Brace Yourselves: Grab’s Mega Devaluation Of GrabRewards Is Coming

Grab will be delivering a one-two blow to GrabRewards in Malaysia very, very soon. Fresh from revising the amount of points you can earn with GrabPay, the company has shifted its focus to revising the value of GrabRewards Points come 15 April 2020.

Grab’s
updated Rewards page
 contain a number of new information to process, but in short they can be summed up with four key points: devaluation of GrabRewards earn rate, devaluation of GrabRewards redemption rate, removal of high-value vouchers, and a last-chance period to redeem vouchers at reduced rates.

Devaluation of GrabRewards Earn Rate

We knew this was
since July 2019
, but unlike the end of last year, Grab did not offer another extension to the earn rates of GrabRewards Points. As of 16 March 2020, Grab has streamlined the earn rates for all GrabPay transactions across all membership tiers, where the maximum earn rate is 3 points for every RM1 spent (Platinum).

This blow was cushioned somewhat by the Grab “Year End Bonus Points” promo that started in October 2019 and ended on 15 March 2020 after an
additional three-month extension in January
. The “Year End Bonus Points” added a bonus multiplier for various Grab transactions. In particular, it made the jump from 20x points for GrabPay in-store payments to 3x easier to stomach thanks to the multiplier that let users enjoy 9x points for six months.

We’ve analysed this devaluation in a
previous post
 – do check that out before reading the next section.

Devaluation to GrabRewards Redemption Rate

From 15 April onwards, Grab will be reducing the redemption rates for all GrabRewards members by around 34%. Let that sink in – a 200% reduction in earn rate in March, and a 34% increase in the number of points needed to redeem a voucher in April. How’s that for a one-two blow?

The current earn rate of 3 points per RM1 is equivalent to 2.5% returns (based on Grab’s redemption rate of 600 points = RM5). The value naturally gets lower as you go down the tiers (1.875% for Gold, 1.25% for Silver and Basic), and this combined with no changes to the membership tier qualification levels means you’ll need to spend more to upgrade your GrabRewards tier.

Unfortunately, this calculation will change from 15 April onwards as it will now take 800 points to redeem a RM5 voucher – a 33.33% increase. This means that your rate of return will now be reduced to 1.875% (Platinum), 1.41% (Gold), and 0.94% (Silver and Basic).
Most cashback credit cards give better return rates
.

Voucher Value

Points Required (Until 14 April 2020)

Points required (From 15 April 2020)

Points increase

RM3

410

550

140 (34.15%)

RM5

600

800

200 (33.33%)

RM10

1200

1600

400 (33.33%)

Note that this is the base redemption rate for Grab services. The partner redemption rates will surely be adjusted at a slightly higher rate. We already saw this with the current GrabRewards catalogue, where some RM5 vouchers can be redeemed for 600 points or 650 points.

Removal of High-Value Grab Vouchers

Ready for worse news? The new GrabRewards catalogue will also remove high-value Grab vouchers. Grab has gradually been removing its high-value vouchers;
first to go were the RM20 and RM25 ones
, and the RM15 that’s still available now will be next to go. From 15 April, the maximum discount voucher you can redeem will be RM10 (1,200 points currently, 1,600 points from 15 April). Instead, Grab will introduce a new RM3 voucher (550 points from 15 April). The removal puts a low cap on how much you can save per transaction, making it rather difficult to use up your points.

For GrabFood in particular, where delivery fees can now range from RM5 to RM8, this RM10 voucher cap means it will only cover delivery charges and a slight portion of your food order. Combine that with the fact that Grab regularly offers free delivery vouchers, and you’ll have fewer opportunities to spend your points.

Sure, that’s not a bad thing as you only need to make one qualifying transaction to extend your points validity, but what’s the use of non-expiring points when there isn’t anything of value to redeem them with? Fingers crossed, the Limited Edition range will be good – but I personally haven’t seen anything noteworthy on any month since the first month it was introduced. In fact, the dearth of options available and their poor redemption value makes
Boost’s points redemption for high-value items a lot more enticing
.

One Last Chance To Redeem Discounted Vouchers

If all that sounds gloomy… well, it is. This is a clear indication that the GrabPay e-wallet has exited the user acquisition phase and into a more sustainable business model with monetisation. Grab obviously cannot continue to offer crazy points multipliers at its current redemption rate, and it is also obvious that other e-wallets are also beginning to scale down on discounts and other acquisition activities.

So, what can you do with the points you have left? Fortunately, Grab is offering one last chance to use your points with the GrabRewards Super Sale.

From 23 – 31 March 2020, Grab is offering 50% off redemption rates for GrabFood, Grab Rides, and selected Grab partner rewards. This eight-day window is your only chance of milking as much value out of your GrabRewards points as possible – in fact, the redemption rate during this period is even better than the forever-discounted rates pre-October 2019. So if you’re a regular user of Grab’s services, it’s the best time to stock up on Grab vouchers. Grab did not mention which partner rewards will also be included in this campaign, unfortunately.

In addition, from 1-14 April 2020, Grab is offering “25% off” redemption rates for GrabFood, Grab Rides, and selected Grab partner rewards. To put it bluntly, it’s not a 25% discount – it’s merely the same redemption rate that Grab has maintained since it started (600 points = RM5).

Goodbye, Old Friend?

If it isn’t already, all these revisions will definitely dethrone
Grab as one of the best e-wallets in Malaysia
. With a maximum rate of return of just 1.875%, it’s lower than
Boost’s rewards programme
 (and that doesn’t count the potential bonus you get from the Shake Rewards).

That’s a hard pill to swallow. With its warchest,
GrabPay very quickly became a favourite
 thanks to the insane 20x points bonus for GrabPay when it
began rolling out in mid-2018
, and the ability to use American Express cards. Come 15 April, Grab’s only major pulling factor will be the Grab Ride and GrabFood services that it’s synonymous with today. To that end, Grab achieved what it set out to do when it offered steep benefits to entice users to use its services.

But come 15 April, it makes more sense to use credit cards to pay for those services, since direct payment for Grab services (Grab Ride, GrabExpress, GrabMart, and GrabFood) are all eligible for cashback or rewards points. Actually, where possible, it makes more sense to use credit cards over GrabPay at this point.

In Singapore, GrabPay is still considered the best e-wallet around –
even after its own major devaluation
. But in Malaysia where there are at least two major competitors, it’ll be interesting to see where consumers will swing to when the big GrabPay nerf sets in. Will GrabPay users today still stick around?

5

1

vote

Article Rating

SHARE

TAGS:

Grab

GrabExpress

GrabFood

GrabMart

GrabPay

GrabPay Devaluation

GrabRewards

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


ShopeePay Offers 3% Coins Cashback For All DuitNow QR Payments

ShopeePay is now offering an attractive 3% coins cashback for all DuitNow QR payments, capped at 300 coins per transaction. The coins will be credited to the user’s Shopee account, and can be used to offset future Shopee purchases.

Having been
one of the earliest participants in the DuitNow QR ecosystem
 since December 2020, ShopeePay is now widely available in physical retail outlets throughout the country. The new 3% coins cashback promotion started from New Year’s Day, and Shopee has not given any end date for this campaign.

Interestingly, the coins cashback reward is applicable when you scan
any
 DuitNow QR code, including those from other e-wallets and banks, as long as you pay using ShopeePay. Note that there is a limit of 300 coins per transaction (effectively 3% for transactions of up to RM100), and a limit of 20 redemptions per day.

This will likely stack with ShopeePay’s generous offer of RM3 cashback with a minimum spend of RM15 for the first 10,000 ShopeePay transactions daily, as well as a huge selection of
1 sen vouchers
 for offline ShopeePay transactions.

This offer will definitely be useful for Shopee users, as the coins cashback earned can be used to offset future orders on Shopee. Not only that, savvy credit card users can double dip on rewards by using the
right cashback credit cards to top up their ShopeePay Wallet
.

3.7

3

votes

Article Rating

SHARE

TAGS:

DuitNow QR

Shopee

ShopeePay

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

 (3)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

3
 Comments

 Inline Feedbacks

View all comments

    Rozirah binti razali

    1 year ago

Just try

0

Reply

    Marcus

    1 year ago

Not correct, ShopeePay is not offering coin cashback for ALL transactions, only for some transactions

0

Reply

    Pang Tun Yau

    1 year ago

    Reply to

        Marcus

yes, not all transactions, only DuitNow QR payments, as mentioned in the title.

0

Reply


TransferWise Offers Malaysians Up To 4x Cheaper International Money Transfers

TransferWise, an online global remittance company that is offering instant, convenient, and transparent international money transfer services, has officially entered the Malaysian market.

Malaysians using TransferWise are able to send money to 83 countries, which would benefit those living abroad, such as Malaysian ambassadors or Malaysian international students who wish to transfer cash worldwide. Similarly, TransferWise unlocks overseas remittance to Malaysia, with 45 countries currently supported. TransferWise obtained its remittance licence from Bank Negara Malaysia in June 2019.

According to TransferWise, international money transfers through TransferWise are up to 4 times cheaper than the banks. In an example given by TransferWise, a RM1,000 transfer to the UK costs only RM7.20 on TransferWise, but costs an average of RM24.60 with a bank. This latter figure was based on the prices of five major banks on 18 November 2019. TransferWise also claims that it is more efficient speed-wise, with 80% of global transfers completed within 24 hours.

Taavet Hinrikus, co-founder and chairman of TransferWise, said that much emphasis is placed on the transparency of fees. “TransferWise is the only company in the market to use the real exchange rate – the one you see on Google,” he said.

Transferring money on TransferWise is a 100% online process, from verification to the setting up and completion of transfers. Only photo identifications are required throughout the procedure. This contrasts with the traditional international money transfer process, which would require customers to make trips to banks or connect with an agent.

Presently, local customers sending money from Malaysia are limited to a transfer limit of RM30,000 per day. Those abroad sending to Malaysia, on the other hand, are limited to RM195,000 per transfer.

TransferWise’s service in Malaysia
 is available to all individuals, including foreigners, except for those with a foreign worker status. Facilities for those with foreign worker status are expected to begin only in 2020 due to additional checks required by regulations.

Moving forward, TransferWise hopes to be able to conduct business transfers by the following year, and also seeks to launch its multi-currency card in Malaysia in the near future. Dubbed the “Borderless Account”, the service was already launched in Singapore last month.

Taavet also expressed interest in working with local e-wallet players, with hopes of building a remittance ecosystem that lets the e-wallets leverage on the existing infrastructure that TransferWise has constructed.

(Source:
TransferWise
,
Fintech News
)

5

1

vote

Article Rating

SHARE

TAGS:

International Money Transfers

International remittance

Remittance Services

TransferWise

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

 (2)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

2
 Comments

 Inline Feedbacks

View all comments

    Aiyshah

    3 years ago

Hi there, I am in Malaysia and want to transfer money to someone in Hungary, is it possible to do that?

0

Reply

    Mr Lai Wee Suh

    3 years ago

I read in Transferwise web site they support company money transfer to overseas supplier. Can transfer large amount of money as well. I wish to ask, how do we comply with BNM currency control as well as fill up borang P (purpose of payment) and other documents?

13

Reply


The World's Most Expensive Christmas

What if, for just one night on December 25th an infinite amount of money was made available to you? Perhaps you’d find your home filled with these insanely expensive holiday accompaniments.

The world’s most expensive dinner

What would the holidays be without some good food? If you were looking to splash unlimited cash, you may want to hire this guy to be your chef. In 2012, Ben Spalding, a chef in the UK,
offered customers a 4 course meal
with some of the most expensive ingredients. The shopping list made this particular dinner worthy of it’s £125,000 (RM664, 611) price tag.

The meal consisted of caviar, truffles, Wagyu beef heart, a £37,000 (RM196,725) bottle of Champagne from the early 1900’s, a limited edition Japanese watermelon (£2,600 or RM13,824) Almas caviar (£5,000 or RM26,584), a 150-year-old balsamic vinegar; the world’s most expensive melon, the Yubari King from China (£2,500 or RM13,292); and a whole white truffle (£3,500 or RM18,609) and Luwak Coffee (made from beans of coffee berries excreted by the Asian Palm Civet cat).

Now that you’ve got a dinner fit for the most extravagant royal, you’ll be sure to want a nice tree to set the mood.

The priciest tree

We don’t suggest you steal the one from the hotel but you can always borrow their interior decorator. And in the case of this tree, their jeweller too. The
most expensive Christmas
 tree is said to be found in the Emirates Palace in the United Arab Emirates (UAE). Valued at over $11 million US dollars, the tree doesn’t have the usual tinsel and lights. It makes it’s own lighting with a collection of genuine emeralds, rubies, diamonds, pearls, sapphires and other precious stones.The tree itself with it’s fancy ribbons is already worth a whopping $10,000 but it’s the jewellery that adds the additional millions.

Looks to us like they’ve just got a jeweller to throw some random necklaces and accessories here and there.

Santa’s on a rampage

What is Christmas without gifts? But seeing as to how we’re now not considering price tags; it’s time to break the bank. Website
veryfirstto
 features some of the most expensive gifts you can think of to line the bottom of your $11 million dollar tree. For the man who’s always wanted to fly; there’s the £153,000 (RM813,484)
Martin Jetpack
. The Martin Jetpack can be flown by a pilot or via remote control. If you’re looking for a more feminine gift, how about having the
lawn covered in 1.2 million rose petals
 for them to wake up to? For a pittance of £70,000 (RM372,182), you can have this done for you on a lawn of up to 600sqft. Price is of course adjusted according to the size of your lawn. Why anyone would want this is beyond us but hey, if you have little else to do with your money…

Or how about a gift for the power couple? In a
 landmark tour package
, you can now buy a trip to 20 of the most iconic film locales the world over for just £198,000 (RM1,052,740). The tour includes a visit to the ‘Notting Hill’ Bookshop in Notting Hill, London; the scene of ‘Braveheart’, Glen Coe, Scotland; ‘Amelie’s apartment in Montmartre, Paris, France and the apartment of the ‘Last Tango in Paris’, Paris, France amongst many others around the world. It’s not just amazing places you’ll be seeing but you will get there on business class flights and be pampered in luxury suites everywhere you go.

The food has been laid; gifts wrapped and the tree all aglow. Perhaps, to complete your ridiculously pricey dinner you could have Beyonce ($2 million per show) or Mariah ($250,000 per song) give a private performance of carols.

But do you really need a diamond tree, coffee from faeces, millions of rose petals and a celebrity for you to have a merry Christmas?

We didn’t think so.

Have a great Christmas!

*Pictures courtesy of Freedigitalphotos.net.

0

0

votes

Article Rating

SHARE

TAGS:

Christmas

About THE AUTHOR

Diana Chai

Diana Chai

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


Maybank: No Compounding Interest For Individual, SME, And Corporate Loans During Moratorium

Maybank has also decided that it will not be compounding interest for loans during the moratorium period. All eligible individual, SME, and non-retail/corporate customers will not be charged compound interest during the six-month repayment deferment period starting 1 April 2020.

The Maybank products that qualify for the automatic moratorium for individual and SME clients include personal, mortgage, ASB, education, and SME loans. For these types of loans, all retail and SME customers do not need to apply as they automatically qualify under BNM’s ruling. They will not be charged compound interest during the moratorium period.

As for Islamic financing facilities under Maybank, profit rates are already not compounded in accordance with Shariah principles. On a related note, fixed-rate hire purchase loans already do not have compounding interest.

In a step further than other banks, Maybank is also offering non-compounding interest to its non-retail and corporate customers. (
HSBC
 and
RHB
 have extended this benefit to retail and SME customers, whereas
OCBC
 has extended it to mortgage and SME customers.) However, as non-retail and corporate customers do not fall under the purview of BNM’s automatic moratorium, they will need to submit the required application for moratorium through their Maybank relationship managers or corporate bankers.

“In these extraordinary times, we believe that all our customers; individuals or businesses, are facing unprecedented challenges,” Maybank said in a statement posted on its
Twitter
 and
Facebook
 pages. “We hope that this additional measure will provide our customers further relief from their financing obligations for this period and help them weather the other challenges they may be facing.”

On 25 March, BNM announced that all banks and development financial institutions would offer an automatic
6-month moratorium
 for loan and financing repayments to SME and individuals. However, according to BNM, banks would still be
accruing
 interest on loans/financing during the deferment period, and that interest would be
compounded
 for conventional loans – although more banks have been coming forward to offer non-compounding interest of their own accord.

0

0

votes

Article Rating

SHARE

TAGS:

Bank Negara

Compounding Interest

Covid-19

Maybank

Moratorium

About THE AUTHOR

Jacie Tan

Jacie Tan

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

    Nel

    3 years ago

Does this mean that after 6 months, we just continue to pay our usual loan amount? Say my loan amount is RM200,000. Scenario 1: Assuming my monthly HL is RM1000 and I have 10 years (120 months) to go; so I just continue to pay RM1000 for the next 120 months (starting September 2020)? OR Scenario 2: Interest accrue (200,000*0.0375*30/365) = RM600 for April and so on for May – August 2020 and these amount totalling to RM3,660 will be paid together in September when I continue to pay back my normal loan of RM1000/month means I pay RM4660 in
…
Read more »

0

Reply


UOB Unveils Designs Of New Credit Cards That Will Replace Outgoing Citi Cards

UOB Bank has officially unveiled the designs of the new credit cards that were added to its portfolio to replace various Citi cards, following UOB’s acquisition of Citi Malaysia’s consumer banking business. Specifically, the card faces of five new UOB cards – along with their minimum annual income requirement and annual fee – are now revealed, namely the UOB Zenith, UOB PRVI Miles Elite, UOB World, Lazada UOB, and UOB Simple cards.

Of the five new cards, four are rewards points cards – UOB Zenith, UOB PRVI Miles Elite, UOB World, and Lazada UOB – whereas UOB Simple is a cashback card. Here’s a look at the new cards that will be coming your way in October, if you’re a Citi cardholder (meanwhile, new customers who are interested in applying for the cards
can do so soon
):

UOB Zenith

Replacing the Citi Prestige card,
UOB Zenith’s
 design utilises a blue palette, along with a repetitive motif of waves to create a minimalist and elegant look.

Benefits of the UOB Zenith card:

1x UNIRM for every RM1 spent on local transactions

2x UNIRM for every RM1 spent on overseas transactions

Bonus 250,000 UNIRM with minimum annual spend of RM240,000

Up to 50% additional UNIRM on annual spend via Relationship Bonus Programme

12x complimentary airport lounge access per year (Plaza Premium Lounge and affiliate partners)

Complimentary limo rides from airport to home

Complimentary fourth night stay at selected hotels and resorts

UOB Zenith Global Concierge Services

Minimum income requirement
: RM192,000 per annum
Annual fees
: RM1,000 (principal), complimentary for supplementary cardholders

UOB PRVI Miles Elite

UOB PRVI Miles Elite
 replaces the Citi PremierMiles card, which featured a shade of gray. The UOB PRVI Miles Elite card, meanwhile, is a classy black card that also brings back the little airplane motif (this was featured in an older design of the Citi PremierMiles card).

Benefits of the UOB PRVI Miles Elite card
:

10x UNIRM for every RM1 spent on overseas spend

5x UNIRM for every RM1 spent on airline expenses

1x UNIRM for every RM1 spent on local transactions

Bonus 60,000 UNIRM upon annual fee payment

8x complimentary airport lounge access per year (in 9 countries and territories)

Complimentary limo rides from airport to home

Special conversion rate from UNIRM to Enrich Points (9,000 UNIRM to 1,000 Enrich Points)

Personal accident coverage of up to RM300,000

Minimum income requirement
: RM100,000 per annum
Annual fees
: RM600 (principal), complimentary for supplementary cardholders

UOB World

The
UOB World card
 has a cleaner design compared to the Citi Rewards World Mastercard that it is meant to replace. It features a burst of rays from the centre of the card, in various shades of blue.

Benefits of the UOB World card
:

12x UNIRM for every RM1 spent on selected e-commerce and e-wallet transactions (up to RM300 per merchant)

5x UNIRM for every RM1 spent at selected departmental stores and supermarkets/hypermarkets (up to RM3,000)

5x UNIRM for every RM1 spent on overseas expenses (up to RM24,000 equivalent per year)

1x UNIRM for every RM1 spent on local transactions

Bonus 125,000 UNIRM with minimum annual spend of RM48,000

6x complimentary airport lounge access per year (KLIA 1 and 2)

Personal accident coverage of up to RM50,000

Minimum income requirement
: RM60,000 per annum
Annual fees
: RM600 (principal) and RM150 (supplementary)

Lazada UOB

The
Lazada UOB card
 replaces the UOB Citi Platinum credit card. Design-wise, it is a blue vertical card that features Lazada’s logo as its background motif, arranged repetitively across the card in hexagonal shapes.

Benefits of the Lazada UOB card
:

RM28 Lazada discount voucher every Monday (RM200 min spend)

RM8 Lazada discount vouchers on the 8
th
 of every month (RM45 min spend)

Lazada RM5 free shipping vouchers every Friday (RM15 min spend)

Other exclusive Lazada vouchers offered every month

10x UNIRM for every RM1 spent on Lazada or via Lazada Wallet (up to RM500)

5x UNIRM for every RM1 spent on selected online lifestyle, telco, and insurance spend (up to RM500 for online lifestyle spend, and another RM500 for telco & insurance spend)

1x UNIRM for every RM1 spent on local retail expenses

Bonus 1,000 UNIRM for minimum monthly spend of RM1,500

Minimum income requirement
: RM24,000 per annum
Annual fees
: RM100 (principal) and RM70 (supplementary) – waived automatically in following years with minimum annual spend of RM15,000 during current year.

UOB Simple

Finally, the
UOB Simple
 – which replaces the Citi Simplicity+ card – is also a blue vertical card, with a simple S-curve in the background, likely to signify the “S” for Simple.

Benefits of the UOB Simple card
:

10% cashback on finance charges on purchases and cash advances each month when you pay at least the minimum monthly due amount on time (no cap)

No extra fees (such as annual fees and late payment charges)

Minimum income requirement
: RM24,000 per annum
Annual fees
: N/A

***

In addition to rolling out these new credit cards, UOB has also been revising some of its existing cards over the past months to better meet the needs and expectations of onboarding Citi cardholders. These include the
UOB ONE Classic and Platinum cards
, as well as the
UOB Preferred card
. UOB is also set to commence its migration of Citi accounts to its ecosystem next week,
between 14 July (8pm) to 16 July
.

Citi first announced its intention to
exit retail banking in Malaysia
 – along with several other markets – in April 2021, as part of the bank’s realignment strategy. Following that, it agreed to
sell its consumer banking business in Malaysia to UOB
.

(Source: UOB [
1
,
2
,
3
,
4
,
5
])

4.8

4

votes

Article Rating

SHARE

TAGS:

Bank Acquisitions

Citi

Citi PremierMiles

Citi PremierMiles Card

Citi PremierMiles Mastercard

Citi Prestige

Citi Prestige Card

Citi Prestige MasterCard

Citi Rewards World Mastercard

Citi Simplicity

Citi Simplicity+ Credit Card

Lazada Citi Platinum Card

Lazada Citi Platinum Credit Card

Lazada UOB Credit Card

Longform

UOB

UOB Bank

UOB PRVI Miles Elite

UOB Simple

UOB World

UOB Zenith

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

    Heng Boon Seng

    1 month ago

Zenith card no insurance coverage?

0

Reply


Should You Buy Furniture in Cash or Credit?

Whether you are moving into a new house or redecorating for the upcoming festivities, you are going to come across the option to pay for your goods via cash, credit card or through a credit instalment plan.

Under the right circumstances, it may be cheaper to use cash and in other times, it might not. Depending on your needs, some would prefer to pay for the whole thing in cash and some would rather stretch the payments over a period of time.

Here are a few things to consider when using either method.

Cash Purchases

Some smaller shops tend to deal in cash as it reduces the transaction fees of credit cards that the shop has to bear. That is why many shops tend to quote you a cash price and a credit card price and give you the option on which you would prefer.

Smaller stores also have lesser overheads as they maintain a smaller amount of stock, space and staff. These smaller stores can then transfer these benefits on to the customer with better prices.

In most scenarios, these shopkeepers also tend to drop their prices to compete with the bigger brand retail stores. All these are excellent reasons to pay for your furniture in hard cash.

Despite the amazing discount factor, carrying a lot of cash can be a bit dangerous. To avoid carrying a thick wad of cash and sliding it over the table like a mobster deal, take the safe route and see if these shops accept bank transfers.

*
Flexi Payment Plans *

Another non-credit way to pay is via flexi payment plans. Certain retail chains may allow a flexi payment plan which essentially works like a personal loan, but at significantly lower rate of interest.

Not all flexi payment plans are interest free, of course. For example, Courts Malaysia
offers a flexi payment
 of up to 60 months but it includes an interest that starts from 0.5%. The store assesses your credit score based on your income and commitment and provides you with a special rate for the purchase of furniture in the store.

You can then make your monthly payments via bank transfer or cash according to their repayment channels.

While it would be nice to stretch the payments over a longer tenure to make your monthly commitments lower, the interest rates could make it less worth while. That is because the longer you stretch the loan, the more you will end up paying in return.

Credit Card Purchases

This method works the same as buying any other item with a credit card. When making your purchase with these, find out what cards may have additional benefits. Some may give you double the rewards or open up additional offers that provide you more value.

If you are aware that you will be unable to pay it of all at once, you could choose to break down the payments with a zero percent instalment plan at the point of purchase.

Zero Percent Instalment Plans

Some stores like
Harvey Norman
, have an arrangement with the banks and offer a 0% instalment plan on selected credit cards which are exclusive to their stores.

This will take up your credit limit on your chosen credit card but it allows you to break down the payments over a tenure of up to three years. Having the option to make smaller payments opens up your cash flow to other investments or priorities.

Since it does not cost you anything extra, nor will it be cheaper to pay it in cash, you may choose a 0% instalment plan on your purchases and use that excess cash to earn you some interest in a short term
fixed deposit
 before making the monthly payments.

However, some plans come with a
one time handling fee
 which you should take into consideration as this will affect the total amount you pay eventually.

Ready to Shop?

Before you hit the stores, sit down and make a plan. Maybe divide and conquer may be the best strategy. Purchase some items with a credit card, some on cash and others on credit plans to maximise every ringgit you spend.

We recommend using cash if you’re only buying cheaper pieces or just purchasing one item at a time. If you’re looking to furnish an entire room at once or plan to buy some higher-end items that might cost a lot more, credit card EPPs might be the way to go.

If you would like to know more about the best credit card deals, head over to our
comparison tool
 page and apply for a card that will help you enjoy the best gains on your purchases.

5

1

vote

Article Rating

SHARE

TAGS:

Credit Cards

Easy Payment Plans

Installment Payment Plans

About THE AUTHOR

Gavin Pereira

Gavin Pereira

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


Fresh RM10 And RM50 Banknotes For CNY Will Be Available At Selected Bank ATMs

(Image: New Straits Times)

(
Updated on 26 January 2022.
)

With Chinese New Year (CNY) once again just around the corner, Malaysians are looking forward to a more relaxed standard operating procedures (SOP) this year that will allow for a proper family reunion. Keeping in tradition, those celebrating the festive season will also hope to bless their loved ones with angpows (or red packets) during the occasion.

Without doubt, those who wish to hand out physical angpows to their family members this coming CNY will want to get their hands on some brand-new notes. Some banks have announced when and where their customers can withdraw these notes, including:

AmBank

(Image: The Star)

AmBank has also announced that new RM10 and RM50 notes are now available for withdrawal at the ATMs of selected branches. All of these ATMs will dispense new RM10 notes, but only a number will provide new RM50 notes, so if you’re looking to withdraw a specific denomination, be sure to double check the
list here
 before heading out. Your withdrawals should most likely be determined by your card’s limit, and the availability of the notes in the machines.

CIMB Bank

(Image: New Straits Times)

You can obtain
fresh notes for CNY
 at selected CIMB automated teller machines (ATMs) nationwide between 24 January until 2 February, although they are dispensed only in the denomination of RM10. Fresh RM50 notes are available as well, but only exclusively at the ATM in Menara CIMB, so you’ll have to make your way there if you’re looking specifically to withdraw notes in this denomination.

Unlike
previous years
, CIMB did not clarify this time round whether customers will be limited to a maximum amount per withdrawal, or a maximum number of withdrawals per day. However, your withdrawals will most likely be determined by your card’s limit, and the availability of the notes in the machines.

Hong Leong Bank

(Image: The Sun Daily)

Hong Leong Bank announced on its
Facebook page that CNY new notes
 are now available to be exchanged at branches, but did not share a full list. You may have to visit your nearest branch to enquire if this service is available, which is offered on a first-come first-served basis.

The bank also clarified that the exchanged notes will be provided in the form of new and fit notes.

Maybank

Maybank customers will also be able to withdraw
new RM10 and RM50 notes from ATMs
 at selected locations, starting from today until 1 February 2022. Note that Maybank has arranged each of these ATMs to dispense only specific denominations of fresh notes (e.g. ATM 1 only dispenses RM10, while ATM 2 only dispenses RM50), so if you’re looking to withdraw specific denominations, you may want to check the
locations of these ATMs
 before heading out.

Maybank also did not state the maximum limit per withdrawal or per day, but you are likely to be restricted by your withdrawal limit and the availability of the notes as well.

***

Aside from physical angpows, you can also consider sending e-angpows to families and relatives too – especially those who are living some distance from you or are unable to make it back for the family reunion! Made popular last year due to the Covid-19 pandemic and ensuing travel restrictions, many banks and e-wallets are actively promoting the use of digital red packets this year as well, which will no doubt bring just as much joy to your CNY celebration.

3.7

11

votes

Article Rating

SHARE

TAGS:

AmBank

Ang Pow

Chinese New Year

CIMB

CIMB Bank

Hong Leong Bank

Longform

Maybank

New Notes

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

    Chu

    1 year ago

Couldn’t find such ATM in the Maybank branch as listed. Are you sure it’s starting today?

0

Reply


RinggitPlus Readers’ Choice Awards 2020: Affin Duo, Maybank, TNG eWallet Emerge As Big Winners

You’ve voted, and now we’d like the announce the winners! Our first-ever
RinggitPlus Readers’ Choice Awards 2020
 has concluded with several big names emerging as the big winners in RinggitPlus’ first-ever community-driven awards.

Without further ado, let’s roll the red carpet for these winners!

Best Cashback Credit Card In Malaysia: Affin Duo (39.2%)

A clear winner with almost 40% of the votes cast, this award is richly deserved for this newcomer. Launched in the latter half of 2020, AffinBank has achieved what its contemporaries struggle to: offer a dual credit card combo that rivals the
evergreen Maybank 2 Cards
 that have been around for almost a decade.

Its ease of earning cashback (particularly for e-wallet reloads), high monthly cashback cap, and low barrier of entry (minimum monthly salary of just RM2,000/month) makes this
a great card to own
 at a time when e-wallet usage and online transactions are peaking.

Honourable Mention: Public Bank Quantum Visa & Mastercard (25.9%)

When we began tracking the results, PBB’s popular Quantum cards was neck and neck with the Maybank 2 Cards before Affin Duo charged ahead. Another popular card, the PBB Quantum was (again) a response to the Maybank 2 Cards – and is
arguably a more balanced product
.

With cashback for both offline (Visa) and online transactions (Mastercard), the Quantum combo offers good benefits for both cards – which can’t be said for the Maybank 2 Cards and the Affin Duo.

Best Petrol Cashback Credit Card In Malaysia: Maybank Visa Signature (25.3%)

A tightly-contested category that ended with
Maybank’s Visa Signature
 marginally pulling ahead of the AffinBank BHPetrol Touch & Fuel Mastercard and Citi Cash Back Card. The less popular Visa Signature from Maybank (many would be more familiar with the FC Barcelona Visa Signature), it is one of the most rewarding cashback cards for petrol and groceries if you spend a lot on these two categories.

Offering 5% cashback every day with no minimum spend and a highly generous RM88 monthly cashback cap, you’d need to spend RM1,760 to hit the RM88 cashback cap – making it a solid cashback credit card for families. Just be wary of the RM550 annual fee – it’ll be waived only upon reaching an annual spend of RM30,000.

Honourable Mention: AffinBank BHPetrol Touch & Fuel Mastercard (24.5%)

A relatively unknown petrol credit card when we first reviewed it, this card initially had its 10% weekend cashback offered as part of a campaign, before it was converted into a permanent fixture.

Since then, this card is a rewarding choice – the
10% weekend cashback and generous RM50 monthly cashback cap
 is hard to beat. Fuel prices may be a lot cheaper than a year ago, but zero minimum spend requirements also mean you earn the full 10% each month as long as you pump on weekends.

Best Groceries Cashback Credit Card In Malaysia: Maybank Visa Signature (25.2%)

As mentioned earlier, the
Maybank Visa Signature’s
 generous cashback for fuel and groceries makes it a great option. Other cards, like the second-placed Citi Cash Back Card, may offer a higher effective cashback rate, but we believe the two factors behind this card’s popularity with our readers are its zero minimum spend requirement, and a high cashback cap that goes well beyond what other cards offer.

Honourable Mention: Citi Cash Back Card (24%)

This card offers
10% cashback
 on four very useful spending categories: Petrol, Dining, Groceries, and Grab (including GrabPay top-ups). With a minimum spend requirement of RM500 and a cashback cap per category of RM10, it translates to an effective cashback rate of 8% – which is very impressive.

Some may write off this card due to the cashback cap per category of “just” RM10 per month, but the 8% effective cashback rate is actually one of the best in the market. We believe this card is designed for young adults and small families, as it is highly rewarding for essential spending.

Best Online Cashback Credit Card In Malaysia: Affin Duo (40.6%)

Once again, the
Affin Duo
 is a clear winner. As mentioned earlier, the ease of which Affin Duo cardholders can earn cashback makes this card highly attractive. You earn cashback for up to RM2,666.67 in monthly spending, which should easily cover your e-wallet reloads, online shopping, as well as any bills you may have set the Affin Duo Visa for auto-billing – all three categories earn cashback under this card.

Honourable Mention: Public Bank Visa Signature (19.5%)

A distant second, this card offers an
attractive 6% cashback
 for online and dining spend with a monthly cashback cap of RM38. With zero minimum spend requirements, it is a solid cashback credit card that’s good for up to RM633.33 in monthly spending.

However, it has a relatively high income requirement (RM6,000/month), which makes the PBB Quantum Mastercard more appealing with a slightly lower cashback rate but is much easier to acquire.

Best Backup/Secondary Credit Card In Malaysia: Affin Visa Signature (66.1%)

No bank sets out to design a credit card for “backup” usage, or a card to use when you’ve exhausted your main card’s benefits (for example, reaching the spending amount required to unlock the full monthly cashback).

We’re big advocates of multi-card use to optimise your returns, and in many cases a “backup” card is useful. Our favourite previously was the
Maybank FC Barcelona Visa Signature
 and its 2% cashback on almost all retail spending, capped at RM50 – but unfortunately it has now been
revised to 1%,
 possibly a bit too low for most users.

The
Affin Visa Signature
, with its “contactless” cashback feature, earns you 3% cashback on almost all transactions made via PayWave (i.e. contactless). It has a huge RM80 monthly cashback cap, but there’s a very important caveat: you only earn cashback if it is a “pure contactless” transaction below RM250 – if you input your PIN after tapping your card, you won’t receive cashback for that transaction.

That said, 3% cashback on all low-value transactions is still very rewarding if you’ve exhausted your main cashback card’s benefits!

Best Air Miles Credit Card In Malaysia: HSBC Visa Signature (18.7%)

The most tightly-contested category where the top 3 spots were separated only by 1.9% of votes,
HSBC’s Visa Signature
 comes up tops here. As one of the most popular air miles credit cards in Malaysia, the HSBC VS lets you earn Rewards Points at up to 8x multipliers depending on where you use the card. The points can then be redeemed for air miles with the most popular frequent flyer programmes in the region: Asia Miles (Cathay Pacific), AirAsia BIG (AirAsia), Enrich (Malaysia Airlines), and KrisFlyer (Singapore Airlines).

Cardholders also get 6x complimentary airport lounge access in KLIA, Changi (Singapore), and HKIA (Hong Kong) per year.

Honourable Mention: CIMB e Credit Card (17.8%)

This chameleon of a credit card comes in at second place, beating the air miles enthusiasts’ favourite, the Maybank 2 Premier cards, into third place (with 16.8% of votes).

In our review of the
CIMB e Credit Card
, we noted that this card’s flexibility in points redemption and competitive redemption rates makes it a highly versatile card. For air miles, the 12x points multiplier translates to an astonishing RM0.83 for 1 Enrich Mile – for an entry level card, it’s an even better conversion rate than premium air miles cards.

However, there are a few drawbacks to the card. First, the 12x and 10x points multiplier is only available on one day of the month (the 10
th
), and Bonus Points earnings are capped at 20,000 points per month – so you’ll be collecting points for a
long time
 before you can redeem a flight. Secondly, the only frequent flyer programme in the CIMB catalogue is Enrich, so you miss out on the option of redeeming others like KrisFlyer and Asia Miles.

Best Credit Card Design In Malaysia: Alliance Bank Visa Infinite (30.1%)

Late last year Alliance Bank surprised everyone with a
 complete revamp of its Visa Infinite and Visa Platinum credit cards
. The modern minimalist look was chosen to appeal to the younger generation, and has clearly struck a chord – it’s a good thing their new card features are pretty impressive too!

The
Visa Infinite
 sports a sleek matte black design, which contrasts well with the gold magnetic strip and wording. The vertical card face is also strikingly modern and makes it easy to read the card number – which is useful considering this card offers 8x Timeless Bonus Points for online transactions and e-wallet reloads.

Best New Credit Card Of 2020: Affin Duo (38.5%)

It’s no surprise that the
Affin Duo
 is the runaway winner here as well. 2020 saw eight new credit cards launched and a number of refreshed/relaunched cards, but few generated the same level of excitement that the Affin Duo managed to achieve.

This year’s Awards alone has seen Affin Duo win three categories, which speaks volumes of the card’s features.

Best Mobile Banking App In Malaysia: MAE by Maybank2u (42.8%)

It may only be
several months old
, but Maybank has built on the success of its Maybank2u app and created
an app for the future of Maybank
. Offering e-wallet services, mobile banking, and a slew of new features baked into a single app, it’s no surprise that MAE is a clear winner in this category.

Best Online Banking Platform In Malaysia: Maybank2u (60.4%)

It may be the bank with the largest number of customers, but it should not detract the point that M2U is reliable and user-friendly platform with one of the better user interfaces around. It also loads quickly and strikes a good balance between convenience and security.

Most Caring Bank In Malaysia <3: Maybank (32.5%)

Once again, Maybank emerges as a clear winner. The bank has a long history of serving its customers as it celebrated its 60
th
 anniversary in Malaysia last year. It was one of the first banks in Malaysia to introduce mobile banks to customers in rural areas, and was also the first bank to install ATM machines in Malaysia back in 1981.

Today, Maybank continues its mission of Humanising Financial Services with a deep focus on empowering and educating the community.

Bank With The Best FD Rates In Malaysia: Affin Bank (27.1%)

All banks in Malaysia offer fixed deposits at varying rates, but our readers have voted that Affin Bank is the one that offers the best board rates overall. Our
Best Fixed Deposit Accounts article
 which is updated every month also regularly features Affin Bank’s FD rates in the top five offerings.

Best High Interest Savings Account (HISA) In Malaysia: Hong Leong Pay & Save (22.1%)

A surprising winner in this category, Hong Leong Bank’s Pay & Save High Interest Savings Account (HISA) just about nipped ahead in first place by a mere 0.2% of votes ahead of the OCBC 360 account (21.9%).

HISAs usually require account holders to perform some basic tasks/transactions to unlock more interest, and you can take a look at the best ones in our
Best High Interest Savings Accounts article
. In the case of the HLB Pay & Save, account holders can unlock up to 2.25% p.a. interest by performing 3 tasks: Deposit, Pay, and Spend. There’s an additional 0.9% p.a. unlocked as well if account holders invest in share trading.

Favourite E-Wallet App In Malaysia: Touch ‘n Go eWallet (43.3%)

As one of the three biggest e-wallet apps in Malaysia, Touch ‘n Go eWallet manages to win this category quite comfortably. TNG eWallet’s popularity stems from it already being a household name with a huge pool of users before e-wallets were even a thing, and to its credit, TNG Digital has built on that popularity to deliver a solid e-wallet app that – as you’ll find below – is both rewarding and versatile.

Most Rewarding E-Wallet App: Touch ‘n Go eWallet (31.5%)

This is a more of a close fight, as GrabPay is a close second place with 27.9% of the votes. Despite not having a rewards system in place, TNG eWallet users appear to prefer the campaign-driven partnerships and enjoy discounts on popular retail and F&B outlets, such as Tealive, Family Mart, and of course, Lazada.

Most Versatile E-Wallet App: Touch ‘n Go eWallet (42.1%)

A runaway winner for this category, TNG eWallet’s success here is likely due to the RFID integration, allowing users to link their cars with their TNG eWallet to pay for tolls seamlessly. It is easily the best feature of the e-wallet, with perhaps the Lazada integration being a close second.

On top of that, TNG Digital has been hard at work to make its e-wallet more useful, via partnerships with food delivery services as well as parking payment options in popular spots.

***************

So there you have it, the winners of the inaugural RinggitPlus Readers Awards 2020! Congratulations to the winners, and we’ll see you again in next year’s edition!

4.3

6

votes

Article Rating

SHARE

TAGS:

Affin Bank

Affin Duo

Affin Visa Signature

AffinBank BHPetrol Touch & Fuel Mastercard

CIMB e Card

CIMB e Credit Card

Citi Cash Back Card

Hong Leong Pay & Save

HSBC Visa Signature

Longform

MAE

MAE by Maybank2u

Maybank

Maybank Visa Signature

Maybank2U

Public Bank Quantum

Public Bank Visa Signature

RinggitPlus Awards

RinggitPlus Readers Choice Awards

The RinggitPlus Awards

Touch 'n Go eWallet

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


End The Year On A Generous Note And Make A Difference with Sadaqa House

2020 has been a challenging year for all of us, but we’ve also borne witness to some beautiful acts of kindness and generosity by fellow Malaysians. From spearheading homegrown initiatives that support local businesses to simple acts like handing out packet drinks to the police officers monitoring roadblocks, we’ve seen that generosity can stem from even the smallest actions.

But if you’d like to make a difference with convenience, the easiest way to do so would be to set aside a donation for charity. After all, donating to charity has a number of positive effects. For one,
studies have shown that you’ll find yourself happier after donating
. Secondly, you can claim tax deductions for monetary contributions to charity as long as they are made by the end of the assessment year. So, to claim this tax deduction for the Year of Assessment Year 2020, your tax-exemption donation receipt needs to be dated 31 December 2020 at the latest.

There are several well-deserving charities out there that raise funds for a variety of causes. If you’re looking to direct your donations to a Shariah-compliant platform that makes a difference on a broader scale, and across many different sectors, then Sadaqa House should be on your list.

What Is Sadaqa House?

Sadaqa House is the first Islamic charity crowdfunding platform in Malaysia. This initiative by Bank Islam Malaysia Berhad is based on the Islamic principle of “
Sadaqah
” (i.e wealth distribution); considered to be the highest process of managing wealth from an Islamic perspective.

Using good governance and professional fund management, backed by Bank Islam’s experience and infrastructure in traditional banking, Sadaqa House aims to deliver inclusive, positive, and sustainable impact for both Muslim and non-Muslim communities by facilitating contributions between donors, changemakers, and beneficiaries.

This charity crowdfunding platform strives to give back to society in a way that is transparent and impactful by playing an intermediary between donors and recipients.

Sadaqa House has four sectors that it focuses on and under each sector, there are appointed organisations that they call “changemakers” that in turn, implement impactful projects that aid fellow Malaysians.

The four sectors Sadaqa House focuses on and their changemakers:

Education
:

●        Pertubuhan Kegiatan Dakwah Islamiah Sekolah-Sekolah Malaysia (PEKDIS)

●        Brain For Future

●        Buku Jalanan Chow Kit

Health

●        IJN Foundation

Environment

●        Universiti Teknologi Malaysia

Community Empowerment

●        MyVista

●        Yayasan Sultanah Bahiyah

●        Mercy Mission Malaysia

3D Prosthetic Limbs, Solar-Enabled Electricity, and More — How Sadaqa House is Making a Difference

One project of note is by MyVista, a changemaker appointed by Sadaqa House that produces 3D prosthetic limbs for children. Funding by Sadaqa House has not only given MyVista a new 3D printer but has helped fit four children from underprivileged backgrounds with 3D printed robotic arms in 2020, thus increasing their self-esteem to mingle with their peers and go to school.

On the environmental front, public donations to Sadaqa House helped engineers and students from Universiti Teknologi Malaysia and Institut Latihan Perindustrian Kepala Batas successfully install a solar-panel system at Kampung Orang Asli Woh Intake, Tapah Perak. With this installation, the community, which previously had no supply of electricity and had to rely on generators for power, now enjoys the benefits of lit homes at night. The children of the village now have the opportunity to study and complete their homework in a brighter environment.

Other than that, with donations by Sadaqa House, other changemakers have also been able to make an impact.

The IJN Foundation, one of the first changemakers, has been able to provide heart surgery for 57 underprivileged paediatric patients to date.

Brain For Future has provided financial aid to underprivileged tertiary students.

Mercy Mission Malaysia has provided food assistance to reduce malnutrition in underprivileged families.

Pertubuhan Kegiatan Dakwah Islamiah Sekolah-sekolah Malaysia has distributed funding to support and assist the activities of rural Islamic da’wah schools.

Buku Jalanan Chow Kit (BCJK) received a van to aid transport of their students and help with their catering services that boost income

Yayasan Sultanah Bahiyah has been able to provide financial assistance to 16 women micro-entrepreneurs to help them grow their business and in turn support their families and community better.

BangKIT Microfinance — A New Initiative by Sadaqa House

Branching out even further, Sadaqa House also aims to help micro-entrepreneurs through its newest initiative, BangKIT Microfinance.

BangKIT provides capital to selected unbanked and underbanked micro-entrepreneurs to start-up or expand their businesses. In line with Islamic principles, this Shariah-compliant initiative offers the al-Qard (interest-free) contract with a repayment period of 6 months to 3 years.

With RM2 million allocation, this facility expects to benefit almost 200 micro-entrepreneurs. Financing starts from RM500 to RM3,000 for start-up businesses and RM3,000-RM20,000 for business expansion.

You Can Make A Difference Too!

Without public and corporate contributions, it would be nearly impossible for Sadaqa House to continue funding impactful projects together with the changemakers and BangKIT Microfinance. Whether you choose to donate directly to selected changemakers, help support BangKIT micro-entrepreneurs, or contribute to the General Fund, you can make a difference with your donations.

You can make a difference by donating to Sadaqa House by referring to its official website at
www.sadaqahouse.com.my/how-to-donate
. Contributions can be made via Bank Transfer to Sadaqa House at account number 140 140 101 88888 (Bank Islam Malaysia Berhad) or Bank Islam Credit Card-i TruPoints redemption at
https://trurewards.bankislam.com.my/
 (Product Categories: Charity). Members of the public can also donate via SnapNPay and Boost e-wallet app with relevant QR Codes which can be obtained at adaqa House website.

Let’s continue to tap into that generous spirit as the year comes to an end, and leave 2020 behind with a legacy of kind and charitable acts.

Donate now to Sadaqah House.

4

1

vote

Article Rating

SHARE

TAGS:

BangKIT Micro-Entrepreneurs

BangKIT Microfinance

Bank Islam

Sadaqa House

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


Create Stunning Content With A Premium Laptop That Lasts All Day

The
creator economy
 is the class of businesses comprised of independent content creators, curators, and community builders including social media influencers, bloggers, and videographers, on top of the software and finance tools designed to help them grow and monetise. With so many of them across all the social media platforms, it’s no surprise that today’s youth respond with ‘YouTuber’ or ‘influencer’ when asked what their ambitions are.

Part of what enables digital creators to produce high quality content is having a fully-capable and reliable machine, regardless of the format. Possessing a device that can not only support content creation, but also having the power to carry out tasks efficiently and quickly, is highly sought-after especially when trends evolve ever so quickly.

If you’re a content creator looking for a new stylish, powerful, and versatile laptop, consider owning the JOI Book 5115 or JOI Book 7115. Learn why these laptops by JOI make good devices for producing content efficiently and swiftly.

An Enjoyable Viewing Experience With Intel® Iris® Xe Graphic

Visuals play a vital role when generating content that aims to capture viewers’ attention. That means when producing any kind of content, the creator must be careful and attentive to detail, ensuring no mistakes go unmissed.  With the JOI Book 5115 and JOI Book 7115, creators get the opportunity to work on a wide 15.6″ screen that’s both a delight to work on as well as consume for pure enjoyment.

The display also has narrow bezels which add to its overall appeal. Besides that, the display for both laptops have in-plane switching (IPS) which some consider having
the best color accuracy
, full HD capability with a refresh rate of 60Hz. Not only that, they come with Touch Screen options so if you love having the freedom to just tap on the screen instead of clicking on the touchpad or mouse, you’ll enjoy using these devices.

Content creators primarily work on photo and video editing so the devices’ Intel® Iris® Xe Graphic should be more than capable as it is designed for tasks as such on top of gaming.

Work For As Long As You Like, From Wherever You Like

While some prefer staying home or being fixed to a permanent workstation, others enjoy the mobility. Working on a laptop means you get to produce awe-inspiring work from wherever you desire – the neighbourhood cafe, the public library, in a moving car, or even on the beach. And with JOI Book 5115 and JOI Book 7115, the experience of working wherever you like is made even easier because it comes with a 73 Whr battery.

Work on your JOI Book for as long as you’d like with an all-day battery life that could last up to 16 hours. If you’re the kind of person who often forgets to charge your laptop not long before leaving home, fret not because they also come with fast charging support that’ll power up your device to full in 2.5 hrs.

Circling back to the topic of mobility, JOI Book 5115 and JOI Book 7115 both weigh 1.65kg so carrying it around would not bear too much weight on one’s shoulder and would be especially useful for creators who like being on the move, like those who create travel content.

Built-In Features To Keep You Connected At All Times

Working with a large number of files will necessitate a lot of storage. JOI Book 5115 and JOI Book 7115 offer 512GB of storage so users can store their files securely. If that’s not enough, they can plug their hard drives directly into the many ports available.

The JOI Book 5115 and JOI Book 7115 both include ThunderboltTM 4/USB4.0 Type-C ports, USB 3.2 Gen2 Type-A ports, HDMI, and an Audio Jack. Its many built-in ports allow users to connect their devices easily without having to lug around additional accessories such as dongles and adaptors. Creators typically require additional storage due to the size and volume of files, and with the available ports, backing those documents and files up would be a breeze.

Besides that, these two devices also come with Intel® Wi-Fi 6 AX201 and Bluetooth v5.1. Not just that, users can easily be connected to Amazon Alexa via voice commands.

***

Creating unique and high-quality content in a timely manner is not easy for creators, but having a laptop that can provide capable graphics, efficient performance, a long-lasting battery, and is connectivity-friendly, can help in expediting their workflow.

Whether you choose JOI Book 5115 and its Intel® Core™ i5 or JOI Book 7115 and its Intel® Core™ i7, both devices come with 3 years warranty and the ultra familiar, user-friendly Windows 10 for all your content creation needs. Find out more about JOI Book 5115 and JOI Book 7115 by
clicking here
.

0

0

votes

Article Rating

SHARE

JOI Book 5115 and JOI Book 7115

Learn More

TAGS:

All day battery

Content creator

Intel Core

Intel® Iris® Xe Graphic

JOI Book 5115

Joi Book 7115

Laptops

SNS OnePlan

About THE AUTHOR

Lisa Ameera Azman

Lisa Ameera Azman

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 Pilots Intercity Feature For Users To Book Bus And Ferry Tickets

Grab has rolled out its new Intercity feature, which allows users to purchase bus and ferry tickets using GrabPay, and earn GrabRewards Points along the way. The feature – which is currently in its pilot phase – covers over 15,000 bus and ferry routes within Malaysia, and is provided in collaboration with Splyt and Easybook.

The booking process is fairly straightforward if you wish to try it out. Just tap into “Transport” from the main page of the app, and then select “Intercity”. From there, you can book your bus or ferry tickets, both for round or one-way trips. Key in all the necessary details, select your preferred transport provider and seats, pay for it, and you’re done! An order summary will then be sent to your email, although you can assess it from your Grab app as well.

Do note that at present, you must link your GrabPay e-wallet with Grab’s Intercity partner Splyt  to pay for your tickets – cash payments are not accepted – and the fare is inclusive of administration fees. Users can purchase these tickets for immediate travel, or book them one to two months in advance.

Grab also clarified that users who are booking bus tickets must check to see if they are required to exchange their order summary for boarding passes or tickets before getting onto the transport. This is because different bus operators will have different check-in procedures; some may open designated pick-up counters for the exchange process, where users can also obtain information such as the bus plate and platform number. If the travel operator does not specify a pick-up location with such designated counters, then you can just present your order summary (which contains a QR code) to the bus driver before boarding.

Those who purchase ferry tickets, meanwhile, will have no such uncertainties. They must check in and collect their boarding passes before departure, and are not allowed to board with just the order summary.

Finally, Grab emphasised that all users must follow the standard operating procedures (SOPs) put in place by the Ministry of Transport (MOT) and National Security Council (MKN). These include having a valid vaccination certification and wearing a face mask throughout the entire journey.

(Sources:
Grab
,
The Star
)

0

0

votes

Article Rating

SHARE

TAGS:

Bus Tickets

Easybook

Ferry Tickets

Grab

Grab Intercity

GrabPay

Public Transport

Public Transportation

Splyt

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


Government Announces Ceiling Prices For All Bottled Palm Cooking Oil

(Image: The Star/Lim Beng Tatt)

The Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) has announced the full list of ceiling prices for bottled palm cooking oil for the month of August, set to take effect starting from 8 August. This is following the government’s recently announced decision to implement a monthly pricing mechanism for bottled palm cooking oil.

Applicable throughout the whole of Malaysia, the ceiling price for bottled palm cooking oil in August – according to weight – will be as follows:

1kg
: RM7.70
2kg
: RM14.70
3kg
: RM21.70
5kg
: RM34.70

Prior to this, the Jihad Tangani Inflasi taskforce had already revealed that the government
will be adopting a monthly pricing mechanism for bottled palm cooking oil
. The ceiling price is to be adjusted monthly based on the price of crude palm oil (CPO) in the global market in the previous month. As such, the ceiling price for August was decided based on the average price of CPO in July, which was recorded at RM4,063 per metric ton.

During this initial announcement, the chairman of the task force, Tan Sri Annuar Musa also stated that the RM34.70 ceiling price (5kg bottled cooking oil) was applicable only for Peninsular Malaysia. However, it was subsequently
extended to Sabah, Sarawak, and Labuan
 as well.

Meanwhile, the KPDNHEP minister, Datuk Seri Alexander Nanta Linggi reiterated that the government has also recently gazetted the order prohibiting the export of unsubsidised cooking oil in all forms of polybag packaging. This is to avoid confusion among consumers and exporters, and to mitigate the leakage of controlled and subsidised goods.

To note, the government had
removed the subsidy for bottled palm cooking oil
 beginning last month, which subsequently resulted in a significant increase in the price of the commodity. The government then announced late last month that it will
reintroduce a ceiling price for bottled palm cooking oil
, seeing as cooking oil manufacturers did not reduce their retail prices despite a decrease in crude palm oil prices.

(Source:
KPDNHEP
)

0

0

votes

Article Rating

SHARE

TAGS:

Bottled Cooking Oil

Bottled Cooking Oil Ceiling Price

Bottled Cooking Oil Subsidy

Cooking Oil

Cooking Oil Subsidy

Datuk Seri Alexander Nanta Linggi

Jihad Tangani Inflasi

KPDNHEP

Ministry of Domestic Trade and Consumer Affairs

Tan Sri Annuar Musa

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


The Permai Stimulus Initiatives: What's Actually New, And What's Not

Yesterday, Prime Minister Tan Sri Muhyiddin Yassin unveiled the government’s new PERMAI stimulus package, the fifth economic stimulus package in Malaysia aimed at combatting the negative effects of the Covid-19 pandemic. Worth RM15 billion, the PERMAI stimulus consists of 22 initiatives – some of which improve on current initiatives that are already ongoing or accelerating the implementation of said initiatives.

So, if you’re wondering why some of the initiatives under PERMAI sound rather
familiar
, it’s because they may have already been announced or implemented before. To help clear things up, we go through the PERMAI highlights to see which are part of existing initiatives and which are brand-new benefits.

Accelerated Bantuan Prihatin Nasional (BPN 2.0) & Bantuan Prihatin Rakyat (BPR) Payments

According to the
PERMAI announcement
, the final round of BPN2.0 payments will be accelerated starting from 21 January 2021. As for the BPR aid, it was revealed that for the first round of instalments, households earning up to RM5,000 per month will receive RM300 each while for those under the single category earning up to RM2,000 per month will receive RM150.

Is it new?
No.

BPN 2.0
 was announced under last year’s
PRIHATIN
 stimulus package, with the first phase already paid out in October 2020 and the final phase slated for January 2021. Under PERMAI, the final phase is meant to be “accelerated” – but payments will begin on 21 January, which is still within the month of January as originally announced.

Meanwhile, the
BPR programme
 was introduced in Budget 2021 last year as a successor to the Bantuan Sara Hidup (BSH) aid, with a RM6.5 billion allocation expected to benefit 8.1 million people. It had not been stated when the BPR payments will be given out. It was suggested in the PERMAI announcement that the payments would be accelerated too, but no date or timeline was shared.

RM2,500 Tax Relief On Purchase Of Mobile Phones, Computers & Tablets

You can claim a
special tax relief of up to RM2,500
 on the purchase of mobile phones, computers, and tablets for YA 2021 – on top of the main lifestyle tax relief given on sports equipment, reading materials, Internet bills, and selected electronic devices expenditure.

Is it new?
No (
Extended for 1 year)

This
special tax relief
 was first introduced last year to boost work-from-home arrangements and was in force from 1 June to 31 December 2020.

Covid-19 Testing Now Eligible For Medical Tax Relief

The scope for tax relief related to full medical check-up expenses has been expanded to cover Covid-19 screening.

Is it new?
Yes.

You can now claim up to RM1,000 in tax relief for full medical check-ups and
Covid-19 tests for YA2021
. Lembaga Hasil Dalam Negeri (LHDN) allows you to claim tax relief for medical expenses with a sub-limit specifically for medical check-ups. In
Budget 2021
, the tax relief limit was raised from RM6,000 to RM8,000 and the sub-limit was doubled from RM500 to RM1,000.

Covid-19 Vaccination Programme

(Image: The Malaysian Reserve)

Planning for the Vaccination Programme is on track, with the government having signed three agreements with vaccine producers. Malaysia is expected to receive the first batch of vaccines by the end of February with the first batch to be vaccinated by early March.

Is it new?
Not really.

Malaysia signed its first
vaccination deal
 with Pfizer in November 2020 and the Special Committee on Covid-1189 Vaccine Supply Access Guarantee (JKJAV) has been in talks about fine-tuning the Covid vaccination plan since
early this year
.

Enhancing Cooperation With Private Hospitals

The government will allocate RM100 million to further the public-private partnership in combating the pandemic, with private hospitals agreeing to receive and treat both Covid-19 and non-Covid-19 patients to help relieve the public healthcare system.

Is it new?
Not really.

News of an agreement between the private and public healthcare sectors regarding the treatment of Covid-19 patients have been making headlines for the past week or so. As of now, it seems that the government is in the
final stages
 of ironing out the details with the private hospitals. While
LIAM and MTA
 have also expressed willingness to support this partnership in terms of insurance coverage, it is also still in talks with the Ministry of Health and Bank Negara Malaysia to work out how this will happen.

One-off Provision & Allowance For Frontliners

Healthcare frontliners will be given a one-off provision of RM500 while other frontliners will be paid RM300 in the first quarter of this year. The existing monthly allowance of RM600 to healthcare frontliners and RM200 to other frontliners will continue until the Covid-19 pandemic is over.

Is it new?
No.

The provision for
healthcare frontliners
 was announced in the tabling of Budget 2021 and the provision for
non-healthcare frontliners
 was added in the winding up of the Budget. The one-off assistance was set to be paid some time in 2021 with no firm date. Meanwhile, the
monthly allowance
 was first kicked-off in February 2020 and
increased in March
.

EPF i-Sinar Advance Facility & Withdrawal Process

The Employees Provident Fund (EPF) will provide an advance of up to RM1,000 from the amount applied under the i-Sinar Category 2 facility, starting 26 January. The announcement also said that the Category 2 advance withdrawal process has been simplified as members only need to provide a self-declaration and submit supporting documents online.

Is it new?
Yes (and no)

For i-Sinar Category 2 applications, the payment was meant to be given by the
end of the following month after application approval
 – and you would need 2-3 weeks to obtain said approval. Thanks to the advance feature, Category 2 applicants can now receive an interim payment of up to RM1,000 from 26 January for those who have already applied, and within 7 days from applying for new applications.

As for the simplified withdrawal process, there doesn’t seem to be much difference to the application process for Category 2 members post-PERMAI. Prior to the PERMAI stimulus, Category 2 members also only needed to make an online declaration and supply supporting documents to
make an application.
 Applications for EPF i-Sinar Category 2 have been open since 11 January.

Wage Subsidy Programme 3.0

The enhanced Wage Subsidy Programme 3.0 will be open to all employers operating in MCO states. Approved employers will receive a wage subsidy of RM600 for each employee with a salary of less than RM4,000 for one month up to 500 workers.

Is it new?
Yes.

While there have been previous versions of the Wage Subsidy Programme – from the
first programme
 that ran from March to September and the
second one
 that ran from October to December – this third version is a new introduction under PERMAI. You can find out more about the
Wage Subsidy Programme 3.0 here
.

Continuing The Moratorium & Loan Repayment Assistance

In the PERMAI announcement, the prime minister emphasised that the extended moratorium and reduced loan repayment instalments as announced previously will continue to be offered.

Is it new?
No.

As explained by the prime minister himself, this particular initiative is not new, as applications for the targeted repayment assistance were set to be open until 30 June 2021. However, the reassurance of the availability of this aid is sure to be welcome given the second round of movement control order (MCO 2.0) currently in place as well as the
ongoing flood situation
 in the country.

Moratorium For PTPTN Repayments

(Image: Malay Mail)

National Higher Education Fund Corporation (PTPTN) borrowers affected by the Covid-19 pandemic or floods can apply for a three-month PTPTN loan repayment moratorium until 31 March 2021.

Is it new?
Not really.

The government had
already announced in early January
 that it would be deferring the loan repayments for PTPTN borrowers for yet another 3 months until 31 March 2021. PTPTN has extended the moratorium a total of 3 times since April 2020. However, the inclusion of flood victims in addition to those affected by Covid-19 is a newer update.

Sales Tax Exemption On Passenger Vehicles

The sales tax exemption for locally assembled and imported passenger vehicles is extended until 30 June 2021.

Is it new?
Not really.

The
sales tax exemption
 first came into force in June and was slated to end on 31 December 2020. However, just before the end of the 2020, the Finance Ministry had already announced that the exemption would be
extended until 30 June 2021
.

Electricity Bill Discounts

(Image: The Malaysian Reserve)

Six business sectors nationwide (hotel operators, theme parks, convention centres, shopping malls, local airline offices, and travel and tour agencies) will receive a discount of 10% on electricity bills from January to March 2021. Other domestic and non-domestic TNB users will get an electricity rebate of 2 sen/kWh from 1 January to 30 June 2021.

Is it new?
Yes (and no).

The power discount for the six business sectors, which is funded by the government, is new under PERMAI. Under the Economic Stimulus Package last year, selected businesses were given a similar
15% discount in electricity bills
 from April to September. As for the TNB 2 sen/kWh rebate, this was already announced at the
end of last year.

Provision Of 1GB Free Internet Access

The 1GB of free Internet data offered to the public will be extended until 30 April 2021. Moreover, the special subscription package previously offered to SPM and STPM students will be extended to all students of higher learning institutions.

Is it new?
 No (extended/expanded)

First introduced in
March as part of PRIHATIN
 for the duration of the first MCO period, the free Internet was
extended to the end of 2020
, and then once more until March 2021. With PERMAI, the free data is now extended by one extra month. As for the
special package for students
, the scope has now been widened under PERMAI.

SOCSO’s Self-Employment Social Security Scheme For Delivery Riders

(Image: SoyaCincau)

The government has allocated RM24 billion towards coverage for SOCSO’s Self-Employment Social Security Scheme, as a way to appreciate the contribution of delivery riders in particular during the MCO period.

Is it new?
No.

As announced by the prime minister, almost 32,000 applications from delivery riders have already been received under the scheme, so it is not new under PERMAI. The allocation was made as part of
Budget 2021
, announced last year.

Relaxed EIS Programme

The government has agreed to relax the conditions for the Employment Insurance System (EIS) or SIP PRIHATIN to assist those suffering from loss of employment. Employees who do not meet the minimum contribution conditions, or whose contract was not extended after having been renewed for at least 3 times previously, are eligible to apply for the SIP PRIHATIN assistance of 30 percent of their monthly salary for a period of 3 months.

Is it new?
No.

Enhancing the EIS was already mentioned during the tabling of Budget 2021 and SOCSO had already come out with an
FAQ
 detailing the changes to SIP PRIHATIN last year.

One-Off Payment For Tour Guides, Taxi & Bus Drivers

The government will provide a one-off financial assistance of RM500 to tour guides and drivers of taxis, buses, tour buses, rental cars, and e-hailing vehicles. An additional amount of RM66 million has been allocated to ease the burden of these parties.

Is it new?
Yes.

A similar
one-off payment
 was given as part of the Economic Stimulus Package in February 2020 and later again in the
PRIHATIN
 stimulus, but this new round of one-off assistance is new.

PERMAI Prihatin Special Grant

The government will expand the existing Prihatin Special Grant Plus assistance to cover 500,000 SMEs in the MCO states, with a payment of RM1,000 each while 300,000 SMEs in other states will receive RM500 each. This expansion will involve an additional allocation of RM650 million. Should any state be declared a red zone with MCO imposed, the government stands ready with additional assistance.

Is it new?
Yes.

The Prihatin Special Grant Plus that was introduced in Budget 2021 was initially only for traders and hawkers in Sabah, and now has been greatly expanded under PERMAI.

Tax Deductions For Donors

Donors who have been assisting those impacted by the Covid-19 pandemic in cash and kind will be given tax deductions.

Is it new?
No.

It is likely that the prime minister is referring to existing tax deduction incentives, where individuals and business can claim for a
tax deduction
 based on their gross business income or aggregate income for eligible charitable donations. Since last year, donations made to aid in the battle against Covid-19 – such as to the
Covid-19 fund and Ministry of Health
 and
others
 – have been considered eligible.

***

The MCO period is a tough one for many Malaysians, which is why the
rakyat
depend heavily on the government to provide the necessary assistance to tide the nation over to the other side. With this in mind, it’s important to stay up to date on all the various forms of assistance available – including keeping track of what is already being offered.

3

5

votes

Article Rating

SHARE

TAGS:

BPN

BPN 2.0

BPR

Covid-19

EPF i-Sinar

Financial Assistance

Longform

One-Off Payments

Permai

PERMAI Initiatives

Permai Stimulus Package

Stimulus Package

Tax Relief

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (3)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

3
 Comments

 Inline Feedbacks

View all comments

    NAZRUL HELMIE BIN BORHANDIN

    2 years ago

How to apply the Permai Prihatin Special Grant ?

0

Reply

    Lee

    2 years ago

My 2 cents:

The WSP3.0 already announced in Budget 2021, the scope is expanded under PERMAI, not a total new WSP.

For electricity discount, it is not new too. The same six sectors will enjoy 10% discount for three months, compared to 15% discount for six months in 2020, which announced on 27 Feb. The 2 sen rebate should not be in the picture as it was just an ordinary review of ICPT every six months.

0

Reply

    Wong Mun Keong

    2 years ago

Special tax relief of up to RM2,500 on the purchase of mobile phones, computers, and tablets for YA 2021 – on top of the main lifestyle tax relief given on sports equipment, reading materials, Internet bills, and selected electronic devices expenditure.

Extension

Q:

So, if i bought a PC in Oct 2020 and claimed the special tax relief in my filing 2021 Apr for 2020 taxes,

Can i buy another PC in 2021 and claim the special tax relief for 2021 taxes filed in 2022 Apr?

0

Reply


Estate Planning Group: Digital Assets To Feature More In Wills

Digital assets will increasingly find their way into inheritance plans over the next few years, said estate planning group Rockwills International Bhd. This comes as people are acquiring more digital assets and investing in cryptocurrencies.

Rockwills Group CEO Azhar Iskandar Hew explained that digital assets are a collection of binary data rather than actual physical objects. These include things that are created, stored, and recorded in the form of digital devices or online services – such as websites, social media sites, emails, cloud services, mobile phones, laptops, hard drives, and computers.

“The most well-known digital asset is digital currency. Other digital assets of monetary value are e-wallets, e-commerce accounts, internet domain names, online storage such as Google Drive and Dropbox,” he said in an interview with SunBiz. “For creative professionals, their works such as photography and artwork that are stored digitally in various online platforms and the royalty generated from their accounts are digital assets.”

Currently, digital assets and digital legacy tend to be neglected by many Malaysians in their estate plans – resulting in the potential loss of valuable assets and information as well as money and time spent to track these down. However, Hew said that clients have been including digital assets in estate planning in the past few years.

“There are cases involving wills that include digital assets in one form or another but primarily they are cryptocurrencies which clients want to give away to their beneficiaries. For every 100 wills, there are two to three wills that include some sort of digital assets,” he revealed. Hew further added that the top three digital assets included in wills in Malaysia are cryptocurrencies, e-wallets, and electronic trading accounts.

However, Hew warned that gaining access to digital assets such as online trading accounts can be tricky. “The laws that govern digital assets vary from country to country, and online sites have wildly different terms and conditions that sometimes lock out executors,” he said. “Writing a will alone will not be sufficient as there are additional steps to be taken to retrieve digital information. It is impossible to recover digital assets without proper instructions on where to find the password.”

Therefore, people are advised to see that the preparation and execution of estate plans are done with lawyers or professional companies because it is a specialised area. “As digitalisation and its adoption continues, planning will become more important,” he concluded.

(Source:
The Sun Daily
)

5

1

vote

Article Rating

SHARE

TAGS:

Cryptocurrency

E-Wallets

Electronic Trading Accounts

Estate Planning

Rockwills International Bhd

Will Writing

Wills

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


World Bank: Malaysia Is Doing Comparatively Well Amidst Covid-19 Pandemic

(Image: Reuters)

The World Bank has noted that Malaysia is coping better with the severe economic downturn compared to many other economies, despite the challenges brought on by the Covid-19 pandemic. This comes as the organisation estimates that 90% of the world’s economies will see a contraction in 2020, leading to the first increase in global extreme poverty since 1998.

According to the World Bank country director for Brunei, Malaysia, Philippines, and Thailand, Ndiamé Diop, Malaysia’s economy is supported by strong fundamentals, which softened the impact of the pandemic. These include a diversified economic structure, sound financial system, effective public health response, and proactive macroeconomic policy support. This was also mentioned in the World Bank’s latest Malaysia Economic Monitor (June 2020).

“While we expect the economy to see a sharp contraction this year with gross domestic product shrinking by 3.1% and a particularly pronounced contraction in the second quarter, there is light at the end of the tunnel,” said Diop.

Diop also took note of the
Malaysian government’s six-stage strategy
 to restart the country’s economy: resolve, resilience, restart, recovery, revitalise, and reform – in which the nation is currently in the fourth phase. “This means the government is set on not just getting out of this crisis, it is also trying to get into a better shape than it was before, so it is more able to withstand the next one,” he commented.

That said, Diop remarked that the government needs to do more for those who are most in need in the post-MCO climate, particularly vulnerable households and businesses. This is because some industries may recover faster than others. For instance, the manufacturing industry is expected recover faster compared to the tourism industry, which consequently affects the revival of incomes and jobs.

(Image: The Edge Markets)

“This may mean providing further rounds of financial assistance to the vulnerable, especially the B40 who lack the savings and support networks to withstand a prolonged hit to their earnings,” said Diop. He also added that this crisis underscored the necessity of providing a stronger, more cost-effective, and less fragmented social protection system to improve the public’s welfare.

Additionally, Diop noted that Malaysia will need to introduce reforms to boost tax revenues, as well as find new and progressive sources of revenue as the economy recovers. This is because the Covid-19 pandemic has caught Malaysia ill-prepared with limited budgetary space to respond with direct fiscal injections.

Other key issues that Diop highlighted include upskilling and retraining the workforce for a new economy, as well as accelerating the digital agenda and bridging the digital divide. He further said that now is the right time to carefully
design and implement policies in relevant areas
 so that Malaysia can achieve its aspirations to become a high-income economy.

Ndiamé Diop was appointed as the World Bank country director for Brunei, Malaysia, Philippines, and Thailand on 1 July 2020. You can read
Diop’s full statement
 here.

(Source:
Malay Mail
)

0

0

votes

Article Rating

SHARE

TAGS:

Covid-19 Economy

Malaysia Economic Monitor Report

Ndiamé Diop

World 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


Find Cheap Flights and Accommodation Right From Google

While the holiday season is not here yet, it’s never too early to plan your vacation. If you’re thinking of flying somewhere, there are many sites you can use to pick and choose your flights. You can even employ the services of a travel agent. However, going through these channels may lead to a sizable markup on prices. Selecting a site or travel agency to go with can also be a pain. What if we told you that you could do a thorough research of your travel plans straight from Google?

Google Flights

Point your browser to Google Flights and you’ll be met with a variation of the standard Google interface specifically tailored for flight-searching. Right up top, you can choose between a multi-city trip, a one-way or a round trip. You could also pick your class of flight, and how many tickets for adults or children in the search criteria. Then, you can choose your destination and length of stay. Which means it works just like any other flight comparison site, except it’s directly via search engine.

One handy feature of Google Flights is their calendar. When you’re choosing a departure date, a dropdown calendar will appear and you will see the lowest fare highlighted for each day. On this page, you can click over to the price graph to see how prices may fluctuate based on season, holidays, or other events. You can also further customise the list of suggested flights and sort them by number of stops, price, airline, and more.

Undecided? Google Can Help You Choose

There are times when you know exactly where you want to go during that long school holiday, and then there are other times when you have a rough idea, but aren’t exactly sure where you’d like to be. Maybe you’re thinking of visiting a place with a rich history, but you’re not sure if it should be Paris or Rome. Maybe you feel like exploring your own backyard of Southeast Asia, and you don’t mind starting in any country.

What you can do with Google Flights is, enter an entire country or region as your destination like “Australia” or “Europe” and see your flight suggestions from there. You can even click “Explore destinations” on the minimap to scan the entire world and see accurate prices for all the different cities that you can fly to, along with filters for your flight preferences. If you’re feeling especially adventurous, click on the “I’m Feeling Lucky” button and a random suggestion fitting your criteria will be offered. Neat!

When you choose an entire region as your destination, Google Flights also helps you by offering to filter via interest, with categories like Food, Shopping, and Nature. Once you’ve chosen your criteria, you’ll see a deck of cards shown with suggested destinations and their prices. Clicking on these cards will reveal more information on their recommended flights and hotels. Handy!

Don’t Get Lazy

Sure, these fancy suggestions and recommendations are helpful, but you shouldn’t end your research here. After you’ve picked out the flights and hotels you think are best for your traveling needs, we recommend you use them as the basis to begin a more thorough research. Make calls to these places and see if you can get their prices to go even lower.

That doesn’t take away how useful and robust Google Flights is as a tool to help plan your vacation but it does work as a great starting point.

Speaking of travel, check out our list of
the best travel credit cards in Malaysia
 so you can have a good vacation while getting rewarded for it, too! Happy travels!

Speaking about cheap flights, why not participate in our
Travel Getaway Campaign
 and get a free return flight ticket to
Manila
 or any one of the 19 attractive destinations?

Photo credits:
Google Flights

0

0

votes

Article Rating

SHARE

TAGS:

Accommodation

Flights

Google Flights

RinggitPlus Travel Getaway Campaign

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


5 Cheap Ways to be a Budget Bookworm

Statistics show that Malaysian are still quite far behind the international community when it comes to the reading habit. In fact,
a survey
 has shown that Malaysians who were interviewed in 2005 only read an average of 2 books a year.

The lack of the reading habit among Malaysians has sometimes been attributed to a busy lifestyle as well as how costly it can be, especially with today’s ever increasing cost of living. Therefore, to keep your bookshelves full without breaking the bank, here are some methods you can put into practice:

Visit the Library

Our National library is a good place to start book hunting and what’s more, their membership is free and you are allowed to borrow up to 3 books at a time for up to 3 weeks. Your local community may also have a library available for public use which you can check out for the same purpose.

However, since these are library books, you’ll have to take extra care of them as every piece of damage like tearing or staining will mean a penalty on your part.

Go Online for Free E-books

If you’ve never heard of
Project Gutenberg
, you’re in for a treat as this is the biggest free book repository online. Many of the books here have copyrights that have expired and are therefore open for public reading.

There are more than 52 000 titles available and counting, and you can download them to various systems like Kindle, iOS, Android, and Nook. Another site you can go to for free e-books is
Free eBooks.net
 which offers more modern and contemporary works.

Join a Book Exchange Program

There are several book exchange programs around, like the
KL Book Exchange
 that takes place on the first Sunday of every month. Alternatively you can always start your own book exchange among friends. The idea is to give up one or several books that you’ve finished reading in exchange for one that someone else has read.

There are certain ethical rules to follow of course, which is usually to avoid exchanging damaged, vandalised, or overly trashy or violent books. Only good quality books you believe will enrich other should be put up for exchange. It’s only fair, right?

Buy Second-hand Books

If you hear of any flea markets happening in the city, chances are that there’ll be some second-hand books on sale as well. Otherwise you can always shop at online sites selling used books that offers really affordable novels.

Go for Marked Down or Clearance Sales

All the major book store chains usually hold stock clearance sales at least once or twice a year where you can enjoy discounts of up to 70%. In addition to that, there are huge warehouse book sales like the famous
Big Bad Wolf
 which happens in many major cities in Peninsula Malaysia. You’ll be able to find both fiction and non-fiction titles for as low as RM5 to RM8, as well as a ton of coffee table and children’s books.

Reading books is a healthy hobby that more of us should do more often. We hope with these tips on how to find books on a budget, you can get back onto the habit of reading more and be a better-informed citizen of the world.

If all our tips have gotten you excited to get back into the habit of reading, you can check out our list of the
6 must-read finance books
 that can help you get more for your money!

0

0

votes

Article Rating

SHARE

TAGS:

Android

Big Bad Wolf

Book Exchange Programmes

Budget

Clearance Sales

Entertainment

Free eBooks.net

Hobbies

iOS

Kindle

KL Book Exchange

Nook

Online E-Books

Personal Finance

Reading

Secondhand Books

About THE AUTHOR

Michelle Chee

Michelle Chee

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