All the Good Stuff From Budget 2018

Our Prime Minister, Datuk Seri Najib Razak tabled a budget that was inclusive, wide-ranging, and even included some unexpected announcements that will benefit quite a number of different people disparate demographics.

The 2018 budget saw an increase of allocation to RM280.25 billion up from the RM260.8 billion of last year. Revenue collection is expected to expand around 6.4% to RM239.9 billion. This budget includes an income tax cut, new GST exemptions, a focus on medical tourism, the digital economy, new Chinese and Indian community incentives, removal of toll fees for certain roads, and new incentives and breaks related to maternity and childcare. Check out our infographic for the full rundown.

With effect from June 1, 2018, the
 GST charges of 6% will be reduced to zero percent
 as per government directive.

0

0

votes

Article Rating

SHARE

TAGS:

Budget 2018

GST

About THE AUTHOR

Ahmad Mudhakkir

Ahmad Mudhakkir

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


The Ultimate Guide to Cheap Weekend Parking Spots Near KLCC

Even with the
increase of Park and Ride facilities
 scattered across selected LRT stations in Klang Valley, these will not stop people from driving to KLCC – especially during weekends when the traffic it’s heaviest with both celebratory activities and internationally-celebrated events such as the upcoming
Comic Fiesta
 and
Star Education Fair
 in tow.

To make your life easier, we have narrowed down 8 of the cheapest car parks in the KLCC area so that you can focus more on merry-making and less on finding safe and secure parking facilities for your beloved car:

#Saturday and Sunday

** 1. Wisma MCA**

Distance from KLCC
 : 750 M

Parking rate from Monday to Friday
: RM4 first hour, RM4 subsequent hour.

Parking rate on Sat/Sun and PH
 : RM6 per entry

How to get to KLCC from Here
: Head west on Jalan Ampang. Walk for 450M before turning left. Next, walk on ahead for another 180M. You will be able to see KLCC on your left.

** 2.Menara Citibank**

 Photo courtesy of Servcorp

Distance from KLCC
 : 850 M

Parking rate on Monday to Friday
 : RM4 first hour, RM4 subsequent hour.

Parking rate on Sat/Sun and PH
 : RM6 per entry

How to get to KLCC from Here
 : Head west on Jalan Ampang. Walk for 500M before turning left. After that, walk for another 180M and you will see that KLCC is on your left.

** 3. Megan Avenue II**

Distance from KLCC
 : 1.0 KM

Parking rate on Sat/Sun and PH
: RM4 per entry

How to get to KLCC from Here
: Head southwest on Jalan Yap Kwan Seng toward Jalan Mayang for 240M. Move slightly to the left for 100M before turning left into Jalan Ampang. Walk for another 140M before turning right. From here, you have the option of finishing the remainder of the journey by taking the underpass from Avenue K or using the pedestrian bridge on Jalan Ampang to cross to KLCC.

** 4. Hampshire Park**

*
Distance from KLCC *
: 1.1 KM

*
Nearest LRT Station *
: Ampang Park

Parking rate from Monday to Friday
: RM3 first hour, RM2 consequent hour.

Parking rate on Sat/Sun and PH
: RM3 per entry

How to get to KLCC from Here
: Walk to Ampang Park Shopping Center. Take the LRT from Ampang Park and alight at KLCC station. Otherwise, you can always take the scenic route via Corus Hotel and head on Avenue K from there onwards.

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

5. G Tower

Distance from KLCC
: 1.2 KM

Nearest LRT Station
: Ampang Park

Parking rate from Monday to Friday
: RM3 first hour, RM3 second hour, RM4 subsequent hour.

Parking rate on Sat/Sun and PH
: RM4 per entry

How to get to KLCC from Here
: Walk to Ampang Park Shopping Center. Take the LRT from Ampang Park and alight at KLCC station.

Read Also :
Headed to KLCC? Park at These Places for Cheaper Fees!

6. KL Trillion

Distance from KLCC
: 1.3 KM

Nearest LRT Station
: Ampang Park

Parking rate from Monday to Friday
: RM3 first hour, RM2 consequent hour. Maximum parking fee is RM10

Parking rate on Sat/Sun and PH
: RM3 first hour, RM2 consequent hour. Maximum parking fee is RM10

How to get to KLCC from Here
: Walk to Intermark Mall. Take the overhead bridge connecting Intermark to Ampang Park Shopping Center. Take the LRT from Ampang Park and alight at KLCC station.

7. Wisma Selangor Dredging

Distance from KLCC
: 800M

Parking rate from Monday to Saturday
: RM4 first hour, RM3 subsequent hour.

Parking rate on Sun and PH
: RM8 per entry

How to get to KLCC from Here
: Head east on Jalan Ampang and walk for another 250M before turning left. Walk for another 170M before turning right. From here, you have the option of finishing the remainder of the journey by taking the underpass from Avenue K or using the pedestrian bridge on Jalan Ampang to cross to KLCC.

8. Binjai 8 KLCC

Distance from KLCC
: 1.2 KM

Parking rate on Monday to Saturday
: RM3 first hour, RM3 subsequent hour.

Parking rate on Sun and PH
: RM6 per entry

How to get to KLCC from Here
: Head north on Lorong Binjal towards Jalan Binjal. Walk for 220M before turning right to Ampang Park LRT Station. Or, you can turn left and take the scenic route. Walk on for another 680M and KLCC will be on your left.

What Are the Things That I Should Note When Parking at These Areas?

Although these locations are managed by professional car park operators, one should always keep these tips in mind for a better and safer parking experience:

Do not leave your valuable belongings in your car. This goes without saying but car park management operators cannot be held responsible in the situation of break-ins.

Avoid parking at areas outside of the parking box as these areas are not monitored by CCTVs and are usually hot-spots for potential criminal activities.

Plan ahead by looking for individuals who are heading to KLCC and carpool with them. Not only will you get to save on fuel, toll and parking ticket prices, you will also have company, and this will deter people from preying on you as a single driver.

Always obtain a receipt from the ticket machine. If you have been charged an exorbitant rate, you will have a piece of evidence that will allow you to lodge a complaint against the parking operator in the situation of discrepancies.

We hope that you have found our recommended parking spots near KLCC useful for your planned activities and gatherings. Although these parking locations are within walking distance to KLCC, as an additional precaution measure, you may want to consider applying for a personal accident insurance policy to safeguard yourself against unexpected events.

Make the process of covering yourself against all of life’s eventualities easier by utilising our
comparison tool
 and compare the best personal accident insurance policies in Malaysia. After all, it’s a small price to pay for an extra peace of mind!

Are there any other parking locations within the vicinity of KLCC that you would like to recommend? Do share with us in the comment section below.

0

0

votes

Article Rating

SHARE

TAGS:

Cheap Parking

KLCC

KLCC Parking

Parking

About THE AUTHOR

Arnie Ruxana

Arnie Ruxana

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Registration Of New EPF Members Increased By 57% In First Quarter Of 2022

(Image: Bernama)

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz revealed that the registration of new Employees Provident Fund (EPF) members has increased by 57% to 146,000 members in the first quarter of 2022.

According to Tengku Datuk Seri Zafrul, the rise in the number of new EPF member registrations was in line with the provident fund’s long-term strategy to expand the social protection coverage of Malaysians. The strategy is also an effort at strengthening the support ecosystem provided by government-linked companies (GLCs).

“Currently, although various social protection initiatives have been introduced and some have received government funding, the average awareness of the importance of social protection and preparing for old age is still too low among a large number of Malaysians,” the finance minister further said, adding that some of those who do realise the importance of such protection may not be able to afford it.

(Image: Utusan Malaysia)

Tengku Datuk Seri Zafrul also cited a study by the National Health and Morbidity Survey, which showed that almost half of Malaysians do not have additional savings to cover their medical expenses. He highlighted that this will pose a challenge to the country, especially as Malaysia is expected to become an ageing nation as early as 2030.

Aside from that, Tengku Datuk Seri Zafrul also shared that the number of voluntary contributors under the EPF’s i-Saraan programme has risen by 77% to 599,000 people in the first quarter of this year. Briefly,
i-Saraan
 is a voluntary contribution scheme that allows EPF members who are self-employed or do not earn a regular income to make voluntary contributions towards their retirement.

(Image: Utusan Malaysia)

“I understand that the EPF will also continue to target the informal and self-employed sectors to ensure that all Malaysians will benefit from retirement savings,” said Tengku Datuk Seri Zafrul, adding that the government is also currently assessing policies to expedite the process of increasing social protection coverage.

The minister further stressed the importance of improving social security as it is crucial in increasing living wages and narrowing the wealth gap. “If this structural issue is not addressed immediately, it will be a risk to the country’s socio-economic stability in the future,” he remarked, adding that the implementation of the
new minimum wage of RM1,500
 – which began from 1 May 2022 – is among the various measures that will help to improve the people’s quality of life.

(Source: Malay Mail [
1
,
2
])

4.5

2

votes

Article Rating

SHARE

TAGS:

Employees Provident Fund

EPF

Finance Minister

i-Saraan

KWSP

Minimum Wage

Tengku Datuk Seri Zafrul Tengku Abdul Aziz

About THE AUTHOR

Nur Adilah Ramli

Nur Adilah Ramli

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


How to Give to the Right Charity (Even if You Don't Have Money)

So you’re earning a nice income and would like to give back to the community? Kudos to you! And as well to our local do-gooders who have placed
Malaysia
 as one of the ten most generous countries in the world.

Helping those around you and making the world a better place is a noble use of your hard-earned money; here’s how you can provide charitable assistance to worthy causes:

Choose a Cause or Charitable Organization

Conduct research on the charitable organizations you intend to give to determine if they are indeed the real deal. Many
scams pretending to be charities
 exist and you wouldn’t want your good intentions (and cash) lost in a swindle. Go online and review the charity of your choice before pledging any funds.

In addition, make a physical visit to the charity organization where possible and meet with potential recipients as well as administrators to better understand how you can help.

Look for official registration and licenses as well as an open book of the accounts. This way you’ll have an idea of where the money is going and a chance to see if a particular charity is in line with your principles.

Do check out
HATI’s
 directory of reputable charity organizations and NGOs.

Decide on How You Will Donate

You can choose to give a one-off sum or sponsor a charity with recurring donations. Official organizations typically accept cash, credit, cheques, and some have even been set up to receive secure online banking payments.

How much you should donate depends on what you can afford, even a little can go a long way. Talk to charity administrators about a suitable amount and decide if you can give that much or more.

Remember to ask for a receipt to be issued for any cash donations you make, this will provide proof of contributions into the charity accounts as well as your own.

Bonus Tip:
 Although you probably aren’t being charitable merely for tax reliefs, donations to organizations approved by the government can be claimed to reduce your tax bill.

Other Ways You Can Help

If you don’t have extra cash but still want to be charitable, you certainly can! Here are few a non-money donations you can make to help those less fortunate:

1. Volunteer Your Time

Money isn’t the only valuable resource you can share; your time is precious too! Spending a couple of hours on the weekends at a senior home or children’s shelter can be a wonderfully fulfilling experience.

2. Donate Your Canned Goods and Other Household Items

If you are uncomfortable giving away money, you may also send food and other household items to homes for children, seniors and those differently abled. Canned and dry foods such as cereal, biscuits and powdered drinks can last longer, although it may not be the most nutritious of foods.

If you’re a good cook, try sponsoring healthy hot meals at the homes; it’s an affordable option for you and quite likely a more satisfying treat for your special diners.

3. Give Your Clothes Away

If your cupboard is overflowing with nice clothing that you can’t or don’t want to use any more, pack it up and send it to a
charity
. Other pre-loved stuff like bags, books, toys and electronic devices can be given to the
Salvation Army
 but they do request for donors to avoid sending items which are “broken, damaged, torn, ripped, stained or in any way faulty”.

Your raggedy outfits and old newspaper can still be put good use at pet shelters like
PAWS
 for kennels and cleaning; nothing has to go to waste.

4. Share Your Special Skills

Assist charitable organizations by putting your professional expertise to work for free. For instance, accountants can help manage books, graphic designers can help design fundraising leaflets and teachers can lend a few hours giving tuition classes for needy kids – there’s really no shortage on the ways in which one can help.

If you still want to give money, but don’t have enough, why not use your skills to raise funds for charitable organizations? Check out our article on
part-time ways to make money
 to start earning more on the side and ‘do good’ with your proceeds.

0

0

votes

Article Rating

SHARE

TAGS:

Charity

Charity Scams

HATI

PAWS

Salvation Army

About THE AUTHOR

Desiree Nair

Desiree Nair

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Google Wallet Officially Launched In Malaysia, Supported By Four Banks

Google Wallet has finally made its way to Malaysian shores, rolling out to users with the support of four selected banks to provide a safer, simpler, and more helpful payment experience. Specifically, the banks that have been tapped for the launch of the long-anticipated digital wallet in Malaysia are CIMB Bank, Hong Leong and Hong Leong Islamic Bank, as well as Public Bank. Meanwhile, HSBC and HSBC Amanah cards will be supported in the coming months.

Customers of these banks will be able to add their credit or debit cards to their Google Wallet once the digital wallet has been activated for them. Here’s the list of specific cards that you can presently add and use with Google Wallet:

Banks
Cards enabled for Google Wallet
CIMB Bank
Mastercard credit cards (coming soon for CIMB Islamic Bank)
Hong Leong & Hong Leong Islamic Bank (HLB & HLISB)
Visa & Mastercard credit and debit cards
Public Bank
Visa credit and debit cards

In its statement, Google also clarified that the supported credit cards will automatically appear in your Google Wallet if you have already saved them to your Google account prior to this. Following that, you’ll only need to set them up for contactless payments by following the prompts that you see on your screen.

Meanwhile, those who would like to add a new card to Google Wallet can simply do so by tapping on “Add a card” in the carousel on the screen once you fire up the digital wallet. You’ll then be prompted to key in and verify your card information, after which the card will be accepted and listed for use in Google Wallet.

And with that, you’re ready to use Google Wallet to make contactless payments via both Android and Wear OS devices at any stores that support the digital wallet, as well as for payments on apps and on the web! Some notable brands that are already accepting Google Wallet include Airbnb, Al-Ikhsan Sports, Applecrumby, Eat Cake Today, and Shopee. You can also use your cards on Google Wallet to tap and pay for transactions overseas, as long as the saved cards are enabled for international transactions.

Google also reassured that privacy and security is a priority for Google Wallet; it uses something called tokenisation to keep your credit and debit card details safe. Essentially, this means that when you perform a transaction using Google Wallet, your transaction will be made using an alternate virtual card number (called a token) – serving as a layer of protection for your card details. These tokens are also device specific, and they adopt a dynamic security code that changes with every transaction that you make.

On top of the tokenisation feature, banks will also need to verify you as a cardholder before you can add a card to your phone, and you can further up the level of protection to your card details by setting a screen lock. Another layer of security that you can also employ include the “Find My Device” function, which lets you lock your device, set a new password, or clear your personal and card details on your phone remotely.

As you can expect, some banks may celebrate this occasion with launch campaigns. CIMB, for instance, is already running a cashback campaign – between today until 28 February 2023 – allowing eligible cardholders to earn RM10 cashback when they spend a minimum of RM100 per transaction using their CIMB Mastercard credit cards via Google Wallet. You may also want to keep an eye out for similar campaigns from the other banks.

Google first
announced its Google Wallet back in May 2022
, stating that it is more than just a payment app. It will also allow you to store things like your loyalty cards, digital IDs and keys, as well as travel passes. Indeed, Malaysia’s version of Google Wallet does also allow you to save your boarding passes for flights, specifically those purchased for airasia and Malaysia Airlines flights.

If you’d like to give Google Wallet a try, you can download Google Wallet for free from the
Google Play Store here
.

5

1

vote

Article Rating

SHARE

TAGS:

CIMB

Digital Wallet

Google

Google Wallet

Hong Leong Bank

Hong Leong Islamic Bank

HSBC

HSBC Amanah

Public Bank

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Huawei Launches Flagship Mate Xs 2 Foldable Smartphone In Malaysia

Huawei has officially announced the pricing and availability of the new Mate Xs 2 foldable smartphone in Malaysia, just one day after the global unveiling of the futuristic device.

The ultra-premium foldable smartphone from the Chinese smartphone maker now features various improvements from its predecessor. It is both slimmer and lighter, and more importantly sports a lower price than the Mate Xs.

The outstanding part of the Mate Xs 2 is of course the foldable display. Huawei touts it as more durable and “more flat” compared to other foldables, with no visible creases when unfolded. The screen itself is a 6.5-inch OLED panel that unfolds to a generous 7.8-inch display with a 120Hz refresh rate panel. The new “Falcon Wing Design” folding mechanism is an upgraded version, allowing the entire device to be slimmer, more minimalistic in design, and more durable.

Weighing just 255g, the Huawei Mate Xs 2 does not compromise on hardware, with flagship-level specs across the board. It’s powered by a Qualcom Snapdragon 888 chipset, a triple camera system consisting of 50MP primary + 13 MP ultra-wide angle + 8MP telephoto sensors, and a 4,600mAh battery that’s capable of 66W fast charging. For the Malaysian market, the Mate Xs 2 will come with 8GB of RAM and 512GB storage.

The Huawei Mate Xs 2 will be available for pre-orders in Malaysia from 3 June until 23 June, at a retail price of RM7,999. Interestingly, Huawei is bundling a pretty solid list of pre-order freebies, including a Huawei Watch GT 2 Pro and exclusive HMS Rewards pack with a combined value of up to RM1,400. As usual, pre-orders can be done at the Huawei Malaysia eStore as well as offline and online retail partners including Harvey Norman, Senheng, SenQ, Lazada, and Shopee.

In addition to the Mate Xs 2, Huawei also launched several other products, including four wearables: the Watch GT 3 Pro, Band 7, Watch FIT2, and the Watch Kids 4 Pro, as well as two smartphones: the Nova Y70 and P50. It also revised the retail price of the P50 Pro to RM3,699 (from RM4,199).

5

1

vote

Article Rating

SHARE

TAGS:

Huawei

Huawei Malaysia

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Public Bank Launches PB Journey App To Encourage Financial Planning For Children

Public Bank has launched a new mobile app, the PB Journey App, aimed at helping parents to educate their children on financial planning. The app is part of the PB Journey Programmes initiative and is meant to assist parents in inculcating the savings habit in their children.

The PB Journey app for parents and children consists of two modules, the Pocket Money module and the Goal Setting module. The features are aimed at creating interactive learning between parents and children on the value of money and achieving savings goals, as well as providing opportunities for more interaction between parents and children during movement control order periods.

Under the Pocket Money module, children will be rewarded with pocket money as soon as they complete a particular task, whereas the Goal Setting module allows children to save their pocket money and earn interest.

Parents can help their children set savings goals, allowing them to save gradually during the goal tenure selected to achieve their targeted goal amount. The goal’s interest rate is calculated daily and credited monthly at attractive savings interest rates. There are also educational videos made available on the app.

To register for the PB Journey App, you will need to have a WISE Savings Account for your children and sign up for mobile banking under PB Engage. The PB Journey App is available for download on the App Store, Google Play Store, and Huawei App Gallery. Public Bank is also running a special
launch campaign
 for the PB Journey App from now until 31 October 2021.

0

0

votes

Article Rating

SHARE

TAGS:

Children

Financial Literacy

Financial Planning

PB Journey

PB Journey App

Pocket Money

Public Bank

Savings

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Over 77,000 Traders Registered With SST

(Image: The Malaysian Reserve)

With the implementation of the Sales and Service Tax coming on 1 September, some businesses have taken the early steps to adopt the new tax system. Customs director-general Datuk Seri T. Subromaniam said a total of 77,451 traders have registered for SST via automatic transfer from the GST (Goods and Service Tax) system.

The announcement was made during a press conference after a briefing of SST at Wisma Kastam, Sarawak. Datuk Seri T.Subromaniam states the following breakdown of the traders registered for the SST:

Sales and Service Tax

Number of traders

Sales Tax

32,577

Service Tax

44,874

Total

77,451

According to the Customs director-general, the early registration will lead to a drop in compliance cost (expenses of time or money for businesses to conform to government requirement) as only manufacturers of certain goods and providers of services are required to register themselves under the SST system.

Datuk Seri T.Subromaniam added the Customs Department will upload a 31-point SST guideline on their website for references. Meanwhile, eligible businesses can register immediately via the Customs Department’s
website
 or the Custom call centre at 1300 888 500.

(Source:
The Star
)

0

0

votes

Article Rating

SHARE

TAGS:

SST

Tax

About THE AUTHOR

Brian Chung

Brian Chung

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Hipster Trends That Actually Help You Save Money

The hipster subculture isn’t exactly new, but it’s more than just beards, vintage-style sunglasses, and skinny jeans. The nonconformist subculture came into being in the 1940s as part of the resistance to the extravagant social norms the was upheld by the higher classes at the time, which then gave birth to a lifestyle that defies The Man (a.k.a capitalism).

While the modern hipster trend is now more focussed on fashion and individual image, it still retains some of its earlier values that are centralised on a simple and sustainable way of life – which translate to a cheaper lifestyle.

Let’s take a look at some of the current hipster trends that actually help you save money – expensive artisan cafes aside.

Go Car-Less

Cars are expensive, and they largely contribute to the environmental pollution – which is a big no-no in any hipster’s book. Instead, they prefer the more environmentally-friendly form of transportation – whether it’s walking, ride-sharing options, and of course, the bicycle.

You can spot a hipster a mile away with their quintessential fixed-gear bikes (better known as fixies). But it’s more than just a fashion statement, it’s their way of showing their support towards maintaining the ecosystem. It’s cleaner, healthier, and save you a tonne of money from having to pay for a car and all things car-related.

Minimalist Lifestyle

Hipsters are big believers of simple living and generally don’t see eye to eye with the concept of materialism. They put more value in experience over material things.

It’s a minimalistic approach to life in the sense that you avoid spending money on expensive designer brand clothes, accessories, big cars, expensive vacations, even big houses. In short, they don’t believe in the materialistic concept that was perpetuated by the elder generations – which they regard as a practice of overvaluing possessions and status in life.

It’s a brilliant practice when it comes to saving money, really. Think of all the money you can save!

Reduce, Reuse, Recycle

Living a minimalist lifestyle extends to helping the environment, which means they diligently recycle and up-cycle everything they own and purchase. In fact, if the item proves hard to be recycled, they probably wouldn’t buy it in the first place.

This isn’t just a trend, it’s a movement to protect the environment. We can take a leaf out of their book and help reduce the waste in the landfills – which also helps keep your wallet happy.

Support Local Produce And Products

Not only supporting local goods help improve our local economy, it’s also healthier and helps reduce the impact made on the environment from mass production. Besides, it also helps create more work opportunities and boost the overall livelihood of your local community.

Sure, some local goods tend to be on the pricey side – especially the organic foods. But most of the other locally sourced and produced goods such as vegetable produce, handmade clothes, accessories, as well as home furnishings can be bought at a cheaper price than the commercial ones.

Buy Used Items

Or reuse whatever things you can find from your parent’s or grandparent’s wardrobe and attic. Retro is hip, right? Jokes aside, there are some real gems hidden in flea markets, second-hand stores, and
especially
 garage sales.

If you do it right, you can furnish your entire home on a tiny budget by shopping second-hand items.

Read also:

How To Force Yourself To Save Money Even When You Don’t Feel Like It

Grow Your Own Food

Because store-bought herbs are expensive, and frankly it’s better for the environment. If you feel like you’re sensing a theme here, you are absolutely right. Hipsters are some of the biggest environmentalists you’ll ever meet, and whatever works for them, works for our savings too.

Just look up the how-tos on the internet and start growing your own mini-garden in your home. It helps with your budget
and
 your home’s decor.

Choose The Road Less Travelled

Being experts at living a simple and less expensive life, hipsters also tend to go to places that are inexpensive – be it for a hangout or a place to travel to. Plenty of now-popular restaurants, cafes, and even travel spots are only made famous after the hipsters circulate their findings, which somehow spread to our entire population like wildfire.

Of course, after they’ve reached the limelight, these places often charge more that they did, but that’s going off topic. It’s the practice of looking for cheap places to travel to that you should emulate. Besides, exploring the places less traveled will give you a better insight on the cultural authenticity as well as providing you with rich experiences – at a cheaper cost.

These are just some of the many money saving habits you can learn from these trendsetters. Embracing some of them may help you towards growing a bigger savings fund, and even pay down your debts faster! Did you like this article? Head on to our blog by clicking
here
 to learn more money-saving tips and tricks!

0

0

votes

Article Rating

SHARE

TAGS:

Hipster

Minimalist

About THE AUTHOR

Syaza Abd Jani

Syaza Abd Jani

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


20% Off KidZania with CIMB Cards

Parents looking for a weekend getaway with their kids should look into KidZania Kuala Lumpur, where the young ones get to explore the fun side of real life adult professions.

From now till 30 April 2013 CIMB credit and debit cardholders are entitled to 20% off tickets for adults and children including a complimentary KidZania welcome pack.

Just some
Terms & Conditions
 before packing up the family car:

The 20% discount only applies to payments made with a CIMB credit or debit card at KidZania Kuala Lumpur Airport check-in.

KidZania welcome packs are limited to each valid transaction made with a CIMB credit and debit card.

This promotion is not in effect during public holidays and school holidays. Online purchases and other privileges are also exempted from this offer.

Tickets may be purchased ahead of time and redeemed on a future date as long as it does not exceed the promotion period.

0

0

votes

Article Rating

SHARE

About THE AUTHOR

Brendon Lee

Brendon Lee

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Apple iPhone 12 Pro, iPad Pro, Samsung S21 Ultra & More Great Prizes Are Up For Grabs This Week

We’ve reached the third week of RinggitPlus’ Unbox This Week Campaign in April, and the prizes keep getting bigger!

Unbox This Week is a weekly campaign where we highlight special flash deals offered by our featured banks. Simply apply for credit cards offered by these banks via RinggitPlus and you’ll be in the running for these great prizes.

This week (19 April – 26 April) the featured banks are
Citibank, Standard Chartered, and HSBC
  —
if you’ve considered applying for a credit card with any of these banks, make the most out of your application and check out the rewards they’re offering below.

Citibank: Apple iPhone 12 Pro

Updated as of 22 April 2021

An apple a day keeps the doctor away — well, what about the effect of an Apple iPhone 12 Pro? Apply, get approved, and spend with selected Citibank credit cards and you could be one of ten winners of a brand new Apple iPhone 12 Pro.

And that’s not all! As of 22 April 2021, the gift pool just got bigger with another 10 units of Apple iPad Pro up for grabs. These gifts will be awarded to the subsequent 10 randomly selected successful applicants.

For applicants who don’t win an Apple iPhone 12 Pro, you’ll still receive an exciting bundle gift of Redmi Airdots Earbuds and Haylou LS02 Smartwatch.

That’s three tiers of gifts just for Citibank: 10 randomly selected successful applicants get an Apple iPhone 12 Pro, subsequent 10 randomly selected successful applicants get an iPad Pro, and all other successful applicants go home with a bundle gift of Redmi Airdots Earbuds and Haylou LS02 Smartwatch. Even if you’ve already applied since Monday (19 April) you’ll still be in the running to win any of the above prizes.

This week’s flash deal ends on 26 April so be sure to apply before then. Upon gaining approval, activate and spend a minimum of eight retail transactions on your new card to be eligible for the prize. 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 cardmembers 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.

Standard Chartered: JBL Tune Earbuds

Score a pair of JBL Tune Earbuds worth RM599 when you apply and get approved for selected Standard Chartered credit cards.

While this gift is guaranteed for ALL approved applicants, you’ll still need to activate your card within 30 days upon approval, in order to be eligible for this prize.

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

HSBC: Samsung S21 Ultra

Concluding our trio of featured banks this week is HSBC Bank by gifting a sleek, new Samsung S21 Ultra smartphone to ten randomly selected successful applicants.

Other successful applicants are not left behind as you’ll still go home with a dust-busting Pensonic PVC-1000H Vacuum Cleaner.

Apply for selected HSBC credit cards through RinggitPlus, activate the card, and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval to take home your gift.

Just remember 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 three months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your
HSBC credit card here
.

***

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

While this week’s flash deal ends on 26 April (1pm), you can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

0

0

votes

Article Rating

SHARE

TAGS:

Apple

Apple iPhone 12 Pro

Citibank

HSBC

JBL Tune Earbuds

RinggitPlus Unbox This Week Campaign

S21 Ultra

Samsung

Standard Chartered Bank

About THE AUTHOR

Sasha Belani

Sasha Belani

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Exploring the Top Performing ETFs on Bursa Malaysia

As investors grow savvier, more Malaysians are open to trying out new investment vehicles to grow their portfolios. “Traditional” and popular forms of investment opportunities such as properties and unit trusts are making way for new products that aim to offer flexibility, control, and exposure.

While not a new form of investment, Exchange-Traded Funds or ETFs have been
growing in popularity thanks to its growing reputation among investors for being conveniently tradable and having relatively lower management fees compared to mutual funds.
 ETFs have been around since 2005 in Bursa Malaysia, but many investors may not be aware as there are currently 19 ETFs listed in Bursa Malaysia. The ETFs provide easy access for investors into various asset classes that include domestic and foreign equities as well as gold.

What exactly are Exchange Traded Funds (ETFs)?

For those who are not familiar with ETFs, they are almost similar to mutual funds – only that they’re listed on exchanges such as Bursa Malaysia, and are traded like regular stocks.

While many ETFs track the performances of major indices like FBMKLCI30 or S&P 500, numerous others have an
 investment focus
 that provides exposure to a particular industry such as stocks in technology or healthcare companies, or specific asset class such as gold, Real Estate Investment Trusts (REITs) and so on.

For example, the
FTSE Bursa Malaysia KLCI ETF
, one of the first equities-based ETFs in Malaysia, comprises of the 30 largest Malaysian companies by market capitalisation which are constituents of
FTSE Bursa Malaysia Kuala Lumpur Composite Index (KLCI)
that include well-known companies such as Maybank Bhd, Public Bank Bhd, Tenaga, Top Glove, Maxis Bhd, Telekom Malaysia, and more.

By buying these ETF units, you will be investing in a basket of stocks from these 30 companies, rather than buying only some of the KLCI companies. Because of this
diversification
, ETFs are popular among casual and seasoned investors alike because they both reduce risk (spreading your investment across several stocks) and increase exposure to various industries from banking, telecommunication to real estate.

Besides that, ETFs also allow traders to tap into international markets while trading within Bursa Malaysia. For instance, the MyETF Dow Jones U.S. Titans 50 which is a Shariah-compliant ETF, is made up of the 50 largest companies (including Apple Inc) listed on the New York Stock Exchange (NYSE). By investing in MyETF Dow Jones U.S. Titans 50, you are essentially an indirect shareholder of Apple Inc – as well as 49 of the other top companies listed on the NYSE.

Since they are traded in stock markets, high-performing ETFs can appreciate in price on top of providing investors with dividends, making them an attractive long-term investment option. In Malaysia, three ETFs that stood out due to their outstanding performance in the last 12 months are:

1. TradePlus Shariah Gold Tracker

Investment focus: Physical gold

1-year total return: 28.65%*

As Malaysia’s first and only Shariah-compliant gold ETF, the TradePlus Shariah Gold Tracker empowers investors to invest in gold without the hassle of buying, storing, and selling gold bars. Unlike other investments that provide exposure into gold mining or gold-related companies, this ETF invests in gold bars. Interestingly, investors can also redeem this ETF’s units as physical gold as long as they meet the minimum requirements.

2. TradePlus S&P New China Tracker

Investment focus: Equities focusing on China’s New Economy

1-year total return: 23.88%*

The TradePlus S&P New China Tracker offers the flexibility to trade in USD or MYR and holds the distinction of being Malaysia’s only dual-currency ETF listed on Bursa. This ETF focuses on customer-centric companies of China’s New Economy – rather than manufacturing companies or banking corporations – and gives traders exposure to globally-recognised companies like Alibaba, Tencent, JD.Com, and Pinduoduo that have remained strong despite the economic effects of Covid-19.

3. MyETF MSCI Malaysia Islamic Dividend

Investment focus: Shariah-compliant Malaysia-listed stocks

1-year total return: 16.71%*

The MyETF MSCI Malaysia Islamic Dividend is backed by the performance of selected Shariah-compliant stocks listed on Bursa Malaysia that provide attractive dividend yield. The selection of companies for this ETF has passed MSCI’s (benchmark index) strict screening and are deemed able to continue generating above-average dividends.

*Source: Bloomberg as of 30 June 2020

In addition to the above, Bursa Malaysia also had on 15 July 2020, the listing of two NEW ETFs, namely:

1. TradePlus DWA Malaysia Momentum Tracker

Investment focus: Malaysian Equities

The TradePlus DWA Malaysia Momentum Tracker provides investors the opportunity to gain exposure to 20 stocks on Bursa Malaysia with the strongest price momentum that includes. companies in glove manufacturing (e.g. Top Glove, Hartalega), technology (e.g. Pentamaster, Globetronics), financial (e.g. Bursa Malaysia, Syarikat Takaful), and plantation (IOI Corporation, Kuala Lumpur Kepong Berhad). . The objective behind this strategy is to ride on the “upward strength” of these stock prices, with the view that the momentum will continue in the short to medium term.

2. TradePlus MSCI Asia ex Japan REITs Tracker

Investment focus: REITs listed in Asia ex-Japan

This ETF provides investors with the opportunity to invest in Real Estate Investment Trusts (REITs) listed across Asia (except Japan). REITs are known for their stable and consistent dividend yields, which makes it more appealing to low-risk investors. The TradePlus MSCI Asia ex-Japan REITs Tracker is listed on Bursa’s Main Market and trades in Malaysian Ringgit (MYR), giving Malaysians a chance to invest in the regional property managers while removing the hassle of trading in foreign markets and dealing with different currencies.

Find All The Information You Need At Bursa Marketplace

However, like all investments, investors should always do their due diligence and research before investing in ETFs. Similar to all listed instruments on the local bourse, ETFs are subject to stock market fluctuations, and therefore returns could vary. In addition, depending on their investment focus, different ETFs may carry different levels of investment risk.

That is why, in addition to providing ETFs for investors, Bursa Malaysia also has its own learning platform called Bursa Marketplace. Here, beginners and even intermediate investors will be able to learn more about investing in ETFs. Bursa Marketplace has a library of research done by licensed investment research companies as well as recommendations on whether to buy, hold, or sell your ETF units. You can get the most up-to-date and precise data if you’re looking to study current trends of ETF investments.

Now that you know what ETFs are and how they work, head over to
Bursa Marketplace
 to discover the many types of ETFs available on the exchange.

4.3

22

votes

Article Rating

SHARE

TAGS:

2 New ETFs

Bursa Malaysia

ETF

Investment

Stock Trading

Top 3 Performing ETFs

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    Natasha Haneem Abdul Samat

    2 years ago

Gold ETF memang tak bayar dividen ke? memang untuk physical gold saja?

0

Reply


Everything You Should Know About Smartphone Plans

What are the benefits of a smartphone plan?

Unless you plan on using the phone just to play games, surf the Internet on your home Wi-Fi and not make any calls, you’ll eventually need a data & call plan with a telco anyway. Depending on which telco and package you sign up with, the smartphone plans come included with either a 12-month or 24-month contract.

The prices of the phones are subsidised by the telco, so getting a smartphone plan could save you money in the long run, compared to buying the phone from the retailer (at retail price) and then subscribing to a comparable mobile plan later.

Take for instance, an iPhone with a retail price of RM 3,199.00,

Phone Purchased on Retail Price = RM 3,199.00

Mobile Internet Plan = RM 128 x 24 months = RM 3,072.00

Total Spent after 24 months = *
RM 6,271.00***

Purchased via Smartphone Plan:

Subsidised Phone Price from Telco = RM1,990

Mobile Internet Plan = RM128 x 24 months = RM 3,072.00

Total spent after 24 months = *
RM 5,062.00***

Total Saved = RM 1,209.00

Do note that some telcos will require you to pay a deposit or upfront payment of monthly charges, which will then be reimbursed to you over a period of time. Therefore, the amount of money you should be prepared to pay upfront upon registration is equal to the
subsidised price of the phone + the deposit or upfront payment
.

What happens if I terminate the contract before the end of the contract period?

If you terminate the contract before the end of the contract period, you will need to pay a cancellation fee. The exact amount depends on which telco, plan and the number of months remaining in your contract period.

What happens when I have used up all my quota or allocation for calls and data?

For most telcos, once you have used up the quota for data, there will not be any charges for additional but the connection speed will be
“throttled”
 or slowed down intentionally to be fair to other paying customers using the service as outlined in their Fair Usage Policy.

Therefore, while you may not be able to enjoy crispy clear YouTube videos that used to load in seconds, you should still be able to send and receive simple text messages on apps such as WhatsApp and WeChat.

The good news is, you can opt to “top up” with additional data blocks, but these are usually more expensive per GB compared to your monthly plan charges. For calls, SMS and MMS, telcos may charge additional fees based on either 30-second or 1-minute blocks. We recommend you to check with the respective telcos for more details.

If I do not use up my allocations, can it be carried forward to the next month?

While some telcos give you the leniency of carrying forward unused allocations (Minutes, SMS and data) every month, usually there’s a limit on the amount allowed to be carried forward.

Let’s say your billing cycle ends on the 20th of every month, therefore your allocations will be reset on 12:00 am of the 21st and you will begin with the new month’s allocations plus any balance from the previous cycle. Normally, if you have used up a certain percentage of your allocations, your telco may send you an SMS to notify you of your remaining allocations.

Here’s a tip for you to maximise and monitor your usage: “My Data Manager”, a free mobile app for
iPhones
 and
Android phones
, helps you to track not only your personal mobile data usage, but also your family members’ data usage if you are subscribed to a data-sharing plan.

Who can sign up for these plans?

There are no minimum income requirements for smartphone plans. Whether it is a new registration or you’re an existing prepaid or postpaid subscriber, basically anyone can sign up as long as the smartphone plan fits your requirements and budget, and that you provide the relevant documents upon signing up.
If you’re a cat and you’re reading this, kindly speak to your master
.

That being said, for any smartphone plans that offer you instalment or Easy Payment Plans, they may run a check on your previous payment records if you are an existing customer.

I’m currently subscribed to another telco. Can I switch over to another telco and keep my phone number?

Forget about sending a million text messages to your friends just to tell them you’ve changed your number! Mobile Number Portability (MNP) is supported by all telcos in Malaysia, so you can now switch or “port” to another telco within Malaysia while keeping your existing mobile number. This means you can take advantage of the benefits or deals offered by another telco.

There are a few things to take note before you decide to switch to a new telco, though:

You’ll need to clear all outstanding payments, overdue bills or contracts with your existing telco;

If you’re a prepaid user, all existing credit will expire when you have successfully switched to the new telco, so you’d better use up all that credit;

You may experience issues on international roaming if you were travelling overseas during the switching process, so we would advise you to stay in Malaysia until the switch is completed;

All supplementary lines and accounts must be switched along with the principal account; and,

Your existing account is still active.

To switch to a new telco, go to the new telco’s service centre or authorised dealer to request for number porting, fill in a service registration form, pay a processing fee and you will be issued with a new SIM card. Upon approval, the new telco will inform you that you have successfully switched when the new SIM card is activated.

For more information on porting,
visit the FAQ Page
 on the Malaysian Communications and Multimedia Commission website.

What is the difference between 4G LTE and 3G?

“4G” means the
fourth generation or data technology for cellular networks
, after 3G. “LTE” means “Long Term Evolution” but all you really need to know is, it’s insanely fast!

Gone are the days of waiting forever just to load and watch a 1-minute YouTube video. Super-sharp HD (High Definition) videos now load almost instantly, so you can start enjoying online videos immediately. If that’s what 4G can do for video, imagine what it can do for your casual browsing experience!

Of course, the actual speed of your data connection may vary depending on your surroundings. If you’re surrounded by thick walls or you’re in an underground basement, then the quality of the connection won’t be as good as you’d expect. The speeds mentioned by your telco is usually on a best-case or “best-effort” scenario only.

What about the bills?

When you’re subscribed to a postpaid plan, your telco will send you a bill at the end of every monthly cycle, depending on the date you signed up on. You have the option to either pay at the telco’s service centres, authorised dealers, online banking or register your bills with your credit card to earn cashback.

Check out our list of
Best Cashback Credit Cards in Malaysia
 and find out how you can save on your mobile phone bills via cash rebates. If Cashback is not your thing, there are cards that give extra rewards points on your phone bills. Give our
Best Rewards Credit Cards in Malaysia
 list a try.

The plans’ included free voice calls / SMS / MMS are applicable to what type of usages?

The number of minutes (for calls), SMS and MMS along with the pre-allocated mobile internet quota included in the smartphone plans are only applicable for domestic use only. Call and data charges for other countries outside of Malaysia will vary from telco to telco, and you’ll need to check with your telco whether or not you need to submit a request for International Roaming.

5

1

vote

Article Rating

SHARE

TAGS:

MNP

Mobile Number Portability

Smartphone Plan

Telco Contract

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


TNG eWallet Introduces GOremit, Enables Users To Send Money To 10 Countries

TNG Digital has officially rolled out its GOremit feature, a digital remittance service housed within the Touch ‘n Go (TNG) eWallet that lets you send money to a total of 10 countries in the Asian region. However, it is only available to Pro and Premium TNG eWallet users, namely those who have completed their account verification via the electronic Know Your Customer (eKYC) process.

According to TNG eWallet’s FAQ for the service, users are currently able to send money directly to recipients in the following countries – with more to come in the future:

Indonesia

The Philippines

Singapore

Thailand

Vietnam

Bangladesh

India

Nepal

Pakistan

Sri Lanka

Depending on the country that the recipient is in, you’ll have the option to send money directly to their bank accounts or local e-wallets, or even have it transferred to a cash pick-up point to be collected. Notably, some local e-wallets in these countries that have collaborated with TNG eWallet to accept funds transferred via GOremit include bKash (Bangladesh), as well as GCash and PayMaya (the Philippines).

Of course, the method of transfer selected will also impact the time required to complete the transaction (for the recipient to obtain or collect the remitted money); the process may take as little as 15 minutes or as long as 24 hours:

Transfer method
Estimated time
Bank transfers
Funds to be credited into recipient’s bank account within 24 hours
E-wallet transfers
Funds to be credited into recipient’s e-wallet within 15 minutes
Cash pick-up
Funds available to be collected by recipient in 15 minutes

TNG eWallet stressed that its GOremit service offers competitive exchange rates. However, there will be a transfer fee charged to use the feature, which ranges between RM8 to RM15. The rate depends on the country that you are transferring the money to (transfer fee), as well as the transfer method that you opt for. As an example, remitting money to a recipient’s e-wallet in Bangladesh will cost you RM8, whereas to his or her bank account will set you back by RM10. Similarly, sending money to a bank account in India will also cost you RM10. Meanwhile, sending money to someone in Nepal will incur a fee of either RM10 (bank account) or RM15 (cash pick-up).

Once you’ve approved your transactions, push notifications will be sent to you to allow you to track the progress of your transfer. You can also obtain a transaction receipt to send to your recipient.

Some other things that you may also want to take note of include the transfer limits, including transaction, daily, monthly, and annual limits. These will differ depending on whether you have upgraded your TNG eWallet to the Pro or Premium tier, as seen below:

TNG eWallet (Pro)
TNG eWallet (Premium)
Transaction limit
RM5,000
RM9,999.99
Daily limit
RM5,000
RM25,000.00
Monthly limit
RM5,000
RM25,000.00
Annual limit
RM60,000
RM300,000.00

To access the GOremit feature in your TNG eWallet, simply tap on the “More” tile on your eWallet homepage; you’ll find the feature under the Financial Services section.

Chief executive officer of TNG Digital, Alan Ni said that the launch of the GOremit feature is aimed at providing better convenience and financial inclusivity for its diverse base of users. “We are providing an inclusive solution with competitive exchange rates that meet the needs of millions of foreign workers that are here in Malaysia. Users who have the need to transfer money conveniently to their children studying abroad or transfer on behalf of their domestic helpers can do so via GOremit,” he said.

(Sources:
TNG eWallet
,
FintechNews Malaysia
)

5

1

vote

Article Rating

SHARE

TAGS:

Alan Ni

GCash

International remittance

PayMaya

Remittance Services

TNG Digital

TNG Digital Sdn Bhd

TNG eWallet GOremit

Touch 'n Go

Touch 'n Go eWallet

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


HSBC To Close 13 Bank Branches In Malaysia, Expand Digital Banking

(Image: Finance Brokerage)

HSBC Bank Group will be closing down 13 of its bank branches in Malaysia by the end of the year, in line with its plans to expand its digital banking presence and reduce its branch footprint.

“HSBC is now focusing in investing to transform for the future of banking via digital enablement and as part of this transformation, 13 of our bank branches will be closed on Dec 31, 2021,” said HSBC Bank Malaysia in an email to Bernama.

“Customers can continue to conduct their banking transactions via the nearest branch, ATMs, telephone banking, or our Digital Banking platforms such as HSBC Malaysia Mobile Banking App or HSBC Online Banking,” the bank stated.

(Image: Bernama)

HSBC reiterated that it remained committed to its business in Malaysia, highlighting HSBC Malaysia’s US$250 million investment in its new Malaysian headquarters in the TRX financial hub as a reflection of this commitment.

The group had also committed an investment of US$40 million between 2021 and 2023 to equip its branches with new technology and digital capabilities, in addition to the US$18 million that was invested from 2018 to 2020 to develop innovative branch formats and new ways of serving customers.

According to HSBC, the commitment involves creating more than 200 new roles to adapt to the evolving banking landscape and redeploying its people into these new roles via upskilling of local talent. “We have a long history of over 130 years in the country and plan to continue serving our customers and investing in our people, network, and businesses,” it concluded.

Earlier this month, the
National Union of Bank of Employees (NUBE)
 had protested against the planned implementation of a voluntary separation scheme and mutual separation scheme by HSBC Malaysia. The schemes were announced as part of HSBC’s branch restructuring and closure plans.

(Source:
Malay Mail
)

5

1

vote

Article Rating

SHARE

TAGS:

Bank Branch Closure

Bank Branches

Digital Banking

HSBC

HSBC Bank

HSBC Malaysia

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Standard Chartered Launches Smart Credit Card, Malaysia’s First Carbon-Neutral Card

Standard Chartered has launched the new Standard Chartered Smart Credit Card, a cashback credit card designed for digital lifestyle expenditure. It is also Malaysia’s first carbon-neutral card, thanks to offset emissions in the production process.

The Smart credit card by Standard Chartered offers 6% cashback for the following seven digital lifestyle merchants:

Astro

iQIYI

Joox

Netflix

Playstation Network

Spotify

Steam

However, there is a minimum spend requirement of RM1,000 per month on any retail transactions, and total cashback is capped at RM20 per month – giving it an effective cashback rate of 2%, which is around the ballpark of SC’s two other cashback cards, the JustOne Platinum and the Liverpool FC Cash Back Card.

As part of the new card launch, new cardholders will enjoy quite a fair amount of perks. For instance, in addition to the 6% cashback above, cardholders can also earn up to 30% cashback in online-centric expenditure for the first six months, covering the following merchants:

Shopping
: Lazada, Shopee, Zalora; capped at RM15/month

e-Wallets
: Boost, GrabPay, Touch ‘n Go eWallet; capped at RM15/month

Travel
: Agoda, Klook, Roamingman; capped at RM50/month

This special 30% cashback campaign will be available for all new Smart credit cardholders who successfully apply for the card before 30 April 2021. From there, cardholders will enjoy the special 30% cashback for six calendar months, which means a theoretical total of RM480 in special cashback. Cashback is also given in limited quantities on a first-come, first served basis each month -do check the
campaign’s T&Cs
 for more info.

In addition, new cardholders will also get two extra perks: zero cash advance fees as well as a Cheque-On-Call Plus at 0% for up to RM15,000 for a 12-month tenure with RM100 cashback. Finally, cardholders also get access to the same benefits that all SCB credit cardholders enjoy, such as up to 30% dining cashback at participating restaurants, up to 20% off on online shopping platforms, and special perks for topping up GrabPay e-wallet or using GrabFood.

As a card with digital-centric benefits, it’s expected that the Standard Chartered Smart Credit Card has entry-level requirements. With a minimum annual income requirement of RM36,000 (RM3,000 per month) and first-year annual fee waiver, the RM120 annual fee is also waived with an annual spend of RM12,000.

The Standard Chartered Smart credit card is now open for applications, and can be applied via RinggitPlus.

5

1

vote

Article Rating

SHARE

TAGS:

Standard Chartered

Standard Chartered Bank

Standard Chartered Smart

Standard Chartered Smart Credit Card

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


4 Ways Advertisers Get You to Spend (and How to Beat Them!)

They’re so good that you won’t know that they’re working their pitches until you’ve purchased more than you intended. That is the power of advertising and is by far the most effective medium in persuading people to buy and creating
brand awareness
.

Advertising started off in the early 19th century, plotting creative ideas to lure audiences to purchase products and services. To this day, some tricks still work.

Here are a few of the most common – how they get you to spend money and what you can do to counter it!

1. Repetition and Penetration

Simple yet effective, advertisers use this tactic by drilling advertising messages deep into your conscious and subconscious mind to lure you to make a purchase. It is yet the pioneer of all advertising methods and is found to still work.

Ever heard a jingle on TV that you have paid no notice to before, but after a few days you start humming it in your head? If yes, your mind has been successfully infiltrated with the advertising message that was meant to be pitched across.

Now imagine that the repetition involves an ad telling you how delicious a meal is or how wonderfully effective a product is. Whether or not you believe it – the message sticks in your mind the next time you are hungry or out shopping.

2. Glittering Generalities

“Glittering generalities” in advertising language is a tactic that plays on the target audience’s insecurities and fears. This tactic is about tapping into your emotions and then convincing you that the answer to your manufactured problem is the product or service being sold.

Ever heard an advertisement targeting your body weight, or bald spot? You’ve probably seen many and the tactic is as old as time. If I can make you afraid of something (in this case, being a social outcast), I can sell you the antidote.

The recent furore over getting bikini body ready in the US and UK are prime examples of advertisers playing up insecurities. But lately,
consumers are buying this trick less and less
. Closer to home,
Nivea Singapore saw backlash over their ad ‘demonising’ the darkened armpit
.

Consumers are getting savvier and social psychology is changing but for the most part, many people still fall into this trap.

3. The Power of Social Media

Not long ago, we talked about how
social media affects your spending
. But beyond peer recommendations, companies are now using social media in full force to monetise the eyeballs that peruse these sites daily.

You’ve seen those annoying pop-up ads and you’ve probably also seen more targeted advertising appearing on your social news feed. Advertisers are now using online tools to track your searches and interests to further entice you to buy, buy, buy.

4. Factual Guarantees and Assurances

These type of advertisements are simple, they bombard you with practical and scientific facts with recommendations by professionals. Advertisements as such will give you some sort of credible value and a promise that the product or service will work wonders.

The lure of such an approach is that for particular products (such as those health and safety related); the grim, factual, no-nonsense approach drives more people to believe what you are pitching as the truth.

How to Avoid the Advertising Trap

Advertising can be a good or bad thing depending on how it affects you. If you are able to still make independent purchasing decisions without being affected by advertising gimmicks; good on you.

But if not, here are some ways to avoid spending traps associated with persuasive advertising.

The next time you find yourself deciding to eat somewhere or buy something – stop to ask yourself three questions:

1) Can you afford it?

2) Why have you decided on this brand or outlet?

3) Do you need it or in the case of a necessity like food, can you do with something different that may be just as good and cheaper?

In the case of a fear or insecurity being raked up; it can be helpful to analyse the fear/insecurity first. Is there a real basis for the feeling? Even if there is; is it as dire as it’s been made out to be? Talk to loved ones or an independent party to get a better view of things as a whole.

The ultimate thing to remember is don’t make a decision immediately. The more time you take thinking about it, the wiser your purchase decision will be.

The Verdict

Advertising will never stop bombarding us with all kinds of messages. There are times of course when advertising is useful. In the event you were looking for a type of item or service, advertising can help you find out about the places you can go to to get what you need.

You can even find a new favourite brand or restaurant via the power of advertising. The problem surfaces when it overtakes your ability to make conscious spending decisions, in which case, taking a step back is the best thing to do.

The weekend is here and you’re probably going to be bombarded more than ever with advertisers attempting to sell you something. What better time to practise your deflecting techniques!

5

1

vote

Article Rating

SHARE

TAGS:

Advertising

Saving

About THE AUTHOR

Heeral Bhatt

Heeral Bhatt

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Government Introduces Flexi Working Hours For Civil Servants

In an official statement, the Public Service Department (PSD) announced the commencement of flexible working hours for civil servants. The new scheme started on 1 March.

The circular that announced the new initiative was issued by PSD Director General, Datuk Seri Borhan Dolah. The scheme’s aim is to allow for a balance between working hours and family time for government employees. It is also intended to standardise the four types of staggered working hours which was in place for the last decade.

Now, civil servants may choose to arrive at work between 7.30-8.30am and leave from 4.30-5.30pm. They just need to have 9 hours clocked in to complete one working day. For example, if an employee clocks in at 8.12am, that person may clock out at 5.12pm. Overtime starts once the person has work for more than the required 9 hours.

The flexi hours pilot project will be introduced in Kuala Lumpur and Putrajaya and all federal departments in Perlis, Perak, Selangor, Johor, Terengganu, Sabah, and Sarawak before being expanded to other government agencies once proven effective.

The new scheme is not applicable to staff working in public services, statutory bodies, local authorities, schools, educational institutions, or health facilities. Only those who work normal office hours at ministries and federal departments can take advantage of this initiative.

(Source: mole.my)

Meanwhile, for departments with service counters, it is the prerogative of the head of department to order staff to come to the office at the required hours. The heads of departments are to ensure that their service counter operations are not affected when the flexible working hours are in force.

A feature remains from the previous staggered working hour scheme which allows for pregnant women and their husbands to go home an hour earlier.

Initial feedback from civil servants showed they welcome the new flexi hours scheme.

(Source:
The Star
)

0

0

votes

Article Rating

SHARE

TAGS:

Civil Servants

Employment

Government News

About THE AUTHOR

Hayatun Razak

Hayatun Razak

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Unifi Mobile Announces New Postpaid Plans From RM19 A Month

TM has announced a new range of Unifi Mobile postpaid plans as part of the Unifi Value Plan offerings. The latest plans start from as low as RM19 per month, offering bundled data, calls, and SMS every month.

The new Unifi Mobile Value Plan comes in four new mobile plans: Unifi Mobile 19, Unifi Mobile 29 Unifi Mobile 39, and Unifi Mobile 59. Like other Unifi Mobile plans, all four plans come with separate quotas for 4G LTE and 3G data. Apart from that, TM will be charging upfront payments for each plan with a fee of RM50 for the Unifi Mobile 19, 29, and 39 plans, whereas the fee for the Unifi Mobile 59 plan is RM100. The lower three Value Plans are also fixed with credit limits of RM250, while the credit limit for the Unifi Mobile 59 plan is RM500.

Additionally, the Value Plan allows you to replenish data, calls, and SMS with add-ons. Users can manage their account and purchase add-ons by downloading the Mobile@Unifi app on
Google Play
 and
Apple Store
.

Meanwhile,
TM also mentioned that its unlimited postpaid plan
,
Unifi Mobile 99
) will be returning and made available to everyone; previously, it was made exclusive for TM customers only. To learn more about Unifi’s Value Plans and Unlimited Plans, visit
Unifi
.

(Source:
Lowyat.NET
)

0

0

votes

Article Rating

SHARE

TAGS:

Postpaid Plans

Unifi

Unifi Deals

Unifi Mobile

About THE AUTHOR

Olivia Song

Olivia Song

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Malaysians Using Credit Cards More Often Following Return To Pre-Pandemic Life

(Image: Bloomberg)

Data from Bank Negara Malaysia (BNM) has shown an increase in outstanding balances of credit cards for the third consecutive month, now up to RM35.89 billion in July 2022. It is the highest amount recorded since February 2020, when the balance stood at RM38.05 billion.

According to BNM, this increase signifies a surge in credit card usage among Malaysians as they return to pre-pandemic lifestyles, as well as a willingness to spend more. It could also be due to the higher prices of products as inflation hits.

Meanwhile, the credit limit offered by credit cards also broke a new record of RM154.34 billion in July, following its steady rise over the past year. BNM said that this parallels the increase in the number of credit cards that are in circulation (including supplementary cards), which rose from 9.57 million cards in September 2021 to 9.92 million in July 2022. This is as it inches closer to the 10.1 million total recorded in
March 2020
.

BNM explained that the number of cards in circulation has likely risen because banks are now issuing more cards, especially with more people gradually getting back into employment. To note, Malaysia’s unemployment rate has steadily declined, from 3.9% in
April
 and
May
, to
3.8% in June
, and to
3.7% in July
.

(Image: Malay Mail/Shafwan Zaidon)

Despite there being more cards in circulation, however, BNM said that the utilisation of credit lines provided by the cards are not high. Data indicated that the amount has remained below the pre-pandemic level of 24% for more than two years since the start of Covid-19, and the recent increase in credit card usage between May to July did not affect the figure significantly.

Meanwhile, senior economist at UOB Global Economics and Markets Research, Julia Goh said that the increase in credit card use could have been encouraged by various other factors aside from inflation. These include improving labour market conditions and higher salaries – which, of course, improved accessibility to credit.

“Coupled with [the economy] reopening, higher mobility and the release of pent-up demand [have led to an increase in] private consumption and credit card usage. There are also more interest-free instalment plans and financing options available that have spurred credit demand,” said Goh, although she also highlighted the risk of excessive debt accumulation among consumers. This is especially true for cardholders who are less financially literate, have poor financial management, or have unstable incomes – therefore making them more vulnerable to bankruptcy.

That said, Goh also reassured that the percentage of credit card debt to total household loans is currently still quite low at 2.5%, and that credit card delinquency rate is relatively low as well. This is based on BNM’s data, which showed that the overdue amount for credit cards – with outstanding balance of less than three months and three to six months – has only slightly increased since April 2022.

Specifically, the overdue amount of less than three months has gone up from RM987.88 in April to RM1.17 billion in July, while overdue of three to six months increased from RM186.34 million to RM202.33 million during the same period. Credit card overdue balances that are more than six months, too, has increased since April, with a jump in July to RM18.04 million.

“Nevertheless, debt-driven growth is considered unsustainable in the medium term. Sustainable consumption trends must be supported by higher incomes, lower unemployment, and increased productivity,” Goh reminded.

(Source:
The Edge Markets
)

3

1

vote

Article Rating

SHARE

TAGS:

Bank Negara Malaysia

BNM

Credit Card Payment

Credit Card Statistics

Credit Cards

Julia Goh

UOB

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Grab Officially Launches GrabSupermarket Delivery In Klang Valley

Grab has officially announced the launch of GrabSupermarket in the Klang Valley, a delivery-only supermarket with next-day delivery at zero fees and no minimum order.

First piloted
 in selected areas of Petaling Jaya a few weeks ago, GrabSupermarket serves a growing demand of online grocery shoppers who are looking for a convenient and accessible way to restock their weekly groceries. The GrabSupermarket is located in the middle of the high traffic areas in the Klang Valley and currently delivers over 2,500 products consisting of household essentials, health and beauty items, and freshly-sourced produce.

“The next-day delivery model enables us to ensure the produce is delivered from our variety of partnering farms and suppliers directly to us, and from us to the customers, all within 24 hours,” said Sean Goh, Managing Director of Grab Malaysia. “We saw an incredible take up of GrabSupermarket among consumers during the pilot phase, with fresh produce such as fresh vegetables, fruits and poultry making up almost 50% of our orders.”

Goh continued, “Our ambition is to be able to offer the widest selection of groceries at the best prices, maximum freshness and zero delivery fees to every Malaysian household. In addition, we hope that GrabSupermarket will create even more income opportunities for all our drivers,” he said. And of course, GrabRewards customers and the
Maybank Grab Mastercard Platinum Credit Cardholders
 stand to gain savings as all spend on GrabSupermarket garners GrabRewards points.

According to Grab, GrabSupermarket has already served thousands of deliveries since commencing its limited pilot phase. Moving forward, Grab plans to grow GrabSupermarket beyond the Klang Valley and expand to more capital cities across Malaysia. It will also continue investing in building an even better in-app supermarket browsing experience.

GrabSupermarket is an extension of
GrabMart
, which caters to
instant retail needs
 with delivery from retail stores in under 30 minutes. Grab also has the
Pasar
 feature, which delivers fresh produce from participating local markets in the area. If you are in the Klang Valley, you can find the GrabSupermarket feature on your Grab app today or visit the
website
 to learn more about it.

0

0

votes

Article Rating

SHARE

TAGS:

Grab

GrabMart

GrabSupermarket

Groceries

Klang Valley

Online Groceries

Online Grocery Shopping

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Survey: Malaysians Confident In Ability To Succeed In Post-Covid-19 Economy

A recent survey conducted by Standard Chartered has painted a resilient picture of the Malaysian public despite the significant blow on personal finances amidst the Covid-19 pandemic. The study – intended to offer insights into people’s financial and employment wellbeing during this challenging time – involved 12,000 respondents from across 12 countries, including Malaysia.

According to the survey, 29% of Malaysians are already earning less due to the pandemic, and more than half expect further impact to their income and employment. However, most of the Malaysians polled also signalled that they are confident in being able to adapt and are willing to work harder in the post-Covid-19 economy for more opportunities.

“A majority of younger Malaysians have also expressed that they’re keen to start a new business or set up a second income stream in the wake of the pandemic but want to learn how to manage their finances better,” said the managing director and chief executive officer of Standard Chartered Malaysia, Abrar A Anwar.

(Image: The Star)

Abrar’s comment was supported by data from the survey, which indicated that 62% of Malaysians aged between 18 to 44 would consider starting a new business compared to 44% of those aged 45 and above. Meanwhile, 79% of Malaysians aged between 25 to 34 would set up a second income stream compared to 69% of those aged 55 and above. Additionally, 77% of Malaysians aged between 18 to 44 said that they are willing to re-skill themselves to adapt to new circumstances, compared to 63% of those at the age of 55 and above.

In light of this, Abrar emphasised that banks have a role to play in supporting these aspiring entrepreneurs. This includes helping them to manage their money and providing tools that make banking easier so they can focus on leading the way to recovery.

(Image: Digital News Asia)

Aside from this, the survey also showed that Malaysians of all ages are confident in their digital skills to thrive in the post-Covid-19 world. 77% of those between the age of 18 to 34 said that they have what it takes to do well, whereas 93% of Malaysians aged 55 to 64 felt that they are well-equipped.

Other data revealed in the survey includes the fact that 83% of Malaysians want to better manage their money to make it go further, and that there has been a 66% increase in the use of mobile devices for banking services in Malaysia. 73% of Malaysians also indicated that they want banks to improve people’s confidence at managing money digitally as preference for online banking increases.

Outside of Malaysia, Standard Chartered’s survey noted a global trend that signalled greater willingness to upskill and adapt among the younger generation and in emerging markets. For instance, 88% or more of people in Kenya, Mainland China, India, and Pakistan said that they prefer to work harder to get ahead. These figures are higher in comparison with the UK at 62%, and the US at 67%.

You can read the full report of
Standard Chartered’s survey
 on its website.

(Source:
The Borneo Post
)

0

0

votes

Article Rating

SHARE

TAGS:

Covid-19

Economic Recovery

Post-Covid-19 Economy

Standard Chartered

Surveys

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


UOB Malaysia Launches Refreshed Mobile Banking App, UOB TMRW

UOB Malaysia has officially launched an upgraded version of its mobile banking app, reintroduced today as UOB TMRW. Powered by technologies such as data analytics and artificial intelligence (AI), the new app will replace the existing UOB Mighty, with the aim of offering a simpler, smarter, and more personalised banking experience for customers.

In a statement, UOB said that the refreshed app has been upgraded with “innovative and multidimensional capabilities in investments, payments, and rewards” to make it a customer-centric platform. For instance, you’ll be able to get an overview of your investment portfolios through the app, including key information such as mark-to-market values and real-time performances. This, in turn, allows you the flexibility to manage your wealth at any time, from anywhere.

The new UOB TMRW app also comes with a Rewards+ feature, where you can conveniently check your available rewards points and redeem rewards – such as travel miles, products, and vouchers – in real time. It is also possible for you to use your existing points to offset the balances on your credit card purchases, if eligible.

On top of that, the app is also set to see more updates later this year, specifically in the form of a comprehensive suite of self-service features for cards. Once rolled out, UOB customers will be able to conveniently perform selected card services through the app, such as card activations, card replacements, and applications for payment instalments.

Following this latest development, UOB said that existing customers who are currently using the UOB Mighty app are not required to take any specific action; their UOB Mighty app will be automatically updated to UOB TMRW from this month onwards. New UOB customers, meanwhile, can already download UOB TMRW for free from
Google Play
, the
App Store
, and
Huawei AppGallery
.

Meanwhile, Citi customers can look forward to accessing services and solutions offered via UOB TMRW by the third quarter of this year, as UOB is currently in the process of
migrating and integrating Citi’s products, services, and IT system into its ecosystem
. This comes following
UOB’s acquisition of Citi’s consumer banking business in Malaysia
 after Citi announced its decision to
exit retail banking in several countries in 2021
.

For context, UOB’s earlier mobile banking app, UOB Mighty, was launched back in 2017. While the app has been continuously enhanced with best-in-class features and technologies over the years, UOB also expressed that an overhaul was timely after the Covid-19 pandemic so that it can enhance its digital capabilities and better serve its customers, especially in the areas of hyper-personalised digital banking experience and speed-to market.

“At UOB, we are committed to understand and serve the unique needs of each customer and this is achieved through a combination of data and relationship-led insights. Through UOB TMRW, the bank offers insights and solutions that are closely aligned to customer needs in a manner that engages them and better anticipates their life goals,” said the managing director and country head of personal financial services for UOB Malaysia, Ronnie Lim.

0

0

votes

Article Rating

SHARE

TAGS:

Mobile Banking App

Ronnie Lim

UOB

UOB Bank

UOB Mighty

UOB Mighty Mobile Banking App

UOB TMRW

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Versa Introduces Rebates To Boost Returns That Are Lower Than 2.46%p.a.

Digital cash management platform Versa is introducing a new feature that allows you to receive rebates calculated based on your account balance. According to Versa, these rebates may be credited when the daily returns fall below the advertised 2.46%p.a. earning (inclusive of fees).

“While investing in Versa #MoneyMarketFunds, the fund returns might fluctuate depending on the Overnight Policy Rate (OPR) set by Bank Negara Malaysia (BNM). So occasionally the returns go below 2.46% p.a. (inclusive fees),” said Versa in a
Facebook post
. “But fret not… Versa is here to solve this issue!”

In an email sent out to its users, Versa explained that it “may make up for the amount difference” by crediting rebates when the daily returns earned fall below 2.46%p.a. (inclusive of fees). This way, even when the interest rate of the fund fluctuates, users will be able to consistently earn each month.

This new feature will begin in August and rebates are credited on a monthly basis. Versa will credit the rebate for each month in the following month – for example rebates for the month of August will be credited some time during September.

The terms and conditions of the rebate further specified that rebates are only applicable to users with a positive balance in their Versa account. Furthermore, rebates are calculated based on the user’s account balance, and rebates less than the value of 1 sen will not be credited. Notably, Versa also reserved the right not to disclose any rebate calculations.

Versa customers with issues or enquiries can contact customer service via the Help Centre in the app, email
[email protected]
, or call 03 7890 3500.

5

2

votes

Article Rating

SHARE

TAGS:

Cash Management

Digital Cash Management

Money Market Fund

Versa

Versa Rebates

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


What Rewards Do Malaysia's Athletes Earn If They Win Olympic Medals?

After an entire year of delay due to the crippling onslaught of the Covid-19 pandemic, the Olympic Games Tokyo 2020 is finally underway. But what’s more important, Malaysia has also won itself a first medal – a bronze from our national men’s doubles shuttlers
Aaron Chia and Soh Wooi Yik
 – so here’s a hearty congratulations from us at RinggitPlus!

It goes without saying that both men have done the country proud in the international event, but the glory and medals are not the only rewards that they will be receiving. Being a world-class athlete in any capacity also means that they will be entitled to a certain amount of cash reward from the government – but how much exactly are they being provided? Let’s find out!

Cash Incentives From The National Sports Council

Our National Sports Council has allocated what they call
Skim Hadiah Kemenangan Sukan
 (SHAKAM) where cash gifts of different amounts are given out depending on an athlete’s medal placement in different sports events where they represent Malaysia. A number of sports events are covered under SHAKAM, namely the Olympic Games, the Commonwealth Games, and the Southeast Asian (SEA) Games.

For the
Olympic Games
, individual gold medal winners will be entitled to RM1 million, whereas silver medal and bronze medal winners will get RM300,000 and RM100,000 respectively. For team sports, the amounts remain the same and will be awarded to the team to be shared –  as seen in the case of
Pandelela Rinong and Cheong Jun Hoong
 when they won silver in the women’s synchronised 10m platform event during the Rio Olympic Games in 2016. That’s a lot of incentive to start training right away, huh? To date, as many as 13 Olympic athletes have reaped rewards through the SHAKAM programme.

(Image: The Star)

On top of SHAKAM, there is also an additional Olympic-specific incentive by the name of
Skim Imbuhan Tetap Olimpik
, where winning athletes will be paid a monthly allowance for a lifetime (pension). In short, gold medalists will earn themselves a monthly pension of RM5,000, whereas silver medalists will be provided with RM3,000. Bronze medalists, on the other hand, are given RM2,000.

To note, these same rewards under SHAKAM also apply to Paralympic medalists as well, following a
decree made in August 2016
. Meanwhile, Prime Minister Tan Sri Muhyiddin Yassin had also hinted fairly recently that the government may provide a
“special” reward
 for athletes who win a gold medal in the Tokyo Olympic Games. No further information has been shared as of yet, however.

Sponsorships and Endorsement Deals

Becoming a public figure via competitive displays of athleticism on the international stage will certainly boost an athlete’s profile. This subsequently opens them up for sponsorship opportunities from big brands, which in turn, provides the athletes with either free goods and services that can help them train, or outright cash to sustain themselves in the off-seasons. Winning gold internationally of course boosts an athlete’s profile even harder. Becoming the face of an entire sport means they can land sponsorship or endorsement deals from international brands, depending on the popularity of said sport. A good example is three-time Olympic silver medallist, Datuk Lee Chong Wei, who received endorsement by brands such as
Yonex, Samsung, 100Plus, and Kaspersky
 throughout the years – just to name a few.

Cultural and Morale Boost

(Image: EPA Pic)

This one is a lot harder to quantify but still important nonetheless. Getting Malaysia’s name on the map for excellence in athletic accomplishment can be a great boost for our people’s morale. The days after the gold medal being won would mean interviews everywhere on media, where we all can hear and be inspired by the stories of triumph from our own homegrown athletes.

In addition to that, a gold win could also mean that Malaysia may receive more foreign athletes who are playing in the same sport, coming to train alongside our own winners. This will not only promote bilateral relations between Malaysia and other countries, but also raise the bar on our own level of sportsmanship.

Not to mention, there’s always also the possibility of getting an extra public holiday following the medal win – all in the name of celebration! Remember when we were given
an extra day of public holiday
 when Malaysian athletes pulled off an extraordinary showing at the SEA Games back in 2017? Great times.

***

Malaysia still has a few upcoming games that we can look forward to, including diving and track cycling. You can keep up with the
Olympic schedule here
, or find out how we are doing via the
Olympic Council of Malaysia website
. However things turn out, we’d just like to extend our deepest gratitude to our contingent of athletes who has given their best in Tokyo Olympics 2020.

4.9

8

votes

Article Rating

SHARE

TAGS:

Aaron Chia

Cheong Jun Hoong

Lee Chong Wei

Olympic Games

Pandalela Rinong

Paralympic Games

SHAKAM

Skim Hadiah Kemenangan Sukan

Skim Imbuhan Tetap Olimpik

Soh Wooi Yik

The National Sports Council

Tokyo Olympics

Tokyo Olympics 2020

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    Curiousgal

    2 years ago

When would an athlete start receiving the pension from Skim Imbuhan Tetap Olimpik? At age of 55, 60 or at even younger age?

0

Reply


Get RM100 Mothercare Voucher and RM55 Cash Back with Standard Chartered’s Bundle of Joy!

Getting a New Standard Chartered Credit Card Gives You A Little Extra

Apply for a new Standard Chartered Credit Card before January 31
st
 2013 and you will get more than you bargained for with your very own Bundle of Joy.

Standard Chartered are giving away a RM100 Mothercare voucher and RM55 Cash Back on your Credit Card with each successful approval.

If you’ve just become a parent for the first time you’ll soon know that every little helps.

And naturally,
Terms and Conditions Apply
.

0

0

votes

Article Rating

SHARE

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Lazada Connects Malaysians And Cameron Highlands Farmers To Resolve Logistic Problems

(Image: Malay Mail)

Lazada has stepped up to connect Malaysians with farmers from Cameron Highlands, making it possible for consumers to now buy vegetables directly from the farmers through the e-commerce platform.

This comes after the farmers were reported to have been forced to discard tonnes of vegetables due to logistic issues resulting from the ongoing movement control order (MCO). They had been unable to secure transport services to bring their goods to other states.

Hearing this, Lazada contacted the farmers and swiftly created a special sales and delivery service to help them salvage the situation.

“The Lazada team reached out, figured out the tech and the logistics, and got them onto the Lazada platform in lightning speed. Starting Monday, these farmers can now sell directly to consumers. Buy their produce and fresh food to support our local farmers and fisherman community,” said Lazada.

The
“Cameron Farmers” section
 allows Malaysians to purchase the vegetables in prepacked bundles, containing an assortment of items in each “box”. Most bundles are priced at RM29 per bundle. Each box also comes with descriptions or recommendations, such as “Suitable for Salads”, “Suitable for Stir Fry”, and “Suitable for Stir Fry, Fermented Vegetables, and Kimchi”. The section will join Lazada’s
MyFishman
 and
Mymarket2u
 pages to cater to the public’s grocery needs.

Prior to Lazada reaching out, some of the farmers from Cameron Highlands had also resorted to
donating their vegetables
 to the poor and the elderly in Ipoh in an attempt to salvage their produce and channel it to the needy.

The ongoing MCO, which was originally expected to end on 31 March 2020, has now been extended to 14 April 2020.

(Source:
Malay Mail
)

0

0

votes

Article Rating

SHARE

TAGS:

Cameron Farmers

Cameron Highlands

Covid-19

Lazada

Lazada Cameron Farmers

MCO

Movement Control Order

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments