Own A Resort-Style Unit In Genting Highlands With 100% Interest-Free Flexibility And Other Perks

With the cool breeze, fresh air, thick greenery, and iconic mountain views – Genting Highlands is only a 45-minute drive away from the tropical temperatures of Kuala Lumpur. Bustling with more than a few attractions such as theme parks, hotels, and skyways – Genting Highlands is a relaxing escape for Malaysians and tourists alike.

An All-Around Entertainment Hub For Everyone

With so much to offer, the self-proclaimed ‘City of Entertainment’ comprises of leisure activities, resorts, shopping outlets, an indoor theme park and more that attracts visitors from all walks of life. Whether solo, in groups or for corporate events, Genting Highlands has proven to be an all-in-one getaway for all.

In 2013, the Genting Integrated Tourism Plan was integrated to further develop the self-proclaimed ‘City of Entertainment’, causing a steady increase in visitation over the years. It was reported in
Genting Berhad Annual Report
, that there were over 28 million visitors in 2019, averaging to about 78,000 visitors per day hitting a 95% hotel occupancy rate.
Moreover, with the opening of Resorts World Genting’s outdoor theme park, Genting Skyworlds this year as stated in the annual report, it is believed that visitors to Genting Highlands are expected, especially during peak seasons.
Now, imagine not having to worry about booking a hotel room, having the luxury of dropping in at any time, and calling a place your own in the cool mountains of Genting Highlands.

An Impressive Township Master Plan In The Making

Developed by one of the top developers in Malaysia, Tropicana Grandhill is a freehold mixed integrated development in Genting Highlands. With a 112-acre land, Tropicana Grandhill is set to be completed in 3 phases with 6 essential components; Residential, Commercial, Education, Wellness, Park, and Silver Hair.
Additionally, the developments aim to promote an ultramodern active lifestyle amongst its residents as top-notch health and wellness centres and an adventure park are introduced into the township. For the Education component of Tropicana Grandhill, families can be assured that their children can receive the best education from the education hub.
Notably, the Commercial component will focus on the surrounding and ambience of Tropicana Grandhill which will be decorated with F&B outlets that showcase the unique mountain views. And through Wellness, Tropicana Grandhill will feature top-notch health services to cater to all walks of life, including retirees, who can highly benefit from the upcoming Silver Hair component that emphasises a sustainable retirement lifestyle.

Unwind At TwinPines Serviced Suites, Tropicana Grandhill

TwinPines Serviced Suites kicks off the first phase, offering resort-style amenities, facilities, and services alongside breathtaking scenery of the mountains as well as the grand view of Resorts World Genting.

TwinPines’ two residential towers include 13 unit variations, ranging from 379sf studios to 1,330sf four-bedroom dual-key units, all of which are fully furnished and ready to move in.
TwinPines Suites also features hotel-style amenities and services that include an exclusive concierge service. From making transportation arrangements, scheduling a golf session, and even calling to make a dinner reservation, TwinPines’ concierge service is dedicated to making sure that you and your guests have an exceptional time throughout your stay.

Additionally, there are also daily housekeeping services as well as vacant home care programmes to make sure that your unit remains fresh and clean when you’re not around. Modern tropical facilities include a spring jacuzzi where one can relax and be surrounded by nature, a wellness path that merges with a jogging track for fitness enthusiasts and families to break a sweat together, and more. Additionally, multipurpose halls and meeting rooms are also ever-ready for any corporate events.

A Unique Addition To Your Investment Portfolio

Speaking of the high occupancy rate all year round at Genting Highlands, TwinPines at Tropicana Grandhill could be a potential property investment as you could also cater to the short-stay rental demand from visiting locals and tourists.

Genting Highlands is a tourist hotspot where visitors stay an average of 2 to 3 nights. It is especially popular during weekends, public holidays, and school holidays, where families will opt for a staycation to enjoy the highland weather with their loved ones. Moreover, this hill station hosts several key attractions such as theme parks, shopping centres, and more — all of which are just minutes away from Tropicana Grandhill.

If you do choose to rent out your unit to visitors, you could bring in revenue in the long run, depending on the type of unit, average rental per day, and the occupancy rate.

During peak seasons,
hotel rates
 can go up to RM2,900 a night, while a studio unit from
AirBnb
 can average to RM200 a night. For example, if you own a TwinPines studio unit and decide to rent it out for RM200 a night, based on 9 days occupancy per month you could easily achieve at least 6% or RM21,600 per annum.

With Tropicana 100 Campaign, You Could Also Enjoy 100% Interest-Free Financing And Other Perks

With prices starting from RM397,000, securing your place in TwinPines at Tropicana Grandhill is made even better with the Tropicana 100 Campaign. Enjoy 100% Interest-Free flexibility, with a zero-interest payment scheme that eases your commitments and capital outlay.

That’s not all, you’ll also get other perks such as 100% Return, 100% Legal Fees Borne, 100% Furnishing, and 100% Additional Referral Reward that allow you to save while reaping the benefits of owning a staycation home in Genting Highlands.

Elevate Your Life’s Journey & Grow With RinggitPlus Academy Lite

The option to own a unit at Tropicana Grandhill with great savings and benefits is an opportunity not to be missed, which is why Tropicana Grandhill is partnering up with RinggitPlus to offer a 2-hour online RinggitPlus Academy Lite session on 26 June 2021 from 10am – 12pm. The session will be conducted by RinggitPlus’ Licensed Financial Planner (CFP) who will be guiding you through investment tips and strategies to grow your wealth smartly.

This exclusive session is offered to those who register their interest in TwinPines at Tropicana Grandhill’s website. There will be limited slots available which will be given on a first-come, first-served basis. Register your interest now at
www.tropicanagrandhill.com

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Katrina Balan Quiroz

Katrina Balan Quiroz

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

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    Anonymous

    2 years ago

Dreams beautiful environment become reality who understands enjoy life

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Economy Minister: IPR Not The Same As Universal Basic Income Scheme

(Image: Bernama)

Economy Minister Rafizi Ramli has come forth to clarify that the People’s Income Initiative (IPR) is distinctly different from the universal basic income scheme, which requires the country to be in a stable and strong financial position in order to be implemented.

“The objectives of these two initiatives are different. IPR has a very specific target to allow the lowest income group in our society to have a consistent and sustainable stream of income. At the same time, [it will also help with fixing some of the economic structural issues, such as food supply,” Rafizi explained.

The universal basic income scheme, on the other hand, is defined as a governmental public programme where periodic cash payments are paid out unconditionally. This means the government will not need to assess the recipients’ background or status to determine their eligibility, nor require them to work for the payment. It is based on the premise of providing all individuals with the necessary resources to live so that they can focus on achieving a better quality of life instead.

A successful introduction of the universal basic income scheme will, however, depend heavily on the government’s fiscal position, said Rafizi. Without the necessary economic and financial stability, the government will not be able to sustain the scheme over a long run.

(Image: The Malaysian Reserve/Razak Ghazali

“We need to strengthen the fiscal position first. Unless you have a strong fiscal position, not only universal basic income is out of the question, we won’t even be able to support the cash handout programmes we have currently,” the minister further said, adding that the government will need to first see if it can consolidate most of the fragmented cash handout systems that are currently ongoing. In turn, this will enable the government to evaluate whether the universal basic income approach is feasible.

A version of the universal basic income scheme was previously
proposed as an initiative to eradicate hardcore poverty
 in Malaysia by ensuring all households have a minimum monthly income of RM2,208. Households that earn less than the minimum income level will automatically receive a contribution to push them towards the set minimum amount.
Some countries that have piloted the basic income scheme (as small-scale trials, as opposed to the whole country, i.e. universal)
 as part of their social welfare system include the United States, China, and Germany.

Meanwhile, the IPR was introduced under the re-tabled Budget 2023 to focus on empowering the poor to increase their income potential. It was
officially launched at the end of February 2023
.

(Source:
Malay Mail
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Win Samsung Galaxy S4 and RM250 cashback with Citibank

Apply for a new Citibank credit card and stand a chance to

win the latest Samsung Galaxy S4 and RM250 in cashback. “Sounds good, where do

I
sign up
”, you say?

Hold up, first-hand this offer is limited to specific

Citibank credit cards, namely:

·

Citibank Platinum Credit Card

·

Citibank Rewards Platinum Card

·

AirAsia Citibank Platinum Visa Credit Card

·

AirAsia Citibank Gold Visa Credit Card

·

Citibank Clear Card

This promotion runs from 6 May till 30 June 2013. New credit

cardholders that have had their cards approved before 30 June 2013 are eligible

to receive 442,800 citipoints which can be exchanged for a Samsung Galaxy S4. Newly

approved credit cardholders are required to spend at least RM500 within 60 days

of receiving their card to qualify for this offer. The method of selection is

at the sole discretion of Citibank and selected winners contacted by Citibank

are required to answer a question as quickly as they can. Citibank is offering

50 units of the Samsung Galaxy S4 for the entire promotion period and

redemption is based on a first-come-first serve basis.

Similarly the RM250 cashback is available to the first 800 successful

applicants. To find out more about this promotion and how to sign up please

refer to the
Terms

& Conditions
 page.

Still undecided on which Citibank credit card you should

get? Let
RinggitPlus.com

help you make the right decision.

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Brendon Lee

Brendon Lee

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Apple Watch Series 7, RM1000 TNG Credit, Huawei Laptop & More Are Up For Grabs

The Unbox This Week credit card campaign is back with exciting gifts to look forward to.

For those who are new to this campaign, Unbox This Week is a weekly event where we present to you fantastic weekly flash deals from our featured bank partners. All you need to do is apply for selected credit cards from these banks of the week through RinggitPlus and you’ll take home some great prizes.

From 11 to 17 October, our featured bank partners are

Citibank, HSBC Bank, Standard Chartered Bank, Alliance Bank, and Public Bank
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Citibank – Apple Watch Series 7

Keep track of your activity and fitness levels with your very own Apple Watch! Stand to win the Series 7 Watch when you sign up with Citibank.

Enjoy the Always-On Retina Display, fast charging, an abundance of sport modes, heart rate and sleep monitors, customisable watch faces, and more.

For those who don’t win the Apple Watch Series 7, you’ll still walk home with an RM800 Touch ‘n Go eWallet Credit for all your shopping needs.

Remember to activate and spend a minimum of eight retail transactions on your new card within 60 days upon gaining approval. Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift.

Take note, though, that current card members and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion. Otherwise, those who wish to apply for their new Citi credit cards can
head on over here to do so
.

HSBC Bank – RM1000 Touch ‘n Go eWallet Credit

Get an extra RM1000 worth of Touch ‘n Go eWallet Credit when you sign up for a new HSBC Credit Card! Use it to pay your bills, offset toll spending, purchase movie tickets, buy meals, or you can also gift it to your friends and family. The possibilities are endless!

Don’t forget to activate and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval to be eligible for this gift. That said, do note that current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have cancelled their HSBC credit cards within six months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your HSBC credit card
here
.

Public Bank – Gintell G-Vibo Portable Handheld Massager

Ease all your aches and pains when you win the Gintell’s G-Vibo Portable Handheld Massager. Built to be mobile, you can massage all the knots in your body from the comfort of your own home and rest, relax, and unwind.

Those who don’t win the Gintell Massager will take home the Samsung Galaxy Fit2, a comfortable fitness watch that’s made to complement your active lifestyle with its long-lasting battery life, features optimised to different workouts, and over 70 watch faces.

All you need to do is complete your application via the RinggitPlus website, get approved by Public Bank, and make an accumulative spend of RM250 within sixty (60) days of approval to be guaranteed this gift. Apply for your Public Bank credit card
here
.

Standard Chartered Bank – HUAWEI MateBook D 15

This week, you could win a brand new laptop with a Standard Chartered Credit Card! The HUAWEI MateBook D 15 is lightweight at just 1.53kg, offers accelerated performance with its 10th gen Intel® Core™ i5 processor, and easy one-tap sharing between devices thanks to HUAWEI Share.

You’ll still take home a pair of Samsung R170 Galaxy Buds if you don’t win the HUAWEI MateBook D 15.

Just remember, you will need to activate your card within 30 days upon approval to be eligible for this gift. Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign. If you qualify, then you can apply for your new Standard Chartered credit card
here
.

Alliance Bank – Google Home Hub or Xiaomi Mi Band 5

Need your lights turned on or quick answers but your hands are full? Just ask Google! Apply for an Alliance Credit Card with Balance Transfer and you’ll be guaranteed a Google Home Hub. Turn your home into a smart home with the help of a Google Assistant.

Meanwhile, you’re guaranteed the Xiaomi Mi Band 5 when you apply for an Alliance Bank Credit Card. Have a trusted fitness band that can measure your activity levels with 11 professional sports modes, a long-lasting 14-day battery life, as well as 24-hour heart rate and sleep monitoring with women’s health tracking.

Upon approval, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the prize. Existing cardholders of any Alliance Bank credit card and individuals who have held or cancelled an Alliance Bank credit card in the past six months are not eligible for this campaign. Apply for an Alliance Bank Credit Card
here
.

***

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

While this week’s flash deal ends on 17 October (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Lisa Ameera Azman

Lisa Ameera Azman

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Reasons to Buy Your First Home in Your Early Working Years

Many of us have that one thing they’re saving up on when they first started working. Maybe it’s a nice car, some fancy clothes, or a shiny new gadget. But how many of us are thinking of buying their first home with the savings from their first job? It might be a better idea than you think.

Of course, just buying any random house doesn’t really make sense. It’s a big investment after all. What you need to look for in a property when buying for the first time would be a healthy return on investment and a high utility. Meaning you want a place that will appreciate in value, and is great to live in at the same time.

Hyde Tower
 in i-City is one such place. Connected to a convenient LRT station that takes you everywhere you need to go, with access to a hospital, an airport, and a nearby university, it’s strategic location bodes well for future growth.

It’s also located next to a Double Tree Hilton, right by Malaysia’s Largest Thai Mall, and is accessible via the Federal Highway. Which makes it easy to travel to and from work while also staying close to shopping and entertainment spots.

Investing for the future is all well and good, but a property must also be enjoyable to live in.
Hyde Tower
‘s facilities account for this with their gymnasium, swimming pool, and 24-hour security. You can feel safe within the compound, keep yourself fit and entertain guests effortlessly as well.

And since the property comes fully-furnished, you can start recouping your investment early on by renting out your rooms via AirBnB without having to plan things out too much. The well-connectedness of the area lends itself well to visitors who want to enjoy alternative shopping and entertainment options while still maintaining a close link to useful access routes.

With a starting price from only RM360,000, Hyde Tower is a smart choice for those looking to invest in a first home that not only is comfortable and fun to live in, but makes for a great future investment at the same time. Find out more about the property
right here on RinggitPlus
. Don’t miss out!

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Protecting Yourself Against Insurance Fraud

Insurance fraud isn’t typically a violent crime, but it certainly is a lucrative one. White collar criminals cost Malaysian citizens, insurance companies and financial institutions an estimated RM1.77 billion in 2013. Today, fraud schemes are getting more aggressive and sophisticated than ever – which is exactly why we need to arm ourselves with the necessary knowledge to avoid becoming a victim.

What is Insurance Fraud?

Insurance or takaful fraud refers to any deliberate deception or dishonesty committed against (or by) an insurance company, insurance agent or consumer for unjustified financial gain.

Insurance fraud can basically be broken into two main categories:

Insurance Scams:

When someone provides false information to an insurance company in order to gain something of value that he or she would not have received if the truth had been told.

Examples include:

1. Creating a fraudulent claim. For example, staging an accident or faking a death to collect the benefits from your insurance policy.

2. Overstating the amount of loss. For example, inflating the value of items stolen during a burglary or theft.

Fake Agents:

This typically occurs when a fake insurance agent deceives consumers by selling fake policies to them.

Examples include:

1. An unlicensed insurance agent issuing fake insurance policies.

2. Insurance agents keeping the money paid by policy holders, instead of sending it to the insurance company.

How do I protect myself against Insurance Fraud?

As a consumer, there are several common, and some not-so-common-sense steps you can take to help reduce your risk of becoming a victim of fraud:

Step 1: Make sure your insurance company is registered

Before purchasing insurance, contact your insurance company or Persatuan Insuran Am Malaysia (PIAM), the Life Insurance Association of Malaysia (LIAM) orthe Malaysian Takaful Association (MTA) to ensure the agent is an authorised agent.

Step 2: Avoid paying in cash, request for a receipt and check your policy

Always pay your premiums by cheque or money order made payable to the insurance company rather than to your agent.

Also, request for a receipt as proof of settlement each time you make a payment. Make sure you receive a written policy after the payment of your first premium. Then, check your policy to ensure the coverage is what you have requested for.

Step 3: Unusually low premiums

Be suspicious of unusually low premiums and extra coverage. If it’s too good to be true, it probably is!

Step 4: Never sign a blank form

Do not sign a blank insurance application or claim form.

Step 5:
Install a camera on the dashboard of your car

It’s becoming increasingly common for people to stage accidents by setting you up as the culprit.

For example, A vehicle filled with people will stop suddenly in front of you, setting you up as the cause of a rear-end collision, while doctors and lawyers who are participants in the scheme “handle” the subsequent medical claims and lawsuits.

In another example, there are also people who purposely “throw” themselves on to your car and then subsequently claim that you knocked them down.

Having a camera installed on the dashboard of your vehicle is essential in preventing yourself from becoming a victim and making these scammers look silly – like this guy right here:

How do I report a fraud case?

It’s very simple. All fraud cases should be reported immediately to the police.

Following the steps mentioned in this article may not necessarily make you immune to every insurance scam out there, but it will certainly increase your chances dramatically.

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Winnie Wu

Winnie Wu

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Which is more important, your friends or money?

Morally, we would always choose friends over money but how would you behave if a million dollar lottery win was on the line?

It’s a tricky situation but in the end we must not forget that we can’t survive without money, just as much as we can’t survive without friends!

Thus, there should always be balance.

“A wise man should have money in his head, but not in his heart.” – Jonathan Swift

So get out there, spend some money with or for your friends!

Tighten your friendships and splurge a little if it means creating wonderful memories (but not too much – you don’t want to be broke!).

Have a great Merdeka weekend!

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Matthias Sim

Matthias Sim

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Digi Omni: A Call Centre For Your SME Right in Your Smartphone

One of the challenges of starting a side business is handling customer service and fulfilling inquiries. Traditionally, this has been done with office phone systems or a call centre which can be expensive and costly resource-intensive to set up.

To tackle this problem, Digi Telecommunications (Digi) has officially launched Omni, an enterprise-level virtual phone system that functions as an affordable alternative to complicated and expensive office phone systems. The system can turn any smartphone into a call centre, simply controlled by an app and a web dashboard.

Why Would I Want This?

If you run an SME business where you need to handle customer calls at a large volume, Omni offers a robust communication system without you having to worry about hardware installations, long term contracts, pricey monthly plans, or expensive key phone systems. It can do all this because it’s essentially just an app that lives in your smartphone.

How Does Digi Omni Work?

First, you need a dedicated office number that is paired directly with the Omni app on your smartphone. That’s about it. From there, the app and web dashboard allows you to:

Make and receive calls

Route to multiple extensions

Assign to different departments or personnels

Record calls

Transcribe voicemails into text

Manage and view call history

Set a custom greeting

Send SMSes

Setup conference calls

Among
plenty of other features as well
. It’s pretty much like having a call center right in your smartphone. Super handy.

How Much Does Digi Omni Cost?

It’s actually quite cheap for what it offers compared to other communication solutions. As of writing, they currently have 3 plans to serve different needs:

Each plan has no contract, no installation fees and can be cancelled anytime. You can get a 30-day money back guarantee as well.

As with most other digital services, getting on board is a simple process. You can subscribe to Omni via a 5-minute registration process at
www.omnihotline.my
 and start trying it out for your business as soon as registration is complete.

So if your SME is looking for an affordable and quick-to-use communication setup, why not give this one a try and let us know how it goes? Good luck out there!

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Ahmad Mudhakkir

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What to Look For In A Good Business Partner

Choosing what to sell, where to sell it, and how are all important questions to ask before you start working on your own business. They answer the question of how you can best serve your customers and gain profit while doing so. But there’s also one more major thing to think about: should you run the business yourself or with a partner?

Do You Need a Business Partner in the First Place?

Just because you came up with a great business idea and plan doesn’t mean you don’t need a business partner. There are plenty of reasons to work together with one or more people to get your business going. Here are some questions to ask yourself if you’re not quite sure:

Are there aspects of the business you’re not confident with?

List down the tasks you need to do to get the business going. If there are plenty of items on it that you’re doing for the first time or not quite sure how to do, it might be worth partnering up with someone who is more experienced.

Does your business need time and effort you can’t fully commit to?

This question can really only be answered once the business has started and you can gauge the kind of workload you need to manage. But if you can have a good estimate of this and learn that you might not have the time to spare due to a full-time job or family commitments, consider getting a business partner to help you out.

Are you okay with other people taking care of your baby?

Figuratively, of course. Some people take plenty of pride in their business ideas and would not want anyone else to take responsibility or assume control over their business, at least in its early stages. If you are not these people and you don’t mind having some help, having a business partner might benefit you.

After figuring out whether or not you need a partner in for your SME business, it’s time to consider the kind of attributes that would make a good partner. When choosing one, we recommend paying special attention to these qualities:

Work Ethics

You can be a hardworking founder or a more relaxed one, but if your partner is one and you’re the other, it might not make for a harmonious business relationship. You can also be

the kind of person who prefers to have a less hands-on partner or inversely, a partner who works harder than you. In either case, make sure you know your potential partner’s work ethic well enough so you can work together well.

Complementary Skill Set

You and your partner can be responsible for the same things, but ideally, you should be good at different things that complement each other. This way, you can close any gaps of knowledge and support one another better. This goes for experience and connections as well. Having a partner with a different knowledge base and network can help the business grow much faster.

High Risk Tolerance

Starting a business is already plenty risky by itself, and while having a partner means dividing the risks somewhat, it also means trusting someone else completely. If you’re looking for a partner, make sure you’re okay with them being a liability, and make sure they in turn also have no problem with having you as a liability. Nobody likes to lose, but having the capacity to fail gracefully means losing won’t be too bad.

Same Values and Principles

Even when everyone believes in the idea and are passionate enough to see it through, it’s still also very important to know what kind of values your partner might have. Why are they doing business? Are they in it for money, do they want to serve the community, are they near retirement and just looking for something to do, etc.

Try to ensure that everyone’s motives and values regarding the business align and everybody is philosophically in lockstep. Because in case the business has to endure major changes and shakeups, all parties are more likely to still stick around due to a shared belief.

Two Heads Are Better Than One

Now that you know how to choose a good business partner and whether or not you need one, we hope you can make a more informed decision when you need to.

Ready to make that leap of faith and embark into the world of business opportunities with a partner of your choice? If your answer is yes, then here’s a bonus tip to help you get started on your new venture.

Learn more about the benefits of SME banking by giving
RHB SME Banking Portal
 a visit and make use of their Knowledge Center to discover the useful tips and tricks to help you achieve your aspirations as a soon-to-be franchisee. From business loans to current accounts created specifically for the fundamental needs of SME business owners, begin your journey as a franchisee with RHB SME Banking Portal today.

This article was brought to you in collaboration with RHB SME Banking.

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CIMB To Take Targeted Approach With Moratoriums After September

(Image: New Straits Times)

CIMB will be taking a “targeted approach” to assist borrowers who are affected by the Covid-19 pandemic once the Bank Negara-mandated six-month moratorium ends at the end of September.

“As we come to the end of the moratorium period, the focus for CIMB, as with other financial institutions, will be a more targeted assistance approach where we will engage borrowers from the hardest hit sectors to extend support and restructure terms where necessary,” said CIMB Group CEO Datuk Abdul Rahman Ahmad.

According to CIMB, the automatic loan moratorium had provided significant relief to its customers, especially those within the B40 segment and small and medium enterprise (SME) clients. As at end-May, the moratorium had benefited over 1.3 million CIMB retail customers and over 16,000 SMEs and corporate clients by way of cash flow alleviation.

CIMB Group chairman Datuk Mohd Nasir Ahmad said that despite the pandemic and resulting market volatility, the bank remains resilient and well-capitalised to withstand shocks. “The Malaysian economy is expected to recover due to stimulus measures, and the recent easing of the lockdown should bring about a faster rebound. Our banking system is also far more resilient today compared with previous crises,” said Datuk Nasir. “However, we remain vigilant for the rest of 2020, focusing on enhancing our risk management and ensuring that our liquidity ratios remain at a comfortable level.”

On the question of whether the current blanket moratorium should be extended once September ends,
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz
 said that banks will have the final say in the matter – including whether any future moratoriums would be done in a targeted manner.
Maybank
 was the first bank to state that it will not be extending its current automatic deferment period, whereas
AmBank
 has said that it is open to the possibility of a targeted moratorium instead of a second blanket one.

(Source:
The Star
)

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PM: All School Children To Receive RM150 Financial Aid

(Image: Malay Mail/Miera Zulyana)

Prime Minister Datuk Seri Anwar Ibrahim has announced that a cash aid of RM150 will be provided for all school children in January 2023, regardless of their families’ income bracket. This is to enable them to purchase adequate school equipment for the coming school year.

“With an entire generation missing out on their education following the recent Covid-19 pandemic crisis, it is important to prepare children with appropriate school equipment. In addition to the expenditure requirements for the Supplementary Food Programme (RTM) and the purchase of textbooks, the government has agreed to channel RM150 to all school children regardless of the parents’ income limit in January 2023,” said the prime minister.

The aid will be provided under the recently approved Mini Budget 2023 – also referred to as the Consolidated Fund (Expenditure on Account) Act 2022 – which caters to various essential expenditures by the government until the
actual Budget 2023 can be re-tabled in February next year
. It has an allocation of RM107.72 billion.

(Image: The Malaysian Reserve)

Aside from the RM150 cash aid for students, Datuk Seri Anwar also said that the government will continue with several direct cash aid programmes for the people that were implemented by previous administrations. These include a provision of
RM300 for households and RM100 for single individuals
 – with the payment for Phase 1 set to begin earlier in January 2023 instead of March.

“I hope the early disbursement will help alleviate the burden currently faced by the people,” said Datuk Seri Anwar, adding that social welfare assistance will also be provided to poor households, the elderly, and the disabled – among other aids for the people.

(Source:
New Straits Times
)

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Alex Cheong Pui Yin

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

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Li Chun 2022: What Time To Deposit Your Money In The Year Of The Water Tiger?

In just a blink of an eye, 2022 is here, and Chinese New Year is just around the corner. With just about two weeks to go before families can once again gather for reunion dinners,
lou sang
, and “HUAT AHHH” cheers – all in accordance with Covid-19 standard operating procedures (SOPs), of course – you may also want to mark your calendars for the auspicious date of
li chun
.

If this is the first time you’re hearing of
li chun
, it is a date in the lunar calendar that denotes the beginning of spring. But that’s not all; many believe that when you deposit some money into your bank account on this one special day, you could gain maximum
ong
 for the rest of the year.

So when is
li chun
 this year? Set your alarms for 4 February 2022, as
li chun
2022 falls on that day – just three days after the first day of Chinese New Year.

Li chun
 as a symbol of abundance

Given that
li chun
 is regarded as the “official” start of the spring –
立
 (
li
) meaning to set up or start, and
春
 (
chun
) to mean springtime, youth, or joy – it is inevitably tied to the idea of revival and growth after a period of barren winter. Ancient agricultural societies took this day to pray for a good reap for the next year, but as civilisations became more modern, this tradition also morphed to become symbolic.

Today, the act of depositing money in one’s bank account during
li chun
 signifies the sowing of the first seeds of the year. With this, it is hoped that you will be blessed with steady income and abundance – just as how the seeds will also grow into bountiful harvests.

Li chun
 and your zodiac signs

And now, to the highlight! This tradition calls for more than just simply depositing money into your bank account at any time during
li chun
. To do it right,
feng shui
 masters say you need to time your deposits according to auspicious timeslots meant for your Chinese zodiac – that’s how specific it is. Deposit during the wrong hours, and 2022 might just turn out to be less prosperous for you.

This year,
li chun
 is set take place between 4 February (4.58am) to 5 February (3am). So, what’s the best time to deposit your money based on your Chinese zodiac for this year’s
li chun
?

(
Source:
Way FengShui Group
)

As you can see, some zodiacs will have more timeslots to deposit their money; those born in the year of Ox, Monkey, and Rooster, for instance, have up to four timeslots to do so, whereas those born in the year of Horse, Sheep, and Dog only have one. Most of you can aim to carry out the
li chun
 tradition on 4 February, between 3pm to 5pm as it is the most auspicious hours for all zodiacs – except for a select few.

How to make your
li chun
 deposits?

Traditionally, people – especially those from the older generations – will make their
li chun
 deposits at the automated teller machines (ATMs), which is why you can expect to find long queues at the banks during this particular day.

However, as
public acceptance of digital payments and mobile banking grew
 following the onset of Covid-19, it is fast becoming acceptable for you to make online transfers instead of visiting a bank in person to perform the deposits. The Chinese community in Singapore, for instance, used to be especially enthusiastic about queuing up to make their
li chun
 deposits, but
a report in 2021 hinted at a growing shift to online transfers
 instead.

For 2022, Malaysians are urged to skip the queue and continue using instant online transfers – also known as DuitNow transfers – for their
li chun
 deposits, given its convenience and safety. While the number of daily Covid-19 infections is slowly decreasing, the dangers posed by the pandemic continue to linger on the horizon, especially with the emergence of new variants such as
Omicron
 and
Deltacron
 – so it’s always better to stay safe!

Other options for your
li chun
 deposits

While
li chun
 is a fun tradition to try and earn yourself some good fortune, it’s also wise not to leave everything to luck. Here are a couple of concrete steps that you take to actually boost your finances for 2022.

High-interest savings accounts and fixed deposits

One option is to channel your
li chun
 deposits into high-interest savings or fixed deposit accounts, where you can gain some earnings via the interest paid!

In Malaysia, there are several high-interest savings accounts that
 offer rates that are just as good as fixed deposits (if not better – some offer up to 4.30% p.a.!), but they typically also need you to meet some extra requirement to earn them. Do check out our article for the
best high interest savings accounts in Malaysia
, which is updated regularly throughout the year.

Meanwhile, fixed deposits are great for those who would like to earn interest without having to jump through any hoops, but note that your money will be locked in for a specific period of time. Our
Best Fixed Deposit Accounts In Malaysia
 article is updated every month, and includes any FD promotions of the month as well – so do refer to this page before you sign up for any FD.

Finally, you should also keep an eye out for
li chun
 promotions from banks as we inch closer to the date. Some banks may offer special rates for
li chun
 deposits, or even run one-day campaigns catering to this need. For instance,
Hong Leong Bank
 ran several
li chun
promotions under an umbrella Chinese New Year campaign last year, entitling their customers to special fixed deposit rates. Similar promotions may make a comeback this year!

Investment products

(Image: Focus Malaysia)

If you’re up for it, you may even consider “planting” some seeds in more unorthodox avenues, specifically investment products. There are a range of options for you to choose from, depending on your risk profile. Some alternatives include money market funds, which are very low risk investments that tend to yield FD-like rates but without locking in your funds.

But if you’re
really
looking to plant some seeds for the future, you can also consider depositing funds into your EPF account (via self-contribution) or your PRS account. EPF self-contributions are easily done via many online banking platforms, while PRS funds can be done via your PRS account’s fund management platform or third-party ones like FSMOne. Both EPF and PRS deposits lock your funds until retirement, and the
EPF has a proven historical track record of delivering high dividends
. As for PRS, this is the only tax-deductible investment you can make (aside from EPF self-contributions) – so do take advantage of it! Not to forget, the EPF dividends compound over time, so your money will
really
 grow the longer it stays in there.

Finally, you can even reach out to
licensed financial planners
 for advice, and turn your
li chun
deposit into the first step of an annual financial plan for yourself.

Li chun
pro-tips for first-timers

First time indulging in this tradition with families and friends? Here are some tips to make the experience more… “authentic” for you.

Tip #1
: Some
feng shui
masters will advise you to make deposits of a specific value for added
ong
. Think the “lucky” number eight, or any numbers that are said to carry prosperous connotations. Popular amounts include RM28, RM80, or even RM88 (you can also ask your mom, grandma, or any other elders for advice on this; we’re sure they have a long list of numbers you can choose from).

Tip #2:
 Some
li chun
 timeslots are considered to be more auspicious than the others (if you have more than one timeslot).
Feng shui
 masters are
not
 joking when they say “
the most auspicious hours
” (between 3pm to 5pm on 4 February). The other timeslots indicated are good…but not as good – so don’t miss out on this chance to maximise your
ong
!

Tip #3
: No, making several
li chun
deposits during different auspicious timeslots won’t give you extra
EXTRA

ong
. No double-dipping rewards here, unfortunately.

***

While it can be all great fun rushing to meet your
li chun
 deadlines with families and friends, this tradition is a symbolic reminder that saving and investing money is an important part of securing your finances. Be sure to equip yourself with the necessary knowledge, and with that, we wish you a very Happy Chinese New Year!

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Standard Chartered: Crypto Winter Is Over, Bitcoin Could Hit US$100,000 By End-2024

(Image: Business Today)

Standard Chartered Bank has forecasted that top cryptocurrency Bitcoin could see an increase of 268% from its current value to US$100,000 (approximately RM443,700) by the end of 2024. This is as the bank believes that the current “crypto winter” – defined as a prolonged period of poor performance in the crypto market since late 2021 – has begun to thaw.

“The recent banking sector crisis has helped to re-establish Bitcoin’s core use case as a decentralised, trustless, and scarce digital asset,” said the bank’s head of forex research, West, and digital assets research, Geoff Kendrick in a note. This is in reference to the
recent downfall of several notable banks
, namely US regional banks, Silicon Valley Bank (SVB) and Signature Bank, as well as Switzerland’s Credit Suisse.

Additionally, economists are of the opinion that the
US Federal Reserve may end its interest rate-hiking cycle soon
, given that 2023 may see a “short and shallow” recession. This move by the US Federal Reserve, in turn, is expected to help stabilise risk assets in general (including cryptocurrencies).

(Image: Getty Images)

“Against this backdrop, Bitcoin has benefited from its status as a branded safe haven, a perceived relative store of value and a means of remittance,” said Kendrick, who also believes Bitcoin’s share of the total digital assets market cap will eventually rise to sit within the 50% or 60% range. This is in comparison to the current 45%, or 40% before the SVB collapse.

Kendrick also opined that Bitcoin’s value will be driven higher by its next halving, which is expected to happen some time between April to May 2024. Briefly, halving refers to the occurrence where the number of new Bitcoins – and the incentives for mining them – is cut in half (takes place after every 210,000 blocks are produced). This essentially caps supply, thereby raising the value of Bitcoin and the opportunity to profit.

Additionally, Kendrick’s optimism is fuelled by the possibility of more favourable regulations towards Bitcoin and cryptocurrencies as well. For instance, the European Parliament has recently passed the
European Union’s Markets in Crypto Assets (MiCA) regulation
, which is expected to “provide a tailwind” for Bitcoin. “Further positive regulatory steps in the US and UK are also likely,” he said.

(Image: Reuters/Johanna Geron)

Bitcoin – and the crypto market in general – had had a rather tumultuous time over the past two years, due primarily to events such as the
collapse of cryptocurrency Luna and stablecoin TerraUSD (UST)
 in May 2022, followed by the
downfall of crypto exchange FTX in November 2022
. These led to a plunge in Bitcoin’s value, dropping beneath US$20,000.

Recent times have shown some signs of recovery for Bitcoin, however. For instance, just two weeks ago, Bitcoin’s value breached US$30,000 (although it has fallen once again since then). At the time of writing, it is trading at approximately US$27,300.

(Sources:
Malay Mail
,
The Edge Singapore
)

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The iPhone X Is Now Available From Just RM3749

The Apple iPhone X, which the company boldly claims to be “the future of smartphones”, is now available for well over RM1,000 off its original retail price.

Thanks to 11street’s Shocking Deals campaign, which is regularly updated to include a wide range of products at attractive discounts, many deals can be found here. This iPhone X deal is one such example. Bearing an original price tag of RM5,149 and RM5,899 for the 64GB and 256GB respectively, a seller in
11street is offering the devices for just RM3,999 and RM4,499 for the two storage options
. From the listing, it appears that the Space Grey models is available in both 64GB and 256GB options, while the Silver colourway is only available in the 256GB storage.

In addition, the seller is also bundling free gifts including a TPU silicone case and a tempered glass. And, with 11street’s ongoing
Electronics Big Savings campaign
, customers can grab a voucher to
take up to RM200 off
 the iPhone X’s price tag. This campaign ends on 31 July.

And, to maximise your savings further, you should look into using a cashback credit card for this purchase. A solid choice would be the
Maybankard 2 American Express card
 (5% cashback on weekends, capped at RM50 + 5x Treats Points), the
Public Bank Quantum Mastercard
 (5% cashback for online purchases, capped at RM30), or the
Public Bank Visa Signature
 (6% cashback on all transactions, capped at RM38). There are plenty others too, so be sure to check out our list of cashback credit cards page.

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Pang Tun Yau

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

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Li Chun 2021: Auspicious Times To Deposit Money According To Your Zodiac!

Chinese New Year will be a very different experience this year, given the onslaught of Covid-19 cases and a
stricter enforcement of a second movement control order (MCO 2.0)
. But that doesn’t mean the Chinese community will forgo its traditions, especially as these are intended to invite better luck for 2021! One such tradition is the custom of depositing money into your bank account during
li chun
.

Li chun
 is a date in the lunar calendar that marks the beginning of spring. Over time,
feng shui
 masters have tied it to the idea of financial prosperity, saying that it is a particularly auspicious day for putting money into your bank account. In return, it ensures financial prosperity in the following year.

In 2021,
li chun
falls nine days before Chinese New Year: on 3 February (that’s
tomorrow!
).

The significance of
li chun

This practice of depositing money during
li chun
 is attributed to its significance as the beginning of spring; it is the renewal of life after a period of barren winter. Ancient Chinese societies – which were mostly agriculture-oriented – would take this time to pray for bountiful harvest in the new year.

As cultures and civilisations advanced, the tradition too evolved into a symbolic act of “planting” cash into bank accounts during
li chun
 – just like how you’d plant a seed at the start of spring. Once “planted”, it is hoped that your finances will grow, offering prosperity and steady income throughout the year. In fact, there’s even a Chinese saying to encapsulate this whole practice: “the entire year’s work depends on a good start in spring.”

Li chun
time slots according to zodiac signs

Cool tradition, no harm trying – right? Just one thing, though:
li chun
 is also time and zodiac-specific. In other words, each zodiac sign will have a certain window of time during which it is auspicious for them to deposit their money; do so during a different hour and you may lose out on your “wealth luck” instead.

This year,
li chun
 is believed to start on 3 February (10.08pm), and will continue until 4 February (10.58pm). When is the best time for you to make your deposits? Here’s a simple chart indicating the auspicious (or inauspicious) hours for each zodiac sign to deposit money tomorrow:

(
Source
:
Way FengShui Group
)

If you’d like to give this custom a try, remember to set an alarm or reminder to help you out – especially if you need to make a deposit in the wee hours of the morning!

Ways to make your
li chun
 deposits

Prior to Covid-19, it would not be surprising to see long queues at the banks during
li chun
. But with the implementation of MCO 2.0, banks now close their branches earlier as well as restrict the use of their automated teller machines (ATMs) from 6am to 10pm – which means that some of you may have trouble making deposits in person. On top of that, strict SOPs can also make your trip to the bank a tedious task.

As such, it would be wise to consider using instant transfers (better known as DuitNow transfers now) for your
li chun
 deposits instead – especially with
more Malaysians now adopting digital and mobile banking
! Not only does it keep you safe (#dudukrumah, guys!), it is also instant, free, and accessible at your convenience. Minimum effort for maximum luck!

Do these transfers count as real “deposits” though, you ask? Well, considering the fact that most banks do take these as “fresh funds”, we’d say that the symbolism is (technically) the same!

Options you can explore for your
li chun
deposits

While the
li chun
practice calls for a simple act of depositing money into your bank account, why not also take some time to check out options that let you maximise the benefits of doing so?

For instance, consider putting your
li chun
 deposits into a
high-interest savings accounts
. Many of these high-interest accounts will give you rates that are comparable (or even higher!) than those of fixed deposits (FD). You will, however, need to take some extra steps – such as meeting a spend or save requirement – to earn them. Meanwhile, if you prefer a more straightforward method of saving your money, then the
fixed deposit
 is your best choice. Several banks have monthly FD promotions that you can take advantage of.

Some banks also run targeted campaigns to cater to their customers’
li chun
needs (or for Chinese New Year in general); it’d be worth your while to look around before deciding on where to deposit your money. For instance, Hong Leong Bank is running the
Let’s ONG Together On Li Chun campaign
 and
Deposits CNY Promotions 2021 campaign
 (which are both part of a
bigger Renew Together Prosper Together CNY campaign
) to give you special privileges and special interest rates when you make money deposits with them. Affin Bank, too, has a one-day
li chun campaign
 that entitles you to a lucky draw, letting you win a cash prize of up to RM8,888. OCBC is also offering
special rates for
li chun
deposits.

Aside from that, some of you may also want to consider other less conventional options for your
li chun
deposits this year! Rather than placing your money into a savings account or fixed deposit, you may opt to “seed” their investments. From
robo advisors
 to
investment-linked insurance plans
, to
unit trust funds
 and even
digital investing
 – there is a range of options to meet varying investment profiles and risk appetites. If you’re part of these new minds, just make sure to arm yourself with all the necessary knowledge before taking the plunge!

***

Like many other Chinese New Year traditions, the
li chun
custom was conceived to symbolically usher in a better year, but beyond that, it promotes a very important lesson: the merit of saving (and even investing) money. No matter how you choose to interpret the traditions of
li chun,
 take care to always do your research and make informed decisions with regard to your finances. A little financial literacy will go a long way, and who knows, 2021 might just reward you with some extra moo-lah.

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Alex Cheong Pui Yin

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

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Boost Launches Merchant B2B Wallet With Up To RM500,000 Limit

Boost has launched its new Merchant B2B Wallet, which is aimed at offering business owners improved convenience in their efforts to digitalise their businesses. The new offering – which is integrated into the existing Boost Biz app with a QR code payment functionality – will provide business owners with a wallet limit of up to RM500,000, among other things.

In a statement, Boost explained that there will be two types of Merchant B2B Wallet, catering to the different needs of individual and direct merchants. Individual merchants – described as those who register with Boost using their MyKad – will be given access to a Merchant B2B Wallet with a wallet size of RM30,000. Meanwhile, direct merchants who register using their business registration number can tap into a Merchant B2B Wallet with a size limit of RM500,000.

Aside from featuring an increased wallet size, Boost said that the new merchant wallet also equips the Boost Biz app with a new instant settlement and payment feature, which enables merchants to gain immediate access to cash upon receiving payments from their customers. This is in comparison to the previous procedure, where payments are only cleared on the next working day.

The launch of the Merchant B2B Wallet also enables merchants to make instant payments for their business expenses – such as utility bills and supplier invoices – within the Boost Biz app itself once they’ve received their customers’ payments. Alternatively, they can request to withdraw their money into their current bank accounts, to be reflected as soon as the next business day.

With these updates, Boost hopes that it can better facilitate merchants in making larger volume transactions conveniently, as well as simplify transactions between business retailers, agents, and distributors within the wholesale supply chain ecosystem.

Group chief executive officer of Boost, Sheyantha Abeykoon echoes the sentiment, adding that Boost will continue its efforts to digitally empower businesses via innovative fintech solutions, especially amongst the underserved community. “We hope that this will also positively contribute to the national economy by championing a digitally driven society and drive digital transformation for businesses of all sizes to be unstoppable,” he said.

Meanwhile, the chief executive officer of Boost Biz, Eric Chong highlighted the new instant settlement and payment feature in particular, calling it one of the “cutting-edge solutions” provided within the Boost Biz app. “Moving forward, our merchants can spend less time on making various business-related bill payments via multiple platforms and spend more time focusing on building their business operations,” he commented.

Interested merchants can register for the Boost Biz app and the Merchant B2B Wallet
here
.

(Source:
Boost
)

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

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More OPR Hikes To Come Next Year As November Inflation Remains Elevated

(Image: Malay Mail/Yusof Mat Isa)

Bank Negara Malaysia (BNM) is expected to raise the overnight policy rate (OPR) even more during its upcoming Monetary Policy Committee (MPC) meetings. This is as Malaysia’s core inflation remains elevated, reaching a new peak of 4.2% year-on-year (yoy) in November 2022.

UOB Global Economics and Market Research explained that with headline inflation remaining elevated and core inflation showing no signs of easing – especially during the year-end holiday period – Malaysia’s OPR could see an increase of 50 basis points (bps) in the first quarter of 2023 itself.

“We expect the next 25bps rate hike at the MPC on 18-19 January, followed by another 25bps hike on 8-9 March,” said UOB Research economists Julia Goh and Loke Siew Ting, adding that the rate should remain unchanged at that level thereafter for the rest of 2023.

Both economists also predicted that the inflation of 2022 will be recorded at 3.5% – as opposed to the Ministry of Finance’s (MOF) estimated 3.3% – and 2.8% for 2023, in comparison to MOF’s estimate of 2.8% to 3.3%. They highlighted, however, that their forecasts do not take into account the removal of subsidies.

Julia Goh, from UOB Research

“As the government prioritises measures to relieve the cost of living while electricity tariffs will remain unchanged for households and small businesses until mid-2023, we think the government is mindful of the upside risks to inflation, particularly if blanket subsidies are removed. Thus we have not imputed any removal of subsidies into our inflation forecasts for now,” UOB Research further explained.

Similarly, MIDF Research also expects the MPC to bring the OPR up by another 25bps in its upcoming meeting in January 2023. Additionally, the new government will likely keep the current fuel subsidy mechanism for another year, at least, it said.

As for RHB Investment Bank Research, it expects BNM to increase the OPR between a range of 25bps to 75bps throughout 2023, settling somewhere between 3% to 3.5%. It also maintains its headline inflation forecast at 3.4% y.o.y for 2022, with the consumer price index (CPI) softening slightly to 3% for 2023.

In 2022, Malaysia saw its OPR hiked up by a total of four times at 25bps each – in
May
,
July
,
September
, and
November 2022
. Ultimately, the four consecutive hikes raised the OPR from its record low of 1.75% to 2.75%. Many other economists have also previously stated that they believe
more OPR hikes are likely, until it reaches a neutral rate of 3.25% to 5.00%
.

(Source:
The Edge Markets
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Finance The Renovation Or Decoration Of Your Dream Home

Maybank Home Financing has rolled out several products & promos in the past to ease the cash flow of homeowners – from Zero Entry Cost home ownership to MaxiHome Ezy, they have been designed to be easier on consumers’ wallets. Now, Maybank has newly launched 2 financing solutions specifically to help homeowners renovate & decorate their homes, just the way they like!

After all, when it comes to home improvements or renovating a pre-loved home, we tend to look for a pocket friendly experience. With
Maybank Home+Reno Loan
 and
Maybank MyDeco Financing
, you can now get:

Home+Reno Loan
MyDeco Financing
Margin of Financing
Up to 120% of property price/Open Market Value whichever is lower.
Financing Tenure
Up to 35 years/age 70 whichever is earlier
Up to 10 years/ age 70 whichever is earlier
Effective Interest/Profit Rate*
*The Bank’s Standardised Base Rate (SBR) may be varied from time to time, pursuant to changes in Bank Negara Malaysia’s Overnight Policy Rate (OPR)
As low as 3.95% p.a (SBR + 0.95% p.a)
As low as 4.40% p.a (SBR + 1.40% p.a)
What is covered?
✓ Repairs to the property
✓Structural changes including additions to building
✓ Tiling, roofing, wirings, plumbing and flooring
✓ Interior designing
✓ Furnishings
✓ Fittings
✓ Aesthetics and decoration
Property Type
✓ Completed landed residential properties purchased from the sub sale market.
Residential properties financed by Maybank/Maybank Islamic which may be:
– Completed or still under construction
– Landed or high rise
– Purchased direct from Developers or from sub sale market.

How does Maybank Home+Reno Loan work?

There are benefits to purchasing a sub sale property such as being in a mature neighbourhood but usually a sub sale property that has been occupied for a while would need an upgrade or renovation before moving your family in.

With

Maybank Home+Reno Loan
,
you are able to take care of the property’s wear and tear or upgrades without worry with up to 120% loan of your property’s value. This loan caters specifically to homeowners who purchased a sub sale landed house and consists of two portions – a housing loan and a renovation loan. You will also be able to leverage on Maybank’s home loan of up to 90% + 5% of the property price/open market value (whichever is lower) to finance the property:

On top of that, get an additional loan of up to 30% of the property price/open market value (whichever is lower), limited at RM500,000 for renovation expenses.

If you would like to improve your home, you can consider
Maybank Home+Reno Loan
 for more cash flexibility.

The loan offers a long tenure of up to 35 years or age 70, whichever is earlier and an effective interest rate of as low as 3.95% p.a (SBR + 0.95% p.a).

How You Can Benefit From Maybank Home+Reno Loan?

For example,

Arwin recently purchased a sub sale landed property priced at RM800,000. He plans to extend the house and replace the bathroom tiles. Through
Maybank Home+Reno Loan
, Arwin can get a home loan at 90% margin which equals to RM720,000.

On top of that, Arwin will also get a renovation loan at a 30% margin that amounts to RM240,000. With the
 Maybank

Home+Reno Loan
, Arwin may benefit from the long loan tenure period of up to 35 years or age 70 (whichever is earlier) that allows for cash flexibility.

How does Maybank MyDeco Financing work?

If you are a homeowner of a new property freshly off the developer’s construction site, naturally, you would want to add your own unique touch to the property on your own or with a professional interior designer to suit your preferences and needs. However, several costs like down payment, Sales and Purchase Agreement (SPA) and financing legal fees, Memorandum of Transfer and miscellaneous charges can take a significant chunk of your savings.

Good news! As an existing Maybank/ Maybank Islamic Home Financing customer, you can pair your existing home facilities with
Maybank MyDeco Financing
 to finance your design expenses for a brand new property at up to RM250,000.

With
Maybank MyDeco Financing
, you will receive financing of up to 30% of the property price, limited to RM250,000 to spend on makeover expenses/interior decoration. As a homeowner, you will also enjoy a tenure of up to 10 years or age 70, whichever is earlier and an effective interest/profit rate of as low as 4.40% p.a (SBR + 1.40% p.a):

Maybank MyDeco Financing
 can be applied for at any stage of completion of your new home.

How You Can Benefit From Maybank MyDeco Financing?

For example,

Amie purchased a new high-rise residence priced at RM800,000 as an investment and just received the keys to her new house. She’s an existing Maybank Islamic home financing customer and enjoys 90% financing margin for her home that equals to RM720,000.

She plans to hire an interior designer to make over her empty property into a cosy home before moving in with her family. She will be able to leverage financing at a 30% financing margin which amounts to RM240,000. This allows Amie to enjoy the freedom to engage with a professional interior designer to elevate the space while reflecting her individual style. With a busy schedule, she is also able to save time and effort sourcing for materials and coordinating with contractors.

How to Apply for
Maybank Home+Reno Loan
 or
MyDeco Financing
?

Existing Maybank*/Maybank Islamic Home Financing customer to visit the nearest Maybank/Maybank Islamic branch.

Bring along the below documents:

Property Financing Application form
 or
Mortgage Loan Application form*

NRIC/Identity Card

Business Registration Form 24 & 49 (if applicable)

Proof of Income

Property Documents:

Copy of Sale & Purchase Agreement

Property Valuation Report is required for completed property

Certificate of Completion and Compliance (CCC)

*Applicable for Maybank Home+Reno Loan only.

Apply today for
Maybank Home+Reno Loan
 or
Maybank MyDeco Financing
. Not a Maybank Home Financing customer? Refinance today!

***

The contents of this article do not constitute financial advice. Readers should conduct their own research before making a financial decision.

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Bank Islam’s Credit Card Campaign Offers RM20 Cashback For Grocery Shopping

Bank Islam will be running its Grocery Cashback campaign to offer eligible credit cardholders RM20 cashback when they spend a minimum of RM200 on groceries during the weekend. Slated to run for three months, it is set to start on 26 August 2022 (tomorrow) until 27 November.

The campaign is open to all new and existing Bank Islam principal and supplementary Visa and Mastercard credit cardholders (except Visa Infinite Business cardholders). Eligible cardholders will need to spend a minimum of RM200 on groceries in a single receipt on
Friday, Saturday, or Sunday
 in order to qualify for the RM20 cashback offer. Additionally, you must pay for your purchases using payWave or PIN (which means online grocery shopping is not eligible for this campaign).

Note that the cashback rewards will be provided on a first-come-first-served basis, and each cardholder is eligible to win a maximum of RM60 cashback throughout the entire campaign (with no monthly cap).

If you manage to win any cashback rewards, they will be credited into your account within 90 working days after the end of the campaign. Do also be aware that the bank reserves the right to substitute the cashback rewards with other items of equivalent value if the cashback rewards are not available for any reason. If this were to happen, the bank will notify you 14 days prior to the change.

Finally, eligible cardholders are not required to go through any registration process to enrol in the campaign; all qualified transactions by eligible cardholders will be automatically tracked for the campaign.

(Source:
Bank Islam
)

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TNG eWallet, 7-Eleven Campaign Offers Random Cashback Of Up To RM500

Touch ‘n Go (TNG) eWallet is running its 7-Eleven: Menang Sama-Sama promotion between today until 16 September 2021, allowing users to earn a random cashback of up to RM500 when they spend a minimum of RM15 in a single transaction.

Specifically, the payment must be done using the Pay function in the TNG eWallet app at any 7-Eleven outlets, and the promotion is only valid for in-store purchases. Note that each user is only entitled to 2 cashback per campaign month, and the cashback is awarded on a first-come first-served basis. TNG eWallet has capped the amount of rewards at a maximum of 665,035 transactions

TNG eWallet further reminded that the promotion is not applicable for combined receipts or split transactions. Additionally, payments made for reload transactions, gift cards, and in-store services are also not allowed.

If you do win the cashback, it will be automatically credited into your TNG eWallet. The e-wallet service provider also cautioned that it will not make any phone calls for this promotion, so do take note in case of scam calls.

You can find out more about
TNG eWallet’s 7-Eleven: Menang Sama-Sama promotion
 on its website here.

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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AirAsia To Remove Processing Fees For Card And Online Payments

AirAsia Group CEO Tony Fernandes announced that from October, AirAsia will be doing away with its processing fees for online banking, credit card, and debit card payments. “We still have some charges to drive traffic to cheaper, safer and less fraudless methods. But there will be methods with no fees,” he tweeted.

Presently, the processing fees for AirAsia start from as low as RM4 for direct debit transactions, but are higher for other methods like paying by debit card or credit card. Moreover, the fee varies from destination to destination, with passengers being charged more for overseas destinations.

As the fee is charged on a per-passenger-per-way basis, you’d have to pay double the fee for a return flight and multiply that by the number of people travelling. For example, the RM12 credit card processing fee for a passenger buying flights to and from Tokyo would cost RM24; a return group booking for five people would cost RM120. Until the fees are removed in October, the only way to avoid paying this fee is if a customer owns AirAsia’s BigPay prepaid Mastercard and opts to pay with it.

Therefore, the budget airline’s decision to remove processing fees is one that will definitely be welcomed by its customers. This move is also seen to be in accordance with
Bank Negara’s announcement
 last year that retailers are not allowed to impose any surcharges on payments made via debit and credit cards.

(Source:
SoyaCincau
,
New Straits Times
)

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What Is The Best Petrol Credit Card In Malaysia?

As Malaysians, we are fortunate to enjoy some of the cheapest fuel prices in the region. Nonetheless, petrol expenses can take up a considerable chunk of our monthly expenditure, especially for those who of us who have to spend a lot of time on the road each day. Of course, we can’t control fuel prices that are updated every week, but one sure thing we can do is to get a petrol cashback credit card.

A petrol cashback credit card gives you a percentage of cashback when you spend on fuel or in some cases, on general items at petrol stations. If you’re a frequent driver, you’ll definitely be spending on petrol whether you like it or not – so why not get yourself a credit card that will ensure you get a little bit of that spending back? Here are some of the best petrol cashback credit cards in Malaysia.

Maybank Islamic Petronas Ikhwan Visa Gold Card-i

Cashback:
 8% for Petronas spend on weekends, 1% on weekdays

Monthly cap:
 RM50

Annual fee:
 Free for life

Minimum income requirement:
 RM30,000 per year (RM2,500/month)

The
Maybank Islamic Petronas Ikhwan
 offers 8% cashback on all retail spend at Petronas stations on weekends and a lower rate of 1% from Monday to Friday. If Petronas is your fuel brand of choice, the generous 8% rate with no minimum spend requirement makes it a rewarding cashback credit card. The weekend requirement becomes a minor issue when you consider how much cashback you can earn. If you spend around RM300 on petrol each month, you’ll earn RM288 in cashback in just one year with this card – that’s almost one month’s worth of fuel!

As the Maybank Islamic Petronas Ikhwan doesn’t offer cashback for any spending outside Petronas stations, it’s a good example of a straightforward credit card you would use just to earn cashback for petrol. However, if you do use your Ikhwan card for other purposes, you’ll get 1x TreatsPoints for every RM1 spent – except at government bodies, Petronas stations, or other petrol stations.

There is also a
Platinum variation
 of the Maybank Islamic Petronas Ikhwan, which offers the exact same benefits as the Gold but has a minimum income requirement of RM60,000 per year.

Maybank Islamic MasterCard Ikhwan Gold Card-i

Cashback:
 5% on petrol and groceries every Friday and Saturday

Monthly cap:
 RM50 total cashback

Annual fee:
 Free for life

Minimum income requirement:
 RM30,000 per year (RM2,500/month)

For those who don’t want to be limited to only one brand of petrol, the
Maybank Islamic MasterCard Ikhwan Gold-i
 is a good option. Moreover, since you can earn cashback on your grocery expenditure as well as petrol, you have a higher chance of full reaping the cashback benefits with this card compared to the Maybank Islamic Petronas Ikhwan.

The Maybank Islamic MasterCard Ikhwan Gold-i also offers 1 TreatsPoint for every RM1 spent locally and overseas (except for spending on government bodies). With no minimum spend requirement to enjoy the cashback benefits and a lifetime annual fee waiver, the Maybank Islamic MasterCard Ikhwan is set to give you a steady cashback return each month – provided you keep your spending to the two designated days of the week.

Those who earn RM60,000 per annum and above can opt for the
Maybank Islamic MasterCard Ikhwan Platinum-i
, which shares the same benefits as its Gold counterpart. Alternatively, you can consider getting the
Maybank Visa Signature
 which also offers 5% cashback on petrol and groceries, but at a higher cap of RM88 per month.

Citi Cash Back Credit Card

Cashback:
 10% on petrol, groceries, dining, and Grab every day

Monthly cap:
 RM10 for petrol

Annual fee:
 RM120 (waived for first 3 years)

Minimum income requirement:
 RM36,000 per year (RM3,000/month)

The
Citi Cash Back Card
 offers 10% cashback on four categories, with a cashback cap of RM10 per category. This credit card has the advantage of offering a high rate of cashback every day of the week with no restrictions on where you fuel up. However, the RM10 cap makes it less suitable for those who spend more than RM100 on petrol monthly. It’s a better option for those who don’t need to fuel up as much, but still want a card with a high petrol cashback rate.

Do note that there is a minimum spend requirement of RM500 a month in order to be eligible for the 10% cashback rate. All the same, this amount shouldn’t be too difficult to reach especially if you are using this card across all categories to achieve the maximum cashback returns each month. There is also a
Citi Cash Back Platinum
 variant that comes with a higher cashback cap, but the minimum spend requirement for the Platinum is much higher at RM1,500 a month.

Hong Leong Wise Gold

Cashback:
 8% cashback on petrol, groceries, & dining on weekends

Monthly cap:
 Up to RM18 for petrol

Annual fee:
 RM98

Minimum income requirement:
 RM24,000 per year (RM2,000/month)

Offering cashback on petrol, groceries, and dining with a minimum monthly spend of RM500, the
Hong Leong Wise
 is quite similar in some ways to the Citi Cash Back Card. However, even once you meet the minimum spend, you still have to make sure to fuel up on the weekends in order to get the 8% rate – otherwise you will only get 1% in cashback.

With the cashback cap, you can earn cashback on up to RM225 worth of petrol expenditure each month on the 8% rate. Moreover, the Hong Leong Wise holds up very well as a general cashback credit card too, offering up to RM54 in cashback across its three categories each month. This credit card comes in two variants, but the
Hong Leong Wise Platinum
 has the exact same benefits as the Gold.

Affinbank BHPetrol ‘Touch & Fuel’ MasterCard Contactless

Cashback:
 10% for BHPetrol spend on weekends, 2% on weekdays

Monthly cap:
 RM50

Annual fee:
 RM150 (free for the first year)

Minimum income requirement:
 RM24,000 per year (RM2,000/month)

Interestingly, the
Affinbank BHPetrol “Touch & Fuel” Mastercard Contactless
 did not start out as a cashback credit card. It was initially a reward credit card that offered the benefit of petrol cashback under a long-standing campaign run by Affin Bank. However, the petrol cashback has now been accepted as a permanent feature of the card.

As such, you get 10% cashback on BHPetrol spend on weekends and 2% on weekdays, capped at RM50 per month using the Affinbank BHPetrol “Touch & Fuel” Mastercard Contactless. Other ordinary retail spend gets you 1 Affin Rewards Point for every RM1. With no minimum spend requirement, a high cashback rate, and decent cashback cap, the Affinbank BHPetrol ‘Touch & Fuel’ Mastercard a more than worthy petrol cashback contender for those who pump at BHPetrol stations.

Maybank 2 Gold Cards

Cashback:
 5% on weekends

Monthly cap:
 RM50

Annual fee:
 Free for life

Minimum income requirement:
 RM30,000 per year (RM2,500/month)

The ubiquitous
Maybank 2 Cards
 can also be used a petrol cashback card; the 5% on all retail spend offered by the American Express half of the pair applies to petrol transactions too. For those of you who didn’t know, the Maybank 2 Cards come as a pair consisting of the Maybank 2 American Express Card and the Maybank 2 MasterCard/Visa. The American Express offers 5% cashback on weekends and 5x TreatsPoints on weekdays, whereas the MasterCard or Visa offers 1x TreatsPoints on all expenditure.

If you’re looking for a general cashback and rewards credit card that can give you cashback on your weekend petrol transactions, this is definitely a solid choice. The Maybank 2 Cards are free for life, but as they come in a pair you’ll have to pay double SST for the two cards. If you earn more than RM60,000 a year, you can opt for the
Maybank 2 Platinum Cards
; they are also free for life but come with the added benefit of complimentary travel insurance.

UOB ONE Card

Cashback:
 5% on weekends, 1% on weekdays

Monthly cap:
 RM10 for petrol

Annual fee:
 RM68 per year

Minimum income requirement:
 RM24,000 per year (RM2,000/month)

The
UOB ONE Card
 is a great weekend petrol credit card as it offers 5% cashback on weekends at all petrol stations with no minimum spend. With a cashback cap of RM200 just for petrol, it has the most generous cap out of all the credit cards listed here. Besides giving cashback for petrol, the UOB ONE Card also offers decent rates on cinema (8%), groceries (2%), and telecommunication (2%) spending on the weekends, with a lower rate of 0.2% for weekday spend and all other retail.

You could also go for the
UOB ONE Platinum
, which offers the same cashback rates as the UOB ONE Card but with higher monthly cashback caps for each category.

Standard Chartered JustOne Platinum Mastercard

Cashback:
 Up to 15% on petrol, online purchases, and auto-bill payments

Monthly cap:
 RM12–RM20 for petrol

Annual fee:
 RM250 per year (first year free, waived with RM20,000 annual spend subsequently)

Minimum income requirement:
 RM36,000 per year (RM3,000/month)

The
Standard Chartered JustOne Platinum Mastercard
 offers different rates and cashback caps depending on how much you spend in a month. The cashback rates for JustOne Platinum are as follows:

Monthly spend

Cashback rate

Monthly cap

RM0 – RM999

0.2%

RM2

RM1,000 – RM1,499

5%

RM12

RM1,500 – RM2,499

10%

*RM28

RM2,500 and above

15%

*RM60

*
Further capped at RM20 per category

As such, you’d have to spend at least RM1,000 each month on your JustONE Platinum in order to get an at least decent cashback rate for your petrol expenditure – but at that tier, the cashback cap is quite limiting considering how much you would have to spend. Therefore, the Standard Chartered JustOne Platinum Card is best for those who use this card to pay all the bills and online shopping as well as petrol expenses, thus unlocking the most worthwhile cashback returns.

RHB Shell Visa Credit Card

Cashback:
 Up to 12% on Shell petrol, groceries, online, e-wallets, and utilities every day

Monthly cap:
 RM50 for petrol

Annual fee:
 RM196 (waived for first year and subsequently upon minimum of 24 swipes per year)

Minimum income requirement:
 RM24,000 per year (RM2,000/month)

This newest edition to the best petrol cashback credit card list is one of the strongest contenders. The
RHB Shell Visa Credit Card
 is a tiered cashback credit card that offers up to 12% cashback capped at RM50 on Shell petrol expenditure. It also has different cashback rates and a separate cashback allowance for its other categories of spend, as can be seen below.

Total Monthly Spend

Shell Petrol

Groceries, Online, E-Wallet, Utilities

RM800 – RM1,499.99

5%

1%

RM1,500 – RM2,499.99

8%

2%

RM2,500 and above

12%

5%

Monthly Cap:

RM50

RM50

While the RHB Shell Visa Credit Card does have a separate (and more rewarding) cashback mechanism for its petrol expenditure, the minimum spend requirement is shared across the categories. Fortunately, even when viewed as a whole, the RHB Shell Visa Credit Card can be seen as a very rewarding cashback credit card, so big household spenders shouldn’t have an issue reaping the high maximum returns from this card, petrol-related or otherwise.

A Petrol Credit Card For Everyone

Yes, we may have shortlisted the best petrol credit cards on the market, but when it comes to choosing a card for yourself, you’ll have to look at your own usage patterns an spending habits in order to select the right one. Some people don’t like fueling up on only one fuel brand or on certain days of the week, so don’t go for a card that has these conditions if you don’t think you can follow the card’s cashback conditions.

Besides that, always remember that one of the best ways to maximise your cashback returns is to have different cashback cards for different purposes (if you’re able to manage it). When picking your credit card for petrol cashback, don’t forget to consider what other areas of your expenditure you can get cashback for – and plan your cashback credit card arsenal with this in mind.

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    Jason T

    2 years ago

You have forgotten to mention the best petrol and groceries credit card ever which I personally think should hold the top spot. It is the Maybank Visa Signature. Rewarding 5% at all petrol stations and groceries everyday with no minimum spend required and capped at RM88 (Max spend RM1760) this credit card deserved the top spot. But there’s a caveat. Minimum annual income of RM70K – RM100K.

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Standing Instruction vs. Direct Debit - Is there a difference?

What happens when you’ve

forgotten to pay your monthly bills
? We know, we know – you lead an awfully busy life, and there’s just too many things to think about in between working, going for
yum-cha
 with friends, sleeping…and sometimes even sleeping during working hours! Thankfully, there are two methods that can help with your forgetfulness or laziness – a standing order and direct debit.

But which of the two options should you go for? They both essentially accomplish the same thing – transferring money from one account (yours) to another (your debtor e.g. Telecom). The differences might be subtle, but it might the the very reason for choosing either one. Let us take a look.

Standing Instruction

A Standing Instruction, or sometimes referred to as a a standing order, is a service that allows your bank to make payments to a particular account for specified amounts at regular intervals – be it weekly, monthly, quarterly or yearly. You are in full control – you can modify the payment amount and date whenever you like. This process is usually

free, unless you find yourself in a situation where you do not have enough cash in your account to pay off your payments. This will result in the bank charging you for an overdraft.

This method is usually used to pay rent or some other fixed regular payments, but not suitable for paying bills with variable amounts such as utility bills and credit card debts. You can do more with a Standing Instruction, if you are creative enough to think it up. Here’s handy tip #1 –

Set up a Standing Instruction to transfer a specified amount of funds every month to a high interest savings account for automatic savings.

Direct Debit

Similar to a Standing Instruction, you can settle your payments automatically through direct debits, which is run and operated by a Malaysian company called

MyClear Sdn Bhd
. The process is different from standing orders – you pay the amount owing to your debtor rather than to pay a fixed amount every month. For direct debits, you authorise your debtor to collect money directly from your bank account. They can collect however much you owe them, provided that they have given an advance notice regarding the collection amount on an agreed date – like an invoice, loan repayment, or insurance premium.

For that reason, organisations and businesses naturally favour this method over a standing order. While you will have less “control” over the payments, you can of course cancel the direct debit service at anytime. Plus, you will sometimes be eligible to receive discounts if you settle your bills using this method. Here’s handy tip #2 –

Use a direct debit to pay off your credit card debts in full each month so you won’t be paying high interest charges.

To draw a clearer picture, the table below summarizes the

essence of the differences between the standing order and direct debit:

Standing Order

Direct Debit

1. Give bank instruction to pay exact amount to another account regularly.

1. Give payee permission to collect money from your account on an agreed date.

2. Take days for money to reach payee’s bank account.

2. Instant payment without waiting period.

3. Handy for paying fixed regular payments, such as rent and mortgage.

3. Ideal for paying bills for credit card and utilities.

4. Full control in modifying payment amount whenever you like.

4. Not in full control as payee can access to your account for outstanding amount.

A Comparison

Adopting both methods for different payments would make the most sense and have obvious advantages over traditional payment methods – and by traditional we mean walking into the bank with wads on cash or a cheque in hand! By removing yourself from the time consuming process of making payments for your loans and bills, you can save a whole lot of time and money. That’s what life’s anyway right, time and money.

1. Automatic

With automated payments, you can give your legs a rest from running around writing cheques, and sitting around in banks waiting for your number to be called. This will definitely reduce your workload and thus save you time.

2. Always On Time

Never worry about making a late payment ever again. The payment date and amount has been decided or has been communicated to you via invoice. The bank will settle your payment on time without delay, provided you have a sufficient balance in your bank account.

3. Save Money

Late penalty fees? Never read or hear about it ever again! Imagine paying 1% on the outstanding balance on a housing loan, your late penalty fees can go up to RM100s. Additionally, you can also receive discounts of up to 10% for paying your bills using a direct debit.

4. Cancel Anytime

Both a standing instruction and direct debit allows you to cancel the payment whenever you like. If your account balances are not enough to pay up your bills, you can request to temporarily stop the payments, but you may incur in extra charges from the payee.

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Bill Payments

Direct Debit

Standing Instruction

About THE AUTHOR

Winnie Wu

Winnie Wu

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