Malaysian Banks Revise Base Rates, FD Rates Following OPR Hike

(Image: The Malaysian Reserve)

(
Updated on 20 May 2022.
)

Following Bank Negara Malaysia’s (BNM) decision to
increase the overnight policy rate (OPR) from 1.75% to 2.00% yesterday
, major banks across Malaysia are also adjusting their base rates (BR) and base lending rates (BLR) to follow suit.

Here are some of the banks that have announced an update to their BR and BLR as of the time of writing. We will continue to update the list as more banks share their revisions.

Affin Bank

(Image: The Star)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.70
2.95
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.56
5.81

Deposit rates will also increase by 0.25%. All new rates will be effective from 13 May 2022 onwards.

Agrobank

(Image: The Malaysian Reserve)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.35
2.60
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.50
5.75

Deposit rates will also increase by 0.25%. All new rates will be effective from 17 May 2022 onwards.

Alliance Bank

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.57
2.82
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.42
5.67

Deposit rates will also increase by 0.25%. All new rates will be effective from 20 May 2022 onwards.

AmBank

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.60
2.85
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.45
5.70

Deposit rates will also increase by 0.25%. All new rates will be effective from 19 May 2022 onwards.

Bank Islam

(Image: The Malaysian Reserve)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.52
2.77
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.47
5.72

Deposit rates will also increase by 0.25%. All new rates will be effective from 17 May 2022 onwards.

Bank Muamalat

(Image: The Malaysian Reserve)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.56
2.81
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.56
5.81

Deposit rates will also increase by 0.25%. All new rates will be effective from 13 May 2022 onwards.

Bank Rakyat

(Image: The Star)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.60
2.85
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.58
5.83

Deposit rates will also increase by 0.25%. All new rates will be effective from 20 May 2022 onwards.

Bank Simpanan Nasional

(Image: The Edge Markets)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.60
2.85
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.35
5.60

Deposit rates will also increase by 0.25%. All new rates will be effective from 20 May 2022 onwards.

CIMB Bank

(Image: Bloomberg)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.75
3.00
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.60
5.85

Deposit rates will also increase by 0.25%. All new rates will be effective from 18 May 2022 onwards.

Citi

(Image: Bloomberg/Samsul Said)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.40
2.65
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.55
5.80

Deposit rates will also increase by 0.25%. All new rates will be effective from 18 May 2022 onwards.

Hong Leong Bank

(Image: The Star)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.63
2.88
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.64
5.89

Deposit rates will also increase by 0.25%. All new rates will be effective from 17 May 2022 onwards.

HSBC Bank

(Image: Malay Mail/Hari Anggara)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.39
2.64
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.49
5.74

Deposit rates will also increase by 0.25%. All new rates will be effective from 20 May 2022 onwards.

Maybank

(Image: The Star)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
1.75
2.00
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.40
5.65

Deposit rates will also increase by 0.25%. All new rates will be effective from 13 May 2022 onwards.

MBSB Bank

(Image: The Malaysian Reserve)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.65
2.90
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.50
5.75

Deposit rates will also increase by 0.25%. All new rates will be effective from 17 May 2022 onwards.

OCBC Bank

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.58
2.83
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.51
5.76

Deposit rates will also increase by 0.25%. All new rates will be effective from 18 May 2022 onwards.

Public Bank

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.27
2.52
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.47
5.72

Deposit rates will also increase by 0.25%. All new rates will be effective from 13 May 2022 onwards.

RHB Bank

(Image: The Borneo Post)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.50
2.75
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.45
5.70

Deposit rates will also increase by 0.25%. All new rates will be effective from 18 May 2022 onwards.

Standard Chartered

(Image: Global Business Outlook)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.27
2.52
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.45
5.70

Deposit rates will also increase by 0.25%. All new rates will be effective from 19 May 2022 onwards.

UOB

(Image: Bernama)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.61
2.86
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.57
5.82

Deposit rates will also increase by 0.25%. All new rates will be effective from 20 May 2022 onwards.

***

To clarify, the base rate (BR) serves as a reference rate from BNM that banks use to decide on the interest rates of your loans and savings. Before 2015, they depended on the base lending rate (BLR) as the benchmark instead. As there are still ongoing loans taken out before 2015 that refer to the BLR, banks are obligated to display both the BR and the BLR.

BNM’s decision to raise the OPR by 25 basis points yesterday marks the first increase to be made since the OPR fell to its historical low of 1.75%
in July 2020
. Prior to that, the OPR had already suffered three earlier cuts in
January
,
March
, and
May 2020
.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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How to Fund Your SME Business Without Taking A Loan

We talked about how to know
if your business is an SME
 and how to
take advantage of SME loans
, but what if you have a small to medium enterprise but can’t (or won’t) take out a loan? There are plenty of reasons you might want to finance your SME business without using a loan. Thankfully, there are many other resources for you to obtain funding for your SME business.

Grants

Quite a few
government bodies and independent entities are willing to give out grants
 to
help up-and-coming SME businesses
 get started. Grants are a good source of funding because you’re typically under no obligation to pay it back. However, the catch is that they might not offer enough to cover your entire expenses. Also, grants are usually offered via competitions, contests, or under very specific guidelines. In the case of government grants, you may have to do some extra work and go through thick red tape in order to retrieve the funds promised to you.

Venture Capital

This the kind of funding that investors provide to new companies and SME businesses that they believe to have long-term potential for growth. What you can do to get this kind of funding is to
approach a venture capital firm
, submit your business plan and wait to see if they’re interested in your proposal. They will then do an audit and see if your company is worth their investment. Another thing to remember about venture capital funding is that the investors will expect your business to complete certain milestones and give out their funding in stages. While investors aren’t really looking for you to directly pay back their cash, they
are
 looking to recoup their investments and expect your SME business to succeed so they can still be rewarded for taking a chance on your company.

Partner Up

If you’re not keen on jumping through hoops or going through red tape, a quick way to get funding is to partner up with somebody who has enough capital to get your SME business going. This one is in some ways much trickier than the other methods since you need to already know someone who believes enough in your idea to be close partners with your business and who can also provide enough funds. Partnering also means you need to either give up half of the control over to your partner or else have your ideas and operations be shared with somebody who you might not entirely agree with. But it’s still a good option if you’re one who doesn’t mind splitting the ownership of your SME business.

Crowdfunding

Another way to get your project funded is by channeling the power of your potential target market. Using the many different crowdfunding services available out there
both locally
 and
internationally based
, you can pitch your idea to millions of people at once and gauge the attractiveness of your idea and get the idea funded at the same time. The catch here of course is in servicing your backers with incentives and selling your idea to millions of people at once. With this method, your pitch has to be really solid but if you do get complete funding, you’re free to do with the funds what you wish.

Fundraising

A classic way to get funds is to literally just organise a fundraising event. If your business has a big social welfare element to it and you can get connected with people with deep pockets, this method might be worth exploring. Many people would be willing to donate their cash to a good cause, and if your company happens to be the way this cause is served, all the better for you and your SME business.

Of course, each of these methods come with their own pros and cons, but now that you’re aware of them, you can choose which one suits you best. Our recommendation is to still try and get yourself an SME business loan since their terms and features are often the most attractive and it’s the method that gives you the least hassle. Have anything to add to this article? Do share your thoughts and ideas with us in the comments section down below!

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Ahmad Mudhakkir

Ahmad Mudhakkir

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Maybank Campaign Offers Up To RM270 Monthly Cashback, Exclusive Prizes Including Mercedes Benz

Maybank is currently running a new campaign that offers its cardholders not only monthly cashback rewards, but also the chance to win a grand, first, and special prizes – such as a Mercedes Benz AMG, Apple iPhone 14, and Habib vouchers. Already ongoing, the “Spend & Drive Home a Mercedez Benz, Monthly Cashback & More” campaign is set to continue until 31 January 2023.

Open to all new and existing Maybank and Maybank Islamic Visa, Mastercard, and American Express (Amex) cardholders, you’ll need to meet specified spend requirements in order to win the monthly cashback rewards, as well as to earn qualifying entries for the prizes. Here are the full details for how you can earn the various rewards under this latest Maybank campaign:

Monthly cashback

Depending on the category of your transactions, you can earn up to RM100 cashback when you spend a monthly cumulative amount via your cards, as stated below:

Transaction category
Cashback reward (per month per customer)
Budget allocation per month
Total allocation for whole campaign period
New signup for EzyPay instalment plan
RM50
RM25,000 (500 redemptions)
RM75,000 (1,500 winners)
Minimum monthly cumulated spend of RM3,000 on local transactions (all categories including e-commerce)
RM100
RM50,000 (500 redemptions)
RM150,000 (1,500 winners)
Minimum monthly cumulated spend of RM2,000 on foreign transactions (all categories including e-commerce)
RM100
RM50,000 (500 redemptions)
RM150,000 (1,500 winners)

As always, these cashback rewards will be awarded on a first-come first-served basis. Note that each cardholder is eligible to earn a maximum of RM250 cashback per month (if you fulfil the requirements of all three transaction categories), totalling to RM750 cashback for the entire campaign period (3 months).

Cardholders who are interested can go ahead and accumulate their expenses as per the following schedule:

Month 1
: 27 October – 30 November 2022

Month 2
: 1 – 31 December 2022

Month 3
: 1 – 31 January 2023

Grand, first, and special prizes

Aside from cashback rewards, Maybank is also offering an exclusive grand and first prize to be won, namely the Mercedes AMG GLA35 and the Mercedes AMG A35 Sedan, respectively. There are also special prizes to be given away, which are based on the type of card that you use for your transactions (Visa, Mastercard, or Amex). Here’s the full list of prizes for your reference:

Prize category
Prize
Eligible Maybank card(s)
Allocation
Grand prize
Mercedes AMG GLA35
All Maybank cards
1
First prize
Mercedes AMG A35 Sedan
All Maybank cards
1
Special prizes
– Habib vouchers (RM5000)
– Apple iPhone 14 Pro (128GB)
– Luxury luggage bag
– Visa
– Mastercard
– Amex charge/credit card
– 10

– 10
– 10

To stand a chance at winning these prizes, you’re required to first earn qualifying entries throughout the whole campaign period by spending a minimum of RM50 in a single transaction. Again, the number of entries that you can earn depends on the type of transactions performed:

Transactions
Number of entries earned
RM50 spend (general)
1x
RM50 spend on the following categories:
– Dining (F&B)
– Travel
– Departmental store
– Petrol
– E-commerce
– Jewelleries (selected franchises)
– Overseas transactions
– Contactless transactions
5x
RM500 EzyPay/-i transaction (full transaction amount)
10x
New principal Maybank credit card approved
10x
Special
: All expenses at Maybank’s Treats Fair at Mid Valley Exhibition Centre (27 – 30 October 2022)
Double entries

Note that qualified spend includes retail and online purchases transacted locally and internationally, as well as auto paybills. Auto-reloads for the Maybank Touch ‘n Go Zing card, as well as 0% EzyPay/-i instalment plans (full amount) performed via Maybank credit cards are accepted as well.

Meanwhile, payments such as monthly instalments of EzyPay/-i, Ezypay/-i Plus, and balance transfers are not eligible. Similarly, split and/or repetitive retail transactions of five times and above in a day from the same merchant will be disqualified too.

At the end of the campaign period, Maybank will select the winners via a randomiser programme. They will then be informed via email or post, and the gift will be awarded within sixteen weeks from the end of the campaign period. The names of the winners will also be posted on Maybank’s website and social media.

***

Before you go ahead and begin spending for this Maybank campaign, interested cardholders are required to first register their participation by sending an SMS (
SPEND<space>Last six-digit IC/passport number
) to 66628. Once done, go ahead and win yourself your desired gifts!

Remember to also take advantage of Maybank’s Treats Fair – happening from today until Sunday (30 October 2022) at Mid Valley – so that you can earn double the entries for this campaign! Here a
quick peek at some of the highlights
 that you can expect to see when you visit the fair.

(Source:
Maybank
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Nazril

    4 months ago

How to check the winner?

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Stay Focused On Growing Your Business While SNS OnePlan™ Manages All Your Company Devices

It should come as no surprise that keeping a business running smoothly necessitates a great deal of energy and tenacity on the part of both business owners and their employees. To ensure that the company operates at peak efficiency, all departments must collaborate. Many businesses today rely heavily on digital technology and devices, especially in the aftermath of the COVID-19 outbreak. As a result, IT departments are frequently suffocated by the laborious task of ensuring that the entire company is outfitted with capable devices. They are frequently held back by the need to support technical issues and troubleshoot software errors rather than contributing to strategic decisions that could further elevate the business.

A simple alternative that could help ease this problem is through the convenience of a Device-as-a-Service (DaaS) provider. One such solution is SNS OnePlan™, a subscription-based service that bundles the leasing of devices, lifecycle management, run-up, and deployment into a single monthly contract.

Let’s look at how SNS OnePlan™ can mitigate and simplify the hassle of managing all the devices within a company.

Get Expert Recommendations On Devices By Specialists

For every business that subscribes to SNS OnePlan™, a team of specialists will provide a thorough consultation and design a solution aimed to maximise the company’s productivity. This also takes the responsibility of researching and proposing systems off the shoulders of the IT department and instead, frees up their time to conduct more productive tasks.

The business will be provided with recommendations on solutions, from which they can select. Once chosen, devices will be configured based on the requirements of the company.

Complimentary Expert Support

Besides designing a solution for the company, SNS OnePlan™ provides end-to-end servicing support, which includes everything from consultation and deployment to maintenance. How does this bring value to the company? Employees can stay focused on the business, get up and running quickly with delivery, installation, and device set-up service all prepared to reduce time, risks, and costs.

Subscribers can select from a multitude of global services for coverage, protection, and support for product maintenance. Not only that, upgrades, maintenance, and bug fixes are also carried out to ensure devices are robust and continue functioning at peak performance. If any issues arise, the dedicated service team will provide immediate remote assistance to provide assistance so operations can run smoothly.

Refresh And Restart With Ease

With technology evolving at its swift speed, devices become obsolete and outdated at a rapid pace. When they no longer serve the business, the company does not need to dedicate staff to remove those devices from workstations. Instead, the SNS OnePlan™ support team will manage the disposal of devices as necessary and will reassess the needs of the business to restart a new lifecycle. End-of-use devices are safely sanitised and recycled to make way for the new ones that will arrive at the office doorstep.

Bundled With Premier Software

What makes the SNS OnePlan™ an even sweeter package is the complementary software that comes with it. For every subscription, businesses get to enjoy
Windows 10 Pro with a FREE upgrade to Windows 11 Pro.
On top of that,
 Microsoft 365 Business Standard

will also be provided
, allowing employees to professionally collaborate with one another more efficiently through the use of Microsoft Teams, PowerPoint, OneDrive, and more. It also includes 1TB of secure cloud storage for each user!

***

A Solution That Frees Up Employees’ Valuable Time

With a specially tailored solution catered to encourage productivity, SNS OnePlan™ offers a service that not only reduces the workload of IT personnel but also encourages a lower total cost of ownership (TCO) and increased cost-efficiency through its carefully bundled product.

From RM149 per device, companies get to enjoy Microsoft 365 Business Standard for 3 years, Antivirus and Data Security apps, 3 years extended warranty, and a rental period of 36 months.

Whether you opt for the Lite, Advance, or Premium plan, you’ll be offered a complete end-to-end service with products from a wide selection of global brands designed to elevate business performance.

For more information on SNS OnePlan™,
click here
 to visit the website.

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Lisa Ameera Azman

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3 Situations a Personal Loan Can Save You From!

Everybody, at least once in their lives, stares a financial crisis right in the eye and wishes they had a sudden windfall of cash.

While we would love to discuss how almost impossible striking a king’s ransom jackpot is, we are prompted by the value of
personal loans
 in money tight situations.

Perhaps a sticky credit condition might not be able to grant you liberty in flexing your personal loan muscles, but assuming you have a healthy record, you could find yourself being saved by a personal loan, especially if the following four have happened to you.

Insurance Insufficiency

Did you
depend on your company’s medical insurance
 and now find it isn’t enough to cover your medical bills? Or perhaps a family member does not have insurance but needs medical attention urgently.

Private and Semi-private hospitals usually require admission deposits that can go into the thousands if the treatment in question is expensive. Beyond that, some medical instances may not be covered even by comprehensive insurance policies (such as maternity costs and related complications). All of these cost money – that if not in sufficient supply, will certainly welcome the help of things like a
CIMB Bank personal loan
.

Ringing the Alarm Bells at Your Wedding

Handling difficult relatives is hard enough on your big day, the last thing you need is to worry about how to pay the caterers at the end of the night.

If you do opt for a personal savings contribution to your wedding and can still survive the numerous bills being heaped onto you after, good on you. But what if your savings pot just isn’t stretching as far as you hoped? You can’t cancel the wedding and pull a Runaway Bride/Groom trick at this late hour – a personal loan may help to tide you over.

Wedding costs can go up to tens of thousands of Ringgit (between RM30,000 and RM80,000 on average) and an instant injection of cash from something like a
Standard Chartered personal loan
 can help you if what you had initially saved turned out to be insufficient.

From family experience, this writer would tell you that there will be a lot more to be accounted for which might need the saving hands of a personal loan – much better option than scrambling for last minute financial boosts from friends and family if your savings have been depleted. Ouch!

Cash-Strapped Home Furnishing

Decorating the new place can be a pain in the wallet – we do admit. Furnishing the home however can be just as important as the source of its financing.

While some choose to take their time and furnish bit by bit, others opt for the personal loan sweepstake. The reasons are numerous and sometimes can be as simple as needing the items. If you have a family of four or a new baby – there is certainly great difficulty in buying just one bed or chair to accommodate the lot of you. In such a situation, something like a
RHB Bank personal loan
 will be the saving grace you need.

But there are other, smaller situations in the home that may warrant the loan. Is your home overrun by a termite infestation? Pest control can go into the thousands. Or how about the breakdown of a major appliance such as a fridge or washing machine? Both are equally essentially to a family and aren’t exactly cheap if you earn minimum wage.

Home maintenance is an expensive thing. From the furniture to fixtures and even the structure of the house. Roof and piping issues can easily burn massive holes in your pocket.

No doubt some are able to do it, but some on the other end of the spectrum end up in poor monthly financial management and see themselves really scraping through until the next paycheck. Although a personal loan incurs interest – it helps those who wouldn’t usually be able to afford living necessities off the bat do so in a regularised, piecemeal fashion.

Inexhaustible Credit Card Interests

There are many ways to sort the above problem, but we found a truly sure fire way of preventing you from further sliding into a meat-grinding pit of financial turmoil.

Having
too many credit cards isn’t such a bad idea with scrupulous swiping
, but reverse the nature and you might be stuck looking for a balance transfer to sort you out.

That might be the all important very first step in realising financial mismanagement as there are a range of
balance transfer programmes
 offered by banks with interest rates as low as 0% stretching up to 24 months.

However, balance transfers are restricted to the credit limit on the card onto which you want to transfer. If your accumulated outstanding amounts are too much to fit – a personal loan will offer the breathing room you need.

Also, do remember that credit card interest rates on outstanding balances post the balance transfer promotion period, will eventually spike up to the common 16%-18% per annum which could force you take uncountable steps back from a decent run of clearing debt.

Consolidation personal loans have fixed interest costs over the tenure, negating this problem as well. If your load is more than a balance transfer can fix – then a good consolidation personal loan will be just what the doctor ordered.

Cometh the Hour, Cometh the Loan!

Other than the scenarios above, getting a personal loan approved is equivalent to a bear hug in the winter’s cold in various other situations – from a financial stand point of course.

The obvious and primary key to the discussed matter could be driven by personal savings protection which could be used in other ways to multiply itself like a fixed deposit account for instance.

Whatever the reason for your personal loan application, we sternly believe that a placing all things financial under the microscope is essential – even the way you handle your personal loan!

If you think it’s not only the answer to your problems but that you will be able to handle it like a perfect paymaster – find the best loan for your needs with our
personal loan calculator
.

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Austin Victor

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Petrol Subsidy Programme Microsite Now Accessible After Security Vulnerability Patched

The Domestic Trade and Consumer Affairs Ministry (KPDNHEP) has announced that the
Petrol Subsidy Programme (PSP)
 microsite is up and running again after patching the major security flaw that exposed individuals’ bank account information.

The microsite, which serves as an easy platform for Malaysians to check on their eligibility for the PSP, was launched on Tuesday (15 October). However, tech portal Lowyat.NET discovered a vulnerability on the site, where an eligible recipient’s full bank account number can be found on the site’s source code.

The ministry suspended the microsite almost a day after being contacted on this vulnerability, which would be able to give anyone full view of an individual’s name and bank account numbers simply by keying in a MyKad number. According to Fong Choong Fook, director for cybersecurity firm LGMS, the vulnerability allows the microsite to be a tool for phishing activities, as the information gathered is enough to make them sound authentic. “They could impersonate a bank officer and call a victim for extortion. A lot of exploitation can be done here,” Fong said.

(Source:
The Star
)

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Christine Tay

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The Origins Of The Piggy Bank

Everyone remembers a piggy bank from their childhood days. Whatever the shape or size, we all had a money bank of some sort where we used to drop in loose coins or even precious RM1 notes. Whether it was one of those fancy coin banks modelled after a cartoon character or one you just got free from the bank, it was pretty much a staple item for children growing up.

These days, there are electronic piggy banks that light up and make sounds every time you slip a coin in, and even super cool ones that move about. Clearly, piggy banks have come a long way from when they were only made of ceramic and had to be smashed in order to get any money out. But how exactly did the piggy bank became known for what it is today?

The History Of The Piggy Bank

A Roman money box on display at the Museum of Viminacium. (Image: Livius.org)

Even before piggy banks came in today’s variety of shapes and sizes, they weren’t always shaped like pigs. The oldest piggy bank found was in the shape of
a little Greek temple
 – it was found in an ancient Greek city dating from the 2
nd
 century BC. So where, then, did the name “piggy bank” come from?

According to some sources, the piggy bank’s name came from a time in the Middle Ages when people used to keep their money in simple jars made of clay. The type of clay used was a type of orange-coloured clay called “
pygg
” in Old English, which is why people referred to them as “pygg jars” and later “pygg banks”. When these pygg banks slowly evolved to become containers made of other materials, the name came to reflect the shape of these money banks instead of its material – the shape of a pig.

Did The Piggy Bank Come From… Indonesia?

A Javanese terracotta pig. (Image: Antiques Trade Gazette)

The true origins of the pig-shaped piggy bank could actually lie a lot closer to home than we think. In Indonesia, piggy banks are called
cèlèngan
, which means “piggy bank” and also refers to “wild boar”. These terracotta banks shaped like pigs with a slot on the top were made in Java as far back as the 14
th
 century.

This is evident in the discovery of a 14
th
–15
th
 century Majapahit piggy bank shaped like a boar, which is on display in the National Museum of Indonesia. The piggy bank was reconstructed as it was found broken into pieces – like most ancient piggy banks, this was the only way to get the coins out. Thus, unbroken Javanese piggy banks are very rare and valuable – apparently, a 650-year old Majapahit terracotta piggy bank
was offered for sale
 in the UK for £6,000!

Majapahit terracotta piggy bank discovered in Trowulan, East Java; currently in the collection of the National Museum of Indonesia. (Image: Wikimedia)

A Lasting Symbol

(Image: Disney Pixar)

For an object that has been around for thousands of years, the tradition of the piggy bank endures to this very day. Many banks and financial institutions still use the piggy bank to represent their savings-based products, even as electronic methods of saving are becoming the norm day by day. The piggy bank remains as an established symbol of saving money that is recognised worldwide.

You’ve probably – hopefully – moved on to fixed deposits and savings accounts by now, but what type of piggy bank did you have when you were a child? What methods did you use to save up and what did you do with your savings? Let us know in the comments below.

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This Little-Known Credit Card Has One Of The Best Petrol Cashback Rates

Even with the
lower prices of petrol today
, many Malaysians should still look for a good cashback credit card for petrol. For those who spend hundreds of Ringgit a month on fuel alone, even 5% of that amount each month equates to several hundred Ringgit in cashback savings at the end of the year. We’ve been looking out for the best credit cards for petrol cashback, and if you pump at BHPetrol, an ongoing cash rebate promotion by Affin Bank makes this one of the best petrol credit cards in Malaysia – for now.

The Affin Bank BHPetrol Touch & Fuel Mastercard Contactless

On its own, the
AFFINBANK BHPetrol Touch & Fuel Mastercard Contactless
 isn’t really an attractive credit card for petrol. It doesn’t offer any cashback, and its main benefit is in its rewards points. You gain 1 AFFIN Rewards Point for every RM1 you spend on retail transactions. AFFIN Rewards Points are valid for three years and can be used to redeem a variety of vouchers or items from the AFFIN Rewards Catalogue.

With 6,250 Rewards Points, you can redeem a BHPetrol Voucher worth RM20 (effectively 0.32% in cashback terms). There are plenty other things you can redeem your AFFIN Rewards Points for, including retail vouchers and even air miles. But with no points multiplier, earning points will be quite slow for this card.

Besides that, the Affin Bank BHPetrol credit card offers cardholders complimentary personal accident insurance coverage up to RM30,000 within the first year of card membership. You also get flight and travel personal accident insurance coverage up to RM500,000 when you charge the full airline fare to your credit card.

10% Petrol Cashback With The BHPetrol Cash Rebate Campaign

Given the average benefits, why are we highlighting this card? As it turns out, Affin has been running a promotion that offers cash rebates whenever you use the AFFINBANK BHPetrol Touch & FuelCredit Card at any BHPetrol station nationwide. You get a huge 10% rebate at BHPetrol on Saturdays and Sundays, and 2% on weekdays. Note that cashback eligibility isn’t limited to petrol or diesel transactions only, but also on any transaction at BHP Mart. This campaign is ongoing and will end on 30 November 2019.

There is no minimum monthly spend required to qualify for this cash rebate promotion – all you have to do is be an AFFINBANK BHPetrol principal cardholder. The rebate value will be capped at RM50 per month and automatically reflected in the cardholder’s following monthly statement.

At 10% on weekends and 2% on weekdays with no minimum spend and a cap of RM50, the AFFINBANK BHPetrol Credit Card becomes a fantastic option for a petrol credit card. There are some alternatives, like the
Maybank Islamic Petronas Ikhwan Visa Gold Card-i
, the
Standard Chartered JustOne Platinum
, and to a lower extent the
Citi Cash Back Gold
, but none of them can match the Affin Bank BHPetrol Credit Card’s golden combination of high cashback rate, high monthly cap,
and
zero minimum spend. That said, the only downsides are the requirement to use the card on weekends and of course, the fact that this isn’t a permanent feature of the card.

All things considered, with some 10 months to go before the end of the campaign, it might be worth getting this card and maximising its benefits till then.

Great Weekend Petrol Cashback Rates For 2019

Despite the AFFINBANK BHPetrol Touch & Fuel Mastercard’s cashback rates being from a promotional campaign and not the credit card’s actual benefits, its straightforward yet high cashback returns are too good to ignore. Although the campaign ends in November, that’s still a good 10 months’ worth of high petrol cash rebate rates you could be enjoying – and to top it off, the annual fee for this card is waived for the first year. At the end of the promotion period, you can see whether AFFIN decides to extend it or offers another campaign that could make holding on to it worthwhile.

To be eligible for the Affin Bank BHPetrol Credit Card, you only need to earn an annual income of at least RM24,000, so even fresh graduates can apply for this card. The AFFINBANK BHPetrol Credit Card annual fee is RM150 per year for principal cardholders and waived for the first year. After that, AFFINBANK will waive the annual fee if you spend a minimum of RM2,400 on the card annually or use it at least 12 times in a year.

Find out more about the
AFFINBANK BHPetrol Touch & Fuel Mastercard
 here.

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Citibank Shopping Fiasco at Club 21

Citibank fashion enthusiasts listen up. Cancel your weekend

plans and call your shopping
kakis

because
Club 21

is having 10% discount off for Citibank credit card shoppers. This 3-day sale

starts from 21 June and runs until 23 June 2013. In addition Citibank credit

card holders which benefit from Citi Rewards will be able to enjoy
3x

points
 until 9 July 2013.

This promotion is excluded from agent-controlled items. Please

check the
Terms

& Conditions
 page for further clarifications.

Apply for a Citibank credit card to enjoy shopping and

dining discounts. Let
RinggitPlus.com

help you find the right card for your lifestyle.

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Brendon Lee

Brendon Lee

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TNG Digital Announces First Steps In Connecting E-Wallet To Physical Touch n Go Cards

TNG Digital has taken the first steps in linking its digital wallet app to the evergreen Touch n Go physical cards. A new update has been pushed to the TNG eWallet app, allowing users to link their physical Touch n Go cards to the app. This announcement was made at the opening of the company’s new office, in the heart of Bangsar South.

The challenge for the TNG Digital team has always been to link its e-wallet app to the physical Touch n Go card, which runs off a legacy touch-based technology. TNG Digital is taking baby steps to make this happen, and the latest update allows users to check their remaining Touch n Go card balance on the Touch n Go eWallet app. The process is relatively simple: users just need to enter the 10-digit serial number on the back of the card into the app and the remaining value in your card will be displayed. Users can link up to 3 Touch n Go at any time in the app. Not to forget, since our MyKad is also capable to act as a Touch n Go card, users can also link that to the app. To find the 10-digit serial number, you can top up the the value inside – the receipt will include the serial number.

Like other e-wallet apps, the Touch n Go eWallet app offers a range of features such as payment at partner outlets, paying bills, but with the potential for much more. The company is already testing new ways to
pay for LRT rides
 as well as in tolls, taking advantage of newer technologies such as QR-based transactions and
RFID
 to ultimately replace the current NFC-based method used in current Touch n Go cards.

However, enabling customers to check their Touch n Go card balances is a good step forward for the app, but it still doesn’t allow what customers want the most – the ability to top-up your card through the app itself. The closest Touch n Go has come to offering this function was earlier in March. Customers could load money into the Touch n Go eWallet, but were required to go to a physical touch point in order to transfer that reload value into their card. This feature was cancelled after customers complained about its inconvenience.

That said, TNG Digital will likely split its focus into converting current Touch n Go users to the e-wallet, while also enabling current physical card users a more convenient way to top up their cards. Hopefully, the introduction of the balance-check function in the app will pave the way for better integration between the Touch n Go eWallet and the physical Touch n Go cards.

(Image: Touch ‘n Go)

The new feature was revealed during the official opening of the Touch n Go Digital main operations hub in Bangsar South last week. “Aligned with the opening of our new office, we are focusing our efforts in strengthening a truly homegrown Malaysian product: the Touch ’n Go eWallet,” said Syahrunizam Samsudin, CEO of TNG Digital.

TNG Digital is also working closely with the Lembah Pantai community to launch a new internship programme. “With the youths here, we need to build on their knowledge and expertise, as well as invest in these local talents to equip them with the necessary skills to catapult the fintech industry to further heights,” said Syahrunizam.

The details of the internship are as follows:

Open to SPM holders

Duration of 10 weeks

10 students will selected and offered placements across different TNG Digital departments

One student will be selected to experience the cashless lifestyle in Hangzhou, China

Interested candidates can contact TNG Digital’s Human Resource Department at
[email protected]
.

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10 Benefits of Having a Healthy Credit Score

Most of us have heard that having a healthy credit score is important for our financial future – especially when you’re applying for a credit card or a loan. But how exactly can it help with your credit applications and how far can it help you in life?

Wait, What is Considered as Healthy Credit Score?

Different banks and lenders use different types of credit score, but in general, a
good credit score ranges between 650 to 750
. Having a credit score of between
751 to 850 (the highest score) is considered exceptionally good
 to most banks and lenders.

If your credit score is not within the abovementioned range, it’s never too late to change your financial habits you boost your credit score. You can start by
making your bill payments on time
 and
pay down your debt
 as soon as you can. If you have a credit card, keep a close watch on your credit card balances and avoid maxing it out as it may hurt your credit score.

You should also watch out for any fraudulent activity under your name.
Check your credit report
 regularly to ensure all your personal details are correct and updated, and make sure all the recorded financial activities under your name are the ones that you have authorised.

Perhaps not many of you realise this, but having a healthy credit score can create a positive ripple effect on countless aspects of your life – far beyond
getting your credit card application approved
. Here’s a closer look at some of the perks and benefits of having a healthy credit score:

1. Higher Credit Card and Loan Approval Chances

A bad credit score would indicate a poor payment record, and few (if any) banks and lenders would take the risk to do business with you if your credit score is on the low side.

Having a healthy credit score shows that you are responsible and diligent about paying your bills, which significantly
lower your risks
 as a borrower. Always remember; the lower your risks are, the more likely it is for banks and lenders to approve your credit applications.

2. Faster Credit Approval

No one likes to wait a long time when making a credit application – after all, you need the money for a reason, right? Your credit score can either
speed up
 or slow down the
approval process
; the higher your credit scores are, the faster the banks and lenders will decide to lend you money.

If you have an average to low credit score, your credit application may have to go through more channels and departments to get it approved – which means you’ll have to wait longer than you would have if you had a healthier credit score.

3. Save Money on Interest Rates

Whether it’s a credit card or a loan, having a higher interest rate would mean paying more money to the bank or lender – which is hardly good for your finances. Your credit score plays a role in determining your interest rate, so work on keeping your credit score high to enjoy a lower interest rate.

It’s worth noting that in the past, few – if any – banks and lenders in Malaysia would consider revising interest rates based on your credit score. However, more and more banks are now looking into devising
tiered interest rates
 based on credit scores. So, it’s better to improve on your credit score now so you can enjoy the benefit of having a lower interest rate on credit cards and loans soon!

4. Better Negotiating Power

With a high credit score, you don’t be shy to negotiate the terms when you’re applying for a new loan or credit card. The banks and lenders can see that you’re capable of paying them back in a timely and consistent manner from your credit history, so use it as a
leverage
 to negotiate a
lower interest rate
 or a better repayment plan.

5. Better Chance to Get Higher Credit Limits

Banks and lenders will look at your income and credit score before approving your credit applications, so the amount of money you can borrow depends on how much you earn. But, one of the major perks of having a healthy credit score is that it’s
easier for a bank or a lender to trust you
 with a higher credit card limit.

A healthy credit score can speak volumes about your ability to repay your bills on time. So, you can use it to your advantage on those occasions when you need a one-time or a permanent credit card limit increase.

6. Buy a Smartphone on Contract Without a Deposit

Plenty of telecommunications companies in Malaysia offer smartphone contract plans with zero deposit or interest rate. But, these plans aren’t available to just everyone. These companies will usually look into your
credit history
 before approving a smartphone contract application. So, if you have a bad credit score, you may be asked to put down a
security deposit
 – or worse, they might refuse your smartphone contract application and offer you a prepaid plan instead.

On the contrary, you get to save more by simply having a healthy credit score. Telecommunications companies tend to offer perks such as zero deposit or discounts when you sign up for a smartphone contract.

7. Get Approved for Instalment Plans at Appliances or Furniture Stores

Thinking of revamping your home decor? Appliances and furniture stores around Malaysia often offer
instalment payment plans
 when you purchase from them, especially when you’re making a big purchase.

However, major appliances and furniture stores will look at your credit score before approving your instalment payment plan application – after all, they need to know that you can pay them before they’ll let you take their merchandise home. A good credit score may even qualify you for low-interest or
interest-free instalment plans
, depending on the stores and their ongoing promotions.

Having a bad credit doesn’t mean you can’t shop at these stores, it just means that you’ll have to pay in full when you make your purchases instead of being able to enjoy the benefit of instalment plans.

8. Access to Better Credit Card Deals

The best credit cards that come with attractive perks such as
zero annual fees
, low interest rates, and
high rewards
 and
cashback
 don’t just require a high income – you’ll also need a high credit score to qualify for them.

These exclusive credit cards don’t just give you access to lower interest rates and fees, they’re also often accompanied with great privileges such as
better reward programmes
, complimentary admissions to Plaza Premium Lounges at airports, higher credit limit, and discounts at selected merchants. What’s more, if you stick to your credit-savvy habits and keep a good payment history, the bank may be more willing to approve larger loans (such as a home loan or a car loan) for you in the future!

9. Enjoy a Less Stressful Life

The benefits of having a healthy credit score go beyond your financial life – it can help you live a happier, less stressful life. It’s a lot easier to relax and focus on building your career and life when you don’t have to constantly worry about money or be bogged down by bad credit.

For instance, certain jobs and companies will perform a
credit check
 on you before giving you an offer letter – especially when you’re applying for jobs in the financial industry.

In the same way, it could also have an impact on your married life. Say for example you are tying the knot and are now looking to get a home loan together, your credit (or your future spouse’s credit) might be the difference between a
low-interest and affordable
 and a high-interest home loan – that is if you can qualify for a home loan at all.

10. Earn Bragging Rights

By bragging rights, we don’t mean you should shout about your credit score to everyone within earshot, but having a healthy credit score IS something to be proud of. You’ve worked hard to pay your bills on time and keep a good credit record, so you deserve to feel good about yourself. Besides, you might inspire others to be more financial-savvy and work to improve on their credit score as well!

How Do I Check My Credit Score?

There are a few ways for you to get your credit report and credit score in Malaysia, but the easiest and fastest method would be to visit
CTOS
 and
sign up for a CTOS User ID
 online or via their mobile app.

If you aren’t familiar with CTOS, it’s a credit reporting agency that helps to compile and provide credit information in Malaysia. It offers MyCTOS Score report – a comprehensive credit report that can help you understand your credit health better and help identify the areas of which you need to work on to
improve your creditworthiness
.

A MyCTOS Score report contains your personal details, CCRIS records, directorships, legal action records, the number of times you’ve been searched, as well as your CTOS Score – a credit score that ranges between 300 (lowest) and 850 (highest). It’s a great way to monitor your credit health, and you can easily sign up to get your MyCTOS Score report online or through CTOS mobile app.

You can find out more about MyCTOS Score report and sign up for your CTOS User ID at
http://www.ctoscredit.com.my
. Have you gotten your MyCTOS Score report before? Did it help you understand your credit health better? Share your thoughts and experience with us in the comment section below!

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5 Things Not Covered By Medical Insurance

Health Insurance
, or more formally know as Medical Insurance is a form of protection that can be used to cover medical costs arising from any health complications and/or accidents that you might experience. To put it simply, being under medical insurance coverage is akin to walking around with a giant invisible umbrella. If you break your leg in an accident tomorrow, you don’t have to panic and worry about medical costs, all you have to do is lie back and relax on your hospital bed while your insurance company takes care of the associated costs. Sounds like a good deal right?

Unfortunately, insurance companies don’t always cover everything. Within the mass of mile long terms and conditions associated with every medical insurance package lies a discrete list of coverage exemptions. Believe it or not, every medical insurance package comes with exemptions which can vary from just one or two simple scenarios to a detailed and complex checklist of exclusions. So don’t set yourself up to be tricked, read on for our list of the five most common medical insurance exemptions.

1) Pre-Existing Conditions

More formally, a pre-existing condition is a medical condition that has occurred before the insured person began his/her medical insurance coverage. Pre-existing conditions are not covered by all medical insurance companies. So for example, if you were diagnosed with a terminal heart condition today and decided to sign up for medical insurance tomorrow then your heart condition would be considered a pre-exisiting condition and will not be covered by the insurance company.

Think about it, lets say that every terminally ill person in the world signed up for medical insurance the moment they found out they were sick and subsequently made claims on their medical bills 3 – 4 months later, if that was the case, then how would medical insurance companies turn a profit? Technically it would be impossible. They would get bombed by claim after claim after claim while receiving minimal or no premiums at all. In fact, if pre-exisiting conditions were covered by medical insurance companies then the industry as a whole would go bankrupt within a year.

2) Plastic Surgery

Thinking about having your medical insurance cover your latest nose job? Well think again! Whether it be chin implants, face lifts, tummy tucks, boob jobs or butt jobs, all these modifications (while expensive) are not covered by medical insurance.

Plastic surgery is generally considered an optional medical procedure and not a life saving one. This means that having or not having plastic surgery does not mean the difference between life or death.

For example, having a nose that makes you look like Grover does not mean that you’re going to die, it just means that people will laugh at you when they see you. So while you might want to get surgery to correct that defect and subsequently enable yourself to live a more normal life, failing to change that one aspect of your appearance will not directly lead to you physical demise.

Always remember that medical insurance companies only cover conditions where medical attention is absolutely necessary and not situations where surgery is a luxury and/or can be entirely avoided.

3) Any Claims Within 30 Days

If you purchase a medical insurance package today, it doesn’t mean that you are automatically covered immediately. While this may surprise you, medical insurance companies normally have a so called “cooling off” period right at the start of your coverage where you cannot make any claims whatsoever. The period usually lasts around 30 from the time that your coverage has begun. However, depending on the company, the time period may fluctuate.

Medical insurance companies do not implement the “30 day rule” to screw you over. The sole purpose of this rule is to protect the company from fraudulent claims by insured candidates who may have lied about pre-exisiting conditions in their application forms.

While this rule may seem like a travesty, there are extreme exceptions to the “30 day rule”. For example, any incidences involving accidental injury (such as vehicle collision injury) might still be covered by some medical insurance packages. To be absolutely sure, you should always ask your medical insurance provider to clarify when your coverage actually begins and whether there are exceptions during the interim period where you are not provided with any coverage.

4) Dental Trips

While it may be important to visit the dentist once every 6 months, don’t expect your trip to be covered by your medical insurance company. Similar to the case of Plastic Surgery, most medical insurance companies view dental visits and their typically associated procedures such as scaling & polishing for example, as a cosmetic expense and not a matter of life or death.

Though there is one clear exception to this rule, if the surgery pertains to a major medical condition such as an infected wisdom tooth or serious gum disease, then your medical insurance company might cover the cost. However, there are some medical insurance packages on the market that do not cover dental visits at all, no matter how severe the case! To avoid landing yourself in such a sticky situation, always ask your medical insurance officer whether the package you are interested in covers emergency dental visits and to what extend.

5) Claims Made While Breaking the Law

Got injured while robbing the bank? Call the ambulance! but don’t call the medical insurance company, because they will not (under any circumstance) provide you with coverage if you get injured whilst breaking the law.

Medical insurance companies are designed to be there to cover you in your time of need, like when you get hurt or sick under accidental circumstances. If you role play as Jessie James and run off on a robbery rampage, then the medical insurance company (and probably society) will turn their back on you.

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This Financial Literacy Month, Enjoy RM100 Discount For RinggitPlus Financial Planner Services

In conjunction with Financial Literacy Month 2021, RinggitPlus is supporting the initiative by offering an RM100 discount for our
RinggitPlus Financial Planner services
. Featuring three packages that you can choose from (Standard, Plus, and 360°), along with some add-ons, RinggitPlus Financial Planner will equip you with all the tools that you need to work towards your goals, including:

All-inclusive financial report (30 to 40 pages)
Personalised financial plan
Unbiased advice and recommendations
Financial plan execution guide

To enjoy the RM100 discount, simply enter the code “
FLM100
” at checkout. You can find out more about our
RinggitPlus Financial Planner services here
.

The Financial Literacy Month (FLM) is an initiative by the Financial Education Network (FEN) to raise financial awareness among Malaysians, provide financial education and advice, as well as improve their financial wellbeing. Throughout this month, FLM 2021 organised a variety of programmes from webinars to competitions and virtual information booths.

As October comes to a close in another 10 days, FLM 2021 is set to wrap up with a three-day virtual finale event that takes place between 29 to 31 October, and the public is cordially
invited to join in
. There will be various activities focused on financial education, including:

Repayment assistance and advisory services from 22 banks in Malaysia
Series of webinar and advisory services on personal financial management for young people, parents, families, adults, gig workers, as well as micro, small, and medium enterprises (SMEs and MSMEs)
Financial planning consultation sessions with licensed financial planners
Information and access to upskilling & reskilling and training programmes, as well as alternative income-generating platforms
Up to RM80,000 worth of Lazada/Shopee/Grab vouchers to be won
And many more!

Interested? Three-day virtual finale is absolutely free of charge, and you can register
here
.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Personal finance apps for your iPhone and iPad

Have you got a smartphone or tablet yet?

Don’t worry, I’m sure you will have one soon. Malaysian’s are replacing their

boring old mobiles and PCs with smartphones and tablets faster than everyone

else in SE Asia. And as we have just about the best mobile connectivity in the

region it’s not surprising that we’ve been very quick to take advantage of all

the amazing apps in the iTunes and Google Play stores.

Taking a quick look at the top ten charts

for Malaysia’s Apple appstore, here’s our quick guide to the best personal

finance apps for your iPhone and iPad that money can’t buy (yes, they’re all

free).

Piggie

for iPhone, iPod touch and iPad

Piggie is a personal finance app
 from

Singapore developer
Meiwin Fu
. It received

glowing reviews in the press in 100+ countries around the world on release, so

though it didn’t hit our Malaysia top ten chart, we thought we’d give it a go.

Piggie allows you to track your expenses on

a daily, weekly and monthly basis. Its interface is simple and intuitive

allowing users to customise their own spending categories. You can even snap a

picture of a receipt or a particular purchase and upload them into each of your

expenses as a visual reminder.

If you’re looking for something simple to

keep track of your spending, Piggie is the app for you.

Currency

Convert for iPhone, iPod touch and iPad

Currency Convert does what it says on the tin
 – it’s an exchange rate calculator that stays up to date with currency

values on the world market. With a really straightforward design that makes the

best use of visual cues, such as country flags, this is one of the easiest

foreign exchange apps we’ve ever tried.

If you need to stay on top of the Ringgit’s

performance against other currencies, then this is the app for you.

Smart

Budget for iPhone, iPod touch and iPad

Smart Budget is a pretty popular free app for recording your expenses
. If you like the Notes and Reminders apps that come

with your iPhone or iPad, then you’ll love Smart Budget, it follows much the

same design and there’s no steep learning curve in understanding how it works

to keep on top of expenses.

If you’re looking for a basic budget app to

get to grips with your wallet, Smart Budget is the app you’re looking for.

Pro-upgrade available.

Spending

Tracker for iPhone, iPod touch and iPad

Spending Tracker battles it out in Malaysia’s iOS charts with Smart Budget
. These two apps are very similar in

both ‘look and feel’ and operation. In fact, there’s not much to choose between

them except which colour you like as a background and which icon you think is

best.

My money is on Spending Tracker, but that’s

just a personal opinion.

The great thing about mobile and tablet

apps is that so many of them are free or free to try; so when what’s the ‘flavour

of the month’ quickly becomes old hat, it costs you nothing to stay up to date

with the best Personal Finance apps on the market.

We’ll be covering more mobile and tablet

apps for Android soon, so subscribe to our feed and stay in the loop.

*Teaser image courtesy of Adrian Ilie at Wikimedia Commons.

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Diana Chai

Diana Chai

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VSure Becomes First BNM-Approved Insurtech Company To Introduce On-Demand Insurance Plans

Malaysian insurtech company, VSure.life (VSure) has announced that it will be introducing a range of on-demand insurance and protection plans for the public, making it the first digital insurer that has been approved by Bank Negara Malaysia (BNM) to do so. This is in line with VSure’s commitment to make digital insurance more accessible and affordable for Malaysians.

To kickstart its services, VSure said that it will begin with a series of ultra-affordable and flexible lifestyle protection plans. Of particular interest is the pay-per-use feature that has been made available for its underwritten protection plans, allowing consumers the option to choose their coverage by duration or by amount. Interestingly, users who opt for coverage by duration will even have the freedom to purchase protection by the hour, allowing them to truly pay for only what they need and to account for key moments that require protection.

After this initial round of rollout, VSure will then follow up with a series of its own underwritten on-demand protection solutions with the pay-per-use feature over the coming months. The company has also partnered up with locally licenced insurers to bring various coverage plans to the masses at an affordable price – including life, health & medical, home, personal accident, travel, motor, and takaful plans. On top of that, it is working with a few digital banking licence applicants to develop customised and specialised protection coverage plans within the digital banking ecosystem.

In announcing these developments, the co-founder, chief executive officer, and managing director of VSure, Eddy Wong said that the company is honoured for the opportunity to drive the digital insurance revolution in Malaysia.

“The growing demand for digitalised insurance services is set to propel the size of global insurtech market worth to an estimate of US$11.94 billion by 2027. We are excited to catalyse Malaysia’s insurtech industry and we foresee that an obtainable market size of RM300 million can be achieved within the next two to three years, as a reflection of our faith in the potential of insurtech in Malaysia,” said Wong. VSure’s ambition is also propelled by a recent RM12 million investment from Revenue Group Berhad, along with the permission for VSure to access Revenue’s B2B2C payment ecosystem and solutions to better bring its offerings to mass Malaysians.

VSure’s protection plans are made available exclusively on digital platforms via its website or the VSure mobile app. The entire process – from purchasing to claims – can be carried out online, and is designed to ensure a seamless, uncomplicated, and stress-free journey for its customers. VSure’s website itself said that customers will be able to purchase their insurance plans in five simple steps, with facial identification and verification used as a security feature to protect them from identity fraud.

If you’d like to check out VSure’s full range of digital insurance plans that are on offer, head on over to
its website here
. Alternatively, you can download the VSure app from
Google Play
 or the
App Store
.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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AirAsia Introduces ASEAN Unlimited Pass, Priced At RM599

(Image: Reuters)

AirAsia has launched its ASEAN Unlimited Pass, which will provide customers with the benefit of unlimited travel within Malaysia and across the ASEAN region. On top of that, it also offers free delivery for its e-commerce services (AirAsia Food, Fresh, and Shop).

“As part of our preparations to welcome the recovery of air travel in the region and to further stimulate the local economy, we hope that this product can also serve as a catalyst as the ASEAN tourism industry gears itself for a post-Covid revival,” said the group chief executive officer of AirAsia, Tan Sri Tony Fernandes in launching the pass.

Available for purchase between today until 7 March 2021 (Sunday), the pass is priced at RM599, but BigPay cardholders will be treated to a RM50 discount. Read on to find out how the pass works!

Unlimited Travel

Redemption period: 3 March 2021 – 12 March 2022

Travel period: 17 March 2021 – 26 March 2022

The ASEAN Unlimited Pass will allow you to redeem unlimited domestic flights and international flights across the ASEAN region, although it is applicable to direct flights only. Here’s the current list of destinations that you can fly to using this pass, although AirAsia did say that the list may change from time to time:

To use the pass, you’ll need to be on the lookout for flights that are marked as “100% Off”, subject to flight availability and travel restrictions of the destination country. Although the pass allows you to enjoy free seats, it does not include taxes, airport charges, regulatory fees, and other add-on charges. Additionally, you must book your flight at least 14 days before departure.

Note, too, that the ASEAN Unlimited Pass is tied to your individual AirAsia membership. “You can only book for yourself and cannot select multiple passengers when making a booking using the AirAsia ASEAN Unlimited promo codes,” said the airline in its FAQ, adding that each passholder can book up to two flights for travel on the same day. However, multiple bookings for the same travel day from the same origin of departure are not allowed.

Finally, you are allowed a maximum of three no-shows, after which AirAsia reserves the right to cancel or forfeit your pass.

Unlimited Free Delivery (AirAsia Food, Fresh, and Shop)

Validity period: 3 March 2021 – 26 March 2022

Passholders will also be able to enjoy unlimited free delivery when you purchase from AirAsia’s e-commerce services for food, fresh goods, and grocery. To tap into this perk, just log in to the AirAsia Food, AirAsia Fresh, or AirAsia Shop platform with the same member ID that you used to purchase your ASEAN Unlimited Pass. Your delivery fee will be automatically waived at the cart when you make your purchase.

Note that the AirAsia Food, AirAsia Fresh, and AirAsia Shop services are currently
available within the Klang Valley
.

***

Aside from the latest ASEAN Unlimited Pass, AirAsia had previously launched a one-year
Unlimited Pass for selected international destinations
 (
extended to June 2021
), and the
Unlimited Pass Cuti-Cuti Malaysia
 for domestic flights. These were priced at RM499 and RM399, respectively, and both also offer unlimited free delivery for purchases from the AirAsia Food, Fresh, and Shop platforms.

To find out more about
AirAsia’s ASEAN Unlimited Pass
, head on over to the air carrier’s website. Alternatively, you can check out the
FAQ and terms and conditions here
.

(Sources:
AirAsia
,
Bernama
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Save On Grab Rides With E-Vouchers From Shopee and Lazada

Frequent users of Grab services can now save on their rides with the purchase of Grab promotional codes from the e-commerce platform, Shopee.

The deals let you purchase
RM5
 and
RM10
 promotional codes, and even save more when you purchase these codes in bulk. For every 5 promotional codes that you buy, you will receive a 20% discount. Alternatively, you can purchase 10 codes to get a 25% discount instead.

There are also
RM15
 or
RM30
 e-vouchers available, which do not give you a wholesale promotion, but do offer an 8% rebate instead. Do keep a look out for these vouchers available at even lower prices when they are listed in Shocking Sales, which lasts four hours at a time.

While you won’t be able to use voucher codes to further reduce the purchase price, you can utilise Shopee Coins to offset 25% of the purchase amount (but it is capped at RM30 per transaction).

The e-vouchers are valid for all Grab rides (GrabCar, GrabCar+, GrabTaxi, and GrabShare), but not GrabFood and GrabPay services. They are usable until 29 February 2020.

To redeem your Grab e-vouchers after purchasing them, go to ‘Notifications’ and tap on ‘Shopee Updates’. Look for your purchased e-voucher notification tab by the seller’s name, and tap on it to find your e-voucher code.

Discounted Grab e-vouchers are also available in Lazada, where you can get them in denominations of
RM5
,
RM10
,
RM15
,
RM20
,
RM30
, and
RM50
. Each e-voucher is offered with a 5% discount, except for the RM30 e-voucher, which is available at a 8% discount. Grab e-vouchers purchased from Lazada are valid for 6 months from the purchase date.

Each unique code is only one-time use only. Do note also that the e-vouchers are not valid with other promotions, and you can only use one Grab promotional code each time you make a ride booking. Finally, just like the Grab e-vouchers sold in Shopee, these codes are only valid for Grab rides.

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Alex Cheong Pui Yin

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Finance Minister: Decision On Moratorium To Be Announced Soon

(Image: Focus Malaysia)

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has said that the government will make an announcement soon regarding the extension of the ongoing six-month loan moratorium.

Tengku Zafrul also noted that the local banks have expressed their commitment to continue helping the Malaysian public in this challenging climate. He further said that the government is ready to aid borrowers who are truly in need of assistance by taking a targeted approach in restructuring their loans.

“With the opening of the economic sectors, some individuals and businesses have been able to continue paying their loans, but there are still those who are unable to do so either because they lost their jobs or because their economic sector is still heavily impacted. For the (latter) group, targeted approach assistance will be considered by the banking industry and these banks are currently contacting the borrowers,” said Tengku Zafrul during a parliamentary sitting.

At present, more than 93% and 95% of individuals and local businesses are benefitting from the moratorium, respectively.

During the same session, Tengku Zafrul also revealed that the banking industry will see an estimated total loss of RM6.4 billion from the six-month loan moratorium period. “The banking sector is estimated to suffer the Malaysian Financial Reporting Standards (MFRS) losses of RM1.06 billion for every month the moratorium is in place. In total, the loss will be about RM6.4 billion, equivalent to the reduced capacity for banks to provide new loans to borrowers,” he said.

(Image: The Star)

Earlier last week, Tengku Zafrul said that the government
has yet to decide on whether the loan moratorium will be extended
, and that it was still in the midst of discussion with local banks. The aid, which was
introduced in April
 to ease the financial burden on the Malaysian public, is set to end on 30 September 2020.
Various parties
 have called for an extension even as some banks – such as
CIMB
 and
AmBank
 – expressed their disinclination to offer a blanket extension to all customers.

(Source:
New Straits Times
)

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Alex Cheong Pui Yin

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Citi Offers 15% Rebate For Covid-19 Tests At BP Healthcare

From now until 31 January 2021, Citibank credit and debit cardholders can enjoy a 15% rebate for Covid-19 screening tests at BP Healthcare.

Applicable to the real-time reverse transcription-polymerase chain reaction (RT-PCR) screening test, these tests are usually priced at RM240 per person for walk-in and drive-thru services.

To tap into this promotion, key in the promo code (Citi15) when booking or pre-ordering your test on the BP Healthcare website. During the booking process, you’ll be required to fill in a request form with your basic personal details, as well as the date, time, and BP Healthcare branch that you wish to visit for your test.

Then, at the end of the form – where you select your payment method – you’ll see that the final figure to be paid is RM255 (for one person). Once you apply the promo code, however, the price will be reduced to RM219.

Upon payment, you’ll receive a voucher, which you can then redeem at
participating BP Healthcare outlets nationwide
. Note that the voucher has a validity of three months, so be sure to use it within the period.

To find out more about
Citibank’s discount for the RT-PCR screening test
, head on over to the bank’s website. You can also check out
BP Healthcare’s website
 if you’re ready to tap into the discount provided.

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Securities Commission Takes Enforcement Actions Against Binance, Malaysian Users Urged To Withdraw Investments

The Securities Commission of Malaysia has announced that it is taking enforcement actions against the world’s largest cryptocurrency exchange, Binance, for illegally operating in Malaysia. The body also urged Malaysian Binance users to stop using the platform and withdraw their investments.

According to the SC, Binance violates Sections 7(1) and 34(1) of the Capital Markets and Services Act 2007 for operating a Digital Asset Exchange (DAX) without registering as a Recognized Market Operator with the SC. As such, Binance is deemed to be illegally operating in Malaysia, and since July 2020 Binance has been on the SC’s Investor Alert List.

The enforcement actions against Binance include the following:

Disable the Binance website (www.binance.com) and mobile applications in Malaysia within 14 business days from 26 July 2021.
Immediately cease all media and marketing activities, including circulating, publishing, or sending any advertisements and/or marketing material, whether via emails or otherwise, to Malaysian investors.
Immediately restrict Malaysian investors from accessing Binance’s Telegram group.

In Malaysia, there are only three DAX that are
Recognized Market Operators licensed by the SC
: Luno, Tokenize, and SINEGY.

Malaysia
isn’t the first country
 that has issued caution against Binance; as the largest crypto exchange in the world, various countries have either opened investigations or stated that its operations were illegal in those countries. To meet regulations, Binance has previously created separate entities specifically catered to a single market, such as Binance.US and Binance Singapore, among others. As for Malaysia, Binance has not yet issued a response on this matter.

At present, it is unclear to Binance users in Malaysia what will happen to their existing investments on the platform. While there is no publicly available data on the amount of Binance users in Malaysia, checks with various user groups and discussions online revealed plenty of unease. Some have begun panic-selling their investments, while many others remain hesitant to do so, mainly due to current paper losses. Another cause of hesistance is that Binance offers a wider range of tokens to trade, some of which are not available on other DAXes, making transferring the assets complicated – if not impossible.

Nevertheless, Malaysian Binance users have until mid-August to make a decision. Hopefully, Binance would issue a statement to its Malaysian users before then.

(Source:
Securities Commission Malaysia
)

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

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    Anonymous

    2 years ago

MX global is also RMO

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KL Wellness City Rides On Malaysia's Booming Healthcare Industry With Wellness Suites

Historically, Malaysia has always been recognised as a strategic location for tourism, most notably for its natural, cultural, and historical destinations. However, in recent years our nation has emerged as a global giant in medical tourism – most notably
winning awards for various categories
 in the healthcare and medical tourism industry by the International Medical Travel Journal (UK) from 2015 to 2017, and again in 2020.

With
more than 1.22 million healthcare travellers to Malaysia
 and close to RM1.7 billion of healthcare travel revenue in 2019, as well as a 16.3% Compounded Annual Growth Rate (CAGR) between 2015 – 2019, it’s no surprise that the medical tourism industry is considered to be a lucrative one. Medical tourists may come to Malaysia for its high-quality and affordable healthcare but find themselves staying for its rich diversity as a tourist destination.

Future medical tourists will be able to enjoy KL Wellness City – a 26.49-acre wellness-centric township planned to innovate the way wellness and healthcare are practised and delivered. Visitors will have access to medical and non-medical amenities, lifestyle and healthcare retail, and more with walkability in mind.

This new opportunity for an established healthcare township presents a unique proposition to invest in its Wellness Suites. Located in the heart of Bukit Jalil, the Wellness Suites will be built to cater to visitors who require world-class facilities from the adjoining International Tertiary Hospital, whilst enjoying resort hotel facilities.

For those setting their sights on a potential investment vehicle, here are some reasons why KL Wellness City’s Wellness Suites may be a viable property investment:

Award-Winning Developer

Helmed by master developer KL Wellness City Sdn Bhd, the key management team is led by a team of doctors and specialists with experience in building award-winning healthcare facilities. Founder and esteemed medical doctor Dato’ Dr Colin Lee had previously developed the Tropicana Medical Centre – a 5-star tertiary and prestigious medical centre in Kota Damansara. In 2021, the developer began building KL Wellness City’s International Tertiary Hospital and also started construction of The Nobel Healthcare Park – a dedicated medical wellness suite complex within the township.

Thanks to the vision and innovation behind the project, the developer has won several awards including the Best Mixed-Use Development in Asia award and the Consumer Game Changer Award, at the Asia Property Awards 2022 – marking them as capable and established leaders at the forefront of their field. Most recently, they have also bagged The Long Life Award for Best Health and Wellness Development at the StarProperty Awards 2023.

A Self-Sustaining Township Within A Central Location

KL Wellness City is located within Bukit Jalil, a vibrant neighbourhood with a ready catchment population located within the International Zone of Kuala Lumpur Master Plan 2020 with easy accessibility from Kuala Lumpur International Airport. It is also home to notable landmarks such as Bukit Jalil National Stadium, Axiata Arena (KL Sports City), and its green surroundings such as Bukit Jalil Recreational Park.

At the heart of Bukit Jalil lies the township of KL Wellness City, just 300 metres away from Pavilion Bukit Jalil. What makes the township a premier wellness destination is the International Tertiary Hospital –  approved with 624 beds and scalable to a 1,000-bed capacity. Medical tourists who are patients at the hospital will be able to recuperate in the Wellness Suites post-treatment, within a self-sustained township environment that offers a wide variety of modern and chic lifestyle offerings.

Recuperating visitors will find that the township itself is designed with accessibility and walkability in mind. With wheelchair-accessible covered walkways and cycling trails, they’ll be able to meander through scenic gardens and parks, perfect for the community to gather, meet or rejuvenate.

Medical tourists with family members who are here on holiday can also look forward to a lively community of retail shops, stocked with local and international brands at the neighbourhood Lifestyle & Healthcare retail mall, as well as a variety of dining choices ranging from artisanal cafes and contemporary restaurants. Families will also be pleased to know that there are a variety of children’s support services to take care of their child’s developmental needs during their stay.

Tourists who eventually want to travel out of the township will also benefit from the accessibility of KL Wellness City. The strategic location ensures immediate and comprehensive access to road and rail services, which includes 7 major highways (Bukit Jalil Highway, KESAS, MEX, North-South Expressway, Besraya Highway, LDP, and Silk) and 6 LRT stations (Alam Sutera, Awan Besar, Muhibbah, Sri Petaling, Kinrara BKS, and Bukit Jalil) within a 10km radius.

Wellness Suites’ Unique Features

With a variety of unique features catering to the different needs of medical tourists, KL Wellness City’s Wellness Suites are purposefully designed to facilitate healing, rest, and rejuvenation, in order to complement the demand generated by the International Tertiary Hospital. The fully-furnished Wellness Suites come in two sizes – studio and single rooms.  Among the features that are available in the Wellness Suites include trolley-bed and wheelchair accessibility, shower benches and rails for recuperating visitors, and even a kitchenette and fridge for visitors with families on longer-term stays.

Visitors will also get to enjoy resort-like facilities which include a 50m lap pool, jacuzzi, Sandy Cove, sauna, Sky Gym, Sky Lounge, and more. With a ground-floor common area with plenty of F&B and retail outlets, the Wellness Suites will house everything you would need in one location for a restful vacation after a medical operation.

Hassle-Free Management

Investing in Wellness Suites can differ significantly from investing in other long-term real estate properties for lease on the rental market. What makes KL Wellness City’s Wellness Suites different from other vacation rentals is its built-in demand from visitors from the adjacent International Tertiary Hospital, ensuring a steady flow of healthcare visitors renting your Wellness Suite unit.

As some potential investors who are first-time hosts may find it challenging to handle the additional responsibilities and costs involved, fear not as KL Wellness City hospitality team offers rental management services with profit sharing scheme for buyers.

In a typical scenario, outside of acquiring a vacation rental unit, ongoing expenses and tasks include and are not limited to:

Maintain and update the short-term rental listings on sites like Airbnb

Market the property, arrange for photography, request guest reviews

Manage bookings and update availability across platforms

Record-keeping tasks which include finances, bills, taxes, payroll, or vendor management

Arrange for cleaning and maintenance between every guest

With the help of the KL Wellness City Hospitality team, the projected rental yield has the potential to reach more than 10% rental yield even with a short-term stay of mere 20 days within a month of a fully furnished Wellness Suite unit, making it a viable option for property investors opting for single or multiple units. The table below provided by KL Wellness City provides a more comprehensive view of the potential returns investors may see on a monthly basis:

***

At a starting price of RM 366,000 with a host of various amenities and accessibility to world-class health facilities, KL Wellness City’s Wellness Suites is an ideal choice for property investment, at an entry-level price. As Malaysia grows its medical tourism at a rapid pace, the Wellness Suites may be an investment opportunity that could potentially double or triple a typical fixed deposit return.

Click
here
 to learn more about KL Wellness City’s Wellness Suites today or call 03-8090 7771 to set up an appointment to view the Wellness Suites showroom.

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Eloise Lau

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Second MCO Will Cause Malaysia’s Economy To Collapse, Several Organisations Warn

(Image: Malay Mail/Ahmad Zamzahuri)

Several associations have stepped forward to warn that the reimplementation of a total movement control order (MCO) will lead to a potential breakdown in the Malaysian economy.

The chief executive officer of EU-Malaysia Chamber of Commerce and Industry (EUROCHAM), Sven Schneider said that while the organisation supports the government’s decision to combat Covid-19 by using proven strategies, it was not in favour of a full lockdown. According to him, a restrictive MCO will not benefit Malaysia’s recovering economy, with most businesses still restructuring and recuperating from the impact of the first lockdown.

“Among the many challenges most businesses faced during the full lockdown were substantial revenue and financial losses, logistics challenges and supply chain interruptions as well as retrenchments, to name a few,” said Schneider. He further said that despite these losses, many businesses have abided by the standard operating procedures (SOP) set by the government, with some even adopting stricter internal measures.

(Image: Malaysia Gazette)

Instead of resorting to a full lockdown, Schneider said that a targeted conditional MCO – with stricter SOPs for travel and social activities – would be more appropriate. This, then, will allow businesses to continue rebuilding and stimulating the economy again.

The Federation of Malaysian Manufacturers (FMM) also shared a similar sentiment, with its president Tan Sri Soh Thian Lai opining that business and economic activities must be allowed to continue, but with stricter SOPs. “We support a targeted conditional movement control order (CMCO) which is more localised coupled with stricter SOPs and travel restrictions but not a total lockdown similar to that implemented in March/April 2020,” said Soh.

(Image: The Star)

Like Schneider, Soh also emphasised that many businesses are still reeling from the impact of the first lockdown, with most having yet to recover to pre-Covid-19 levels. “Should a second total lockdown be instituted, there is grave fear over the collapse of the business sector and economy, given that several major states serve as the country’s economic hubs,” said Soh, adding that a lockdown lasting for four weeks and more will reduce business sustainability by about one to three months.

Soh also raised questions about the government’s ability to continue providing financial aid to businesses, particularly wage subsidies and loan moratoriums, if a second total lockdown was implemented. This is especially the case with most of these key aids nearing the end of their provision period.

Meanwhile, the SME Association of Malaysia, vice president Chin Chee Seong said that another round of MCO will “kill more businesses which are currently just grappling with staying afloat.” This, in turn, may once again cause an increase in the unemployment rate of the country.

(Image: Focus Malaysia)

“Although we appreciate the need to strike that delicate balance between saving lives and saving livelihoods, a second round of total lockdown would be disastrous for SMEs, which would then be forced to lay off employees,” said Chin, who is also the national president of Malaysia Cross Border E-Commerce Association.

Chin further urged for a more efficient processing of applications for grants and incentives for local SMEs. While there are various forms of financial assistance from the government – such as the SME Digitalisation Grant and PENJANA Smart Automation Grant – the application process posed some challenges. “Many applicants have experienced long processing times, taking months in some cases, before their applications were matched and approved,” he said.

Chin also suggested for more entrepreneurship and digital training programmes to be introduced, especially for the Malaysian youth community. Additionally, businesses should be encouraged to hire more fresh graduates with the provision of more employee-centric incentives and financial packages.

“The SME Association hopes that with all the necessary financial initiatives in place and acceleration in the handling and processing of applications by the relevant government agencies, the economy would begin showing signs of recovery by the second quarter of 2021,” said Chin.

(Sources:
Malay Mail
, The Sun Daily [
1
,
2
])

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