currently applicable only to deliveries within the Klang Valley, but Lazada is keen to expand it nationwide. It is the third special policy from Lazada, besides two other promises, 100% Authentic and 15-Day Returns.

(Source:
Lowyat.NET
,
New Straits Times
)

0

0

votes

Article Rating

SHARE

TAGS:

Compensation

Consumer Rights

Delivery

Lazada

LazMall Guaranteed Delivery

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


KPDN Minister: Govt Will Use Comprehensive Database To Decide On Targeted Subsidies

(Image: New Straits Times)

Domestic Trade and Cost of Living (KPDN) Minister, Datuk Seri Salahuddin Ayub has reassured that his ministry will utilise a comprehensive set of database in drawing up the mechanism for targeted subsidies. This is especially so in the case of RON95 petrol.

The minister acknowledged the importance of having an inclusive database in order to make the targeted subsidy mechanism a success, and emphasised that data will be sourced not just from the Road Transport Department (JPJ), but also various other agencies.

“The RTD data is just one of the several elements that will be used in the provision of targeted subsidies for the RON95 grade petrol that I had previously stated. We also have data from Bank Negara, the Inland Revenue Board (IRB), Department of Statistics Malaysia (DOSM) and the Treasury, in addition to studies done by local universities that will be our reference,” Datuk Seri Salahuddin elaborated, noting that he had already indicated this clearly before.

(Image: New Straits Time/Mohd Asri Saifuddin Mamat)

Last week, Datuk Seri Salahuddin had said that the government will
tap into JPJ’s database on vehicles’ cubic capacity
 as part of its provision of targeted subsidies involving RON95 petrol, but was subsequently criticised by experts, who stressed that using a
vehicle’s engine size to determine the provision of fuel subsidy will not be an effective method
. This is as the engine capacity of vehicles does not necessarily reflect the true state of an individual’s financial and economic status.

Additionally, some cars employ updated technologies that result in a lower cubic capacity displacement. As such, economists urged the government to adopt a more holistic approach in its implementation of targeted fuel subsidy instead.

“It is true that among the data we will refer to is from JPJ, but we understand there is a need to have an integrated and comprehensive data centre for the government to succeed in providing any form of targeted subsidies efficiently,” Datuk Seri Salahuddin further explained, adding that his ministry will also work with the National Action Council on Cost of Living to review all the data before the government finalises the subsidies.

(Sources:
Malay Mail
,
The Edge Markets
)

0

0

votes

Article Rating

SHARE

TAGS:

Datuk Seri Salahuddin Ayub

Domestic Trade and Cost of Living Ministry

Fuel Subsidy

Government Subsidies

Petrol Subsidy

Petrol Subsidy Scheme

RON95

Subsidy

Targeted Fuel Subsidy

Targeted Petrol Subsidy

Targeted Subsidies

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Why More Malaysians Are Looking For Financial Products Online

We Malaysians do a lot online. We shop, we entertain ourselves, we work, and we communicate, all through our browser window. In fact, according to some recent findings via Google, one area of our day-to-day searches that more Malaysians are conducting online is finance. Surprised? You shouldn’t be. There are many reasons why we think you should hunt, compare, and apply for financial products over the internet.

It’s Faster

Quickly, how fast can you take a number, wait in line at a physical branch, get shuttled in between counters, and finally get some information about home loans? Half a day? In this department, online search can’t be beaten. In a few clicks, you can be checking out different webpages from different banks, and can even be applying for some loans right from your bedroom.

You Can do it From Anywhere

Another reason more people are going online for finance is the ubiquity of smartphones. In fact, in 2015 alone, Malaysia has seen a 68% growth* in mobile searches for financial products. With high-speed mobile data being available from anywhere, we can all search for products even as we wait in line to deposit a cheque at the bank. If only depositing cheques can be done through our phones, we’d totally do that, too.

You Can do Better Research

Thanks to it being faster to obtain information online, it is also easier to be more thorough when gathering information. We can pull up more information in a shorter span of time and go through them in detail quicker.

And since digital customers interact 12 times more
 with banks than non-digital customers, many bank-affiliated sites all over the net have created comparison tools for
loans
,
insurance
,
mortgages
,
credit cards
, and more, to help us out in this regard. This means it’s faster, easier, and
 more comprehensive to search for financial products online.

In addition to this, the web is where people can find reviews, stories, and other information that banks may not like to tell the customers about. The best way to know if something is good is still by word-of-mouth, and nowhere does that travel faster than online.

It’s pretty remarkable how much Malaysians have embraced the net as a tool for finding the best financial products around. So if you’re still asking your friends or visiting a physical location to find out more about financial products, know that you might be doing it wrong.

Do you have anything to add to this article? Share your thoughts with us in the comments section down below!

*Google internal data, Q1 2014–Q1 2015, search terms for Credit Cards, Personal Loans, and Home Loans in Malaysia.

**Banking Customer 2020, “Accenture Global Consumer Pulse Research 2015,” Malaysia.

0

0

votes

Article Rating

SHARE

TAGS:

Google

Internet

Online

About THE AUTHOR

Ahmad Mudhakkir

Ahmad Mudhakkir

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


CIMB’s New Tap n Pay App Turns NFC Android Phones Into Payment Acceptance Terminals

(
Image: Borneo Post
)

Malaysian consumers will now have another cashless payment option as CIMB Group Holdings launches its new CIMB Tap n Pay app for merchants. The app turns any Android phone with NFC (near-field communication) capability into a mobile point-of-sale (mPOS) terminal, which merchants can then use to make debit card transactions for their businesses. This means that they will not need additional hardware to accept cashless payments.

Merchants using the Tap n Pay app to accept payments will only need a working mobile internet connection for it to work. On the part of the paying customers, all you have to do is to tap your card on the merchant’s phone running the app. It accepts any MyDebit cards that support contactless or wave-based payments in Malaysia. Following that, merchants can send you an e-receipt through email or SMS.

Presently, the app is only able to process MyDebit transactions below RM250 without a personal identification number (PIN). However, CIMB does have plans for the app to begin accepting contactless transactions above RM250 with a PIN, as well as credit card and QR code-based transactions.

(
Image: Berita Harian
)

Launched in collaboration with Payments Network Malaysia (PayNet), the CIMB Tap n Pay app is seen as an alternative to the conventional POS system. This is especially suitable for small and medium enterprises (SMEs) as they will no longer be bound by infrastructure limitations or steep entry costs.

“Segments such as hawkers, street vendors and night market traders can now go cashless, with just their smartphones doubling as POS terminals for customers’ debit card payments,” said PayNet group chief executive officer, Peter Schiesser.

Merchants applying to use the
Tap n Pay app
 must have a CIMB current account, and they will also be charged a minimal monthly fee. Additionally, the app currently works only on selected NFC-enabled Android smartphones, which, surprisingly, is currently only limited to selected devices from HTC, LG, Motorola and Samsung –
here’s the full list
.

CIMB is hoping to gain 20,000 merchant downloads for the CIMB Tap n Pay app next year.

The CIMB Tap n Pay app is similar to
Maybank’s Tap2Phone
, which was launched earlier this year. Like Tap n Pay, Tap2Phone uses a phone’s NFC capability to accept payment, and has a similar transaction limit of RM250 – but accepts both debit and debit cards.

(Source:
Lowyat.NET
,
The Edge Markets
)

0

0

votes

Article Rating

SHARE

TAGS:

CIMB

CIMB Group Holdings

CIMB Tap n Pay

Payment Acceptance Terminals

Payments Network Malaysia

PayNet

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


EPF, Grab Sign MoU To Encourage Retirement Saving Among Drivers And Delivery Partners

(Image: The Edge Markets)

The Employees Provident Fund (EPF) has signed a memorandum of understanding (MoU) with Grab Malaysia to encourage the tech giant’s driver and delivery partners to save for their own retirement. It is an extension of an earlier MoU that was already signed between the EPF and Grab back in August 2018.

Specifically, the EPF hopes to see more of Grab’s fleet sign up as EPF members via two programmes: the i-Saraan programme and the self-contribution programme. The i-Saraan programme is designed to help gig workers and self-employed individuals below the age of 55 to save up for their retirement via voluntary contributions to the EPF. Meanwhile, the self-contribution programme allows any individuals (including those aged 55 and above) to make contributions at any time, up to a maximum of RM60,000 per year.

This latest development will also see Grab offering several incentives starting from 1 September 2021 to encourage its driver and delivery partners to make EPF contributions. The incentives that are being offered include:

Groups
Incentives by Grab
Driver and delivery partners below the age of 55 who contribute to EPF via i-Saraan
Additional contribution of 5% (up to maximum RM80 annually)
Driver and delivery partners aged 55 years and above who contribute to EPF via self-contribution
Additional contribution of 10% (up to a maximum of RM120 annually)
Driver and delivery partners classified as persons with disabilities (PWD) across all age groups who contribute to the EPF via i-Saraan or self contribution
Additional contribution of 10% (up to a maximum of RM120 annually)

In signing the MoU, the chief executive officer of the EPF, Datuk Seri Amir Hamzah Azizan said that contributions to the EPF will not only help this group to prepare for their retirement, but also allow them enjoy benefits as EPF members. These include annual dividends and tax relief.

The managing director of Grab Malaysia, Sean Goh also chimed in to express the company’s commitment in providing equal access to new income opportunities and help tackle underemployment by encouraging supplementary income via the digital economy. “We are honoured to partner with EPF as the government looks to create a more holistic social protection ecosystem,” he said.

Goh also shared that Grab had experienced a substantial increase in driver and deliver partner applications, with more than 50,000 people joining the platform since the start of the Covid-19 pandemic.

(Sources:
EPF
,
The Edge Markets
)

0

0

votes

Article Rating

SHARE

TAGS:

Datuk Seri Amir Hamzah Azizan

Employees Provident Fund (EPF)

EPF

EPF Contributions

EPF i-Saraan

EPF Self Contributions

Gig Economy

Grab

Sean Goh

Self-Employed

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


BNM, Four ASEAN Central Banks Sign Agreement To Advance Cross-Border Payment Connectivity

Bank Negara Malaysia (BNM) has signed a memorandum of understanding (MoU) with the central banks of Indonesia, the Philippines, Singapore, and Thailand to further advance their cooperation in regional payment connectivity (RPC). The agreement is expected to bring about faster, cheaper, more transparent, and more inclusive cross-border payment processes between the five countries.

In a joint statement, BNM said that the cooperation – which will include several modalities, including QR code and fast payments – seeks to help accelerate regional economic recovery and promote inclusive growth. It will support and facilitate economic activities such as cross-border trade, investment, remittance, tourism, and financial deepening, as well as introduce a more inclusive financial ecosystem in the region.

In particular, micro, small, and medium enterprises (SMEs and MSMEs) are expected to benefit from the RCP cooperation as they will enjoy more opportunities to participate in international markets, said BNM.

(Image: The Malaysian Reserve)

Additionally, BNM noted that this initiative could be expanded in the future beyond just the existing participants to include other ASEAN countries, especially since it supports ASEAN’s shared aspiration for connected payment systems that will enable seamless and affordable cross-border payments across the region. In fact, it may even consider other partner countries outside the region.

BNM governor, Tan Sri Nor Shamsiah stated that this initiative highlights the importance of central bank collaboration in supporting the development of next-generation payment connectivity. “Realising the vision of an ASEAN regional network of fast and efficient cross-border payment systems will advance our digital ambitions and further deepen financial integration for the benefit of the region’s economic development,” she further said at the signing ceremony.

(Image: Bank Negara Malaysia)

Representatives of the other central banks also share similar sentiments, noting as well that this MOU is a significant milestone in paving the road for further advancements, and in addressing any long-standing pain points in cross-border payments.

This initiative is the latest in a long line of endeavours by BNM to advance Malaysia’s cross-border payment services, which has been deemed to be
crucial as Malaysia is a small and highly open economy
. To date, Malaysia has successfully enabled cross-border QR payments with
Thailand
 and
Indonesia
, with similar efforts made to connect with Singapore and the Philippines as well. Beyond the ASEAN region, BNM also participated in international level projects, such as
Project Nexus
 and
Project Dunbar
.

(Source:
BNM
)

5

1

vote

Article Rating

SHARE

TAGS:

Bangko Sentral ng Pilipinas (BSP)

Bank Indonesia (BI)

Bank Negara Malaysia

Bank of Thailand (BOT)

BNM

Cross-Border Payments

Cross-Border QR Payments

Monetary Authority of Singapore (MAS)

Regional Payment Connectivity (RPC)

Tan Sri Nor Shamsiah Mohd Yunus

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Langkawi Hotels Offering Up To 70% Discount Due To Covid-19 Slump

In light of the drawback from tourists due to the Covid-19 epidemic, hotels in Langkawi are offering between 30% to 70% in discounts on room rates to help drive the demand for tourism back up.

A total of 45 hotel operators affiliated to the Malaysian Association of Hotels (MAH) will be offering the discounts, said Razmi Rahmat, vice-president of the Kedah and Perlis Branch of MAH. The discounts are aimed at reducing the impact of the decline in tourist arrivals and cancellation of hotel bookings by both Chinese tourists and locals alike.

(Image: Reuters)

“The discount is offered by three-star hotels and above. People can check their websites or social media to know more about it,” said Razmi. “For example, a three-star hotel will have an attractive deal starting RM150 and not more than RM250 per night.”

Razmi also added that people should take advantage of the discount offered as Langkawi is safe to visit, citing the recent hosting of Le Tour de Langkawi as proof that the island was a safe destination.

The offer will be available from now until a future date that will be announced later.

(Image: Bernama)

Langkawi is not the only popular travel destination to be hit by a sharp decline in tourism following the Covid-19 scare. According to MAH, hotels in Kuala Lumpur and Sabah took the biggest blow in terms of cancellations, with losses in revenue amounting to RM11.29 million and RM10.48 million respectively for the period of 22 January to 29 February. Like in Langkawi, hotel operators in Sabah have also responded by offering “irresistible rates” to encourage domestic travellers.

MAH has met with the Ministry of Finance and Ministry of Tourism, Arts, and Culture with ideas on how to tackle industry stakeholders’ issues arising from Covid-19. One of these suggestions was a call for a personal income tax relief of up to RM1,000 per person for those staying in hotels registered with the tourism ministry. “We are happy that both the Minister of Finance, and the Minister of Tourism were receptive to our ideas,” said MAH CEO Yap Lip Seng.

(Image: Bernama)

The meeting between MAH and the relevant ministries was called by the Finance Ministry in preparation of the government stimulus package for the tourism industry. According to Finance Minister Lim Guan Eng, the government will be announcing an economic stimulus package aimed at mitigating the adverse external economic impacts brought about by Covid-19 on 27 February.

(Source:
The Sun Daily
,
The Edge Markets
,
Free Malaysia Today
)

0

0

votes

Article Rating

SHARE

TAGS:

Coronavirus

Covid-19

Hotels

Langkawi

MAH

Malaysian Association of Hotels

Ministry of Finance

Ministry of Tourism

Novel Coronavirus

Sabah

Travel Industry

Wuhan Coronavirus

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Stream EPL Games Live With Maxis Premier League Match Passes For Only RM3

Great news for football fanatics, Maxis or Hotlink users now have the flexibility to buy passes for English Premier League (EPL) matches you want to watch this season! The Maxis Premier League Match Passes allows you to stream EPL games live on your mobile devices – with free data for streaming so you don’t have to worry about running out of data.

The Premier League Match Passes cost RM3 per match, which is a whole lot cheaper than paying for a monthly Astro subscription. Since these passes are sold per individual match, you can choose to only purchase passes for your favourite team or the big-match ups between rivals. Users will also stream at HD quality, over the Maxis 4G LTE network.

The Premier League Match Passes can be purchased on the MyMaxis app for Maxis postpaid users, Hotlink Flex app for Hotlink postpaid users, or Hotlink RED app for Hotlink prepaid users to catch the hottest EPL matches, where they will receive a coupon code. These codes can be redeemed in the Astro NJOI Now app or web portal to start watching the matches. Note that these codes cannot be redeemed on the Astro Go app.

Users can purchase as many passes as they like, and are recommended to purchase passes in advance to avoid missing out on any games. Also, these passes can be purchased as late as 15 minutes before the match ends.

This isn’t the first time that Maxis and Astro have collaborated to offer users streaming passes for football matches. During the 2018 World Cup earlier this year, Maxis offered passes for only
RM1 per match
.

(Sources:
Hotlink
,
Soyacincau
)

0

0

votes

Article Rating

SHARE

TAGS:

Hotlink

Maxis

Premier League

About THE AUTHOR

Olivia Song

Olivia Song

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Huawei’s P50 Pro And P50 Pocket Arrive In Malaysia, P50 Pro Ready For Pre-Orders

(Image: The Star/Raja Faisal Hishan)

Huawei has announced the arrival of its latest flagship smartphone model, the P50 Pro, and a new foldable P50 Pocket, in Malaysia. Along with this, the tech company also revealed that consumers can already begin to pre-order the P50 Pro from today until 21 January 2022, while pre-orders for the P50 Pocket will take place between 22 January to 13 February – both of which will be rewarded with freebies worth more than RM2,000.

Spec-wise, the Huawei P50 Pro features a 6.6-inch, dual-curved OLED display with a resolution of 2700×1288 and refresh rate of up to 120Hz. It is powered by a Snapdragon 888 4G chip, and is accompanied by 8GB of RAM and 256GB of storage, as well as a 4,360mAh battery with 66W Huawei SuperCharge feature.

As for cameras, the P50 Pro packs a total of four sensors: a 50MP true-chroma camera (Colour), a 40MP true-chroma camera (Mono), a 13MP ultra-wide-angle camera, and a 64MP telephoto camera. At the front is a 13MP front camera. The phone is available in two colours, namely Golden Black and Cocoa Gold.

Meanwhile, the Huawei P50 Pocket is a flip-style foldable phone that is also powered by the Snapdragon 888 4G chip, offering two displays. Its main display is a 6.9-inch OLED screen with a resolution of 27790×1188, whereas the secondary display is a circular 1.04-inch OLED cover screen. Camera-wise, it comes with a rear camera combo of a 40MP true-chroma camera, a 13MP ultra-wide-angle camera, a 32MP ultra spectrum camera – while inside is a 10.7MP selfie camera.

With a 4,000mAh battery that supports 40W Huawei SuperCharge, the P50 Pocket is available in two variants: the standard model with 8GB RAM and 256GB internal storage (White), and a Premium Edition with 12GB RAM and 512GB internal storage (Premium Gold).

With regard to pricing, both the Huawei P50 Pro and P50 Pocket are going at the following retail prices:

Huawei P50 Pro
: RM4,199
Huawei P50 Pocket (Standard)
: RM5,999
Huawei P50 Pocket (Premium Edition)
: RM7,299

If you’d like to get the P50 Pro ahead of the market, you can pre-order now on the official
Huawei eStore
, Huawei Experience Stores nationwide, as well as its official online stores on
Shopee
and
Lazada
. It is also possible to do so via authorised retailers, such as
DirectD
 and
Senheng
. Come 22 January, you can pre-order the P50 Pocket via these similar avenues as well.

To further sweeten the deal, Huawei is rewarding early birds with some pretty worthwhile perks as well. Those who pre-order the Huawei P50 Pro will enjoy freebies worth up to RM2,100, whereas those who get the P50 Pocket in advance will receive freebies of up to RM2,700 – as detailed below:

Huawei P50 Pro
Huawei P50 Pocket
– Huawei Watch GT 2 Pro (worth RM1,199)
– One-time screen replacement for accidental damage within first three months (worth RM119)
– Huawei Mobile Services & Partner vouchers (worth up to RM725)
– Huawei Watch 3 (worth RM1,699)
– One-year extended warranty (wrth RM309)
– Huawei Mobile Services & Partner vouchers (worth up to RM725)

If you do pre-order the Huawei P50 Pro between now to 21 January, you can look forward to the phones being shipped out on 22 January onwards.

(Sources: Huawei [
1
,
2
],
The Star
)

0

0

votes

Article Rating

SHARE

TAGS:

Huawei

Huawei P50 Pocket

Huawei P50 Pro

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


RHB’s Great Centennial Giveaway

One of Malaysia’s oldest bank RHB is celebrating 100 years

in the banking sector and to thank their customers are giving away 100 Samsung

Galaxy Cameras.

This ‘
Swipe

& Win
’ competition is open to existing credit card and debit

cardmembers, including principal and supplementary/joint cardmembers. New

cardmembers are eligible for this competition as well though it is only limited

to principal cardmembers.

To participate cardmembers just need to spend an accumulated

minimum spend of RM50 on their card to qualify for one (1) entry. Subsequent

spending will qualify cardmembers more further entries at a rate of one (1)

entry per RM50 spent. For overseas retail spends cardmembers are eligible to

receive five (5) entries for every RM50 spent on their credit/debit card. In

addition newly approved RHB cardmembers are entitled to ten (10) entries.

One daily prize comprising of a Samsung Galaxy camera worth

RM1899 will be given out throughout the promotion period (23 April – 31 July

2013). Each participant is entitled to one daily prize throughout the promotion

period. The winner selection process will be determined by a computerized

random selection system. Shortlisted winners will also be required to answer

one question correctly to qualify for the prize.

Please take note that RHB MasterCard/Visa Business/Corporate

credit cardmembers and RHB Islamic Bank Wadiah Savings account holders are not

eligible for this competition. Further information and contest clarifications

can be found on the
Terms

& Conditions
 page and
FAQ
.

0

0

votes

Article Rating

SHARE

About THE AUTHOR

Brendon Lee

Brendon Lee

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Bank Negara Expands Eligibility Criteria For RM1B Fund For Affordable Homes

(Image: The Star)

Bank Negara Malaysia (BNM) has expanded the eligibility criteria for first time home buyers looking to buy a house via the RM1 billion Fund for Affordable Homes scheme.

The nation’s central bank has made two changes tat will allow more Malaysians to apply for this scheme. The first is the expansion of the maximum monthly household income to RM4,360, while the second change is increasing the maximum property price applicable under this scheme to RM300,000.

Previously, the maximum household income was set at RM2,300, while eligible properties needed to be below RM150,000. Essentially, Bank Negara Malaysia has increased both eligibility criteria by almost double their original amounts.

Both these changes would kick off from 1 September 2019. After the announcement, Finance Minister Lim Guan Eng said this enhancements, along with the scheme’s extended mortgage duration, may increase homeownership by as much as 20%.

Established in January this year to assist the B40 group with purchasing their first property, the Bank Negara Malaysia RM1 billion Fund For Affordable Homes has a longer mortgage repayment tenure of up to 40 years (or when the applicant reaches 70 years of age, whichever is shorter), while the maximum interest rate is capped at 3.5% p.a..

Besides the two changes, BNM has retained the other eligibility criteria that applicants have to meet: that they be Malaysian citizens, employed, and have a clean financial record for the past 12 months.

(Source:
The Edge
,
Bank Negara Malaysia
)

0

0

votes

Article Rating

SHARE

TAGS:

Bank Negara Malaysia

BNM

Fund For Affordable Homes

About THE AUTHOR

Christine Tay

Christine Tay

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Securities Commission: 70% Increase In Scam-Related Complaints, Enquiries By Investors In 2020

(Image: Business Today)

The Securities Commission Malaysia (SC) said that there has been a 70% spike in investor complaints and enquiries that are related to scams in 2020, compared to the previous year.

Revealed in its 2020 Annual Report, the SC also noted that 37% of all the complaints made last year involved illegal investment schemes. “The SC observed that the modus operandi of scammers have evolved over the years. Scams are now perpetrated predominantly through social media channels and messaging tools. To lure investors into the scheme, scammers have resorted to cloning legitimate firms, using the licensed firm’s name and logo,” it said.

In a bid to fight these scams, the SC initiated various efforts to promote investment literacy and anti-scam awareness among the Malaysian public through its investor empowerment platform, InvestSmart. It primarily used tools such as digital and social media to reach out to the public as there were restriction imposed on physical events during the Covid-19 outbreak.

“In 2020, InvestSmart rolled out investor education initiatives through television and radio channels as well as Facebook, Instagram, Twitter, and YouTube,” it said. This is on top of hosting its annual investor education event, the InvestSmart Fest 2020, virtually last year.

The SC also frequently updated its Investor Alert List to warn the public against dealing with or investing with companies that are involved in unlicenced activities or cloned-firm scams. In 2020, 134 new entries were made to the list.

The regulator further issued press releases and cease-and-desist directives to warn investors against investment scams, cloned firms, and investing through unauthorised digital asset exchanges. Moreover, it established an internal task force to investigate and take action against perpetrators of such investment scams.

The SC’s annual report further shared that it had blocked 78 websites found to be carrying unlicenced regulated activities and scams, as well as misusing the SC’s name and logo. This exercise was carried out in collaboration with the Malaysian Communications and Multimedia Commission (MCMC).

Another partnership with the Ministry of Communications and Multimedia saw the SC making public service announcements (PSAs) in the form of anti-scam awareness videos on all television channels and public transportation operated by Prasarana. The PSAs were also made via television news crawlers and announcements on radio stations.

(Image: Bernama)

Aside from sharing details regarding its effort to combat scams, the SC’s annual report further noted that retail investors were the biggest investors on Bursa Malaysia last year. The net buying by this group
amounted to a total of RM14.3 billion
, as compared to that made by local institutional investors at RM10.3 billion. With this, the
participation rate of retail investors rose significantly
, with an average of 32.4% in terms of value traded – which is much higher than 20.8% in 2019 and the five-year average of 21.4%.

(Sources:
Securities Commission Malaysia
,
The Sun Daily
)

5

1

vote

Article Rating

SHARE

TAGS:

Bursa Malaysia

Covid-19

Investment Scams

Malaysian Communications and Multimedia Commission

MCMC

Ministry of Communications and Multimedia

Online Scams

Prasarana

Prasarana Malaysia Berhad

Retail Investors

Scams

Securities Commission InvestSmart

Securities Commission Malaysia

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Public Bank’s Mastercard Campaign Offers Up To RM80 Cashback For Dining & Groceries

Between today until 31 August 2022, Public Bank will be running the Dining and Groceries Cashback campaign, allowing its Mastercard credit cardholders to earn up to RM80 cashback. This is provided they spend a specified monthly cumulative amount on dining and groceries using their cards.

Open to all Public Bank Mastercard credit cardholders, the campaign will allow you to earn the following cashback rewards when you meet the monthly spend requirement:

Monthly cumulative spend
(dining and groceries only)
Cashback reward per month
RM1,500 or more
RM30
RM3,000 or more
RM80

The rewards will be provided on a first-come first-served basis, with the maximum amount of cashback that can be obtained capped at RM80 per month for each cardholder. If you do manage to earn a cashback reward, it will be credited into your account within five to eight weeks after the end of the campaign period. The payment will also be reflected in your statement.

Public Bank further clarified that it has earmarked a total of RM100,000 for the entire campaign. A sum of RM20,000 will be allocated for the first campaign month (June), while the remaining RM80,000 will be distributed evenly for the second and third campaign month (RM40,000 for July and August, respectively).

If you wish to participate in this campaign, you will need to register by sending an SMS (
PBMC<space>16-digit principal PB Mastercard credit card number
) to 66300. If successful, you’ll receive a confirmation message from the bank. Note that a cardmember with multiple cards is only required to register once; your expenses on all cards (including supplementary cards) will be automatically tracked for the campaign after that.

(Source:
Public Bank
)

0

0

votes

Article Rating

SHARE

Not yet a Public Bank credit cardholder?

Apply now!

TAGS:

Cashback Promotions

Dining

Groceries

Promotional Campaigns

Public Bank

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Budget 2023 May See Some Adjustments When Retabled

(Image: Malay Mail/Sayuti Zainudin)

Caretaker Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz has commented that the national budget, Budget 2023, may see some finetuning when it is re-tabled after the new government is elected. This is in order to match Malaysia’s updated economic situation at that time, which may be affected by various factors.

“There may be some adjustments based on economies during the time. I must be frank with you. We have to see (the situation of) the global economy that would affect the Malaysian economy,” said Tengku Zafrul in a pre-recorded segment at The Straits Times’ inaugural Asia Future Summit. He was asked whether Malaysians can expect Budget 2023 to be re-tabled as it is, or close to its first iteration.

The minister also stated that the government cannot confirm whether it will introduce new policies – such as targeted subsidies and the reimplementation of the Goods and Services Tax (GST) – after the upcoming general election (GE15). Such policies are widely deemed to be “less populist”.

(Image: Malay Mail)

“We will obviously not commit ourselves to any drastic measure that was not outlined for fear that choking the growth momentum,” said Tengku Zafrul, although he also acknowledged that the government does need to increase its revenue collection as it is quite low, and that the Budget would see a deficit going down.

In 2023, the federal government’s revenue collection is expected to decrease by 4.4% to RM272.6 billion – equivalent to 15% of Malaysia’s gross domestic product (GDP). This is due to anticipated lower non-tax revenue collection, as reported in the
Fiscal Outlook and Federal Government Revenue Estimates 2023
 study released by the Ministry of Finance. The report also noted that non-tax revenue in 2023 is expected to decline by 23% year-on-year to RM67 billion, attributed to lower dividends paid by government entities.

That said, Tengku Zafrul defended the first tabling of Budget 2023 as necessary, stating that it is an “inclusive, more progressive”, and “responsible budget”. On top of that, it is also a sustainable budget. He further emphasised that Budget 2023 not only prioritised spending in the most important sectors for economic growth, but also empowered the relevant groups and assisted underdeveloped areas.

Budget 2023
 was originally meant to be tabled on 28 October 2022, but was subsequently
brought forward to 7 October
. Three days later, the Parliament was dissolved by caretaker Prime Minister Datuk Seri Ismail Sabri Yaakob, who later also confirmed that
Budget 2023 has to be re-tabled again in Dewan Rakyat before the end of 2022
.

(Source:
Malay Mail
)

0

0

votes

Article Rating

SHARE

TAGS:

Budget 2023

Datuk Seri Tengku Zafrul Abdul Aziz

Dewan Rakyat

Fiscal Outlook and Federal Government Revenue Estimates 2023 Study

GE15

General Election

Goods And Services Tax

Government Subsidies

GST

Targeted Subsidies

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


How To File Your Taxes If You Changed Or Lost Your Job Last Year

It is not an overstatement to say that the past few years have been difficult for many people, with Covid-19 having wreaked havoc across the world. While Malaysia has slowly begun to recover from the far-reaching economic impact of the pandemic – which affected many business across different industries – some people have still had to find new jobs with another employer or become unemployed in the past year.

With the tax season now upon us, some frequently asked questions by these groups of people are these: what does the tax-filing process look like now? Will they need to take additional steps or fill in extra forms? Do jobless individuals still need to file their taxes if their total income for 2022 fall beneath the requisite amount of RM34,000?

We’ll discuss these and more in this article.

If you changed jobs in the previous year

The tax-filing process for someone who changed jobs in the previous year isn’t too different from the usual procedure, actually! It will involve some extra calculations and EA forms, but otherwise, everything else is pretty much the same.

Similar process, but with extra EA forms

Essentially, filing your taxes when you have more than one employer in the assessment year means you’ll need to combine the total income earned from both companies in a single BE form. The most efficient way to do this is with the EA forms obtained from your previous and current employers. Note that all employers are legally bound to provide their employees – both current and former – with an EA form, so make sure to collect yours!

Your EA forms will provide a summary of the information that you need to file your taxes seamlessly: total income, Employees’ Provident Fund (EPF) contribution, Social Security Organisation (SOCSO) contribution, as well as monthly tax deduction. When filing up your BE form, just add the total amount of the respective categories from the different EA forms, and you’re good to go! Be sure to also update your employer’s tax number (E Number) so that it reflects your current employer’s.

What if you didn’t get your EA form from your previous employer?

You can still file your taxes, but it’ll just take a bit more work on your end. Not having your EA form from your previous employer means you’ll need to find all the required information yourself via your salary slips, EPF, and SOCSO statements from the year of assessment. Clearly, this will involve some tedious work, and there is always the likelihood of miscalculations, so do your best to follow up with previous employers before resorting to manual calculations!

If you really are left with no choice, however, your total income, EPF and SOCSO contributions, as well as your monthly tax deductions (MTD/PCB) can be found in your salary slips. Collect all your salary slips from the different employers that you’ve worked with in the year of assessment, and compile these figures. Naturally, this gets more cumbersome the more companies you’ve worked with, so be extra cautious here!

You can also cross check your EPF contributions through your EPF statement online, as well as your SOCSO contributions via your iPERKESO account.

If you were retrenched or unemployed in the previous year

As a rule of thumb, any individuals earning a minimum of RM34,000 after EPF deductions must file their taxes. But what if you were retrenched or unemployed during the year of assessment, and your income did not come up to the requisite amount? Will you still need to file your taxes?

The answer: Yes. You are obligated to file your taxes yearly once you’ve registered your tax file, even if you do not earn the requisite amount. It is also necessary to file your taxes as your retrenchment or unemployment compensations are considered as taxable income – with some eligible for tax exemptions.

Compensation for loss of employment

According to the Lembaga Hasil Dalam Negeri Malaysia (LHDN), compensation for the loss of employment is defined as a payment that is made by employers to their employees upon their termination. Examples of compensation for loss of employment include:

Salary or wages in lieu of notice

Compensation for breach of a contract of service

Payments to obtain release from a contingent liability under a contract of service

Ex-gratia or contractual payments, such as redundancy or severance payments (such as Voluntary Separation Schemes (VSS))

Payment to restrict an employee from finding similar types of employment after termination with current employer

LHDN further noted that a portion of these compensations are exempted from tax under the
Income Tax Act 1967
. More specifically, the compensation is exempted
as per the following circumstances
:

Full exemption
: The compensation is made on account of loss of employment due to ill health

Partial exemption
: Exemption of RM10,000 for every completed year of service (full 12 months) with the same employer or with companies in the same group

For
YA2020 and YA2021
, the exemption limit for compensation for loss of employment was
increased from RM10,000 to RM20,000
 for each completed year of service. However, this exemption was not extended, therefore the exemption limit is now once again set at RM10,000.

Filing your taxes as an unemployed individual

The tax-filing process for an unemployed individual is not too different from the usual process either! You’ll have to include the compensation amount as part of the statutory income from your employment, along with your other earnings, but make sure to deduct the allowed exemption before doing so. Other than that, you can go ahead and fill in your BE form as usual.

For precaution, make sure to compile and keep all the necessary documents to prove that the lump-sum payment that you receive is your compensation for loss of employment. Aside from your termination letter and contract, you may also want to save your payslips and EA forms as evidence of your tenure with your former employer.

***

With this, we hope that you have a better idea as to how to file your taxes under these different circumstances. Do also check out our
Income Tax page
 for other tax-related content, such as our step-by-step
YA2022 Income Tax Guide
,
tax reliefs that you can tap into
, and
how to file your taxes if you’re a first-timer
.

5

6

votes

Article Rating

SHARE

TAGS:

EIS

Employees Provident Fund (EPF)

Employment Insurance System

EPF

Income Tax

Income Tax 1967

Income Tax 2021

Income Tax YA2020

iPERKESO

Lembaga Hasil Dalam Negeri

LHDN

Longform

PERKESO

Retrenchment

SOCSO

Unemployment

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (14)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

14
 Comments

 Inline Feedbacks

View all comments

    Nurul

    2 years ago

I applied iLestari last year do I have to put the amount received throughout last year in Statutory Income from interest,other periodical payment etc?

Thank you in advance.

0

Reply

    Pang Tun Yau

    2 years ago

    Reply to

        Nurul

No, i-Lestari are withdrawals from your income in the past.

0

Reply

    Jolene

    1 year ago

If I have no compensations and no income in the past year, do I still need to submit Tex filing?

0

Reply

    Pang Tun Yau

    1 year ago

    Reply to

        Jolene

Yup, you do. you just need to declare zero income for YA 2021.

7

Reply

    Marylyn

    1 year ago

    Reply to

        Pang Tun Yau

the answer i need the most… thanks for sharing

1

Reply

    Jimmy

    1 year ago

I was retrenched in Dec 2020. and already got my surat penyelesaian cukai from lhdn.

From Jan 2021 until Dec 2021 I worked for a friend who is doing a small kampung business.

He pays me monthly but there is no proper record, there is also no epf, socso.

Do I have to declare the income received?

48

Reply

    Yukisha

    1 year ago

In 2021 within a year, I resigned from one job and joined another job and resigned again (not working until now). How to do file my tax? Thank you in advance.

0

Reply

    Loong Chan

    1 year ago

I was retrench after serving 10 years for the company last year. does this mean I’ll be able to get 200K of tax exemption for lost of employment in 2021. Could you pls share the link to the said increased by the government. thanks

21

Reply

    Bill

    1 year ago

I have done my tax clearance in early Jan 2022 due to a retrenchment. Am I still required to do my tax filing for YA2021?

16

Reply

    fara

    1 year ago

Hello,

May I  know which column in BE form can I put the amount of the retrenchment money I received from my previous employer, and which column can I put in the compensation year (e.g. RM20,000 x years of service) so that it will be deducted as tax exemption?

Thank you for you help.

10

Reply

    Anonymous

    1 year ago

    Reply to

        fara

Appreciate if someone can enlighten this issue

0

Reply

    Anonymous

    1 year ago

    Reply to

        fara

The amount of retrenchment received is included in the “statutory income of employment”.

The computation will be like:

Amount of compensation                                                                                a

Less: Amount exempted (RM20,000 x years of completed service)     (b)

= Taxable compensation                                                                                c

If the Amount exempted > Amount of compensation, then Taxable compensation would be 0.

So, C will be included as part of B1 Statutory income from employment.

Hope this is clear and do correct me if it is wrong.

0

Reply

    Jenny Ong

    1 year ago

My brother was asked to resign and company paid him RM40k+. Income tax deduction is RM7688.10

while i was helping him to e-filing , it shows the only amount that is overpaid is RM393.25 in Y2021.

My brother is currently jobless and does not have any income. Will LHDN return the remaining sum when we do e-filing for Y2022?

0

Reply

    Eric

    1 year ago

This article does not Illustrate with clarity How to fill BE form for job loss compensation. There are many enquiries posted…

1

Reply


3 Reasons Why First-Time Home Buyers Can Consider This Home Financing Solution

Among the many important milestones in a person’s life is finding a home to live and belong in. Thus, it’s no surprise that owning a home is the top priority of many Malaysians. However, taking the step from renter to homeowner can be an intimidating process for many first-time buyers, especially when attempting to procure financing.

One of the challenges first-time home buyers face while trying to procure home financing is to find out whether they will qualify for financing. In the age of the gig economy, many Malaysians have picked up alternative sources of income, in lieu of traditional full-time jobs. These include self-employed individuals such as gig workers like Grab drivers, Youtubers and even commission-based jobs such as real estate and insurance/Takaful agents.

Syarikat Jaminan Kredit Perumahan Berhad (SKJP) was set up as a wholly-owned company of the Ministry of Finance on 6 December 2007, to provide a solution for Malaysians without fixed income to obtain home financing to purchase their dream home. Through Belanjawan 2023, the Government of Malaysia announced that they will be guaranteeing RM5 billion in Housing Credit Guarantee Scheme, with a higher financing limit of up to RM500,000 to further assist potential first-time house buyers through RHB and other participating financial institutions.
If you’re ready to embrace owning your first home, here are three reasons why you can consider applying for RHB’s Commodity Murabahah SJKP Home Financing-i:

1. High Margin Of Financing

You may apply for 100% financing up to RM500,000 to purchase your first home, with no location cap. This means you can choose to purchase your dream home in any Malaysian state and you’ll still be covered under the scheme.

2. Flexible Financing Tenure

When it comes to buying and owning property, affordability is a main consideration that is at the forefront of most people’s minds. Hence, it’s important to consider buying a property with a price tag based on your current salary and not a forecasted salary, so you can comfortably afford your monthly mortgage payments. However, you can rest assured knowing that RHB’s Commodity Murabahah SJKP Home Financing-i has a financing tenure period that lasts up to 35 years or when you turn 70 years old – whichever comes first.
This makes it suitable for those who are intending to purchase it to start a family, so you can grow old and watch your family grow while having financial flexibility.

3. Accessibility to All Types Of Income Earners

Not only would you be able to qualify for affordable home financing on a non-fixed income with a minimum of RM1,500 per month, it is also eligible for those who earn up to RM11,000 on a monthly basis.
RHB Commodity Murabahah SJKP Home Financing-i is available to all types of income earners, including non-fixed income earners such as self-employed individuals (for example gig workers, farmers, and fishermen) and commission-based workers such as real estate and insurance/Takaful agents. All types of fixed-income earners are also eligible for financing including those who are fully employed either on a permanent or contract basis or even employers from SME and micro business sectors such as mechanics, technicians, salesmen and factory workers.
If you’re intending to buy a house with your spouse or family members, a joint application with immediate family members is allowed provided all members have not owned any property before.

***

Homeownership will not be out of grasp for Malaysians who aspire to own their first home with RHB’s Commodity Murabahah SJKP Home Financing-i, thanks to its comfortable financing tenure and its accessibility to all types of income earners. This is further strengthened by its Shariah-compliant status.
With approximately 202 RHB banking branches in Malaysia, applying for RHB’s Commodity Murabahah SJKP Home Financing-i is a relatively straightforward process. All you will need to do is bring your required documents as stipulated on the
website
 to the nearest RHB branch and you’ll be on your way to owning your dream home.
Learn more about RHB Commodity Murabahah SJKP Home Financing-i
here
.
The contents of this article do not constitute financial advice. Readers should conduct their own research before making a financial decision
.

5

1

vote

Article Rating

SHARE

TAGS:

Affordable Home FInancing

Belanjawan 2023

Home Financing

RHB

RHB Commodity Murabahah SJKP Home Financing-i

Shariah Compliant

SKJP

Syarikat Jaminan Kredit Perumahan Berhad

About THE AUTHOR

Eloise Lau

Eloise Lau

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Which Should You Choose to Save More For Retirement: EPF or PRS?

A recent HSBC survey revealed that a significant percentage of
Malaysians were concerned that their retirement funds are insufficient
 to support them in old age.

There are a few options to help you bolster your retirement fund beyond that of your compulsory EPF contributions. You can opt for voluntary excess EPF contribution or you could opt for a PRS scheme.

We take a look at the pros and cons of both options to help you decide which would suit you best.

EPF and PRS in a Nutshell.

EPF stands for Employee Provident Fund, the government-mandated pension fund in which every employee is legally-required to contribute 11% of their monthly salary and their employer a further 12% – 13% depending on the employee’s salary.

<a href=”
https://ringgitplus.com/en/insurance/?utm_source=ringgitplus&utm_medium=banner&utm_campaign=my-rpint-gen-gen-insurance&utm_content=blogcta_ins_compareinsuranceplanson_ringgitplus_mid”title=”Compare
 insurance plans”>

PRS, the Private Retirement Scheme, is a voluntary pension scheme which allows employees (or their employers) to contribute into an investment fund for the purposes of building up their retirement income.

The EPF which is managed by the Ministry of Finance is required to maintain a guaranteed minimum return of 2.5% per annum to its depositors, under the Employees Provident Fund Act 1991. PRS schemes are managed by PRS providers: private financial intermediaries approved by the Securities Commission of Malaysia.

Unlike the EPF, the PRS schemes does not guarantee a minimum return and like most investment vehicles; there is a risk of the depositors’ investment shrinking to less than the invested sum.

EPF contributions are mandatory, but depositors have the option of contributing more than the mandated minimum of 11% of their monthly income.

The Pros of EPF

EPF’s biggest strength lies with their guaranteed minimum of 2.5% dividend per annum. However, EPF has
historically
 generated annual dividends much higher than 2.5%.

EPF also comes with a maximum of RM6,000 in tax relief, compared with PRS’ maximum of RM3,000. For 2014; they declared a
dividend of 6.75%
.

The Cons of EPF

When it comes to the flexibility of investment and contribution, you only get the freedom to select a partial amount of your EPF contribution to invest as you decide and the contributions are fixed. Since we are talking about excess, you will need to
submit a form to EPF with the additional amount
 you want to contribute and this new amount will be deducted from your salary.

However, EPF has
historically
 generated annual dividends much higher than 2.5%; so for most people, the lack of flexibility isn’t so bad.

Withdrawals from your EPF account II are allowed to finance your first home, education for you or your children or medical expenses.

The Pros of PRS

PRS allows you more flexibility in managing your investment and deciding every month, how much you would like to contribute. The EPF scheme requires a form filled and the new additional amount will stay until you request in writing to remove it.

EPF will also decide where to invest your money and will manage the fund for you. Many of those who have some knowledge investments and yields may want to have more say in how their funds are invested (within some confines – for more on this, check out our
quick PRS guide
).

From 2014 to 2018, the government announced they would be giving PRS members between 20 to 30 years old a one-of
incentive of RM500
 to purchase units of PRS funds to encourage young people to start saving more for their retirement.

The Cons of PRS

You may have more flexibility in the investment side of things, but you have less flexibility in partial withdrawals prior to your retirement age.

70% of your PRS contribution is placed in sub-account A and the other 30% in sub-account B. Withdrawals are only restricted to sub-account B, which you could only withdraw from once a year and an 8% penalty would be incurred.

Which Should You Choose?

If you want a simple, no frills and risk-free option, voluntary excess contribution to the EPF may be the better for you to bolster your retirement funds as you are guaranteed a minimum annual dividend of 2.5% and you don’t have to concern yourself with managing the investment.

Furthermore, you get to save a bit of money today with the maximum tax relief amount for EPF contributions double that of PRS contributions.

If you do not mind doing some research on your own and you have the discipline not to withdraw your PRS money prematurely, PRS schemes may be the better option rather than voluntary excess EPF contributions as it has the potential to generate a higher return than EPF and you are allowed the flexibility of choosing investments based on your risk appetite.

3

2

votes

Article Rating

SHARE

TAGS:

EPF

Private Retirement Schemes

PRS

Retirement

About THE AUTHOR

Guo Heng

Guo Heng

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


BigPay Lets Users To Send And Receive Electronic Duit Raya

BigPay has released a new feature on its app to allow users to send and receive electronic
duit raya
 to other users, as part of the Hari Raya celebrations.

To send and receive Duit Raya via BigPay, click on
Duit Raya
 option in the Payment page of the app. Select the recipients with the amount you want to give, and input a personalised message (if you want) before sending.

In fact, this is almost a carbon copy of the peer-to-peer (P2P) fund transfer feature, which is a core feature of the BigPay (and virtually all other e-wallet apps).

BigPay is an e-wallet with accompanying prepaid card that’s developed by AirAsia, offering the flexibility of an e-wallet combined with a physical card to give the best of both worlds. Its outstanding feature is the zero processing fees for foreign transactions, and an exchange rate that is almost exactly the same as on XE.com. All purchases made with the BigPay card earns AirAsia BIG points (AirAsia’s rewards points program), and there is also a credit card surcharge waiver for AirAsia flight tickets purchased with the BigPay card.

Meanwhile the BigPay app has an expense tracking feature as well as a new analytics page that shows the user’s spending habits over time.

The BigPay app is available on both the
Apple App Store
 or
Google Play
. Be sure to update the app to unlock the Duit Raya feature.

0

0

votes

Article Rating

SHARE

TAGS:

AirAsia

AirAsia BIG

BigPay

Duit Raya

Hari Raya Aidilfitri

About THE AUTHOR

Hayatun Razak

Hayatun Razak

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


AirAsia Offers RM50 e-Vouchers Via Cuti-Cuti Malaysia Campaign

AirAsia has announced that it will be distributing RM50 e-vouchers to benefit 24,000 domestic travellers, following its collaboration with Tourism Malaysia in the recently announced Cuti-Cuti Malaysia campaign.

According to the airline, the e-vouchers will be made available for public redemption on its website “very soon”, although further information on eligibility requirements or conditions has yet to be revealed. It also said that this initiative is intended to stimulate domestic tourism and help generate income for tourism-related businesses, such as hotels, restaurants, tour operators, and more.

#AirAsia
 collaborates with
@TourismMalaysia
 to offer Cuti-Cuti Malaysia RM50 e-voucher to drive domestic tourism.

The e-vouchers will be made available for public redemption on our website,
https://t.co/OsC52vu7AM
 very soon. Stay tuned!
https://t.co/Qu3zqrjOuk

— airasia (@airasia)
November 24, 2020

To clarify, the Cuti-Cuti Malaysia campaign was launched under a
stimulus recovery plan
 that was announced by the Ministry of Tourism, Arts, and Culture (MOTAC) just yesterday. The plan – which will be implemented by its agency, Tourism Malaysia – seek to revive the national economy through the tourism sector that had been impacted by the Covid-19 pandemic.

“AirAsia applauds the Ministry of Tourism, Arts, and Culture (MOTAC) for taking proactive steps in announcing a detailed stimulus recovery plan to invigorate the national economy through domestic tourism, which involves the Cuti-Cuti Malaysia campaign and cooperation with travel industry players,” said the airline in its statement.

Individuals interested to find out more about AirAsia’s RM50 e-vouchers can stay tuned to the airlines’
Twitter
,
Facebook
, and
Instagram
 for the latest updates.

(Source:
AirAsia
)

0

0

votes

Article Rating

SHARE

TAGS:

AirAsia

AirAsia RM50 E-Vouchers

Covid-19

Cuti-Cuti Malaysia

MOTAC

Tourism Malaysia

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Converting Reward Points To Air Miles For Free Flights

Are Reward Points Credit Cards right for you?

Whether its getting cashback or redeeming reward points, keep one thing in mind: these credit cards are only good for you if you can pay off your balance in full every month.

The interest that builds up when you don’t pay your credit card bills on time will become an burden rather than advantage, and all your cashback and rewards will amount to nothing compared with the money you’ll owe the bank!

Converting Points to Air Miles for ‘Free’ Flight Redemptions

Air travel has come a long way since the 1990’s Thanks to the likes of budget airlines such as
AirAsia
,
FireFly
 and
Malindo Air
 every average joe can afford to jet off on a holiday whenever they want.

Earning Air Miles was a luxury limited to regular travellers earning frequent flyer miles, they could redeem free flights with enough paid tickets within a specified time frame. These days swiping your credit card at the local cinema, petrol station, or your favourite grocery store can get you closer to big discounts on your summer vacation!

How? By using credit cards that offer reward points every time you spend! Rewards credit cards give their users ‘points’ for each purchase they make. These points can then be converted into Air Miles. There are quite a few cards out there which offer this privilege and the conversion points vary among cards and airlines.

What to look out for when choosing a card

If you are already an Enrich or a KrisFlyer member and are scouting around for a credit card to further add to your air miles, don’t focus all your attention on cards with specific airline partnerships only (for example,
CIMB Enrich Platinum MasterCard
), because there are other cards that could actually give better air miles with their reward points conversion alone!

Some things to consider before choosing a credit card for collecting air miles:

Cashback > Reward Points

While earning air miles certainly feels good, nothing pays for an airfare better than cold hard cash. All things equal, if you are considering between two cards with similar payouts, but one offers reward points and the other cashback, a wise choice would be to pick the cash! The trickier part is determining what the payout is in terms of miles.

RM Spent Per Reward Points

This is basically the number of reward points you get for every RM1 spent. The minimum would be RM 1 = 1 reward point.

However, you do get some credit card issuers offering a little extra when you make certain types of purchases. These can range from 2x, 5x or even 10x more reward points!

Conversion Rate from Reward Points to Air Miles

It’s all well and good to get the 2x’es and 5x’es, but how many reward points do you need to acquire in order to convert to air miles? Let’s take a look at an extreme example:

Card A
:
  10 points per RM spent, and a conversion rate of 15,000 reward points = 1,000 air miles

Card B:
  5 points per RM spent, and a conversion rate of 7,000 reward points = 1,000 air miles

While using Card A to get 10x points certainly sounds enticing, once you look at the air miles conversion rate, you get to see that things may be less rosy, and Card B will actually give you more bang for your buck. But how do we do the calculation exactly? For that we calculate…

How many Air Miles do I get by spending RM1,000?

The final calculation here is to connect spending and Air Miles. Getting more Air Miles for a certain level of spending is the name of the game here.

So in our earlier example:

Card A:
 RM1,000 spending at 10x points will get you 10,000 points which you can convert to 666 Air Miles (RM1,500 to get 1,000 miles)

Card B:
  RM1,000 spending at 5x points will get you 5,000 points which you can convert to 714 Air Miles,  (RM1,400 to get 1,000 miles)

As you can see in this scenario, you get more out card B with the same spending amount, even though card A offers twice as much points!

So, there are deals to be had if you can find the right credit card that matches your spending pattern, bill payments and holiday plans What are you waiting for? Check out our
Top 5 Best Holiday Travel Credit Cards
, or the grand RinggitPlus list of
all travel credit cards in Malaysia
 if you can’t find one that suits you leave a comment, perhaps we can help.

0

0

votes

Article Rating

SHARE

TAGS:

Air Miles

Air Miles Conversion

Air Miles Credit Card

Air Miles Points

Cashback

Rewards

Rewards Points

About THE AUTHOR

Eugene Chua

Eugene Chua

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


How to Look for a Good Home Wireless Broadband

A strong, steady internet connection is an important part of any household. Some would say as important as running water and electricity. So it makes sense that we have to pay special attention to how we get our internet.

For a household the two major choices you can make is either by using a wired connection or a wireless broadband. If your choice is the latter, here are some points to consider to make sure you’re choosing the right one.

Make Sure Your Area is Covered

Before taking in any other factor into account, the one we think you should focus on first is whether or not your area is within coverage. Wireless mobile broadband will only work if your area is covered by the service provider. So if you’re out of range, no matter how fancy the device claims to be, you won’t be able to connect to the internet very well, if at all.

When doing your research for the right mobile wireless broadband online, make sure the site can easily tell you the coverage in your residential area. Celcom for example has a page where you can
key in your area and it can quickly and easily let you know if there’s a strong coverage
. Handy.

Cost

Now that you know your area has great coverage, the next step is to make sure you’re getting the most out of your money. Doing a quick comparison between different models, service providers, and plans will help you determine this for yourself so you can come to the right decision.

A simple rule of thumb is to make sure that the new plan is not more expensive that whatever plan you’re currently using. Sounds simple enough. Or you can just compare it with whatever plan your peers are using. Make sure you know your own pattern of internet usage and pick a plan that fits your needs.

Service

Once you know that your chosen plan is reasonably priced and your residential area has coverage, you need to find out how good the service is. What do we mean by this? Advertised download and upload speeds can be quite different from the actual experience. You may be getting something fast on paper, but get stuck on buffering in practice.

Determining the quality of service is a little tricky, especially since you can’t test it out in real world conditions without purchasing a unit first. What you can do is either go online and find out how current users of the product and package are enjoying their service. See if they’re running into any issues and if the issues are dealt with promptly. If possible, try to look for friends or acquaintances who have used it and get their opinion on how well the service works for them before making your final decision.

Now that you know these rough criteria on how to choose a wireless broadband plan for your household, you can make a more informed decision the next time you’re in the market for one.

Which One Shall You Choose?

If you’ve been eyeing a wireless plan for a while now, we’d recommend the Celcom Home Wireless internet plan. It has the best 30-day return policy where you can cancel anytime without any fees. Celcom also offers 1TB free internet with free music and video with Music Wall and Video Walla.

There are three plans on offer, all of which will become cheaper once GST becomes zero-rated by June 1st:

Plan

Now

June Onwards

Home Wireless Gold 25GB

RM 74.20

RM 70

Home Wireless Gold Plus 50GB

RM 106

RM 100

Home Wireless Platinum 150GB

RM 159

RM 150

Connect up to 64 devices with Celcom Home Wireless hassle-free. Head over to
Celcom’s official website to find out more
!

0

0

votes

Article Rating

SHARE

TAGS:

Broadband Plans

Broadband Services

Celcom

Fibre Broadband Plans

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Hong Leong Bank Payment Relief Assistance Plan: Loan Restructuring With Reduced Payments For Up To 15 Months

(Image: The Sun Daily)

Following Prime Minister Tan Sri Muhyiddin Yassin’s announcement last week of providing
targeted bank assistance
 once the current six-month moratorium ends on 30 September, Malaysian banks have begun preparing to offer the required aid to eligible customers.

Accordingly, Hong Leong Bank (HLB) has drawn up a payment relief assistance plan to support their customers who foresee difficulties in restarting their regular payments come October. It will provide payment flexibility according to your current financial situation, such as if you’d lost your source of income or had to take a pay cut.

HLB’s payment relief assistance plan will be provided as follows:

Customers who lost their source of income

You will be given a moratorium extension of three months for all your loans, including term loans that have been converted from your credit card balances. And just like current six-month moratorium, no additional interest/profit will be charged. HLB will also reach out to you to reassess your financial condition before the end three-month extension to determine if you require further aid.

Customers who took a pay cut or faced business cashflow problem

(Image: The Straits Times)

Here’s a breakdown of the aids provided according to the types of loans that you have:

Types of loans

Types of financial aid

Mortgage

Property financing-i

Business cash loans

Pay only the interest/profit for a period of up to 15 months (until December 2021).

Reduce your monthly instalment payments by 25%, 50%, or 75% for six months, commensurate with your pay cut or financial situation. The tenure of your loan will also be adjusted accordingly.

Step up your instalment payment for up to 2 years, i.e. pay a lower instalment amount during this period. When the step-up period is over, your monthly instalment will be gradually increased based on the tenure and outstanding balance of your loan.

Hire purchase/Hire purchase-i

Personal loan/Personal financing-i

ASB financing-i

Credit card with relief conversion plan

Reduce your monthly instalment payments by 25%, 50%, or 75% for six months, commensurate with your pay cut or financial situation. The tenure of your loan will also be adjusted accordingly.

Overdraft account

Cashline-i account

Convert your overdraft/cashline-i amount to a term loan.

HLB also clarified that unlike customers who are given the 3-month moratorium extension, interest/profit
will be charged
 on the deferred amount for this group of customers who take up the above payment relief plans.

That said, HLB emphasised that the assistance provided are individualised and can be adjusted to suit each customer’s financial situation. The bank will first assess your financial condition, affordability, and account status before coming up with a suitable plan to match your needs.

Customers seeking assistance for credit card repayments

HLB noted that it will continue to offer its credit card customers the option to
convert their outstanding balances into a term loan
 until 31 December 2020. This measure had previously been rolled out together with the ongoing automatic moratorium back in April 2020. You can convert your balances into smaller instalments at the interest rate of 13% p.a. for 36 months.

***

During your application for the payment relief assistance plan, you will be required to declare your current income, employment information, and nature of cashflow impact. As such, you may want to prepare relevant documents in advance, such as your letter of retrenchment or reduction of salary.

In its
FAQ
, HLB also noted that it will contact the applicants within 5 working days once it has received their applications. Following that, the bank will send you an SMS notification or email to inform you of the status of your application, although HLB did not state how long the process will take. The bank further reminded that the payment relief assistance plan
will not impact your Central Credit Reference Information System (CCRIS) rating
, provided your account is less than 90 days in arrears.

Meanwhile, customers who are ready to restart their repayments in October 2020 can resume doing so, although there may be changes to the tenure of your loans to let you clear your deferred instalments or accumulated deferred interest. HLB said that it will notify you of the revised details before 1 October so that you can resume your payments with ease.

To find out more about
HLB’s payment relief assistance plan
, head on over to its website. Alternatively, if you’re ready to apply for the plan, you can fill in the
online form
 here.

5

2

votes

Article Rating

SHARE

TAGS:

Covid-19

Extended Moratorium

Hong Leong

Hong Leong Bank

Moratorium

Moratorium FAQs

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.

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    Shaifuddin

    2 years ago

Received 2.5% rate for car hire and purchase until 2033 13 years repayments. Is it good rate ? And other bank offer 2.0% for 15 years.

0

Reply


Public Bank’s Visa Campaign Offers RM18 Cashback For GrabPay And Touch ’n Go eWallet Reloads

Public Bank is running an eWallet Top Up with PB Visa Credit Cards campaign to reward Visa credit cardmembers with RM18 cashback when they reload a specified amount into their GrabPay e-wallet or Touch ’n Go (TNG) eWallet. Running from 15 May until 15 July 2022, this campaign is open to all principal Public Bank and Public Islamic Bank Visa credit cardmembers.

This offer allows you to earn RM18 cashback when you use your Visa credit card to top up your GrabPay or TNG eWallet with a minimum cumulative of RM500 per month. Offered on a first-come, first-served basis, you are allowed to enjoy the cashback reward once per month as per the following schedule:

Campaign months
Dates
Month 1
15 May – 15 June 2022
Month 2
16 June – 15 July 2022

Note that only manual top-up transactions using Visa credit cards are allowed for this campaign. Auto reloads do not qualify for this offer.

Public Bank has allocated a total of RM60,000 for the entire campaign, with RM30,000 earmarked for each campaign month. If you do get any cashback reward, it will be credited into your account within five to eight weeks after the end of the campaign period. The payment will also be reflected in your credit card statement.

If you wish to enrol in the campaign, go ahead and send an SMS (
PBIT<space>16-digit Principal Visa credit card number
) to 66300 to register your participation. Additionally, if you have more than one Public Bank Visa credit card, you are required to register only one credit card number; your reloads for GrabPay or TNG eWallet using all other cards will be automatically tracked for the campaign.

To note, Public Bank had revised the benefits of its credit cards to exclude e-wallet reloads from earning cashback or cash rebates, effective February 2022. However, this campaign will temporarily allow its Visa credit cardmembers to earn cashback during the offer period.

(Source:
Public Bank
)

0

0

votes

Article Rating

SHARE

Not yet a Public Bank credit cardholder?

Apply now!

TAGS:

Grab

GrabPay

Promotional Campaigns

Public Bank

Public Bank Visa Credit Cards/-i

Public Islamic Bank

TNG eWallet

Touch 'n Go

Touch 'n Go eWallet

About THE AUTHOR

Nur Adilah Ramli

Nur Adilah Ramli

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


ASNB Upgrades myASNB App With Mobile Onboarding And Goal-Based Investment Features

Amanah Saham Nasional Berhad (ASNB) has enhanced its myASNB mobile app with two new features, namely the mobile registration and onboarding feature as well as a goal-based investing function dubbed Target Labur. Both improvements are expected to offer a more convenient investment experience to its users as they strive towards their financial goals.

The two new features are part of a major update to the app, which was
launched back in 2019
. The new mobile onboarding feature will enable interested investors to easily open an account via the myASNB app, without having to visit physical branches or its agents. They will need to go through an electronic Know-Your-Customer (eKYC) process to verify their identity, including taking a selfie. Existing ASNB customers, too, can set up their myASNB portal and mobile app accounts, and update their personal details from the comfort of their own homes.

Aside from that, the new
Target Labur feature
 is a goal-based investment tool that is designed to encourage Malaysians to invest based on their desired financial goals. The feature provides various pre-set goals that investors can immediately tap into, but there is also the option to customise their own objectives. Additionally, it will provide suggested monthly investment amounts based on the goal targets, as well as an overview of the investor’s progress towards his or her goals.

The Target Labur function is being rolled out in stages according to age groups, starting with those who are aged between 18 to 34 years old. It will be available to all myASNB app users by 29 October 2021.

“These enhancements on the myASNB mobile app are part of our commitment to continuously deliver innovation to our unitholders. Anyone can now open an ASNB account or register for the myASNB portal and app purely through their mobile phone,” said the president and group chief executive officer of PNB, Ahmad Zulqarnain Onn, adding that the features will help investors to make regular and consistent investments more seamlessly.

In celebration of the rollout of both features, ASNB has also launched a
#JomLabur campaign
 that will reward unitholders who tap into the Target Labur feature by creating two goals (minimum investment amount of RM5,000 per goal). The campaign – which is supported by UMW Group, Payments Network Malaysia (PayNet), RinggitPlus, and Grab – offers the opportunity to win prizes such as a Toyota Vios and Toyota Yaris, iPhone 12, and RinggitPlus Financial Planner access passes – all in, there’s a total of RM200,000 worth of prizes. Already ongoing, the campaign will continue all the way up to 31 December 2021.

To access these new features, all myASNB app users will need to update their apps to the latest version. You can also download the myASNB app for free from
Google Play
, the
App Store
, and the
Huawei AppGallery
.

0

0

votes

Article Rating

SHARE

TAGS:

Ahmad Zulqarnain Onn

Amanah Saham Nasional Berhad

ASNB

eKYC

electronic Know Your Customer

myASNB

myASNB Target Labur

Permodalan Nasional Berhad

PNB

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Grab’s Maybank Bonanza Challenge Returns With 5,000 GrabRewards Points To Be Won

Grab has once again partnered with Maybank to run its Bonanza Challenge, offering users the chance to win a total of 5,000 GrabRewards Points. Ongoing until 30 September 2022, the campaign requires you to first link your Maybank2u or MAE account to GrabPay as an auto top-up payment method, and then complete a total of ten auto reload transactions.

Open only to users who are linking their Maybank2u account to their GrabPay for the first time, you’ll need to top up a minimum of RM50 during each auto reload transaction via your linked bank account. This ultimately comes up to a total of RM500 (RM50 x 10 auto reload transactions). Once you’ve met all the requirements, you’ll then receive 5,000 GrabRewards Points.

If you’re eligible and would like to participate in the Challenge, you must first accept the Maybank Bonanza Challenge in your Grab app (found under “Challenges” in your Account page). After accepting the challenge, link your Maybank2u account to your GrabPay via the following steps:

Tap on “Top Up” in the Finance page of your Grab app, followed by “Linked Bank Account”

Select Maybank2u, and you’ll be redirected to the Maybank2u page via an in-app browser

Log in to your Maybank2u account, and choose if you’d like to link your Maybank bank account or MAE account to GrabPay

Enter a daily transaction limit (maximum cap at RM1,000)

Enter TAC to authorise the transaction, and you’re done!

Upon linking the accounts successfully, go ahead and activate auto top-up for GrabPay, then perform the required ten auto reload transactions! Remember, FPX transactions are
not
 valid for this campaign; all top-up transactions must be performed automatically via a Maybank2u account linked to GrabPay.

Individuals who successfully complete the challenge will receive the promised GrabRewards Points within five working days. Note that the reward will be provided on a first-come first-served basis, with 1,750 units up for grabs throughout the entire challenge period. Also, the GrabRewards Points earned from the challenge do not count towards tier upgrade.

Finally, you can view your progress status for the Maybank-Grab Bonanza Challenge on your Grab app at any time. Just head on over to the Challenges tile in your Account page to do so.

(Sources:
Maybank
,
Grab
)

0

0

votes

Article Rating

SHARE

TAGS:

Auto Top-Up

Grab

Grab Maybank Bonanza Challenge

GrabPay

GrabRewards

GrabRewards Points

Maybank

Maybank2U

Promotional Campaigns

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


5 Insurance Myths You Need to Bust Now

Much has been said about having a few insurance policies to keep you covered, but some may think less about the importance of even owning one – much less a few! Based on statistics provided by the
Life Insurance Association of Malaysia (LIAM)
, it was reported that the total insurance buyer rate stood at a low 41.22% in 2013.

Why is there such a low subscription rate to insurance policies? We asked around and found some prevailing myths that might be the cause. Take a look at the top insurance myths going around and why you should not take heed of them!

1) My employer provides SOCSO- that’s all I need

These may be familiar if you pay attention to your monthly payslip, you might find there’s another deduction on your EPF, that is your
Social Security Organisation (SOCSO)
. This covers you against work-related injury or accident.

But let’s say you fractured your leg during a football match at your neighbourhood
padang
. As you didnt foresee this coming, you had to deplete your savings paying for the hospital bill (that’s if you did have enough savings!). Your SOCSO wouldn’t cover you because it is not claimable against treatments for non-work-related injury. Having said that, if you had a personal medical insurance, you could have saved yourself from footing the hefty medical bill.

2) Medical Insurance is only for the sick and elderly

The last thing you want is to do is only apply for a policy when you are already facing health problems. This is because insurance companies would not offer a policy catering to any pre-exisiting medical condition that you already have at the time of taking such a policy. If you insist on being covered; some insurance companies may do so but your premiums payable will sky-rocket as you’re seen as a high risk client.

It’s also important to apply for a policy early on in life – not because age plays a role
per se
 but because the likelihood of you developing serious illnesses at a younger age is lower.

If you thought that medical insurance is catered for people with disease or the elderly; think again. It’s quite the opposite. It’s a financial shield for when you do fall ill; your medical card will have you covered.

3) Life insurance is really expensive

First off, it’s important to identify the types of insurance available in the market. Generally, life insurance is divided into two types: Whole Life Insurance and Term Life insurance.

Whole life insurance comes with higher premiums but that is because it includes numerous benefits. These investment-linked policies enable lifetime coverage provided that premium payments are maintained. It also usually includes a cash payout feature periodically that functions as retirement fund; not to mention premiums can be used as tax reliefs. For these added features; you will pay more.

Unlike a whole life protection plan, term life insurance is cheaper and known for its adjustable coverage periods. Planning your budget and discussing with various insurance providers could offer you a more affordable and flexible plan. For example, you’re planning for pregnancy and would like to get protected against complications during childbirth – with term life insurance, you get protection only when you need it most.

Essentially, insurance doesn’t have to be expensive unless you really want it to include all the extras. Talk to your agent or insurance company representative and something can surely be worked out.

4) My medical cards pays for ALL hospital bills

Not all medical cards are made equal and thus, not all illnesses may be covered just because they are illnesses. Let’s say you’re experiencing chest pains and have undergone diagnosis procedures at your panel hospital. When your medical bill arrived, you learn that your medical insurance doesn’t cover all the procedures you had to undergo.

Before admitting into a panel hospital, it’s best to give your insurance company hotline a ring. Some procedures aren’t covered by your insurance provider. For those who don’t save for the rainy days, getting assurance from your insurance provider could save you from footing the bill despite having a policy. Some insurance companies will issue you a letter the moment you are admitted at the hospital to ensure you don’t pay anything out of pocket. Give them a call. If you are too ill to do; make sure you closest kin are able to quickly call the company on your behalf.

5) My car insurance will cover me no matter what happens

Hold on to your hand break. Your car insurance coverage may insure you against accidental loss and injury but this protection is only limited to the other person and your car. Basically, there are three types of car insurance in the market: third party cover; third party fire and theft cover, and comprehensive cover.

1) Third party cover provide coverage for other person(s) due to your negligence. In short, both you and your car will not be compensated should you crash your car. So, drive safely.

2) Third party fire and theft cover is similar to third party cover with an added feature. If your car went missing, you can get claim from this policy.

3) Comprehensive cover protects your car including all the above. With that said, damages or accidental loss incur on your car will be reimbursed when you get into an accident.

If you’re unsure about the extent of your insurance coverage, it would be beneficial to learn about the procedures and exclusions the minute you take out a policy.

Learn Your Policy

An insurance policy (or a few) can really be the safety net you need in times of trouble but it can also be a source of woe if you are not careful. Study your policy and know what you’re in for before listening the the myths that abound. Doing your research prior to getting a policy should correct any misconceptions or misguided information. Protecting your health and preparing for unexpected financial woes will do wonders for the quality of life you and your family enjoy.

0

0

votes

Article Rating

SHARE

TAGS:

EPF

Insurance Myths

LIAM

Life Insurance Association of Malaysia

Medical Cards

Medical Insurance Myths

SOCSO

About THE AUTHOR

Denise Chan

Denise Chan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments