Earn AirAsia BIG Points With Your Money Deposits This Coming "Li Chun"

Come 4 February 2020, the Chinese community will be celebrating the
li chun
 – a day within the Chinese New Year period that marks the beginning of spring.

In Chinese culture, this is the day where the Chinese would go out of their way to deposit some money into their bank accounts. As the belief goes (or as the
feng shui
 master says), doing this would encourage your wealth to “grow” abundantly in near future.

Whether that’s true or false, saving money is always a great way to start the new year, and AirAsia BIG Loyalty wants to reward all BIG members who are taking this opportunity to build their
ong
 in the Year of the Metal Rat.

This coming
li chun,
double your prosperity by earning yourself extra BIG Points and exciting prizes through various ongoing offers organised by AirAsia BIG Loyalty and its bank partners.

Alliance Bank Travel Like Crazy Campaign

Campaign period: Now – 30 April 2020

Earn 5,000 BIG Points from the get-go when you open an Alliance SavePlus Account with a minimum deposit of RM5,000. The account, which offers an interest rate of up to 3.5% per annum, also entitles you to a RM50 AGODA e-voucher when you activate your new account within 14 days of your sign-up.

Note, though, that this deal is only applicable if you do not have a current or savings account with Alliance Bank. You also have to be able to maintain the minimum deposit amount during the account opening month.

You can further leverage on this campaign to earn even more BIG Points when you top up your current or savings account with a specified minimum amount, and earmark it for 4 months. For instance, if you were to earmark RM15,000 into your current or savings account, you could earn another 7,500 BIG Points, thus gaining yourself a total of 12,500 BIG Points from the RM15,000 earmark.

Those making deposits during the campaign period will also earn up to 10 lucky draw entries per take up, putting you in the running to win return flights and hotel stays in Sydney, Australia.

Online applications for the
SavePlus Account
 is an easy process that takes only about 3 minutes!

RHB Deposit Travel 3 Campaign

Campaign period: Now – 30 April 2020

Stand to win up to 1 million BIG Points in a lucky draw when you deposit with RHB. The bank is offering grand prizes worth 1 million BIG Points each for 3 winners, as well as consolation prizes worth 50,000 BIG Points each for 210 winners.

Open to all new and existing RHB current and savings account holders, it is fairly easy to qualify for the campaign. All you need to do is make sure that you deposit funds into your savings account and maintain a minimum incremental monthly average balance (MAB) of RM500 for at least one campaign month. For every month that you’re able to achieve that, you’ll be entitled to 5 entries for the lucky draw.

You can also earn one-off bonus entries and monthly bonus entries by taking various extra steps as well. For instance, if you subscribe to e-statements, that will earn you 5 additional entries; and if you register for the campaign online, that will earn you another 5 bonus entries. Performing a minimum number of mobile, online banking, or DuitNow transactions would also qualify you for extra entries.

Basically, the more entries you have, the higher chances you have of winning – so check out the
RHB Deposit Travel 3 Campaign
 now!

CIMB Bank AirAsia BIG Loyalty Points Programme

Campaign Period: Ongoing

If you’re a CIMB Bank AirAsia Savers Account customer, then take advantage of this campaign where you can earn 250 BIG Points for every average quarterly balance of RM1,500 that you maintain in your account. In other words, you’d get 250 BIG Points if you have an average quarterly balance of RM1,500, 500 BIG Points if you have RM3,000, and so on.

Subsequently, CIMB Bank has divided the year according to the following quarterly periods: January–March, April–June, July–September, and October–December. So if you’re looking to deposit funds through this programme, you may want to take note as the calculations of the BIG Points awarded to you will only take place at the end of each quarter.

To qualify for this campaign, you will need to be an account holder who has successfully registered as a BIG member under the BIG Loyalty Programme. You’ll also have to link your BIG Membership to your Savers Account as your points will be directly credited into your AirAsia BIG account. In addition to that, you are also required to bank in a minimum initial deposit of RM250.

If you’re looking for a guaranteed opportunity to earn BIG Points as well as a relatively low minimum initial deposit, then this
CIMB Bank AirAsia BIG Loyalty Points programme
 is the right one for you.

***

Since you will be making money deposits this
li chun
 anyway, why not take advantage of these exclusive promotions to earn BIG Points that could also fund your next holiday getaway? Here’s to embracing the Chinese culture with wisdom and making the best out of traditions!

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Study: Rising Inflation Affecting Almost 70% Of Malaysians

(Image: Xinhua/Chong Voon Chung)

A study by a market research company, Ipsos, has revealed that almost 70% of Malaysians are feeling the effects of the rising inflation in the country. The study also noted that compared with most major economies in Asia and the West, significantly fewer Malaysians said that they are living comfortably these days.

In the study titled “Malaysians Tighten Their Belts As Inflation Eats Into Income”, 45% of a total of 500 respondents said that they are just getting by in recent months, while 23% of them are finding it quite or very difficult to manage their finances. Only 29% of the respondents said that they are living comfortably or doing okay.

According to the study, inflation and poverty were cited as the primary concerns among Malaysians, especially as the country is still recovering from the impact of the Covid-19 pandemic.

To cope with the situation, many of the respondents said that they will likely scale back on their expenses, especially on non-essential items. 31% of them said that they will spend less on food, while 25% of them shared that they will use their vehicles less to save on fuel costs.

Moreover, 45% of the respondents stated that they will likely reduce their expenses for socialising, while 42% of them will spend less on holidays. The study also indicated that Malaysians are more willing to delay big purchases rather than cut back on necessities. It was further noted that consumer intent to purchase big-ticket items, such as houses or automobiles, had dropped 10 points between May and June 2022.

With the rising inflation, 59% of the respondents also believe that loan interest rates will further increase over the next year, while 21% of them think that the interest rates will remain the same. 11% of them are of the opinion that the interest rates will fall.

Additionally, as much as 39% of the respondents expect their disposable income to drop over the next year, while 20% of them indicated that their disposable income will remain unchanged. Of the total respondents, only 35% expect their disposable income to increase over the next year.

“[A] widely expected increase in interest rates is preparing 4 out of 10 Malaysians for lower disposable income in the near future, resulting in a fall in their standard of living,” remarked the associate director of Ipsos Public Affairs, Lars Erik Lie, adding that the increase in inflation and interest rates are impacting consumers’ willingness to spend, causing them to be more selective about what they choose to spend on in the near future.

The study by Ipsos is conducted monthly in 28 countries around the world via the Ipsos Online Panel system. Besides Malaysia, other countries that are involved in the study include China, India, Australia, South Korea, Japan, the United States, and the United Kingdom. The survey involves a total of 21,515 adults aged between 16 to 74, with 500 Malaysians sampled monthly.

(Sources:
New Straits Times
,
Ipsos
)

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Grab’s Pointsback And Power Up Campaigns Return Again In October 2021

With October about to end soon, Grab users can look forward to yet another round of GrabRewards Pointsback and Power Up campaigns! If you’re a newcomer, the GrabRewards Pointsback and Power Up campaigns are monthly Grab events that offer rewards such as pointsback when making selected redemptions, as well as the chance to earn GrabRewards Points by paying through GrabPay or PayLater by Grab.

This month, the GrabRewards Pointsback promo continues to allow users to earn up to 40% pointsback when they redeem selected rewards on 30 and 31 October 2021. Meanwhile, October’s Grab Power Up deal will let you get up to 10,000 GrabRewards Points by shopping online using GrabPay or PayLater by Grab.

GrabRewards Pointsback

Period: 30 October 2021 (10am) – 31 October 2021 (11.59pm)

Similar to previous months, you will be able to enjoy a pointsback rebate of between 10% to 40% when you redeem rewards for Grab services, selected partners, and GrabPay e-wallet transactions. The percentage will be determined by your membership tiers, with regular members entitled to 10% pointsback, followed by Silver (20%), Gold (30%), and Platinum members (40%).

For October, the full list of rewards that are available are as follows:

As you can see, October’s offerings do not differ much from
September’s
, with Partner Rewards still focusing chiefly on F&B, groceries, and cosmetics. Users who don’t fancy being limited to rewards that are only applicable to Grab services or selected partners will want to go for the GrabPay Wallet Rewards instead, as it gives you some flexibility in terms of how you spend it.

Note that this promo is provided on a first-come first-served basis, with each user limited to a maximum of two redemptions for each Pointsback reward. Grab also stated that the campaign will cease once all rewards have been redeemed, although it does not clarify the total redemption cap.

If you’ve been a regular Grab user, you’ll know that the Pointsback campaign does help you save quite a bit. To clarify, a Platinum member will usually need to spend 800 GrabRewards Points to redeem an RM5 voucher – which puts the value of each GrabRewards Point at 0.625 sen (with an effective return rate of 1.875%). Our
detailed calculation here
 has shown that the GrabRewards Pointsback campaign can increase this value to a maximum of 1.04 sen (with an effective return rate of 3.125%).

Grab Power Up

Period: 31 October 2021 (12am to 11.59pm)

Aside from the Pointsback campaign, Grab is also bringing back the Power Up deal in October. This month, you’ll be able to earn 7x and 15x GrabRewards when you shop online using GrabPay and PayLater by Grab, respectively.

Compared to
September’s
deal – which allowed you to earn 10x and 20x GrabRewards Points – October’s offering may have slightly diminished benefits, but it provides a higher maximum cap on the Points that can be earned for each payment method, locked at 10,000 Points. In contrast, users were only allowed to earn up to 6,000 Points for each payment method last month.

Here are the full details on October’s Grab Power Up deal:

Payment method
Points
Total redemptions allowed
Redemption cap
GrabPay
7x GrabRewards Points
1x per user
35,000 redemptions
PayLater by Grab
15x GrabRewards Points
1x per user
7,000 redemptions

Interestingly, Grab did not seem to have set a minimum spend requirement for the Power Up deal this time round; previous versions of the campaign usually require users to spend a minimum of RM180 in order to qualify for it. If you wish to tap into this October deal, you may want to take note of this. Do be aware as well that this month’s Power Up campaign will only last for one day, unlike during September’s deal where Grab extended it to a period of three days.

As usual, redemptions are awarded on a first-come first-served basis. It will be awarded instantly after the completion of eligible transactions, but remember that Points earned via this promo will not contribute to any GrabRewards tier upgrades.

(Sources:
Grab Pointsback Campaign
, Grab Power Up Deal [
1
,
2
])

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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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Grab Brings Back Grab Power Up, Offers More Rewards For Pointsback Campaign

The GrabRewards Pointsback Campaign is back once again, this time with a wider selection of Partner Rewards and even GrabPay Wallet Rewards on top of the usual Grab Services Rewards. You can get up to 40% pointsback on eligible redemptions made between 30-31 May 2021 for this campaign. Besides that, the Grab Power Up campaign is also back on 31 May.

Under the GrabRewards Pointsback, the percentage of pointsback you receive depends on your membership tier. You can check out the rewards that are eligible for pointsback in the tables below:

It’s worth noting that while the GrabRewards Pointsback has returned several times over the last couple of years, this seems to the first time that GrabPay Wallet Rewards are included in the campaign. This time around, you can actually redeem rewards that allow you to take RM10-20 off GrabPay online or in-store transactions  which is less restrictive than rewards that are only applicable to Grab services or selected partners.

The offer is limited to a first come, first served basis and will cease once all Pointsback have been fully awarded or once the campaign ends – whichever comes first. The campaign begins at 10am on 30 May and ends at 11.59pm on 31 May. You should also take note of the redemption limit that applies to each user:

Reward
Redemption limit
Each Grab service reward
10 redemptions per user
Starbucks
3 redemptions per user
Lazada
2 redemptions per user
Shopee
2 redemptions per user
Watsons stores
3 redemptions per user
The Coffee Bean & Tea Leaf
3 redemptions per user
Village Grocer/B.I.G.
3 redemptions per user
Watsons online
2 redemptions per user
Each GrabPay reward & airtime reload
2 redemptions per user

Just to run through a recap of how much in savings the Pointsback campaign offers, Grab ordinarily values its rewards points at a redemption rate valued at 800 points = RM5. This means 1 point is worth 0.625 sen. With Pointsback, you’ll be redeeming vouchers that value 1 GrabRewards point at 1.04 sen (i.e. 40% higher) and thus increase your rate of return to 3.125% for Platinum users. You can read more about the calculation in our analysis of the
G
rabRewards points
.

Besides the GrabRewards Pointsback campaign, Grab is also bringing back its Grab Power Up deal for one day only on 31 May. When you spend RM180 and above online, you get 15x GrabRewards Points if you are using GrabPay and 30x GrabRewards Points if you are using PayLater by Grab (capped at 6,000 Points).

You can make use of the Grab Power Up Deal at selected online merchants, which include sites like Zalora, Caring, Watsons, Machines, Book Xcess, Mr DIY, and more. The deal is valid for 2 redemptions per spend category per user per device.

There is also an overall cap on the number of redemptions available. For GrabPay transactions, Grab has limited it to 8,000 redemptions, whereas for PayLater by Grab, there are 1,500 redemptions available. Redemptions are awarded on a first come first served basis. GrabRewards Points will be awarded instantly upon completion of the transaction, but remember that the points issued do not contribute towards any GrabRewards tier upgrades.

Find out more about the
GrabRewards Pointsback Campaign
 and
Grab Power Up Deal
 here.

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Insurance 101: Insurance Basics For Malaysians

What Is Insurance?

At its most basic level, an insurance policy is a contract between you and your insurance provider. When you purchase insurance, you pay the price of the policy (called the premium) to your provider. In turn, your insurance provider will give you financial compensation if an unwanted event covered under your insurance policy occurs.

The reason why there are so many different types of insurance out there is because each policy provides coverage for different things. Some types of insurance may not be as necessary for you to get just yet, whereas some are crucial or even compulsory by law – so educate yourself on the different types of insurance and see which you will need the most.

Types of Insurance

General Insurance:
Motor
,
Travel
, And
Property Insurance

These types of insurance are tied to a specific object of coverage and are quite straightforward.

If you own a vehicle, you’ll need to
purchase motor insurance
 (third-party motor insurance is mandatory by law in Malaysia).

If you’re
going on a trip
, a one-off payment from as low as RM10-20 can insure you against emergencies and inconveniences for up to hundreds of thousands of Ringgit.

Most home insurance policies
 aren’t compulsory in Malaysia, but you can choose to insure your home and belongings against a variety of events.

Like with all kinds of insurance policies, you’ll have to carefully study what occurrences are included in your coverage and what is excluded from protection.

Health Insurance:
Medical
 And
Critical Illness Insurance

Medical insurance
 is the most basic type of health insurance and should be the first insurance policy you get. Also known as hospitalisation and surgical coverage (but more commonly referred to as medical card insurance), it reimburses the cost of your in-patient hospital treatment and medical expenses. With a medical card, you don’t need to go through the claims process to make an insurance claim – just present your medical card at a recognised panel hospital and the bills will go straight to your insurer for evaluation.

Once you’ve gotten yourself medical insurance coverage, you shouldn’t assume that you’re fully protected from a health insurance perspective. Having a medical card may be good enough in the case of one-off medical emergencies, but what if you’re diagnosed with a critical illness? A medical card would only cover your hospital expenses, whereas you’ll need more financial protection than that if you’re diagnosed with cancer.
Critical illness insurance
 provides a lump sum payment to your or your beneficiaries upon diagnosis, which can help with your long-term recovery and cover any loss of income.

Life Insurance
 And
Personal Accident Insurance

Life insurance provides you or your beneficiaries with a payout (called a benefit) if you happen to die or suffer from total and permanent disability (TPD) during the policy period. The phrase “during the policy period” is key because there are two types of life insurance policies:
term life insurance
 and
whole life insurance
.

Term life insurance only covers you for a set timeframe – usually 10, 20, or 30 years. If you die or suffer from TPD during this period, your loved ones will receive the benefit, but if you do not, you and your beneficiaries will not receive anything. On the other hand, whole life insurance covers you for the rest of your life, but the premium is significantly higher compared to a term life policy with the same sum of coverage. You can watch our informative videos to find out more about the
differences between term life and whole life insurance
 to find out which is better for you.

Meanwhile,
personal accident insurance
 provides you protection for death, disability, and medical expenses arising from an accident. Personal accident insurance is a bit more limited compared to life insurance as you won’t get the benefit if your death or TPD is caused by natural causes.

Savings and Investment-Related Insurance

Did you know that insurance plans have elements of savings and investment too? With a savings and investment-linked policy, you or your beneficiaries will receive the death or TPD benefit as with life insurance policies. The savings and investment elements kick in when the policy offers additional features such as guaranteed cash payments, non-guaranteed dividend payouts, and a maturity benefit (a sum of money you get back when your policy ends).

How To Choose Your First Insurance Plan

As you can see, there are many types of insurance coverage out there. Of course, you aren’t expected to purchase all these different policies at one go – especially if you’re just starting out on your own financially. It goes without saying that better coverage and higher premiums come hand-in-hand, so think carefully about the level of protection you need and how much you can afford to pay. A good strategy is to start off with some basic policies first, and then add on riders (additional coverage that sits on an existing insurance policy) or different plans along the way.

If you would like to find out more about each type of insurance on a deeper level, you can read up on some of our
insurance-related articles here
. And if you’re ready to look at what insurance policies there are in the market right now, you
can find, compare, and apply for insurance products all in one place at RinggitPlus
.

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What's the real difference between RON95 and RON97 Petrol in Malaysia?

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JPJ: All Licences Must Be Renewed By 30 September 2021, No Further Extensions

(Image: Malay Mail)

The Road Transport Department (JPJ) has reiterated that all road users are required to renew their expired licences by 30 September 2021, and that no further extensions will be provided to the current grace period.

In a statement shared over its social media, JPJ said that the licences affected include:

Competent Driving Licences (CDL)
Motor Vehicle Licences (LKM or road tax)
Goods Driving Licence (GDL)
Public Service Vehicle Licence (PSV)

“The moratorium period or extension of the deadline for renewals will end on 30 September. Checks on compliance and enforcement by JPJ enforcers will start from 1 October onwards,” said JPJ in a statement, adding that in the meantime, vehicle owners with expired road taxes or driving licences can still drive on the road as long as they have valid insurance coverage. Additionally, they must be able to produce the e-cover note if approached by authorities on the road.

(Image: The Star)

JPJ also encouraged vehicle owners to carry out their renewals through online portals, such as the
MySikap JPJ
 or
MyEG
 portal. “Members of the public can make an appointment before heading to the JPJ counter for any other matters that cannot be done online,” it said.

Furthermore,
national courier Pos Malaysia
 is also expected to once again begin offering JPJ-related services at over 650 branches nationwide starting from 9 August 2021. “We will make sure stocks and supplies of licences and road tax documents are sufficient in anticipation of a surge in renewals later,” said the JPJ.

For context, vehicle owners have been given several exemptions to renew their driving and motor vehicle licences, as well as road tax throughout the ongoing movement control order (MCO) that began in
March 2020
. This first round was later extended up until
September 2020
, followed by a second round of exemption that began in
January 2021 until March 2021
 due to MCO 2.0 – with yet another extension from
April to May 2021
.

Finally, the latest round of exemption is provided for vehicle owners with road tax or driving licence that expired between
1 June to 31 July 2021
. They are allowed to renew these documents between 1 August to 30 September 2021.

(Sources:
JPJ
,
The Star
)

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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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UOB Bank Has Launched Its Official Store On Shopee

UOB Bank has launched its official store on e-commerce platform Shopee, enabling customers to conveniently sign-up for banking products and services without having to visit physical branches.

UOB’s official Shopee store has five “products” on offer, making it easy for you to seamlessly register for the different savings accounts, namely:

UOB ProSave Account-i
UOB One Account
UOB InvestPro Account
UOB Lady’s Savings Account
UOB Stash Account

In registering for the accounts via Shopee, you’ll need to first “purchase” the accounts at the price of RM1.00 – which will later be refunded to you in the form of a Shopee e-voucher. After you’ve made the purchase, you can then proceed to open your account via the
UOB Mighty app
.

Once you’ve downloaded the UOB Mighty app, apply for the corresponding account via the “Apply” tab. You’ll then be required to fill in an e-form and complete the electronic Know Your Customer (eKYC) verification process. During the process, make sure to also key in “SHOPEE” in the “Referral ID” section.

From there, you can then proceed to set up your online banking and Mighty Secure features (a digital security token for the authentication of transactions exceeding RM10,000) before activating the account with an initial deposit of RM100.

As for the RM1.00 Shopee e-voucher that is refunded to you after purchasing your saving account, you can find and claim it under the “Shopee Updates” section (found under “Notifications” – at the bottom bar of your main Shopee page). Simply copy the e-voucher code and use it for the checkout of your next purchase (no minimum purchase required). Note, though, that the e-voucher is valid only for three months starting from date of issuance.

In conjunction with the launch of UOB’s official Shopee store, the bank has also rolled out an offer where customers are able to earn up to RM100 Shopee e-vouchers or 150 Shopee Coins. They can win this by playing the Shopee Farm game (accessible via the “Shopee Prizes” tile on your main Shopee page).

Earlier this year,
Hong Leong Bank
 had also opened an official store, becoming the first bank in Malaysia to do so.

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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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Takaful Ikhlas Partners With Tan Chong To Provide Motor Takaful Products

(Image: Malaysia Gazette)

Takaful Ikhlas General Bhd, a wholly-owned subsidiary of reinsurer MNRB Holdings, has officially announced a collaboration with Tan Chong Motor Holdings to offer motor takaful products and services to the customers of the automotive company’s brands. These include Nissan, Renault, Infiniti, and JMC.

In a statement, the president and chief executive officer of Takaful Ikhlas, Datuk Rudy Rodzila Che Lamin said that the insurer will offer comprehensive motor takaful protection with value-added propositions to Tan Chong Motor customers via this partnership. Among other benefits, they will be able to tap into the Ikhlas Waqf and Endowment (IWE) benefit, and a fast and easy claims process.

Takaful Ikhlas’ products and services will be distributed via Edaran Tan Chong Motor’s franchises and dealers nationwide, as well as featured in Tan Chong’s
GoInsuran digital platform
.

“We are pleased to be part of this strategic partnership with one of the nation’s prominent motor companies, which we believe will allow us to expand our reach in the motor industry,” said Datuk Rudy, adding that more Malaysians now recognise Takaful Ikhlas’ products – as indicated by the 11.7% growth in gross written contribution recorded during the first nine months of 2021 (RM353.2 million), as compared to the same period in the previous year (RM316.1 million).

“This demonstrates that Malaysians are now more aware of our product offerings, and thus we are confident that this partnership will enable us to penetrate to a wider market segment and contribute to boosting our numbers in the years to come,” Datuk Rudy stated.

Meanwhile, the insurance business stream head of Tan Chong, Joshua Yong shared that the company is confident that Takaful Ikhlas will be able to offer value-for-money products and services to its growing segment of customers. This is especially true for those who are seeking shariah-compliant motor insurance products. “We have the same objective under this partnership: to ensure customers’ satisfaction when it comes to product offerings and services,” he further said.

To note, this partnership between Takaful Ikhlas and Tan Chong Motor has actually commenced earlier this year, since 5 January 2022.

(Sources:
New Straits Times
,
Bernama
)

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Tan Chong Motor Holdings

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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Tune Protect Launches PRO-Health Medical, An Online Cashless Medical Plan

Tune Protect has launched a new online cashless medical plan called PRO-Health Medical, with premiums starting from RM50 per month. PRO-Health Medical provides hospitalisation and surgical benefits, a lump-sum allowance for mosquito-borne diseases, and coverage for alternative and chiropractic treatment.

“Today’s digitally savvy customers thrive on convenience and simplicity. They are health-conscious, sensible and realistic in managing their expenses,” said William Foo, CEO of Tune Protect Malaysia. “These insights spurred the features of PRO-Health Medical as a comprehensive, budget-friendly plan that is easy to understand. Sign-up takes less than 5 minutes and claims are hassle-free via our Tune Protect App which also hosts the e-Medical card for cashless admission.”

The e-Medical Card includes coverage such as in-patient, daycare surgical procedures, and outpatient treatments due to illnesses and accidents – as well as reimbursement for alternative and chiropractic treatments post hospitalisation. Other benefits include its zero deductible feature and cashless admission at more than 150 hospitals across Malaysia.

Besides that, PRO-Health Medical is offering a unique year-long mental wellness programme with Naluri for its first 1,000 customers – including access to Naluri’s resource portal and three virtual consultation sessions with clinical psychologists. Moreover, the plan is offering additional medical expenses of up to RM20,000 for Covid-19 patients until 31 December 2021. Last but not least, between March and December 2021, Tune Protect will donate RM6 for every PRO-Health Medical policy purchased towards Madhya’s Gift, a children’s health fund by Yayasan Chow Kit.

PRO-Health Medical is available to both Malaysians and non-Malaysian residents aged 18-45 years old, and is renewable up to the age of 65 years. It has four plan types with annual limits ranging from RM30,000 to RM150,000, so customers can choose which plan best suits their needs. There is no lifetime limit for PRO-Health Medical and the annual limit is reinstated year-on-year.

You can purchase the PRO-Health Medical plan easily on the Tune Protect App or by visiting the
Tune Protect
 website.

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Jacie Tan

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iPay88 Partners With Atome To Extend BNPL Acceptance To Merchants Across Malaysia

Payment gateway provider iPay88 has announced its collaboration with buy now, pay later (BNPL) platform Atome to expand the BNPL acceptance across iPay88 merchants in Malaysia.

As Southeast Asia’s leading regional payment gateway provider, this collaboration will see Atome’s BNPL services integrated into iPay88’s online and retail payment solutions, providing retailers the option of BNPL services to customers. This is an interesting and timely move, as BNPL services are expected to double its market share by 2024, according to he 2021 Global Payments Report by FIS-Worldpay.

Lim Kok Hing, Co-Founder and Executive Director of iPay88 shared his excitement about the partnership. “We are excited to partner with Atome to expand the acceptance of BNPL as a flexible payment option for our merchants across their payment touchpoints in Malaysia.”

He added that the partnership will enable them to offer a quicker, smoother and seamless payment experience for their shoppers both online and in stores. “With the growing adoption of BNPL in Malaysia, this partnership will support our merchants by helping them drive better conversions and business growth through the BNPL payment acceptance,” he said.

“Accelerated by the COVID-19 pandemic, consumers today expect a flexible, secure and transparent payment experience. This partnership will enable more merchants in Malaysia to offer Atome’s BNPL payment option across their payment touch points, giving consumers greater flexibility and choice in how they want to pay. This partnership will also help support and drive recovery in retail sales as Malaysia emerges from the COVID-19 pandemic,” CEO of Atome, David Chen explained.

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Sheu Quen

Sheu Quen

Content writer with a penchant for perfection in her work and can't stand having her name misspelled or mispronounced.

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Why Dividend Stocks Are Always Popular To Investors

When it comes to building wealth, one of the most important strategies is to create multiple streams of income. Every one of us only has 24 hours each day, so trying to earn a side income on top of your main job can be stressful and may lead to poor performance and ultimately burn you out.

As such, the goal is to create both active and passive income streams. An active income stream is one where you actively (naturally) participate in, such as your daily job or side job. Meanwhile, passive income streams are generated without any input from your end – or minimal effort at best through passive investments.

One common way of generating passive income is by investing in dividend stocks. Companies with solid financials in stable industries tend to reward shareholders with regular dividend payouts, and depending on the company’s policy, payouts may occur after every quarter, half-yearly, or annually. Sometimes, they may even issue special dividends too. Most common among these are banks and REITs.

Good dividend stocks are usually well-established companies with an extensive track record of distributing its profits to shareholders, making them both attractive to shareholders and (somewhat) resistant to market volatility – which combined, also makes dividend stocks a less risky investment option.

But with hundreds of stocks listed in Bursa Malaysia, how do you pick out solid dividend stocks worth investing in? It’s important to find stocks that not only provide a consistent yield but also demonstrate its capability to sustain payouts over time. With so many dividend stocks in the market, investors especially those who are just starting out may find it hard to pinpoint where to begin. One useful tool is Bursa Marketplace’s Stock Screener which you can use to sift through the hundreds of listed companies on Bursa Malaysia and find dividend stocks that may be worth a closer look. Read on to find out how.

***

One thing to note is that institutional investors tend to have positions in high dividend yield stocks because of their lower risk and volatility while still earning regular dividends and potential capital appreciation. Also, many companies pay dividends but the key is finding companies that can consistently provide a relatively high yield and sustain them over time. In Bursa Malaysia, there are a few of these gems.

That said, while dividend stocks are considered as a relatively safe investment, all investments come with risks. Hence, it’s crucial for investors to conduct their own research before committing to an investment. Bursa Marketplace’s Stock Screener is a great first stop to help you simplify your research process.

Click here
 to try out the Stock Screener. Learn more about Bursa Marketplace
here.

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Chee Jo-Ey

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Stripe Lands In Malaysia, Offers Seamless Payment Solutions To Online Businesses

Global technology giant Stripe has announced its arrival in Malaysia, offering a payment platform and extensive business management tools to help online businesses run smoother, helping them thrive in an internet ecosystem that is becoming increasingly globalised.

Stripe’s payment platform enables Malaysian businesses to accept and manage online payments Visa and Mastercard debit and credit cards. These transactions are expected to be simpler and faster, with payments accepted from more than 135 countries worldwide. On top of that, Stripe also announced a partnership with Payments Network Malaysia (PayNet) to support online banking payments via FPX on Stripe’s platform.

FPX on Stripe is now available in beta for Malaysian businesses utilising Stripe’s services. These businesses will soon be able to enjoy new features such as providing customers with easy refunds, and obtaining immediate feedback on the status of FPX payments. On the other hand, customers will get real-time status updates on which bank is offline and unavailable to perform bank transfers before they make a payment.

Stripe claims that businesses can sign up and roll out payment acceptance services in just 10 minutes, as well as utilise its comprehensive toolkit to run and scale their business from the get-go. Stripe’s product stack includes “Billing” for invoicing and managing subscriptions, “Connect” for multi-party payments, “Sigma” for analytics, and “Radar” for fraud detection and prevention.

At the launch event, John Collison, co-founder and president of Stripe shared that less than 8% of commerce is online mainly because moving money on the internet remains “complicated, cumbersome, and slow”. “At Stripe, our goal is to remove these barriers and build the kind of infrastructure ambitious businesses need to run at internet speed and scale,” he added.

Since January this year, Stripe has been testing its services in the country. As a matter of fact, it already partners with companies that many Malaysians are familiar with: Grab, dahmakan, SOCAR, and FashionValet.

Stripe’s expansion into the Malaysian market makes it one of only two countries in South East Asia after Singapore. This year alone Stripe expanded into eight countries prior to Malaysia.

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Christine Tay

Christine Tay

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Win An Apple iPhone 12 Or RM1,000 Cash In The Latest RinggitPlus Unbox This Week Campaign

Coming up to the seventh week of our Unbox This Week campaign, we at RinggitPlus are going to continue rewarding our customers with great weekly flash deals from different partners – all the way until the end of 2020! And to win these deals, what do you need to do? Simple, just apply for selected credit cards from the featured banks of the week through us.

Up until now, our customers have had the opportunity to win a variety of items, such as gifts like the
Huawei Watch Fit and a pair of SonicGear Earpump worth RM598
 and the
latest Sony PS5 console
. This week (7 to 10 December), we’ve got equally exciting prizes lined up for you to win. Featured banks for the week are Citibank and Standard Chartered Bank, so if you’ve been thinking about applying for card with them, why not tap into our campaign?

Here are the gifts that are up for grabs this week!

Citi: Apple iPhone 12

Stand a chance to win an Apple iPhone 12 when you apply for selected cards from Citibank through us! The phone, which is worth a hefty RM3,899, will be gifted to every third successful applicant for this week, capped at the first 50 winners. Remember to also activate and spend a minimum of 8 retail transactions on your new card within 60 days upon gaining approval. We will then announce the winners on our Facebook page by 31 March 2021, once the bank has confirmed your eligibility with us. Keep an eye out for an email from us, too; it’ll contain instructions on how you can claim your gift.

For all the other applicants who do not win the iPhone 12, no need to be disappointed because you get to walk away with something cool too! We’re gifting you with the Amazfit Bip smartwatch by Huami Technology.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion. Otherwise, those who wish to apply for their
new Citi credit cards can head on over here
 to do so.

Standard Chartered: RM1,000 Cash Giveaway

Standard Chartered is bringing back its
RM1,000 cash giveaway from Week 5
 in another unlimited giveaway, where every third approved applicant who applies for a selected credit card from the bank through us will win RM1,000 worth of cash. Also awarded on a first-come first-served basis, you will need to activate your card within 30 days upon approval to be eligible for this prize.

Note that if you do win, the cash prize will be credited into your DuitNow account in a single transaction, which means that you should apply for your card with a mobile phone number that is registered to a DuitNow account. Our winners will be announced by 31 March 2021 on our Facebook page, so make sure to follow us on our social media page!

Meanwhile, applicants who miss out on the RM1,000 cash prize will receive a pair of Samsung Galaxy Buds each, so no one leaves empty-handed! We will send you an email instruction on how to claim your gift.

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

***

To recap, this week’s Unbox This Week giveaways will end on 10 December this week, at 6pm sharp, so make sure to note this down in your calendar! Additionally, don’t forget to begin your application with our WhatsApp chatbot so that your eligibility is guaranteed, and so that we can always be at hand to help you if you need us.

You can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week until the end of the year.

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Budget 2023: RM500 Contribution To 2m EPF Members, Expanded Tax Relief For Self Contributions

In his Budget 2023 proposal, Prime Minister Datuk Seri Anwar Ibrahim has announced a one-off contribution of RM500 to EPF members aged between 40 to 54 with less than RM10,000 in their Akaun 1.

This comes as the government aims to assist and encourage Malaysians to rebuild their retirement savings after several rounds of withdrawals during the pandemic. As such, the government will assist with a one-off RM500 contribution into the accounts of members who are between 40 to 54 years old and have less than RM10,000 savings in Akaun 1.

This assistance will benefit a considerably large amount of 2 million EPF members.

In addition, Datuk Seri Anwar Ibrahim also stated of a minor amendment to the current income tax relief that will allow Malaysians to claim tax reliefs for EPF self contribution. In his speech, this amendment specifically covers the tax relief for life insurance/takaful premiums, which will now include EPF self contrbutions.

Currently, for non-public servants, the tax relief is up to RM7,000 broken into two subsets: up to RM3,000 for life insurance/takaful premiums and up to RM4,000 for statutory EPF contributions.

If approved, this will allow Malaysian taxpayers to earn tax reliefs with EPF self contributions, effectively rewarding them for saving for their retirement.

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About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

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

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Maybank Introduces SME Digital Financing Solution With 10-Minute Approval

Maybank has launched the Maybank SME Digital Financing solution, where it takes only 10 minutes for small and medium enterprises (SMEs) to get their loan approved.

According to Maybank, the Maybank SME Digital Financing is the first in market to offer a completely end-to-end digital experience, with straight-through processing (STP) all the way from application to approval and disbursement too.

“Machine learning enabled, the entire process from application to approval is designed to be completed within 10 minutes, setting a new benchmark for turnaround time for SME financing in the country,” the bank said in a statement.

(Image: The Star)

The digitisation aspect of this process means that SMEs can apply for financing via Maybank’s online platforms, Maybank2U or Maybank2U Biz, any time of any day. The application process also requires minimal information and no documentation for existing customers. If all records are in order, the decision of the application will be communicated in as quickly as 10 minutes – and the funds can be disbursed within one minute of an accepted offer.

For customers that are new to Maybank, the process will take slightly longer as they have to undergo a brief on-boarding verification process. However, branch visits are still not a requirement even for new customers and decisions on the loan application will be provided within two working days.

Datuk Abdul Farid Alias, group president and CEO of Maybank, considered this solution a breakthrough in its SME financing as it incorporates an enhanced credit tool. “Using our in-house data and credit knowledge while leveraging machine learning capabilities, we are now able to measure the risks of our customers better, and provide financing even to start-ups which have only been in operation for one year,” he said.

Farid added that it has been a constant challenge for banks to craft an approach for SME funding where the risks are still acceptable. “However, by marrying technology and finance, Maybank was now able to assess the business viability and extend financing to start-ups which often struggle to secure funding mainly due to lack of credit history or collateral,” he concluded.

You can find out more about
Maybank’s collateral-free SME Digital Financing here.

(Source:
The Star
)

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Jacie Tan

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Track Borrowed and Lent Money Effectively with an App

Do you have friends who borrow money and tend to forget about paying back? Or are you one of those who forget? Don’t fret, we’re only human.

But these situations could cause a serious dent in finances for the person on the receiving end. What’s worse is friendships can sometimes turn sour after.

We know what you’re thinking – perhaps the job of borrowing and lending money should just stick with banks. But there finally is a solution to this age old problem.

If you find yourself lending a friend money for an emergency or simply splitting the dinner bill after taking it on your tab, everything can now be recorded and tracked, just like how banks do, with a simple app called SpotMe.

SpotMe Payments

The SpotME app is available for free download on the Apple app store. Alternatively, use the web application (unfortunately, the only way for Android users to enjoy this service) to sign up. You can then add people whom you have lent money to, or borrowed money from and put them into a systematic list.

Adding people is pretty simple too. You could pull up friends from your Facebook contact list. Simply add in the details of the bill or transaction so they would be familiar with payments that need their attention.

You could choose to put up an image of the receipt that you are splitting (to prevent feelings of animosity), or a photo of the beautiful meal as a reminder that there is a price tag to the fun night that was.

Reminders

Personally reminding friends or family to pay back a debt can be a tricky affair – use an app instead. If someone has overlooked a debt, simply use the ‘reminder’ feature on the SpotMe app to jog their memory. Tap on the ‘send reminder’ option and choose to send out an e-mail or SMS.

If the initial agreement was to split these payments and pay back over a period of time, you can update each payment at the transactions page. A summary prompter will then be sent out to them via e-mail or SMS, whichever you prefer.

Reconciliation

After making simple the ordeal of collecting your money with this app, tap on the ‘settled’ button to clear the name of debtors. The good thing is, this process works vice versa. You could initiate a record as the debtor and keep track of money you owe friends and family, but here’s the glitch.

Either party, lender and borrower, are both granted access to the ‘settled’ button. The logic behind this would be to allow a debtor to clear off their own name when payment has been made – a situation that is likely to arise from the lender overlooking the task of clearing off settled debtors.

However, it opens up windows for some to clear their name from records even without settling debts. The onus would be on the lender to diligently keep track of repayments and update this systematic method. Weekly summaries on transactions that lenders receive though e-mail would make this process a lot easier to manage.

The Verdict

Despite the slight kink on the debt settlement portion, which in all fairness should have a dual confirmation process, the app seems like a pretty fun and effective way to handle small debts among friends and family, where trust is mutual.

The app not only does its job of monitoring debts and loans in a systematic manner, it also helps eliminate the awkward moments of having to remind those close to us about paying up money they owe.

If you do find yourself in a situation that requires some money switching hands over a short term, the SpotMe app could be the thing for you to help better organise personal finances. Are you fond of another nifty little app that makes life simpler? Let us know in the comments section below!

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Gavin Pereira

Gavin Pereira

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Five of the best debit cards you could get yourself

Unlike credit cards, debit cards have a far lower chance of landing you in financial hot soup. That’s because when you use one, you’re actually tapping into funds in your possession rather than getting what is essentially a loan. Most debit cards also have lower annual fees than credit cards, and there’s no government service tax imposed on them either.

Judging from the sheer number of such cards now available to Malaysians, it’s safe to say that they’ve experienced a surge in popularity of late. Today, we’re going to have a brief rundown on what we think are some of the best debit cards in the Malaysian market, organised by category i.e. cashback, rewards points, petrol and travel.

Cashback king

When it comes to cashback, there are certainly many great debit cards, but we think that the best one is the
Alliance Hybrid Premium Debit Card.
 It offers an impressive 2% cashback on expenses of up to RM9,000 per month, which gives you a maximum of RM180 in cashback rebates monthly! That means Alliance Bank actually pays you a pretty generous amount of 2 sen for every ringgit you opt to spend on your plastic over your paper. It might not sound like much, but it’s 2% of every single ringgit you spend, ever. And it all adds up. With this card in your clutches, you’ll probably forget why you ever paid with cash in the first place.

Reward points hero

Reward points collectors will probably be pretty happy with the
Tesco-RHB Debit Card.
 It lets you receive up to 5 Clubcard Points for every RM2 you spend at Tesco outlets, and 1 Clubcard Point for the same amount spent anywhere else. Once you have accumulated 150 or more Clubcard Points,
you can then convert them into Clubcard Cash Vouchers at the rate of 1 sen per point.
 Vouchers are redeemable at any Tesco store nationwide. Not a bad way to save money, huh?

Petrol pick

Not much of a pick here, really. We’ve identified one sole card for all you road warriors out there – the
PB-Esso Mobil Visa Debit Card
. You enjoy 1% cashback rebate on fuel and non-fuel spend at
Petron
 stations (formerly known as Esso and Mobil) using the debit card. You also get 0.5% cashback on all other purchases with the maximum monthly rebate set at RM30 per month. Not bad, but we look forward to seeing a little more competition in this debit card segment, if only for the benefit of us consumers.

Ideal travel plastic

If you’re the sort who loves going off on globetrotting adventures,
the RHB Platinum Debit Card
 might suit your needs just right. Many other debit cards offer airport lounge privileges, frequent flier points, emergency assistance and free travel insurance to their cardholders. This RHB debit card, while also having these benefits, gives you an uncapped 1% cashback rebate on overseas purchases. All the more reason to stock up on souvenirs for friends and family!

Best of the lot

If you were waiting to find out what we thought the fifth and overall top debit card was, you’re in for a bit of a surprise. Because we feel that no single card fits the bill, really. It all depends on your unique financial needs. Do have a look at our
complete list of debit cards currently in the market
 and judge them all based on your personal requirement criteria. The perfect one for you is surely one among them. Just as it’s never one size fits all for credit cards, the same too goes for debit cards.

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Tips for Shopping at Tech Malls

Over the weekend, this writer had the opportunity to witness the wheelings and dealings of tech mall Low Yat. Though Low Yat is still under
some public scrutiny thanks to the ongoing case involving a robbery and subsequent melee
; tech malls largely operate in the same fashion. Some lessons about shopping in tech malls in general, be it Low Yat, Digital Mall or even Imbi Plaza (or anywhere else) actually is no different from each other.

If you’re looking to buy a new gadget or phone, we find it will hold you in good stead to keep in mind these following tips.

Research the Item You Want… or the Narrowed Options

Walking into a tech mall without a clear idea of at least a narrowed down set of options (2 or 3) will only allow uninvited suggestions as well as overblown sales promises. It’s always best to know what you want before heading into the mall.

There are so many stores selling the same things in tech malls. Each one will be well equipped with a different story or reason why their product is better. Perhaps the printer they are selling is so much better than the other competitors because “this one can print without paper”. We are quite sure even David Copperfield couldn’t make that sale, but the research would help you stay clear of incidents like these.

You do not have to be the product expert but this will help you in the later steps as well. Knowing its features, price range and maybe a few competitor brands will take you a long way.

Having some knowledge may also lead you to upcoming news on updated releases that could help you choose if you should wait for the updated product or not. Nothing stings more than buying a new iPad and a new release happens 24 hours later, worse if the price is cheaper or the same. Well, you won’t get usually get too much cheaper Apple product releases, but you get the general idea.

Survey the Mall for Differing Price Points

It is important to survey the mall and ensure you obtain a good deal when shopping for a product or service. If you are looking to get a wedding photographer, wouldn’t you want to run through a few of his or hers previous work against some of other photographers to know what would work best for you?

This is also the point where your product research would come in handy. Asking a few questions about the product with a few technical words or prior knowledge will keep the sales people in line. They will know they can’t take you for a ride and con their way through. Try not to pretend to be a product expert as well, you could get yourself caught in your own web of lies.

Usually, we have noticed that most vendors in tech malls now keep prices quite uniformed but will throw in different freebies to get the customer. Even if everyone quotes the same price, you may get a better colour option or extra freebies through surveying.

Bargain

No matter how great a deal you already think the price is, bargain anyway. If the seller is unwilling, he will tell you but if it’s possible to get a discount, why not try?

If you are multilingual, time to put those skills to the test. Here are some tips on how to use a
different language to be better at haggling

Test the Product

Most people tend to take the product home before testing it. Why is better to test the product before you leave the shop? You just assume that since it has a warranty, it doesn’t matter. In the case you find the product faulty, why let the warranty do its work in the first instance you made the purchase.

Would it not be better to not use the warranty at all and have a product that is fully functional? The warranty is supposed to be treated like an insurance policy, works in case of damage not a benefit that should be used up before it expires.

Buy with a Friend (or Two)

This should not surprise you in any manner, buying in bulk would get you a better price . Tech malls sell big ticket items like laptops and handphones, which are not items that people regularly buy multiple times a year.

So if you can come in bringing not one but two big deals to the table; they might feel inclined to offer you a better deal.

Of course, don’t go intending to buy 2 RM20 headphones and expect a hefty discount.

Payment Method

Once you have made your decision, always ask if the payment method being cash or card makes a difference. Just like in Low Yat, some shops may give you a discount when paying cash.

On the other hand, if you were buying from a known franchise type store you could choose to use your credit card which may have additional discounts, reward points or an easy payment plan you could utilise. If you are unaware of some of the credit card benefits, try browsing through on of our previous articles on our
website
.

Shopaholics, to the Line!

If you are a shopaholic, you would probably be itching to put all these things to the test. Well, before you paint the town red with your bank account, remember that patience pays off. Most importantly be inquisitive; assumption could leave you being screwed over. Stick to the rules, you should be safe.

Whatever the situation, if you think a store is giving you a bum deal – opt out and don’t be pressured to make a decision on impulse.

I am sure you have some tricks of your own that you use while shopping. Share with us in the comments below.

Photo credits: Lowyat photo by
www.stuff.tv
; smartphones by
www.pcadvisor.co.uk
; laptop display from
www.compushooter.com
.

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Toyota Launches World’s First Islamic-Based Car Subscription Programme, Kinto One

(Image: Focus Malaysia)

Toyota Capital Malaysia has partnered with UMW Toyota to introduce Kinto One, said to be the world’s first Islamic-based car subscription programme. It provides Malaysians with a new alternative to obtain the use of a car without being burdened by the hassles of a conventional hire-purchase loan.

Available to all individuals with valid driving licences as well as businesses, Kinto One is a Shariah-compliant car subscription programme that lets customers “rent” a vehicle with an all-inclusive, fixed monthly payment plan. Available plans include the subscription of a car for two or three years, with mileage limited to 30,000km per year. The plans will cover the following costs:

Registration of the vehicle

Annual comprehensive insurance and road tax

Periodic and preventive maintenance

According to Kinto One’s FAQ, the only payment that you need to make to begin your subscription is the initial payment of a one-month subscription fee, a refundable deposit, and the stamp duty fee (if applicable). After that, you can continue paying for your fixed monthly subscription amount via your credit card. Also, if you exceed the annual 30,000km allotted to you, there is a minimal top-up charge of RM0.50 per km.

Once your subscription period ends, you will then have the option of returning the car to Toyota or renewing your subscription at a lower subscription fee. The FAQ also clarified that there are various Toyota and Lexus models currently available for subscription, with more models to be added eventually. At present, prices start from RM1,678 per month for a Toyota Yaris to RM10,738.00 per month for a Lexus RX300 – both for a three-year subscription plan. Prices will be slightly higher if you decide to opt for a two-year subscription plan instead.

The president of the president of Toyota Capital, Thomas Chai said that Kinto One is a distinctly curated response to the new generation lifestyle seeking for mobility. “It is about the shift of consumer behaviour from car ownership to car usership. It is about Toyota’s vision of ‘Mobility for All’,” he shared.

The president of UMW Toyota, Ravindran Kurusamy also concurred, adding that Kinto One aims to cater to the newer generation of car owners seeking for freedom and mobility through monthly subscription plans. He also explained that prior to launching Kinto One in Malaysia, the service has already been introduced in many other parts of the world. These include Europe, North and South America, as well as several other Asian countries.

You can find out more about
Kinto One in Malaysia
 on its official website.

(Source:
Toyota
,
Focus Malaysia
)

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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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UOB YOLO Credit Card To Be Rebranded As UOB EVOL From 1 April With Revised Benefits

UOB Bank has announced that it is rebranding its UOB YOLO credit card to UOB EVOL credit card, complete with updated benefits and card face design. Set to take effect starting from 1 April 2023, it will allow cardholders to earn up to 8% cashback for selected categories of transactions.

Specifically, the new UOB EVOL card will let you earn 8% cashback on selected merchant partners that sell sustainable products, as well as 5% cashback on online (including e-wallet reloads), entertainment, and contactless parking transactions. The list of sustainable merchant partners is currently limited to L’occitane, Kiehls, Innisfree, M.A.C (makeup), Origins, and The Body Shop – but may be updated from time to time.

The maximum monthly cashback that can be earned, meanwhile, is tiered as per the following based on your minimum cumulative spend each month:

RM30 monthly cashback cap
: Minimum cumulative spend RM1,000 to RM1,999.99

RM50 monthly cashback cap
: Minimum cumulative spend RM2,000 or more

Cardholders should also note that there is a sub-limit of RM15 on the cashback amount that you can earn for e-wallet reloads. As for the annual fee, it is maintained at RM90 (waived with one retail transaction made every month).

In comparison, the existing UOB YOLO card currently allows cardholders to earn 5% cashback on online, dining, and contactless transactions – capped at RM30 per month with a minimum monthly spend requirement of RM600. Provided on a first-come first-serve basis, the cashback reward for UOB YOLO is also subject to the bank’s monthly cashback allocation for UOB YOLO’s cashback reward programme, which is currently set at RM200,000 (this allocation will be removed for the new UOB EVOL card).

Here’s a comparison of the features and perks between the existing UOB YOLO and the new UOB EVOL card:

UOB YOLO
(existing, available until 31 March)
UOB EVOL
(new, from 1 April onwards)
Cashback rate
5% cashback on online (including e-wallet reloads), dining, and contactless transactions
– 8% on selected sustainable partners
– 5% on online (including e-wallet reloads), entertainment, and contactless parking transactions
Monthly cashback cap per customer
RM30 (sub-cap of RM15 for e-wallet reloads)
– Tier 1: RM30
– Tier 2: RM50
*sub-cap of RM15 for e-wallet reloads apply for both tiers
Minimum monthly spend requirement
RM600
– Tier 1: RM1,000 to RM1,999.99
– Tier 2: ≥RM2,000
Monthly cashback allocation
RM200,000
Unlimited
Annual fee
RM90 (waived with1 retail transaction made per statement month)
RM90 (waived with1 retail transaction made per statement month)

In terms of effective cashback rate, the UOB YOLO card has an effective cashback rate of exactly 5% – as advertised. Meanwhile, the effective cashback rate of the UOB EVOL card is as indicated below:

Minimum monthly spend
Maximum monthly cashback
Effective cashback rate
RM1,000 to RM1,999.99
RM30
1.5% to 3%
≥RM2,000
RM50
2.5%

Overall, this rebranding of the UOB YOLO to UOB EVOL is more than a simple refresh – this is essentially a brand new credit card that replaces an old one – there’s a different set of cashback categories, minimum spend requirements, and even the removal of the monthly cashback allocation. As such, it is a prudent idea to review the upcoming changes and see if the new card benefits fits your spending needs.

Existing UOB YOLO cardholders will automatically enjoy the new UOB EVOL card benefits from 1 April 2023.

Lastly, UOB has yet to review the new card face for UOB EVOL, but it may just follow the design of the UOB EVOL card currently disbursed in Singapore. For context, UOB Bank had also
rebranded its UOB YOLO card to UOB EVOL in Singapore last year
. However, the perks offered are fairly different from the benefits of the card provided in Malaysia.

(Source: UOB [
1
,
2
])

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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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    Seth

    5 months ago

Time to cancel!

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    tky

    5 months ago

Will cancel on April Fool’s day

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How Smart Can Your Smartphone Get?

We don’t think too much about how powerful the little rectangle in our pocket really is, but our smartphones can do quite a lot. We can shop, read the news, take pictures, send files, email each other, start a video chat, run a blog, design posters, edit music, and a bunch of other stuff right from our phones.

And with ever newer models of smartphones, tech companies are aiming to add to the smarts even more and make our pocket supercomputers way more intelligent than they already are.

Huawei is one such company that puts intelligence at the forefront of their newest flagship devices, the Huawei Mate 10 and Huawei Mate 10 Pro. For each of these devices, they’ve included a Neural Processing Unit, or NPU, for the specific purpose of processing the artificial intelligence that runs throughout the phone. This means that the device now has a dedicated ‘brain’ to do all its thinking, making it significantly more intelligent than your average smart device. But what exactly can this NPU do? Let’s find out…

The Camera Knows What It’s Looking At

Sure, both devices are equipped with a 12-megapixel RGB camera alongside a 20-megapixel monochrome sensor, and both lenses feature apertures of up to f/1.6, but what makes the camera intelligent is that when you point the Mate 10’s camera at an object, it recognizes the subject and automatically adjusts the settings.

It’ll not only tweak capture settings like ISO, exposure compensation and white balance in real time, but post-processing effects as well. The camera can recognize up to 13 scenes, including landscapes, low-light, portrait, flower, sunset, snow, cat, dog, and text. It’s like having a little photography genius living behind your smartphones camera lenses.

The Battery Knows When to and How to Save Energy

The 4,000mAh battery the devices come with is not only huge, its lasting power is also boosted by artificial intelligence. The on-board NPU can intelligently manage resources and maximize memory allocation by learning your usage behaviour and adjusting resources accordingly.

It also has an Ultra Power-saving mode on top of the expected Power-saving mode. This new mode lets you stretch out your battery life even further by disabling some system features that drain your battery. Your device could last up to an impressive 48 hours depending on your usage this way.

The Mic and Speakers Know When You’re Talking

The Easy Talk feature is another impressive demonstration of intelligence by this pair of devices. Easy Talk uses the artificial intelligence to detect the conditions around you during a phone call.

For example, if the environment is noisy, the AI will enable noise reduction to so you (the caller) can hear the receiver’s voice clearer. Conversely, in a quiet environment, it will boost your voice so that they don’t have to yell.

It Knows Many Different Languages

Yes, we’re sure your phone also has Google Translate or any number of various translation apps on it. But where Huawei’s devices differ is that how the translation function is powered by their artificial intelligence chip. Their Microsoft Translator application offers translations of over 60 languages, and can also assist you to translate text messages, voiceovers, conversations, as well as photos without having to go online.

It does this operation quite swiftly reliably as well with little lag between receiving the input in another language and translating it for your use in your chosen language.

Huawei Mate 10 vs Huawei Mate 10 Pro

We’ve talked about how smart these two intelligent devices are, but if you want to know which one you should go for, here’s a handy specification sheet that shows only the differences between the two devices. All other features are exactly the same.

Huawei Mate 10

Huawei Mate 10 Pro

Size

150.5 x 77.8 x 8.2 mm

154.2 x 74.5 x 7.9 mm

Weight

186 grams

178 grams

Screen

5.9-inch LCD

6-inch OLED

Resolution

2,560 x 1,440

2,160 x 1,080

Storage

64GB

64GB, 128GB

MicroSD card slot

Yes

No

RAM

4GB

4GB/6GB

Water Resistant

No

Yes, IP67 rated

Price

RM2,299

RM2,699

So
check out Huawei’s official website
 if you’re keen on grabbing yourself one of the smartest smartphones ever!

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UOB’s Acquisition Of Citi’s Consumer Banking Business Receives Approval From BNM

UOB has obtained regulatory approval from Bank Negara Malaysia (BNM) for its acquisition of Citi’s consumer banking business in Malaysia, following the agreement between the two banks earlier this year.

With this update, UOB and Citi will next need to apply for a vesting order from the High Court to transfer Citi’s consumer banking assets and liabilities to UOB. The transaction is expected to be completed by the fourth quarter of 2022, with UOB taking over Citi’s retail banking and consumer credit card businesses, as well as its consumer bank employees and supporting staff.

Commenting on acquisition, the chief executive officer of UOB Malaysia, Ng Wei Wei said that this will scale up UOB’s retail business with an expanded portfolio and partner ecosystem. “It further strengthens UOB Malaysia’s outreach to customers through a wider network of branches and digital touchpoints,” she stated, adding that this will result in greater connectivity and higher brand recognition.

(Image: HRNEWS.my)

Meanwhile, the chief executive officer of Citi Malaysia, Usman Ahmed promised that the bank will continue to serve its consumer clients seamlessly up until the completion of the sale process. “Citi remains deeply committed to Malaysia, and we will invest further in our market-leading institutional clients’ franchise to help our Malaysian clients grow in the country and abroad,” he said. He also noted that the bank will share the date for the legal transfer in due course.

Citi had first announced its intention to
exit retail banking in a total of 13 markets in April 2021
 as part of the bank’s strategy to streamline its global business. Aside from Malaysia, this decision also impacted its business in Thailand, Vietnam, the Philippines, China, and India – just to name some. The bank eventually agreed to sell its business in Malaysia – along with those in Indonesia, Thailand, and Vietnam – to
UOB in January 2022
, after reviewing bids from multiple banks, including
Standard Chartered Bank
 and
Hong Leong Bank
.

(Source:
UOB
)

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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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BigPay Offers RM5 Bonus In Exclusive October Promo For Selected Users

BigPay is currently running an exclusive campaign that will reward selected users with an RM5 bonus when they spend a specified minimum amount using BigPay. Already ongoing, this promo will continue until 31 October 2021.

According to BigPay, this promo is exclusive only to selected users who are informed of it via email or push notifications from the app. Depending on the terms and conditions presented to these users, you may be required to spend either a minimum of RM50 or RM30 on certain transactions – such as retail and bill payments – in order to earn the RM5 incentive. The conditions will differ depending on user.

Aside from that, each BigPay user is only allowed to earn one RM5 incentive throughout the entire promotion period, offered on a first-come first-served basis. BigPay has also capped the number of rewards to the first 2,000 (for minimum spend of RM30) or 5,000 users (for minimum spend of RM50).

If you do win the RM5 bonus, the incentive will be credited into your account within 7 to 28 days after the promo period. Note that you will need to claim the awarded bonus incentives by 30 November 2021, or it will expire.

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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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BigPay Considers Options For Malaysian Digital Bank Licence, Expands To Singapore

AirAsia-backed BigPay has revealed that it is considering different options to bid for a digital banking licence in Malaysia, including teaming up with a strategic partner for the effort or making the bid on its own. This comes alongside the announcement of BigPay’s expansion into Singapore, bringing its payments and remittance services to the neighbouring country.

“We have a strong team and strong product. We have many products that resemble what a virtual bank looks like, and we don’t need to rebuild. But we’re open to working with strategic partners. Many people reach out to us and we’re considering our options,” said the chief executive officer and co-founder of BigPay, Christopher Davison.

Davison also said that the acquisition of a digital licence will add to BigPay’s existing e-money (payment) and remittance features, enabling it to carry out functions similar to a bank. BigPay will then also be able to grow its business in any of these three core pillars for commercial banking.

“Our product is the most bank app-like product, and it is fully converted into a digital bank. The only difference between the product that we offer and what a banking licence would allow us to offer, is offering interests on deposits and for us to lend,” Davison elaborated.

Davison also added that BigPay has been in close contact with Bank Negara Malaysia (BNM) despite the delayed rollout of the digital banking licences. BNM had
extended the consultation period for its digital banking regulatory framework
 from 30 April 2020 to 30 June 2020 considering disruptions caused by the Covid-19 pandemic. Aside from BigPay, other contenders for the digital banking licence include
Razer, Grab, AirAsia
,
Sunway Group
, and
MPay
.

Davison further stressed that while BigPay has benefited from AirAsia’s distribution platform as an entity linked to the airline, the fintech company is also highly diversified and not dependent on just travel or airline. At present, BigPay is one of the largest e-money issuers in Malaysia by gross transaction value, with a record of 1.2 million users. Its business is rooted primarily in international money transfers and online spending, spurred by the worldwide acceptance of its Visa card.

In the upcoming weeks, BigPay will bring its mobile money app and prepaid Visa card to
Singapore
 after receiving its operating licence from the Monetary Authority of Singapore (MAS) early this year.

The fintech company will be offering its two key features – payments and remittance – to the republic state. With regard to payments, users will be able to seamlessly open accounts from their mobile phones and make payments at any local or international merchants. They can also make free and instant money transfers, split bills, manage work expenses, and track their expenses in one integrated app. Remittance-wise, Singapore users can send money quickly and at a competitive rate for up to 10 markets, including Malaysia, China, and Australia.

BigPay said that it has quietly opened its waiting list on the app earlier this year for the expansion exercise to Singapore. Since then, the fintech company has garnered 20,000 people ready to get early access to its services. BigPay also have plans to launch new business lines, such as loans, insurance, and wealth management, as well as to expand to other Southeast Asian markets in early 2021.

(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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Last Minute Christmas Hacks that Won't Leave You Broke

Some of us make Christmas plans ahead while others leave things to the last minute and find themselves rushing around the stores on Christmas Eve, frantically looking to get everything done. Especially for those having to juggle a full career or bustling home life, Christmas may be the last thing on their minds. Whilst there isn’t much wrong with getting into the festivities a little late; more often than not, this
may encourage you to spend beyond your means
 just to meet the rush or buy yourself some convenience when the clock is ticking.

But that does not have to be the case. Let us help you prepare for a fantastic Christmas without breaking the bank on last minute panic binges!

Christmas Feast

During this festive season, it’s not unusual to see crowded restaurant with people queuing to get Christmas eats or if you’re planning to roast your own turkey; you find yourself faced with empty turkey coolers at supermarkets and sold out signs at the takeaway restaurants. But turkey isn’t the be-all-end-all of Christmas.

If you’re craving delicious roasts; why not head to pretty much any large hypermarket for a roasted chicken or two? AEON Big sells roasted chickens daily for as low as RM10.95; select Jaya Grocers’ sell them for RM15.95 and you can even find these delicious treats at select Cold Storage outlets for RM18.90. Or you can roast your own chicken for less than RM10. Throw in a couple of roasted potatoes (you can even cheat by buying frozen roast potatoes for RM6.99 at TESCO), vegetables and voila! Your main meal is set. Grocery stores and hypermarkets also sell fruitcakes and traditional Christmas sweetbreads like panettones and stollens for less than RM50.

If you need more meat in your Christmas diet, why not have a barbeque? All you’ll need is some marinated meat chops (you can even find readily marinated meats in major hypermarkets now!) and sausages and you’re good to go.

A delicious Christmas meal doesn’t have to be elaborately planned nor super expensive; all it takes is some ingenious scrounging at local stores for handy alternatives.

** Christmas Gifts**

Gift hunting takes time and effort. Departmental and gift stores offer wide range of product selections available to both adult and children. Gift stores like
S N J
,
Daiso
 and Rooms offer functional, inexpensive and creatively designed knick-knacks that could do no wrong as a last minute gift. If you’re feeling a little more generous, but don’t want to buy the wrong item; purchase departmental gift vouchers or buy them an item online and print out the redemption or description of the item if you worry it won’t arrive in time.

As a last resort, you could stick cash into a Christmas card
ang pow
 style. In this tough economic times, we bet no one is going to say no to some cold-hard cash.

Christmas Decor

Decorating your home for Christmas may seem like a lot of effort and money but it doesn’t have to be. Here are a few nifty decor ideas and quick cheats to getting it cheaply.

Hanging a wreath on your front door or wall could instantly lighten up the atmosphere. Whether its a small or large wreath, this piece of Christmas decor could subtly switch to Christmas scene without much effort. You can buy a beautiful
bauble wreath, garlands and even hanging ornaments at Ikea
 for an affordable price. But if the trek to Ikea seems to painful during the Christmas rush; you can buy cheaper versions at
Living Cabin
,
Kaison
,
Daiso
,
Japan Home Centre
 and Fun & Cheer.

Garlands comes in different shapes, colours and designs. On your curtain, drape strands of beaded garlands over the curtain rod and tape on the back to secure. This tips leave room for creativity. So, feel free to mix a few strands together and drape them over your curtain rod.

Candy cane is frequently associated with Christmas. So, what would Christmas be without candy canes around the house? Adorn your coffee table with a bowl filled with these sweet candy canes easily purchased from select grocery stores like Jaya Grocer and Cold Storage.

Don’t want to set foot in any supermarket? Then
make your own deco
 from stationery supplies or
printables
!

Lastly, have a Merry Christmas

Christmas is a great time for family and friends to catch-up for a quality time together. No matter how last minute this preparation may seem (or may not), you can still put together a wonderful Christmas celebration if you know where to get the goods. We hope this quick guide will help you busy lot out there. Good luck and have a Merry Christmas.

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LHDN Reopens With Limited Services Until End Of Third Phase Of MCO

(Image: The Star)

The Inland Revenue Board (LHDN) has announced that it will resume operations with limited services, starting from today until the end of the third phase of the movement control order (MCO). This move involves all LHDN premises, except for those at Revenue Service Centres and Urban Transformation Centres.

However, LHDN emphasised that it will prioritise online services. It further added that e-Filing and Bantuan Prihatin Nasional (BPN) counters will remain closed as the application and appeal for these can be done online. Tax briefings and the reopening of service counters outside of LHDN offices, too, will be postponed until further notice.

In a
statement
, LHDN also noted that all visitors to its premises will be required to observe stringent Covid-19 measures. Their temperatures will be checked, and they must wear face masks and practise social distancing. Additionally, those who have appointments with LHDN officers will need to fill in a health declaration form (BPK) before they can proceed with their sessions.

That said, the public is urged to postpone their visits to LHDN premises unless it is absolutely necessary. LHDN stressed that most tax-related matters can be conducted through calls, emails, and the
LHDN portal
.

For more information or enquiries, you can contact LHDN through the Hasil Care Line (HCL) at 03-8911 1000 (local) or 603-8911 1100 (overseas), as well as the HASiL Live Chat. Alternatively, you can use LHDN’s
feedback form
, or
Facebook
 and
Twitter
.

(Source:
Malay Mail
)

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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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Less Than 5% Of Grab And Taxi Drivers Covered Under Socso

(Image:
The Malay Mail
)

Only 4,231 out of 90,000 taxi and e-hailing drivers in Malaysia are covered under Social Security Organisation (Socso) protection, according to Human Resources Minister M. Kulasegaran. This means that less than 5% of these drivers have Socso protection.

For years, taxi and e-hailing drivers have been exempted from receiving the benefits offered to company employees such as the Employees Provident Fund (EPF) and Socso coverage. Traditionally, drivers for taxi companies and Grab have been treated as self-employed or contract workers instead of full-time employees who stand to receive comprehensive benefits. Nonetheless, as of 1 June of last year, the Self-Employment Social Security Act 2017 has mandated that all taxi drivers are to be registered with Socso.

Kulasegaran observed that the law requires every employer to make Socso contributions to ensure the welfare of every employee is taken care of. However, he said that the government does not emphasise on the enforcement aspect of the law as it wished to be less forceful and more business-friendly. Perhaps because of this, the number of drivers who registered is remarkably low.

(Image: Today Online)

“The contribution per worker is not much. They only have to pay RM150, a year which is less than RM15 a month. In this regard, employers are encouraged to register their employees for Socso benefits, as they have been working hard,” said Kulasegaran. He added that taxi drivers tend to work long hours and have little rest, which could lead to accidents.

Kulasegaran also highlighted that Aiman Nosri, the late Grab driver who was found with strangulation marks on his neck in his Perodua Myvi at a parking lot on 23 June, had no record of Socso contributions being made.

“I sympathise with the family members of the victim because they are not able to get any compensation from Socso even though the victim died while working,” he said. “Having a safety net is beneficial not only to the worker, but also their next of kin.”

Based on Socso statistics, there was an average of three work-related deaths daily, with two occurring during work commutes.

Socso chief executive officer, Datuk Seri Dr Mohammed Azman Aziz Mohammed, said that Socso had made attempts to meet with Grab representatives to assist drivers to register under the scheme, but to no avail. “A scheduled meeting with the Grab CEO has been postponed twice. I hope that we are able to meet Grab in the near future to sort this matter out,” he said.

(Sources:
theSundaily
,
The Star
,
The Malay Mail
)

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