Bagaimana Perubahan Kadar Polisi Semalaman (OPR) Mempengaruhi Kewangan Rakyat Malaysia

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Semenjak tahun 2019, rakyat Malaysia telah banyak mendengar berita tentang kadar dasar semalaman (OPR). Ia telah dikurangkan daripada 3.25% – iaitu kadar sebelum Malaysia dilanda pandemik Covid-19 – kepada 1.75%, sebelum dinaikkan semula ke kadar semasa 3.00%
pada minggu lepas
.

Walaupun kebanyakan rakyat Malaysia sedar bahawa OPR ini amatlah penting dalam dasar monetari Malaysia, tidak ramai yang benar-benar faham akan peranan OPR dan pengaruhnya terhadap situasi kewangan diri mereka.

Oleh itu, kami di RinggitPlus akan menjelaskan serba-sedikit tentang OPR, serta bagaimana kenaikan atau pengurangan OPR akan mempengaruhi rakyat Malaysia dalam kehidupan seharian.

Apa itu Kadar Dasar Semalaman (OPR)?

Pendek kata, OPR adalah kadar faedah yang ditetapkan oleh Bank Negara Malaysia (BNM) untuk digunakan sebagai penanda aras (
benchmark
) oleh bank dan institusi kewangan di Malaysia apabila menentukan kadar faedah produk pinjaman dan simpanan/deposit mereka.

Secara amnya, OPR ini akan disemak dan dikemaskini oleh Jawatankuasa Dasar Monetari (MPC) BNM sebanyak enam kali setahun, iaitu pada setiap Januari, Mac, Mei, Julai, September, dan November. Pelbagai faktor akan diambil kira dalam proses penetapan OPR, termasuklah perkembangan semasa ekonomi domestik dan global, serta inflasi.

Kesan perubahan OPR ke atas situasi kewangan rakyat Malaysia

Sebarang perubahan kepada OPR sudah tentunya akan mempengaruhi cara dan bila orang meminjam dan menyimpan wang.

Bank-bank di Malaysia secara amnya akan melaraskan kadar deposit dan kadar asas pinjaman mereka sejajar dengan pergerakan OPR. Oleh itu, pemotongan OPR biasanya akan diikuti oleh pemotongan kadar deposit dan kadar asas pinjaman, manakala kenaikan OPR pula akan melibatkan penambahan kadar-kadar tersebut.

Jika kadar deposit dan kadar asas pinjaman dipotong, ini bermaksud kadar faedah yang lebih rendah akan dikenakan untuk simpanan serta pinjaman. Ringkasnya, pemotongan OPR adalah baik untuk orang yang ingin membuat pinjaman, dan tidak begitu baik untuk orang yang ingin menyimpan wang.

Sebaliknya, apabila kadar deposit dan kadar asas pinjaman dinaikkan, kadar faedah untuk simpanan serta pinjaman juga lebih tinggi. Keadaan ini pula lebih bermanfaat untuk mereka yang ingin menyimpan duit, manakala peminjam akan terpaksa membayar kadar faedah yang lebih tinggi untuk pinjaman mereka.

Impak ke atas peminjam

Anda perlu mempertimbangkan dua perkara apabila memikirkan tentang pinjaman berikutan sebarang perubahan kepada OPR. Pertama, adakah produk pinjaman berkenaan mempunyai kadar berubah atau tetap? Kedua, adakah anda seorang peminjam sedia ada atau peminjam baru ingin membuat pinjaman dalam masa terdekat?

Kebiasaannya, pinjaman kereta dan pinjaman peribadi adalah pinjaman berkadar tetap (
fixed rate
), yang bermaksud kadar faedah untuk pinjaman tersebut tidak akan berubah sepanjang tempoh pinjaman tersebut. Bagi pinjaman berkadar tetap, peminjam sedia ada tidak akan melihat sebarang perubahan susulan perubahan OPR, maka anda tidak perlu khuatir sama ada kadar faedah anda akan naik atau turun.

Sebaliknya, jika anda baru sahaja ingin membuat pinjaman peribadi atau pinjaman kereta, kadar OPR yang rendah membolehkan “anda boleh mengambil kesempatan dan membuat permohonan ketika kadar faedah pinjaman masih agak rendah (sebelum BNM membuat keputusan untuk menaikkan OPR lagi). Apabila permohonan anda diluluskan, “mengunci” kadar faedah pinjaman berkadar tetap yang rendah tanpa sebarang perubahan pada masa hadapan.

Walaubagaimanpun, pinjaman perumahan pula mempunyai kadar faedah terapung, yang bermaksud kadar faedah boleh berubah sepanjang tempoh pinjaman. Kadar faedah yang dikenakan terhadap pinjaman anda akan naik atau turun, bergantung kadar OPR.

Sebagai garis panduan, apabila OPR diubah sebanyak 25 mata asas, peminjam yang mempunyai pinjaman rumah sedia ada akan perlu membayar kira-kira RM20 lebih (jika OPR naik) atau kurang (jika OPR turun) untuk setiap RM100,000 yang dipinjam.

Impak ke atas individu yang menyimpan duit

Seperti yang telah kami katakan, OPR yang rendah akan menyebabkan kadar faedah produk-produk bank dikurangkan. Ini juga bermakna kadar faedah bagi produk simpanan – seperti akaun semasa dan simpanan, serta deposit/simpanan tetap – akan menjadi lebih rendah. Promosi deposit untuk pengguna juga akan berkurangan.

Dalam situasi sebegini, anda digalakkan untuk mencari alternatif simpanan lain yang mungkin memberikan kadar keuntungan yang lebih baik serta manfaat-manfaat lain. Sebagai contoh, dana pasaran wang (
money market fund
) mungkin akan lebih baik kerana ciri-ciri tertentu, seperti tiada tempoh berkunci (
no lock-in period
).
Artikel ini
menjelaskan beberapa alternatif bagi simpanan deposit tetap (
fixed deposit
) di Malaysia.

Jika OPR dinaikkan pula, peminjam bolehlah bergembira kerana kadar faedah bagi produk-produk simpanan juga akan dinaikkan. Oleh itu, anda bolehlah mendepositkan wang anda di bank atau institusi yang terbaik untuk menikmati kadar faedah yang lebih tinggi.

Demi kebaikan negara

Walaupun keputusan yang dibuat oleh kerajaan kita serta BNM adalah untuk kepentingan negara secara keseluruhan, perubahan OPR serta keputusan lain kadang-kala tidak mudah difahami oleh masyarakat.

Kami di RinggitPlus akan melakukan yang terbaik untuk memudahkan anda memahami perubahan-perubahan sedemikian, demi memperkasakan rakyat Malaysia untuk membuat pilihan yang bijak dan memaksimumkan nilai wang mereka.

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Experience Nature And Urban Landscapes In The Valley Residences

When choosing a place to call home, location is one of the most important factors to consider. And when it comes to location, The Valley
Residences @ SkySierra
 developed by SkyWorld offers an excellent option among properties in the Klang Valley.

Perched between the Titiwangsa Range and Titiwangsa Lake Garden, The Valley Residences will have you revelling in the wonders of nature amidst majestic hills and lush greenery. Breathe in the fresh mountain air when you wake up in the morning. Marvel at the beauty of a starlit sky with the magnificent Bukit Dinding as a backdrop. By day or night, this will be your way of life.

And while you’re being enveloped by nature’s warm embrace, at The Valley Residences you’re also never far away from the comforts and conveniences of city living. After all, the heart of Kuala Lumpur is a mere 5km away – always within easy reach whether for work or leisure.

A Neighbourhood That Has It All

The Valley Residences is strategically located in a neighbourhood that has everything its residents could ask for in terms of amenities and connectivity.

The property sits right next to Aeon Mall AU2, which means that shopping for your daily needs will be a breeze. With famous F&B names, popular lifestyle brands as well as a cinema within the mall, it’s the ideal go-to spot for a fun day out with family or friends over the weekend.

Setiawangsa, the area that The Valley Residences is in, is well connected with highways like the AKLEH, DUKE and MRR2. The Setiawangsa-Pantai Expressway (SPE) is expected to be ready within the year as well. If you’d prefer to take the train instead, you could just hop on one at the nearby Setiawangsa or Jelatek LRT stations.

There are also numerous shopping malls, medical centres, international schools and recreational spots in the surrounding vicinity. In fact, being adjacent to Ampang and several elite hilltop neighbourhoods, Setiawangsa is commonly dubbed the “Hollywood Hills of Kuala Lumpur”.

Your Serene Sanctuary Within The City

The Valley Residences is the first residential phase of the 13.6-acre SkySierra masterplan, which itself is the first mixed development project within Setiawangsa. Comprising three iconic towers with a total of 1,309 units, The Valley Residences was designed as an urban sanctuary that houses over 60 facilities spread across five levels of facility decks – each with its own unique theme and ambience.

Among the facilities that stand out the most are the three distinct gyms catering to the diverse physical fitness needs of the towers’ residents. The Zest Gym is where you’ll find a host of outdoor cardio equipment, while the MMA Gym will be your training ground as you hone your technique in various martial arts such as Boxing, Muay Thai, Wrestling, Jiu-Jitsu and Judo. Additionally, there’s a fully air conditioned Crossfit Gym that’s equipped with a range of weight training, resistance and cardio equipment.

At The Valley Residences, families with young children will jump in joy as they step into the Kids’ Paradise. It includes the Sierra Playpark, the largest playground in the condominium, where the young ones can enjoy their childhood racing to the swings and zooming down the slides. There’s also the
Kids’ Corner
, which has a mini stadium, numerous sports facilities and a mini golf course to cater to kids of different ages.

Parents, meanwhile, will be able to indulge in some time to themselves as their children play with the other kids. The adults may also opt to catch up on work at the Co-Working Space in the Chill Out Zone, or catch a breather at either the Dream Chamber, Huddle Corner or Siesta Deck.

Affordable. Safe. Sustainable.

The Valley Residences provides several built-up options to suit various households’ needs, with prices starting from an affordable RM428,000. It’s ideal for singles, newly married couples and families who wish to stay close to the city centre or their parents’ homes, as well as for senior couples looking to downsize for easy maintenance and security. Its dual key concept offers extra privacy and flexibility, making it perfect for three-generation households or to earn rental income.

Type

Built-Up (sq. ft.)

R / B

A

800

3R + 2B

B

1,018

2R + 1B + 1 Studio

C

1,118

3R + 3B + 1 Study

D

1,318

3R + 2B + 1 Studio

For its residents’ peace of mind, there’s a four-tier security system which screens visitor access from the main entrance to the parking podium, lift lobbies, lift-designated floors and common floors, with security further bolstered by a 24-hour security patrol with a guard tour system, CCTV surveillance and a two-way intercom system.

Besides that, sust
ainability is a key focus in many aspects of the The Valley Residences’ design, from its large framed windows that maximise natural lighting and ventilation, to the green shrubs and creepers planted for heat and noise reduction, as well as the Automated Waste Collection System (AWCS) equipped at its refuse chambers.

The property also meets the QLASSIC compliance standard, and has a Green Building Index (GBI) certification. It has even received an accolade in the Residential High-Rise Architecture Malaysia category of the Asia Pacific Property Award 2019/20
or APPA.

With all that it’s got to offer, The Valley Residences might just be the home you’ve been looking for – especially if you’d like to live in a verdant sanctuary that’s only a stone’s throw away from the heart of the city.
Visit The Valley Residences’ website
 to find out more about the property.

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What Will Happen If You Do Not Pay Your Credit Card?

When in a financial jam, we have to prioritise how we spend our money. Losing a job, business cash flow restrictions or many other financial tough luck situations may arise. In cases like these, we tend to prioritise paying our mortgage or rent; our hire purchase (car loans) and other necessities before we finally pay off our
credit cards
. Generally, the higher the essential need, the higher most of us prioritise payment.

Whilst it is fine to pay the minimum payment when you can’t manage the full sum, there may be times finances are so tight we are not able to pay even that. But what will happen then? Here’s a peek at what may likely happen.

The First Thirty Days

Missing a payment for a month or being a couple of days late can happen to the best of paymasters, upon the first month of missing a payment, the bank’s credit card department would call to remind you to make payment. You will be charged a late fee on top of the interest on the outstanding amount and a note will be added to your CCRIS (Central Credit Reference Information System) banking history showing an outstanding of one month.

It’s wise to pay up by the first month because as time passes, credit collection methods employed by the bank will get more rigorous.

Between Thirty to Sixty Days

If payments are not made when the second month due date arrives, you will start to receive written letters from the bank along with phone calls as a second reminder. This would include the previous total (outstanding amount, interest and late charges) and any new charges as well as the additional interest and late charges for the second month.

There will be a new minimum payment that would need to be made to ensure the account is regulated back to normal.

Your CCRIS score at this point would show an outstanding of two months which would be considered a bad thing to have on record. The bank will also block your card to stop any further charges.

If you are unable to make the payments once it has gone beyond the thirty to sixty days, it would be advisable to negotiate with the bank to convert the debt into a term loan or any other similar arrangement to make payments affordable over a period of time.

Depending on the bank’s procedures, some may be willing to negotiate a term loan before it falls into the hands of their a the debt collection agencies.

Sixty to Ninety Days

If you are still “forgetting” to make the payments at sixty to ninety days, you may want to see a doctor on how forgetful you are getting.

At this point, the credit card will be frozen until an agreed sum of payment is made. However if payments are still not made, the account is then moved over to the collection centre of the bank. An account is moved over to this department when it is difficult to recover before it is labelled as a bad debt or deemed non-recoverable.

The collection centre then sends out a legal letter (“letter of demand”) which would demand that the entire sum being owed to the bank be paid back. The charges to issue this letter of demand may be borne by the customer depending on the bank’s procedures and regulations.

At this point, if you are still unable to settle your debt and the bank refuses to convert your debt into a term loan, we strongly suggest you contact
AKPK
. The debt management agency will be able to step in and help you put an end to your debt woes.

Beyond Ninety Days

After 90 days, depending on the amount owed, the bank may choose to outsource the recovery to a debt collection agency. The collection agency would be given a time line to make their collections from the customer.

It is important to know your rights as a consumer when dealing with such agencies. These agencies are not allowed to harass you nor physically harm or threaten you in any way. You may obtain some information on the prohibited business conduct from
Bank Negara’s website
.

Final Stand

In the rare case where a debt agency was not able to collect after the stipulated time given, the bank would consider legal proceedings. Typically, this is when they have exhausted all other resources to collect and takes the debtor to court. Once you have been issued a court summon, it is often when you can pretty much say goodbye to any further financing from any bank. You will also have your record added into the
CTOS
 system.

At the point of litigation, it is too late to approach AKPK (you should have done that earlier!). If there is no option or resolve that can be offered by the AKPK, the possibility of liquidating assets and filing for bankruptcy may be your only option and permanently damages your credit score.

Bankruptcy also bars you from leaving the country and may cause you to be unemployable among many other issues that go along with it. Do note that you can only be declared a bankrupt if the amount owed to the financial institution is a minimum of RM30,000. You can find out more about
bankruptcy in our previous article on the topic
.

Time Overdue

Action Taken

Thirty Days

Charges – (Outstanding + Interest + Late Payment Fee); CCRIS would reflect a late payment of one month; Friendly service call from the banks to make payments

Thirty to Sixty Days

Total first month charges + Second month charges (if any) + Interest + Late Payment Fee; CCRIS would reflect a late payment of two months; Letter from the bank to make payments; Card will be blocked

Sixty to Ninety Days

Account gets transferred to Card Collection Centre; Letter of demand is issued

Beyond Ninety Days

Bank may outsource to debt collection agency

Final Stand

Bank may choose to take you to court which could lead to bankruptcy (provided amount owing is more than MYR 30,000); record added in CTOS

If you are already saddled with a considerable amount of debt, do not wait until they have issued you a court summon to approach AKPK. It would be advisable to obtain some form of help or counseling with AKPK once you feel the debts are a little out of control and may need some help or advice on how to restructure them.

Next time you choose to skip out on a credit card payment to go on holiday, buy a new phone, or anything else instead of making your payments, consider the repercussions that could follow.

Do note that procedures for recovery and debt collection will vary from bank to bank but these are the general practices.

*Image sources: Image 2 from
Fin Tips
; Image 3 from
tweakyourbiz.com

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Personal Finance

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Tips on Using Your Credit Card for Holiday Shopping

As shoppers make their merry way through crowded carparks and bustling malls for last minute Christmas shopping; they’re just as likely to be whipping out their credit cards to pay for their purchases.

If you’re one of these signature happy shoppers; check out our tips on making the best of using your credit card during the year end sale and festive season.

Set a Limit

It is oh-so-easy to go over budget when you’re paying on credit so set your limit either in your mind for real by calling your bank and setting a daily spend limit.

Sometimes, you may allow yourself a little extra spending if you aren’t the type to shop regularly, but always remember to have a repayment plan worked out so you don’t end up paying a tonne on interest fees.

Maximise Cashback and Reward Points Accumulation

If you have more than one credit card; it helps to know where to use which card for optimum cashback and reward point accumulation. Some cards may give discounts at particular stores where else others may not. If you don’t want to spend all that time reading through credit card brochures and websites; just ask the cashier if there are any discounts or promotions for any particular bank credit card before you pay.

Look Out for Mall Promos with Your Card

Some malls offer exclusive freebies if you use a particular bank’s card up to a particular amount. You can often pick up free gifts like cards, notebooks or movie tickets. If you were going to use your card to spend at these amounts at particular stores then don’t waste the freebie attached. For instance, Paradigm Mall teamed up with RHB Bank for this year’s Christmas sale promos and Sunway Pyramid with HSBC.

Keep Tabs of Your Spending

Setting a limit alone may not be enough. Keep the receipts from your purchases and tally up the spending on your card adding this to your cash spends as well. Using both cash and credit can give us a false sense of spending less than we have as we tend to look at our spending in a divided fashion. Reconciling everything you’ve spent on during a shopping trip will help keep your purchases in check.

We’re not trying to dampen your holiday cheer with such sobering advice. You can still enjoy yourself and have a merry festive season without going broke. When the new year does roll in; you’ll be happy that you did make the effort to be disciplined with your shopping!

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3 Things to Ask Yourself Before Starting Your Own Business

There are many articles floating around the net that tell you the important steps or necessary procedures you need to get done before opening up your own business. While those steps and methods are important, we feel there are more crucial things to consider before you even begin to think about starting a business of your own. Here are the things you need to figure out before you decide whether or not you should open your own business.

What is Your Product or Service?

After all, what is a business but a way to sell things to a lot of people? Consider a product or service you have excellent knowledge of, because you need to know everything. From the resources used to make it, the processes involved, the skills and labour needed, to the strengths and weaknesses of your product.

Even with that in mind, you have to be comfortable with learning new, unexpected things about what you’re trying to sell. There’s no better way to truly know the ins and outs of a product than trying to turn it into the core of your business. Which is why we think it’s important to sell something that you’re very familiar with, so the surprises are kept to a minimum. Also remember that your product or service must fill a need. That need of course, has to be determined by asking…

What is Your Target Market?

Having a good product or service is nothing without also having the customer base to sell those products to. However unique, cheap, or amazing your product is, it won’t sell if nobody wants to buy them. Some of you may think that this problem can be solved by marketing. While that’s true to some extent, the best way to know whether or not people even want your goods in the first place, is to ask if they do.

Some business people even insist on finding your market
first
 before creating a product to solve their existing problems. This makes sense, since researching or inventing a product that ends up having no buyers is a waste of time and energy. Plus, knowing the market first also means you already have a starting customer base before you even have your product ready. This means less time waiting around to find out who wants to buy your awesome product; you already know who they are.

Do You Have Enough Capital?

Once you have a good product or service to sell, and you know who to sell it to, it’s time to figure out whether or not you have the capital to start your business. Capital here doesn’t just mean cash to start spending on resources. It also means time and energy. You shouldn’t neglect the time and effort it takes to run a business. It is absolutely essential that you factor in whether or not your family, current commitments and social obligations can accommodate your new venture.

Starting your own business can be rewarding both financially and emotionally. It can take a lot out of you if it fails, and it can take even more of you if it grows. But once you have these three things figured out, you’re that much closer in preparedness to start your first steps in opening up a business of your very own. If you’re in need of some capital in the form of cash, head on over to our
personal loans section
 to compare the best personal loans in Malaysia and find the one that suits you best.

Have anything to contribute to this story? Share your thoughts with us in the comments section down below!

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More Malaysians Renting Luxury Cars During Hari Raya

(Image:
Toyota Malaysia
)

This festive season, it appears some Malaysians are pulling all the stops for their Hari Raya celebrations. A growing number of Malaysians are splurging on renting luxury cars such as Toyota Vellfire MPVs as well as continental cars for Hari Raya, despite the costs that could go up all the way to the tens of thousands of Ringgit.

While car rental in itself isn’t uncommon in Malaysia, the idea that Malaysians are renting luxury cars to Balik Kampung certainly is. Kosmo reported that a growing number of Malaysians are willing to spend big on renting cars over the Raya period, despite the eye-watering costs. According to Malaysia Car Rental Business Cooperative (KOPKES) president Mohd Afendi Aman, an estimated 3,200 out of 4,000 cars owned by KOPKES members nationwide have been booked for the first week of Hari Raya, which began on Friday (15 June).

“Not all our customers are car-less. Sometimes they simply want a more luxurious car to take home for the holidays. Cars in high demand this festive season are Vellfire, BMW, Mercedes-Benz and other models classified as ‘super cars’,” Afendi said.

(Image:
Mercedes Benz
)

The cost of renting any of these cars is staggering. According to the Star, the weekly rental rate for a BMW is RM19,600, a Vellfire at RM14,000, and a Mercedes Benz at RM10,000. Considering the fact that renting a “normal” car would cost several orders of magnitude less, it is likely that these renters are using these rental cars as a means of impressing relatives during Hari Raya.

Whatever the motivation may be, this trend has also resulted in car rental companies raking in handsome profits. In its report, Kosmo noted that more car rental companies are opening to meet this demand. The payoff is potentially very lucrative, too: Afendi added that approximately 137 car rental firms under KOPKES will earn around RM5 million through car rental during this year’s Hari Raya.

(Source:
Kosmo
 via
the Star
)

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LIAM: Medical Insurance Premiums Are Increasing At An Unsustainable Rate

(Image: The Star)

The chief executive officer of the Life Insurance Association of Malaysia (LIAM), Mark O’Dell has noted that medical insurance premiums in Malaysia have been growing at an unsustainable rate in recent years. Consequently, this could make such plans unaffordable for many people, including consumers in the middle-income group.

In a report by The Edge Markets, O’Dell highlighted that medical insurance premiums have been increasing at an annual rate of 6% to 8% over the past few years, and that LIAM is actively investigating the situation. “We need to be aware of those drivers that contribute to higher medical insurance premiums and try to take the right actions moving forward,” he said.

One reason pinpointed for the rising premiums is the high medical costs in the country, which was underscored in the
2019 Global Medical Trends Survey Report
 conducted by Willis Towers Watson, a global advisory, broking, and solutions company. In the report, Malaysia ranked second out of 13 Asian countries in terms of medical costs.

The report also noted that medical costs in Malaysia had increased by 13.1% in 2019, caused chiefly by the availability and adoption of new medical technologies and equipment. Other Asian countries that saw spikes in their medical costs as well include Vietnam (16.3%), the Philippines (11.5%), Indonesia (10.8%), and China (10.7%).

O’Dell emphasised, however, that high medical costs is only one of many reasons for the
high medical insurance premiums
, and that it is a broader issue. “It has to do with the design of these medical insurance plans or particular hospital charges, which include consultation fees, hospitalisation fees, the cost of operating theatre, and more. There are many components to it,” he said. He added that LIAM intends to work with other stakeholders to address these issues, namely the insurers, Ministry of Health, private healthcare service providers, and medical insurance policyholders.

One effort that has been carried out thus far is the setting up of the Medical Cost Containment Task Force (MCCTF) in 2019, established by LIAM, General Insurance Association of Malaysia (PIAM), Malaysian Takaful Association (MTA), and Bank Negara Malaysia (BNM). The taskforce was charged to conduct an independent study on the key drivers of increasing medical insurance premiums, with the results scheduled to be revealed later this year.

(Image: The Sun Daily)

O’Dell further stressed that the issue of escalating premiums is not problem specific only to Malaysia. For instance, Singapore had moved to implement several solutions for a similar situation last year, one of which is the introduction of co-insurance plans. Such plans allow policyholders to pay a lower medical insurance premium by setting a fixed percentage for medical costs in their claims.

O’Dell said that the MCCTF may propose a similar solution for Malaysia, noting that while co-insurance plans are not new within the country, there are very few choices in the market. “We are not talking about a large amount of cost sharing by policyholders. It could be RM500 or 5% to 10% of the bill with a maximum cap. It does not need to be burdensome to policyholders. I would personally buy such a product if the premium is attractive,” he explained.

(Image: Malay Mail/Firdaus Latif)

Aside from addressing the issue of rising medical insurance premiums, O’Dell also highlighted that as of 2 September 2020, more than a million Malaysians – out of 13 million policyholders in the country – had opted to defer their life insurance premium payments. This is in reference to a relief measure that was announced earlier this year, allowing policyholders to
defer the payment of life insurance premiums and family takaful contributions
 for three months. “The total amount of premium payments being deferred is more than a billion ringgit,” he said.

Additionally, O’Dell discussed the country’s
stagnant 54% insurance penetration rate
, specifically among the lower-income group. He said that the key reason for the low number lies in the B40 group, whose income is only sufficient to cover their daily expenses. LIAM hopes to increase the rate to 75%, and is working with MTA and BNM to find ways to do so. This includes exploring different distribution channels for the B40 group, instead of relying solely on agents.

(Source:
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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    Santi Binti Mohd Jahis

    2 years ago

I want my money

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Bursa Malaysia Saw Significant Increase In Retail Participation In 2020

Bursa Malaysia has seen a significant increase in the participation of domestic retail investors in 2020, which brought the retail average daily trading value (ADTV) up by 236% to 1.6 billion. This is the highest retail ADTV to have been recorded in the stock exchange operator’s history.

“Despite the ongoing health and economic challenges, most capital markets with strong domestic liquidity such as Malaysia have benefited from the increased presence of domestic retail investors,” said the chairman of Bursa Malaysia, Tan Sri Abdul Wahid Omar, who added that the investors were encouraged by the convenience of online broking and a low-interest-rate environment.

(Image: Astro Awani)

For context, the surge in participation among Malaysian retail investors began relatively early in 2020, as indicated by a
125% year-on-year increase in new central depository system (CDS) account openings
 in the first seven months of the year itself. CDS accounts are mandatory accounts for those who wish to trade on Bursa Malaysia. This trend of active trading among retail investors continued all the way until the end of the year, peaking at an
ADTV of RM7.2 billion in August
. On top of that, data from MIDF Research also showed that the net purchases of stocks in Bursa Malaysia by retail investors in 2020 stood at almost
RM14 billion
.

Accordingly, this uptick in retail participation contributed to Bursa Malaysia’s improved full year financial results in 2020 – the highest to have been recorded since its listing in 2005. Its latest financial report showed that the total revenue had increased by 59% from RM502.49 million in 2019 to RM798.97 million in 2020. The stock exchange operator’s net profit also more than doubled from RM185.85 million to RM377.74 million during the same period. Additionally, the overall average daily trading value (ADV) of securities hiked from RM1.93 billion in 2019 to RM4.21 billion in 2020.

(Image: The Malaysian Reserve/Arif Kartono)

Meanwhile, the chief executive officer of Bursa Malaysia, Datuk Muhamad Umar Swift also highlighted the role of millennial investors, noting that 65% of the total CDS accounts that were opened last year belonged to millennials aged between 25 to 40 years old. “The increase of millennial investors is a positive development for the long-term sustainability of the market as they are key drivers of socially responsible investing,” he said, adding that improved financial literacy among retail investors demonstrated the increased effectiveness of its outreach programme in recent years.

Finally, Datuk Muhamad Umar said that Bursa Malaysia’s ability to handle the significant increase in volume and to achieve an exceptional financial performance is a testament to its commitment to improve and grow. By investing in its growth initiatives, Bursa Malaysia has gained itself a solid foundation, contributing to the resilience of the Malaysian capital market and making it one of the strongest in the ASEAN region.

(Source:
Bursa Malaysia
,
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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Hong Leong credit cards make owning a Nissan Almera easier

The Almera is one lust-worthy car. Not surprisingly, it’s Nissan’s bestselling global sedan. And now Hong Leong credit cards will make it that much easier for you to own it.

The bank is offering card holders a
0% interest extended payment plan on its 10% down payment for hire purchase
. Choose from a 12 month instalment plan with a minimum amount of RM1,000 or a 6 month one for RM500 and above.

The Nissan Almera is priced from RM66,800.

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Grab And Citi Launch Co-Branded Credit Card In The Philippines

In the Philippines, Grab and Citi teamed up to launch a co-branded credit card on 11 June. The Citi-Grab credit card will be introduced in Thailand later this year before being rolled out to other Southeast Asian markets.

Benefits of the Citi-Grab credit card include 10x Grab points earning on Grab spend and 3x more points from Citi on dining, online, and entertainment purchases. Cardholders will also be able to use Citi points to pay for Grab services and get free Grab vouchers when they use their
Citi credit card
 to top up the GrabPay wallet.

Furthermore, card members will enjoy a Platinum Tier upgrade for the first 6 months and get 12 free Grab rides after spending PHP10,000 (USD200) within 60 days of receiving their card. The membership fees for principal and supplementary cardholders are also waived for the first year.

This is the latest expansion of an ongoing regional partnership between Grab and Citi dating back to 2016, when Citi cardholders were first allowed to use their earned points to pay for rides on the Grab platform.

There is no indication yet as to when the Citi-Grab credit card will make its way to our shores. Currently, we do have the
Citi Cash Back Credit Card
 which offers 10% cashback on all Grab expenditure.

(Source:
Grab
,
Citigroup
)

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Mydin Customers Can Now Pay For Their Purchases With ShopeePay

(Image: The Borneo Post)

Mydin customers can now pay for their purchases at the local wholesale and retail chain via ShopeePay. This comes following Mydin’s announcement that its outlets across Malaysia are now enabled to accept payment via the e-wallet, making it the first hypermarket in the country to do so.

According to the managing director of Mydin, Datuk Dr Ameer Ali Mydin, the introduction of ShopeePay as an additional payment method will help to increase payment efficiency, especially with over thousands of transactions being carried out in Mydin’s outlets. This is because it speeds up the payment process as compared to payment by cash over the counter.

(Image: Free Malaysia Today)

Additionally, the use of ShopeePay will encourage customers to opt for contactless payment amidst rising Covid-19 concerns. “Where systems are in place, it will also minimise the chance of human error. We are doing our best to break the chain of Covid-19. Contactless payment, most importantly, is an effective precautionary measure to minimise the contact and protect our staff and customers in stores,” said Datuk Ameer in a statement.

The head of ShopeePay, Alain Yee also chimed in to say that all parties are striving to ensure safety and security, including those in the retail sector. “As such, it is timely that businesses adopt contactless payments, such as using ShopeePay as a measure to further minimise risk,” he said.

(Image: New Straits Times)

Yee further commented that with rewards such as cashback being offered, the Malaysian public can be persuaded to adopt contactless payment more quickly. The adoption of such payments also aligns with the nation’s vision towards a cashless society.

To kick off this new initiative, Mydin is now running a promotion where customers can earn a one-time RM4 cashback when they spend a minimum of RM10 via ShopeePay. This ongoing deal will end on 28 February 2021, or when it is fully redeemed. Meanwhile, first-time ShopeePay users at Mydin will receive an RM8 voucher when they spend a minimum of RM25 on their first transaction.

Aside from that, ShopeePay users can also tap into a separate daily deal that gives them RM3 cashback with a minimum spend of RM15 in a single transaction.

(Source:
New Straits Times
)

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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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How to Avoid That Awkward Moment When Your Card Gets Declined

Picture this – you’ve just dined in a nice restaurant and are ready to pay for your meal. But when the bill comes, your credit card can’t work and you have no cash on you! Just what do you do? Well, for starters, don’t panic because it happens to the best of us, even
President Obama
 and singer
Adele
 have gone through similar episodes.

Get ready to put on your dishwashing gloves – just kidding. You actually have several options, so don’t fret!

Why Do Cards Get Declined?

Even though your card will be processed for payment without issue most of the time – it does fail on occasion. Payment terminals may not read the card successfully and here are some reasons why:

Card is worn out, faulty or dirty.

You’ve maxed out your card’s limit – this happens especially when travelling. For instance, your hotel may reserve the entire deposit fee, leaving little or no balance on your card.

Issues with the card payment terminal itself.

Your card type is not accepted as is sometimes the case with foreign-issued debit cards or charge cards.

Your card has been deactivated or frozen due to suspected fraudulent activity (e.g. identity theft, out-of-character purchases, etc.).

What to Do if Your Card is Not Accepted?

If your card is not accepted at the point of payment, there are several steps you can take to resolve the issue. But firstly, try cleaning the card. Dirt and dust may be trapped on the chip making it difficult to read. Use your thumb to rub the chip (gently) and try the card again.

If it still does not work, you should
call your card provider to verify the charge
. It’s a good idea to have your card issuer’s contact details handy for times like these. Find out the possible reasons and inform the cashier.

If payment with your card is still not possible after the call has been made, most restaurants have a policy to give you time to make payment within a specified number of days. This often involves asking you to sign a waiver which will enable them to charge the card again if your payment has not been received within the time frame allotted. They will also make a photocopy or your card and identification.

However, some restaurants especially low-end ones might not practice such a policy. They may instead insist on payment, either asking you to call someone to cover the bill or if you are dining with someone else, they may ask the person to wait with them while you withdraw the money from an ATM. If this is not possible as well, here are other options to consider:

Transfer the amount to the restaurant’s bank account
 if your phone is enabled for mobile banking or if you have your laptop with you.

Issue a cheque
; overseas restaurants are a little more accommodating with cheque payments than local ones.

Negotiate
 with the manager; if you are a regular at the restaurant, there is usually a level of rapport or trust built and so they might be more likely to let you settle the bill later on.

Steps to Avoid the Credit Card Rejection Hassle

Carry a backup card with you, so in case one gets rejected, you’ll always have another to fall back on – even a debit card would be a sufficient extra. If you are travelling, do inform your credit card provider in advance so they don’t block the charges to your card when made from a different locale than usual.

It’s also important to note that since banks are making the transition to PIN and Pay cards that you get your PIN activated before charging payments, especially if you are headed overseas. Now you know what to do if your card does not work!

Love getting special discounts and earning cash back when you dine out? Then make sure your credit card is as rewarding as it can be. Check out our
comparison page
 to see how your current credit card stacks up or if you don’t already have one, all the more reason to start researching!

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Desiree Nair

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EPF i-Sinar Applications Open To All Members Starting 8 March

The Employees Provident Fund (EPF) will open i-Sinar applications without eligibility conditions beginning 8 March 2021. From that date onwards, all i-Sinar applications submitted by EPF members below the age of 55 will be given automatic approval, subject to a minimum account balance of RM150.

The move to remove eligibility conditions for the i-Sinar withdrawal facility was
announced by Minister of Finance Datuk Seri Tengku Zafrul Aziz
 last week. With the change, EPF members will no longer need to prove a lack of contribution to the EPF for at least 2 months or a reduction in base or total income by at least 30% in order to qualify for i-Sinar.

(Image: Focus Malaysia)

According to the EPF, the removal of the i-Sinar eligibility criteria means that the interim payment of RM1,000 will be effectively stopped. However, the maximum withdrawal amount – of up to RM10,000 for members with an account balance of RM100,000 and below, and up to 10% of savings for those with more than RM100,000 – will remain in place, together with the six-month payment schedule.

The EPF also stated that members who have already applied for i-Sinar will be given their approval starting 8 March as well. As for those who have not made any application yet and intend to apply during this transition period, the EPF advised them to defer doing so until the revised i-Sinar facility comes online on 8 March. This will reduce processing time and speed up the crediting of their funds.

“The fund appreciates members’ patience and understanding while these changes are being implemented, as the amendments to the i-Sinar facility as announced on 11 February 2021 involves substantial changes to the system, process, and governance required for i-Sinar Online,” said the EPF.

To date, RM18.5 billion has been released under the i-Sinar facility since applications first opened in December 2020, benefiting 3.3 million members. For more information and enquiries, EPF members can contact the EPF Contact Management Centre at 03-8922 6000, the i-Sinar hotline at 03-8922 4848 or refer to the EPF website.

(Source:
The Edge Markets
)

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    Dar

    2 years ago

I hope that my i sinar application will be approved lah. Because I plan to buy a new PS5 game console complete with all the latest games. The covid19 MCO has given me too much stress. I hope that with the i sinar, my epf moneyvand the new PS5 game console, will enchanted my living quality

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    Razimah

    2 years ago

Kalau yg dah pernah mohon kategori 1 tempoh hari…tetapi tersilap drag ammount…. Boleh mohon semula tak?

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    Sareetha Sinasamy

    2 years ago

Hai i already apply on 5th January 2021, the application shown still under process, What is the procedure to reapply isinar?

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    Dayang Azizah binti Mohd Hussaini

    2 years ago

I hope akaun emas members can withdraw too, as they are also affected especially single parent….

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PM: Budget 2023 Not Bound To Previous Version

(Image: Malay Mail/Shafwan Zaidon)

Prime Minister Datuk Seri Anwar Ibrahim has said that the revised Budget 2023, which is set to be re-tabled in the Parliament next month, will not be linked to the earlier version that was presented by the previous government back in October 2022.

“All aspects will not be tied to the previous budget even if we take into account the suggestions made before. But this is a completely new budget – its core, its policies, and its modifications – even though the revenue figures may not change much,” said Datuk Seri Anwar, who is also the Finance Minister.

Additionally, Datuk Seri Anwar said that the updated Budget 2023 will be designed to prioritise small and medium enterprises (SMEs) in high-impact sectors because of their potential, in addition to various other service sectors. These include green technology, renewable energy, and digital economy.

“Let’s not feel lethargic due to the receding economy. We have to find a way in new sectors such as the green economy and the digital sector. Our approach so far has also not focused on SMEs, which are the pillars of the national economy,” Datuk Seri Anwar further said, adding that the budget also needs to take into consideration aspects such as the national debt, which has reached RM1.5 trillion and must be dealt with urgently.

(Image: Malay Mail/Ahmad Zamzahuri)

For context, the
original Budget 2023
 – which saw an allocation of RM372.3 billion – was tabled by former Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz in October 2022. However, the budget was not debated or approved as the Parliament was dissolved three days later to make way for the 15
th
 general election (GE15).

Following the formation of the new government, Datuk Seri Anwar Ibrahim confirmed that he will be
re-tabling the national budget on 24 February 2023
. Meanwhile, a mini budget amounting to RM107.72 billion was presented and approved on 20 December 2022 to cater for interim expenses, including salary payments to civil servants, utilities, scholarships, and welfare assistance.

The Finance Ministry is also currently accepting suggestions for the national budget from the public, in a bid to make the preparation process more inclusive and transparent. You can visit the
Budget 2023 Proposal Portal here
 to submit your thoughts before it closes on 31 January 2023.

(Source: Malay Mail [
1
,
2
])

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The 7 Deadly Sins That Kill Your Finances

The weakening ringgit; food prices continuously rising and stagnant wages may all be contributing to our sorry state of finances, but are we guilty of making things difficult by having one or two bad spending habits ourselves?

Bad spending habits can drain finances without us realising it. Here, we reveal the 7 deadly money sins that could be what is killing your finances faster than the economy.

1. Lust – The Shopaholic

Lusting over everything you see while you shop online or at the mall might feel like a harmless pastime at first. Until, of course you decide to open your wallet and act on those feelings. Lusting over a new gadget release or designer outfit is one thing; giving in to it is what makes all the difference.

Talk about shopping hazards; give in one time too many and you end up drying out your bank account each month well before your next paycheck. Worse and worse, you might even find yourself facing hefty credit card bills.

Fix:
 Before you give in to the call to buy; ask yourself if you can really afford this or if the money will be better spent on a necessity or simply in your savings. It’s also helpful to delay the purchase. Tell yourself to wait a day to see if you really want the item or if it’s just an impulse purchase. You might find, after the wait, that you don’t really want it all that much anyway.

2. Envy – Keeping up with the Joneses (or Rahims, Chongs and Muthus)

Some of you might be able to relate to the unpleasant feeling of failure when you see others living a more content and luxurious lifestyle. With social media allowing everyone to brag about their purchases; it’s even easier to feel like you need to measure up in the spending stakes. You work hard for your money so why can’t you enjoy the same luxuries?

To stay on top of the game, you compete by buying the latest gadget, a fancier handbag or more expensive car. Some might go so far as to buy a bigger home or renovate their current abode to be fit for the stars. There’s nothing wrong with wanting more for yourself but when you are constantly using other people as a barometer for what you can afford; that’s when the trouble starts.

Fix:
 No doubt having envious stares for having the best possessions is a great, temporary ego booster; it’s not the kind of pleasant feeling that lasts in the long run (especially not when the bills arrive!). Instead, why not keep up with your finances instead of your neighbours? Outdo yourself on saving and feel more secure as time goes. The satisfaction of a cushy bank account is a much better feeling in the long-run.

3. Sloth – Overpaying for Convenience

Unlike the animal itself, being slothlike toward your own finances isn’t cute. We all have those moments where we are just too lazy to do weekly housekeeping or bill paying. We hire cleaners; personal assistants and financial advisors to do the niggling little things like our taxes because we don’t want the added work of doing it ourselves. Sometimes, we pay more to get our car washed, buy our groceries at the nearest store (though not the cheapest), and have our laundry professionally done so we can avoid having to do these menial tasks ourselves.

Whilst, it’s a great convenience if one can afford it – constantly opting to have others do our chores for us is added cost that could be saved for something better.

Fix:
 Where possible, opt to do your laundry, chores and the like yourself. Plan your shopping trips so instead of making many small and expensive excursions to a more expensive mart nearby – you can head to a hypermarket and buy in bulk for a much cheaper price.

4. Greed – Hoarding

Are you a collector of pretty much
everything
? You collect shoes, rugs, books and just anything that is sold in enough abundance to be collected. Not only does hoarding cost money in the sense that you are buying tonnes of items you don’t need; it also costs you in storage space. Renting or buying a bigger home to fit all your collections is not cheap and then think of all the shelving and storage solutions you’ll need!

Fix:
 Hobbies are actually a great way to de-stress and it’s awesome that you have one. But perhaps you could limit your hobbies to one or two and preferably hobbies that don’t involve accumulating rooms full of stuff.

5. Wrath – The Price of Road Raging

We hear news about road accidents just about everyday. The World Health Organisation (WHO) reported in their Global Status Report on Road Safety that Malaysian drivers ranked as the worst in South East Asia with an average of 23 deaths per 100,000 population over the span of 12 years. Most of the recorded incidents can be attributed to speeding.

As much we understand getting stuck in traffic can leave one feeling impatient and furious, driving recklessly isn’t the best way to deal with it. It’s not worth sacrificing the life of others and yourself! Even if you do make it through okay; your car may not. Reckless driving puts strain on vehicles, burns added fuel and increases your risk of getting involved in a costly fender-bender or getting a traffic summons.

Even if you think car insurance has you covered: remember that you lose your NCD when you claim.

Fix:
 Stuck in a jam? Instead of cutting lanes and abusing the emergency lane; listen to some music and relax. You’re already in it and you will get out of it- just a matter of time. To avoid getting stuck in the jam in the first place; plan your journeys better to account for traffic situations and give yourself ample time to arrive at your destination.

6. Gluttony – Overdoing Weekend Feel-Good Food and Drinks

You may count your pennies most days but then there are the happy weekends when you think a night of clubbing and fine foods is just what you deserve after a gruelling week of cafeteria fare. Then this one night of food and drink merriment sets you back RM500. Do this just 4 days in a month and you’ve spent RM2,000 which could be used for something much more more useful.

But even if partying is not your thing; food wastage can occur when you don’t plan your shopping trips. When we are hungry, we tend to order too much food or overdo the grocery shopping. However, once we realise that the amount of food is more than we can stomach, it ends up in the trash. The
Sundaily
 reported 8,000 tonnes of food going to waste daily, enough to feed 6 million people. Throwing out leftovers isn’t only bad for the environment, it’s a waste of your money.

Fix:
 Set budgets for weekend nights out so you don’t end up eating into your reserves as you party. For homebodies, make a shopping list; stick to it and always shop after a good meal. The less hungry you are; the less likely you are to buy a tonne of groceries you don’t need.

7. Pride – Worshiping the Gods of Commercialism

Much like the envy money sin; pride is when you believe you must own designer items or the most expensive brand before you can be considered someone of reckoning. You shun shopping discounted goods and go out of your way to pay more for branded items. Whilst being a stickler for quality is not the problem; it’s more of being able to balance the need to buy branded with how much you can afford.

Can you really afford RM300 for a pair of headphones when the RM50 set will work just as well? Or perhaps you feel you must upgrade your gadget every time a new release makes an appearance without considering the impact on your bottom line.

Fix:
 Craft your spending on a delicate balance between quality, quantity and affordability. Yes, the RM500 crock-pot may be better for perfect stews but if you have only RM200 to spend; making that compromise shouldn’t detract terribly from the purpose of the item – to simply make a healthy stew.

Don’t let this list of 7 deadly sins be your one way ticket to financial purgatory; trying out any one of the fix ideas should help you get on track. Avoid these bad habits and you can be sure to enjoy the luxury where financial stability can brings.

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Samsung Launches Physical Samsung Pay Credit Card In South Korea

Samsung has rolled out the new Samsung Pay Card in South Korea, a credit card launched in partnership with Samsung Card and Mastercard to offer more benefits to Samsung Pay users.

According to Samsung, the Samsung Pay Card expands the features of Samsung Pay, combining the convenience of a physical card with the additional features built into Samsung Pay. Users can only apply for the Samsung Pay Card through the Samsung Pay app, and a numberless physical card will also be issued for their use.

The Samsung Pay Card is also managed exclusively via the Samsung Pay app. You can use the app to check your card number, view card transactions and payments due, as well as enjoy limited-time discounts on selected merchants. Should the need arise, you’re also able to block overseas payments through the app.

In addition, the Samsung Pay Card also offers a 1% discount whenever users make an offline purchase via Samsung Pay. Meanwhile, online purchases will earn them a 1.5% discount. There will be additional discounts from now till the end of the year to entice users to use this card.

The Samsung Pay Card is the latest product that expands the Samsung Pay ecosystem around the world. Samsung had also recently launched the
digital Samsung Pay card in the UK
, as well as the
Samsung Money
 for the US market. There’s no word yet on whether any of these new innovations will make its way into other markets such as Malaysia.

(Source:
Samsung
)

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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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AmInvestment: Bank Loans Likely To Grow By 4% To 5% In 2021

(Image: The Malaysian Reserve)

AmInvestment Bank Research has predicted that the loan growth for the domestic banking industry will settle at 4% to 5% in 2021, with a faster rate of increase in household and non-household loans. This is supported by a gross domestic product (GDP) expansion of 6.5% to 7%, with private spending and trade activities improving.

The research house also said that the provisioning for loan losses for the banking sector will likely be lower this year compared to the last. This is because banks will continue to front-load their provisions in 2020, conservatively booking more provisions as management overlays in the remaining months of the fourth quarter of last year (4Q20). In other words, they will endeavour to assign most of their loan losses to the remaining months of 4Q20 for a lighter load in 2021.

(Image: New Straits Times)

“For 2021, we are assuming a lower credit cost of 47 basis points (bps) versus 55 bps in 2020. We expect the low interest rate environment to persist moving into 2021 with no further overnight policy rate (OPR) reductions. This will be supportive of the economic recovery,” AmInvestment further noted.

With no further rate cuts expected this year, the research house went on to predict that the interest margins for banks will continue to recover from 4Q2020 into the first quarter of 2021 (1Q21) as more people continue to repay their debts. As such, the net interest margin (NIM) in 2021 is expected to be stable, or maybe even improve slightly.

With all the above factors combined – along with controlled operating expenses – AmInvestment said that the core earnings of the banking sector will likely recover and grow by 16.1% in 2021. Last year, the banking sector suffered a 22.2% drop in its core earnings due to various reasons, including changes to macroeconomic variables.

(Image: Malay Mail/Ahmad Zamzahuri)

In terms of the sector’s return on equity, the research house further foresees an improvement of 0.3% from last year, to 8.9% in 2021. However, the asset quality for banks will still face some weaknesses, such as the risk of impaired loans, although the ongoing targeted payment assistance programme should help to lower these risks until the end of June.

“Concerns on asset quality will be mitigated by the likelihood of the distribution of Covid-19 vaccines in 2021 and the fact that banks have already made much of the provisions upfront in 2020 against any potential future credit losses,” explained AmInvestment.

(Source:
AmInvestment Bank Research
,
The Sun Daily
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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OCBC Urges Customers To Activate OCBC OneToken, Shift Away From SMS OTP

OCBC Bank has called upon its customers to shift away from SMS one-time passwords (OTP) to its more secure transaction verification method, the OCBC OneToken. This is as the bank joins
other financial institutions in responding to Bank Negara Malaysia’s (BNM) recent directive
 for them to adopt five additional security measures to fight financial scams.

In a statement, OCBC said that it will be reaching out to customers soon via electronic direct mailers (EDMs), social media, and the bank’s website to guide them through the process of activating their OCBC OneToken. To clarify, the
OneToken
 is a digital token feature within the OCBC Malaysia mobile banking app that will generate OTPs required for the authorisation of your online banking transactions – instead of relying on third-party service providers to send it through SMS.

The bank further highlighted that the OneToken is more secure as it can only be activated on a single mobile phone at any given time, which also allows OCBC to meet another of the five additional safeguards that were proposed by BNM. Furthermore, OneToken comes with two factor authentication security, and built-in defence capabilities to detect threats on customers’ mobile phones. For added security, OCBC is imposing a 12-hour cooling-off period as well when customers have successfully activated their OneToken.

Chief executive officer of OCBC Bank, Datuk Ong Eng Bin noted that most of the bank’s customers have already made the move to switch to OCBC OneToken. However, there remains a minority that continues to utilise SMS OTPs – and it is this group that OCBC Bank hopes to persuade.

“Fraudsters are looking to exploit any mistakes by customers in order to gain access to their accounts online. A significant step every customer can take to protect themselves is to switch from receiving an OTP by SMS to OCBC OneToken instead. This blocks out one of the most common ways through which fraudsters try to trick customers into divulging their personal details and OTPs,” said Datuk Ong, adding that the bank was one of the early adopters of digital tokens when the OCBC OneToken was introduced in early 2019.

Aside from that, Datuk Ong also highlighted that the bank has designed the interactive voice response (IVR) messages for its contact centres to always prioritise scam reports. Specifically, OCBC’s IVR system will always begin the conversation by offering customers the choice to report a scam, before presenting them with other banking services and options.

(Image: The Star)

At the end of last month, BNM had instructed bank institutions to adopt
five additional security measures in a bid to better combat financial scams
. These steps include migrating away from SMS OTPs to safer verification methods, tightening fraud detection rules and triggers when blocking suspected scam transactions, as well as observing a cooling-off period for the first-time enrolment of online banking services. Aside from OCBC, several banks – including
Maybank
,
CIMB
, and
Public Bank
 – have also released statements to pledge their support for this effort.

(Sources:
OCBC
,
The Star
,
Bernama
)

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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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8 Reasons Why Your Credit Card Application Got Rejected

Feeling hurt because your latest credit card application just got rejected? Don’t take it too personally as hundreds if not thousands of credit card applications get thrown out on a daily basis. Just cause one bank throws out your application for a credit card, doesn’t mean that you’re not destined to own one.

Perhaps you’re just applying for the wrong type of card or might need to make several lifestyle changes to improve your credit rating. With that said, here’s 8 reasons why your latest
credit card application
 might have been declined.

1) You Made a Mistake While Filling Up The Application Form

Don’t laugh, everyone makes mistakes at some point in time so this scenario is entirely feasible. Suffice to say, the Bank cannot process your application if you forgot to fill in or incorrectly wrote down certain information. This is especially true if the information is vital such as your NRIC number for example. To avoid making this simple and at times laughable blunder, it is always advisable to double check all your information before submitting any form.

2) You Don’t Earn Enough

A credit card is essentially a tool from which you can borrow money to make purchases and subsequently pay it back later (with interest of course). With that in mind, everytime you apply for a card the bank has to determine whether you have the financial capacity to pay off what you may potentially owe. It is for that very reason that every card has a designated minimum income amount.

In general, excluding supplementary cards, the minimum income that you need to be earning in order to own the most basic of credit cards is RM24000 per annum. If you earn anything below that, your application is not likely to get approved so you might want to consider just using a debit card for now.

3) You Haven’t Borrowed Before

While not quite as bad as bad credit history, applying for a credit with no
credit history
 at all may hinder your application! Even if you meet all the criteria required, lenders like to see that you have a history of managing debt well as this reassures them that you will repay your debt on time. This issue becomes more profound when you choose to apply for a more “advanced” credit card as your first card.

4) You Haven’t Been Working Long Enough

This reason generally only applies to individuals who haven’t been working for a very long time, namely, fresh graduates. As a general rule of thumb, most banks usually require a minimum working time period (with
EPF contribution
) of at least 6 months with the same company in order for your credit card application to be approved, assuming all other requirements are met.

This requirement is usually set in place to ensure that the cardholder has some form of stable income as most employees are typically issued confirmation before the 6 month mark of their tenure with their respective company.

5) You Haven’t Been Paying Your Existing Current Credit Card Bills Regularly

Whenever you apply for a new credit card, the bank essentially does a sweep of all your previous spending history (credit check). If you presently own or have previously held any credit cards, then the bank will want to look at your history with those cards. For example, if you currently own a credit card and have been repaying all your purchases within the due date in order to keep a low balance, then the bank should have no problem issuing you another card.

Conversely, if you haven’t been repaying your bills on time and have started snowballing a large amount of interest or had your card cut due to non-payment, then the bank might be less inclined to issue you a second card. Hence it is extremely important to try to pay down your balances before applying for a credit card if you want to boost your chances of getting an approval. Remember, the more debt you hold, the lower your chances of approval.

6) You’ve Been Busted for Fraud in The Past

When it comes to Crime, the general rule is “once convicted, never forgotten”. Your criminal record follows you for life and can influence everything from job applications to even credit card applications. The latter is especially true if the crime committed involves monetary fraud. Monetary fraud is formally defined as criminal deception intended to be used for financial gain, examples of which include tax evasion and forgery.

A blemish such as fraud on your record can severely reduce the bank’s confidence in you, which may lead them to deny giving you a credit card.

7) You Already Have Too Many Credit Cards

With an array of different credit cards with various benefits available on the market, it’s easy to just go crazy applying for every card that you see. After all, you can never have too many cards right? Wrong! Most banks might be less inclined to issue new cards if the applicant already has a significantly large number of existing cards (e.g. 5 or more).

Unless you rake in a massive amount of income annually and keep a spotless credit record, don’t expect your fifth or sixth credit card application to get approved.

8) You Applied for Too Many Credit Cards At Once

This is especially true when visiting exhibition fairs where swarms of credit card booths await unknowing patrons to snag them into applying for a credit card. As you go from booth to booth applying for card after card, the likelihood of getting all applications approved slowly dissipates.

As mentioned before, credit card companies usually check everything and anything about you whenever you apply for a new card. Hence, if the bank sees that you’re applying for more than one card at the same time, they might be less inclined to grant you an approval.

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Affin Bank Launches Credit Card That Offers 3% Cashback On Contactless Transactions

Affin Bank has a new snazzy-looking credit card on the market. The Affin Bank Visa Signature Card offers 3% cashback on contactless transactions and 1x AFFIN Rewards Point for PIN-based and other transactions.

Cardholders get 3% cashback on all contactless transactions (excluding government services and charity transactions) up to a monthly cap of RM80. A contactless transaction is made by tapping your Affin Bank Visa Signature Card in front of the Visa payWave contactless reader. Each Visa payWave payment is capped at RM250 per transaction; for bigger amounts, you would have to key in your PIN instead.

The new credit card offers benefits for non-contactless transactions too. Cardholders will earn 1x AFFIN Rewards Point for every RM1 PIN-based and “card-not-present” transaction spent. According to Affin, “card-not-present” transactions refer to e-commerce, mail order telephone orders, and recurring and standing instructions.

At RM80 per month, the cashback cap for the Affin Bank Visa Signature is generous – although you would have to spend about RM2,667 each month to hit the maximum amount of cashback offered. Even if you aren’t in the habit of spending over RM2,000 in contactless payments each month, the Affin Bank Visa Signature will stand as a decent cashback credit card given the wide acceptance of Visa payWave. The benefits for PIN-based and e-commerce transactions also ensure that you will be entitled to Rewards Points for most payments that don’t qualify for cashback.

Another credit card on the market that offers benefits for contactless transactions is the
recently-revamped HSBC Platinum Credit Card
. The
HSBC Platinum Credit Card
 gives its cardholders 8x rewards points for all contactless purchases capped at 3,000 points per month. It also offers rewards points for online shopping, overseas spend, and other spend.

The minimum income requirements for the Affin Bank Visa Signature are moderate at RM48,000 per year (RM4,000 per month). The annual fee of RM150 is waived for the first year, with a minimum retail spend of RM6,000 per annum to be waived for subsequent years.

You can find out more about the
Affin Bank Visa Signature Card here
.

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Versa Enhances Ongoing Versa Cash Promo To Offer 4% p.a. Net Return Rate

Digital wealth management app Versa has announced that it is enhancing its ongoing Versa Cash promotion to soon reward clients with a net return of 4% p.a. on the funds within their accounts. This is set to begin on 1 November 2022, and will run for three months until 31 January 2023.

For context, Versa’s existing promotion for its Versa Cash clients – which was originally meant to last only until 31 December 2022 – allows them to enjoy a
promotional net return rate of 3.2% p.a.
 on the first RM30,000 balance in their account. The rate is achieved by tallying up Versa Cash’s base net return rate (2.5% p.a.) and the promotion net return rate (0.7% p.a.). Excess amount beyond the first RM30,000, meanwhile, will earn only the base net return rate of 2.5% p.a..

Starting from 1 November 2022, however, the 3.2% p.a. promotional rate will be bumped up by another 0.8% p.a. to let you enjoy an even higher rate of 4% p.a. on the first RM30,000 in your Versa Cash account. And as before, subsequent amounts beyond the first RM30,000 will earn 2.5% p.a..

Other than that, all existing terms and conditions of this campaign remains unchanged; the promo is still applicable to both new and existing clients, which means that you do not need to specifically deposit RM30,000 of fresh funds to enjoy it. As long as you have funds in your Versa Cash account, the 4% p.a. rate will automatically apply. You can also opt to transfer funds from your
Versa Invest
 account – Versa’s investment solution that complements its Versa Cash – to enjoy the promo rate.

Also, the earnings from this campaign will be disbursed on a monthly basis, with the returns gained each month to be deposited into your account in the following month (returns that amount to less than RM0.01 will not be paid).  And as always, the campaign rewards will be paid on a first-come first-served basis; in the event that the total allocation for the campaign has been fully utilised, then you’ll continue to earn the base net return rate of 2.5% p.a..

(Source:
Versa
)

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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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    Anonymous

    10 months ago

Does it mean that from 1st Nov till 31 Jan, if I deposit 30k, the rate will be 4.0? After 31 Jan, the rate will back to 2.5 if there is no other promo? Does it mean it has 3 months 4.0 interest rate?

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    Pang Tun Yau

    10 months ago

    Reply to

        Anonymous

Yes correct. for the 3 months your deposit will earn 4% pa.

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OCBC Slazenger Trolley Bag Giveaway

Apply For The OCBC Titanium Credit Card And Get A Free Wheelie Suitcase

The RinggitPlus Team believe that the
OCBC Titanium credit card
 is, without a doubt, one of the best all round credit cards available to Malaysians, bundling a fantastic set of features with great cash back rebate and a load of special offers.

So what could make the
OCBC Titanium
 an even better credit card to take on your holidays? How about
a stylish Slazenger Trolley Bag
?

All you need to do to get yours is apply for an
OCBC Titanium credit card
. If you’re one of the first 150 customers to be approved in the month of your application – you’ll get your free Trolley Bag.

What are you waiting for?
Apply now!

Terms and Conditions apply

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Everything You Need To Know About Term Life Insurance

It’s never too early nor too late when it comes to insurance-planning, especially since it concerns both your immediate and long-term future. When talking about life insurance, there’s a lot of things you need to consider before committing to a policy. What tenure should you choose? Is term life a better option than whole life insurance? What is term life insurance, exactly?

If you’re still not sure on which term life insurance to get, we’re here to help you decide. Here’s a complete guide to everything you need to know about term life insurance.

What is Term Life Insurance?

Term life insurance is a very common form of life insurance and provides a lump sum payout if you die in the course of the policy duration or if you suffer from a total permanent disability (TPD). It is priced affordably so that anyone can apply for it at any life stage and with this policy in hand, you can stay assured that you and your family will be protected in the occasion that something unfortunate happens to you.

As a term life insurance policyholder, you will make payments called premiums to an insurance provider. As long as the policy is active, you will receive a fixed amount of lump sum coverage as the key benefit.

This benefit will be paid out to the beneficiaries of the policy in the event of death or TPD.

How is Term Life Different Compared to Whole Life Insurance?

In a nutshell, whole life insurance can be defined as a permanent life insurance product, that offers lifetime coverage (maximum coverage age of 80 – 100 years old, depending on the policy provider), meaning the policy is guaranteed for as long as you can pay the premiums.

Meanwhile, term life insurance only covers you for a set timeframe – this could vary from a 5, 10, 20, or even 30-year period depending on the term that you choose. If you die or suffer from TPD during this period, your loved ones will receive the benefit, but if you do not, you and your beneficiaries will not receive anything. You can choose to discontinue the plan after your policy term is up or renew it up until a certain age.

For a clearer understanding of the differences between term life insurance and whole life insurance, you can watch the video above, and refer to our cheat sheet below:

Why Should I Get Term Life Insurance?

No one wants to think about their own death, let alone plan for it. However, if you have a Term Life insurance policy, should the worst happen, your family can be provided for financially. Here are a few scenarios how this can be relevant to you:

If something unexpected happens to me…

I want my child to further their studies without worrying about the cost.
I want my wife/husband to stay in the home that we have lived in without letting our mortgage burden him/her.
I want my parents to be cared for just like they have cared for me.
My car loan should be the least of my family members’ concerns.
I hope that my family can live comfortably without worrying about the future.
I don’t want to burden my parents with my debt if something happens to me.

By buying a term insurance plan on your own life with a sufficient sum assured, you can ensure the financial stability of your dependents even when you are not around anymore. This assurance provides every individual with peace of mind free from financial worries.

How Do I Apply For Term Life Insurance?

Traditionally, many people purchase life insurance by meeting up with insurance agents face-to-face to have their potential policies explained to them. These days, it has become increasingly common for Malaysians to do their own research and purchase their insurance policies wholly through digital channels. These policies also do not require medical check-ups prior to approval, and the approval process itself can be instant.

Fi Life is one example of a fully online platform that allows you to buy term life insurance, complete with all the details and information you need to make the right decision readily available on their website. If you are interested in checking out Fi Life, don’t forget to make use of our exclusive 10% promo for RinggitPlus readers below.

We will be covering more on this topic in the coming weeks, so if you have any queries on this matter, drop us a comment and we’ll do our best to cover them in our upcoming articles!

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Get 10% off your first-year premium on any life insurance product offered by Fi Life!

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How much would you pay for a Minion?

It appears Malaysia has gone completely start raving bonkers

over Minions – those cute yellow guys from the
Despicable Me
 movies. McDonald’s Malaysia starting running a campaign giving away little plastic

minions upon release of the movie a few weeks ago: little did they know the

move would cause them broken shutters, irate customers and a swarm of secondary

sellers touting minions for ridiculous prices on their page.

So we wondered: how much would you pay for a plastic toy

Minion that initially cost RM3?

Lelong.com.my has them for as little as RM30 (each) up to a

whopping RM80!

Can’t find the one you want there? No sweat, try

Mudah.com.my.

From RM75 for a set to RM1500? Now that’s insane! If you

still can’t find the ones you want, look no further than McDonald’s Malaysia’s

own Facebook page!

But are people really buying at these prices? Looks like yes. Check

out a closed listing on Lelong; two minions for RM100 with a bid!

There’s a good chance that after weeks of waking up at 12 midnight and fighting with strangers in a 3 hour queue at McD your minion will end up at the back of a dusty shelf forgotten. But until then, the colour of the month is yellow. Scalping sellers are laughing all the way to the bank and I just may have to lock my one and only minion up real tight at the office.

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Google To Offer Current Accounts In Partnership With Citi

Google is planning to offer current accounts to its customers through the Google Pay app. The tech juggernaut has partnered with Citigroup and a California credit union in an effort to break into the banking and financial space.

The current accounts (or checking accounts as they are known in the US) will enable users to receive salaries and transact solely within the Google ecosystem. The project is codenamed Cache and is expected to be released some time next year.

“We’re exploring how we can partner with banks and credit unions in the US to offer smart checking accounts through Google Play, helping their customers benefit from useful insights and budgeting tools,” said Google. It is uncertain whether Google and its partners have plans to launch this offering in other countries outside of the US.

The move by Google follows the ongoing trend of tech companies offering financial services to their customers. Just recently, Facebook rolled out its own in-app payments system,
Facebook Pay
, whereas
Apple partnered up with Goldman Sachs
 to introduce its own credit card earlier in March.

(Source:
Bloomberg
)

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Apple Slashes Prices of iPhone 8, iPhone XR, And Apple Watch Series 3 In Malaysia

(Image: SoyaCincau)

Following the official announcement of the new iPhone 11 and the Apple Watch Series 5 recently, Apple has slashed the retail prices for its previous-gen products in Malaysia, including the iPhone 8 and 8 Plus, iPhone XR, and the Apple Watch Series 3.

With the latest iPhone 11 and iPhone 11 Pro hitting Malaysian shelves soon, Apple continued its tradition of lowering the prices of older models to fill the gap in the lower price points. Now, the iPhone 8 is the company’s most affordable smartphone, with the two-year old model available from RM2,199.

Previously, the iPhone 8 64GB was retailing at RM2,899. Now, it’s only going for RM2,199. The iPhone 8 Plus (also 64GB) too has been reduced in price, from RM3,299 to RM2,699. Note that the 256GB option has been discontinued for both the iPhone 8 and 8 Plus, and in its place, the tech giant has introduced a new 128GB option that will retail for RM2,399 for iPhone 8 and RM2,899 for iPhone 8 Plus.

Model

Original Price

Revised Price

Reduction

iPhone 8 64GB

RM2,899

RM2,199

RM700

iPhone 8 128GB
(New)

RM2,399

iPhone 8 Plus 64GB

RM3,299

RM2,699

RM600

iPhone 8 Plus 128GB
(New)

RM2,899

At the same time, there is also a generous price cut for the iPhone XR. Initially retailing at RM3,599, iPhone XR 64GB has dropped to RM2,899. The 128GB version now costs RM3,099 (
RM3,049 in Lazada
) compared to its original RM3,849, which is a solid RM750 less and the highest discount of the lot. Just like the iPhone 8/Plus models, Apple has also removed the 256GB version from its line-up (though the Apple Store in Lazada is still offering the model at
a reduced price of RM3,549
).

Model

Original Price

Revised Price

Reduction

iPhone XR 64GB

RM3,599

RM2,899

RM700

iPhone XR 128GB

RM3,849

RM3,099

RM750

It is important to note that at RM2,899, the iPhone XR (64GB) costs the same as iPhone 8 Plus (128GB). Depending on your storage needs (all iPhones do not have expandable storage), the iPhone XR does look like a better option – the official Apple Store in Lazada is offering
the same model for RM2,849
.

As for the Apple Watch Series 3, the 38mm option was initially retailing at RM1,229 but has now been
reduced to RM849
. The 42mm version previously retailed for RM1,379, now it has dropped to RM999. Both options are retailing for RM380 less than their original price tags. Compare these revised prices to that of the Watch Series 5 starting at RM1,749, and it is evident that the Watch Series 3 is still far gentler on the budget anytime.

Model

Original Price

Revised Price

Reduction

Apple Watch Series 3 (38mm)

RM1,229

RM849

RM380

Apple Watch Series 3 (42mm)

RM1,379

RM999

RM380

That said, there are two years of tech advancement between the Series 3 and Series 5; the latest edition has been reviewed as the best smartwatch available today.

(Source: SoyaCincau (
1
), (
2
))

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PIAM, MTA: Crucial To Have Flood Coverage As Flood Losses Are Forecasted To Increase

The General Insurance Association of Malaysia (PIAM) and the Malaysian Takaful Association (MTA) have both urged the public to reconsider the importance of flood insurance, especially as the amount of flood losses is expected to increase in the future.

Speaking in a virtual panel discussion, management committee member of the MTA, Marcel Omar Papp noted that flood losses have shown an upward trend over many years. “Losses from floods have increased, not only in Malaysia, but across the globe. If we look at statistics from the past 50 years, flood losses have increased by about five times since 1970, globally,” he said.

Marcel – who is also the principal officer of Swiss Re, an insurance service provider – also stressed that moving forward, this increase is expected to continue as populations grows, climate changes, and the environment continues to degrade. “The trend, unfortunately, goes only in one direction, that is, increasing. Based on recent research from my company, just climate change alone could cause flood losses to increase by up to 65% in the next 50 years in Malaysia,” he said.

(Image: Malay Mail/Miera Zulyana)

Given the statistics, Marcel urged Malaysians to place some priority in purchasing flood insurance. He also reassured the public that the premium of flood insurance will not necessarily increase because of the higher exposure.

“Naturally, if you hear that the exposure will increase by 65%, you might think ‘oh, the premium or contribution also has to increase by 65%.’ However, this is not necessarily the case because just recently PIAM has done an analysis that showed that the premium for flood extension have actually reduced by 30% in the last five years due to the fact that more people have bought the flood extension,” Marcel shared.

Meanwhile, the board of director of PIAM, Zainudin Ishak stressed the importance of getting flood coverage for motor vehicles in particular, because people drive them to various locations, hence their exposure to greater possibilities of being caught in unexpected floods. “For motor vehicles, you’ll drive it anywhere because of the mobility. So you’re not necessarily only going to stay in Damansara Heights, where there’s no flood. Who knows, on an unfortunate day, you might be in Taman Sri Muda attending a wedding, and be caught in a flood,” he said.

(Image: AP/Vincent Thian)

The board chairman of PIAM, Antony Lee also commented that flood coverage is worthwhile as it hastens the recovery and rebuilding process for flood victims – especially businesses. He said that insurance claims usually take only between seven to fourteen days to be disbursed, after which policyholders can immediately use the money to begin rebuilding their lives.

Additionally, Antony laments the trend of policyholders removing their flood coverage after a short period of time. “A lot of people will buy it, and then after the first year, when it comes to renewal, they don’t experience a flood and say ‘oh I’ll save the money, I don’t want to spend it.’ That’s not the right mindset,” he stressed, adding that Malaysians need to ultimately understand that insurance is a protection net.

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Antony Lee

Flood Insurance

Floods

General Insurance Association of Malaysia (PIAM)

Malaysian Takaful Association

Marcel Omar Papp

Motor Vehicle Insurance

MTA

PIAM

Swiss Re

Zainudin Ishak

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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