Deputy Finance Minister: Targeted Subsidy For RON95 Petrol To Be Delayed

(Image: Bernama)

Deputy Finance Minister I, Datuk Seri Ahmad Maslan has said that the introduction of targeted subsidy for RON95 petrol will be slightly delayed. This is as the government will first focus on the implementation of targeted subsidies for electricity and diesel.

“We are looking into targeted subsidies for electricity and diesel. We might delay targeted subsidies on RON95. When will the targeted subsidies be implemented? Wait for the announcement,” said the deputy minister during his winding-up speech on Budget 2023.

The government has repeatedly highlighted its intention to introduce targeted subsidies over the past years, particularly since the onset of Covid-19, due to the cost of maintaining existing blanket subsidies. For instance, Datuk Seri Ahmad Maslan had revealed last month that RM50.8 billion was spent solely on subsidies for petrol, diesel, and liquefied petrol gas (LPG) in 2022, and that the government could
save up to RM17 billion
 by implementing a targeted petrol subsidy mechanism.

(Image: Bernama)

Former Finance Minister, Tengku Datuk Seri Zafrul Abdul Aziz, too, had previously shared that the total amount of subsidies provided in 2022 would hit
nearly RM80 billion
 – highest amount of subsidies in history to ever be borne by any government. This amount includes all subsidies provided by the Malaysian government, including petrol, electricity, cooking oil, and flour.

Accordingly, the government had also conducted several efforts to kickstart the implementation of targeted subsidies, such as considering the
use of e-wallets as a potential targeted petrol subsidy mechanism
. Fast forward to today, current Prime Minister Datuk Seri Anwar Ibrahim – who is also the Finance Minister – has directed all relevant departments to
study and develop appropriate approaches
 as part of the government’s latest subsidy rationalisation plan.

Meanwhile, electricity users have already begun tapping into a
targeted electricity subsidy structure since 1 January 2023
, where domestic users continued to enjoy a rebate of 2 sen/kilowatt hour (kWh) on their power tariff. Non-domestic users, meanwhile, are required to pay a specified amount of surcharge, depending on whether they fall into the lower, medium, or high-voltage category.

(Source:
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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BigPay Introduces All-In-One Lifestyle Insurance, Premiums Starting From 8 Sen Per Day

BigPay has just launched its own all-in-one Lifestyle Insurance plan, offering an array of protection benefits from accidental death and hospital income to smart device and online purchase protection. Premiums start at an affordable amount of RM30 per year, which works out to about RM0.08 per day.

According to BigPay, its Lifestyle Insurance plan stands out as it offers coverage not only in the case of accidents, but also when your lifestyle is disrupted. The full list of benefits, together with the protection amounts and annual premium, can be found in the table below.

The plan is underwritten by Allianz General Insurance, with Senang being the servicing agency appointed by Allianz to manage and administer the Lifestyle Insurance product. The insurance policy will be activated immediately and is valid for one year upon purchase. To make a claim, you can visit the Allianz website or log in to the
Senang Portal
.

The BigPay Lifestyle Insurance plan is only available to registered BigPay users. The first 500 BigPay customers who sign up for Lifestyle Insurance can enjoy an early bird promo of RM10 off the Plus Protection Plan – just use the promo code “BIGPAY10” when signing up.

You can find out more about BigPay Lifestyle Insurance Plan and
sign up online
 here.

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How To File Income Tax For Your Side Business

For many people, starting a side business often marks the start of their entrepreneurial journey, with hopes that they can eventually grow their business into an established brand. It is also a way to supplement their existing employment income. And with the rapid growth of the gig economy, digital platforms, and various incentives from the Malaysian government, it is now easier than ever for individuals to give entrepreneurship a try.

That said, having a side business also means that you’ll need to declare and file taxes for the income that you’ve earned from it. If you’re someone who is running a side business on top of earning from a formal employment, you may have some questions as to how to do it. Read on to find out!

What is defined as a side business?

For this article, side businesses are defined as secondary enterprises that you run when you already have a prior commitment, such as a day job or a primary business. They can be registered with the Suruhanjaya Syarikat Malaysia (SSM) – whether as a
sole proprietor or partnership
 business – as doing so will entitle you to some tax incentives that are inaccessible to taxpayers with non-business income. Examples of side businesses are plenty, including online stores on e-commerce platforms, blogging, content creation services, and so on.

Which form should I use?

Assuming that you are registered with the SSM as a sole proprietor business, you will need to use B form when filing your taxes. This is because you are now carrying on a business enterprise rather than the occasional freelancing.

Meanwhile, if you did not register your business, then use the usual BE form (for those with non-business income) to
file your tax as a freelancer
 instead. In this form, you will be able to declare your side income under “Statutory income from interest, discounts, royalties, pensions, annuities, other periodical payments, and other gains and profits.”

To clarify, “…other gains and profits” is defined as payments received for part-time or any broadcasting, lecturing, writing, and other jobs that you take up occasionally. So if your side income falls under any of these categories, you can declare it in your BE form as it does not technically count as carrying on a business.

What are some of the information that I need to prepare for the tax filing process?

If you’ve checked out the B form, you’ll notice that it bears some similarities to the BE form – which means the tax filing process for a side business may not be as different as you think it’d be. That said, some additional key information that you must now also prepare include:

Statutory income from all businesses and partnerships

Statutory income from employment

Current year business loss

Business losses brought forward

Gross and allowable business expenses

Capital allowances of business

In preparing such information, take care to note some
crucial specifics
, such as the difference between gross income from business and adjusted income from business source – and how to calculate each one.

Gross income from business, for instance, includes revenue from the sale of your goods and services, money that your customers owe to you for the rendering of your services, as well as recovery of bad debts. Adjusted income, on the other hand, is derived after the deduction of business expenses from your gross income. Examples of these business expenses are allowable business expenses, allowable specific expenses, and export allowances.

Additionally, if you are involved in e-commerce and are uncertain about the tax treatment for different e-commerce business models (including domestic and overseas businesses), here’s a
guideline from the Inland Revenue Board (LHDN)
 as well as the
official LHDN page
 to help you out. It lists out the various characteristics that an e-commerce business should meet in order to be subject to Malaysian tax.

What kind of tax deductions and incentives am I entitled to?

As a registered business owner, you will be entitled to a number of tax deductions and incentives on top of the
individual tax reliefs that you can also claim for YA2022
. Here are two main deductions that you can tap into as a side business owner:

Business expenses

The deduction of your business expense will help to lower the gross income earned by your side business, and by extension, reduce the amount of tax that you need to pay. Here’s a table provided by LHDN that clarifies what falls under allowable business expenses that can be deducted, and what does not:

Further examples of allowable business expenses
 include selected pre-operational expenses of your business, commissions, specific trade debts that are written off, travelling and transport costs, repairs and maintenance, as well as promotion and advertisement. As a side business owner, you will be likely able to claim the following as your business operating costs:

Purchase and maintenance of equipment (e.g. laptops, camera gears, printers, and home office setups)

Office supplies (e.g. printing papers and toners)

Computer software for work (e.g. editing and analytics software)

Transport, fuel, vehicle, and travel expenses (e.g. toll fees, meals, and accommodation expenses)

Training and education (e.g. workshops, coursework, and conferences)

Note, though, that your business-related deductions and personal reliefs must be clearly distinguished and claimed under the right category. For instance, a computer bought for your personal use
cannot
 be claimed as a business expense; it has to be claimed under the tax relief allocated for lifestyle.

Capital allowance

LHDN states that
capital allowance
 is provided as a
“deduction from business income in place of depreciation expenses incurred in purchase of business assets”
. In other words, it accounts for the depreciating value of certain assets that you need for your business. Examples of such assets include motor vehicles, machines, office equipment, furniture, and computers.

Additionally, the capital allowance is rated according to types of assets; specifically, if you’re
operating a business via digital channels
, here are the types of capital allowance that can be claimed:

What are the tax rates like for a side business owner?

The tax rates applied to a side business owner is the same as the one used for taxpayers with non-business income. It will be applied to your chargeable income, which is obtained after deducting all your business losses, allowable expenses, approved donations, and individual tax reliefs. Depending on the range of your chargeable income, the tax rate may fall between 0% to 30%,
as per dictated by LHDN
:

Chargeable income (RM)
Calculations (RM)
Tax rate (%)
Tax (RM)
0 – 5,000
First 5,000
0
0
5,001 – 20,000
First 5,000

Next 15,000

1

0

150

20,001 – 35,000
First 20,000

Next 15,000

3

150

450

35,001 – 50,000
First 35,000

Next 15,000

8

600

1,200

50,001 – 70,000
First 50,000

Next 20,000

13
1,800

2,600

70,001 – 100,000
First 70,000

Next 30,000

21

4,400

6,300

100,001 – 250,000
First 100,000

Next 150,000

24

10,700

36,000

250,001 – 400,000
First 250,000

Next 150,000

24.5

46,700

36,750

400,001 – 600,000
First 400,000

Next 200,000

25

83,450

50,000

600,001 – 1,000,000
First 600,000

Next 400,000

26

133,450

104,000

1,000,001 – 2,000,000
First 1,000,000

Next 1,000,000

28

237,450

280,000

Exceeding 2,000,000
First 2,000,000

For every next ringgit

30

517,450

………………

Steps to help with an easier tax filing process

The tax filing process can sometimes get complicated, especially when you start earning a significant amount from your side business or if you have not been keeping proper track of your business documents. Here are a couple of measures that you can take to ensure an easier tax filing process.

Good bookkeeping practices

Keep a clear record of your business income and expenses throughout the year by filing your invoices, receipts, and bank statements properly and promptly. You can use a basic Excel document to help you with this, or even subscribe to an accounting service to do so. If you want, you may even draw up proper profit and loss (P&L) documents and balance sheets to assist you. Whichever method you prefer, be sure to log these details systematically and according to date so that you can easily refer to them when filing your taxes.

On top of that, remember to keep all your receipts and invoices for a period of seven years,
as is required by the Income Tax Act 1967
.

Open a business bank account

While not strictly necessary, it may be a good idea to open a business bank account so that you can keep track of the cash flow of your business. This way, you can keep your business income and expenses separate from your personal finances. Moreover, a separate bank account may also contribute to an easier and better bookkeeping process as you can use your account statements to crosscheck with your invoices and receipts.

Not only that, some business bank accounts may also offer certain promotions and benefits to you, such as business loans with lower interest rates. It would be wise to shop around a little to check for such perks.

***

We hope that this guide has helped to clarify some questions that you may have as a side business owner who is filing your taxes. If you have other tax-related concerns to clear up, do also check out our
step-by-step income tax guide for 2023 (YA2022)
 here. Additionally, we have other
income tax content
 available for your reference, such as information on the
tax reliefs that you can tap into this year
,
filing your taxes for the first time
, and the
special tourism tax provided for your hotel stays last year
.

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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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    Morris

    2 years ago

Hi, I hired freelancers for modeling a design as per my patent.

– Can I get tax relief for works involving my hiring talents for my patent or relief from the cost of my patent submission?

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Reply

    Kim

    1 year ago

hi, I just started online business in year 2021. I do have confirmation of sales for  the year 2021. but i do not keep supporting bills for my expenses. How do I claim any expenses deduction for my business

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    Hairil

    1 year ago

Hi Alex,

1) If I earn commissions for any product sold from Clickbank.com and the method of their payment is by check to the tune of US$100,000… do I still have to declare tax in Malaysia.

2) Do I need to register with SSM and if so, should it be under sole proprietary or partnership? ( I work alone)

3) Do I need to open a business bank account?

Thanks,

Hairil

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MOTAC Launches 2022 Tourism Recovery Plan With Various Discounts For Domestic Travellers

(Image: Bernama)

The Ministry of Tourism, Arts and Culture (MOTAC) has launched a tourism recovery plan for 2022, offering a host of discounts, vouchers and rebates for more than 64,000 domestic travellers. These incentives are offered to encourage Malaysians to travel and spend within the country.

The minister of MOTAC, Datuk Seri Nancy Shukri said that her ministry has drawn up the incentives under the following five specific categories, with the collaboration of various industry players:

Land transport
Tourism association
Air travel
Accommodation
Special interest (such as shopping, scuba diving, and theme park activities)

(Image: New Straits Times)

Under the land transport category, MOTAC – through Tourism Malaysia – has partnered with KLIA Ekspres and Keretapi Tanah Melayu Berhad (KTMB) to offer fare discounts of RM10 and RM15.

“Through KLIA Ekspres, a total of 24,875 users have the opportunity to redeem the RM10 discount for the purchase of round-trip tickets (one way only) from KL Sentral to KLIA/KLIA2 or vice versa,” said Datuk Seri Nancy. Meanwhile, 39,800 KTMB users who buy train tickets worth more than RM16 for interstate travel will be entitled to RM15 off their fares.

The KTMB as well as KLIA Ekspres discounts are applicable for fare tickets purchased between 29 April to 30 November 2022. Individuals can tap into them when they buy their tickets via the KLIA Ekspres and KTM Mobile app or website, or ticketing machines.

Meanwhile, under the tourism association category, Tourism Malaysia has collaborated with five tourism associations to offer discounts worth RM100 on various domestic tourism packages purchased through Shopee. To be eligible for the discount, Malaysians will need to buy any of the travel packages on offer, worth at least RM200, using ShopeePay.

(Image: The Star/Lim Beng Tatt)

Note that each eligible individual can only redeem the discount once for travel packages purchased between 29 April to 31 October 2022 (for the travel period until 31 December 2022).

“An estimated 14,925 consumers will receive this benefit with a target of selling a total holiday package worth RM2,985,000. Therefore, I call on Malaysians to seize this golden opportunity to enjoy the great discounts offered,” added Datuk Seri Nancy.

As for the incentives under the remaining three categories – air travel, accommodation, and special interest – these will be announced at a later date.

(Sources:
Malay Mail
,
MOTAC
)

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How to Stay Fit and Work Out While On Vacation

Just because you’re taking a vacation from work, doesn’t mean you should drop your fitness routine too. While you may not have your usual equipment, facilities, or schedule when you’re out on holiday, you can still maintain a solid workout routine without much hassle. Here’s how!

Bodyweight Exercises

You don’t need specialised gear to do bodyweight exercises like running in place, pushups, dips, or lunges. You don’t even need much space, at that. If this isn’t already part of your routine, remember that you can include it since it’s a handy way to stay fit on the cheap. You can try doing something like yoga, too.

All you really need is some comfortable clothing and a non-slip yoga mat, which can be easily rolled up and transported in a small corner of your luggage.

Find Local Workout Buddies

Chances are good that no matter where you travel to, there is going to be somebody who also seeks to workout, just like you. What you can do is go online and scope out nearby fitness clubs, sports clubs, or social groups that meet up nearby (you can use Meetup.com or any other social media) and request an invite to their activities.

Alternatively, you can travel with a workout buddy and do things together. Pack a pair of running shoes and hit the local park, beach or any recreational area within the vicinity of where you’re staying. If there aren’t any parks, you can always take walks around the area. It’s much easier to feel comfortable working out in a place you’re unfamiliar with if you do it amongst friends.

Take Advantage of Nearby Facilities

Similar to the previous tip, you can do some more research before going on the trip to see if there are sports facilities, gyms, pools, or other places you can get your sweat on. Planning this in advance makes it easier for you to stick to your routine.

If you’re staying at a hotel that has these facilities, even better. Usually hotels will allow you to use them free.

Walk Whenever You Can

Rather than taking public transport or driving everywhere while sightseeing, opt to walk to your destination instead whenever possible. Not only will this allow you to do some cardio, it will give you more time to take in the local sights and sounds.

You’ll see things you wouldn’t be able to observe if you were zipping around in a train, bus or car. If walking isn’t your thing, you can always rent a bicycle and explore the city that way.

Make Working Out Part of the Vacation

If you don’t like the idea of holding onto your routine while on vacation, and prefer to completely ditch your at-home habits, why not make a huge part of the vacation something that gets your heart-pumping in the first place?

Snowboarding excursions, surfing destinations, hiking, or mountain climbing are all activities you can plan your vacation around and as long as you stick to them and carry the right gear with you, you may not even need to step into the gym at all!

As you can see, travelling and being overseas is not an excuse to not keep up with your fitness and workout goals. We hope our tips can help you stay healthy while enjoying your holidays at the same time.

Don’t forget to stay safe from injury and other damages while travelling and check out
Malaysia’s best travel insurance packages
 to keep yourself protected.

Fancy walking around
Hanoi
 or Bali with great freebies? Head to our Travel Getaway Campaign for more information.

Have anything to add to this article? Do share your thoughts with us in the comments section down below!

Image credit: CARLA LANE’s
photostream

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Win An iPhone 14, iPad Pro M2, Apple Watch Series 8, Cash Prizes And More With Unbox This Week

Apple fans rejoice! If you’re looking to apply for a credit card, grab the opportunity to take home Apple products such as an iPhone 14, iPad Pro M2, Apple Watch Series 8, and other amazing gifts this week.

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.

From 12 to 19 June, our featured bank partners are

none other than
Standard Chartered, HSBC Bank, RHB, Alliance Bank, Public Bank, and UOB
. 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!

Standard Chartered – Apple iPad Pro M2

You could win an Apple iPad Pro M2 when you apply for a Standard Chartered credit card this month!

Powered by the M2 chip, the iPad Pro M2 brings a breakthrough performance with its 8-core CPU and 10-core GPU, which enables the iPad to deliver up to 35% faster graphics performance for users. The ultimate productivity tool for photographers, designers, and others in creative industries – the iPad Pro M2 is also able to capture ProRes video footage, which means content creators can capture, edit, and publish cinema-grade video with the iPad Pro M2.

You’ll still be able to take home a guaranteed RM600 in Touch ‘n Go eWallet Credit if you don’t win the Apple iPad Pro M2!

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
.

HSBC Bank – Apple iPhone 14

Stand a chance to win an Apple iPhone 14 when you apply for a HSBC credit card this month!

The iPhone 14 features a durable and sleek aerospace-grade aluminium design with a durable Ceramic Shield front cover – which protects it from common spills and accidents with water and dust resistance. With a powerful camera system featuring a 12MP Main camera, a front TrueDepth camera, and the Ultra Wide camera, the iPhone 14 is able to take beautiful photos and videos even in low light.

You’ll still be able to take home a guaranteed RM500 in Touch ‘n Go eWallet Credit if you don’t win an iPhone 14!

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
.

RHB – RM500 Touch ‘n Go eWallet Credit

Don’t we all just love cash gifts? Apply for a RHB credit card, activate it, and spend – and you’ll be guaranteed RM500 in TNG eWallet Credit. Treat yourself to a shopping spree, pay for utilities, or spend it on a nice meal – there are just so many options to choose from.

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

Alliance Bank – JBL Tune 710BT Wireless Headphones Or JBL Wave 100TWS True Wireless Earbuds

Apply for a new Alliance Bank Credit Card and you’ll be able to take home a guaranteed pair of JBL Tune 710BT Wireless Headphones or JBL Wave 100TWS True Wireless Earbuds this week!

You’ll be guaranteed the JBL Tune 710BT Wireless Headphones when you apply for an Alliance Credit Card with Balance Transfer. The wireless headphones feature a powerful bass sound, with a lightweight over-ear design for maximum comfort and immersion in sound. You’ll also be able to connect your devices with its Bluetooth function, allowing you to make and receive calls.

Applying for an Alliance Credit Card without Balance Transfer? You’ll receive the JBL Wave 100TWS True Wireless Earbuds. What makes these earbuds the perfect accessory for listening to music is its powerful JBL Deep Bass sound and its long-life battery – allowing you to listen to music comfortably for up to 20 hours.

Upon approval, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the gift. 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
.

Public Bank – Xiaomi 70mai Smart Dash Cam 1s

Driving to work on a daily basis? Take home a guaranteed Xiaomi 70mai Smart Dash Cam 1s when you apply for a Public Bank credit card. With 1080p resolution, you’ll be able to record crystal-clear footage just in case you witness any unfortunate incidents on the road.

All you need to do is complete your application via the RinggitPlus website, get approved by Public Bank, and make an accumulative spend of RM250 within sixty (60) days of approval to be guaranteed this gift. Apply for your Public Bank credit card
here
.

UOB – Apple Watch Series 8

Taking your health more seriously this year? Stand a chance to win the Apple Watch Series 8 when you apply for a UOB credit card.

The Apple Watch Series 8 is equipped with a temperature sensor for deeper insights into your health – which is especially useful for women’s health and sleep pattern tracking. Like its previous models, it’s also equipped with Apple Pay so you can pay for cashless transactions on the go.

If you don’t win an Apple Watch, you’ll still get a guaranteed RM250 in TNG eWallet Credit as a gift.

To redeem your gift, apply for your card via the RinggitPlus website, get approved by UOB, and activate your card. Apply for your UOB 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 19 June 2023 (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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Things You Didn't Know You Can't Bring Overseas

Amidst all the fun of an overseas holiday, come the customs checks that can certainly dour a trip if you get fined or have your prized possessions confiscated. That’s not the worst thing that can happen though; the carriage of certain prohibited or restricted goods can land you in serious hot water. Think prosecution and even jail time.

Before you embark on an international voyage, take some time to find out which items you can’t take with you.

Here are five categories of goods to leave behind when possible:

1. Wet Foods

Seems harmless enough, yet some countries restrict the transport of cooked and uncooked meat, meat products, poultry or other foods of animal origin, which include dairy and eggs. In the
UK
, those travelling from outside the EU i.e. from Malaysia are not permitted to carry meat or dairy amongst other foods. You may however, bring small amounts of fish, honey or eggs for personal use.

From Malaysia into
Singapore
, you may carry some meats and seafood, but the foods need to be sourced from an approved country, plus you can’t carry more than the specified weight. If travelling to
India
, beef or oils and fats from an animal source is prohibited altogether.

2. Animals and Pets

Thinking of travelling with your furry friend? Well they may be subject to quarantine or not allowed to enter
Singapore
 or
Indonesia
 if without a permit and proper health vaccinations.

Also the term pets are usually confined to domesticated dogs and cats, whereas other animals such as non-native animals, fish, birds or other wildlife may be subject to additional checks or completely prohibited in many countries.

3. Vapes and E-Cigarettes

Certain countries completely prohibit its entry and since these gizmos aren’t cheap – it’s best to leave it behind when travelling to
Dubai
, Cambodia, Brunei and Singapore. If travelling to the USA, note that the legal status of using and carrying vapes vary in different states. In some territories of Australia, vapes containing nicotine may not be permitted at all.

One more thing to consider is airline restrictions, because while some allow E-cigarettes to be carried in hand luggage, others completely ban them from being packed in checked AND hand luggage.

4. Plants, Fruit and Vegetables

Countries like
Indonesia
 restrict the carrying of fresh fruit except for those with licenses, so for the average traveller; it’s not a good idea to pack fruits for your journey. In India, plants and any plant produce including seeds and fruits are restricted as well.

If you are planning to carry Chinese herbal medicines or other plant or animal-based item into Australia, you must declare it or face the possibility of hefty fines (or worse). Honesty really is the best policy here as, “You will not be penalised under the
Biosecurity Act 2015
 if you declare all goods, even if they are not allowed into Australia.”

What Else Can’t I Bring?

There are plenty more things that may not be permitted for carriage, so remember to check the official customs website of the country you plan to visit. For your travel ease, keep from bringing prohibited or restricted items to avoid delays, fines, confiscation and possible prosecution.

If you are carrying restricted items, be sure to declare them first – and you’ll have a better chance of avoiding penalties. Here are other items that are prohibited or restricted by customs laws in most countries:

Ivory or by-products of an endangered species

Antiques and artefacts

Items that infringe of intellectual property rights

Narcotics

Certain car brands

Pornographic materials

Making travel plans? Remember to account for potential uncertainties by buying travel insurance. It can help relieve you financially in case of inconveniences that cause you to miss flights or accommodation bookings. Check out our
comparison page
 to choose a plan that meets your needs and budget!

Don’t forget to head to our Travel Getaway Campaign for opportunities to travel to
Macau
 or any of the 19 destinations with freebies!

Image credits:
Holiday Bays
, Sam Howzit’s
photostream
, and Brad.K’s
photostream

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Finance Minister Receives Backlash Over Post On Foreign Investment

Finance Minister Tengku Zafrul Aziz was unfortunately put on blast by several business leaders in response to his social media post on foreign direct investments (FDI) and domestic direct investments (DDI) in Malaysia.

In his post on LinkedIn, Tengku Zafrul stated that Malaysia had recorded a total of RM109.8 billion in approved investments involving close to 3,000 projects for the first nine months of 2020. The finance minister added that through Penjana Kapital, the government recently facilitated the commitment by 8 international venture capital fund managers to invest up to RM1.57 billion into Malaysia startups – which is set to create 1,800 high-skilled jobs in the process.

Tengku Zafrul then ended his post with a friendly, “How’s that for investors’ continued confidence in Malaysia?” While some of the comments that followed were positive, a few responses from business figures raised some probing questions.

“I am very sorry to make this comment, but representing a sizable community of foreign investors, the EU, we currently receive a lot of concerns regarding Malaysia as a viable investment destination,” wrote Sven Schneider, Chief Executive Officer at the EU-Malaysia Chamber of Commerce and Industry (EUROCHAM) Malaysia. “Until today, the Honorable Minister was not even able to meet with us and listen to the concerns of our corporations. Without these inputs, your Ministry certainly cannot address the problems on the ground. Besides, it really needs more than a few nice words and window-dressing.”

Christian Angell Isaksen, CEO of Malaysia-based start-up Collectr Sdn Bhd, questioned the Finance Minister’s pooling of FDI and DDI in his statement, stating that it does not provide an accurate barometer of FDI in Malaysia. “I also don’t really see how close to RM1.6 billion in investment yielding 1,800 jobs is great. That basically means the cost of each job is close to RM900,000,” he added. “I understand that investment is about more than only jobs, but then I don’t see the point in highlighting it.”

(Image: The Malaysian Reserve)

Azizi Khan, Senior Vice President, Head of Digital Enablement AmBank Group, also commented to say that Malaysia is not keeping up with fostering local fintechs, with many choosing to go overseas to “make it” instead. “We can go industry by industry and the message is the same. How then do we expect FDI to come in?” he questioned.

The
finance minister’s post
 was linked to a
news article
 which expanded more on Malaysia’s position as a place for business in the global community. In the article, Tengku Zafrul referred to a report by EY that cited Kuala Lumpur as a key location for multinational corporations and the international business community, as well as a Bloomberg report that ranked Malaysia fifth among emerging economies as a key destination for investment and business.

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Look Snappy In A Louis Remarque Suit With Your Public Bank Credit Card

Public Bank credit and debit cardholders can now look snappy in a new suit as Louis Remarque is offering a 15% discount on all tailor-made clothing to all PB cardholders. This extends to new and current principal and supplementary PB credit/debit cardmembers and Day2Day cardmembers.

To be eligible for this discount you need to make your purchases with your PB credit or debit card at the following
Louis Remarque
 outlets:

·         Isetan Lot 10

·         Isetan The Gardens

·         Metrojaya Suria Sabah

·         SOGO (KL) Departmental Store

·         Isetan KLCC

·         Jalan Theatre, Ipoh

·         Plaza Mahkota Melaka

·         Metrojaya Mid Valley Megamall

This offer does not extend to any sales promotion. Outlet contact details and further info can be found on the
Terms & Conditions
 page.

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Banks Revise Base Rates, FD Rates Following Second OPR Hike In 2022

(Image: The Malaysian Reserve)

(
Updated on 15 July 2022.
)

As was announced yesterday, Bank Negara Malaysia (BNM) has decided to increase the overnight policy rate (OPR) for the second time this year, up another 25 basis points from 2.00% to 2.25%. With this, major banks across Malaysia are also moving to adjust their base rates (BR) and base lending rates (BLR) to reflect the change.

We’ve compiled the following list of banks that have announced their new BR and BLR so far, and will continue to update the list as more banks share their revisions.

Affin Bank

(Image: Bernama)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.95
3.20
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.81
6.06

Deposit rates will also increase by 0.25%. All new rates will be effective from 8 July 2022 onwards.

Agrobank

(Image: The Malaysian Reserve)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.60
2.85
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.75
6.00

Deposit rates will also increase by 0.25%. All new rates will be effective from 12 July 2022 onwards.

Alliance Bank

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.82
3.07
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.67
5.92

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

AmBank

(Image: The Star)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.85
3.10
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.70
5.95

Deposit rates will also increase by 0.25%. All new rates will be effective from 14 July 2022 onwards.

Bank Islam

(Image: The Star)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.77
3.02
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.72
5.97

Deposit rates will also increase by 0.25%. All new rates will be effective from 12 July 2022 onwards.

Bank Muamalat

(Image: The Malaysian Reserve)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.81
3.06
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.81
6.06

Deposit rates will also increase by 0.25%. All new rates will be effective from 8 July 2022 onwards.

Bank Rakyat

(Image: The Star)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.85
3.10
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.83
6.08

Deposit rates will also increase by 0.25%. All new rates will be effective from 15 July 2022 onwards.

Bank Simpanan Nasional

(Image: The Edge Markets)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.85
3.10
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.60
5.85

Deposit rates will also increase by 0.25%. All new rates will be effective from 15 July 2022 onwards.

CIMB Bank

(Image: The Star/Azhar Mahfof)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
3.00
3.25
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.85
6.10

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

Citi

(Image: The Edge Markets)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.65
2.90
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.80
6.05

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

Hong Leong Bank

(Image: The Sun Daily)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.88
3.13
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.89
6.14

Deposit rates will also increase by 0.25%. All new rates will be effective from 12 July 2022 onwards.

HSBC Bank

(Image: Malay Mail/Hari Anggara)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.64
2.89
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.74
5.99

Deposit rates will also increase by 0.25%. All new rates will be effective from 15 July 2022 onwards.

Maybank

(Image: New Straits Times/Nurul Shafina Jemenon)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.00
2.25
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.65
5.90

Deposit rates will also increase by 0.25%. All new rates will be effective from 8 July 2022 onwards.

MBSB Bank

(Image: The Malaysian Reserve)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.90
3.15
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.75
6.00

Deposit rates will also increase by 0.25%. All new rates will be effective from 15 July 2022 onwards.

OCBC Bank

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.83
3.08
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.76
6.01

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

Public Bank

(Image: The Edge Markets)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.52
2.77
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.72
5.97

Deposit rates will also increase by 0.25%. All new rates will be effective from 8 July 2022 onwards.

RHB Bank

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.75
3.00
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.70
5.95

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

Standard Chartered

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.52
2.77
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.70
5.95

Deposit rates will also increase by 0.25%. All new rates will be effective from 14 July 2022 onwards.

UOB Bank

(Image: Bernama)

Rates Before OPR Hike (%)
New Rates (%)
Base Rate (BR)
2.86
3.11
Base Lending Rate (BLR)/Base Financing Rate (BFR)
5.82
6.07

Deposit rates will also increase by 0.25%. All new rates will be effective from 8 July 2022 onwards.

***

Banks use the base rate (BR) as a reference rate to decide on the interest rates of your loans and savings. Prior to 2015, the base lending rate (BLR) was used as the benchmark instead. As there are still ongoing loans taken out before 2015 that refer to the BLR, banks are required to display both the BR and the BLR.

BNM’s decision to
raise the OPR by another 25 basis points yesterday
 was attributed to the fact that Malaysia’s economic activity has continued to strengthen in recent months, following the
first OPR hike since the outbreak of the Covid-19 pandemic
, made two months ago in May 2022. As such, the central bank has decided to continue “adjusting the degree of monetary accommodation” to match the circumstance.

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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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Guan Eng Announces 10% SST For Sales, 6% For Services

(Image: The Star)

Finance Minister Lim Guan Eng announced today that the sales and services tax (SST) rate will be set at 10% for sales and 6% for services. The bill on the tax is expected to be passed in Parliament the following month.

The SST will come into force on 1 September as a replacement to the 6% Goods and Services Tax (GST) implemented by the previous government. It is expected to bring in a revenue of RM4 billion.

Lim said that despite the expected loss of RM21 billion in revenue after the zero-rating of GST from 1 June, the reintroduction of SST, rising crude oil prices, and extra dividends from government-linked companies are expected to bring in an additional RM14.4 billion in revenue this year.

Lim made the announcements during his keynote address at the National Tax Conference at KLCC today.

(Source:
Free Malaysia Today
)

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Securities Commission Puts KuCoin On Its Latest Investor Alert List

The Securities Commission of Malaysia (SC) has included cryptocurrency exchange KuCoin in its latest Investor Alert List (dated 4 October 2021), alongside several other entities.

According to the regulatory body, KuCoin was placed in the list for “operating a digital asset exchange (DAX) without registration”. To note, any DAX that wishes to operate within Malaysia must first obtain a licence from the SC to become a registered recognised market operator (RMO). As of now, there are only
four RMOs that have been approved by the SC
: Luno, MX Global, SINEGY Technologies, and Tokenize.

KuCoin’s inclusion in the list comes just a few months after the SC’s move to take
enforcement actions against international DAX giant Binance
 back in July 2021. The cryptocurrency exchange – which had been on the SC’s Investor Alert List for a year by then (since July 2020) – was asked to disable its website and mobile app, cease all marketing activities, and restrict access to its Telegram group.

KuCoin has been operating for four years, and like other global digital asset exchanges, it has its own token, KuCoin Token (KCS) powering its network, as well as a wide range of tradeable cryptocurrency tokens, some of which are not offered on other exchanges. Its fees are also competitive, making it relatively popular with investors.

Prior to this latest alert by the SC, however, KuCoin has also had previous run-ins with several other governing or legal bodies. The High Court of Singapore was reported to have issued a
temporary injunction against KuCoin
 to bar it from moving its assets back in 2020. More recently, the Ontario Securities Commission also said that it is
taking action against a number of companies linked to KuCoin
.

Aside from KuCoin, the SC’s updated Investor Alert List also include other new names such as Impiana Capital Financing Solutions (ICFS Group) and Robot Trading Sdn Bhd.

(Source: Securities Commission of Malaysia [
1
,
2
])

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About THE AUTHOR

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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    Anonymous

    1 year ago

Let’s keep moving backwards guys

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Public Bank - Clocking in with Style

Keeping time never looked this good.

Get a 15% and 20% discount on Invicta timepieces and jewellery respectively when you pay with your Public Bank Credit or Debit Card.

Offer valid only on normal priced merchandise until 31 December 2013 at Invicta’s flagship store in Pavillion, KL.

Terms and Conditions
 apply.

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Diana Chai

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Deferment Of PTPTN Loan Repayments Is Extended From 3 Months To 6 Months

The government has agreed to extend the deferment of Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) loan repayments to 6 months, effective immediately. This means that loan repayments will now be postponed until 30 September 2020, according to Prime Minister Tan Sri Muhyiddin Yassin.

The extended deferment is expected to benefit 1.5 million borrowers, with a total collection of RM750 million. Prior to this, the government had agreed to defer PTPTN loan repayments for 3 months, until 30 June 2020.

(Image: Malay Mail)

The extension of deferment was announced as part of the Revised
Economic Stimulus Package 2020
, meant to assist Malaysia’s economy, which was badly affected by the Covid-19 pandemic. For further information, PTPTN borrowers can contact PTPTN’s Careline at 03-2193 3000, between 9am to 5pm (weekdays).

Aside from PTPTN, various
banks and non-banking institutions
 are also offering financial aid to those in need during this troubling time.

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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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BNM Faces Growing Pressure To Increase Rates Faster

(Image: The Edge Markets)

UOB Global Economics and Market Research has said that Bank Negara Malaysia (BNM) is under growing pressure to increase the overnight policy rate (OPR) faster. This is due to the US Federal Reserve’s aggressive rate hikes, rising food and energy prices globally, as well as potential supply shocks that may further drive up prices and inflation.

“Rate hikes would then also need to be sharper and more abrupt in that scenario. There may also be a need to act faster now in order to have sufficient policy buffers in preparation for the next recession (when it happens),” said the economists involved in the research, Julia Goh, Enrico Tanuwidjaja and Jasrine Loke.

The economists further highlighted the need for BNM to act faster in light of the escalating global recession fears. This is driven by the aggressive tightening policy, ongoing Russia-Ukraine crisis, strict Covid-19 containment measures in China, as well as tighter global financial conditions.

(Image: Malay Mail)

“As such, we think BNM would need to weigh how these factors could affect domestic economic conditions while the fast narrowing rate gap with the US puts more pressure on capital flows and the ringgit,” the economists remarked, adding that a delayed policy response by the central bank may lead to excessive ringgit volatility in the second half of this year.

The economists also noted that more central banks have carried out consecutive or larger-than-expected rate hikes since May this year. They further commented that the long-term inflation outlook has compelled the respective central banks to front-load their rate hikes as a measure to control the projected inflation.

Additionally, the economists stated that there is room for BNM to raise the OPR by 50 basis points before the end of September this year. “Given the ongoing domestic recovery and latest developments, there is room for BNM to follow through with another 25 basis point rate hike at both the July and September meetings,” they explained.

(Image: Reuters)

“As we expect Malaysia’s growth momentum to remain robust this quarter and (the) next, we think that BNM may consider bringing forward rate hikes to keep a lid on inflation risks while growth remains decent,” the economists further said, adding that they projected the OPR to reach 2.5% by end-2022, and 3% by end-2023.

In addition, the economists commented that the country’s monetary policy will remain accommodative, even after the projected hikes of 75 basis points for this year. This is as the hikes only reverse part of the total 125 basis points slashed during the pandemic. For context, the OPR originally stood at 3.00%, before it was gradually reduced to its lowest point of
1.75% in July 2020
. The OPR was eventually raised by 25 basis points to
2.00% in May 2022
 on the back of the improving economy.

Finally, the economists shared that they expect the US Federal Reserve to further increase its interest rate to reach an upper end of 3.5% by end-2022, and 4.00% by the end of the first quarter of 2023. “Emerging markets’ central banks will start to follow suit, or risk falling behind in the rate gap with the US interest rate,” they remarked.

(Source:
The Edge Markets
)

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Win RM1000 Touch ‘n Go eWallet Credit, iPhone 14 Pro, 2022 Model iPad, & More!

Fancy some new gifts in celebration of the new year? Start applying so you can begin claiming your reward.

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.

From 3 to 9 January 2023, our featured bank partners are

none other than
Citibank, HSBC Bank, Standard Chartered Bank, Public Bank, Alliance Bank, and RHB
. 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 – iPad A14 Bionic (2022 Model)

Start off the new year with a brand new Apple device! Whether you choose to try out illustrating, play games, watch movies, collaborate on work, surf the web, or edit videos, you can do it all on this single device if you win it. On top of that, the iPad OS makes it easy to quickly switch between different apps at once, maximising productivity altogether.

If you don’t win the new iPad A14, don’t fret because you’ll still be guaranteed RM600 Touch ‘n Go eWallet Credit for all your shopping needs

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 Bank – iPhone 14 Pro

If you’re part of the Apple ecosystem, you wouldn’t want to miss the chance to win the brand new iPhone 14 Pro!

The iPhone 14 Pro boasts a series of exciting features such as its insanely sharp 48MP camera, better low-light capabilities, and built-in video stability. Aside from that, the new Dynamic Island feature allows easier multitasking and accessibility, and the 2x brighter display makes viewing anything more enjoyable.

Don’t worry if you don’t win the iPhone 14 Pro because you’ll still take home guaranteed RM600 Touch ‘n Go eWallet Credit!

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
.

Public Bank – Xiaomi 70mai Smart Dash Cam 1S

These days, you can never be too cautious when driving on the road. Take home a guaranteed Xiaomi 70mai Smart Dash Cam 1S so you could store all your footage securely for when you need it.

The dash cam shoots at a wide 130° angle, records in 1080P full HD, has voice control, and more.

All you need to do is complete your application via the RinggitPlus website, get approved by Public Bank, and make an accumulative spend of RM250 within sixty (60) days of approval to be guaranteed this gift. Apply for your Public Bank credit card
here
.

Standard Chartered Bank – RM1000 Touch ‘n Go eWallet Credit

What would you do if you won RM1000 Touch ‘n Go eWallet Credit? Well, the truth is, there’s so much you could do with it!

Whether you want to use it to pay your utility bills, have a hearty dinner, offset potentially months’ worth of toll spending, or share it with a loved one, this special gift could be very beneficial.

Don’t worry if you’re not selected, as you will still get a guaranteed URBANLite Ledge 24″ luggage for your travels.

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 – Xiaomi Smart Band 7 Pro or Samsung Galaxy Fit2

Apply for a new Alliance Bank Credit Card to take home a Xiaomi Smart Band 7 Pro or Samsung Galaxy Fit2!

When you apply for an Alliance Credit Card with Balance Transfer, you are guaranteed to receive the Xiaomi Smart Band 7 Pro – an attractive fitness watch with a 1.64″ rectangle AMOLED display, a 12-day battery life, and more.

On the other hand, you’ll be guaranteed the stylish Samsung Galaxy Fit2, which has a 5ATM certification up to 50m, an optical heart rate sensor, and more when you apply for an Alliance Credit Card.

Upon approval, you just have to activate and spend 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
.

RHB – RM300 Cash Via DuitNow

If saving some cash is part of this year’s resolutions, this guaranteed gift will surely help! Apply for an RHB Credit Card and you’ll be rewarded with a guaranteed gift of RM300 Cash via DuitNow. Save it, spend it, invest it, share it – the choice is yours.

Once approved, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the gift. Existing cardholders of any RHB Bank credit card and individuals who have held or cancelled an RHB Bank credit card in the past six months are not eligible for this campaign. Apply for an RHB Bank 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 January (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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Should You Buy a Fixer-Upper House?

We’ve been all about the houses these past weeks and we’ve walked you through choosing a home, choosing a home loan and deciding if you are better off renting or buying. But let’s say you’ve made up your mind that a house must be all your own. You want it in a good location and within your set budget. One day, you get the news that your agent has found just the house for you.

You can’t imagine how a deal like that could even be possible – until you see the place. Termite damage, leaky pipes and rusted grills make the place more suitable to be the venue for a new local horror movie instead of your plans for a dream family home. But does this mean you should dismiss it completely? Maybe not.

More to Value Than Meets the Eye

It’s a fact of the matter that some of the oldest parts of the city are often the best to live in. Think of the sleepy suburb of Petaling Jaya; the bungalows in Bangsar or the first houses to come up close to the Sunway area. These towns have boomed and are attracting droves of buyers. However, the older the town, the older the houses. Many have been lived in for over 20 years. Knowing this, there are bound to be a few with a little more than creaky steps.

But the value of the house is more than it’s outward appearance. Older houses offer you some benefits the brand-spanking new condos and houses of today can’t just yet: a great location right in the thick of the action – and often, value for money space.

For many buyers, the renovation costs are piddling when compared to the value these houses offer. If you’re wondering if you could successfully take on a fixer upper: you could start by considering these factors.

Can You Afford to Renovate?

Of course, the million dollar question before anything else is simply this – can you afford to renovate? Buying a house is a big commitment and involves a large sum of money. If you’re a young adult or couple looking for a first home – it may be difficult to foot an additional RM50,000 renovation fee on top of the downpayment, legal fees and miscellaneous costs of moving into your own place.

For those looking to get 100% loans because they are strapped even for a downpayment – a fixer-upper is likely not a good idea.

However, say you do believe you can put aside a sum of money for the renovation works but you’re not sure if it will be enough or maybe you’re struggling with the decision to get into the hassle of renovating; then it is time for the next consideration.

An Assessment of the Cost to Renovate: Worth the Savings in Purchase Price?

Fixer-uppers usually cost less than move-in condition houses but sometimes, the amount saved isn’t enough to cover the cost of the repairs. For example, you may assume that you are getting a good deal if you bag a house RM30,000 below market value of the houses in the area but it isn’t such a great deal if you’ll need RM50,000 to fix it up.

You may be tempted to think that this is easily spotted but not all houses share their secrets in the first viewing. Some really large issues such as plumbing and wiring cannot be seen in a visual inspection and are easily hidden by a new coat of paint. To this end, there are some things you can do to deal with the situation:

1) Check for watermarks on the ceiling and floorboards, test all the lights and switches.

2) Enlist the help of professional. Request that a contractor you trust be allowed to check the property for you. An expert will be in a better position to gauge if something is seriously amiss.

3) Once you have a full list of issues – assess the cost of righting each one. You will need to do much legwork but it may be alleviated if you had contacted a contractor in the first place. The contractor will often be able to give you an estimate cost of repair.

4) Add a buffer. If you’ve come to, say RM80,000 for the whole shebang – add a buffer. Prices may change, more problems may be discovered later or for just any other eventuality – you’ll want to have some leeway to play around.

5) Considering the full renovation sum: if the house still a good deal? If it is, head to the next point.

6) Before signing the S&P, ask to have an inspection clause inserted. In this clause, list the details of the defects, which you are aware of and agree to accept as part of deal. You then need to get the owner to confirm and offer you an exit clause should any other major defect come to light (of course, please don’t exercise this over a lightbulb change or something similarly frivolous). This clause will encourage the owner to be as honest with you as possible but remember that even the owner may not know everything that is happening inside the house. For that, you’ll need to take note of point 7.

7) Accept that it is always a risk. Even if you’ve done everything above, accept that the element of risk is never completely eliminated. Old houses will have problems but again, it doesn’t have to be a dealbreaker.

Are You the Right Person for the Project?

Deciding to buy a fixer-upper is more than just a consideration for your wallet; it’s also a consideration for your personality. You do want to enjoy your journey to home-ownership.

Some people genuinely enjoy sprucing up and customising their home. They are often the ones who will renovate any house they purchase even if it is in perfectly liveable condition. If you are one such person – the project won’t be daunting and you may even enjoy watching your new home rise from the ashes. In fact, if you do enjoy customising your home; the fixer-upper is perfect as you will save money on the purchase price and be able to tear down whatever you like without guilt!

However, if you are the type who’s happy to live in a perfectly generic home with no fuss – the fixer-upper will likely end up being the bane of your existence.

A Mixture of Money and Preference

The rundown, fixer-upper home can either be a dream project or an unending nightmare depending on your disposition. At the end of the day, it’s as always, doing what is most comfortable for you whilst having all the information you possibly can. There is often no way you can gauge with 100% certainty how a fixer-upper project is going to play out but if you’re ready for a challenge; keen to reap the benefits and have the means at your disposal – you can turn a shack into a palace.

Are you keen to renovate or take a house requiring some additional TLC? We’ll soon be discussing the ways you can fund your renovation project so do check back!

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HSBC x TNG eWallet Campaign Is Back - Now With RM20 Monthly Cashback

HSBC’s fan favourite cashback campaign with Touch ‘n Go eWallet is back once more. This time around, cardholders can earn a RM20 cashback reward when they reload their TNG eWallet using their HSBC or HSBC Amanah credit card. The HSBC RM20 Cashback with TNG eWallet campaign – which starts today – will last for 5 months, ending on 31 January 2022.

Open to all HSBC credit cardholders, this campaign will award you RM20 cashback every month when you top up your TNG eWallet with a minimum of RM200 using your HSBC or HSBC Amanah credit cards. Note also that this offer is only valid when you reload your TNG eWallet using the “eWallet Balance” function.

Cardholders can earn a maximum of RM20 cashback per month, so you can earn a total of RM100 throughout the campaign period! Note that as usual, the cashback offer is provided on a first-come first-served basis, and HSBC has set a cashback cap of RM70,000 per month (RM350,000 for the whole campaign). HSBC also clarified that if the cashback allocated for a specific offer month is not fully utilised , the remaining amount will be brought forward to the following offer month. Lastly, the cashback will be credited within 10 working days into your TNG eWallet.

Given the
popularity of its past campaigns
, where the monthly allocated cashback ran out within
minutes
, it’s best to be ready to top up at midnight each month if you wish to earn the cashback.

(Source:
TNG eWallet
)

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Occasion-Based Memorable Gifts That You Can Give for Every Budget Type

Giving gifts to people that you are surrounded by for momentous occasions are a part and parcel of life. From showing your appreciation to a mentor figure to bidding farewell to someone who has left you with an unforgettable impression, gift-giving plays a significant role in establishing and nurturing relationships with the people that you care for.

To help you keep in touch with your network of associates, we have curated a list of meaningful items that you can gift them with. Best of all, it’s all separated according to budget (and
halal
/pork-free, for those who are planning to give these to their Muslim acquaintances), so you can choose to either save or splurge for every gifting decision.

Fruit Basket

Nothing sends your warm wishes faster than an armful of bountiful delights, especially when it’s both visually-pleasing and delectable. Fruit baskets have long been a mainstay among gift-givers as it’s a safe gift that transcends all cultural beliefs and who can resist a bundle of nutritious fruits that have been carefully hand-packed and arranged to perfection?

Save:
 Hello Fruit Basket (7 Types of Fruits), RM98.00 (MBG)

Splurge :
 FR037, RM140.00 (PureSeed)

Fountain Pen

Even though naysayers may consider this a boring, outdated suggestion seeing that most of our daily activities are performed via computers and gadgets, that doesn’t mean that there’s no place in the modern world for a good old-fashioned fountain pen.

For the benefit of your recipients, you may want to engrave the pen in their name to personalise it or even include a bottle of ink refill or as a thoughtful gesture, or if you are willing to top up a little more, you can invest in a multi-function pen that works as a touchscreen stylus with other neatly packaged features such as a ruler, scale and screwdriver.

Save :
 Pilot Metropolitan Fountain Pen, RM58.65 (Pen Gallery)

Splurge :
 Monteverde One Touch Stylus Pen, RM169 (Stickeriffic)

Nuts and Dried Fruits

Searching for a gift that is easy to carry and store? Well, you can opt for crowd favourites such as nuts and dried fruits – a perfect blend of rich, decadent taste- merged with matchless healthy goodness. Best of all, you won’t need to worry about finding a cool place to store your gift as these honest-to-goodness snacks are light and weatherproof, making it ideal for recipients who are always on the move.

Save :
 Mini Gift Box: Strength , RM19.60 (Amazin’ Graze)

Splurge :
 Select Box, RM99.00 (Castania)

Tea

Even though the trend of steeping loose leaf tea is declining as the newer generation of tea drinkers are leaning towards ubiquitous pearl milk tea, you can’t refute the fact that nothing brings the family closer than a pot of freshly brewed, aromatic tea. A traditionally thoughtful gift that surpasses all age gaps, tea is most certainly a beverage that occupies a special space in Asian culture. Best of all, you can even include a gorgeous teaware set which can also double as a decorative item in the household.

Save :
 Tea Pyramid Gift Box : Serenitea , RM49.00 (TTR)

Splurge :
 PurpleCane Aged Puer Tea Set , RM69.90 (Purple Cane TeaHouse)

Read Also :
 Affordable Wedding Gift Ideas Other Than Money That Every Couple Will Love

Sweet Treats

Let’s face it, it goes without saying that the way to someone’s heart is to serve them home-made mouth-watering treats, lovingly made from scratch. Standard treats such as cookies, cakes, and crackers may be safe, failproof choices for sweet treats but if you are willing to take the road less taken, you can opt for novelty, customisable desserts instead.

Save :
 Berries and Hearts, RM55.00 (Yummy Flowerz)

Splurge :
 9 Pcs of Bespoke Marshmallow, RM69.00 (ChubbeeCloud)

Now that you have an idea on what are the meaningful gifts that you can select to showcase your care and affection towards them even after they have left, it’s time to get cracking on your online purchasing prowess.

As always, don’t forget to take advantage of the many features that come with a rewards credit card as you will not only rack up on cashbacks and points, but also score exclusive merchant discounts, all of which are offered by selected banks as a part of their
 reward program
 . By reaping extra points, you can even use it to redeem awesome stuff, making it a gift that keeps on giving in a cool away.

No rewards credit card in hand yet? Fret not, our
 comparison tool

is here to help and we’ll assist you in discovering which credit card fits your shopping approach best. Happy hunting!

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Maybank Extended Moratorium: Repayment Assistance Packages Including Rescheduling And Restructuring (R&R)

(Image: The Star)

Maybank has shared some specifics on its post-moratorium repayment assistance packages for customers who may still be facing financial challenges at the end of the current six-month moratorium in September 2020.

Types of repayment assistance packages

While Maybank did not list in detail the types of financial aid provided in its website and FAQ, you can expect the bank to adhere closely to the general arrangements outlined in Prime Minister Tan Sri Muhyiddin Yassin’s announcement of
targeted bank assistance
.

In particular, Maybank highlighted the rescheduling and restructuring (R&R) option, which involves modifying your original loan/financing repayment terms and condition to offer temporary financial relief. However, this aid is not applicable for credit cards, charge and corporate cards, and personal loans/financing with flat-rate interest.

Maybank further emphasised that each application will be assessed on a case-by-case basis; the bank will work closely with you to come up with a repayment package tailored to address the challenges that you face.

How to apply

Maybank’s customers can make their applications or contact the bank via three channels: email, online application, or bank visit/phone call.

Email

If you opt to email Maybank about your application, be sure to send it to
[email protected]
 to ensure that the bank gets back to you. It has also requested for you to title the subject of your email as “Request for Financial Relief”, and to include the following details in your email:

Name

Contact number

Type of loan (e.g. mortgage, hire purchase, etc.)

Vehicle number (for hire purchase loans)

Reason for your application

Online application

Meanwhile, online applications can be done through your
Maybank2u account
. Upon logging into your Maybank2u account, click on “Apply”, then “Accounts” to find the application form. Note, though, that online applications are not available for those seeking help with their hire purchase and personal loans.

Bank visit/Phone call

Alternatively, you can visit any of
Maybank’s branches nationwide
 to find out more about the bank’s repayment assistance packages. For enquiries about hire purchase loan, however, you need to contact the nearest
Maybank Auto Finance Centres or Regional Asset Quality Management
 instead.

Additionally, Maybank also requests that you bring along the following supporting documents during your visit to its branches:

Salaried individuals: Latest one-month salary slip

Self-employed individuals (Maybank customers): N/A

Self-employed individuals (non-Maybank customers): Latest three-month bank statements

Individuals who have been retrenched or are taking a pay cut should also bring their retrenchment or salary reduction letter from their employers.

Aside from visiting Maybank’s branches, you can also opt to contact the Maybank Customer Care Hotline at 1-300 88 6688, and press *1 for “Financial Relief”.

***

(Image: The Star)

In its
FAQ
, Maybank reminded that the deadline for application is on 30 September 2020. However, the bank encouraged its customers to apply by 31 August instead so that their application can be approved before the current moratorium ends on 30 September. It also noted that no processing fee will be charged for R&R applications, and that customers who did not participate in the ongoing moratorium are also welcome to apply if they were recently impacted by the Covid-19 pandemic.

You can find out more about
Maybank’s repayment assistance package
 on its website.

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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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How to Decide Whether to Buy a New or Used Car

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Michelle Brohier

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How to Use Opportunity Cost to Make Better Spending Decisions

We want a lot of things: fancy shoes and clothes, the iPhone 6 (which mistakenly comes with a revolutionary bending “feature”), new furniture, new laptop; the list never ends. But for some others, the problem is less superficial: it’s the difference between paying the rent or the grocery bill as they stretch their ringgit to breaking point.

Whichever your situation; you may find the concept of opportunity cost can help make budgeting a little simpler.

If you don’t know what it means, here is the economic explanation of opportunity cost from Wikipedia:

In microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone, in a situation in which a choice needs to be made between several mutually exclusive alternatives given limited resources. Assuming the best choice is made, it is the “cost” incurred by not enjoying the benefit that would be had by taking the second best choice available. The New Oxford American Dictionary defines it as “the loss of potential gain from other alternatives when one alternative is chosen”.

Are you are scratching your head right now? Here is an example:

Jamie has saved up RM100 to buy a new shirt for work. She came across a trendy new blouse that was very in fashion but not practical for everyday use. The blouse cost RM100 but the work shirt she originally intended to buy was marked down to RM70. In the end, Jamie choose what she initially set out to buy because she realised she would wear her work shirt more often (thereby getting more value for money) and she would save RM30 for something else.

So, for a more practical shirt; Jamie’s opportunity cost is being more trendy in a fancy blouse. Jamie would bear a higher opportunity cost if she bought the blouse because she will be paying more for an item of clothing she won’t be wearing as often. Jamie made the right choice in this instance because the decision seemed an easy one. But there are times when the lines between which is better may be blurred.

With that said, how do you use opportunity cost to your advantage?

When Considering Opportunity Cost

1. Maintain a wish list

Nowadays, shopping can be done at our finger tips no matter where we are, all thanks to online shopping sites. Most online stores come with a wishlist, so rather than sending it straight to check out, give yourself time to consider the items on your wishlist. Every now and then, discard items that you no longer want. In the end, your most wanted items will stay on the top of your wishlist. Even if the wishlist option isn’t readily available – do it the old-fashioned way by writing it down!

2. Weigh potential options

Avoid buying things out on a whim as you might come across better alternatives later or worse, find you didn’t really want the item in the first place. Having the money doesn’t mean that you should spend it. You can ask yourself if you should get the item or are there better options out there or if there is some other area in your life that needs the funds more? Sometimes, if an item really isn’t an absolute must have; the money would do better lining your savings’ account.

3. Make the right choices

Have you ever bought something and regretted it later? Everyone falls prey into impulsive purchases once in awhile. But it doesn’t have to be a regular occurrence. Whilst the term ‘right’ can never be 100% ascertained (we aren’t fortune tellers! How would you know you would end up needing a new laptop because your old one got wet in the rain?)

Whenever you sense the urge, always go back to tip number 1. It’s wise to ask yourself, “Would I need this at any point in time; how much use would I get from it and if the answer is no on both counts; do I really want it so bad that I would deprive my savings account of this extra sum of money?” If you cant decide, it wouldn’t hurt to put it down and walk away.

4. Long-term value over quantity

Whenever you consider the opportunity cost of an item; it is worth it to think about long term value. Which of the two items or options you are considering give you the most long-term value? You will receive long term value if you foresee yourself using it often and for a long period of time. This, minimising the opportunity cost from cutting off potential options.

You Get What You Need

Everyone wants the privilege of spending on whatever they please as making smart choices require a lot of thought and some sacrifice. However, you can’t appreciate the rainbow without going through the rain. Look on the bright side, you can get the most out of your hard earn money and time spent while casting out unnecessary spending.

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First Mobile Self-Checkout System To Be Launched By AEON in Malaysia

Malaysia will be the first in the market to test out a new self-checkout system at AEON department stores, using the AEON Wallet app. The AEON Wallet is the company’s own mobile wallet that was
launched a few months ago
, allowing customers to conveniently shop and store its membership cards digitally.

Business Head, Cards Payment of Digital Marketing & Insurance for AEON Credit Service Malaysia, R. Jayabalan, introduced the self-checkout feature and how it will theoretically work at AEON stores. Firstly, users will be required to scan the store’s QR code for the app to identify which AEON store branch the user is at. Customers will then proceed to scan the individual product barcodes to purchase desired items, before proceeding to pay for them directly on the app. No more queuing up at cashier counters or waiting for slow customers, or even paying with cash!

While the self-checkout system does not yet have a launch date, Malaysians can already use the AEON e-wallet app, which is available on the
Apple App Store
 and
Google Play
. Unlike other e-wallet apps, AEON Wallet lets customers pay via QR code at all AEON outlets and earn AEON points every time you shop at AEON stores since you can
store your AEON member card in the app
. Besides that, users can top up their AEON Wallet via internet banking and even AEON outlet cashiers as well as AEON Credit Service ATMs.

(Source:
Lowyat.NET
,
AEON Wallet
)

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3 Important Money New Year Resolutions to Make

As we leave the joys and sorrows of 2015 behind us, we welcome the New Year with great anticipation of a fantastic year ahead in every aspect of life.

These aspects usually include family, health and work, just to name a few and are commonly tied with the ever popular resolutions. What New Year welcome would be complete without them?

In true welcoming spirit, we’ve helped you outline some money resolutions you may certainly want to consider taking on in the year ahead to help you inch closer toward achieving your financial goals.

1. Pay Down Your Debt

It doesn’t matter if you’re walking into the New Year’s with debt or are planning for a sizable spend that requires large credit – either way, a firm commitment to paying down your debt; past, present and future, goes a long way.

The most common debt that people face is credit card debt because it is so easy to rack up without realising. However, to continue to turn a blind eye to your debt will only result in excessive interest paid and continued bondage to the bank.

If you find yourself facing the above problem, choose to consolidate your credit cards
under a personal loan
 or use a
balance transfer
. Whilst consolidation loans are sometimes tagged with high, fixed interest fees; the structured payment plan and single monthly payment makes it easier for you to repay. It also frees up cash from your monthly salary for necessities so you don’t have to turn to credit again.

2. Bump Up Your Savings

The reason they say its never too late to start saving is the same reason you hear the term ‘saving’ at any discussion about New Year’s resolutions – and if you haven’t begun, there’s no better time to begin than now.

Best part of a swelled up savings pot is you can use it for practically anything and everything – through the particularly large pampering spend (in moderation of course) or tough times where an emergency stash is needed.

Stick to a reasonable amount you wish to set aside from your salary for monthly savings. However, don’t be too ambitious with this amount as you would find yourself dipping into your savings and demotivating yourself from continuing with your plan.

Your primary source of these savings would come from your salary and through simple saving tactics like dumping money into a
fixed deposit
 account for instant, you’d be all set by year’s end. It locks up your money for a tenure period of your choice and rewards you with pretty awesome annual returns.

If you have difficulty regulating your regular
savings account
, simply create one solely for savings and inform the bank that you would like to have a no debit card, or limit withdrawals by requesting for only over the counter withdrawals, which you could turn to in times of emergency.

3. Cut Off Unnecessary Spending

Before we traverse this wonderful New Year’s resolution, it is important to take note that it would certainly help with the aforementioned ones should you be able to muster strength and will power to scale back on unnecessary spending.

First, one would have to determine the ‘wants’ and ‘needs’ that can be foreseen in the year ahead. Start off by listing down these probable items and include other activities that your lifestyle have absorbed thus far too.

From this list, a larger scope opens up and you would be able to see clearly which item’s cost you can certainly do without and cut back on. For instance, a weekly outing to the movies can be alternately replaced with cheaper and yet equally entertaining activity or simply reduced to fortnightly as opposed to weekly.

Or perhaps you find yourself indulging in impulse shopping all the time? Find alternative routes like only shopping during mega festive sales or adopting a
credit card that rewards you
 for every outgoing penny (remembering of course to pay your debt immediately as per resolution 1).

Auld Lang Syne!

You would’ve certainly hum the tune in the above header at any New Year’s countdown at some point in your life. Its meaning is pretty interesting as it translates to ‘times gone by’ and that remembering friends from the past is of utmost importance.

Similarly, some of us have made financial blunders in the past and the most important thing to remember is to take lessons from it and not to repeat them ever again – especially in the fold of 2016 where our true companions come in the form of resolutions like the above.

Happy New Year, everyone.

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Malaysians Less Concerned About Price When Buying Smartphones

A study conducted by Google revealed that Malaysians care less about price when it comes to purchasing smartphones. Instead, they place higher emphasis on other factors such as battery life, operating system, and internal specs.

With price no longer being the determining factor smartphone purchasesMalaysians have become increasingly conscious and deliberate about their smartphone research. 46% of Malaysians fall into the “Avid Researcher” profile, with 22% considered as brand loyalists and only 10% as in-store deciders.

“So many smartphones are being launched every year and consumers understand what every brand stands for,” said Google Malaysia Industry Head Su Ann Lim. “Online research is arguably the most important part of the purchase journey and it’s where Malaysian consumers spend the most of their time on.”

When it comes to doing their research, the most common activities amongst Malaysians are searching and reading online device reviews or watching YouTube product reviews, visiting brand and product sites, and comparing prices and specs on e-commerce sites.

The rise of e-commerce has also contributed to the current trends in the smartphone market. “One out of four smartphones are bought online today in Malaysia,” said Lim. She added that e-commerce has been increasingly empowering rural consumers in particular. “According to our study, 27% of rural dwellers bought their smartphones online in the past three months compared with 23% of urban dwellers in the same period.”

It was also found that as many as 52% of Malaysians aspire to change their phones in less than two years, although most Malaysians do tend to hold on to their smartphones for longer than that.

The study was conducted on 929 respondents aged between 18 to 45 years old, with an equal mix of rural and urban consumers. Google partnered with Ipsos, a global market research company, to carry out the survey.

(Source:
New Straits Times
)

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Jacie Tan

Jacie Tan

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BNM Seeks To Improve Efficiency Of Motor Claims Process

(Image: Paul Tan’s Automotive News)

Bank Negara Malaysia (BNM) has commented that it is looking to improve the efficiency of the motor claims settlement process. This will be done in collaboration with the industry, consumer associations and other relevant stakeholders.

According to the director of the consumer and market conduct department for BNM, Lim Hsin Ying, a key aim to making the improvements is to reduce the turnaround time for the settlement of motor claims. Efforts to provide better information to various parties during the claims process will be made, allowing adjusters or insurers to work faster in assessing vehicles that are involved in accidents.

Additionally, BNM will also look into making the claims settlement process more transparent for the benefit of policyholders, thereby reducing the stress on those who are making claims. “A key focus of the reforms is to enhance transparency at various stages of the claims process that is vital to stemming fraud risk,” Lim further added, emphasising that this is particularly true with regard to the cost of motor repairs to drivers, such as the availability and pricing of vehicle spare parts.

(
Bank Negara Malaysia
)

Lim also commented that while the fraud intelligence system has improved over the years, fraud risk continues to remain high during the claims settlement process, often leading to prolonged investigations and negotiations. This, in turn, gives rise to a slow process and dissatisfaction among the public.

Meanwhile, consumers, too, need to do their part to facilitate the process. Lim advised motor insurance policyholders to be clear on the clauses that are contained in the policies that they plan to or have purchased. For instance, certain motor policies may require policyholders to notify or seek approval from the insurer before sending their vehicles to a non-panel workshop for repairs.

“If there is a workshop that you prefer to use, do check if your motor policy allows for repairs at your preferred workshop or whether conditions or restrictions apply,” said Lim, adding that it is mandatory for insurers to state these conditions in the policy and product disclosure sheet. She also clarified that following the rollout of the phased liberalisation of the motor tariff back in 2016, policyholders now have more options with regard to the type of features and coverage that they can sign up for.

(Source:
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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