Indonesian Islamic Council MUI Declares Cryptocurrencies As Haram

(Image: detik/Ari Saputra)

Indonesia’s top council of Islamic religious leaders, Majelis Ulama Indonesia (MUI), has declared the use and trading of cryptocurrencies as
haram
 based on Islamic principles. This is because it carries elements of “uncertainty, wagering, and harm”.

Asrorun Niam Sholeh, who is the head of religious decree, said that the council had come to this conclusion after holding an expert hearing to discuss the matter. He further commented that if MUI were to approve the trading of cryptocurrencies as a commodity or digital asset, it must be proven to abide by
shariah
 guidelines and show a clear benefit.

This latest statement by MUI is not the first time that the Islamic religious body in Indonesia has pushed back against the trading of cryptocurrencies. Back in October, MUI’s East Java provincial branch had issued a
fatwa
 to declare the use of cryptocurrency as
haram
.

That said, these statements by MUI’s are not legally binding as they do not translate to government policy changes. In fact, the Indonesian government itself has thus far been fairly open to cryptocurrencies as a form of digital asset (
but not as legal tender
). However, given MUI’s position as the highest authority on
shariah
 compliance in Indonesia – with the country’s Ministry of Finance and central bank often seeking its opinion on Islamic finance issues – the latest decree could dampen sentiments among Muslim investors as well as cause local institutions to reconsider issuing crypto assets.

Indonesia – which is the world’s largest Islamic country – recorded cryptocurrency transactions amounting to 370 trillion rupiah (equivalent to US$26 billion) during the first five months of 2021. Meanwhile, cryptocurrencies have been on a bull run over the past few months after several historic events, including
El Salvador’s adoption of Bitcoin as legal tender
, the
successful rollout of an Etherum network upgrade
, and the launch of the
first Bitcoin-linked exchange traded fund (ETF)
. Bitcoin also hit its latest all-time high of US$69,000 (equivalent to about RM287,350).

(Sources:
Bloomberg
,
Coin Telegraph
)

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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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Bank Rakyat’s First Travel Credit Card Offers Impressive Benefits To Frequent Travellers

Bank Rakyat has partnered with Mastercard to launch its first travel credit card, the Platinum Explorer Credit Card-i. Specifically targeting frequent travellers, this is a card that will especially appeal to young Malaysians with a love for travelling.

This new card offers very attractive perks, including 5% cashback on all hotel and flight bookings (capped at RM1,000 annually) as well as 3x complimentary access to all Plaza Premium Lounges in Malaysian airports. Cardholders will also not be subjected to any additional fees on currency exchange for overseas transactions.

To top it off, they will also be able to benefit from the Mastercard global cash rebate programme to be launched soon. This programme enables cardholders to enjoy automatic cashback when they travel and shop at selected retailers around the world.

(Image:
Berita Harian)

Furthermore, cardholders can also collect Rakyat Reward points for all transactions. Every RM10 spent locally earns 1 Rakyat Reward point which can then be converted to cash at the rate of RM0.10 per 10 points. In addition, from now until December 2019, cardholders will also enjoy an unlimited 5% petrol cashback at all petrol stations nationwide every Thursday.

To apply for the
Platinum Explorer Credit Card-i
, the minimum annual income required for this Shariah compliant credit card is RM60,000 (or a monthly salary of RM5,000), and the annual fee is waived for life.

Like other
Bank Rakyat credit cards
, the Platinum Explorer Credit Card-i also offers free group family takaful protection and even compassionate allowance in the event of the cardholder’s death.

Find out more about the new Platinum Explorer Credit Card-i on the
official Bank Rakyat website
.

(Source:
Bernama
)

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Christine Tay

Christine Tay

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Government Urged To Allow Temporary Withdrawals From EPF Akaun 1

(Image: Astro Awani)

As the public continues to face cashflow challenges amidst the challenging financial landscape, Malaysians and several organisations have appealed to the government to reconsider its stance on not allowing withdrawals from Employees Provident Fund (EPF) contributors’ Akaun 1 savings.

EPF savings is divided into two accounts: Akaun 1 and Akaun 2. At present, the funds in Akaun 1 cannot be accessed until you retire at age 55, whereas money in Akaun 2 can be partially withdrawn for specific reasons.

Numerous netizens have taken to their social media to urge the government to allow withdrawals from Akaun 1, citing dire financial situations as a main reason. They explained that while they understand the purpose of EPF savings as their retirement funds, there is an urgent need for cash to survive the present if they want to make it into the future.

Various organisations have also expressed a similar sentiment. “We believe that it (the withdrawal) should be allowed, subject to available funds in the members’ own Akaun 1,” said the Malaysia Consumers Movement (MCM) president, Darshan Singh Dhillon, although he also emphasised that each withdrawal should be treated on a case-to-case basis, with a withdrawal limit of RM10,000 or based on available funds.

National Association of Skilled Workers (PKPB) secretary-general, Mohammad Rizan Hassan said that if allowed, the leeway to withdraw from Akaun 1 will lessen the burden faced by skilled workers from the manufacturing sectors. Rizal further said that skilled workers have been severely affected due to the drop in overtime work. Many semi-skilled workers are also unemployed after factories are forced to shut down or downsize their operations, with some factories switching to full dependence on automation.

Similarly, the National Council of Professors (MPN) had also called for the government to study the proposal to allow EPF withdrawals as it will help alleviate the financial burden faced by the people, especially retrenched workers. It added that contributors can increase their contribution to recover the amount once the situation has improved in the future.

(Image: The Star)

That said, a few other organisations have advised against allowing withdrawals from EPF Akaun 1. The president of the Malaysian Trades Union Congress (MTUC), Datuk Abdul Halim Mansor said it would lead to more workers losing out on their long-term security. “EPF contribution serves as an old-age savings, and I strongly feel that it should remain so. When the government allowed contributors to withdraw their EPF savings in March, some of them exhausted their i-Lestari Akaun 2 in just two months,” he said.

Abdul Halim was referring to the
i-Lestari Withdrawal Scheme
, which was introduced in March to help Malaysians with their cash flow problems during the Covid-19 pandemic. The scheme allows eligible EPF members to withdraw up to RM500 per month from their savings in Akaun 2, for a total of 12 months.

(Image: Bernama)

Meanwhile, the Congress of Union of Employees in the Public and Civil Services (Cuepacs) said that it abided by the government’s stance to not permit such withdrawals. “We feel that it will help if the contributors are allowed to withdraw from Akaun 1,” said the secretary-general of Cuepacs, Abdul Rahman Mohd Nordin. “However, if the contributors cannot withdraw their savings from Akaun 1, then at least help them with financial aid. Perhaps the government can continue disbursing help to the people such as giving cash aid like what it did with the Bantuan Prihatin Nasional.”

The government has yet to issue any statements regarding the proposal to allow withdrawals from EPF Akaun 1, but Prime Minister Tan Sri Muhyiddin Yassin has chimed in to say that it is quite difficult to implement. He also commented that the government had already disbursed billions in cash aid to ease the people’s burden, and that the public can expect more aid to come.

(Source:
New Straits Times [1]
,
[2]
,
[3]
)

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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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    Brandon Wong Wei Hoe

    2 years ago

I’m appreciate and very grateful to the government for the BPN but it didn’t help much to those who’s lost their job or didn’t have a job yet.My point is those who’s lost the ability to generate incoming is the main priority that’s help needed.Imagine when you didnt have income and only depend of BPN aid to support a family.The chances of survives will be very slim.Pls help those who really needed.

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B Infinite Launches Its Own E-Wallet, B Infinite Pay

B Infinite, the loyalty programme run by Berjaya Corporation Berhad, has announced its own e-wallet, B Infinite Pay. Integrated within the mobile app, the e-wallet is used in conjunction with the B Infinite card and allows you to earn BPoints as you spend.

You can use B Infinite Pay to make purchases at participating outlets or buy in-app items, and for every RM10 that you use, you will earn 1 BPoint. It also allows you to make fund transfers anywhere and anytime within Malaysia. Another function that you can look forward to in the e-wallet is the ability to convert BPoints into cash, which
B Infinite
 said will be available in the near future.

According to the FAQ, B Infinite Pay is regulated by Bank Negara Malaysia. As part of the Berjaya Group, you can use B Infinite Pay at franchise outlets owned by the group, such as 7-Eleven, Kenny Rogers Roasters, Tealive, Starbucks, and more. You can view a list of merchants
here
.

The minimum amount for each top-up is set at RM10, and the e-wallet has a maximum wallet size of RM200. The FAQ also lists additional limits for maximum daily top-ups (RM1,000), maximum monthly top-ups (RM5,000), and maximum annual top-ups (RM60,000). You’ll be given 100 BPoints when you top up your B Infinite Pay for the first time.

The B Infinite Pay e-wallet is open to both new and existing B Infinite members with a physical or virtual B Infinite card. You will also need to be a Malaysian of 18 years of age. To sign up, make sure that you have downloaded the latest version of the mobile app, then register your new B Infinite card and start your e-wallet account in a few steps:

Fill in the required information

Set your preferred 6-digit transaction PIN (this PIN is in addition to your B Infinite card PIN)

Receive a message to notify you of your registration status

Remember to opt in for the e-wallet when registering.

B Infinite is a lifestyle and consumer-focused loyalty programme where you earn BPoints for purchases made from participating partners. These points can subsequently be used to redeem exclusive discounts, privileges, and rewards.

The B Infinite mobile app is available for download for free on
Google Play
 and the
App Store
. For more information, you can head on to the
B Infinite Pay website
 or check out its
FAQ
.

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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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4 Ways to Motivate Yourself to Save

Is saving the last thing on your mind when you get paid? For some, the motivation to keep aside a portion of their income is an uphill battle so having a good motivator in place can help.

Remember when you were little and your parents told you not to misbehave or the bad man/monster/devil is going to come and get you? Fear often works in keeping naughty children in check but when it comes to money saving and adulthood – there isn’t a single universal method that will work.

So, just like investment advice often goes, diversify your methods of motivating yourself to see which works best. Here are the most popular.

The Fear Factor

Of course, the fear motivator will work for some people so it’s not a bad method to try.

A simple exercise would be to list down all the things that could go wrong in your current situation and lifestyle. Perhaps it’s your car breaking down, a parent falling ill or your home springing a leak. You can then query people you know about how much these things cost and note them in your list.

Now contrast the amounts in your list with your available savings and resources. Sometimes lightning does strike twice/thrice: what if all the above happened in the same month? Would you be able to keep from drowning in the cost?

Sometimes, the reality of seeing things in real numbers will jolt you into doing something proactive. But if the exercise makes you feel even more dejected – perhaps another way will work better.

Be Goal Oriented

If fear isn’t your choice motivator – maybe ambition is. Are there things you’ve always wanted to do such as visit a particular city or buy a new car? You could aim for smaller goals to start off with, such as saving to buy a new gadget or renovate your home a little. You can always work your way up to bigger things as you go along.

Create a dream folder either virtually or in hardcopy to remind yourself of your goals. Having visual reminders can be great motivators to save.

You might be thinking that what good is it to save for holidays and gifts for yourself? The idea is to motivate you to get started. Once you’ve inculcated the habit of saving; you’ll be able to vary your savings for many different things including emergencies and retirement.

Are goals too far in the future to be motivating? There’s another way.

Dangle the Carrot

Perhaps your inclination to saving is really not where it should be at all and fear, long-term goals can’t motivate you enough to save from day to day. This calls for somewhat serious measures.

The beginning of a long journey always begins with the first step and if you can’t take huge strides; settle for baby steps. Start with setting a saving goal for the week or month and reward yourself proportionally with perhaps 30% of the amount saved (using up the lot will defeat the purpose!).

You can even start with one week and then go onto a month. Going longer as you progress.

Get a Little Help From a Friend

If you’re still falling off the bandwagon; it’s time to get in the reinforcements. Could a partner, close trusted friend or relative help? They could do anything from attempting to remind you of what you need to do to helping you count your savings and provide that extra check-and-balance to keep you on your goals.

There are definitely people who would benefit from having another person look over their shoulder so to speak where their finances were concerned.

Or Do it All!

One method not working? How about trying a combination of a few? Whichever one speaks to you; incorporate it into your saving plans. The combination or how many you try, is up to you.

What are your methods to getting motivated? Let us know in the comments.

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Diana Chai

Diana Chai

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Top 3 Benefits Of Digitising Your Business Processes

With the rise of digital technology and usage in the recent decade, businesses have been steadily adopting technological advancements in their business model to satisfy the consumer demand for high quality, digital-based products and services such as e-commerce, contactless payments, digital financial services, and many more.

With the necessary digital shift and the need to go mobile, businesses would also have to re-evaluate their day-to-day operations, notably their daily banking operations, to move forward in this fast-moving digital economy.

To support these businesses, an ideal business banking solution would have to offer simplicity, ease of access, and most importantly, security.

Transform Digitally With The Maybank2u Biz App

One of the prominent business banking solutions in the market that businesses can consider would be the recently launched,
Maybank2u Biz App.

The application was made in conjunction with the group’s plan of reaching out to 80% of SME users on its digital platform over the next 12 months.
Currently, Maybank is serving 60% of the total SMEs in Malaysia
.

Suitable for partnerships, private limited companies, professional firms, educational institutions, clubs, society and associations,
Maybank2u Biz App
 offers business owners secure and simplified day-to-day banking services as well as necessary tools to ease business operations and go mobile.

Simplified and Intuitive Platform

Once logged in, users are presented with an uncomplicated and signature yellow interface that features a dashboard overview of their business accounts, fixed deposits, and loans. Additionally, users can keep track of payments, transactions, and approvals to stay updated with daily banking operations and make quick reviews of the business’s financial health.

Maybank2u Biz
 also allows businesses to access and export a year’s worth of financial transaction history into universal CSV format without the need to wait for the usual month-end statements. This allows businesses to plan, improve business decisions, and spot potential red flags in their financial statements.

Seamlessly Manage Your Daily Operations

To simplify banking transactions, the
Maybank2u Biz App
 allows users to initiate and approve transactions anytime, anywhere. Each account allows up to 5 users, with 3 types of user access levels and permissions, namely
Checker, Maker, and Viewer.

To understand these users, we have John who is a founder of a start-up and he has taken the role of a
Checker
. His chief accountant, Sam, who manages the business’ finances will be given the role of the
Maker
, while the general manager, Zu is the
Viewer
.

Zu has the ability to only view all the account details, while Sam can view and initiate transactions for approval. John has the authority to view and make on-the-go approvals of up to 10 transactions initiated by Sam within a 7-day approval period. Additionally, users can also set up automated recurring payments and favourite payees from their recent transactions to save time.

Integrated & Convenient Invoicing Tools

One of the highlights of the
Maybank2u Biz App
 would be the built-in invoicing tools, where business users, specifically the Maker, can create, issue, and track invoices all within the app.

Makers can customise invoices from a variety of ready-made templates and track them on the account dashboard for easy access once issued. Moreover, there’s no need to waste paper on these documents, as the app allows invoices to be issued via mobile messaging applications and email.

Additionally, customer details such as company name, address, and business registration numbers can also be saved for future invoices for quicker processing and payments. There is also a send reminder feature where users can send a quick reminder to any late-paying customer.

Secure & Safeguarded Transactions

One of the biggest concerns of any business owner is the security of their finances. To safeguard transactions,
Maybank2u Biz App
 is equipped with Secure2u, where only registered devices can make approvals. This feature potentially eliminates the incidence of SMS frauds as well as the need of memorising and mistyping TAC codes.

Stand A Chance To Win RM30,000 With The Power2Win Campaign

From 5 October until 31 December, earn entries to be one of the lucky 10 winners every month to win a grand cash prize of RM30,000 or RM5,000 through the
Power2Win Campaign
.

Perform any of these transactions to earn as many entries to win and power up your business for the upcoming year!

***

With Maybank’s commitment to SMEs, the
Maybank2u Biz App
 presents a simple, smarter, and secure business banking solution for SMEs. With an intuitive interface, easy navigation, and useful business tools, the
Maybank2u Biz App
 serves the needs of business owners who are navigating through their recovery and growth as they digitally transform their businesses.

For more information, download the
Maybank2u Biz App
 from the
Google Play Store
 and
Apple App Store
, or visit the
Maybank2u Biz website
.

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Katrina Balan Quiroz

Katrina Balan Quiroz

Copywriter. Katrina is fueled by a need to turn a confusing wall of text into something comprehensible, and drip coffee.

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3 Premium Credit Cards for the Malaysian Tycoon

While a credit card may not be the biggest tool in a

tycoon’s arsenal, don’t let its trim size deceive you. It’s more than just a

piece of plastic; it’s a status symbol and a sign of accomplishment. From

exclusive invitation only card memberships to exquisite perks at high end clubs

and retailers, premium credit cards have become akin to luxury cars. So what

credit card or cards does the Malaysian Tycoon have in his wallet? Today we

take a look at three credit cards for the upper echelon of Malaysia’s corporate

world.

The Citi Prestige MasterCard

Prestige – Definition:

high status or reputation achieved through success, influence, wealth, etc.

With a required minimum annual income of at least RM200,000

and a hefty annual fee of RM1,000, prestige is clearly one of the major

qualities required for holders of the Citibank Prestige Mastercard. The price

certainly suits the budget of a tycoon, but how does it cater to the lifestyle

of one?

A typical tycoon’s life is encompassed by meetings, meetings

and more meetings, which usually follows with travelling, travelling and more

travelling. Nothing says prestige more than travelling to your overseas meetings

in a sleek private jet with the best deals and discounts available exclusively

to cardholders. In addition, cardholders can book their own personal limousine at

premium rates and get driven around town in style. Why show up at clubs or restaurants in a taxi when

you can steal the show and pull up in a polished limousine with a champagne

glass sitting in your hand?

Travelling to new regions or countries for

corporate functions can be especially challenging when trying to juggle work

and pleasure, that’s where having a personal concierge makes all the difference.

The Citibank Prestige Concierge is a global 24/7 service offered to

cardholders, and essentially takes the role

of a personal assistant. Ever had a sudden food craving

while travelling or wondered where the best local shopping haunts are? A credit

card concierge will not only recommend great places to eat and shop, but also

book restaurants or taxis for you, just like a personal assistant.

After spending all that hard earned money on private jets,

limousines and posh restaurants, the card certainly does not hold back when it

comes to rewards. The card awards 1 Citi Reward Point for every RM1 spent on

the card with no limits on the amount of points you can earn. In addition, the

card awards double points for every RM1 equivalent spent overseas; the perfect

perk for the travelling businessman. For example, a simple business trip down

to Singapore would rake in 5.2 Citi Reward Points for every SGD1 spent (based

on exchange rate of SGD1=RM2.6). With a reward system like the Citibank

Prestige Mastercard, big spending tycoons can easily pile up on a multitude of

points to redeem amazing cash rebates.

HSBC Premier World MasterCard

Premier – Definition:

First in importance, order or position

When you become the epitome of a successful businessman,

you’ll want to be treated with a certain level of dignity and respect. The HSBC

Premier World Mastercard is designed with priority in mind, with an array of benefits

that certainly make the cardholder feel appreciated. So how does this credit

card establish itself as the premier card for tycoons?

When it comes to shopping, the HSBC Premier World Mastercard

spares no expense to give holders the royal treatment with a generous reward

point system. The card offers 5 reward points for every RM1 on purchases made

locally at certain participating outlets and 10 reward points for purchases

made overseas. HSBC reward points work the same way as air miles, with 3 HSBC

reward points being the equivalent of 1 air mile. Points can be subsequently

exchanged for a variety of perks including free air travel. In addition,

cardholders stand to benefit from special deals and privileges from over 19,000

outlets in over 160 countries worldwide. Now that’s premier.

Suffice

to say, travelling maintains itself as an important part of the life of a

typical tycoon. HSBC Premier World Mastercard holders can travel like a true

V.I.P. with complimentary access to the KLIA Plaza Premium Lounge. The KLIA

Plaza Premium Lounge comes with a fully equipped business center, making it the

perfect location to prepare that last minute proposal or perhaps sip a glass of

wine at the bar and knock off those pre-flight jitters. This deal is not just

limited to KLIA, as cardholders also receive

complimentary access to over 600 V.I.P. lounges worldwide,

ensuring that our tycoons always travel with class no matter where they go.

God forbid but accidents can sometimes happen while

travelling abroad for business conferences, especially when heading to new

regions for the first time. From injuries to missing luggage, accidents can

really put a sour note on trips and more importantly, cost you time and money.

Fortunately, the HSBC Premier World Mastercard has it all covered with a

whopping RM1.5 million accident coverage.

CIMB Enrich World MasterCard

Enrich – Definition:

Improve or enhance the quality of

Owning a CIMB Enrich World Mastercard is like being part of

an exclusive secret society of credit card holders. As an invitation only credit

card with benefits catered to the frequent traveller, it is definitely the

quintessential sidearm of the Malaysian Tycoon. So how does this card enrich

the lives of Malaysia’s biggest tycoons?

When you’re a busy tycoon, business meet and greets are

practically a daily routine and what better way to exchange pleasantries than

over lunch? Fine dining establishments are always a prime choice when looking

to impress prospective investors or clients. With discounts of up to 50% at

posh restaurants in top notch hotels such as the Renaissance Kuala Lumpur, the

Marriot Singapore and the Intercontinental Bali Resort, cardholders can

confidently pick up the tab on a lunch time business rendezvous. After scoring

yet another career defining business deal, cardholders can practice their drive

with complimentary swings at some of the most prestigious golf clubs in

Malaysia, Singapore and Indonesia.

While reward miles are often considered to be a long

standing cliché of the credit card industry. The CIMB Enrich World Mastercard

stands out by offering a massive barrage of enrich miles, designed for the

frequent flyer. Purchases made abroad are given extra priority with 2 miles per

RM4 spent overseas, double when compared to the 1 mile per RM6 that regular

CIMB credit card holders earn. Additionally, cardholders earn 1 mile per RM1

spent on flights booked online with Malaysia Airlines, a great way to support

the local economy while travelling abroad. After racking in all those reward

miles, cardholders can enrich their travel experience by redeeming them for

free flights or seat upgrades.

Travelling on frequent international business trips can be a

tiring and stressful experience especially when you’re stuck waiting in an

airport for flight transits. Minutes feel like hours sitting on crude plastic

airport benches surrounded by tacky souvenir shacks and overpriced food. CIMB

Enrich World Mastercard holders can skip all that suffering with up to 2

complimentary passes into the Malaysia Airlines Golden Lounge. The Malaysia

Airlines Golden Lounge is tricked out with everything from professional

massages to freshly prepared food, the perfect avenue for a tired tycoon to

recharge his batteries after a long day of work.

When it comes to cards for the wealthy, tycoons are spoilt

for choice. But these are the few featuring the most premium requirements.

Definitely not for the ‘plebeian’ cardholder!

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What Additional Bonuses Can You Get From Redeeming ePenjana Credit From Boost, Grab, & TNG eWallet?

Today, eligible Malaysians can
officially redeem the RM50 free e-wallet credit under the ePenjana short-term economic recovery plan
. You can do so from the three official e-wallet partners: Boost, Grab, and Touch ‘n Go eWallet. Under the ePenjana plan, the e-wallet partners will also match the RM50 credit with equivalent perks – but which e-wallet is offering the best ones?

All three e-wallet companies are offering a wide range of vouchers ranging from F&B, retail, and lifestyle categories. One thing you’ll notice when comparing the vouchers is that they all have a minimum spend requirement – it’s not appealing as a user (RM5 off minimum spend of RM25, RM10 off RM100, etc), but let’s not forget that this is a
stimulus package to spur the economy
.

In essence, the government is incentivising Malaysians to spend on local businesses affected by Covid-19 and get the wheels of the economy moving once again.

Finally, the ePenjana credit can be used for any transactions, both online and offline. This includes in-app services such as bill payments, and wallet-specific features, such as Grab services (Grab rides, Food, Mart, etc) and Touch ‘n Go RFID toll payments. The only restrictions are transferring it to another person’s wallet, or cashed out (which you can’t anyway since all three e-wallets don’t offer that function).

Boost – Additional RM80 in vouchers

Under its #KasiTambah campaign, you can get an additional RM80 in benefits if you claim your ePenjana credit from Boost. RM60 of this actually comes from monthly RM5 discounts off a Celcom XP Lite postpaid plan for a year, with the remaining RM20 in the form of random cashback vouchers in a Lifestyle Rewards Bundle once you spend RM5 of the ePenjana credit.

On top of that, all approved applications will also count as one entry to stand a chance to win monthly prizes, such as a Perodua Myvi, a Yamaha motorbike, as well as gadgets and gift vouchers.

Note that the vouchers in the Lifestyle Rewards Bundle are “cashback” vouchers, which will be given into the Partner Wallet and can only be claimed from the same merchant in your next transaction. For example, spending a minimum of RM100 in Tesco will earn RM10 in your Tesco Partner Wallet, which can be used to offset your next purchase at Tesco.

Here’s the full list of vouchers that can be included in the Lifestyle Rewards Bundle.

Grab – Up to RM125 in vouchers

Grab is matching the RM50 ePenjana credit with RM50 worth of vouchers. Unlike both Boost and TNG eWallet (as you’ll see below), the vouchers are fixed and are not given randomly. You will get RM5 vouchers for six F&B outlets, and two RM10 “lifestyle” vouchers. Note that each voucher has its own terms and conditions for usage, and may have differing minimum spend requirements, which you can read
here
.

In addition, Grab is giving another set of vouchers worth a total of RM75 as part of a Weekly Bonus. To be eligible, you’ll need to be among the first 7,000 to spend the RM50 ePenjana credit
and
use at least one Grab service (Grab ride, GrabFood, GrabMart, or GrabExpress) within the campaign week to win the bonus of RM75 in vouchers on top of the RM50 voucher bundle, for a total of RM125 in bonuses.

Note also that you will also earn GrabRewards points when you spend using the ePenjana credit, as well as any portion of payment that isn’t covered by the ePenjana vouchers. Depending on your GrabRewards tier, you can earn up to 3 GrabRewards points for every RM1 spent – you can read more about the
value of GrabRewards points in our analysis
.

Touch ‘n Go eWallet – Over RM300 in vouchers

As for TNG eWallet, you’ll need to be among the first 1 million claimants to reap the full benefits of the additional perks. That’s because you’ll get
fifty
vouchers worth more than RM300 in value – here’s the full list:

However, after the first 1 million successful claims, the remaining 4 million allocations (TNG Digital says it is capping the total claims to 5 million only) will receive a random set of vouchers and on a first come, first served basis until all voucher allocations are exhausted. There’s no mention of the total value of this bundle you’ll receive, so it’s probably best to act fast if you want to claim from TNG eWallet.

Like Boost, most of the vouchers you’ll receive are “cashback” vouchers. Unlike Boost, which gives cashback in Partner Wallets (i.e. cashback earned can only be used at the same merchant), TNG’s cashback vouchers will be credited into your “main” wallet, which can then be used anywhere else. The only exceptions to these are the vouchers from Legoland, Starbucks, Tealive, and TGV Cinemas, which will deduct the discount value immediately at the point of purchase.

Which E-Wallet Offers The Best ePenjana Bonuses?

With all three e-wallet companies offering a host of vouchers with huge total values, it is important to take a closer look and go beyond face value.

For example, 75% of Boost’s bonus value (RM60) comes in the form of rebates when you apply for a new Celcom postpaid plan – this won’t be useful to many people. Plus, the remaining RM20 vouchers offer cashback into your account’s Partner Wallet, which will only offset your next transaction at that merchant – it’s fine if you’re a regular customer, but not so if you’re looking to enjoy immediate one-off benefits.

On the other hand, TNG eWallet claims the total value of the vouchers you can get is “over RM300”, but there are two observations to be made:

most vouchers offer cashback values of around RM2-3

the total value of the vouchers is actually over RM1,000, taking into account the 4x free Child Ticket Vouchers to Legoland

As for Grab, the RM50 additional vouchers appear modest in comparison, but are heavy in popular F&B chains – that means there’s a higher chance you’ll use them. The additional RM75 Weekly Bonus, while welcome, requires you to quickly spend your RM50 credit and that may lead to impulsive spending.

So, all things considered, which e-wallet offers the best perks? With relatively low discount values coupled with minimum spending requirements, it’s hard to pick the “best” of the lot. Unlike the previous
RM30 e-Tunai Rakyat digital incentive
, there are more restrictions under the ePenjana bonuses. Therefore, it is perhaps better to view these vouchers as “value added bonuses” that you don’t need to take full advantage of – whichever set of vouchers cover your regularly-visited retail or F&B spots would be a good choice.

After all, the best part about the ePenjana credit is that you can now use it for essential things like bill payments, transportation (Grab rides), and toll payments.

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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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Finance Minister: Some Employers Abused The Wage Subsidy Programme

Finance Minister Tengku Datuk Seri Zafrul Aziz revealed that the government has received reports of employers who did not channel the money provided under the Wage Subsidy Programme to their workers. This violates one of the conditions for the programme, which requires employers to pay the subsidy payments directly to the employees.

Tengku Zafrul said that employers should not abuse the aid, and that they should be more responsible instead of exploiting and mistreating their workers. “I would like to remind employers that the government will take action against such employers,” he added.

The
Wage Subsidy Programme
 was introduced as part of the
Prihatin economic stimulus package
, which was announced in March 2020. It was intended as a measure to help employers retain their staff members, thus reducing the country’s rate of unemployment.

Through this programme, the government will provide a monthly salary of RM600 for three months to eligible employees (up to 200 employees per company). To qualify, employees must be earning less than RM4,000 a month and are working for employers who have suffered a loss of income of more than 50% since 1 January 2020.

The Wage Subsidy Programme was subsequently
extended in June 2020
 via the PENJANA economic recovery plan. It is now slated to end in September 2020, with some enhancements introduced, such as allowing employers enrolled in the programme to implement reduced work week arrangements and pay cuts of up to 30%.

Tengku Zafrul also disclosed that
RM4.89 billion has been approved for 303,596 employers
 through the programme as of 19 June. This is expected to benefit more than
2.4 million workers
. He further reminded employers that the enhanced Wage Subsidy Programme has been open for applications since 15 June.

(Source:
The Star
)

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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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Kenanga Partners With Ant Group To Develop Malaysia’s First Wealth Super App

Kenanga Investment Bank Bhd announced that it has entered into an agreement with Ant Group as part of its effort to build and launch Malaysia’s first wealth super app. The memorandum of understanding (MoU) signed will allow Kenanga to leverage on mPaaS, a mobile development platform from Ant Group’s digital technology unit.

“Having spent the year conceptualising and designing the super app, we are thrilled to partner with Ant Group, a globally recognised and experienced infrastructure and platform provider, to develop this platform and bring it to life,” said the group managing director of Kenanga, Datuk Chay Wai Leong.

Earlier this week, Kenanga had revealed that it is in the midst of
conceptualising and developing a super app
 that will provide users with access to a range of financial services. Featuring various solutions – such as stock trading, digital investment management, e-wallet, crypto trading, and foreign currency exchange in one single platform and ecosystem – the super app is expected to be launched in early 2023, and to revolutionise how Malaysians approach wealth generation and management.

“We look forward to not only unifying a broad spectrum of financial offerings under one roof, but more importantly, to make wealth creation more accessible by democratising financial services for the millions of Malaysians around the country who want better, swifter, and cheaper access to financial products and solutions,” Datuk Chay further said.

Datuk Chay also shared that Kenanga’s digital journey began five years ago, after almost 50 years of retail experience serving over half a million customers. He believes that Kenanga’s super app will “leapfrog our growth to the next level”, especially with a robust digital product pipeline that is set to change Kenanga’s customer relationship and enable it to tap into opportunities in the marketplace.

Meanwhile, the president of Ant Group’s Digital Technology Business Group, Geoff Jiang said that the mPaaS platform will help Kenanga to deliver faster, more reliable, and more convenient services to their users. “Adopted by many businesses to build new apps and optimise the performance of existing apps, our financial-grade mPaaS mobile development platform is well-positioned to support Kenanga in integrating a wide range of products and services to its super app,” he said.

Aside from the wealth super app, other digital products that Kenanga has already rolled out thus far include Rakuten Trade – an online stock trading platform – as well as Kenanga Digital Investing (KDI), a robo-advisor that features two capabilities (
KDI Invest
 and
KDI Save
).

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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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Maybank Revises Branch Operating Hours For MCO 3.0

Maybank has temporarily revised the operating hours of its branches to 9.30am to 1pm, in accordance with the government’s reimplementation of the movement control order (MCO 3.0) nationwide.

“In light of the nationwide MCO, our branch operating hours will be temporarily revised to 9.30am – 1pm, starting 17 May 2021. This is to support the ongoing efforts to curb the pandemic as well as to ensure the safety of our customers and employees,” the bank noted in a statement. Additionally, Maybank’s self-service terminals (SST) will be operating daily from 6am to 10pm, in compliance with the standard operating procedures of the ongoing MCO.

(Image: New Straits Times/Nurul Shafina Jemenon)

Maybank further encouraged its customers to make use of its digital banking services and platforms from the safety of their homes if they need to perform any banking transactions. “If you have to visit a branch, do book your appointment online ahead via
Maybank EzyQ
 for your convenience,” it added.

The
EzyQ system
 is an online appointment management system, allowing customers to book appointments in advance, prior to their visits to bank branches and premier wealth centres. These appointments can be made between one to ten days ahead of time, and are available for a full suite of banking services.

You can check
the full list of Maybank’s operating branches
 on the bank’s official website. Alternatively, you can contact the Maybank Group customer care centre at 1-300-88-6688 if you have any additional enquiries.

(Sources:
Maybank
,
The Edge Markets
)

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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: Beware Of Scammer Ads For Application Of Special RM10,000 Withdrawal Facility

The Employees Provident Fund (EPF) has alerted the public of scammers who are now sharing ads regarding applications for the special RM10,000 withdrawal facility.

“Beware of ads about the application of the special withdrawal facility which are being shared on the social media. More information on the application process will be announced in the near future,” the provident fund posted on its social media. It also cautioned the public to avoid falling for such scams as the EPF has not appointed any third parties to manage the application of the RM10,000 withdrawal facility.

As you can see from the image above, the ads of these scams have been designed to look quite legitimate, such as by bearing the EPF’s logo. However, you can always take precaution by checking the domain name provided; the EPF’s domain name should always end with “
.gov.my
”. If you’re uncertain, you can also contact the EPF to confirm or clarify matters.

For context, the
special RM10,000 withdrawal facility was announced yesterday
, allowing EPF members who are still struggling from the economic effects of Covid-19 to withdraw between RM50 to RM10,000. Applications are slated to
take place between 1 to 30 April 2022
, with payments to be disbursed starting from 20 April.

(Source:
EPF
)

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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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HSBC’s Campaign Also Offers A Trip To FIFA World Cup, Cashback Rewards

HSBC is currently running its HSBC Visa FIFA campaign, which offers selected Visa credit and debit cardholders a chance to win a trip to the FIFA World Cup in Qatar, on top of monthly and weekly cashback rewards. Already ongoing, the campaign is set to run until 31 August 2022.

Open only to cardholders of selected credit and debit cards (who have received an invitation from the bank), you will need to be a holder of the following credit and debit cards to participate in this campaign:

a) Credit cards/-i

HSBC Advance Visa Platinum Credit Card
HSBC Visa Signature Credit Card
HSBC Visa Platinum Credit Card
HSBC Amanah MPower Visa Platinum Credit Card-i
HSBC Amanah MPower Visa Credit Card-i

b)
Debit cards/-i

HSBC Premier Debit Card
HSBC Advance Debit Card
HSBC Debit Card
HSBC Premier Everyday Global Debit Card
HSBC Advance Everyday Global Debit Card
HSBC Everyday Global Debit Card
HSBC Amanah Premier Debit Card-i
HSBC Amanah Advance Debit Card-i
HSBC Amanah Debit Card-i
HSBC Amanah Premier Everyday Global Debit Card-i
HSBC Amanah Advance Everyday Global Debit Card-i
HSBC Amanah Everyday Global Debit Card-i

If you’re an eligible cardholder, you can then join in the fun by performing specified transactions, which will earn you campaign entries. The entries will then put you in the running to win the following prizes:

Prize categories
Prizes
Total winners
Grand prize
5D4N package for 2 persons to the FIFA World Cup Qatar 2022
(final match)
1
First prize
5D4N package for 2 persons to the FIFA World Cup Qatar 2022
(semi-final match)
1
Second prize
5D4N package for 2 persons to the FIFA World Cup Qatar 2022
(quarter-final match)
1
Monthly prize
RM5,000 cashback
10 monthly winners (30 winners throughout the campaign)

Meanwhile, here are the full details on the various transactions that can earn you entries to win the prizes:

Eligible transactions
Number of entries
Every RM100 spend in a single receipt, made on a participating card
1
Every RM50 spend via DuitNow
1
Every approved balance conversion plan, or cash instalment plan with a participating HSBC credit card
10
Application or activation of any HSBC credit card
10

You should also note that it is actually possible to earn extra entries here by piggybacking on another ongoing HSBC campaign called
Score & Win
. Selected eligible spend from the eligible transactions mentioned above will entitle you a chance to play an online game under the Score & Win campaign, and for every game that you complete, you will gain extra entries for the Visa FIFA campaign as well.

To select its winners for the above prizes, HSBC will shortlist its potential winners via a randomiser programme, who will then be contacted via SMS to answer a question. Those who manage to correctly answer the question (within five days) will be confirmed as the winners.

As for the fulfillment of prizes, the grand, first, and second prize winners will receive their gifts within six to ten weeks after the campaign period. Meanwhile, if you win the monthly cashback reward, it will be credited into your account within six to ten weeks after the promotion month.

In addition to the top three and monthly prizes mentioned above, there are actually also weekly prizes of RM15 cashback to be won. However, the condition to obtain this reward is slightly different; instead of earning entries, you’re required to spend a minimum of RM100 per transaction (three times a week) on groceries or dining with your HSBC credit or debit card.

The weekly cashback reward will then be awarded to cardholders with the highest spend amount, to be credited into their accounts within six to ten weeks after the campaign period. Note that there are 1,000 units of these weekly rewards to be given away (with a total of 14,000 winners throughout the whole campaign period).

If you’re an eligible cardholder and would like to enrol in the HSBC Visa FIFA campaign, you’ll have to register your participation by sending an SMS to the bank. Depending on your card, you will need to key in different details:

Cardholders
Registration methods
HSBC credit cardholders
SMS
X1
<space>l
ast 6-digit of your HSBC credit card number
 to 66300
HSBC debit cardholders
SMS
X2
<space>
last 6-digit of your HSBC debit card number
 to 66300
HSBC Everyday Global Account debit cardholders
SMS
X3
<space>
last 6-digit HSBC Everyday Global Account debit card number
 to 66300

Upon successful registration, you can go ahead and carry out eligible transactions to win the prizes.

(Source:
HSBC
)

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Nokia Smartphone Grand Sale Offers Discounts Of Up To 22%

Nokia is offering its range of smartphones at discounts in conjunction with its Nokia Smartphones Grand Sale. From now until the end of April 2019, the company is slashing prices off seven devices, including popular models like the Nokia 7 Plus and the entry-level Nokia 1.

Known for their build quality and design, Nokia’s range of Android smartphones all run on Android One or Android Go, where both get direct and timely software updates from Google. In Malaysia, Nokia smartphones cater to a huge market, from the ultra-budget to the high-end Nokia 8.1 which was recently launched here.

The devices on sale are:

Nokia 1: RM219 (originally RM229)

Nokia 2.1: RM369 (originally RM439)

Nokia 3.1: RM569 (originally RM689)

Nokia 5.1 Plus: RM799 (originally RM899)

Nokia 6.1: RM849 (originally RM1,189)

Nokia 6.1 Plus: RM899 (originally RM1,149)

Nokia 7 Plus: RM1,399 (originally RM1,600)

These prices are valid at all
participating authorised Nokia dealers nationwide
.

On the other hand, there are some sellers on both Lazada and Shopee that offer slightly better discounts on these devices. You can find offers like
RM1,349 for the Nokia 7 Plus
, RM779 for the
Nokia 5.1 Plus
, and even
RM195
 (Lazada) for the Nokia 1.

(Source:
SoyaCincau
)

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Why is Single's Day in November and Why Should You Care?

You may have heard that November 11th was Single’s Day. A day where single people celebrate being single by throwing parties, hanging out with other single people, and most importantly, shopping.

Really? When Did This Start?

The Single’s Day we’re talking about specifically? This one is said to have started in Nanjing University back in 1993. A group of male students would get together and talk about how single they are and plan out activities to do with each other. The other single students caught wind of this and the tradition grew from there.

But celebrating singleness isn’t new, of course. Ever since Valentine’s Day became popular as a holiday that celebrates romantic love between two people, there have been counter-holidays that seek to commemorate those who have yet to find someone special in their lives.

There’s
Black Day in South Korea
 for example, which is a day just for those who didn’t get anything for Valentine’s Day. Activities for this one include eating black noodles and complaining about lack of intimate relationships to other fellow singles. The November 11th Single’s Day is not that dour, fortunately. Instead of moping around and eating dark chocolate you bought yourself, it’s a day for singles to meet each other and hopefully stop being single.

Okay, But Why November 11?

In mainland China, where Nanjing University is, bachelors are nicknamed ‘bare sticks’ or ‘bare branches’ since they don’t have any offshoots or offspring. Bare branches also imply that their family tree isn’t ‘branching out’, so to speak. And since November 11th is 11/11, the numerals visually symbolise a group of ‘bare sticks’ hanging out.

So What’s the Big Deal?

Back in 2009 Alibaba decided to use this period of mid-November (traditionally a holiday lull in China between September and the first two months of the year) to have a sale to boost earnings. So their first Single’s Day sale was conducted. Since then, this holiday’s online sales
managed to rake in RM39.4 billion
, shattering previous spending records set by United States’ own Cyber Monday sales and Black Friday sales by a huge margin.

Plenty of
online

retailers
 jumped on the bandwagon and decided to offer special discounts and promotions to cash in on this. Which means it’s a great time for you to take advantage of the upcoming freebies and goodies.

RinggitPlus is Joining in, Too!

Speaking of freebies, we here at RinggitPlus thought it won’t be fair for just the online shoppers to have all the fun… So we’re having our own 11-11 celebration by giving away 4 different sign-up gifts instead of just one, exclusively for this period!

Huawei MediaPad T3

1 Year’s Worth of 10GB Hi-Speed Mobile Data from XOX

RM50 SenHeng Voucher

RinggitPlus Power Bank

The Huawei MediaPad T3 is a tablet with a large display which makes it handy for watching videos, reading ebooks, or streaming content online. You don’t have to worry about looking for WiFi either because with the XOX SIM card we’re giving away, you get 10GBs worth of data for 28 months straight without needing to top up. Your battery life is no issue either since we’re packaging an exclusive RinggitPlus power bank alongside. The tablet will also be protected by RHB Insurance, free of charge. And if these aren’t enough, you can buy another device with that RM50 SenHeng voucher too.

To get these gifts (and you’ll receive all of them!), simply apply for any of the below products via RinggitPlus during the campaign period (11th November 2017 – 12th December 2017) and you’ll receive them after you activate your card or upon disbursement of the loan:

Any credit card from
HSBC
,
Standard Chartered
, or
Citibank

Any personal loan from
Alliance Bank
 or
Kuwait Finance House

RHB Easy-Pinjaman Ekspres Personal Loan

That’s it. No hassle, easy, and super simple. Just sign up as you would for any other product and get 4 times as many gifts as you would usually get. Pretty sweet deal, don’t you think so? Hurry and grab it quick, this offer is only for a limited time!

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Top 3 Features You Must Look For In a Postpaid Plan

Are you a prepaid user looking to switch over to a postpaid plan for a more convenient monthly billing cycle? Or perhaps you’re unhappy with your current postpaid plan? Do you wish you had better coverage, faster Internet, and an all-around better service from your provider? Either way, if you’re on the hunt for a new postpaid plan, you should know what features to look out for to ensure that it’s worth your money.

So, now that you know there is an option that fulfils all of the requirements for a good postpaid plan, why not have a look at Hotlink Postpaid Flex? Whether you want to pay just RM30 a month and stick to the basics, or go for 10GB of data with all three Unlimited Internet bundle add-ons, you have the flexibility to choose the type of plan that suits you the most. Of course, all Hotlink Postpaid Flex plans come with unlimited calls, unlimited SMS, and high-speed Internet, no matter which one you choose.

If you’re looking for a new smartphone to go with your postpaid plan, Hotlink Postpaid Flex Plus plan lets you choose from three Vivo smartphones with three different but very reasonable price tags. You can get yourself a brand new Vivo Y81i for practically nothing at RM1!

To sign up, simply fill in your details at the
Hotlink Postpaid Flex official website
.

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BNM Officially Issues Commemorative Coins For KL’s Golden Jubilee Anniversary As A City

Bank Negara Malaysia (BNM) has officially issued two commemorative coins in conjunction with Kuala Lumpur’s Golden Jubilee anniversary as a city. This is following an earlier announcement that asserted BNM’s intention to do so, in collaboration with the Kuala Lumpur City Hall (DBKL).

In a notice, BNM said that the two commemorative coins issued are the coloured sterling silver commemorative coin (proof) and the Nordic gold brilliant uncirculated (BU) commemorative coin. Specifically, the coloured sterling silver commemorative coin weighs 31g, and is made of sterling silver with 92.5 purity. It has a face value of RM10, and will be sold at RM275 per piece – with only 1,000 pieces available.

Meanwhile, the Nordic gold BU commemorative coin – which has a face value of RM1 – weighs 8.5g, and is made of copper and several other metals. Priced at RM16.50 per piece, there are a total of 5,000 pieces up for sale.

In terms of design, the obverse side of both commemorative coins will feature images of the Kuala Lumpur skyline and modern transportation juxtaposed against the clock face of Bangunan Sultan Abdul Samad. BNM said that this symbolises the passage of time since Kuala Lumpur obtained its city status back in 1972, slowly developing into the modern city that it is today.

The reverse side of the coins, on the other hand, features the text “Bank Negara Malaysia” to specify the issuing authority, as well as the unique logo of Kuala Lumpur’s Golden Jubilee anniversary (highlighted in colour for the coloured sterling silver commemorative coin). Aside from that, the image of Istana Budaya and elements of the Perdana Botanical Garden are also set against the background, signifying Kuala Lumpur’s role as a cultural centre and an environmentally friendly city. The face value of the coins, too, is included on this side at the bottom circumference.

If you’re interested in getting both limited-edition coins, they are available for sale in a set of two. Each set will contain one coloured sterling silver proof coin and one Nordic gold BU coin, priced at RM330 per set. Only a total of 1,000 sets are available for purchase.

BNM further clarified that each interested individual is only allowed to purchase a maximum of one set of both coins, one coloured sterling silver coin, and up to five Nordic gold BU coins. This is in order to provide a fair opportunity for all members of the public to obtain these items.

You can put in an order for the commemorative coins via
BNM’s landing page
 from today until 27 November 2022 (11pm). The central bank also advised all collectors to only purchase the coins through its online system instead of any other unauthorised parties.

To note, DBKL had actually already announced
the issuance of these commemorative coins back in July 2022
, noting that it is collaborating with BNM to do so. However, the details of the coins were not made available to the public at that time. Aside from these coins, DBKL also worked together with Pos Malaysia to roll out exclusive stamps and first-day covers in celebration of Kuala Lumpur’s Golden Jubilee anniversary. The sale of the stamps and first-day covers began much earlier – on 7 July 2022 – at the price of RM38 per set at post offices across Malaysia.

(Source:
BNM
)

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UOBAM Invest: A Collaboration Between Man And Machine

The pre-pandemic days have seen us taking flying on planes for granted. We sometimes forget that we are flying thousands of feet above the ground.

The reason is simple: you are entrusting the pilot to manning a plane to get you to where you want to go. But behind the man lies a machine, a complicated and complex network of algorithms, gigabytes of data, and powerful processing power. Both man and machine work together in a seamless dance – technology supports, while the pilot guides.

It’s the same approach UOB Asset Management (UOBAM) takes with UOBAM Invest. An investing journey powered by a robo-adviser should make use of the latest technology but be guided by experienced hands – a potent combination of science and wisdom.

“Once you understand how UOBAM Invest’s Digital Adviser works to meet your needs and tailor the best recommendations for you, you can trust it to manage your portfolio while you focus on life’s other priorities,” says Mr. Dharmo Soejanto, Senior Director, Head of Investment Partnerships & Solutions, and Chief Investment Strategist of UOBAM Invest.

Intelligent Design

UOBAM Invest integrates two key elements of human expertise and technology through much of its platform.

The first is in the brains of the platform, or its investment model. It instructs the platform on what to do and how to execute key investment strategies.

Drawing on its expertise as an award-winning asset manager with over 30 years of experience, UOBAM’s human fund managers have created an investment model to cater to an investor’s needs and closely reflect the complexities of real-life investment planning.

The model is built with several unique features that enable Digital Adviser to customise investment solutions that are best aligned with the investor’s goals, investment horizon, and risk appetite.

For instance, the platform has an algorithm that recommends portfolios according to one’s investment horizon, or how long he is expected to keep investing. The longer one invests, the higher the risk tolerance – and the higher the potential return.

Similarly, UOBAM Invest has a feature called the “glide-path”. This is based on the idea that as you move closer to your target date, the time left to invest is shortened.

To preserve your gains, glide-path will adjust your portfolio to reduce your risk exposure.

For instance, when you are 20 years old, and you intend to retire at 60, you have 40 years to invest. This means that you can take on higher risk levels to reap potentially greater returns. But by the time you are 50, you wouldn’t want to take on so much risk and volatility so close to your retirement date.

The platform, through the use of glide-path, understands this and will automatically rebalance the portfolio to less-risky assets to preserve your capital instead.

Such unique features set the Digital Adviser apart from many other robo-advisors. Rather than a static model, it is equipped to cater dynamically to your unique life situations, spending goals, or shifting risk profile. And it does this automatically without prompting.

Steering The Right Course

While robo-advisories have immense computing power, it still needs to be directed by humans to ensure that it keeps portfolios on the right track amid ever-changing macro-economic and market conditions.

“Technology can help you run faster – that is usually a good thing, but it becomes counter-productive if you are running in the wrong direction,” notes Mr. Soejanto.

This is where the UOBAM’s Multi-Asset Investment Management Unit comes in.

This team of seasoned investment professionals is responsible for all the key investment inputs in UOBAM Invest, such as defining suitable asset classes for investors, curating a list of Exchange-Traded Funds (ETFs) with the right target risk levels, and implementing investment constraints.

An important role they play is in reviewing the Digital Adviser’s capital market assumptions (CMAs) every month, and updating them as appropriate, based on market conditions. These CMAs are based on UOBAM’s long-term expected return views for each asset class, taking into account expected return forecasts, volatility estimates, valuation of each asset class against its own history, and asset class correlation assumptions.

The experts analyse a slew of data, including historical returns, interest rates, and credit spreads, and apply UOBAM’s institutional-grade investment process to create a blended solution for input in Digital Adviser’s optimiser.

“It’s critical that we get the CMAs right, as this determines how the technology executes the portfolio allocation. Our role is to ensure the right investment inputs in our optimiser. With the right CMAs in place, we can then step back and let the technology take over to do its work of optimising returns and rebalancing the portfolio,” stresses Mr. Soejanto.

Better Together

UOBAM Invest’s approach to melding man and machine helped investors deal with the fallout from the Covid-19 pandemic in 2020.

The Digital Adviser, which is designed to take unusual market event shocks into consideration, revised the forecasting model for clients’ portfolios. It was able to realistically analyse downside risk and revise success probabilities for investment goals, helping investors to plan better. Meanwhile, the robo-advisor avoided the pitfalls of emotion-driven investing, pressing on with quarterly rebalancing that helped to smooth portfolio returns by taking advantage of lower asset prices during the market crash.

Towards the end of 2020, as the investment committee adjusted CMAs, the Digital Adviser began to shift clients’ portfolio allocations away from growth stock ETFs, whose valuations were now increasingly expensive, to more attractively valued Asia-Pacific ex-Japan equities. Seven months later, in June 2021, as the CMAs were adjusted to favour US real estate investment trusts (REITs) rather than Asian stocks, the Digital Adviser shifted portfolio allocations again to optimise expected returns while controlling risks.

This was a prime example of man-machine collaboration at work – and for the growing number of UOBAM Invest clients, this is just the first of many to come.

Click here to learn more about robo-investing
.

Note: This article was previously published on UOB Asset Management Singapore’s website.

Important notes and disclaimers:

This document is for your general information only. It does not constitute investment advice, recommendation or an offer or solicitation to deal in Exchange Traded Funds (“ETFs”) or in units in any Unit Trusts (“Unit Trusts”, ETFs and Unit Trusts shall together be referred to as “Fund(s)”) nor does it constitute any offer to take part in any particular trading or investment strategy. This document was prepared without regard to the specific objectives, financial situation or needs of any particular person who may receive it. The information is based on certain assumptions, information and conditions available as at the date of this document and may be subject to change at any time without notice. If any information herein becomes inaccurate or out of date, we are not obliged to update it. No representation or promise as to the performance of the Fund or the return on your investment is made. Past performance of any Fund or UOB Asset Management (Malaysia) Berhad and any past performance, prediction, projection or forecast of the economic trends or securities market are not necessarily indicative of the future or likely performance of the Fund or UOBAM. The value of any Fund and the income from them, if any, may fall as well as rise, and may have high volatility due to the investment policies and/or portfolio management techniques employed by the Fund. Investments in any Fund involve risks, including the possible loss of the principal amount invested, and are not obligations of, deposits in, or guaranteed or insured by United Overseas Bank Limited (“UOB”), UOBAM, or any of their subsidiary, associate or affiliate (“UOB Group”) or distributors of the Fund. Market conditions may limit the ability of the platform to trade and investments in non-Malaysia markets may be subject to exchange rate fluctuations. The Fund may use or invest in financial derivative instruments and you should be aware of the risks associated with investments in financial derivative instruments which are described in the respective Fund’s prospectus. The UOB Group may have interests in the Funds and may also perform or seek to perform brokering and other investment or securities-related services for the Fund. Investors should read the Fund’s prospectus, which is available and may be obtained from UOBAM or any of its appointed agents or distributors, before investing. You may wish to seek advice from a financial adviser before making a commitment to invest in any Funds, and in the event that you choose not to do so, you should consider carefully whether the Fund is suitable for you. Any reference to any specific country, financial product or asset class is used for illustration or information purposes only and you should not rely on it for any purpose. We will not be responsible for any loss or damage arising directly or indirectly in connection with, or as a result of, any person acting on any information provided in this document. Services offered by UOBAM Invest are subject to the UOBAM Invest Terms and Conditions.

UOB Asset Management (Malaysia) Berhad 199101009166 (219478-X)

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FOMCA: Review MEPS Fee For Inter-Bank ATM Transactions

(Image: Focus Malaysia)

The Federation of Malaysian Consumers’ Association (FOMCA) has called for a review of inter-bank withdrawal fees on local ATM machines, after it was revealed that these fees contributed to substantial profits for Payments Network Malaysia Sdn Bhd, better known as PayNet.

PayNet fully owns the Malaysian Electronic Payments System (MEPS), an inter-bank network service provider. MEPS allows Malaysians to conduct inter-bank banking transactions (including cash withdrawal) at any ATM machine under the MEPS network. Currently, anyone using the MEPS network for interbank transactions will have to pay RM1 for each domestic bank transaction and RM4 for each foreign bank transaction.

These fees are reported to make a considerable portion of PayNet’s profits in 2018, where it recorded RM170.1 million in profit that year – nearly 50% of the company’s 2018 revenue (RM348.8 million).

PayNet is partially owned by Bank Negara Malaysia (BNM) with a 37% stake, and a consortium of 11 banks owns the remaining 63% stake, with each bank holding 5.73% each.

(Image: The Star)

As such, FOMCA has called for a review to re-evaluate the MEPS fee. “We opine that with the technological advances currently, the RM1 charge for inter-bank withdrawals should be reviewed. The review is also necessary due to the high cost of living,” said FOMCA president, Datuk Paul Selvaraj.

Industry observers and consumers also questioned the need for the MEPS service charge when similar inter-bank online transactions can be done for free.

(Source:
Focus Malaysia
)

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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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Citibank will let you go all Italiano at Michelangelo’s

Mama mia! Is your appetite just begging for some Italian delights?

Then you must make a quick dash to Michelangelo’s at Pavilion KL, Solaris Mont Kiara or G Hotel Penang with your Citibank credit card in hand.

You’ll be entitled to a generous
20% off the total bill
 from now until 31 December, so you can eat, drink and be merry just as the Italians do.

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Citibank Revises Citi ThankYou Rewards Conversion Rates For Frequent Flyer Programs

UPDATE 4/6/2019:
Citibank has also announced changes to the redemption rates for AirAsia BIG and Asia Miles. The article has been updated.

Citibank’s Points Transfer programme allows eligible Citibank cardholders to redeem their rewards points for air miles with participating travel loyalty programmes. This month, Citibank will be revising the redemption rates for all of its travel loyalty programmes.

The new redemption rates will take effect on 6 June 2019, except for the AirAsia BIG and Asia Miles programmes which will see their new rates kick in later on 23 June 2019.

Loyalty Programme

Previous Redemption Rate

New Redemption Rate

AirAsia BIG

3,800 points = 500 BIG Points

7,500 points = 500 AirAsia BIG Points

Asia Miles

3,250 points = 500 Asia Miles

7,500 points = 500 Asia

British Airways Executive Club

7,000 points = 1,000 Avios

15,000 points = 1,000 Avios

Etihad Guests

8,000 points = 1,000 Guest Miles

16,000 points = 1,000 Guest Miles

Eva Air MileageLands

12,000 points = 1,000 Infiniti MileageLands Miles

25,000 points = 1,000 Infiniti MileageLands Miles

Garuda Indonesia

9,200 points = 1,000 GFF Miles

18,000 points = 1,000 GFF Miles

Malaysia Airlines Enrich

10,500 points = 1,000 Enrich Miles

25,000 points = 1,000 Enrich Miles

Qatar Airways Privilege Club

9,200 points = 1,000 Qmiles

18,000 points = 1,000 Qmiles

Singapore Airlines KrisFlyer

3,500 points = 500 KrisFlyer Miles

7,500 points = 500 KrisFlyer Miles

Thai Royal Orchid Plus

11,000 points = 1,500 Royal Orchid Plus Miles

24,000 points = 1,500 Royal Orchid Plus Miles

IHG Rewards Club

6,000 points = 1,000 IHG Rewards Club Points

12,000 points = 1,000 IHG Rewards Club Points

The revision will not be applicable to all Citi credit cards, however. The credit cards that will be affected by this change are:

Citi Rewards Card

Citi Rewards Platinum Card

Citi Gold Card

Citi Silver Card

Citi Clear Card

Citi Choice Card

Citi Business Card (Personal or Business underwriting)

Meanwhile, the redemption rates for the
Citi Prestige Card
 and
Citi PremierMiles Card
 will remain unchanged and are not affected by the above amendments.

(Source: Citibank
[1]
,
[2]
)

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Platinum Victory Officially Launches PSV 1 Residences

Platinum Victory Property has launched the new PSV 1 Residences as its first project of 2023, aimed at those who are searching for a family residence in the well-connected township of Bandar Tasik Selatan. It is the second phase of the Platinum South Valley development, following the success of the first.

With an estimated gross development value (GDV) of RM297 million, PSV 1 Residences is a 42-storey residential tower with only 500 units available, making it relatively low density. Priced from RM513,000 onwards, it offers six layout designs with build-up sizes ranging from 946 sqft to 2,186 sqft.

Depending on your preferences, buyers could opt for the smallest unit that comes with three bedrooms and two bathrooms, all the way to the largest unit with a layout of six bedrooms and four bathrooms. You can also choose between individual, dual-key, and penthouse units to suit the diverse needs of your family, especially if you have a multi-generational family.

Location-wise, PSV 1 Residences is strategically located in the vicinity of prime and established neighbourhoods, including Bukit Jalil, Cheras, and Sungai Besi. This also puts it just a short distance away from amenities such as established schools, medical centres, retail stores, and hypermarkets. It is also not far from popular shopping avenues, such as Pavilion Bukit Jalil, Paradigm Garden City, and Endah Parade Mall.

On top of that, PSV 1 Residences is also well connected as it can be easily reached via major roads, namely the Middle Ring Road 2 (MRR2), Sungai Besi Expressway, and SUKE Expressway. It is accessible through public transport as well, as the Terminal Bersepadu Selatan (TBS) integrated transportation hub – which houses the KTM, ERL, and LRT – only approximately 10 minutes’ drive away.

As for lifestyle facilities, the Level 8 podium of PSV 1 Residences comes equipped with a wide range of amenities such as the infinity and wading pool, jacuzzi, BBQ area, gymnasium, as well as indoor games room – just to name a few. Meanwhile, the rooftop features a camping zone, open lawn, and function room where residents can host celebrations or gatherings for special occasions.

Individuals who are interested in the PSV 1 Residences can visit the Platinum South Valley Sales Gallery for a public viewing of the newly completed show unit. You can make an appointment by calling 011-722 6555 or make an enquiry at its
official website
.

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Starbucks Japan Rolls Out Pens With Integrated Wallets

(Image:
Lowyat.NET)

In Japan, Starbucks customers will now be able to pay for coffee with Starbucks’ new NFC-enabled pen, known simply as “Starbucks Touch: The Pen”.

Linked to a customer’s digital wallet via an NFC reader, customers may pay for their purchases simply by tapping the pen on a payment terminal. This pen makes use of FeliCa contactless technology, primarily used in Japan’s public transportation system and mobile payments.

In line with the caffeine theme, the pen’s design was inspired by the drip coffee machine and even comes with refillable coffee-coloured ink.

Available in three colours – black, silver, and white – Japanese customers can purchase them online from the
Starbucks Coffee Japan website
. Priced at 4,000 yen (RM154), each pen comes pre-loaded with 1,000 yen (RM38).

Here’s a fun fact, this pen isn’t even the first NFC-enabled item released by Starbucks Japan. In fact, it is the fourth in the company’s
Starbucks Touch series in Japan
, which includes a phone case, a flask, and most recently, a mini handbag.

(Source:
The Verge
)

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The Alarming Truth About Fresh Graduate Unemployment

Many of us have been brought up to believe that if we studied hard in school, we can grow up to be successful. But is this the common outcome that most of us have experienced in retrospect?

In recent times, approximately
200,000 graduates are produced every year
 and one in four of these fresh graduates remain unemployed, six months after graduation. With 25% of fresh graduates being unemployed, where could the problem lie?

What Employers Say

According to a survey conducted by
Jobstreet
, a whopping 67% of graduates were asking for unrealistic salaries and benefits. Just five years ago, most people were starting out on salaries in the range of RM2,000 to RM3,000 depending on profession. In today’s world, a stunning number these graduates are expecting a starting salary of RM6,500.

Among other reasons that fresh grad unemployment rates are high is due to poor attitude or character, along with poor communication skills. A staggering 64% of these fresh grads are said to have poor grasp of the English language, which hampers in-office communication as day-to-day matters are largely expressed in the said medium.

How to Improve Employability

Language proficiency betterment would be a good start. Rome wasn’t built in a day – the saying rings true when it comes to language improvement as it would require time and dedication. It takes lots of practice and only by spending time communicating, reading and writing in the English language, would there be significant improvement.

In addition to enhancing one’s language, fresh graduates could try to gain basic work experience first. Many universities today offer internship programs that help prepare these fresh graduates for the realities of the working world. Some projects like volunteer work or even extra curricular activities could help enhance working experience and assist in assuming leadership roles.

Besides language and working experience, one could also take up courses related to their field of work. Should you have money to spare, it would be a great idea to invest in courses that can help acquire skills in Microsoft Office tools for instance. Exploring other areas that use Microsoft Excel’s micro and macro programming skills could also bring about a lot of value to an individual’s job scope in the future.

Be Open Minded in Taking Opportunities

Despite the
oil and gas industry
 slumping into a state of turmoil rendering unfavorable conditions for other industries, about 88% of employers are still hiring or have simply opted to maintain their headcount.

Perhaps it’s time that fresh graduates start looking at job opportunities from a different perspective and come to grips with the realities of the working world. It would be a great start to compare starting salaries among preferred employers before turning them down completely.

If it is your first job, spend some time harvesting work experience and skills before demanding for a commensurable monthly salary. Career growth will take time and one must be patient in order to make strides in their career.

Do you have any ideas or advice to contribute to fresh graduates currently in the market for jobs? Feel free to drop us your thoughts in the comments section down below – we’d love to hear from you!

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Get Guaranteed Shopee e-Voucher, TNG e-Wallet Credit, Morgan Air Fryer, And More

The Unbox This Week campaign has returned with celebratory gifts from participating banks!

For those who are new to this campaign, Unbox This Week is a weekly event where we present to you fantastic weekly flash deals from our featured bank partners. All you need to do is apply for selected credit cards from these banks of the week through RinggitPlus and you’ll take home some great prizes.

For this round (29 April – 9 May), our featured bank partners are

Citibank, HSBC Bank, Standard Chartered Bank, Alliance Bank, and AmBank
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Citibank – RM600 Shopee e-Voucher

Get a guaranteed RM600 Shopee e-Voucher when you apply for a Citibank Credit Card. Always a handy gift for online shoppers, a Shopee e-voucher lets you shop for essentials, meals, or groceries on one of the biggest e-commerce platforms in Malaysia!

Remember to activate and spend a minimum of eight retail transactions on your new card within 60 days upon gaining approval. Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift.

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

HSBC – RM600 TNG e-Wallet Credit

Enjoy a FREE guaranteed RM600 top-up for your TNG e-wallet when you apply for a credit card with HSBC. Pay for tolls, meals, items, and services at any shop of your choice that accepts TNG payments!

Don’t forget to activate and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval to be eligible for this gift. That said, do note that current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have cancelled their HSBC credit cards within six months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your HSBC credit card
here
.

Standard Chartered Bank – PerySmith Cordless Vacuum Cleaner or Riino 3.5L Rapid Air Fryer

Standard Chartered is giving ALL approved applicants a guaranteed gift and we have options for you! Which do you want to go home with? A PerySmith Cordless Vacuum Cleaner that allows for easy manoeuvring around the home as you clean? Or a Riino Air Fryer that saves you a lot of time and hassle when you’re cooking your favourite bites?

Everyone’s a winner when you apply for selected Standard Chartered credit cards. Just remember, you will need to activate your card within 30 days upon approval to be eligible for this 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
.

Alliance Bank – RM200 Shopee e-Voucher or Xiaomi Redmi TV Soundbar

More guaranteed gift options coming your way when you apply for a new Alliance Bank Credit Card! Opt for either an RM200 Shopee e-voucher for some essential online shopping or a Xiaomi Redmi TV Soundbar to add some excitement to your home theatre.

Upon approval, you just have to activate to meet the requirements of the campaign and be eligible to get the prize. Existing cardholders of any Alliance Bank credit card and individuals who have held or cancelled an Alliance Bank credit card in the past six months are not eligible for this campaign. Apply for an Alliance Bank Credit Card
here
.

AmBank – Morgan Air Fryer

Make cooking a simpler and more enjoyable experience with this guaranteed Morgan Air Fryer. Whether it’s for a quick bite or a family dinner, this air fryer prepares your favourite dishes easily without greasing up your kitchen wall and floor.

Apply, get approved and activate your Ambank credit card within 30 days upon approval to be eligible for this prize. Existing cardholders and individuals who have held or cancelled an Ambank credit card in the past year are not eligible for this campaign.
Apply for an Ambank Credit Card here
.

***

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

While this week’s flash deal ends on 9 May (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Langkawi To Enjoy Hotel Room Fee Waiver For Six Months

The Kedah state government has decided to waive hotel room fees for all hotels in Langkawi for six months, said Kedah Menteri Besar Datuk Seri Mukhriz Mahathir. The waiver will begin effective today, 5 March 2020.

According to Datuk Seri Mukhriz, the initiative is intended to boost the tourism sector in the state. Langkawi in particular has seen a drop in the number of international tourist arrivals amidst the spread of the Covid-19 epidemic. The number of flights into the state have gone down compared to previously, when there were many visitors arriving from China.

“Hotel and restaurant operators in Langkawi have been complaining their businesses are affected by the declining number of tourist arrivals on the island,” said Mukhriz. “Therefore, for the next six months, tourists staying at hotels in Langkawi will be exempted from paying the room fee.”

(Image: Bernama)

Earlier in February, a total of 45 hotel operators affiliated to the Malaysian Association of Hotels (MAH) announced that they would be offering
30-70% discounts on room rates in Langkawi
. The move by the Kedah state government to waive all hotel room fees can be seen as another step up in the island destination’s efforts to revive demand for tourism.

Mukhriz said that the state government would seek allocation provided under the national Economic Stimulus Package and is considering allocating additional funds for promotional activities. He added that the state government is currently looking at other markets to boost the tourism sector.

The economic impact of the sharp decline in tourism caused by Covid-19 was duly acknowledged in the Federal government’s
Economic Stimulus Package 2020
. As such, the stimulus package introduced several initiatives to assist
businesses in the tourism sector
 as well as
travel incentives
 for domestic travel amongst Malaysians.

(Source:
The Edge Markets
)

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Covid-19

Economic Stimulus Package 2020

Hotels

Langkawi

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Jacie Tan

Jacie Tan

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    Passport Overused

    3 years ago

Great post 😁

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