Will Your EPF Be Enough For Retirement?

The EPF for retirement issue has hit the spotlight again with the
Malay Mail reporting that a ‘retirement crisis’
 is booming with more and more pensioners leaving the workforce with less than enough savings to keep them out of poverty. With such a bleak picture painted by the media; you’re probably wondering if your own retirement pot is enough to see you through your golden years. Whilst no one can actually tell you with absolute guaranteees that your retirement fund is enough; we can help you make as good an estimate of what is enough for your lifestyle as possible.

Financial planning is all about being prepared for both the good and bad life brings. Before we help you to assess whether you have enough funds for your preferred post-retirement lifestyle, let’s take a look at the common myths many hold on to that may be damaging your ability to properly plan for retirement.

The Dreaded Retirement Myths

“I can work after retirement”

It’s nice to think when you are at your career peak in your early 20s or 30s that you will and can go on working well after retirement age. But truth is, according to the Department of Statistics Malaysia, labour force participation rate drops significantly once people reach the age of 54 – before retirement age. Why is that?

Although many reasons (some as simple as fatigue) play a role; health is one of the most decisive factors impacting the decision to continue working. People are forced to retire early due to disease such as stroke, heart disease or cancer. Even if we were to be optimistic and set aside the possibility of these fatal diseases; age and all the trappings that come with it (deterioration of vision, bone density, memory and hearing abilities, the list goes on) will make the constant pressure of long hours and stressful demands that is the norm of full-time employment more difficult to endure.

“I will spend less after retirement”

The second myth is tied into the fact that you are no longer working and thus do not have to worry about daily commutes, eating out and investing in your career (attire, job enhancement aids, etc.). This, you hope, will result in a drastic reduction in spending. But the problem arises when you have all this time on your hands and little to do. How would you pass the time? You may end up heading to the malls, traveling, or even enrolling in classes; all of which will end up costing you more money than less! If you decide that you will just spend the rest of your life in the house (because on some level you think that is feasible), you will still have to factor higher utility bills from the prolonged period of you staying home.

“By my estimations; I have enough”

Estimations are good to have; it’s what every financial advisor uses anyway since crystal balls or coconut touting
bomohs
 are not an option. But estimations can be wrong and here’s where some amount of discretionary buffers are required. Here are some factors which can cause major upheavals in your estimations and thus should always be factored.

1. Financial crisis

Financial crisis have happened in the past in unexpected yet regular patterns – 1997 Asian Financial Crisis, 2001 Dot Com Bubble Burst, 2008 Global Financial Crisis, are just some we’ve thus far experienced. It usually begins with a capital market crash, which means the value of shares and bonds will drop; unit trust funds shrink and, property values decline affecting your retirement funds if any of these form part of your wealth plan. Following the crisis, unemployment rates will rise, and many may be forced to retire early.

2. Extended child dependency

According to HSBC’s “The Future of Retirement: Life After Work (FoR)” study, nearly 67% of Malaysian parents are supporting their adult children, financially. This includes helping them buy a house, fund daily expenses and even furnish loans. Stagnant wage levels despite increased costs of living and prices of property have made it difficult for children to “fly the coup” upon reaching adulthood much less support aging parents. While you might be expecting your children to support you when you retire, think twice because the reverse might be true.

3. Inflation

Remember the good old days when RM50 could fill up your shopping cart? Well thanks to inflation, now the same amount of money will barely give you enough for two days grocery needs. Inflation erodes the value of money. In 2013, the announced EPF dividend rate is 6.35% but thanks to inflation, you aren’t actually earning that much. Taking inflation of approximately 3% into account, the real return is actually 3.35%. Inflation can be the ‘silent killer’, eroding your retirement fund slowly but surely until you have little left to go on.

This bleak look at the possible problems associated with retirement planning is enough to get anyone down. But whilst it is always best to be prepared for the worst; do keep in mind that the opposite is possible and if so, you will live very well in future!

So how much is enough for retirement?

How does all the above answer the question of how much you really need? Now that you know the myths associated with retirement planning; you’re in better position to understand why a holistic plan is necessary.

But now onto specifics: depending on your preferred post-retirement lifestyle; there are many ways to calculate the sum of money required. However, if you are still using the old method – current expenses minus all work-related expenses (for example, income tax, work-related transportation costs, professional membership fees, etc.), you should probably revise your retirement plan.

Your preferred retirement lifestyle

1. Traditional retirement

An average person would most probably opt for traditional retirement: you work until 60, save up some adequate amount of money enough for, nothing fancy, just a plain, simple lifestyle and comfortable retirement. How much do you need for that? Well let’s start with the basic expenditures. Assuming RM50 per day of home-cooked meals, you will be looking at RM18,000 per year, just for food. At this age,
we presume that you’ve already own a house and fully paid off the mortgage
 so you have one less burdensome expense. If otherwise, you should take into account your mortgage installments. Both clothing and utility are assumed to be RM100 and RM500 per month. Of cause, don’t forget the much important health care expenditure. At the age of 60, medical insurances are very costly. We take an average figure of RM5,000.

Apart from basic spending, you will incur discretionary expenditures. These are non-essential expenses that you can choose either to spend or not at your own discretion. Examples are traveling, entertainment, dining out and hobby related spending. Traveling is usually top of wishlist for most retirees. We estimated a modest annual amount of RM3,000 for local vacations. For entertainment and hobbies; it depends on the person but for example purpose, we include RM500 per month to this end. Dining out may happen rather frequently too. On an estimate of RM50 per meal; we add an additional RM400 per month for sporadic dine-outs up to 8 times per month. The table below breaks down the costs for this lifestyle choice on a daily, monthly and yearly basis. Using this simple table; you will be able to calculate any lifestyle choice by tweaking the details as you like.

Items

Per day

(RM)

Per month

(RM)

Per year

(RM)

Basic Costs

Meal (home-cooked)

 50

 1,500

 18,000

Shelter*

nil

nil

nil

Clothing

 100

 1,200

Utilities

 500

 6,000

Healthcare

 5,000

Discretionary Costs

Travel

 3,000

Entertainment/hobby

 500

 6,000

Dining out

 50

 400

 4,800

Total Yearly Cost

44,000

Summing it up, you will be looking at approximately RM44,000 annual expenses post retirement. Assuming 20 years of retirement life, the total amount would be RM880,000! This amount does not take into account the fact that you might live longer; be subjected to rental, continuing property loans, high medical costs, inflation and taxes. Oh, and that is if you haven’t already withdrawn an amount from EPF Account 2 to finance purchase of a house or education.

2. Early retirement

Some dream of early retirement, perhaps at the age of mid-40s. Early retirees usually travel more, go for social outings rather frequently, and would pursue their hobbies or do things that they always wanted to do. For this reason, we estimated a higher RM6,000 traveling expense for oversea vacation and RM700 for entertainment as well as 12 times a month of dining-outs. At such young age, retiree might have not fully pay off their mortgage yet. We therefore included RM5,000 per month of mortgage installment and using the same table above; 35 years of retirement life and 10 more years of mortgage payments after you quit your job will see you needing a total of RM2.413 million to retire! Guess early retirement does comes with a cost!

3. Semi retirement

Despite their age, some retirees would still wish to contribute to the workforce, if their health allows. These people would seek part-time employment, which also add on to their retirement fund. At the mean time, they wold take some time off their job and enjoy life. Again, if we assume 20 years of retirement, the total expense would sum up to RM1.036 million. However, let’s not forget about the additional income! Assuming RM1,200 per month (after all necessary deductions) and 5 year employment, total income will be RM72,000. With this additional income, you will only need a total of RM964,000 retirement fund.

With that said, is the money in your EPF account enough for retirement? (Psst! If you’re not even sure what that balance is; you can
check your balance online
 (if you have registered or at kiosk at all EPF branches).

If you don’t have enough; what do you do now?

So you’ve made a rough estimation and checked your EPF account and realised that you do not have enough to fund your preferred lifestyle after retirement. Here are a few steps you can take which may help get you closer to your retirement goals.

Start planning for retirement: If you have not already start, do so immediately. Plan your financial according to your preferred post-retirement lifestyle and adjust your current lifestyle to accommodate your retirement needs.

Make trade-offs: After you make a rough estimation of the sum needed, try to increase your income and decrease your current spending to meet that amount. You can do so by generating side income, be it active (part-time job) or passive (investments) and cut down on non- essential or discretionary spending. Sacrificing now means a better future. Alternatively, you should compromise for a modest post-retirement lifestyle if you really cannot save up to match your desired retirement lifestyle. This can be done by slashing on post-retirement discretionary expenses, such as less vacations and dining outs.

Monitor your spending: Keep an eye on your receipts and outlays every month. By doing this you can make all spending visible and cut unnecessary expenses. Contribute all your excess income into your saving funds and see if it can grow up to your desired amount upon retirement. This ensure you are on track to achieve your retirement goals.

Building your golden nest needs to start as early as possible (yes, right out of school, when you get your first job!). According to HSBC FoR survey, more than 60% of retirees quoted “start saving at an early age” as one of the best financial advice they’ve ever received. But as always; better late than never.

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Wise Invites Select Users To Test Wise Card Before Eventual Release

It seems that money transfer service Wise is set to roll out its Wise debit in Malaysia soon, as several Wise accountholders have received invitations to test the card out for free.

“You’re invited to test the Wise card before it’s released in Malaysia. You can hold, convert, and spend in over 50 currencies – the perfect card for paying in foreign currencies. And we want you to try it first. For free,” Wise stated in its invitation.

The Wise card is a debit card that is tied to the Wise multi-currency account (previously known as the Borderless Account), allowing you to spend money around the world with low upfront conversion rate (of up to 3.69%) and zero transaction fees. On top of that, it can also be used to make selected online payments and mobile wallet purchases, as well as to withdraw cash from approved automated teller machines (ATMs).

Available in both physical and digital format, the Wise card was first highlighted during a
rebranding exercise in February 2021
, although there had been no plans to bring it to Malaysia back then. At present, it is available to several countries, including the UK, the US, New Zealand, Japan, and Singapore.

This roll-out of the Wise card in Malaysia is also likely tied in with the reintroduction of the Wise multi-currency account in Malaysia. To clarify, Malaysians were previously allowed to tap into the perks of the Borderless Account service, before it was eventually terminated for us in mid-2020 due to licencing and regulatory changes. Fast forward to today, Wise appears to have quietly reintroduced the account in Malaysia a couple of weeks ago, this time as the Wise multi-currency account.

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Standard Chartered Year End Campaign Offers Up To RM100 Cashback And A Chance To Win Grand Prize

Standard Chartered will be running its Year End Spend & Win campaign starting from 23 November 2021 to 28 February 2022, allowing eligible credit cardholders to earn between RM5 to RM100 daily cashback when they spend a minimum of RM100 in a single transaction. They will also stand a chance to win the grand prize of a Volvo XC40 Recharge via the campaign.

Open to all Standard Chartered credit cardholders, those who are aiming to win the daily cashback prize will receive an SMS with a link to play a game after they meet the spend requirement. You’ll need to play the game in order to earn the cashback prizes that are on offer, capped at two daily rewards per day regardless of how many eligible transactions that you’ve carried out on that day.

Note that only retail transactions are allowed in order to win this reward.  Payments such as utilities, insurance, petrol, telecommunications, as well as government, professional, and commercial services do not qualify. Additionally, the total quantity of daily cashback prizes that have been allocated by Standard Chartered for the entire campaign period is as follows:

Daily cashback prizes
Total quantity available
RM5 cashback
196,470
RM10 cashback
490
RM15 cashback
196
RM100 cashback
98

All cashback prizes are provided on a first-come first-served basis, and if won, will be credited to your account within 60 working days from the end of each campaign month. It will be reflected in your statement as well.

Aside from the cashback rewards, cardholders will also stand a chance to win a Volvo XC40 Recharge via this campaign by earning entries through eligible transactions, namely:

Eligible transactions
Entries
RM100 local/oversea retail spend
5x
RM100 spent on Fave, Grab, Shopee or Lazada
20x
0% instalment plan at Apple authorised resellers:
– iTworld
– Machines
– Senheng/SenQ
– Switch
– Thundermatch
20x
First spend on newly approved credit card during campaign period
100x
Following approved applications (approved within campaign period):
– Balance Transfer Plus
– Flexi-On-Balance Plus
– FlexiPay Plus
– Cheque-On-Call Plus
100x

Unlike for cashback rewards, there are no exclusions with regard to the eligible transactions that can earn you entries; all payments are accepted. At the end of the campaign period, Standard Chartered will select the grand prize winner by shortlisting eligible cardholders using a randomiser programme. The winner will then be contacted by the bank within 90 days from the end of the campaign period.

If you’d like to join Standard Chartered’s Year End Spend & Win campaign, you’ll need to register your participation by sending an SMS (“
SC8
“) to 66399 or by registering online via Standard Chartered’s website. Cardholders with multiple cards will only need to register once. Do also be aware that it may take up to three working days for the bank to update your registration, which means that you may experience some delay in receiving your game links (for the cashback rewards) during the start of your participation in the campaign.

(Source:
Standard Chartered
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Ak Yung

    1 year ago

Plying so many tinder of Scb recharge & earn game, seeing accumulating thr point but at the end of the game all turn into ZERO point!!! I’m thinking what the points of taking part to this type of game since each time getting ZERO point at the end! HOPELESS

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    Christine

    1 year ago

the game is kind of con. no explantion, interface cannot control, all point  = zero at the end.

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vcash E-Wallet To Cease Operations From 1 December 2019

One of the first e-wallets to launch in Malaysia, vcash, will cease operations from December 2019, with owners Digi citing a “change in business strategy”. Current vcash users will receive a refund from their wallet balance.

Launched as
Digi’s first foray into financial services
 in November 2017, vcash initially had a healthy amount of partner merchants. At launch the e-wallet was accepted at over 500 physical locations, including support for online payments thanks to its integration with MOLPay and iPay88.

However, as more e-wallet players entered the Malaysian market armed with significantly larger venture-backed funding, vcash simply wasn’t able to keep up, losing users on a quarterly basis. It is hard to imagine now, but vcash was one of the top five most active e-wallets in Malaysia in Q1 2018, according to
research conducted by App Annie and iPrice
.

When contacted about the issue, we received the following message via Digi’s Facebook page: “Due to a change in business strategy, vcash services will no longer be provided by Digi effective 1 Dec 2019. Vcash users will be receiving an SMS from vcash this week with the following information on the refund mechanics.”

(Image source: Facebook)

Current vcash users have bene sent an SMS about the closure of the e-wallet, and those who have balances in their wallet may request a full refund by filling up the
Wallet Balance Refund Form
. Meanwhile, the e-wallet has also
suspended new account registrations
.

Meanwhile, Digi’s other financial services app, Valyou, will continue to operate as usual. Offering services such as remittance, prepaid top-up, bill payments, and peer-to-peer transfers, Valyou does not have the “scan to pay” option that vcash has.

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

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You Can Now Tweet Your Complaints To MCMC

The public can now send their internet-related complaints to the Malaysian Communication and Multimedia Commission (MCMC) via a very new channel: Twitter. MCMC has set up a new Twitter page, “MCMC React” to make it easier for Malaysians to voice their complaints and enquiries to the commission.

Malaysian Twitter users can tweet to the MCMC regarding spam calls, poor internet connections, and disputes with telco companies. All they need to do is to mention the @MCMCReact tag in their complaint or enquiry tweets. To accelerate the process, MCMC recommends users to provide more details on their complaints, like affected phone numbers and housing area.

Besides Twitter, which has a 280-character limit, the commission also encourages the public to send their complaints to its Helpline (1800-18-8030), WhatsApp (016-2206262), email (
[email protected]
), or its
dedicated website
.

(Source:
The Star
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BNM Continues To Hold OPR At 1.75%, Cites Russia-Ukraine Conflict As Key Risk

(Image: The Sun Daily)

The Monetary Policy Committee (MPC) of Bank Negara Malaysia (BNM) has decided to maintain the overnight policy rate (OPR) at 1.75%, despite Malaysia showing signs of economic recovery.

In a statement, BNM said it came to this decision after evaluating various factors, including the Russia-Ukraine conflict – which has emerged as a key risk to global economic growth, trade prospects, commodity prices, and financial markets. Additionally, there is the possibility of Malaysia still being affected by lingering concerns over Covid-19, risks of prolonged global supply disruptions, and heightened market volatility due to adjustments in monetary policies of major countries.

BNM further commented that risks to the country’s economic growth outlook remains tilted to the downside, whereas inflation in 2022 is projected to remain moderate. Core inflation, meanwhile, is expected to normalise to its approximated long-term average as economic activities continue to pick up amid the environment of high input costs.

That said, the central bank maintained that Malaysia’s economy can expect to continue its recovery trajectory moving forward, following an expansion of 3.1% in 2021 from the previous year. This is because the nation’s recovery will be supported by various elements, including an increase in global demand, higher private sector expenditure, improved labour market, as well as the expected reopening of international borders. Furthermore, the economic impact from the recent Covid-19 wave (Omicron variant) is expected to be less severe than previous waves.

In the face of all these elements, the MPC emphasised that it considers the current stance of monetary policy to be both appropriate and accommodative. “Fiscal and financial measures will continue to provide support to economic activity. Amid the prevailing uncertainties, the stance of monetary policy will continue to be determined by new data and their implications on the overall outlook for domestic inflation and growth,” BNM said.

The current OPR is the lowest on record, according to BNM data – brought down to 1.75% following four consecutive cuts back in 2020. The rate originally stood at 3.0%, but was subsequently pared
down to 2.75% in January 2020
,
2.50% in March 2020
,
2.00% in May 2020
, and finally
1.75% in July 2020
.

(Source:
Bank Negara Malaysia
)

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100% Online Application For SME Account Openings With OCBC

Opening a business account is vital for any SME owner to keep their transactions organised. Plus nowadays, with online banking becoming the norm, a business account allows SME owners to manage and perform business transactions on the go. In addition, many banks offer beyond banking digital solutions to their SME customers as well.

Although online banking is becoming more common, when it comes to opening a business account, some banks may allow customers to kickstart the application process digitally but still require customers to make a trip to the branch as a final step for verification.

If you’re seeking a fully 100% online application process, you may consider the OCBC eBiz Account where both existing and new customers can open a business account from their home or office without stepping foot in the branch.

Read on to find out what other benefits come with the OCBC eBiz Account.

***

From simplified processes and easy tracking, to sustainability practices, there are plenty of reasons why many would prefer online banking services these days. The OCBC eBiz Account provides SME owners the convenience of 100% online application, a low minimum deposit requirement, and full-fledged digital solutions to help them thrive.

Learn more about OCBC eBiz Account today
here
.

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Government Offers Second Round Of Cash Aid Under Bantuan Prihatin Nasional (BPN 2.0)

The government will be giving out a second round of the Bantuan Prihatin Nasional (BPN) cash aid, dubbed “BPN 2.0”. The cash aid is offered as part of the government’s new KITA PRIHATIN Package announced today.

As stated by Prime Minister Tan Sri Muhyiddin Yassin, the BPN 2.0 will be given out as follows:

RM1,000 to 3.7 million B40 households

RM500 to 3.8 million B40 individuals

RM600 to almost 1.4 million M40 households

RM300 to 1.7 million M40 individuals.

The BPN 2.0 payments will be distributed in two stages: the first at the end of October 2020, and the second in January 2021. B40 households will receive RM700 in October and RM300 in January.

According to the Prime Minister, no application is required in order for eligible parties to receive the BPN 2.0. The government will channel the aid directly to the 10.6 million recipients who have been approved under the previous BPN programme. For those who are eligible but never received the initial BPN payment, the government will be accepting appeals and new applications.

Unlike the first round of BPN payouts announced
in March
, Tan Sri Muhyiddin Yassin did not elaborate on the specific income brackets for the B40 or M40 individuals and households who would qualify for this aid. Given that eligibility for BPN 2.0 is based on that of the first round of BPN payments, it is likely that the qualifying income range also remains the same:

B40 households: Households earning RM4,000 and below

M40 households: Households earning between RM4,001 – RM8,000

B40 individuals: Single individuals 21 years and above earning RM2,000 and below

M40 individuals: Single individuals 21 years and above earning RM2,001 to RM4,000

“I hope that with the additional aid given, citizens can breathe more easily in bearing the cost of their daily expenses and those of their household too,” said the Prime Minister.

The government has allocated a sum of almost RM7 billion for the additional cash handouts under BPN 2.0. Overall, the new initiatives introduced under KITA PRIHATIN – which also include a second wage subsidy programme – totalled up to an expense of RM10 billion.

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    K. Suresh

    2 years ago

What about pensioners?

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    Goh Guan Chun

    2 years ago

Are sixth form students eligible for BPN 2.0?

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MyMy Receives Conditional Approval From BNM, Expects To Launch E-Wallet Soon

The Malaysian public can soon expect to see another new e-wallet player in the market as MyMy Payments Malaysia has received conditional approval for a large scheme electric money licence from Bank Negara Malaysia (BNM). Following this development, the local fintech company aims to launch its e-wallet services within the year.

While the company has yet to fully reveal its full product proposition – at least until it has met all conditional requirements by BNM – MyMy said in a statement that it has ambitions to provide shariah-compliant products and services within its wallet. It also stated that although the e-wallet space in Malaysia is already occupied by many players, MyMy will not be just another face in the crowd.

For context, MyMy offers Malaysia’s first real multi-currency account and card that lets you change your money into 11 different currencies with zero hidden fees and real-time exchange rates. Its cards are accepted in over 200 countries, and the service is currently in its beta phase. Additionally, the homegrown brand has also successfully signed Malaysia’s biggest seed fundraising round from Koperasi Tentera last year, on top of inking a partnership with Sukaniaga to form Malaysia’s first digital banking consortium in March 2021.

“Our plans to become the world’s first shariah-compliant digital bank is still within our sights and will take its form with the right conditions set by our committee and our consortium partners,” said the chairman of MyMy, Tunku Dato’ Abdul Burhannudin, who currently sits on the board of Bank Rakyat and was a senior banker in one of Malaysia’s largest banks.

Tunku Dato’ Burhanuddin also noted that since receiving investment from Koperasi Tentera, the company has been working diligently on utilising digital financial services for the betterment of various communities. These include the cooperative community and the larger population covering different segments of multicultural Malaysia.

(Image: SalaamGateway)

Meanwhile, the co-founders of MyMy, Kishore Samuel and Joe McGuire said that MyMy is humbled to receive this conditional approval from BNM. They view it as a major step in MyMy becoming Malaysia’s first unicorn, and reiterated their commitment to keep all high-skill jobs in Malaysia. “We want to become the Revolut of ASEAN. We started in Malaysia and are committed to building and remaining a key member of the local ecosystem,” they said.

You can find out more about MyMy’s services, as well as pre-register for the beta programme on
its website here
. Access will only be granted when BNM has provided the final approval after all conditional requirements are met.

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Budget 2023: Govt To Enact Consumer Credit Act To Oversee BNPL Services

The government will proceed with the enactment of the Consumer Credit Act (CCA), as well as set up the Consumer Credit Oversight Board (CCOB) within this year to monitor buy-now-pay-later (BNPL) services that are offered to the public, said Prime Minister Datuk Seri Anwar Ibrahim in the re-tabling of Budget 2023 today.

According to Datuk Seri Anwar, the new act will enable the government to regulate businesses that provide such credit services and to better protect the rights of those who tap into the schemes.

BNPL schemes became popular over the course of the past two years – specifically during Covid-19 – due to their easy approval process and flexibility, especially during a time when people needed urgent help with cash flow. However, these schemes do not fall under the purview of any authorities, which means those who tap into them are not properly protected.

As such, Bank Negara Malaysia (BNM) and the government have both been pushing for the
enactment of the Consumer Credit Act (CCA) since last year
. That said, it should be highlighted as well that the significance of CCA’s enactment extends beyond just regulating BNPL players; it also offers necessary updates to Malaysia’s existing financial regulatory framework, offering better protection to credit consumers in general.

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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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KFC Malaysia Launches Original Moments NFTs

KFC Malaysia has launched a total of 11 non-fungible tokens (NFTs) that illustrate classic and nostalgic KFC moments, which can be obtained via either bidding or through a contest on Instagram. The collection is said to be a “nod to Colonel’s 11 secret herbs and spices”.

Made by three local artists, the collection of NFTs consists of four Together Editions artwork by Wilson Ng, four Moving Fried Chicken artwork by Book of Lai, and three Generations artwork by Arif Rafhan. Of these 11 NFTs, you can bid for eight of them – which is already ongoing on
OpenSea
 – while the remaining three (one from each series) will be up for grabs through an
Instagram
 contest taking place between today (12 May, at 12pm) to 2 June.

For those of you who wish to try your hand at bidding, you’ll need to have a
MetaMask wallet
 that is linked to OpenSea. The bidding for each NFT starts at 0.08 ETH (
approximately
 RM719 at the time of writing this article). Note that you’ll have until 16 May (by midnight) to bid for any of these NFTs.

Meanwhile, to win any of the three remaining NFTs, you’ll need to join a contest on KFC’s Instagram account by leaving a comment in a
specified contest post
. Remember to also include the hashtags #OriMomentKFC and #ItsFingerLickinGood, and tag any of the three NFT artists involved. KFC will then select three winners, who will then be contacted via Instagram direct messaging (DM).

Aside from owning the unique artwork, holders of these NFTs will also be entitled to a “delicious IRL perk”, namely up to 12 KFC vouchers worth RM20 each. These vouchers can be used for their orders between 1 July 2022 to 30 June 2023, with a minimum order value of RM20. Promo codes to these vouchers will be sent to the NFT holders via their MetaMask wallet, which they can then use for orders made via the KFC
website
 or
app
.

(Sources:
KFC Malaysia
,
Lowyat.NET
)

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UOB To Replace Citi Simplicity+ Card With UOB Simple, Various Citi Cards With UOB Preferred

UOB Bank has shared more updates regarding the migration of Citi’s credit cards into its own ecosystem, following its acquisition of Citi’s consumer banking business last year. Specifically, the bank announced that the existing Citi Simplicity+ credit card will soon be replaced by a new UOB Simple credit card, while various other Citi credit cards will be converted to the UOB Preferred credit card.

To start, the Citi Simplicity+ card currently lets cardholders get 10% interest back on the finance charges on purchases and cash advances every month when they pay at least the minimum monthly due amount on time (no cap on rebates). It also offers benefits like no late payment charges, annual fees, or over payment fees.

Upon replacement, the new UOB Simple card will also provide the same exact perks, although UOB has highlighted that the 10% interest back will be applied based on the current month’s spend instead of the previous month’s (for Citi’s Simplicity+). Aside from that, everything else remains the same; there is no cap on the rebates that you can earn, and you’ll not be charged annual fees as well as late payment and over payment fees. Your cashback will be credited to your account in the following month.

At the moment, UOB has yet to reveal the card face of its UOB Simple card, but we’ll definitely be keeping an eye out for that in the future!

Aside from replacing the Citi Simplicity+ card, UOB also revealed that it will be converting a range of Citi credit cards to its existing UOB Preferred credit card (previously known as the UOB Preferred Platinum card), instead of matching each and every Citi card with a corresponding UOB card. This will affect five Citi cards in total, namely:

Citi Clear credit card

Citi Rewards Platinum credit card

Citi Choice credit card

Citi Gold credit card

Citi Silver credit card

Those holding all of these Citi cards will receive the UOB Preferred card, which lets you earn 5x UNIRM for every RM1 spent on dining, grocery, and entertainment spend, as well as 3x UNIRM for petrol and selected recurring spend (such as telco and membership clubs, but excluding insurance payments, utilities, and payments to government bodies). In addition to that, UOB Preferred cardholders will also enjoy a
1-for-1 GSC movie ticket promo on Fridays, as well as 1-for-1 coffee promo at Coffee Bean & Tea Leaf (CBTL) outlets
.

Here’s a full list from UOB that compares the existing benefits of the five Citi credit cards, and the UOB Preferred card:

One thing to highlight here is the annual fees that will be charged following the conversion of these Citi cards. The annual fee of the UOB Preferred credit card itself is actually set at RM198 (principal card) and RM30 (supplementary card). However, as a form of concession, cardholders of the five affected Citi cards will only need to continue paying the highest annual fee of their current Citi credit cards for the UOB Preferred card; for some of the cards, this will mean that you get to enjoy the perks of the UOB Preferred card at a lower fee (you can see the fees of each of the five Citi cards in the tables above). That said, UOB did not share if this arrangement is a permanent one.

These latest updates are a follow-up to previous announcements and reveals by UOB as it continues on with the migration process that started back in 2022, and which is scheduled to
complete by this September or October
. Other UOB cards that have also been revised to accommodate the migration include the
UOB ONE Classic and Platinum
, as well as
UOB Lazada cards
. Just last week, we also reported on the appearance of the
new UOB Zenith, PRVI Miles Elite, and World
 to replace several of the more premium Citi credit cards.

As for timelines, UOB has alerted all Citi cardholders that they will receive notifications from the bank when the new UOB cards are on their way to them – expected to arrive in the mail from October onwards. Until then, you’re allowed to continue using your existing Citi credit cards, but do note that the updated UOB card perks will kick in on 17 July onwards (even though you still using a Citi-branded card).

(Source:
UOB
)

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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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    Charles

    2 months ago

What about citi evergreen point feature? Continuing or expired in 3 years?

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UOB Revises Cashback Mechanics For YOLO Credit Card, Introduces E-Wallet Sub-Limit

UOB Bank has announced some revisions to the cashback benefit of its YOLO credit card, which includes introducing an e-wallet cashback sub-limit under the Online spend category, as well as updating the cashback earning mechanics and the monthly payout allocated. These changes are slated to take effect starting from 1 April 2022.

UOB YOLO cardmembers are currently able to earn 5% cashback on Online, Dining, and Contactless expenses, capped at a maximum of RM30 per month. This is provided you meet the qualifying criteria of making at least five transactions each month (minimum spend of RM15 each transaction).

Come 1 April 2022, UOB is introducing a new RM15 sub-limit on the cashback that you can get for e-wallet reloads under the Online category. So if you’re planning to earn the full RM30 cashback allowed via the YOLO card through online spend, you can receive 5% cashback on e-wallet reloads up to a maximum spend of RM300 (which gives you a cashback of RM15), after which you’ll need to get the remaining RM15 cashback via other non-e-wallet online spend, Dining, or Contactless transactions.

Aside from that, the bank is also removing the earning condition that requires you to perform at least five transactions each month to qualify for cashback. Instead, you can only unlock UOB YOLO’s cashback by spending a minimum of RM600 per month starting from April. This makes it easier to earn cashback with the card.

Finally, UOB is increasing the amount allocated for the total monthly cashback payout from the current RM120,000 to RM200,000, allowing more cardholders to enjoy the cashback benefit of the YOLO credit card. To compare, the current monthly payout of RM120,000 benefits a minimum of 4,000 YOLO cardholders (assuming each cardholder earns the maximum RM30 cashback allowed), while the new payout of RM200,000 will benefit at least 6,666 cardholders.

Ultimately, this upcoming revision will offer
UOB YOLO
 cardholders more flexibility to enjoy the card’s cashback rewards; you will no longer need to rush to make five transactions each month just to qualify for the cashback. Additionally, there’s a higher chance of earning cashback with the larger cashback set by the bank. However, the new e-wallet sub-limit under the Online category may be somewhat limiting, especially if you’ve been using this card for e-wallet top-ups.

(Source:
UOB
)

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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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Grab’s Prepaid GrabPay Card Will Not Be Coming To Malaysia

It’s official: Grab will
not
 be bringing the GrabPay Card to Malaysia. Instead of the GrabPay-linked prepaid card introduced in Singapore and the Philippines, the Malaysian market will be getting the new co-branded Maybank Grab Mastercard Platinum credit card.

This has been confirmed by Priyanka Madan, Head of GrabPay Malaysia, at the official launch for the Maybank Grab Mastercard Platinum. The launch itself had sparked a
flurry of speculation
 in the week leading up to it, with many assuming that the finance-related product to be announced was the GrabPay Card.

The
GrabPay Card
 was first launched in Singapore in December 2019, with Grab citing plans for other Southeast Asian countries to follow suit in 2020. The GrabPay Card, which also uses the Mastercard payment network, comes in both digital and physical forms and allows users to earn GrabRewards points wherever Mastercard is accepted. As a prepaid card, it is tied to the GrabPay e-wallet.

However, we now know that Malaysia will not be seeing the prepaid GrabPay Card on its shores. In its place, we have the Maybank Grab Mastercard Platinum credit card, which offers up to 5x
GrabRewards points
 on all types of spend.

You get 5x points on every RM1 spent on Grab transactions; 2x points on overseas, cross-border, and e-commerce spend; and 1x points for every RM3 spent on other expenditure. It is also the first credit card in Malaysia to offer same-day online approval and instant issuance of a digital card for a fully digitised application process.

You can find out more about the
Maybank Grab Mastercard Platinum
 here.

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    Sang Kancil Guru

    3 years ago

Lame.

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    Anonymous

    1 year ago

    Reply to

        Sang Kancil Guru

Bukan lama, GrabPay Prepaid Debit Card memang takda launch di Malaysia terus.

-1

Reply

    Vinothan

    1 year ago

But prepaid card all can buy, bank one not everyone can get,  especially ppl in meddle class family background like me.

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LHDN Introduces Additional Conditions For Tax Exemption On Foreign Dividend Income

(Image: New Straits Times)

The Inland Revenue Board (LHDN) has announced additional eligibility requirements for the exemption of tax payment on foreign dividend income received in Malaysia. Specifically, it noted that the income must now also comply with substantive economic conditions in order to qualify for the exemption.

For context, the government had originally
proposed to begin taxing foreign-sourced income
 received in Malaysia during the tabling of Budget 2022; prior to that, such gains were exempted from tax. However,
this proposal was eventually reversed
, and the government agreed to continue exempting foreign-sourced income from tax for eligible taxpayers between 1 January 2022 to 31 December 2026. This includes foreign dividend income received in Malaysia by resident taxpayers, provided that the eligible entities meet the following qualifying conditions:

Qualifying persons/entities
Qualifying conditions
– Companies registered under Companies Act 2016
– Limited liability partnerships (LLP) registered under Limited Liability Partnerships Act 2012
– Individual partners (in relation to a conventional partnership business in Malaysia)
– Foreign source dividend income has been subjected to tax in the country of origin
– The highest tax rate (headline tax) in the country of origin is not less than 15%

With LHDN’s latest update, however, qualifying entities who receive foreign source dividend income are now required to abide by the following set of conditions to enjoy tax exemption:

Qualifying persons/entities
Qualifying conditions
– Companies registered under Companies Act 2016
– Limited liability partnerships (LLP) registered under Limited Liability Partnerships Act 2012
– Individual partners (in relation to a conventional partnership business in Malaysia)
– Foreign source dividend income has been subjected to tax in the country of origin
– The highest tax rate (headline tax) in the country of origin is not less than 15%
–
Comply with substantive economic conditions

LHDN further explained that resident companies, LLPs, and individuals in a partnership business are considered to comply with substantive economic conditions if they meet these requirements:

Employ a sufficient number of workers with qualifications required to carry out certain economic activities in Malaysia, and

Make sufficient operating expenses to run certain economic activities in Malaysia

(Image: Bloomberg)

As such, LHDN requires affected taxpayers who have submitted their income tax return forms (BNCP) prior to this update to
now submit a BNCP amendment
 if they are not in compliance with the new qualifying conditions. No penalty will be imposed. Meanwhile, the guideline for the tax treatment of foreign-sourced income has also been updated (dated 29 December 2022) and
can be downloaded from here
.

In its statement, LHDN further stressed that these additional requirements were introduced to ensure that a clear link can be established between taxpayers’ foreign source dividend income with actual activities within Malaysia. Additionally, it highlights Malaysia’s commitment towards compliance with international tax best practices, thereby minimising the occurrence of tax evasion and double non-taxation.

(Image: Bernama)

Meanwhile, there are no changes to the tax treatment of individual taxpayers who earn all other types of foreign-sourced income (except partnership income). Their income will continue to be exempted from tax within Malaysia, provided their income has already been subjected to tax in the country of origin.

If you have any questions regarding the latest update from LHDN, you can reach out to the board via its HASiL Care Line at 03-8911 1000 or 603-8911 1100 (overseas). Alternatively, you can use the HASiL Live Chat or the
feedback form on LHDN’s official portal
.

(Sources:
LHDN
,
The Edge Markets
)

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Bank Islam Opens First Eco-Friendly Branch In Temerloh

(Image: The Malaysian Reserve)

Bank Islam has opened its first environmentally friendly branch in Malaysia, located in Temerloh, Pahang. This is in a bid to adopt sustainable practices in the bank’s business operations.

“Our first green branch uses solar energy as a clean renewable energy source, with the installation of solar panels on the roof. In addition, it also uses a rainwater harvesting system to collect and reuse the natural resources to promote efficient use of water,” said the group chief operating officer of Bank Islam, Mohamed Iran Moriff Mohd Shariff.

Additionally, the newly refurbished Temerloh branch – which is actually the 20
th
 branch out of 135 bank branches nationwide – is also equipped with energy-efficient lighting with motion sensing technology.

(Image: The Edge Markets)

“We spent an additional cost of RM50,000 for the installation of panels for this branch, but for the long term, it is expected to save energy between 20% and 30%,” Mohamed Iran elaborated, adding that Bank Islam hopes to open another five more similar branches in 2023.

Mohamed Iran also said that ultimately, this effort echoes Bank Islam’s commitment to sustainability and values under the concept of environmental, social, and governance (ESG) in its business operations.

(Source:
The Edge Markets
)

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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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PM: No Toll Hikes For Four Highways In Klang Valley Until End Of Concession Periods

(Image: ExpatGo)

Prime Minister Datuk Seri Ismail Sabri Yaakob has announced that the toll rates for four highways in the Klang Valley will remain unchanged until the end of their concession periods. This is following the decision to restructure the concessionaires that are managing the highways.

Specifically, the four highways that will not see any hikes in their toll rates from now include:

Highway
Highway concessionaire
Shah Alam Expressway (Kesas)
Kesas Sdn Bhd
Stormwater Management and Road Tunnel (SMART)
Syarikat Mengurus Air Banjir dan Terowong Sdn Bhd
Western Kuala Lumpur Traffic Dispersal Scheme (SPRINT) Expressway
Sistem Penyuraian Trafik KL Barat Sdn Bhd
Damansara-Puchong Expressway (LDP)
Lingkaran Trans Kota Sdn Bhd

(Image: Bernama)

According to Datuk Seri Ismail Sabri, the government has agreed to restructure the highway concessionaires in order to relieve the financial burden of the people. “This is the government’s continuous effort to ensure that Malaysian families are not burdened, especially with the increase in toll rates as stipulated in the concession agreement,” said the prime minister.

Datuk Seri Ismail Sabri further said that the restructuring will also be beneficial to the government as it is expected to reduce the compensation cost from 1 January 2022 until the end of the concession periods. With this, the government will be able to save at least RM4.3 billion in toll subsidies, which can then be channelled to the country’s infrastructure development programmes and other facilities.

Meanwhile, Senior Works Minister Datuk Seri Fadillah Yusof explained that the restructuring will be carried out as the concessionaires are to be acquired by Amanat Lebuhraya Rakyat Bhd (ALR), a private company. While the effective date of the takeover has not been finalised yet, it will see the concession period for Kesas, SPRINT, and LDP extended. The concession period for SMART, on the other hand, will be shortened.

(Sources:
Malay Mail
,
New Straits Times
)

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Fill up on Soul Food with your CIMB Credit Card or Debit Card

Most restaurants have one kitchen, maybe two if you’re lucky. SOULed OUT pushed the envelope and opened four. With four different kinds of cuisine churned out night after night; it’s no wonder SOULed OUT has become one of the ultimate destinations to load up on comfort food.

From SOULed OUT’s Asian Kitchen,
Sang Har Mein

Feel like Western tonight, pizza tomorrow and Northern Indian after that? And should one of your friends like a little Asian; they’ve got that covered too.

Like you, the good people at CIMB like their comfort food as well and are now offering you a sweet deal of a 10% discount on all ala carte dishes for lunch and dinner when you pay with your CIMB Bank Credit or Debit Card.

Sake San
 Pizza from the SO Pizza Kitchen

Promotion is valid until 31 July 2013 at SOULed OUT in Sri Hartamas or the one located at Menara HSC, Ampang.

For more info, click
here
.

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PSA: Muslims Are Required To Pay 2.5% Zakat For Non-Essential EPF Withdrawals

(Image: BusinessToday)

Last week, Prime Minister Dato’ Seri Ismail Sabri Yaakob
announced that a special one-off EPF withdrawal of RM10,000
 will be made available to Malaysians, set to open for
application soon on 1 April 2022
. This is with the specific aim of helping individuals who are still facing immediate financial struggles due to the Covid-19 pandemic, and not for those who wish to withdraw for other non-essential purposes.

To reiterate this, the senior shariah and international unit manager of the Federal Territory Islamic Religious Council Zakat Collection Centre (PPZ-MAIWP), Ahmad Husni Abd Rahman has reminded Muslim individuals that those who make non-essential EPF withdrawals will be required to pay a
2.5%
zakat

based on the amount withdrawn.

What is
zakat
?

In short,
zakat
 is an obligation in Islam where individuals are required to donate a portion of their wealth to assist those who are less fortunate; in other words, for charity. As one of the five pillars of Islam, there are two types of
zakat
 that you should be aware of:
zakat fitrah and zakat harta
.

Zakat fitrah
 is essentially a mandatory levy that must be paid by all Muslims every year, regardless of age, gender, or wealth. This is usually paid during the holy month of Ramadhan, as it is an obligation to do so before the start of Eid prayers.

Meanwhile,
zakat harta
 is paid only if you meet a specified set of minimum requirements. There are several types of
zakat harta
, such as those imposed on earnings, businesses, savings, gold and silver investments, farming and livestock, and – of course – EPF withdrawals.

Zakat
 and EPF Withdrawals

(Image: Astro Awani)

Even under ordinary circumstances (during pre-Covid-19 days), Muslim individuals are required to pay a 2.5%
zakat
 when they make selected withdrawals from their EPF savings. As you can
see in this detailed clarification by PPZ-MAIWP here
, a
fatwa
 (a legal ruling on a point of Islamic law) was issued to guide the process, stating that
zakat
is obligatory for most EPF withdrawals (from both Akaun 1 and 2), except for funds taken out for
hajah asliyah
 purposes.

To clarify,
hajah asliyah
 refers to an individual’s basic needs, such as food, health, education, clothing, and shelter.

As such, this same ruling also applies to all Covid-19-related EPF withdrawals, including the latest special RM10,000 withdrawal facility announced. Unless you are caught in unfortunate situations such as those mentioned below, your EPF withdrawal will be subjected to
zakat
:

Individuals who are in need of money for basic or important needs, such as medicine, food, and education
Individuals with income problems, and who require money to continue living
Individuals with debts that must be settled immediately

To note, PPZ-MAIWP had also previously stepped forward before to clarify that
applicants of the i-Lestari and i-Sinar withdrawal facilities are required to pay
zakat
 if they do qualify for it. The EPF’s
FAQ for i-Lestari
, too, explicitly mentioned this requirement.

***

Ultimately, the decision to allow yet another round of EPF withdrawal despite
growing concerns of old-age poverty
 was not one that was made lightly by the government. In his announcement, Prime Minister Dato’ Seri Ismail Sabri said that a comprehensive study had been carried out among those who are still rebuilding their lives, and it indicated that these individuals are still in need of help.

That said, the prime minister urged all Malaysians to be prudent in making their withdrawals, and to only withdraw if absolutely in need. This is especially given the fact that 6.1 million members have less than RM10,000 in their EPF accounts, of which 3.6 million have less than RM1,000 – leaving them vulnerable and unprotected for their retirement.

The latest RM10,000 EPF withdrawal is the fourth Covid-related withdrawal facility to be rolled out after
i-Lestari
,
i-Sinar
, and
i-Citra
. It will be open to members under the age of 55, with
applications taking place between 1 to 30 April 2022
, and payments to be disbursed starting from 20 April 2022.

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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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MOF Invites Public To Share Views On Budget 2022 Via Four Consultation Papers

(Image: The Star)

The Ministry of Finance (MOF) revealed that it has published four public consultation papers (PCPs) in an effort to improve the preparation process for Budget 2022, as well as invite the public to share their ideas for the national annual budget.

According to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz, the PCPs are intended as a complement to the
maiden Pre-Budget 2022 statement
 that was recently shared. “For a start, four public consultation papers will be published to obtain inputs towards Budget 2022,” he said.

Specifically, the four PCPs that will be published include:

Improvement of the Government Procurement Policy on Local and Goods/Services and Procurement Policy for the Bumiputera
Improvement of Cash Assistance Programmes
Review of Tax Incentives
Drafting of the Fiscal Responsibility Act (FRA)

With regard to the purpose of each paper, Tengku Zafrul said that the first PCP (Improvement of the Government Procurement Policy on Local and Goods/Services and Procurement Policy for the Bumiputera) highlights proposals to improve the use of local goods and services, and the affirmative policy for Bumiputera companies. “This is aimed at, among others, protecting and developing local industries as well as reducing dependency on imported goods,” he said.

The second PCP (Improvement of Cash Assistance Programmes), on the other hand, will look at identifying the people’s needs, as well as current gaps and challenges in delivering financial aids to them. This is especially so during the ongoing difficult period brought on by the Covid-19 pandemic.

As for the the third PCP (Review of Tax Incentives), Tengku Zafrul said that it will look at reviewing the overall investment tax incentive framework, ensuring that incentives for investors continue to remain relevant. “The review is also intended to enhance the country’s overall competitiveness in attracting quality investment, which in turn would generate economic growth, support job creation, and strengthen the country’s fiscal position,” he said.

(Image: Bernama)

Lastly, the final PCP (Drafting of the Fiscal Responsibility Act) will seek to improve the governance, transparency, and accountability of Malaysia’ fiscal management. It encompasses the management of revenue, expenditure, as well as debt and fiscal risk. This is in addition to the publication of pre-budget and post-budget reports, economic forecasts, and the Medium-Term Fiscal Framework.

Similar to the sharing of the Pre-Budget 2022 statement, the publication of these PCPs is also a first-time effort for the ministry. Tengku Zafrul said MOF is confident that these papers will provide more avenue for all stakeholders to provide feedback and contribute to formulating a budget that is well-aligned to the needs of the people, as well as Malaysia’s policies and objectives.

The public can download all four PCPs and submit their feedback on
MOF’s official website
 by 15 September 2021 (5pm). If they have any enquiries or requests for additional information, they can also contact MOF via email at
[email protected]
.

(Sources:
MOF
,
The Sun Daily
)

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Maybank Reinstates Original Minimum Spend Requirement Of Premier Credit Cards For Annual Fee Waiver

Maybank has reinstated the original minimum annual spend requirement that must be met by customers holding selected credit cards to be entitled to an automatic annual fee waiver for 2023.

In its notice, Maybank clarified that customers are once again required to spend a minimum of RM80,000 per annum in order to enjoy an annual fee waiver for the following premier cards:

Maybank 2 Cards Premier

Maybank World Mastercard

Maybank Visa Infinite

Maybank Visa Infinite Diamanté

Maybank Manchester United Visa Infinite

Maybank Islamic World Mastercard Ikhwan Card-i

Maybank Islamic Ikhwan Visa Infinite Card-i

This latest update came following an earlier announcement by the bank back in February 2022, which allowed the cardholders of these cards to enjoy the fee waiver in 2022 at a
reduced minimum annual spending of RM50,000
. The reduction was provided as “a gesture of [the bank’s] appreciation for [customers’] continuous support”.

For individuals who have questions regarding this reinstatement of the original minimal annual spend requirement for the seven cards, you can contact Maybank’s customer care hotline at 1300 88 6688.

(Source:
Maybank
)

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Malaysian Banks Revise Base Rates, FD Rates Again After Fourth OPR Cut This Year

(Image: The Star)

(
Updated on 15 July 2020.
)

Following Bank Negara Malaysia’s announcement of lowering the overnight policy rate (OPR) for the fourth time this year – from
2.0% to 1.75%
 – major Malaysian banks are also adjusting their lending rates to reflect the new OPR.

Here are the new rates for the following banks. We will continue to update the list as more banks share their revision.

Affin Bank/Affin Islamic Bank

(Image: The Star)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.95

2.70

Base Lending Rate (BLR)/Base Financing Rate (BFR)

5.81

5.56

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 14 July 2020 onward.

Agrobank

(Image: The Malaysian Reserve)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.60

2.35

Base Lending Rate (BLR)/Base Financing Rate (BFR)

5.75

5.50

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 10 July 2020 onward.

Alliance Bank

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.82

2.57

Base Lending Rate (BLR)/Base Financing Rate (BFR)

5.67

5.42

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 15 July 2020 onward.

AmBank

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.85

2.60

Base Lending Rate (BLR)/Base Financing Rate (BFR)

5.70

5.45

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 14 July 2020 onward.

Bank Islam

(Image: The Malaysian Reserve)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.77

2.52

Base Financing Rate (BFR)

5.72

5.47

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 10 July 2020 onward.

MBSB Bank

(Image: The Malaysian Reserve)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.90

2.65

Base Financing Rate (BFR)

5.75

5.50

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 15 July 2020 onward.

Bank Muamalat

(Image: The Malaysian Reserve)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.81

2.56

Base Financing Rate (BFR)

5.81

5.56

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 13 July 2020 onward.

Bank Simpanan Nasional

(Image: The Star)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.85

2.60

Base Lending Rate (BLR)/Base Financing Rate (BFR)

5.60

5.35

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 15 July 2020 onward.

CIMB Bank/CIMB Islamic Bank

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.0

2.75

Base Lending Rate (BLR)/Base Financing Rate (BFR)

5.85

5.60

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 13 July 2020 onward.

Citibank

(Image: HRNEWS.my)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.65

2.40

Base Lending Rate (BLR)/Base Financing Rate (BFR)

5.80

5.55

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 13 July 2020 onward.

Hong Leong Bank/Hong Leong Islamic Bank

(Image: The Sun Daily)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.88

2.63

Base Lending Rate (BLR)/Islamic Financing Rate (IFR)

5.89

5.64

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 10 July 2020 onward.

HSBC

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.64

2.39

Base Lending Rate (BLR)/Islamic Financing Rate (IFR)

5.74

5.49

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 15 July 2020 onward.

Maybank

(Image: The Star)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.0

1.75

Base Lending Rate (BLR)/Base Financing Rate (BFR)

5.65

5.40

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 9 July 2020 onward.

Public Bank Bhd/Public Islamic Bank Bhd

(Image: The Edge Markets)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.52

2.27

Base Lending Rate (BLR)

5.72

5.47

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 10 July 2020 onward.

OCBC

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.83

2.58

Base Lending Rate (BLR)/Base Financing Rate (BFR)

5.76

5.51

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 13 July 2020 onward.

RHB Bank/RHB Islamic Bank/RHB Investment Bank

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.75

2.50

Base Lending Rate (BLR)/Base Financing Rate (BFR)

5.70

5.45

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 13 July 2020 onward.

Standard Chartered/Standard Chartered Saadiq

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.52

2.27

Base Lending Rate (BLR)/Base Financing Rate (BFR)

5.70

5.45

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 14 July 2020 onward.

UOB

(Image: The Star)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.86

2.61

Base Lending Rate (BLR)/Base Financing Rate (BFR)

5.82

5.57

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 14 July 2020 onward.

***

To clarify, banks use the base rate (BR) as a benchmark to decide on the interest rate of your loans and savings. Prior to 2015, it was the base lending rate (BLR) that served as the reference rate instead. As there are still ongoing loans that are pegged against the BLR, banks are obligated to display both the BR and BLR to their customers.

Bank Negara has lowered the OPR three times this year since January. The first cut saw the OPR being brought down from
3.0% to 2.75%
, followed by a second in
March to 2.5%
. Subsequently, the central bank of Malaysia slashed it again to
2.0% in May
. The reduction of the OPR, and consequently the BR and BLR, will have a widespread effect on all
banking customers
.

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About THE AUTHOR

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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Hong Leong Bank’s Pocket Money App Helps Parents Teach Kids Good Money Habits

Did you know that a staggering 84% of Malaysians who save regularly only do so for the immediate term?
 Latest findings from the National Strategy for Financial Literacy 2019-2023 report has shown that savings are typically withdrawn by the end of the month to cover daily expenses, leaving nothing for long-term financial goals. One way to tackle this critical shortfall is to inculcate good money habits in children from a young age.

Hong Leong Bank has recently launched a pocket money app, the HLB Pocket Connect that is designed to help parents teach their children good money habits in a fun interactive way. Available to all HLB 3-in-1 Junior Account holders, it has three features namely Earn, Save and Spend which enable children to learn to be financially responsible under the guidance of their parents.

Start by assigning housework or tasks and have your child complete them for extra pocket money with the HLB Pocket Connect App. This will teach your child the meaning of earning in a practical way and that money does not grow on trees!

With the HLB Pocket Connect App, your child will be able to keep track of their pocket
money and spending, while having the freedom to go cashless with their very own HLB
Junior Debit Card. Your child is safer with a reloadable debit card than cash.

In the age of instant gratification, it’s easy to forget that good things take time and effort. Teach your child the value of money by having them set their own savings goal (from a pair of new sneakers to the latest video game), and gradually save towards it.

Although parents realise the importance of teaching their children money lessons, they might be faced with the challenge of finding a suitable tool that can help their children learn the basics of money in a real-world context. The HLB Pocket Connect App is the only junior account that comes with a savings account, a reloadable debit card and a high interest Fixed Deposit account.

Zalman Zainal, Chief Marketing and Communication Officer of HLB said, “We want to engage parents and empower kids, offering financial products that actually help kids learn and understand about responsible money management. Pocket Connect is an age-appropriate digital banking product that helps boost those money management  lessons, while also providing children with the experience to understand them.”

In order to help parents learn more about educating their children on financial literacy, Hong Leong Bank and Hong Leong Islamic Bank had also organised a webinar, ‘Raising DuitSmart Kids in a Digital Era’ on 3 April 2021. For a recap of the webinar, watch the full video
here
.

***

The earlier parents learn the advantages of teaching money lessons to their children, the more financially savvy their children will come to be, a life skill that is crucial for gaining financial freedom. Malaysians tend to avoid discussing money that can be deemed as a sensitive subject which in turn contributes to our low financial literacy.

Learn more about the app here.

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Maybank Launches New myimpact Credit Cards With Carbon Footprint Tracker, Carbon Offset Feature

Maybank has launched a pair of new sustainability-themed credit cards called the Maybank myimpact cards, consisting of a conventional Maybank myimpact Visa Signature card and a
shariah
-compliant Maybank Islamic myimpact Ikhwan Mastercard Platinum card-i. Offering up to 1% cashback and up to 5x TreatsPoints for selected payments, these are also the first cards in Malaysia to come with a carbon footprint tracker and carbon offset feature.

To start, the card faces of both the Maybank myimpact cards/-i clearly emphasised the sustainability theme, featuring an image of Mother Nature and Mother Earth at the very centre of the cards.

In terms of card benefits, Maybank myimpact cardholders will be able to earn either 0.5% or 1% cashback when they make contactless payments (including Apple Pay and Samsung Pay), or spend with selected eco-friendly merchants – capped at RM70 per month. On top of that, they can also earn 1x or 5x TreatsPoints for every RM1 spent, depending on the merchant that they spend with. Here are the full details:

Benefits
Details
Eligible categories
Examples of brands
Cashback (capped at RM70 per month)
1% cashback when spending with selected ESG-friendly (environment, social & governance) merchants
– Commuter rail and bus transportation
– Ride-hailing & car rental services
– Electric vehicle (EV) charging and solar energy services
– Education
– Sporting goods/membership and pharmaceutical items
– Used merchandise stores and repair services
– KLIA Express
– Grab
– Trevo
– ChargeHere EV Solution
– Tenby Schools
– Open University Malaysia
– Celebrity Fitness
– ClassPass
– Guardian Pharmacy
– Caring Pharmacy
– Mister Minit
– Cash Converters
– 99 Leather Kraft

0.5% cashback on other retail spend paid using contactless payment, Apple Pay, and Samsung Pay
N/A
N/A
TreatsPoints (three-year validity from issuance date)
5x TreatsPoints for every RM1 spent with selected merchants
– Electric vehicle (EV)
– Eateries
– Books
– Organic skincare
– Local organic grocers
– Local fashion & lifestyle merchants
– Tesla
– O’Briens Irish Sandwich Café
– Kindle
– Aesop
– Innisfree
– Justlife Shop
– The Hive Bulk Food
– Hello Natural Co

1x TreatsPoint for every RM1 spent on other retail expenses*
*
not applicable for petrol, airlines, government bodies/JomPAY, e-wallet reloads, and cash advances
N/A
N/A

As you can see, the cards’ higher 1% cashback and 5x TreatsPoints benefits are reserved primarily for expenses made with eco-friendly and sustainable merchants, essentially conforming to the cards’ theme. Of course, in addition to this, remember that the Maybank Islamic myimpact Ikhwan Mastercard Platinum card-i comes with the usual restrictions for spending with non-
shariah
 compliant merchants (such as alcohol and gambling).

Both the Maybank myimpact cards/-i also come with additional travel and e-commerce perks, although the exact benefits will differ for the Maybank myimpact Visa Signature and the Maybank Islamic myimpact Ikhwan Mastercard Platinum card-i. This is because these perks are provided as complimentary benefits/packages by the respective card issuers (Visa and Mastercard). Here’s a quick review for your convenience, as listed by Maybank on its page:

Maybank myimpact Visa Signature
Maybank Islamic myimpact Ikhwan Mastercard Platinum-i
– Maybank Visa Signature customer service (24/7)
– Visa Airport Speed Pass for fast-track immigration at over 280 international airports
– Visa Signature Concierge
– Travel insurance coverage of up to RM2 million
– E-commerce protection
– Mastercard Global services
– Mastercard Concierge
– Exclusive deals on Mastercard Priceless page

In addition to these benefits, Maybank myimpact cardholders also will not need to worry about any of the following fees:

Compounding fees/effective management fees
 (especially beneficial for Maybank myimpact Visa Signature cardholders, as conventional cards will typically compound its interest charges)

Late payment charges

Annual fees

The one exclusive feature that makes the Maybank myimpact cards/-i a unique proposition in the market, however, is the carbon footprint tracker and carbon offset function that come with the card. The carbon footprint tracker will be enabled for you on your MAE by Maybank2u (MAE) app and the Maybank2u website when your card application is approved, and you’ll then be able to calculate your carbon dioxide emission (
assessed via your transactions with the merchants whom you shop with
).

From there, you can then choose to offset your carbon footprint through a Carbon Offset feature in your account. This involves making a financial contribution, which will go towards regional reforestation initiatives such as The Greening Malaysia Programme, Keo Seima Wildlife Sanctuary REDD+ Project (Cambodia), and Katingan Conservation Project (Indonesia) – just to name a few.

Finally, the Maybank myimpact cards/-i themselves are produced from eco-friendly and biodegradable material, where parts of the cards are made from renewable bio-sourced polylactic acid (PLA). Notably, Maybank has announced back in 2022 that it is
adopting this particular material for its Amex, Mastercard, and Visa Ikhwan cards
 as part of its sustainability drive.

With an annual income requirement of RM36,000 (RM3,000 per month), the Maybank myimpact credit cards/-i are essentially entry-level cards. If you’re someone who’s highly conscious about your carbon footprint and is eager to play a part in protecting the environment, these cards may be a good option for you to adopt sustainable spending.

If you apply now, you can earn a welcome bonus cashback of RM50 when you spend a minimum of RM1,500 within 90 days from card approval (must include three transactions in ESG-friendly categories). You can also earn entries to win a range of eco-friendly prizes – such as the Mercedes Benz EQA 250, energy-efficient home appliances or RM5,000 worth of Grab vouchers – when you transact with your Maybank myimpact credit cards.

(Source: Maybank [
1
,
2
,
3
])

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About THE AUTHOR

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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U Mobile’s GoPayz Rewards New Users With RM5 In Its #GiveBack Campaign

U Mobile’s e-wallet, GoPayz, is rewarding new users with RM5, and an additional RM3 e-voucher from 7-Eleven if the new user is also a U Mobile customer. This initiative is carried out as part of its GoPayz #GiveBack campaign, and will continue to run until 30 June 2020.

“Malaysia is going through a particularly challenging time and in the light of the current climate, we feel it is appropriate for GoPayz to #GiveBack to the community,” said the chief marketing officer of U Mobile, Jasmine Lee. She further added that although it seems like the telco is only giving RM5 to each new user, it is actually dedicating up to RM1 million for this effort so that it can reach as many users as possible. Unfortunately, this promo is not applicable to existing users.

Lee also said that the money received can be used to purchase various essential products and services via the app. These include micro life insurance, mobile top-ups, food deliveries, as well as zakat contributions.

To earn your RM5 from the GoPayz #GiveBack campaign, you will need to sign up with GoPayz. Once you are successfully registered, you will receive your cash reward within 3 working days. To sign up, you can either download the app from
Google Play
 or the
App Store
, or head straight on to the
GoPayz website
. Fill in the required personal information, and then top up your new GoPayz basic wallet account with RM30 to activate it.

GoPayz is open to all Malaysians as long as they are 18 years of age and older. Foreigners who are legally working or residing in Malaysia can also apply for GoPayz. You will be required to provide details of your residential address in Malaysia.

Apart from the #GiveBack campaign, GoPayz is also offering a promotional price for customers who subscribe to
GoLife Plus
, a micro life insurance plan underwritten by SunLife Malaysia. The deal, which will be available until 30 April 2020, is priced at RM2 per month for the first two months, after which it will be set back to the normal rate of RM13. The plan will give you a coverage of up to RM76,000.

GoPayz – which was first
announced in June 2019
, and then officially made
available for download
 in October 2019 – is more than just another e-wallet app. It not only supports the usual e-wallet services, but also leverages on various partnerships to provide a number of offerings. These include micro life and general insurance policies, wealth investment, and a soon-to-come foreign currency exchange service.

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Enjoy Discounts Of Up To 87% With Citi’s CitiCyberSale Event

Starting from today until 21 June 2020, Citi cardholders will be able to save up to 87% for various brands as Citi holds its CitiCybersale event. You’ll be able to enjoy discounts on items such as fashion products, sportswear, as well as electronic devices and gadgets.

Some deals that are worth highlighting are the promo codes offered by Lazada, Shopee, and Zalora. All three e-commerce platforms have joined the sale with special promotions for Citi cardholders who are new and existing customers of the platforms.

Lazada

For new customers

RM10 off with minimum spend of RM10

Promo code:
CITILAZ10
 (enter upon checkout)

Limited to first 2,000 redemptions

For existing customers

12% off, capped at RM12

Promo code:
CITILAZ12
 (enter upon checkout)

Limited to first 1,600 redemptions

Shopee

For new customers

RM10 off with minimum spend of RM40

Promo code:
NCITICCSV2
 (enter upon checkout)

Limited to first 2,000 redemptions

Not applicable for tickets and vouchers, top-ups, automotive merchandise, and S-Mart Milo

For existing customers

RM12 off with minimum spend of RM150

Promo code:
CITICCSV2
 (enter upon checkout)

Limited to first 2,000 redemptions

Not applicable for baby diapers, potties, formula, food and supplements, tickets and vouchers, top-ups, automotive merchandise, and S-Mart Milo

Zalora

For new customers

26% off (capped at RM90), no minimum spend requirement

Promo code:
NEWCITI26
 (enter upon checkout)

Not applicable for
selected brands and items

For existing customers

22% off with minimum spend of RM200 (no cap, valid for multiple use)

Promo code:
SAFECCS
 (enter upon checkout)

Not applicable for
selected brands and items

Apart from these, you can also look forward to cashback deals from brands like
Adidas, Nike, and JD Sports
. However, do note that some of these deals may require you to take an extra step of clicking through specific platforms – such as ShopBack or RebateMango – before you qualify for the rebates.

On the front of electronics and gadgets, keep an eye out for massive discounts on selected products by brands such as
Dyson
,
Lenovo
, or
Kaspersky
.
DirectD
 is also giving a rebate of RM100 for all smartphone models if you’re looking to get a new phone.

Other offers that you would also want to check out are the top-up promotions. For instance, you’ll be rewarded with 500 Boost Coins when you top up your
Boost e-Wallet
 with a minimum of RM300 via your Citi cards. Similarly,
GrabPay
 is also rewarding its users with 1,000 GrabRewards Points when you carry out a minimum of RM100 top-up or auto top-up with your Citi cards.

To find out more about other deals offered in the CitiCybersale event, head on over to
Citi’s website
.

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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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LG Unveils 2023 Range Of OLED TVs In Malaysia

LG Electronics Malaysia has announced the official arrival of its latest range of 2023 OLED TVs to the country. Celebrating 10 consecutive years as the world’s best OLED TV brand, the South Korean giant is aiming to continue the streak with the new LG OLED evo G3, LG OLED evo C3, and LG OLED A3 series, setting a new standard in visual excellence.

LG’s latest range of 2023 OLED TVs offer premium picture quality and a range of upgraded features. With the inclusion of the α9 AI Processor Gen6, HDR Expression Enhancer, AI Clear Sound, WOW Synergy audio, and Auto Balance Control, LG promises to deliver a truly immersive viewing experience beyond best-in-class picture quality.

A new focus this year also appears to be in offering first-class home cinema experiences with support for Dolby Vision and Dolby Atmos. WOW Synergy audio enables seamless integration between the internal speakers with the latest LG soundbars to deliver multi-channel surround sound with IMAX enhanced quality powered by DTS:X, creating an immersive audio experience.

In addition, the 2023 LG OLED TVs feature the latest version of webOS and a redesigned user interface (UI) to enhance the user experience. The brand-new home interface includes a convenient “Quick Cards” feature, providing easy access to users’ most frequently used content and services, grouped under categories like Gaming, Music, and Sports.

As with previous generation LG OLED TVs, these latest models are optimised for gaming, featuring a 0.1ms response time, Nvidia G-SYNC, AMD FreeSync Premium support, HDMI 2.1, and VRR compatibility.

Each range of the 2023 LG OLED TVs are designed for specific users in mind. The flagship OLED evo G3 not only sports a zero-gap mount design, sitting flush to the wall, creating a sleek appearance as if it were painted on – making it the ideal model to showcase art pieces or deliver captivating entertainment. The OLED evo G3 also offers LG’s latest Brightness Booster Max technology, enhancing brightness by up to 70%.

Meanwhile, the LG OLED evo C3 is the versatile mid-range model, offering premium features such as the OLED evo panels from the previous-generation G2 flagship, and an updated design that allows it to be wall-mounted or placed on a stand. Lastly, the LG OLED A3 is the entry-level model, designed to appeal for first-time OLED TV owners with great picture quality in a simplified package.

These are the RRP for the latest 2023 LG OLED TVs in Malaysia:

LG OLED evo G3:

77″: RM32,999.00

65″: RM17,999.00

LG OLED evo C3:

83″: RM35,999.00

77″: RM29,999.00

65″: RM14,999.00

55″: RM10,999.00

LG OLED A3:

65″: RM11,999.00

55″: RM8,999.00

Lastly, LG also launched two new lifestyle screens in Malaysia. The LG OLED Posé Objet Collection (RM12,999) offers a sleek and stylish design that seamlessly blends into any living space, while the LG OLED Flex (RM13,199) is the world’s first – and currently only – bendable 4K gaming TV.

For more information about the 2023 LG OLED TVs, visit
LG’s official website
.

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About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

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

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