Be U App: Your Money-Saving Accountability Partner

You’ve finally started earning your own money but are unsure of how you can stay on top of your cash flow. Now that you’re getting income on a regular basis, you may be taking on some expenses or planning for your life goals so it’s best to have a method that helps keep you on track, financially.

Whether it’s taking a photography tour with friends or getting a car for work, these goals involve some costs and you need to save ahead for them. How can you manage your regular expenses yet still be able to make those once-in-a-while treats?

Perhaps what you need is a friendly and efficient financial buddy like Be U.

The Be U by Bank Islam app provides Malaysians with the convenience of having their basic banking needs at their fingertips through an engaging interface. Beyond banking, users can also enjoy a myriad of features including goal-based savings, gigs matching, and micro takaful. Furthermore, it’s a fully digital tool that’s easy-to-use and you can get started anywhere, anytime.

You’ve worked hard to make an earning and want to ensure that your money is put to good use so you can have a secure future or reach your goals. Why not start your financial journey on the right foot with the assistance of a personable tool like the Be U app? It lets you perform transactions online, connect you to earning opportunities, and save according to your goals while being protected by the Malaysia Deposit Insurance Corporation (PIDM) for up to RM 250,000.

Download the Be U app
here
.

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Chee Jo-Ey

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Second Phase Of Bantuan Prihatin Rakyat To Begin On Friday

The government will be disbursing payments for the second phase of Bantuan Prihatin Rakyat (BPR) in stages starting from 7 May 2021 (Friday). This will involve an allocation of RM2.75 billion in total.

According to the Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz, this round of payments will benefit 8.4 million recipients. The figure is comprised of 3.6 million households, 1 million senior citizens, and another 3.8 million single individuals.

With regard to payment method, the financial aid will be credited into recipients’ bank accounts between 7 to 12 May 2021. Meanwhile, individuals who do not have bank accounts (including those in Sabah and Sarawak) can obtain their payments in cash through Bank Simpanan Nasional (BSN) starting from 17 May 2021.

(Image: The Star)

Tengku Zafrul also commented that
payments for the first phase of BPR
 have been made to these same recipients between 24 February to 1 April 2021. It involved a separate budget allocation of RM1.93 billion. “The increase in the allocation follows the increase in the amount of the aid given to the recipients. In the first phase, those in the household and single categories received RM300 and RM150 respectively, but now the recipients will be paid between RM150 and RM600 based on their eligibility,” he explained.

Additionally, Tengku Zafrul said in a statement that the public can check the
status of their BPR approval
 on the official website starting from Friday as well. Individuals whose applications for the assistance were rejected are allowed to submit an appeal with relevant documents to the Inland Revenue Board (LHDN) from 15 May to 30 June 2021.

(Image: The Star)

For context, the
BPR aid
 was introduced during the tabling of Budget 2021 as a replacement for the Bantuan Sara Hidup (BSH) assistance package. It was aimed at assisting the lower-income B40 households, featuring a more streamlined set of eligibility criteria and reach. You can find out more about the
BPR aid through the official website
.

(Source:
The Sun Daily
)

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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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EPF Warns Members Of Fake i-Sinar Apps

The Employees Provident Fund (EPF) has raised an alert on several fake apps that are preying on members who are seeking for more information on the i-Sinar programme.

In its Facebook post, the provident fund highlighted four such mobile apps as examples, with one going by the name of MyFund, and the other three as just i-Sinar Online. Subsequently, local tech portal,
Lowyat.NET
 reported that with the exception of MyFund, all the other mobile apps listed by EPF have been removed from Google Play. Even at this point of writing, MyFund is still available for download on the Android digital distribution platform.

The EPF further clarified that it has not appointed any third parties to manage its members’ EPF withdrawals. Additionally, no mobile apps have been developed to request for members’ details with regard to applications for the i-Sinar programme.

(Image: Bernama)

For context, the
i-Sinar programme
 is a facility that allows eligible members to take out an advance from their Akaun 1 so that they can weather through the current financial crisis brought on by the Covid-19 pandemic. In the EPF’s latest communication about the programme, it said that full details on the facility’s eligibility and terms and conditions will be released soon, although the provident fund did not specify a date.

The provident fund’s Facebook post also reminded members that they can download the
i-Akaun mobile app
 for their EPF needs. The official app allows for faster and easier access to your EPF account, enabling you to check for details such as your account summary, contribution history, withdrawal eligibility, as well as the latest information and FAQs. On top of that, members should also only refer to the EPF’s official website and social media for accurate information.

With such a scam – as well as
various other EPF frauds
 – cropping up, do stay alert to avoid becoming a victim!

(Source:
EPF
,
Lowyat.NET
)

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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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AMMB Holdings, Liberty Mutual Agree To Insurance Merger Deal

(Image: The Star)

AMMB Holdings Bhd subsidiary, AmGeneral Holdings Bhd (AGHB) has signed an implementation agreement to sell 100% of its stake in AmGeneral Insurance Sdn Bhd to Liberty Insurance Bhd, subject to regulatory approvals.

According to a statement by AMMB, the proposed sale is priced at RM2.29 billion, and it will be paid in the combined form of cash and shares. As a result, AMMB will own a 30% stake in the joint AmGeneral Insurance and Liberty Insurance businesses. Meanwhile, Liberty Mutual – the parent company of Liberty Insurance – will own the remaining 70% equity stake.

AMMB further clarified that the operations of AmGeneral Insurance and Liberty Insurance will be formally merged at a later date. This move will also see the prospective merged entity entering an exclusive 20-year bancassurance partnership with AMMB Group to distribute general insurance products.

(Image: The Star)

In announcing the merger, the group chief executive officer of AMMB, Datuk Sulaiman Mohd Tahir said that this transaction will strengthen AMMB’s position in the Malaysian insurance market, allowing it to thrive and compete more efficiently.

“The combined entity is expected to become the largest motor insurer and the number two property and casualty insurer in the market with an estimated proforma premium base of RM2.3 billion in 2022, based on 2020 data. The synergies that we will be able to leverage on will benefit our shareholders, customers, employees, and all other stakeholders. As an enlarged entity, we will also have the resources to speed up product development and accelerate the adoption of digital innovation,” said Sulaiman.

The group chairman of AMMB, Tan Sri Azman Hashim also chimed in to say that this is a new chapter for the company to look forward to. “We have been working very closely with many insurance leaders over the past decade to grow the insurance business and will continue to do so. AMMB looks forward to working with Liberty Mutual and leveraging our complementary strengths to win in the Malaysian insurance market together,” he said.

(Sources:
The Star
,
New Straits Times
)

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PM: 81% EPF Members Unable To Live Above Poverty Level Upon Retirement

(Image: The Edge Markets)

Prime Minister Datuk Seri Anwar Ibrahim has once again highlighted the critical state of the people’s Employees Provident Fund (EPF) savings, this time noting that 81% of EPF members will not have sufficient savings to live above the poverty line after their retirement. This is as only 19% of contributors were shown to have reached the basic savings threshold established to be appropriate for their age, if they were to have a minimum of RM240,000 in savings by 55 years old.

“This directly shows that 81% of contributors aged 55 and below are in a serious situation where their savings will not be enough for them to retire above the poverty level,” said Datuk Seri Anwar. For context, Malaysia’s
poverty line is currently set at RM2,208
, while the
rate for hardcore poor is fixed at RM1,169
.

The prime minister, who is also the Finance Minister, revealed as well that 56% of those who will turn 55 years old by next year – and therefore can withdraw their EPF savings in full – currently only have RM50,000 or less in their retirement fund. “RM50,000 can only provide retirement income of about RM208 a month for a period of 20 years,” he stressed.

(Image: The Malaysian Reserve)

To further emphasise the gravity of the problem, Datuk Seri Anwar reiterated as well that as of 31 December 2022, more than
51% of the 13.1 million contributors aged below 55 were found to have RM10,000 or less
 in their EPF accounts (it was previously reported that
52% of 12.78 million EPF members aged below 55 had EPF savings of less than RM10,000
 as of June 2022). Of this group, 26% are 40 years old and above, who have 15 more years to go before they can withdraw their retirement savings.

“For this group, their EPF savings will only give them a retirement income of less than RM42 a month over a period of 20 years,” said the prime minister.

In light of this dire situation, Datuk Seri Anwar has been resolutely against allowing another round of special EPF withdrawal as a way to assist individuals who have yet to recover from the financial impact of Covid-19 and recent calamities. This is despite calls from multiple parties for the government to do so.

In response, the prime minister offered a compromise in the form of the
EPF Akaun 2 Support Facility
, which allowed EPF members to use their Akaun 2 savings as support to take out personal financing from participating banks. This facility – which currently involves MBSB Bank and Bank Simpanan Nasional (BSN) – has begun since 7 April 2023, with Phase 1 to be implemented for eligible members aged 40 to 54 years old first. Phase 2 will be announced at a later date for members aged 40 years old and below.

(Source:
Focus Malaysia
)

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

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Different types of home loans in Malaysia

Buying a new house can be a wonderful experience. Whether you’re a first time home-buyer or investing for your family’s future, purchasing a property is an achievement we should all be proud of. If you’re reading this it’s assumed that you are planning to take a home loan. Before you start your research it’s important to assess your financial situation and future plans before even deciding on the type of home loan.

Are you financially able to take on a 35 year loan? Or are you planning to renovate your new home and need additional funds? Knowing just a few key factors will help you considerably when it’s time to sit down with your loan officer to choose the right type of home loan.

The Basics

As with any loan, one of the most important things to look out for is the interest rate on the loan levied by the bank.  The amount of interest that banks charge will be determined by the current Base Lending Rate (BLR) which is determined by Bank Negara Malaysia. Banks will assign either a positive (+) or negative (-) value against the BLR and that will be the offered interest rate. For example Bank Z is advertising their interest rates as BLR -2.20%. Let’s say the current BLR is 6.53% hence the interest rate for your home loan will be 4.33%. Some banks use a separate system to calculate interest rates such as OCBC’s Mortgage Lending Rate (MLR) which will replace the BLR when you take a home loan from them. If you are applying for a Syariah-compliant home loan you will instead be using a Base Finance Rate (BFR) to determine Profit Rates (more of this later in the Islamic Home Loan section).

Margin

The next step is to look at your current financial standing and decided how much down-payment you are willing and able to put down on your dream house. Though many banks now offer 80-90% of the value of the property; keep in mind that the higher the principal amount borrowed the longer your tenure will have to be for you to afford it. Depending on whether you plan on making excess payments might mean paying more interest in the long run.

Common Types of Home Loans

If you do a quick search on bank websites you will tally up a list of home loans peppered with marketing terms that may confuse you but the concepts are basically the same. Here’s a quick rundown of what Malaysian banks are offering:

Standard Home Loans
 – This conventional type of home loan is calculated based on either a fixed or variable (floating) interest rate on the principal amount borrowed which you then pay back through monthly instalments within an agreed period. If you opt for a home loan with variable interest rates you may benefit from lower interest rates in the future and vice versa while with a fixed interest rate, you won’t have to worry so much about fluctuating payments each year.

Flexi Home Loans
 – Flexi loans operate almost like normal home loans with the added option of making payments in advance. In addition to shorter tenures and savings on interest, one of the benefits of flexi home loans is the option for account holders to withdraw from any excess payments they may have made.

A current account is usually linked to your loan account so you can keep track of how much advance payment you have set aside. This is usually the go-to package for home-owners who would like to pay off their loan earlier and still have emergency funds to fall back on.

Flexi home loan packages go by many names and vary from bank to bank but in essence they offer very similar features. Some examples that are out there in the market are Savelink Home Loan (Alliance Bank), HomeFlexi (CIMB) and Flexi Mortgage (UOB).

Home/Personal Loan Package
 – Sometimes you may not have funds left after paying a hefty downpayment for renovation and even buying furniture. These loans come with a ‘top-up’ loan with the same attractive interest rate as your home loan despite being a kind of personal loan. Some people use this for renovation, education, or even to pay off existing debt.

Islamic Home Loans
 – The Islamic finance system has a different approach to money lending. As mentioned before instead of BLR, Islamic home loans employ the use of a Base Finance Rate (BFR) to determine the Profit Rate at which the bank is entitled to earn for loaning you money.

Let’s say a bank is promoting with BFR – 2.40% and the current BFR is 6.60% which means the profit rate that will be asked of your loan will be 4.20%. In principle, the rates are fairly competitive with conventional home loans except when it comes to advance payments. Because Islamic loans do not charge interest a new system of rebate called
Ibra
 has been implemented to compensate borrowers who wish to settle their loan earlier.

If you are buying property it’s advisable to plan out your financial goals for the next 20 or 30 years. Would it save you more in the long run to pay in advance or would you feel more secure investing that extra money elsewhere? Do you have other commitments and need a little help to get through the rough years? How much downpayment are you planning to pay? Once you’ve evaluated your financial status it’ll make it clearer which type of home loan is for you.

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Make Insurance Your 2018 New Year’s Resolution

Getting fit, being more organised, saving more money. These are just are some of the most commonly thought of New Year’s resolutions. Yet, how many of us can maintain that goal for a year?

Most often people opt for result-based resolutions, because that’s how we measure success and always will. Buying insurance is hardly a popular resolution, but that changes when you see it as a long-term commitment towards your future.

Here are smart insurance resolutions for Gen Y, Gen X, and Baby Boomers to make ahead of 2018:

Generation Y (those born between 1980-1995)

A unique mix of demographics that at its oldest is at 37 years, Gen Y-ers includes those with young families, career-driven singles or fresh graduates. Most are slaves to their student / car loans, are concerned with paying rent on time and enjoy nice little getaways twice a year. If you are part of Gen Y, you may have been putting off buying life insurance year after year.

Consider getting a policy that covers your basic needs – critical illnesses, hospitalisations, surgeries, personal accidents, and more. With Allianz Powerlink, an average 23-year-old will be looking at a monthly premium of between RM150-RM200 which is a decent commitment.

Generation X (those born between 1965-1979)

Currently aged between 38 and 52, you now probably have a long list of responsibilities that includes a spouse, 2 children, and a decent-sized housing loan. Premature death or disability would certainly place Gen X-ers’ loved ones in financial hardship. Those who fall under the category should look into to reviewing their life insurance plans based on their commitments. Gen X-ers should talk to their agent to assess their current insurance plan and look at how they can increase their coverage to match their commitments.

This should also include income replacement which would alleviate some financial burden as they adjust from being a dual income to a single income household. So, when they are considering insurance plans, they should take into account their current lifestyle and prepare for any unexpected expenses that may occur in the future.

The Baby Boomers (those born between 1946-1964)

Looking towards living out their twilight years in comfort, Baby Boomers should be looking into reviewing existing policies and tying up loose ends. If you’re a Baby Boomer, that means making sure your debts are taken care of and that your beneficiaries are up-to-date. With that said, if you do not have one in place, assess your needs and look into setting up the Allianz Premier Link which offers a minimum sum assured of RM500,000 and works towards securing your family’s future at the same time. The plan offers coverage of up to RM 4 million for total and permanent disability.

To learn out more about the Allianz products, visit the Allianz corporate website at
www.allianz.com.my
.

This article was brought to you in collaboration with Allianz

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Maybank Introduces Kill Switch Feature To Enhance Online Banking Security

(Image: New Straits Times)

Maybank has joined several other banks to introduce a kill switch function for its online banking services, allowing customers to immediately disable access to their online accounts if they suspect that their banking details have been compromised. Simply dubbed the Kill Switch, the self-service security feature can be triggered via both the Maybank2u website and the MAE by Maybank2u (MAE) app.

“Once you have deactivated your Maybank2u access, you will be automatically logged out from all active sessions on the MAE app, M2U MY app, and Maybank2u web. This will block any further login attempts and safeguard the funds in your accounts,” Maybank stated in a notice.

To trigger the Kill Switch through the Maybank2u website, log in to your account on the bank’s website and click on “Settings”, followed by “Security”. From there, select “Kill Switch”, and look for “Deactivate M2U Access”. Go ahead and click on “Deactivate”, then confirm your request.

Meanwhile, those who wish to activate the Kill Switch via the MAE app can tap on “More” once they’ve launched the app. Next, tap on “Kill Switch”, then “Deactivate Now”, and confirm the request.

(Image: The Star/Khor Sow Yee)

Maybank also said that once the Kill Switch has been triggered, you will receive a push notification and SMS informing you that your Maybank2u access has been deactivated, and that you have been logged out of all active sessions. You are then advised to lodge a report with Maybank’s Fraud Hotline at 03-5891 4744 as soon as possible.

The bank further clarified that customers who have triggered the Kill Switch will still be able to use their physical debit or credit cards to withdraw cash from automated teller machines (ATM). However, the
cardless and contactless cash withdrawal function
 will be disabled during this time as it requires you to log in to Maybank2u. Aside from that, all standing instructions and transactions saved as “Favourites” will remain unaffected by the Kill Switch.

To reinstate your access to your Maybank2u account after that, you can either contact the Maybank Group Call Centre (MGCC) at 1300 88 8866 or visit your nearest Maybank branch in person. Upon reactivation, make sure to reset your password to further safeguard your funds.

Aside from Maybank, other banks that have also introduced their own kill switch feature include
OCBC Bank
 and
CIMB Bank
. They were rolled out as part of the banks’ efforts to strengthen their online banking security, in addition to the
five key measures that have been highlighted by Bank Negara Malaysia (BNM)
 to combat financial scams.

(Source:
Maybank
)

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Alex Cheong Pui Yin

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

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5 Stats That Show Malaysians' Shocking Financial Habits

While the video above may be funny and entertaining, it highlights a worrying state of financial awareness among Malaysians. Last month, we ran the
2018 Malaysian Financial Literacy Survey
 and found that
as many as 59% of Malaysians
 do not have enough savings to last them for more than 3 months, and that 34% admitted to spending equal to or more than their monthly salary.

We found these to be some very disturbing numbers, and set out to dissect the results of the survey further. As it turns out, Malaysians’ attitude towards money is shocking, and needs to be addressed immediately. Here’s what we found.

1. Malaysians
have no choice
 but to own a car.

This was one of the strongest patterns we found in the entire survey, with a total of 84% of respondents aged 25-44 currently servicing a car loan. This issue isn’t merely a financial one, as the public transportation network in the country is still limited (and unreliable at times), and alternatives such as Grab have been increasing its fares progressively. Young Malaysians today have no choice but to buy a car, even if the cost of living in urban areas is constantly increasing.

The government is trying to address this issue with the
unlimited public transportation pass
 to be introduced in 2019, which will significantly reduce the cost of commute for many Malaysians. However, will it be enough to convince Malaysians to ditch their cars? Time will tell.

2. The more you earn, the more you save? WRONG.

Our survey results found that the “middle income trap” is very apparent among Malaysians: increased salaries do not equate to proportionally increased savings. We found that:

– 88% of Malaysians earning between RM2,000 to RM5,000 a month save less than RM1,000 monthly.

– 67% of Malaysians earning between RM5,000 to RM10,000 a month save less than RM1,000 monthly.

– 31% of Malaysians earning above RM10,000 a month save less than RM1,000 monthly.

What’s crystal clear is extremely worrying. Nearly a third of Malaysians who earn more than RM10,000 a month – widely considered a high-income group – do not even save 10% of their salaries. On the other hand, two-thirds of Malaysians who earn RM5,000 to RM10,000 a month also save less than RM1,000 a month.

Finally, one of the easiest correlations we found in the survey results was also a painful one to note. Nearly half of Malaysians (47%) who earn less than RM2,000 a month do not – or most likely, cannot – save money in a month.

Based on these trends, can Malaysians retire by the appropriate age? The next observations shed more light.

3. More than 30% of ALL Malaysians currently live paycheck to paycheck.

A big part of retirement planning comes from starting early. However, that doesn’t seem to be the case for many Malaysians. Delving further into the survey answers we found another shocking statistic: 30% or more respondents across
all
age groups have admitted to spending equal or more of what they earn each month! Here’s the breakdown:

Spending equal or more than what you earn each more means these Malaysians are living from paycheck to paycheck, rendering them unable to save any meaningful amount of money – let alone invest. Of course, these aren’t just the carefree souls who spend their money to sustain their lifestyles; others may be burdened by the costs of raising children as well as servicing home and car loans that leave them with nothing to save at the end of the month. Regardless, our survey indicates that there is a disturbing number of Malaysians living this way.

4. Women DO spend more than men!

We also decided to study if the stereotypes about gender and money are true. We found that female Malaysians tend to save less than males (30% vs 20%), and there is a huge difference in the number of men and women who save more than RM1,500 a month: just 8% of females compared to 19% of males.

At the same time, more Malaysian men own credit cards compared to women (67% vs 46%). There is a common preconception that the credit cards you own, the more you end up spending. Clearly, this isn’t the case for the men and women in Malaysia.

5. Retirement planning? What’s that?

All of the observations lead us to a distressing statement: at this rate, it is virtually impossible for Malaysians to even think about retiring with
any
 money in the bank. And you know what? We could very well end up like that.

From our survey, we found that a staggering 47% of Malaysians aged 35 and above have not started saving for retirement. Of this amount, 13% of them are aged above 45. Given the standard retirement age of 55 or 60, can these Malaysians even retire by then?

Spending Our Way Into Financial Suicide

The results from the Malaysian Financial Literacy Survey 2018 is extremely worrying. Forget retirement planning, many Malaysians today are not even saving a meaningful amount of money each month, and instead are spending more than what they earn in some cases.

Whether it’s a lifestyle they choose to live or one they have no choice
b
ut
to live, it is not sustainable and will only lead to financial complications later in life.

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AmBank Introduces New AmBank Cash Rebate Card With Up To 8% Cashback

AmBank has introduced a new credit card offering up to 8% cashback on groceries, pharmacy, and online spend. The AmBank Cash Rebate Visa Platinum Card is a tiered cashback card and offers up to RM45 in cashback per month.

The 8% cashback rate is unlocked upon a minimum spend of RM1,500 each month, and the cashback cap at this tier is set at RM15 per category. For those who spend between RM500 to RM1,499.99, you can get a 1% cashback rate capped at RM5 per category. Monthly expenditure of below RM500 garners a 0.1% unlimited cashback rate. The 0.1% rebate is also offered on other expenditure outside online, grocery, and pharmacy categories – with the exclusion of government, charity, and petrol transactions – as well as any additional spend above RM1,500.

Total Monthly Spend

Cashback Rate

Monthly Cap Per Category

RM1,500 and above

8%

RM15

RM500 – RM1,499.99

1%

RM5

RM499.99 and below

0.1%

Unlimited

At a cap of RM45 with a minimum spend of RM1,500, the AmBank Cash Rebate Card has a maximum effective cashback rate of 3%. For comparison purposes, you will still be able to find credit cards offering higher cashback at less restrictive minimum spends, such as the
Citi Cash Back Card
 or
Hong Leong Wise
 for groceries and the
Public Bank Quantum
 for online transactions.

Besides the cashback, the AmBank Cash Rebate Card offers an unlimited 10% interest rebate on finance charges (with a minimum retail spend of RM500 per month). However, this is only applicable to those who do not pay their credit card statement in full each month, so it shouldn’t be a major consideration for responsible credit card users. The AmBank Cash Rebate Card also offers 10% cashback at duty-free outlets in Southeast Asia, as well as access to its general credit card deals and easy payment plans.

The AmBank Cash Rebate Visa Platinum Card is free for life with no conditions attached. It is available to those earning a minimum of RM24,000 per year or RM2,000 per month. You can find out more about it on the
AmBank website
.

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PIAM And MTA Urge Policyholders To Review Policy Coverage Against Flood

(Image: The Malaysian Reserve/Muhd Amin Naharul)

The General Insurance Association of Malaysia (PIAM) and the Malaysian Takaful Association (MTA) have advised all policyholders to review their insurance coverage and ensure that their properties are insured against flood.

Both associations stated that the review is necessary because flood is an optional cover under the standard fire and motor policies certificates. As such, if a policyholder feels that they are in need of flood coverage so that their possessions are adequately protected, they should then contact their respective agents, insurers, or takaful operators for further advice and clarification. This is especially since natural disasters, such as floods, are occurring more frequently due to climate change.

“The scope of cover, terms and conditions including relief measures accorded by one insurer or takaful operator may differ with another, so they are advised to contact their insurers or takaful operators,” both associations noted in a joint statement.

PIAM and MTA also took the opportunity to reassure all policyholders and certificate holders who are affected by the recent floods that their insurers stand ready to assist. All PIAM and MTA members will work to
expedite the claims process
, and provide special considerations on a case-to-case basis.

To ensure a smooth process, affected individuals are advised to check with their insurer or takaful operator to see if their policies or certificates provide coverage for flood. If yes, they can then notify their agents with details of their losses, along with complete information, including relevant supporting documentation such as photographs.

“Depending on the severity of your loss, your insurer or takaful operator may appoint an independent loss adjuster to assist you in filing your claim,” both associations said.

(Sources:
PIAM
,
The Edge Markets
)

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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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Credit Cards See Positive Growth In Malaysia: 9.1 Million Credit Cards In Circulation

Malaysia has seen an influx of e-wallets hit the payments scene over the last year or so, coupled with efforts to increase e-wallet usage through government programmes like the
e-Tunai Rakyat
. Despite the entry of another cashless payment method in the country, credit cards are seeing positive growth on a number of fronts.

As you will see from the data below, the increased demand for credit cards prevails even though there are more e-wallet issuers than there are credit card issuers. Currently, there are 44 non-bank and 6 bank e-wallet issuers, while there are only 27 credit card issuers in Malaysia.

According to figures by Bank Negara Malaysia, principal credit cards in circulation have gone up by 26% between January 2015 and January 2020 – increasing from 7.2 million credit cards to 9.1 million. The volume of credit line extended has increased by 22% from RM124 million to RM151.8 million. Meanwhile, the number of credit card transactions increased by almost 42%, standing at 510 million transactions compared to 359.6 million in 2015. However, while current balances have also increased, the recorded growth here is lower at 11%.

“Credit cards are still popular despite e-wallet issuers getting aggressive in their marketing in recent years,” said Siew Yuen Tuck, CEO and co-founder of Jirnexu, the company behind RinggitPlus. “They both have their pros and cons.” Siew added that according to data, the transaction volume of e-wallets is higher than credit cards, but the value of credit card transactions surpasses that of e-wallets multifold.

Maybank Banking Berhad head of cards B Ravintharan agreed that credit cards will continue to be relevant in the digital age and complement e-wallets in the market. “Customers will still need credit cards for big-ticket item purchases,” said Ravintharan. He added that credit card issuers have also been leveraging on digitalisation to improve their offerings, such as enabling merchants to accept credit card payments without a point-of-sale terminal.

Furthermore, Ravintharan pointed out that contactless credit card payments were rising in popularity, with half of the total face-to-face transactions recorded by Maybank being contactless in nature. Moreover, he said that the convenience of using a credit card for e-commerce transactions has fuelled the increased usage of credit cards; Maybank’s e-commerce billings grew by 30% last year.

In terms of actual credit card spending, growth is seen to be healthy as well. OCBC cards spending achieved a record growth of 17% year-on-year in 2019, and average card spending per customer also increased at 10%. “OCBC’s card spending comes primarily from insurance, shopping, utilities, travel, groceries, and dining,” said OCBC Bank Berhad head of consumer lifestyle finance Ryan Kong.

Unsurprisingly, said Kong, the primary category with a drop in spending since the start of the Covid-19 pandemic is travel. However, Kong revealed that OCBC cards spending still grew healthily at the 17% year-on-year rate even when the pandemic became more critical in January, with the shopping category recording the highest percentage of year-on-year spending growth increase.

Overall, it can be said that 2019 was a good year for credit cards, but it remains to be seen whether 2020 will be able to continue on the previous year’s growth curve. The Covid-19 pandemic and its effects will pose a challenge that banks and other businesses alike should be ready to embrace.

(Source:
The Edge Markets
)

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Protect Your Family Against Covid Risk & Win RM2,022

Sanitising has become an essential step in our daily ritual for reducing Covid risk. Given the importance of sanitising in keeping us and our loved ones safe, it’s also a must to ensure that the product we’re using is of quality and effective in doing its job.

Since the pandemic, we’ve seen more sanitising products entering the market but not all may come with the best quality. Additionally, most disinfectants in the market are limited to only sanitising our hands and high-touch surfaces, but not the air that we’re breathing into our lungs. Most of them also contain alcohol and chemicals that might pose health risks to users in the long term. What if there is a product that reduces viruses and causes no harm to users?

San-Air, a household name in Australia, offers a series of sanitising products that are made of natural resources shown to reduce Covid-19 viruses both on surfaces and in the air space.

Here are 3 reasons to consider San-Air for your household.

1.
 Kind to people and earth

San-Air provides a holistic approach to keeping your loved ones safe from Covid-19. It not only aims to stop viruses but also takes into consideration the overall safety and health of people using the products. Backed by decades of research, San-Air came up with a family of plant-based products that reduces viruses and are completely safe to breathe in and touch at the same time.

As the products are 100% plant-based, users who are sensitive towards artificial fragrances and harsh chemicals won’t have to worry about applying the products on their skin, personal belongings, face masks, and more. San-Air is also food-safety certified which means it’s safe to be used around food.

2.
Living with virus

San-Air is a brand familiar to many families in Australia. All of San-Air products are approved by the Therapeutic Goods Administration (TGA) as Household Grade Disinfectant and Commercial Grade Disinfectant that are effective in stopping Covid-19 in less than 10 minutes.

The production of San-Air actually begins with identifying plants that possess anti-bacterial properties, extracting oil from these plants, and carefully blended to create San-Air. From here, a range of products were created including purifying sprays, surface sanitisers, bio-clean gels, oils, and more.

You can place the San-Air Air Purifier Bio-Clean Gel for instance, in a room or enclosed space where it will evaporate and release into the air to do its job. According to its official website, San-Air products are independently tested and proven to kill up to 78% of COVID-19 every 10 minutes when used continuously within indoor spaces. Within 24 to 48 hours, the indoor environment will
show a significant reduction
 in airborne contaminants.

3.
Fun way to get sanitised

One of the precautions against Covid-19 is to avoid being in small, indoor, and poorly ventilated spaces especially when it’s crowded. However, a lot of us actually spend most of our time indoors and in air-conditioned rooms which means easier spreading of viruses or bacterias to all indoor spaces. With the reopening of schools, it’s also important to find a way to keep the younger ones protected against the virus.

San-Air’s wearable range offers portable accessories which you can use to carry San-Air products and reduce Covid risk. For children getting ready to go back to school, parents can opt for the sporty-looking San-Air kids straps that are shaped like a watch to be worn on the arms.

All the wearable sets come with the accessory, San-Air purifying oil, and felt sponges. All you need to do is drop 2 drops of the purifying oil on a felt sponge and place it in a secure compartment in the diffuser strap for up to 48 hours of protection. San-Air purifying oils are sold separately as well for future top-ups. The wearable range also includes bracelets and round pendants for adults.

3.3 Deals Plus Spend And Win Contest

When it comes to the matter of our health and safety, it’s important to be discerning about the quality and effectiveness of products we’re using including our sanitisers. Having been in the Australian market for over 12 years, San-Air is a reputable brand that specialises in air sanitisation and purification. It counts international conglomerates such as McDonald’s, Porsche, and Petronas as its group of clientele. If you’re looking to get sanitising products that are made of natural, sustainable, and quality ingredients that are safe for everyone, you may consider San-Air.

Now that school is back in session, San-Air is running a special
3.3
promo

which includes a
33% DISCOUNT
 off the kids strap set! Originally priced at RM159, you can now get the complete set for just RM106.53.

That’s not all! San-Air is also having a spend and win contest where you stand a chance to
WIN RM2,022
 cash prize with a purchase of San-Air products! It’s really easy to join with just two steps.

Step 1:
Purchase a minimum of RM100 worth of San-Air products (shipping not included).

Step 2:
Like, share, and tag #sanairstandtowin on FB.

The San-Air spend and win contest will start from 1 March to 31 May where two lucky winners will be selected to win the cash prize each month. Every RM100 spent entitles you to ONE entry so the more you purchase, the higher chances you have of winning!

So, hurry and
shop San-Air products now
.

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HLB Updates Essential Credit Card With Monthly Cashback Cap, New Cash Advance Charges

Hong Leong Bank (HLB) is making some revisions to the features of its HLB Essential credit card, namely introducing a monthly cap to its cashback benefit and updating the fees and charges for its cash advance service. These changes are set to take effect on 1 May 2022.

Following this update, cardholders will still be able to earn 0.4% cashback on insurance-related expenses, and tiered cashback rewards of up to 1% for other retail spend – as per the existing arrangement. However, unlike at present, you will no longer be able to enjoy unlimited monthly cashback; instead, the maximum amount of cashback that you can earn each month will be capped at RM300.

Here’s a quick summary on how the HLB Essential credit card will work starting from 1 May:

On top of that, HLB is also updating the fees and charges for the Essential card’s cash advance service. Currently, these fees are provided at a lower rate as compared to other banks, as a form of privilege for Essential cardholders – although HLB does mention that it reserves the right to impose the standard rate (5% per transaction or RM20, whichever higher) at its sole discretion.

Come 1 May, the new cash advance fees and charges will be implemented as follows:

Fees and charges
Current rates (before 1 May 2022)
New rates (effective 1 May 2022)
Cash advance fee
2% of the amount advanced, or a minimum of RM5 per transaction, whichever is higher
5% of the amount advanced, or a minimum of RM20 per transaction, whichever is higher
Cash advance finance charges
10.8% p.a. of the cash advance amount calculated on a daily basis from transaction date until full repayment date
18% p.a. of the cash advance amount calculated on a daily basis from transaction date until full repayment date

HLB further clarified that all outstanding cash advance balances on the Essential credit card – including previous cash advance withdrawals – will be subjected to the revised finance charge (18% p.a.) once these changes take effect.

Finally, other features of the Essential credit card will remain unchanged. The annual fee is still set at RM100 for the principal card, and RM50 for supplementary cards.

(Source:
Hong Leong Bank
)

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

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DOSM: Income From E-Commerce Increased By 23.3% In 2Q 2021

(Image: Free Malaysia Today)

Malaysia’s income from e-commerce saw a 23.3% year-on-year (YoY) growth in the second quarter of 2021 (2Q21), said the Department of Statistics Malaysia (DOSM) in its latest report on the performance of services sector and e-commerce income.

According to the statement by DOSM, the increase was driven primarily by the manufacturing and services sectors. In total, Malaysia’s income from e-commerce in 2Q21 came up to RM267.6 billion. Additionally, an infographic by DOSM also showed that the country’s e-commerce income saw a 5.1% growth from the first quarter of 2021 (1Q2021), which itself saw
a 30% YoY surge
.

Aside from revealing the performance of Malaysia’s e-commerce industry, DOSM also shared the revenue of the services sector. In 2Q21, the services sector recorded a significant growth of 20.5% to RM404.6 billion, as compared to the same quarter in 2020. DOSM further attributed the increase to the low base effect.

Aside from that, DOSM also broke down the performance of the services sector by segment. The wholesale and retail trade, F&B and accommodation segment saw a 21.8% increase to RM324.6 billion. Meanwhile, the information and communication, and transportation and storage segment grew by 14.7% to RM59.5 billion.

“Health, education and arts, entertainment and recreation segment and professional and real estate agent segment experienced the same trend, [recording a] 27.3% increase to RM12.2 billion and 8% [increase] to RM8.2 billion respectively,” said the chief statistician of DOSM, Datuk Seri Dr Mohd Uzir Mahidin.

Additionally, the DOSM report also indicated that the overall services sector saw an engagement of 3.6 million persons in 2Q21 – which was lower by 0.7% (25,812 persons) as compared to the same period in 2020 (2Q20). This decrease was caused by the overall dip in the number of persons engaged across all segments. Of note is the information and communication, and transportation and storage segment, which saw a drop of 11,297 persons (2.4%) in the number of individuals who were engaged. This is followed by a dip of 6,127 persons (0.2%) in the wholesale and retail trade, F&B and accommodation segment.

“Meanwhile, health education and arts, entertainment and recreation segment fell 1.7% or 4,772 persons. Professional and real estate agent also declined 3,616 persons or 2.0%,” Datuk Seri Uzir highlighted in the report.

Finally, Datuk Seri Uzir also noted that the salaries and wages that were paid in the services sector during 2Q21 had increased YoY by 0.4%, which is equivalent to RM100.5 million. “The growth was contributed by the information and communication, and transportation and storage segment, which increased RM120.8 million, or 2.8%. This was followed by wholesale and retail trade, F&B and accommodation segment, and health, education and arts, entertainment, and recreation segment rose RM9.3 million and RM3.0 million respectively,” he said.

(Sources:
DOSM
,
The Edge Markets
)

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Get RM10 And RM50 Fresh Notes For CNY At Selected Bank ATMs

(Image: New Straits Times)

Although Chinese New Year (CNY) will be slightly different this year following the extension of the second movement control order (MCO 2.0), families celebrating the occasion will still want to practise certain customs to liven up the atmosphere and keep the festive spirit. Handing out angpows (or red packets), of course, is high on the agenda.

If you’re one of those who will be giving out physical angpows to household members this coming CNY, we’re sure you’ll want to get some brand-new notes for the occasion. Here are some banks that are making them available to you.

Affin Bank

Affin Bank customers who wish to get new notes for the coming
Chinese New Year
 can now obtain them at the bank’s automated teller machines (ATMs) at selected locations nationwide instead of queueing up at the bank’s counters. Available for withdrawal until 11 February 2021, these notes come in denominations of RM10 and RM50, with all involved ATMs able to dispense both denominations.

The bank further said that the withdrawal limit per day is RM5,000, although you are also subjected to your card’s withdrawal limit and the availability of the notes in the ATMs. Here’s the
full list of the Affin Bank ATMs
 that are offering the service.

CIMB Bank

(Image: The Star)

CIMB customers will also be able to obtain
fresh notes for Chinese New Year
 from selected ATMs nationwide. However, only new RM10 notes are available at these ATMs. If you’d like to get fresh RM50 notes, you’ll have to make your way to the ATM in Menara CIMB as this particular service is exclusive to that location. Both the new RM10 and RM50 banknotes are available for withdrawal from now until 12 February.

Note as well that the bank has set a limit on the amount that you can take out per withdrawal. Those of you withdrawing fresh RM10 notes will only be allowed to take out a maximum of RM300 per withdrawal. Meanwhile, the maximum withdrawal amount per withdrawal for customers who opt for the RM50 notes is capped at RM1,500. There is no mention of the withdrawal limit per day, but it is likely determined by your card’s withdrawal limit, as well as the availability of the notes in the machines.

You can find the
full list of ATM locations here
.

Maybank

(Image: The Edge Markets)

Maybank, too, is providing the facility to withdraw
new RM10 and RM50 notes
 from the ATMs at selected locations, starting from now until 14 February. The bank 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.

Also, if you’re specifically looking to withdraw only a certain denomination (for instance if you only want RM10 notes), make sure to check the
locations of these ATMs
 and the denominations dispensed before heading out to make your withdrawals. Some locations may not dispense the denomination that you want.

***

In line with the latest MCO standard operating procedures (SOPs), most ATMs will operate between 6am to 10pm daily. However, some ATMs situated within office compounds or bank branches may close earlier, so be sure to double-confirm the operating hours at these locations.

Meanwhile, those who are not too keen on handing out physical angpows this year can consider sending
e-angpows
 to their families and relatives instead! Various banks – such as Maybank, Hong Leong Bank, and RHB Bank – are actively promoting the use of these digital red packets! Whichever method you choose, these angpows are bound to add some cheer to the Chinese New Year celebration this year.

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Shopee To Embrace Value-Based Marketing With New Initiatives, Including Instant Delivery

E-commerce platform Shopee has said that it is planning to roll out several new initiatives in the coming months that are in line with its ambition to adopt value-based marketing strategies. Aimed at benefitting both sellers and buyers, these initiatives include the introduction of instant delivery services and a new end-to-end influencer marketing solution called Shopee 360 Marketing Solutions – among other things.

In its statement, Shopee said that its decision to embrace value-based marketing is spurred by the necessity to stay relevant as the shopping habits of younger online shoppers change. Specifically, millennials and Gen Z shoppers – which make up the bulk of Shopee’s existing customer base – tend to make purchases that serve values that they believe in.

Among some prominent values that have shaped the e-commerce scene thus far include shoppers’ preference for organic and natural products, sustainability, the empowering of women, as well as the provision of support for small and medium enterprises (SMEs) – especially those from the rural areas. In light of that, Shopee will introduce multiple platform initiatives that are focused on enabling sellers’ growth so that they can better serve these customers more efficiently.

Chief of all, Shopee said that it will enhance its logistics and payment capabilities, as well as prioritise brand protection to enable a better shopping experience for value-based customers. For example, it will expand its delivery service to offer instant deliveries (limited only Klang Valley for now), as well as increase its self-collection centres to include 7-Eleven outlets soon (for clients who would prefer to collect their purchases from a “hub” instead of having it sent to their home address).

Aside from that, Shopee is also looking at initiatives to build cross-category synergy and deepen the connection between sellers and their customers. This is in addition to finding ways to increase shopper engagement and maximise sellers’ reach. New and improved marketing solutions, such as the Shopee 360 Marketing Solutions – which rely on a mix of advertisements and influencers to market products – will be launched.

“In today’s e-commerce landscape, customers pay close attention to what a seller stands for and does, by checking out what the influencers and affiliates have to say about the brand. With Shopee 360 Marketing Solutions, we provide a comprehensive, end-to-end platform marketing solution that includes a range of tools and services to help sellers increase their visibility and sales,” explained the director of Shopee Malaysia, Chua Cheng Xun at the Shopee Seller Summit 2023 event.

Shopee also noted that in just 2022 itself, the platform had helped to upskill 250,000 new sellers for digital inclusion, and saw 145 new sellers record over RM500,000 in sales in the first 12 months online. It hopes to continue empowering such sellers so that they can not only build a sustainable future for themselves, but also serve the buyers on the platform better.

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

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Individuals And Businesses: What Covid-19 Financial Assistance Are You Eligible For?

(Image: Bernama)

The Covid-19 pandemic and the accompanying movement control order (MCO) implemented by the Malaysian government has affected individuals, businesses, and the economy alike. However, various parties – from the government to banks and insurance providers – have stepped up to provide Malaysians with various types of financial assistance to minimise the negative impact of the Covid-19 pandemic.

You can look through this list of financial assistance measures available during the ongoing Covid-19 situation and find out more about which types of assistance you could be entitled to.

Covid-19 Financial Assistance For Malaysian Individuals

Bantuan Prihatin Nasional (BPN)

Under the Prihatin Economic Stimulus Package, the government will be giving out
one-off cash aids
 to households earning RM8,000 and below and individuals earning RM4,000 and below.

Eligible category

Amount of cash aid

Expected recipients

Payment schedule

Households earning RM4,000 and below

RM1,600

Up to 4 million households

Payment of RM1,000 in April and RM600 in May

Households earning RM4,001 – RM8,000

RM1,000

Up to 1.1 million households

Payment of RM500 in April and RM500 in May

Single individuals aged 21 years and above earning RM2,000 and below

RM800

Up to 3 million individuals

Payment of RM500 in April and RM300 in May

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

RM500

Up to 400,000 individuals

Payment of RM250 in April and RM250 in May

You can find out everything you need to know about
applying for the BPN aid
 here.

Covid-19 Special Assistance Fund

(Image: The Star)

The government set up a
special Covid-19 fund
 with a RM1 million grant, aimed at providing a RM100 daily allowance to those who are diagnosed or quarantined due to Covid-19. Malaysians who fulfill this criteria may apply if they have lost their source of income or are not being paid during the period of quarantine or treatment.

Those who are eligible may make their applications through the
National Disaster Management Agency (NADMA)
.

6-month electricity bill discount

Tenaga Nasional Berhad (TNB)
 electricity customers will be able to get discounts on their electricity consumption for a period of six months, from 1 April to 30 September 2020. The amount of discount varies according to the type of consumer you are and your total monthly consumption.

There is no application needed to get this discount; all eligible and registered TNB customers will be given the discount automatically. For residential users, the discount rates are as shown in the table below.

Monthly usage

Discount

0-200 kWh or up to RM43.60

50%

201-300kWh or RM43.70-RM77

25%

301-600kWh or RM77.10-RM231.80

15%

More than 600kWh or RM231.90 and above

2%

RM600 monthly allowance for employees on forced unpaid leave

Under the Employment Retention Programme (ERP) by SOCSO,
RM600 per month
 (up to a maximum of 6 months) will be provided to employees who have been issued with no-pay leave due to the Covid-19 pandemic. Only employees who are registered and contributing to the the Employment Insurance System (EIS) and receive a notice of no-pay leave of a minimum of 30 days are eligible. The assistance is only available to those earning RM4,000 and below a month.

The application for this allowance must be made by employers on behalf of their employees. You can find out more about it on the
SOCSO website
 here.

Employment Insurance System (EIS) for loss of employment

Employees who have been recently retrenched are encouraged to make claims from the
Employment Insurance System (EIS)
, which provides financial assistance to those who have experienced loss of employment due to retrenchment, company downsizing, and so on. Under this scheme, recently let go employees can seek a job search allowance (JSA), which varies depending on wages and contribution qualifying conditions.

Employees who are registered and contributing to the EIS for a minimum of 12 months qualify for the benefit payment. However, the EIS has a temporary financial incentive called SIP Plus 60 worth RM600 a month for a maximum of 3 months for those who have suffered loss of employment and are registered with EIS but do not meet these contribution qualifying conditions.

You can find out more about the benefits under
EIS on the SOCSO website
.

Tax deductions for donations

(Image: PMO)

The Ministry of Finance announced that individuals and corporations that
donate
 to the Covid-19 fund and the Ministry of Health will be eligible for
tax deductions
.

According to a statement released by
LHDN
 on 26 March, tax deductions will be allowed for the following donations:

Cash and kind to the Ministry of Health’s Covid-19 Fund

Cash to
NADMA’s Covid-19 fund

Donations to approved
organisations and institutions

Automatic moratorium on bank loans

(Image: The Star)

On 25 March, Bank Negara Malaysia (BNM) announced an
automatic deferment
 of individual and SME loans for a period of six months. This means that from April to September 2020,
all banks and development financial institutions
 would automatically offer a six-month deferment on repayments for all individual and SME loans that are denominated in Malaysian Ringgit and have not been in arrears for more than 90 days as at 1 April.

While BNM stated that interest will continue to accrue and be compounded during the moratorium period, Malaysian banks stepped up to announce
non-compounding interest
 for the duration of the loan deferment period. However, interest would still continue to accrue for both Islamic and conventional loans; if you’re looking for an in-depth analysis on the interest payments and
whether or not you should take up this moratorium
, you can read more about it in our article here.

While the moratorium announced by BNM only covers banks and development financial institutions, other institutions have also come forward to announce repayment relief measures during this time. The
Malaysian Insolvency Department
 announced a six-month deferment on bankruptcy repayments, whereas
AEON Credit Service
, which is a non-bank financial institution, offered a one-month deferment for all its loans during the month of April.

Credit card instalment plan

In line with BNM’s directive on the matter, banks will be
automatically converting outstanding credit card balances
 into 3-year term loans with a 13% p.a. interest rate to assist those in financial difficulties. Individuals who are unable to meet the minimum monthly repayment for 3 consecutive months will be automatically enrolled in this conversion programme.

The interest rate of 13% p.a. under this term loan is lower than the usual 15–18% p.a. that is usually charged on unpaid credit balances, and the monthly instalments make it easier for cardholders to manage their repayments. Moreover, cardholders who have converted their card balances into a term loan can then immediately ask for a
6-month deferment
 from their bank under the
loan deferment measures
 announced by Bank Negara.

PTPTN loan deferment

The government will be deferring the repayment of
Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) for six months
 until 30 September 2020. Initially, the agreement was to defer PTPTN loan repayments for three months, but the deferment period was extended to six months on 26 March.

According to the
PTPTN website
, the deferment is automatic and borrowers need not make any applications to be entitled to it. All direct debit and salary contributions will be automatically postponed during the deferment period. However, those who wish to continue with their payments should make a formal application on the
official portal
 between 23 March and 15 August 2020.

Special Covid-19 insurance coverage

Some insurance providers have decided to offer
additional complimentary coverage specific
 to the Covid-19 disease – such as lump-sum payouts upon diagnosis and death benefits. Additional coverage like these are offered as an extra benefit in addition to existing insurance policies. You can check here to see which insurance companies are offering
additional benefits specific to Covid-19 cases
.

If you are wondering how your normal insurance coverage is affected by Covid-19 outside of any special benefits, you can find out more about
 Covid-19 and your life, medical, and travel insurance policies here
.

Insurance premium payment deferment

As part of the PRIHATIN Economic Stimulus package, the prime minister announced a t
hree-month premium deferment
 for insurance policyholders whose source of income is affected by the Covid-19 pandemic.

According to the
Life Insurance Association of Malaysia (LIAM) and the Malaysian Takaful Association (MTA)
, the following policyholders will be considered eligible for the deferment: individuals who have been infected, subjected to mandatory quarantine, or suffered a loss of income; and SMEs and self-employed individuals who have experienced a loss of income due to the Covid-19 pandemic.

As the premium deferment is not automatic, policy and certificate holders will have to reach out to their respective providers to make the necessary applications.

LIAM and MTA
 are also extending the period during which policyholders can reinstate any lapsed life insurance policies or takaful protection, as well as waiving fees and charges imposed for changes made to policies/certificates.

Insurance and takaful industry Covid-19 Test Fund

Announced during the
PRIHATIN Economic Stimulus Package
, the insurance and takaful industry have launched a special Covid-19 Test Fund (CTF) amounting to RM8 million to subsidise the cost of Covid-19 testing at private hospitals or laboratories.

Those with group or individual medical and health insurance policies who are referred by registered doctors to undergo a Covid-19 test at a recognised private lab will be eligible to claim from CTF. The payout for reimbursement is up to a maximum of RM300 per test and limited to one reimbursement per individual.

You are entitled to be referred for a test if you are classified as a person under investigation (PUI) as defined by the Ministry of Health, or a contact of a positive case. The funding is available for tests done from 27 March onwards, as long as the policy is in force as of that date and at the conducting of the test.

You may refer to
LIAM’s official website
 for more information on applying to the fund.

Covid-19 Financial Assistance For Malaysian Businesses

Wage subsidy programme

The government is offering a
3-month wage subsidy
 to employers for each employee earning RM4,000 and below. The amount of the wage subsidy is tiered according to the size of the company as below:

RM600 subsidy for each eligible worker for companies with more than 200 employees. The subsidy will be given to a maximum of 200 employees (an increase from the 100-employee limit as announced previously).

RM800 subsidy for each eligible worker for companies with 76-200 employees.

RM1,200 subsidy for each eligible worker for companies with up to 75 employees.

The programme is available for employers who are registered with the Companies Commission of Malaysia (CCM), the local authorities, and SOCSO before 1 January 2020. Employers who choose to accept this wage subsidy are bound to keep their workers in employment for at least 6 months.

Employers who wish to apply for the wage subsidy programme can do so on the dedicated
PRIHATIN SOCSO website
, which will be open for applications from 9 April 2020.

An earlier version of this wage subsidy programme, revealed during the first round of the
PRIHATIN Economic Stimulus Package
, offered a standard RM600 subsidy for employees earning less than RM4,000 a month whose employers have suffered a loss of income of more than 50%. Employers who have already made their applications to SOCSO before the upgraded programme was announced on 6 April
need not make a new application
, unless the list of employees who are eligible for the subsidy has been updated.

Discount for electricity bills

As announced in the first Economic Stimulus Package 2020, businesses would receive a
15% discount
 if they are in the following sectors: hotel operations, travel agencies, local airlines offices, shopping malls, convention centres, and theme parks. Meanwhile, all other businesses are entitled to a 2% discount off their electricity bills.

The discount should be automatically applied to your electricity bills based on the type of business you own. However, if you would like to find out more about the eligibility requirements and processes behind this discount, you can head over to
TNB’s website
.

Automatic moratorium on SME bank loans

The
automatic moratorium
 on bank loan repayments sanctioned by BNM (see above) applies to SMEs as well as individual loans. Therefore, companies with SME loans will also be entitled to the six-month payment deferment starting April 2020.

Just like with the individual loans, i
nterest will not be compounded
 for SME loans during the moratorium period – thanks to the initiative of the Malaysian banks.

Non-retail or corporate clients who are
Maybank customers
 may also be eligible for non-compounding interest, as Maybank has gone a step further to declare non-compounding interest for these clients in addition to individual and SME customers. However, as non-retail and corporate customers do not fall under the purview of the automatic moratorium, they will need to submit the required application for moratorium through their Maybank relationship managers or corporate bankers.

Moratorium on loan repayments for cooperatives

Cooperatives may apply to defer their loan repayments to the
Cooperative Development Revolving Fund (TMP-JKP)
 for six months, starting from April to September 2020. The announcement was made by the Ministry of Entrepreneur Development and Cooperatives (MEDAC).

Applications may be made to
Suruhanjaya Koperasi Malaysia (SKM)
 via email. Cooperatives will have to state that their cooperative has experienced a loss of income due to the Covid-19 pandemic.

As cooperative banks fall under the purview of SKM, cooperative banks do not technically fall under the purview of BNM’s automatic loan moratorium. However, SKM has announced that two cooperative banks (
Bank Rakyat and Co-opbank Pertama
) will be offering a six-month moratorium starting 1 April 2020.

Special Relief Facility (SRF) for SMEs

The
Special Relief Facility (SRF) for SMEs
 consists of a RM5 billion fund aimed at providing relief assistance to Malaysian SMEs who are affected by the Covid-19 outbreak.

This relief facility provides working capital of up to RM1 million per SME at a financing rate of up to 3.50% p.a. (inclusive of any guarantee fee), for a maximum tenure of 5.5 years including a 6-month moratorium on repayments. It is available until 31 December 2020 and applications can be made through participating banks.

The SRF has been enhanced since it was
first introduced.
 Its allocation was increased from RM2 billion to RM5 billion, and the maximum financing rate was lowered from 3.75% p.a. to 3.50% p.a..

All Economic Sectors (AES) Facility

The
AES facility
 is aimed at enhancing access to financing for Malaysian SMEs in all economic sectors, in particular underserved SMEs, and to support growth. The financing rate for this facility goes up to 7%p.a. and the maximum financing amount is RM5 million per SME; the maximum tenure offered is 5 years. The fund has a total allocation of RM6.8 billion and applications can be made through participating banks.

Automation and Digitalisation Facility (ADF)

The ADF’s allocation of RM300 million is part of the total RM6.8 billion set aside for the AES Facility. The
scope for the ADF
 is more specific as it is aimed at incentivising SMEs to automate processes and digitalise operations; hence, the purpose of the financing is limited to purchase of equipment, machinery, and other technology support services to enhance productivity and efficiency.

The financing rate is up to 4% p.a., with a maximum financing amount of RM3 million per SME and a maximum tenure of 10 years. Applications are open until 31 December and can be made through participating banks.

Agrofood Facility (AF)

The
Agrofood Facility
 is aimed at increasing agrofood production for Malaysia and for export purposes. Malaysian SMEs can apply for the facility with the purpose of capital expenditure, working capital, and/or development of agrofood projects. The financing rate offered goes up to 3.75% p.a., with a maximum financing of RM5 million per SME and a maximum tenure of 8 years. The total allocation for AF is RM 1 billion and applications may be made through participating banks.

0% Interest For Micro Credit Facility

This micro credit scheme by Bank Simpanan Nasional (BSN) is open to micro enterprises whose businesses are impacted by the Covid-19 outbreak. It offers a 0% interest rate of loan amounts up to RM75,000 for tenures between 1-5.5 years, including the first six months of moratorium.

Micro enterprises which are Malaysian-owned, registered with SSM, in operation for at least 6 months, and have been impacted by Covid-19 can
apply online through BSN
. The
scheme has also been extended
 to
TEKUN Nasional
 with a maximum loan limit of RM10,000 per micro enterprise.

The micro credit facility was introduced in the first
Economic Stimulus Package 2020
 at an interest rate of 4%. This rate was lowered during the
PRIHATIN Economic Stimulus Package
 announcement to 2%, before being abolished altogether in the
PRIHATIN Tambahan package
 for SMEs.

A business is considered a
micro enterprise
 if it has a sales turnover of less than RM300,000 or less than 5 employees.

RM3,000 Special Grant for micro enterprises

Announced as an additional measure under the
PRIHATIN Tambahan additions for SMEs
, the government will provide RM3,000 for each micro-enterprise under the PRIHATIN Special Grant, with a total allocation of RM2.1 billion. The micro-enterprises must be registered with LHDN to be eligible and the government will obtain the list of eligible micro-enterprises from the authorities.

Tax break for landlords offering rent discounts

Property owners who offer a rent discount or exemption to their SME tenants will be allowed
 tax deductions equal to the amount of the rent deduction
 for the months of April to June 2020. This tax break is dependent on the condition that the rent discount is at least 30% of the original rental amount.

Meanwhile, SME retail owners who are paying rent for premises owned by government-linked companies such as MARA, PETRONAS, PNB, PLUS, and UDA will have their rent exempted or discounted.

Reduced foreign worker levy

The government is allowing a
25% decrease
 on the foreign worker levy to all companies whose employees’ permits are ending between 1 April and 31 December 2020. However, this levy decrease is not applicable to domestic helpers.

***

In times like these, it’s important to be aware of the different initiatives that have been offered by the government, financial institutions, and other bodies – the scale of the economic repercussions means nobody must be left behind, as the Prime Minister puts it. Hopefully, this article has helped offer you an overall picture of the various types of financial assistance out there during this Covid-19 pandemic and how you can apply for them. We will be updating this article as and when more assistance is announced for Malaysians.

Stay informed, and stay safe.

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Six HLB Credit Cards Can No Longer Be Used Starting From September

(Image: The Sun Daily)

Hong Leong Bank (HLB) has announced that it will be ceasing the use of several of its credit cards come 1 September 2020, including its Fortune Credit Card, Mach Signature Credit Card, and Mach Gold Credit Card.

A total of six credit cards will no longer be usable from September:

Fortune Credit Card

Mach Signature Credit Card

Mach Gold Credit Card

AIA/ING Credit Card

Liberty/UniAsia Credit Card

P&O Credit Card

HLB had previously announced the discontinuation of some of these cards, such as the
Fortune Credit Card in January 2019
, as well as
Mach Signature Credit Card
 and
Mach Gold Credit Card
 in January 2020. However, these earlier announcements stated that existing cardholders were allowed to continue using the cards and enjoying its benefits until the expiry dates on their cards.

What does the latest announcement mean for cardholders?

Following the latest announcement, HLB clarified that its cardholders will still be able to receive all their cashback earnings, rewards points, and miles gained through their existing cards, based on transactions performed until 31 August 2020. These will be credited to you by 31 October 2020. However, HLB also said that you will not be allowed to redeem the points accumulated in your existing card from 1 September onwards.

Additionally, if you are unable to settle any outstanding balances or still have active instalment plans parked under any of these cards by 1 September, the bank will continue to keep your accounts and plans active until you’ve fully settled your payments. However, you will
not
 be able to use your cards starting from 1 September.

Similarly, any standing instructions that you have set for your savings/current account to repay your credit card bills will also remain active until you have fully settled your outstanding balance. Meanwhile, existing direct debit and auto-billing payments that were enrolled under these cards will cease to be active, and must be moved to other HLB credit cards to avoid interruptions to your payments.

There is also an
extra clause for Fortune Credit Card cardholders
 which states that HLB will waive the annual fee paid for the card as a gesture of appreciation. The waiver will be credited to you by 31 October. The bank further clarified that this means it will not credit you again if you’ve already paid your annual fee for the year.

Replacement credit cards for affected cardholders

In addition to the above, HLB also announced that it will issue a replacement credit card for each discontinued cards. Here’s a summary of the replacement cards that will be sent out to affected cardholders:

Discontinued credit cards

New replacement credit cards

–
Fortune Credit Card

–
AIA/ING Credit Card

–
Liberty/UniAsia Credit Card

–
P&O Credit Card

Essential Credit Card

Mach Gold Credit Card

WISE Credit Card

Mach Signature Credit Card

Infinite Credit Card

The
Essential Credit Card
 offers 0.4% cashback on eligible retail transactions up to RM7,000, and an unlimited 1% cashback rate if the total monthly retail transaction is above RM7,000. However, the cashback rate for insurance transactions is capped at 0.4%, but with no maximum monthly cashback amount.

Meanwhile, the
WISE Credit Card
 offers 8% weekend cashback on petrol, groceries, and dining on weekends with a minimum spend of RM500 per month, and 1% on weekdays. The maximum cashback that you can get for each of the three categories per month is fixed at RM18, while cardholders enjoy 0.25% unlimited cashback for all other spend.

The
Infinite Credit Card
, on the other hand, is an air miles credit card that offers 1 Enrich Mile for every RM2.80 spent on local retail transactions, or every RM1.80 spent on overseas retail transactions.

According to HLB, the new cards will be posted to your home, although you can also opt to decline if you do not want them. As an additional gesture, HLB is extending a 3-year annual fee waiver for cardholders who will be receiving the Essential and WISE Credit Card, provided they activate their new replacement cards by 30 September 2020.

For more information about the discontinuation of these cards, head on over to
Hong Leong Bank’s website
.

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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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RM20 Rebate For Grab Rides To Vaccination Centres Now Available For All Selangor Citizens

(Image: Malay Mail)

All citizens of Selangor are now entitled to a RM20 rebate for Grab rides to and from vaccination centres (PPVs) in the state, revealed Selangor Menteri Besar Datuk Seri Amirudin Shari. Prior to this, the RM20 rebate was only available to those in Selangor aged 50 and above.

“Unlike what I announced on 9 June (through our Kita Selangor Package 2.0), that it is limited to those aged 50 and above, this rebate is now open to all Selangor citizens who are eligible to be vaccinated,” said Amirudin.

Eligible Selangor citizens can get a transport rebate of RM10 for a one-way trip to a PPV or RM20 for a round trip. The rebate is valid for rides to 40 selected PPVs in the state between 1 July and 30 September 2021.

The initiative is made in partnership with Grab Malaysia and is currently aimed at individuals aged 18 and above. According to Amirudin, the rebate will benefit almost 50,000 individuals statewide with an allocation of RM1 million.

You can make applications for the rebate online via the
Platform Selangor
 website.

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Dr M, Guan Eng Warn Of “Sacrificial” Budget 2019

The Pakatan Harapan government’s budget for the year 2019 will be tabled on 2 November, and both the prime minister and finance minister have indicated that it will be austere.

In a joint interview with
Malaysiakini
and
Sinar Harian
, Prime Minister Tun Dr Mahathir Mohamad said that the federal budget will entail many sacrifices as his government is looking to save money after inheriting debts from the previous administration.

“The budget is of sacrifice – everyone will have to sacrifice,” said Dr Mahathir. “The budget has to be careful. We can’t spend more than our earnings. We can’t entertain all sorts of requests – we have to accept that we must sacrifice.”

However, the prime minister was also reported saying that the government would not be as frugal with its budget as crisis-hit Greece.

(Image: The Star)

This sentiment was echoed by Finance Minister Lim Guan Eng after a briefing on the Sales and Services Tax (SST) to businesses in George Town on 10 September. According to the minister, Budget 2019 would definitely be a “belt-tightening” exercise.

“I agree with the Prime Minister, who used the term ‘sacrificial budget’ to describe it, as the government does not have any money to give out to the people,” he said. “The 1MDB scandal had created a huge debt for the country and if we are not careful, it would result in a major financial crisis.” He added that ministers had to take a 10% pay cut and that incentives could only be given when the financial position of the nation improves.

Lim cited the government’s actions to postpone or cancel projects and abolish Goods and Services Tax to replace it with SST as steps taken to handle the present economic situation. However, the government has kept the fuel prices low and would continue paying the BR1M, which has been renamed to
Bantuan Sara Hidup.

Interestingly, the government has opened up a platform for members of the public who want to make their voices heard and get involved in the Budget 2019 process. A dedicated government website,

belanjawan2019.treasury.gov.my
,
 will be taking in ideas and suggestions regarding the Budget until 30 September 2018. Alternatively, you could also share your views on Facebook, Instagram, and Twitter using the hashtag
#belanjawan2019
.

(Source:
Malay Mail
,
The Star
)

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