Bills Tabled In Parliament: Out With GST, In With SST

(Image: The Malaysian Reserve)

On Tuesday, five Bills were tabled by Deputy Finance Minister Datuk Amiruddin Hamzah in the Dewan Rakyat: the Goods and Services Tax (GST) (Repeal) Bill 2018, the Sales Tax Bill 2018, the Services Tax Bill 2018, and two other Bills seeking amendments to the Free Zones Act 2018 and Customs Act 2018.

The purpose of the
GST Repeal Bill
 is to permanently abolish the Goods and Services Tax (GST) to make way for the Sales and Services Tax (SST). The Bill also considers liability and refunds on any overpaid tax and lays out details on claims and refunds.

The
two SST Bills
 will introduce the SST as a replacement to GST. The Bills will detail the classification of taxable goods and services in Malaysia, as well as empower the Finance Minister to determine and amend the tax rate.

Meanwhile, the
amendments
 sought to the Free Zones Act and Customs Act are to make changes to the Acts as a consequence of the proposed implementation of SST.

These five Bills will be debated during the current sitting of the Dewan Rakyat, which ends on 16 August.

(Image: The Malay Mail)

Meanwhile, Customs Director-General Datuk Seri Subromaniam Tholasy has stated that a total of 6,400 goods will be charged under the SST compared to the 11,197 under the GST structure. Only 38% of the goods in the Consumer Price Index (CPI) basket will be taxed under SST compared to the 60% of goods under GST.

“This is based on the tariff numbers we had proposed,” he told reporters after a seminar on Tuesday. He added that will be an expected 70,000–80,000 companies registered under SST, compared to the 470,000 registered under GST.

Subromaniam also said that as part of the preparation for the reintroduction of SST, Customs will begin data migration from the MyGST system to MySST from Wednesday onwards. The relevant companies, which consist of mostly manufacturers and service providers, will be duly informed via e-mail starting this week.

“We have engaged and trained 5,000 companies so far. Hopefully the rest will be completed in a month’s time,” he said in reference to engaging sessions and briefing sessions with traders and business owners.

(Sources:
The Star
,
Free Malaysia Today
)

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Jacie Tan

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Durians Will Be Cheaper, Of Better Quality This Year

(Image: The Star)

Durian lovers can look forward to enjoying better quality fruits at a cheaper price this year, said several durian sellers and farm owners. This comes following an expected bountiful harvest, with the durian season set to begin soon.

According to durian seller Tan Chee Keat, the prices for most fruits will likely drop by 5% to 10%. As such, durians like the popular Musang King may cost only between RM20 to RM30 per kg this season, as compared to RM40 per kg previously.

Tan said that in the past few years, many farm owners saw smaller harvests, and this limited supply of fruits translated to a considerable hike in prices for the public. “Since it’ll be a good harvest this year, we can reduce the prices,” he stated, adding that this is actually a surprise for him, given the fact that he recently suffered a loss of RM1 million after a storm hit his durian farm in Balik Pulau.

“I did not expect the storm to happen during an extremely hot spell. This is rare. But we managed to carry out pest management successfully, which resulted in better quantity and quality of durians this year. The durian season is going to be long. Some orchards may have the fruits until late October,” Tan further commented.

(Image: The Star)

Tan also noted that the durian season will peak in June and July, with some farms already ready to distribute their harvests to traders by early next week.

Similarly, owner of the popular Bao Sheng durian farm in Penang, Chang Zhi Vooi is optimistic that business will be good for him and other merchants like him this coming season. This is as the supply will be equally spread out over the next few months.

“This means that we will not be too busy, compared to when the season was shorter and we had to work around the clock. The yield is expected to be the same, but stretched out over time because the trees are the same,” Chang said.

(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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7-Eleven Imposes Restrictions On E-Wallet And Card Payments, Including Bill Payments

(Image: The Star)

It appears that 7-Eleven Malaysia has quietly begun implementing certain limitations on e-wallet, as well as credit and debit card transactions that can be carried out at its outlets. Specifically, customers are now unable to use e-wallets and credit or debit cards to pay for selected products or services, including bill payments.

Based on the image below that has been circulating online, 7-Eleven is disabling credit and debit card, as well as e-wallet payments – encompassing ShopeePay, Alipay, and Touch ‘n Go (TNG) eWallet – for the following services and products:

(Prepaid mobile) reloads
Touch ‘n Go card reloads
Gift cards
Bill payments
Razer Cash

Meanwhile, it is still possible to continue using credit and debit cards, and e-wallets when you are purchasing other products such as starter packs, parking coupons, and regular merchandise at 7-Eleven outlets. Other than these, 7-Eleven will only accept cash as payment.

As of the time of writing, various consumers have confirmed the restrictions in the above image. It may be that 7 Eleven has updated its point of sale (PoS) machines since the new year to only allow certain transactions to be payable via e-wallet and debit/credit cards.

Nonetheless, it’s worth pointing out that this update has not been reflected on 7-Eleven’s website yet. For instance, as you can see in the screen grab below, 7-Eleven’s website still states that you can use TNG eWallet to “make payment for prepaid reloads, utility bills, and other in-store services.”

With this restriction, savvy consumers will now lose an avenue that they can use to double dip when paying for various expenses,
including their TNB bills
 (though this is less of an issue now that
Boost and TNG eWallet both support TNB bill payments directly fro
m the apps).

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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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Kiple Upgrades KiplePay E-Wallet With New Platinum Tier & Physical Visa Prepaid Card

Kiple has officially rolled out its upgraded KiplePay e-wallet, which includes almost a complete revamp of its app as well as two big changes: a new Platinum tier as well as a new Kiple Visa Prepaid Card. Its new app UI, which can be seen in the before-and-after pics above, now looks and performs much like other e-wallet apps available.

KiplePay ewallet provides trusted and secure payment transactions with proper records of buyers and sellers.

The upgraded Platinum wallet tier also puts KiplePay on par (or even above) other e-wallet apps in Malaysia. With a huge RM10,000 wallet size and monthly transaction limit, the Platinum tier expands the usefulness of the KiplePay wallet.

More excitingly, the new Platinum tier also comes with the option to apply for a Kiple Visa Prepaid Card – courtesy of a partnership that was signed earlier by
KiplePay and Visa
.

According to Kiple in its FAQ section, the Kiple Visa Prepaid Card is tied to the user’s Kiple e-wallet account, and can be used to make cashless payments at over 70 million offline and online retailers where Visa is accepted (which makes sense alongside the expanded wallet limits). You can also use it for expenses such Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) and Skim Simpanan Pendidikan Nasional (SSPN) payments, as well as to make cash withdrawals at any Visa ATM machines.

Additionally, the Kiple Visa Prepaid Card is also available both as a physical and virtual Visa card, which makes for an even more seamless payment experience while making online and offline purchases.

To get the Kiple Visa Prepaid Card, users will need to apply for it via their Kiple e-wallet after upgrading the e-wallet to the Platinum tier. Applications are open to all Malaysian citizens and foreigners aged 18 and above who are currently residing in Malaysia, and can only be done via the newly-updated KiplePay app. The card comes with a
card fee of RM20
, and an
annual fee of RM12
 – although there is currently an
ongoing campaign
 that waives the RM20 card fee and gives you a bonus RM5 credit for the first 3,000 applicants.

On top of the introduction of these major features, this latest update will also see the Kiple e-wallet providing personalised rewards to its users in the form of e-vouchers soon. In fact, there are even extra perks for university students who upgrade their Kiple e-wallet and link their e-wallets with their student ID through the KipleCommunity feature.

If you’d like to upgrade your Kiple e-wallet to the latest Platinum tier and apply for the Kiple Visa Prepaid Card, make sure to first update your app to the latest version. You’ll then be required to go through a round of
eKYC process
 to upgrade to the Platinum tier. Once that’s done, you will be prompted to submit an application for the Visa Prepaid Card. Upon approval, you can then expect your prepaid card to be delivered to your doorstep, while you activate the virtual version in the Kiple app.

(Source:
Kiple
)

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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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LHDN, EPF Temporarily Close Several Branches And Service Counters In EMCO Areas

(Image: Bernama)

The Inland Revenue Board (LHDN) and the Employees Provident Fund (EPF) have both announced that they are temporarily closing several branches and service counters located in areas that are placed under the enhanced movement control order (EMCO). This decision from both entities is set take effect starting from today, and will continue until further notice.

Inland Revenue Board (LHDN)

(Image: New Straits Times)

With regard to the LHDN, this move will involve all tax services, stamp duty, and government special assistance counters. “All appointments that have been approved via e-Janji Temu have been cancelled and customers will have to apply for a new appointment when the counter reopens,” it said in a statement.

Meanwhile, the payment centre counters in these areas will continue to operate from 8am to 12pm on weekdays. “The services provided are cash and cheque payments for withholding tax,
seniman kembara
, real property gains tax remission, tax compound, and other tax-related payments. Payments for income tax and other taxes can be made by debit and credit cards while payments for other services can only be made online,” LHDN further clarified.

LHDN also said that customers in need of additional help can continue to use the HASiL Care Line and HASiL Live Chat service since these channels will operate as usual. The HASiL Care Line can be reached at 03-8911 1000 or 603-8911 1100 (overseas), between 9am to 4pm on Mondays to Fridays. The same schedule applies to the BPR Hotline (1800-88-2747) as well. The HASiL Live Chat, meanwhile, operates from 9am to 5pm, on Mondays to Fridays.

Finally, customers in areas that are not placed under EMCO can continue to
make their appointments via LHDN’s e-Janji Temu portal
 if they need to visit any of the LHDN branch offices or service centres.

Employees Provident Fund (EPF)

(Image: Malay Mail/Hari Anggara)

As for the EPF, as many as 10 EPF office branches and service counters are affected by this temporary closure, namely:

EPF Rawang
EPF Shah Alam
EPF Petaling Jaya
EPF Puchong
EPF Klang
EPF Kajang
EPF Gombak
EPF Kuantan
EPF Jerantut
EPF Pekan

Accordingly, all prior Janji Temu Online appointments during this period of EMCO will be cancelled with immediate effect. “Members are required to reschedule their visits to a later date after the EMCO period is over, if there is a need to be present in person at an EPF branch,” said the board in a statement.

The EPF also emphasised that appointments made for selected withdrawal applications will be given priority when the offices reopen. These applications include withdrawals for age 50, 55, and 60, as well as for those for incapacitation and death.

Additionally, the relevant EPF branches will reach out to members who have applied for withdrawals and are waiting for their money via payment order (PO) and banker’s cheque. The members will be able to arrange for the PO pickup or for the completion of the transaction at their preferred EPF branch.

Meanwhile, other EPF services and transactions – such as withdrawal application for housing and ages 50, 55, and 60 – can be done via i-Akaun during this period. Any authentication processes that require fingerprint verification will, however, only be carried out after the end of the EMCO.

“The EPF will continue to take precautionary measures based on standard operating procedures (SOPs) at our offices to contain the spread of the Covid-19 pandemic, where the health and safety of all members and staff are the priority,” said the provident fund.

Members who require help can contact the EPF at 03-8922 6000 or reach out to the provident board via its social media or
official website
. Members with enquiries about the
i-Citra facility
, on the other hand, can call a dedicated hotline at 03-8922 4848.

EPF offices in areas that are not placed under EMCO, on the other hand, will be
operating from 8.30am to 2pm on weekdays for selected services only
. They are also required to schedule their appointments beforehand if they wish to be present physically at the offices.

(Sources:
LHDN
,
EPF
)

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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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How to Save Big on Your Renovation Plans

It’s a great idea to renovate because if done well, you’re upping the value of your home and even if that is not your aim, it considerably increases your quality of comfort and enjoyment at home.

But renovations cost money, lots of money and since you’re a smart cookie (or the more masculine biscuit), you’ve probably figured that out. If you’re in the midst of planning your budget to a new dream kitchen (or bathroom or just new
everything
), check out our cost-efficient tips and tricks to reduce overall costs on your renovation bill.

1. Have a Can-do Attitude

It’s obvious you can’t do everything yourself but whatever you CAN DO, will be deducted out of the total cost. So just what can you do yourself? Try painting parts of the house on your own; it shaves your expenditure down quite significantly.

Hiring a professional house painter could run into the thousands as they charge you for workmanship as well as mark-ups on paint and tool purchases. It might not be as difficult a task as might think with the internet being chock-full of DIY resources to make painting or anything else you might be able to do yourself, a lot easier.

You can ‘upcycle’ old fittings on your own or varnish the ironwork bits yourself, too.

Plus, it’s a fantastic opportunity to get creative with unique paint patterns by using inexpensive tools available at your nearby hardware store.

2. Contractor Specials

Take advantage of the contractor’s store of material wastage from previous jobs like little (or big) odds and ends, that did not make the final cut in his previous renovations.

These materials could be useful to you and at a fraction of the cost. That said, this is not information that contractors will typically share with you, so be sure to enquire if he could utilise any such extras for your home.

Also, it might be a good idea to be upfront about your budget from the get-go, this will ensure a more accurate cost estimate. Let him know about your priorities, what you would like to skimp on and what you can afford to splurge on. It helps keep both parties on the same page and he’ll keep your preferences in mind when unplanned expenses pop-up.

3. Be a Wise Guy (or Gal)

Knowledge is power, so get smart and think about the costlier aspects of your renovation plan, then downgrade where necessary. On a more technical note, anything that involves restructuring your house, especially the piping, will cost an arm and a leg.

This, as you can imagine, is a rather challenging task that involves the planning and re-routing of an entirely new plumbing system. If possible, avoid repositioning your bathroom and kitchen as special consultancy may be required to ensure a perfectly working setup.

4. Reuse – Reduce – Recycle – Repurpose

Use second hand items where possible – why buy new when pre-loved materials can work just as well, and at a fraction of the cost? Search second-hand stores or online for things like refurbished kitchen cabinets, sinks, doors and even window frames.

However, do keep in mind that just because a piece looks great, it does not actually mean the condition is still good. You might need expert eyes, so do consult your contractor before you purchase anything.

But just because it’s not in perfect condition, it doesn’t mean you have to overlook it right away. If it’s cheap enough and can be refurbished to brand new – why not?

There’s another great benefit to salvaging and reusing materials: you’ll be doing your part for the environment and making Mother Nature proud!

Upcycled spoon lights from dose.com

5. You Don’t Have to Customise Everything

It’s fine to want to put personal touches here and there, but try not going overboard with the ‘originality’: it costs more. When your contractor has to passage to the ends of the earth to source the materials you need for a specific design, it’s going to hit you in the pocket.

In actual fact, you don’t need to customise every column, wall or panel in the home to have something truly unique – a lot can be accomplished by changing some things and keeping the rest classic.

In addition, customised tiles, cupboards and flooring are more expensive when compared to standard items available in retail. You might want to consider scaling back the grand plans if you are on a budget.

This also applies to fantastical designs you might have in mind. For instance, if you wanted more light you don’t need to bulldoze to your roof for a skylight or break a wall to create a new window– try instead, more lighting fixtures at shadowy spots to illuminate your place. It’s much cheaper and still does the job!

6. Don’t Be PennyWise

Or any kind of Stephen King monster hiding in underground grates*. In your noble attempt to save as much as possible, remember to also spend smart – this means that you should keep long-term savings in consideration.

Think about quality when purchasing because believe it or not, constantly having to reinstall or fix the little things will add up in the long run. Door latches, knobs, toilet flushes and taps are easily prone to wear and tear because we use it every day.

So don’t worry about spending a little more on these purchases because having to replace them too often costs money and time (and is a hassle too if you’re doing it yourself!).

Additionally, you should also spend smart on any purchase that consumes electricity to function as they could hide costs that surprise you later. This is because cheaper electrical supplies may not incorporate energy saving technology and could be dangerous to use if it is without a quality seal of approval.

Note that although energy-efficient light bulbs or solar heaters appear more expensive in the beginning, you’ll save in the long run. Clever purchases like these helps you pay less on your utility bills as well last longer.

For security reasons, it’s also advisable to not scrimp on grates, grills, padlocks and other such safety devises for your home.

So is it really possible to revamp your property into a dream home and still do it on a budget?

We think so, but it does take a lot of work, so try to consider it a labour of love as you prepare to roll up your sleeves and get totally hands-on (a little luck wouldn’t hurt either).

On a more realistic side-note, don’t be afraid to sacrifice some of your more grandiose plans. If you can’t pay for it now, it’s okay to wait it out and take care of more pressing construction issues first, such as a leaky roof.

Once you have the funds, go ahead and knockout the wall where your new window should be. Happy Renovating!

*PennyWise was the name of the monster Clown in Stephen King’s horror blockbuster, IT.

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Penang Government Urges Traders At Public Markets To Adopt E-Wallet By June 2020

(Image: The Sun Daily)

All public markets in Penang are expected to fully adopt the e-wallet transaction system by June 2020, said the Penang state government. This would include 26 public markets under the Penang City Council (MBPP), and another 30 public markets under the Seberang Perai City Council (MBSP).

This comes as the State Housing, Local Government, Town and Country Planning Committee chairman, Jagdeep Singh Deo, commented that public market traders have responded positively regarding the use of e-wallets.

“I have directed the Penang City Council and Seberang Perai City Council to implement this system in all public markets in Penang,” said Jagdeep, who is also the state assemblyman for Datuk Keramat.

Jagdeep’s directive will also go hand in hand with the Penang state government’s decision to help its hawkers and small traders to digitalise their businesses. This is especially the case for Penang’s street food industry, which is deeply impacted by the Covid-19 pandemic.

(Image: The Sun Daily)

According to the Bukit Mertajam MP, Steven Sim Chee Keong, there are 14,000 licenced standalone hawkers and small traders, and likely a similar number of operators in kopitiams and food courts. This makes for a huge opportunity for the state’s digital economy.

The Penang state government had previously announced its intention to
fully adapt and enable e-wallet transactions
 throughout the state by March 2020.

(Sources:
Bernama
,
The Sun Daily
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Grab Makes PayLater Available To All Users, Enables It For In-Store Purchases

Grab has announced that it is now collaborating with credit reporting agency CTOS to also extend its buy-now-pay-later (BNPL) service, PayLater by Grab, to non-active Grab users – effective immediately. On top of that, PayLater will also be enabled for in-store purchases at selected merchant partners.

In a statement, Grab said that “anyone can now apply to use PayLater postpaid and instalments”. This is in contrast with the previous arrangement for PayLater, where the service was offered selectively to eligible users
based on factors like their Grab transaction history and activity on the app
. In short, these details allow Grab to verify their credibility as responsible users.

Now, any individuals who are interested to use PayLater can apply for the service by providing the necessary information to Grab via their app (provided that they have performed the standard electronic Know Your Customer (eKYC) procedure). CTOS will then conduct the required credit checks on them. If you pass the check, then you’ll receive a notification to activate PayLater. Meanwhile, those who do not will be alerted and given tips on how they can apply for PayLater with more success in the future.

Successful applicants will receive a notification to activate PayLater.

Meanwhile, unsuccessful applicants will be alerted and receive tips on how they can apply for PayLater with more success in the future.

Grab further explained that it will have permission to view users’ CTOS credit score when the checks are completed. Additionally, current PayLater users will not be impacted by the introduction of these credit checks by CTOS; the checks are only applicable for new PayLater applicants.

Aside from this, Grab is also extending the use of its PayLater to include in-store purchases at selected merchant partners; prior to this, PayLater was only available for online transactions. To tap into this new function, go ahead and present your Grab QR code to the cashier as usual. Once they scan your QR code, you’ll then have the option to select your preferred payment method, including PayLater.

Some notable brands that are already accepting Grab’s PayLater as a payment method for in-store purchases include ALL IT Hypermarket, Gamer’s Hideout, Li Ning, and OSIM.

Grab explained that these updates were introduced because it recognises the growing popularity of BNPL services at present. As such, the collaboration with CTOS will allow Grab to provide a convenient, flexible, and seamless BNPL payment method to an even larger user base. Additionally, people are once again shopping in stores, with Malaysia now having transitioned into the endemic phase of Covid-19. Therefore, expanding the use of PayLater to include in-store purchases also made sense.

Briefly, PayLater is
Grab’s BNPL service
 that allows approved users to “postpone” the payment of their current purchases to a later date. You can either opt to pay the full amount at one-go in the following month, or split it into four monthly instalments.

(Source:
Grab
)

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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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Shopping Responsibly, Is ‘Buy Now, Pay Later’ The Way To Go?

E-commerce has experienced a boom over the last year with an
87% growth in 2020 compared to 2019
 as Malaysians opted to shop online as a result of the pandemic. At the same time, ‘buy now, pay later’ (BNPL) – a payment method that offers consumers an option to pay in instalments – has also become more popular. In Malaysia, a local BNPL service provider was reported to have
 processed over RM 10 million in transactions in
just a few months.

But the BNPL concept is not new. Previously, it was offered only by banks as part of their credit card features,
allowing cardholders to pay for their retail transactions in instalments
.  This means consumers need to apply for a credit card to be eligible for instalment plans, which usually comes with extensive application and financial verification processes that can limit accessibility. However, with more than
9.6 million credit cards in circulation
 in Malaysia as of March 2021, credit card debt is also one of the reasons for Malaysians to declare bankruptcy.
1 in 10 Malaysians declared bankruptcy due to credit card debt in 2020
.

Why are credit card-less payment services like Buy Now Pay Later (BNPL) becoming so popular now?

The simple answer is
Convenience.

With BNPL services, it is a simple registration process with no detailed applications or financial documents needed. It is also cashless, so BNPL users can easily spread the payments debited from their bank accounts or credit cards over three, four- or six-month instalments. The payments are also interest-free for on-time payments and there is no hidden interest that will build up for late payments. However, different BNPL providers may charge a flat fee to reactivate your account should you miss a payment.

Tips On How To Shop On BNPL Guilt Free

While BNPL is a convenient option for consumers, it is also easy to lose control and overspend, so it is very important to exercise discretion. Here are five key questions to ask yourself the next time you want to shop for something.

Is it a NEED or a WANT?

When shopping, first, ask yourself – Do I
NEED
 this, or do I
WANT
 this?

A
NEED
can be categorised as:

Basic Necessities
 – things needed to survive such as utilities, rent, food, education, travel/vehicle upkeep, credit card bills etc.

Special Occasions
 – gifts for our loved ones during festive seasons such as Hari Raya/Chinese New Year/Christmas/Deepavali, and special occasions such as anniversaries or weddings, Father’s or Mother’s day, and birthdays.

Emergencies

– unplanned emergency needs such as medical bills, electrical appliances you use frequently that need replacing, car or home repairs, etc.

If your item does not fall into these categories, then it is probably a
WANT
.

For example, are you thinking about buying new headphones (though your current ones still function well) instead of paying rent? Rent should win!

Pro Tip:
 Spend on what you need first, while taking time to decide on what you want.

How much can I spend?

Before buying those expensive headphones, it is important to decide how much you can save once you have determined what you must pay for the things you need. Planning a monthly budget can help you with that. In fact, savings should be considered equally as important as basic necessities because savings can help alleviate stress when emergencies inevitably arise.

Pro Tip
: It is recommended that you save at least
20% of your average monthly net income
.

Will it burst my budget, even with an instalment plan?

Sometimes, it is easy to convince yourself that dividing the cost of the headphones over a few months will make them affordable. In principle, that is probably true. However, you also need to consider that every month, you will need to deduct a certain sum to pay off those earphones. How will these instalments affect your monthly budget in the coming months, when you consider what other necessities you will need to buy?

Do I have other instalment plans?

Similar to #2, while you consider paying for an item with an instalment plan, you should also factor in other existing instalment plans that you may have. This means, for the next few months, you may be potentially allocating more into your instalment plans and not enough into your other necessary expenses and savings.

Always RESEARCH

With many BNPL services in the market, it is advisable to compare each option to find the best plan to suit your needs and monthly budget. Some services may offer cashback, rewards points, or a more manageable limit, so pick the best option for you!

And also, research on other headphones that may be just as good, but not as expensive.

PayLater by Grab

PayLater is one of the latest payment options that allows eligible consumers to purchase and spread out their payments to manage their cash flow.

Under this latest feature, consumers have more flexible payment options:

Pay in instalments
– split the bill into four monthly payments.
Pay next month –
 consolidate the monthly spend into one bill, pay at the start of the following month.

This means you can shop online now and choose to pay next month or in four monthly instalments. For instance, instead of paying the full price on the headphones upfront, you can split the bill into four monthly instalments with no interest charged.

Why Consider Paylater?

Completely interest-free and with no extra fees when you pay on time.
A whole range of features, like auto deduct bills, to help you stay on top of all your spending.
Can be used for your Grab spending too, to consolidate monthly Grab spends into one bill and pay next month.
No upfront costs.

With PayLater by Grab, paying for needs and wants like electronic gadgets, clothes, baby milk powder, and kitchen appliances can be done in a more transparent manner, while prioritising privacy and security to avoid any risk of fraudulent transactions. This is useful for frequent Grab users who want to manage a monthly budget and also use multiple Grab services like transport, food, mart, and online shopping.

PayLater by Grab is also more secure as it only requires a registered mobile number at check out in store when shopping. Each transaction is also verified with a One-Time Password (OTP) sent to your mobile with real time notifications for every successful transaction, payment deduction or refunds – all in the Grab app.

With all the benefits in BNPL payments in mind, always remember to research and understand what works best. The same goes when considering any digital payment options.

For more information on how PayLater can help you spend responsibly, visit
HERE

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Katrina Balan Quiroz

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

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Redemption Of RM150 eBelia Credit To Begin On 1 June 2021

Malaysian youths and full-time students who are eligible for the eBelia programme will be able to claim their RM150 e-wallet credit from participating e-wallet service providers starting from 1 June 2021. The four e-wallet providers involved include Touch ‘n Go eWallet, Boost, ShopeePay, and BigPay.

According to a statement from the Ministry of Finance (MOF), the redemption of the eBelia e-wallet credit will take place between 1 June until 22 July 2021, and the credit must be utilised by 31 July 2021. Each eligible youth can redeem the RM150 credit once from any of the four listed e-wallet service providers, in addition to bonus incentives from the participating e-wallets, such as cashback, vouchers, reward points, or coins.

To qualify for the eBelia programme, you must meet either of the following criteria:

A Malaysian aged between 18 to 20 years old (born between 2001 to 2003)

A full-time student in a diploma or SKM4 course and above at a registered institution of higher learning

“Eligible recipients are encouraged to update their e-wallet accounts or download the e-wallet apps before 1 June. Eligible youths’ data will be cross-checked with registered institutions of higher learning and other relevant government databases,” MOF further stated, adding that the government has allocated a total of RM300 million for the eBelia programme to benefit 2 million Malaysian youths.

Meanwhile, the participating e-wallet service providers themselves have reached out to encourage eligible eBelia recipients to activate their e-wallets ahead of time, in preparation for actual redemption period.

Shopee
, for instance, urged its users to activate and verify their ShopeePay e-wallet, adding that they can also get an extra RM5 when they activate their ShopeePay Premium as well. Similarly,
Touch ‘n Go eWallet
 and
Boost
 also require eligible recipients to verify their accounts with their MyKad and selfie (eKYC verification). As for
BigPay
 users, they will need to wait until 1 June 2021 to apply for the eBelia programme via the app or website.

All participating e-wallet service providers further said that they will release more information regarding their bonus incentives closer to the actual date of redemption.

The
eBelia programme
 was first announced during the tabling of Budget 2021, and is intended to encourage the use of cashless and contactless payments among youths. Originally, eligible recipients were entitled to a one-off RM50 e-wallet credit. The amount was subsequently
increased to RM100
 during the winding up of the national budget, and then further
upped to RM150
 via the PEMERKASA stimulus package in March 2021.

(Source:
Ministry of Finance
)

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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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    SHUBASINI A/P THANGARAJAH

    2 years ago

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BNM: 98% Of 500,000 Applications For Post-Moratorium Assistance Approved

(Image: The Sun Daily)

Bank Negara Malaysia (BNM) revealed that as many as 500,000 applications for post-moratorium repayment assistance have been received by Malaysian banks, with an approval rate of 98%.

In its statement on the matter, BNM said that the banking industry has been actively reaching out to borrowers affected by the end of the moratorium in various ways. These include
engagement sessions
, repayment assistance campaigns, direct engagements with various stakeholder groups, simplified application processes, and
extended branch operating hours
 to the weekend too. Furthermore, individual banks have directly engaged over
2 million borrowers
 via calls, emails, and SMS to offer targeted repayment assistance.

“For applications that are still being processed, banks have provided their commitment to inform borrowers of the application results as soon as possible,” the central bank said in a statement. “BNM will closely monitor banks’ practices in this regard. Borrowers facing difficulties with their banks can contact BNMTELELINK at
[email protected]
.”

As for borrowers who can afford to resume monthly repayments, BNM encouraged them to do so as it would reduce their overall debt and borrowing costs. Should borrowers face a change of circumstances in the coming months, they can still engage with their banks to discuss alternative methods. “Applications for repayment assistance at any time before 30 June 2021 will also not appear on a borrower’s CCRIS records,” BNM declared.

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Visa Malaysia Launches Two Game-Based Initiatives To Promote Financial Literacy

(Image: BusinessToday)

Digital payment service provider Visa Malaysia has rolled out two new interactive, game-based initiatives to help improve financial literacy among Malaysian youths. These include a local literacy programme that utilises a boardgame, and an educational football-themed video game.

According to Visa, the local financial literacy programme – which is to be made available in ten universities and colleges around Malaysia for – is launched in partnership with a local financial literacy educational institution, GProvision. Primarily, it utilises a personal finance boardgame, Money Quotient, to teach concepts such as money management, investments, loans, tax, and retirement – but will be complemented by educational talks as well.

The programme is set to run for three months, until the end of 2022. It will hopefully enable youths to learn how to make informed decisions with regard to personal finances as they experience real-life simulated scenarios.

Meanwhile, the second initiative involves the global launch of Visa’s upgraded interactive video game,
Financial Football
, which is based on the National Football League (NFL). Free to play, the fast-paced game was first introduced back in 2005, but was recently updated with new features and challenge modes.

As it was before, the main objective of Financial Football is still to teach the public basic financial literacy knowledge, including budgeting, saving, as well as credit and debt management. Individuals learn these by taking part in football matches, which they win by answering multiple choice as well as true-or-false questions.

Following the latest upgrade, Financial Football now also includes new questions focusing on topics such as cryptocurrencies, as well as the ability to join men’s and women’s teams and tournaments. There is also a second mode designed specifically for small business owners, featuring questions about starting and managing a business, and more. Additionally, the game can now be
downloaded for free to play on your computers and phones
.

“The launch of Financial Football and the onsite sessions in local universities to conduct financial literacy boardgame sessions will empower young Malaysians to increase their knowledge on money management and help them to be financially savvy when they enter the workforce,” said the country manager for Visa Malaysia, Ng Kong Boon, adding that the gameplay approach is the best way to do so.

Ng also said that the two initiatives are part of Visa’s broader approach in driving financial education among the public. They are also in line with Bank Negara Malaysia’s (BNM) National Strategy for Financial Literacy 2019-2023, which aims to promote financial literacy within the country.

Aside from these latest initiatives, Visa Malaysia had also previously launched other game-based efforts, including the
financial literacy web game, Mind Your Ringgit
.

(Sources:
FintechNews Malaysia
,
BusinessToday
)

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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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HSBC Amanah Credit Cards Now Come In 85% Recycled Plastic

(Image: The Malaysian Reserve)

HSBC Amanah credit cards are now made from 85% recycled plastic, in a move to reduce carbon emissions from credit card production and be more environmentally friendly. On top of that, the bank has also unveiled the HSBC Amanah Environmental, Social and Governance (ESG) charity feature for HSBC Amanah Credit Cards.

Oz Ahmed, CEO of HSBC Amanah, highlighted that HSBC Amanah is the first within HSBC Group to launch the credit cards made from recycled plastic. “With this pioneering move, we expect to reduce the carbon emissions from our credit card production in 2021 and in the subsequent year,” he said. “The HSBC ESG charity feature, our recycled plastic credit cards, and our reduction of carbon emissions are all part of our efforts to become the HSBC Group’s first sustainable banking entity by the end of 2022.”

Under the ESG charity feature, for every charitable donation made by cardholders using their HSBC Amanah credit cards, HSBC will donate 1% of the charity expenditure to four selected local charities or non-profit organisations: Global Environment Centre, Yayasan Chow Kit, Pintar Foundation, and Pertiwi Soup Kitchen.

“At HSBC, we have a responsibility to our customers, employees, and the communities in which we serve. We recognise that economic growth must also be sustainable if we are to achieve success in the long term,” said Oz. “Sustainability can enable organisations to create financial performance, while at the same time achieving positive environmental and social impact. And our new ESG charity feature does exactly this – we have created a new innovative feature for our credit cards that will enable us to make a sustainable difference to our communities and the environment.”

In June last year, RHB Islamic also introduced an
eco-friendly debit card
 made from recycled plastic. You can find out more about the ESG and sustainability features offered by the
HSBC Amanah MPower Platinum Credit Card
 and
HSBC Amanah Premier World Mastercard Credit Card
.

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How Do You Spot Fake Money?

Counterfeiting and forgery is one of those crimes few people think about every day. Do you know anybody who tried to forge their parents’ signature on their school report or on a permission slip to get out of school? We sure do.

Far from just tools of juvenile mischievousness, forgery and counterfeiting can cause real-world trouble. Especially when it comes to counterfeit money. It’s important for all of us to know whether or not the banknotes in our wallet are legal tender or risk not being able to pay with our cash at critical moments. Here are the tips on spotting counterfeit cash, courtesy of
Bank Negara Malaysia
.

Feel it

A genuine paper banknote is usually printed on very high quality paper and manufactured from cotton. It has a unique feel, a crisp sound, and slightly rough in the heavily printed areas. These heavily printed areas are the result of intaglio printing which means the printed numbers on banknotes feel thicker under your fingers.

A fake paper banknote would often be made of common quality paper and won’t have the feeling of raised print when you run your fingers over them.

See it

You can also look at the banknote while holding it up to the light. A genuine paper banknote carries a watermark portrait, security thread and perfect see through features. The watermark portrait of Yang DiPertuan Agong has a three dimensional effect and appears soft and shady without sharp outlines.

At the base of its watermark, a denomination number would be clearly visible. The security thread will always appear embedded in the paper. The hibiscus flower on the obverse will register perfectly with the same flower on the reverse of the banknote. A counterfeit paper banknote will not be able to replicate these features perfectly.

Tilt it

This method only works on the RM10, RM50, and RM100 paper banknotes. Tilting the note, you will see an iridescent stripe that shines under bright light. This stripe shows the banknote denomination and the name of Bank Negara Malaysia when the view angle is shifted. You can also see a hidden image of the denomination number when changing the angle of viewing.

These features will not appear as they should in a counterfeit note, because it’s too cumbersome to replicate. However, the iridescent stripe effect may be stimulated by using a plain shiny foil.

What to do if Your Note is Fake?

The tips we give here are for paper banknotes and do not include steps on how to spot fake polymer banknotes or counterfeit coins. But if you ever do encounter fake polymer notes, coins, or any other type of counterfeit currency, here’s what you need to do:

Do
 take notice of the person who handed you the money, if they have any identifying features, or take note of their personal details if you have them. This information can help determine where the fake notes came from and stop their circulation.

Do
 note down all the details of how you got the currency. Date, time, who, and where.

Do
 take the currency to the nearest police station and surrender it to them after lodging a police report.

Do not
 handle the currency too much. Touch it as little as possible and transfer it into an envelope or plastic cover.

Do not
 attempt to re-use it or damage the currency. This makes it harder to find the perpetrators responsible.

Now that you know how to spot fake money, we hope you stay safe out there in your day-to-day cash transactions. If this information is making you skittish about using cash, switch over to a credit card. Our
credit card comparison tool
 can help you choose the best credit cards that fit your spending style.

Have any questions about fake currency? Share your thoughts with us in the comments section down below!

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Win Tickets To ‘Man of Steel’ with Maybank Mobile

Movie buffs and comic book fans, Maybank is offering a chance to
win tickets to the premiere of ‘Man of Steel’
. From now till 31 May 2013 any successful bill payment or mobile reload worth RM30 and above which is done via Maybank2U mobile will qualify you for a chance to be one of the 100 lucky winners. Each winner is eligible to receive two tickets to the premiere screening of plus exclusive ‘Man of Steel’ merchandise. Each transaction counts as one entry and there is no limit to the number of entries allowed per participant.

A participant is only allowed to receive a prize once. For further details on this contest please visit the
Terms & Conditions
 page.

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MoF Names BigPay, GrabPay, ShopeePay & Touch 'n Go eWallet As ePemula's Official E-Wallets

The Ministry of Finance (MoF) has announced that BigPay, GrabPay, ShopeePay, and Touch ‘n Go eWallet have been selected as the official e-wallet service providers for the ePemula programme, which is set to begin mid-April.

While the ministry did not provide any explanation for selecting the four e-wallet service providers as the official e-wallets of ePemula, it did state that the four parties have a reach of more than 1.2 million retailers.

(Image: Bernama)

In its statement, MoF also took the opportunity to urge small and medium enterprise traders (SMEs) to register with the e-wallet service providers. This is so that they can accept electronic or cashless payments, and benefit from the implementation of ePemula.

Introduced under Budget 2022, the
ePemula
 programme is intended to encourage the use of cashless transactions among the public, specifically youths. Under the programme, those aged between 18 and 20 years old, as well as full-time students in tertiary education will receive a one-off RM150 e-wallet credit via any of the selected official e-wallets.

The ePemula programme is the latest in a line of similar initiatives, with previous efforts including
eTunai Rakyat
,
ePenjana
, and
eBelia
.

(Source:
Ministry of Finance
)

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You Can Now Use HSBC Credit Cards With Samsung Pay

HSBC credit cards can now be added into the Samsung Pay, adding another bank to the list of supported banks to use the mobile payment app. In total, Samsung Pay now supports credit or debit cards from across eight banks in Malaysia.

Launched back in 2015
, Samsung Pay is the South Korean company’s innovative mobile payments app, allowing users to pay for things with just a tap of their smartphones. Samsung Pay stores users’ credit and debit cards –
and even loyalty cards
 – securely within the device, and users just need to save the cards into the app either by manually keying in the card details, or by scanning the card face.

Thanks to its proprietary payment technology, Samsung Pay supports NFC-enabled terminals (which is used for Visa PayWave cards), as well as the traditional Magnetic Secure Transmission (MST) standard, enabling Samsung Pay to be used on over 90% of retailer point-of-sales (POS) machines worldwide. Just open Samsung Pay, choose the credit card you’d like to pay with, authorise the transaction using iris, fingerprint, your Samsung Pay-specific PIN, and hover your phone near the terminal.

Not to forget, all credit card rewards and benefits are still applicable when you make a purchase via Samsung Pay using the cards.

Available exclusively to selected Samsung Galaxy smartphone users, Samsung Pay is a secure and simple mobile payment service which can be used to make purchases. Almost every mid- to high-end Samsung smartphones can use Samsung Pay, including the Galaxy Note 9, Galaxy Note 8, Galaxy Note Fan Edition, Galaxy Note 5, Galaxy S9 and S9+, Galaxy S8 and S8+, Galaxy S7 edge and S7, Galaxy S6 edge, Galaxy A9 (2018), Galaxy A9 Pro, Galaxy A8 Star, Galaxy A8 and A8+, Galaxy A7 (2016, 2017, 2018), Galaxy A5 (2016, 2017). Samsung Pay is even supported on Samsung’s smartwatches including the Gear Sport, Gear S3, and Galaxy Watch.

HSBC is the latest bank to support Samsung Pay, making it the eighth bank to support the app in Malaysia. Currently, the other banks that support Samsung Pay include CIMB, Citi Bank, Hong Leong Bank, Maybank, Public Bank, RHB, and Standard Chartered.

(Source:
Amanz
,
HSBC
)

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CIMB’s delightful coffee treat at DOME Café

Fancy indulging in a complimentary cuppa at DOME Café? Just use your CIMB Enrich WORLD MasterCard, WORLD MasterCard or Visa INFINITE credit card on any dine-in order
and it’s yours.

Choose from a wide selection of gourmet coffee beverages, such as Affogato, Cappuccino, Espresso, Flat White, Flavoured Latte, Latte, Long Black, Long Macchiato, Mocha, Short Macchiato and Vienna.

Promotion is on until 31 December this year.

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Government Allocates RM50 Million Under PEMULIH Newbiz For MSMEs In Food Industry

Prime Minister Datuk Seri Ismail Sabri Yaakob has announced that the government is allocating a sum of RM50 million under the PEMULIH NewBiz financing scheme, set specifically for eligible Malaysians who want to start a home-based food business. The scheme is to be provided through Agrobank.

According to Datuk Seri Ismail Sabri, eligible individuals can apply for the PEMULIH NewBiz financing to purchase necessities for their micro businesses. These include machines for cooking, and motorcycles for food delivery through e-hailing platforms.

The prime minister also explained that the collateral-free financing will be offered in two stages: up to RM5,000 during the first stage, and up to RM10,000 in the second stage. Borrowers will be entitled to a loan moratorium for the first six months, while a 3% profit rate will be charged for the subsequent months. Meanwhile, the maximum financing period for the loan is up to 60 months or five years.

(Image: New Straits Times)

To apply for the PEMULIH NewBiz financing scheme, you must be a Malaysian citizen aged between 18 and 65 years old, belonging to any of the following categories:

Individuals who have been unemployed from March 2020;
University or college graduates who have completed their studies from March 2020, but have not been employed, or do not have a stable job;
Asnaf
(individuals who are eligible to receive
zakat
).

If you meet the requirements, you may apply for the financing scheme at any Agrobank branch.

Aside from announcing the fund allocation for PEMULIH NewBiz, Datuk Seri Ismail Sabri also stated that Agrobank will soon establish a special investment entity for the agricultural sector. This is intended to boost domestic investment in the agro-food sector within the country.

“The government will continue to play an effective role with the cooperation of all parties in guaranteeing the supply of sufficient and safe food at reasonable prices on an ongoing basis for the well-being of the Malaysian Family,” the prime minister further remarked, adding that it falls upon the whole Malaysian Family to strengthen food security within the country and to transform the agro-food sector.

(Sources:
Malay Mail
, Agrobank [
1
,
2
])

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SVDP: Malaysians Encouraged To Declare Income Deposited In Foreign Bank Accounts

Any income obtained from sources within Malaysia and kept in a foreign bank account is liable to be taxed. Individuals who have not made the required tax declarations in this situation are encouraged to make use of the Special Voluntary Disclosure Programme (SVDP) to declare any unreported income they have in foreign bank accounts.

The SVDP is a tax amnesty programme that offers reduced penalty rates to any taxpayers who come forward to disclose any previously undeclared. Those who declare their income and make full tax payment by 31 March 2019 will only be charged a 10% penalty; those who pay up between 1 April to 30 June will be faced with a 15% penalty. After the SVDP ends on 30 June, the penalty for overdue tax payment will continuously increase between 80% to 300%.

“SVDP offers a taxation solution for those with foreign bank accounts but whose income has not been reported to LHDN,” said Finance Minister Lim Guan Eng. Individuals who have already declared their income to Lembaga Hasil Dalam Negeri (LHDN) and later channelled it overseas are not included in this category.

(Image: Reuters)

“Opening a foreign bank account is standardised internationally, with further details about registration and taxation information required to be submitted to the foreign country’s authorities,” said Guan Eng. He further explained that LHDN had begun to receive financial information under the Automatic Exchange of Information (AEOI) initiative with the Organisation for Economic Cooperation and Development (OECD) since September last year, particularly regarding ownership of overseas bank accounts.

Guan Eng also addressed the confusion surrounding the letters and emails sent out by LHDN regarding SVDP, which prompted many enquiries from those who had received them. According to him, it is the individuals with foreign bank accounts who have not reported their income who need to contact LHDN as requested in the letter. Those who do not fall into this category need not worry if they receive the notification from LHDN. He added that LHDN will be sending out new letters and emails to replace the previous circular to prevent any misunderstanding.

(Image: Utusan Online)

On 1 February, LHDN CEO Datuk Seri Sabin Samitah had said that the
8.3 million letters and emails
 sent out regarding the SVDP were only meant for those earning RM4,000 and above per month who had not yet disclosed their income last year and that anyone else who received them could disregard them.

To obtain more information about SVDP and your taxpayer status, you can visit a LHDN branch near you, drop an email at
[email protected]
, or call 1-800-88-5436 (local) or +603 77136666.

(Source:
New Straits Times
)

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Shoot Your Shot To Win A Nintendo Switch, A Huawei Matebook D15 & More

This week’s round of unboxing brings you a round of gadgets and e-vouchers to be won!

Just a recap, RinggitPlus’ Unbox This Week is a weekly event where we present you with great deals from our featured bank partners. All that you need to do is apply for selected credit cards from these banks through RinggitPlus to go home a winner!
For this week (19 July – 26 July), the featured banks are
Citibank, Standard Chartered, and HSBC
 – if you’ve been considering applying for a credit card for either of these banks, check out the awesome deals below!

Citibank: Win & Game With A Nintendo Switch™

Stand a chance to win a Nintendo Switch™ to cure the boredom at home! With 3 modes; TV, Tabletop, and Handheld mode – it’s the perfect addition to any entertainment space.  All you need to do is apply for any selected Citibank credit card, get approved, and spend to win.

The Nintendo Switch™ will be given to a total of 20 randomly selected applicants who submit their applications from 19 July to 26 July. Applicants need to activate their new Citibank credit card on the Citi Mobile App and start spending a minimum of 8 retail transactions within 60 days of approval to qualify.

Applicants who do not win the Nintendo Switch™ will be given prizes of either an RM300 Lazada e-Voucher or a duo of Redmi Airdot Earbuds and Haylou LS02 Smartwatch.

Once the bank has confirmed your application and approval, you will then receive instructions from us via email on how to claim your gift.

Please take note that current cardholders and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this deal. Otherwise,
apply for a Citibank credit card here.

Standard Chartered Bank: Listen In For Samsung Galaxy Buds Live

(Updated as of 21 July 2021)

Tune in to every moment with the Samsung Galaxy Buds Live! This guaranteed gift is yours when you apply and get approved for any selected Standard Chartered credit card.

Samsung Galaxy Buds Live is guaranteed for all approved applicants who activate their card within 30 days upon approval.

Existing cardholders and individuals who have held a Standard Chartered credit card in the past 6 months are not eligible for this campaign. Otherwise,
apply for a new Standard Chartered credit card here.

HSBC: Work Smarter With A Huawei Matebook D15

With  15.6 inches of FullView display at only 1.53kg, the Huawei Matebook D15 could be your next addition to your dream workspace when you apply for any selected HSBC credit card with us.

A total of 20 units will be given to randomly selected applicants who submit their applications from  19 July to 26 July. Applicants must activate their new card upon approval and spend a minimum of RM1,000 within 60 days to stand a chance at winning the Huawei Matebook D15.

Successful applicants who do not win the Huawei Matebook D15 will be given a Pensonic PVC-1000H Vacuum Cleaner.

Applicants or current cardholders who were previously denied, and/or have cancelled their HSBC credit cards within 6 months and 3 months respectively, prior to this campaign are not eligible. If you qualify, then you can
apply for a HSBC credit card here.

***

Finally, just as a reminder, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed, and so that we can always be at hand to help you if you need us. While this week’s flash deal ends on 26 July 2021 (1pm), you can also 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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Katrina Balan Quiroz

Katrina Balan Quiroz

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

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Buka puasa buffet discounts from Citibank

If you’re having trouble getting through the crowd at the

food bazaars try out Citibank’s selection of
buka puasa
 buffets this Ramadhan. Tuck in to a fusion of local and

Western delights at the Living Room in Westin Kuala Lumpur or Chatz Brasserie

at the Park Royal Kuala Lumpur and many more.

Citibank credit card cardholders who dine-in for the
buka puasa
 buffet will be entitled to

discounts of up to 25%*

This offer is valid from 9 July till 7 August 2013 and is

applicable to dine-in food only in a single receipt. The discount is not valid

for tobacco or alcoholic beverages and prices are subject to government tax and

service charges. Other offers, vouchers, promotional programmes and on-going

discounts are also exempted from this special offer.

Advanced reservations are required.
Full list of participating restaurants
.

*Discounts rates and additional terms

& conditions may differ for each participating merchant.

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Brendon Lee

Brendon Lee

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Lazada Offers Epic Deals To Celebrate Its 10th Birthday

Lazada is celebrating its 10th birthday this year on 27 March, and is marking the occasion with an Epic Birthday Sale with a huge lineup of promotions and events. Here’s a list of what you can expect!

Every day from 21 until 27 March, Lazada is giving away 50,000 free shipping vouchers to its customers. Lazada customers can also earn up to RM400 in Lazada Bonus, which will allow them to enjoy a RM10 discount for every RM100 spent from 27 to 29 March. Longtime Lazada shoppers will know that Lazada Bonus discounts are only available during specific sales, and they are stackable with other vouchers such as store vouchers, Lazada-platform vouchers, and free shipping vouchers, which allows them to enjoy more savings, especially for big-ticket purchases.

On top of that, Lazada’s Crazy Brand Mega Offers will kick off the much-awaited birthday sale with a two-hour-only sale of premium items on LazMall, with mega discounts of up to 70%. Throughout the day, Lazada will also have flash sales, offering appealing deals as low as RM0.10.

There is also Chup Dulu, a unique pre-booking feature on Lazada that lets customers book popular items from well-known brands. By placing a non-refundable 10% deposit for the items by 26 March, they can “check out” and pay the remaining amount from 2 am on 27 March, and enjoy the extra savings without having to compete with millions of other shoppers.

Lazada is also adding more fun to its birthday fiesta with its very own Lazzie Star and Lazzie Hunt games. From 16 to 29 March, Lazada users can play Lazzie Star, where Lazzie – Lazada’s iconic mascot – debuts as a baker. Customers can earn Lazada Bonus rewards and exclusive discounts as they help Lazzie become a Cake Master through the game.

Customers can also take part in Lazzie Hunt via the in-app Lazzie Hunt Mission Centre, from 21 March to 10 May, to collect Lazzies for rewards. They can also collect Lazzies by scanning the QR codes on Lazada parcels and at participating partner stores or rides, such as CIMB Bank, Domino’s and AirAsia Ride. The collected Lazzies can then be redeemed for vouchers, wallet rebates and LazCoins.

Aside from the deals, Lazada has also introduced the Time Machine, a personalised in-app feature that will take shoppers through their Lazada journey over the years. Shoppers can discover their shopper profiles based on nine unique shopper profiles, and get recent lifestyle insights.

“Spurring the growth of Southeast Asia has been at the heart of Lazada’s mission since our inception as a pioneer of e-commerce in this region. As we mark our 10th anniversary this year, we also celebrate the businesses and communities that make up our ecosystem, for it is their trust in us that has enabled Lazada to become integral to the everyday lives of Southeast Asian consumers as we are today. The Time Machine in-app feature is our way of reminiscing shared moments, and thanking everyone for being on this amazing journey with us through the years.

“Looking forward, we also remain committed in our trajectory to chart sustainable growth across our ecosystem and deliver value to our consumers’ lives – from investing in local competencies and enabling livelihoods to uplifting consumer experiences,” said Chief Operating Officer of Lazada Group, Raymond Yang.

Start preparing your shopping list and check out the other deals available for the
Lazada Epic 10th Birthday Sale here
.

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Nur Adilah Ramli

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Civil Servants Grade 56 And Below To Receive RM450 Hari Raya Bonus Each

(Image: FMT
)

The government has announced RM450 in special aid for civil servants Grade 56 and below in conjunction with the upcoming Hari Raya Aidilfitri celebrations.

According to the Prime Minister’s Department, close to 1.5 million civil servants in the country will benefit from the payout.

Besides the aid for the civil servants, there will also be assistance for retirees this Hari Raya Aidilfitri. A special financial assistance of RM225 will also be distributed to almost 800,000 retired civil servants as appreciation for their services and contribution.

This year, RM855 million is allocated for this festive bonus by the government. Civil servants can expect to receive their share of the payout on 24 May.

(Source:
The Star
,
Malaysiakini
)

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Hayatun Razak

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Prizes Worth Up To RM300k & More At JBL Dare To Listen Roadshow

Everyone has a daily routine to help us stay grounded and productive. Whether it’s listening to your favourite podcasts or getting on video calls every morning, owning a reliable audio device is essential.

With this, be sure to mark your calendars for the JBL Dare To Listen Roadshow that’s running from 14 to 20 November at Mid Valley Megamall! Throughout the roadshow, you can expect various deals on JBL products, lucky draws, and exciting experiences created for audiophiles that are FREE of charge.

Whether you’re looking to upgrade your audio pieces for gaming with your guild members, recording your TikTok videos, or simply streaming content, JBL Dare To Listen Roadshow is a great opportunity to shave some ringgits off premium audio products.

What’s more, you can also vibe with top performers like BATE, Jordan Yeoh, and more. So, what are you waiting for? Drop by the JBL event at Mid Valley Megamall this coming 14 to 20 November!

Learn about JBL products
here
.

*All purchases with ATOME comes with additional 10% off, with minimum spend of RM250, capped at RM50 for all new and existing users.

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Chee Jo-Ey

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Citi To Sell Malaysia Consumer Banking Business To UOB

(Image: Bloomberg/Samsul Said)

Citi has agreed to sell its consumer banking business in Malaysia to United Overseas Bank (UOB), along with those in the Indonesia, Thailand, and Vietnam market. Amounting to S$4.9 billion (approximately RM15.2 billion), this acquisition is noted to be the largest deal to have been carried out between two foreign banks in Malaysia in at least the past decade.

The transaction will see UOB acquiring Citi’s secured and unsecured lending portfolios (such as mortgages, personal loans, and credit cards), wealth management, and retail deposit businesses. It excludes Citi’s institutional businesses in all four countries. It is also noted that Citi’s consumer business has an aggregate net asset value of approximately S$4 billion (approximately RM12.5 billion), and a customer base of 2.4 million as of 30 June 2021.

According to Citi, UOB was selected following an extensive and competitive auction process, and the transaction is expected to be completed between mid-2022 and early 2024, depending on how long it takes to obtain regulatory approvals in all the involved countries. Citi also took the opportunity to reassure existing customers that they will not be impacted during the transition period as there will be no change in the services provided to its consumer banking and wealth customers.

(Image: Bernama)

The chief executive officer of Citi Asia Pacific, Peter Babej further said that this transaction will help Citi in realigning its business strategy moving forward. “We are confident that UOB, with its strong culture and broad regional ambitions, will provide excellent opportunities and a long-term home for our consumer banking colleagues in Indonesia, Malaysia, Thailand, and Vietnam. Focusing our business through these actions will facilitate additional investment in our strategic focus areas, including our institutional network across Asia Pacific, driving optimal returns for Citi,” he said.

Meanwhile, the deputy chairman and chief executive officer of UOB, Wee Ee Cheong commented that the acquisition is a great opportunity that came at the right time. “UOB believes in Southeast Asia’s long-term potential and we have been disciplined, selective, and patient in seeking the right opportunities to grow,” he said in a statement, adding that the acquired business – along with UOB’s regional consumer franchise – will play a key role in advancing UOB’s position as a leading regional bank.

(Image: The Straits Times)

UOB also said that the acquisition will expand its partner ecosystem, and is expected to double its existing retail customer base in the four markets, accelerating its customer base target by five years ahead of time.

Citi had previously announced its intention to
exit retail banking in a total of 13 markets
 back in April 2021, spread across two regions: Asia, as well as Europe, the Middle East, and Africa (EMEA). This move was initiated as part of an ongoing review of the bank’s strategy to streamline its global businesses and to focus on “higher returning opportunities”. Since then, it has been looking to sell its consumer assets, with interested bidders including
UOB, Hong Leong Bank
, and
Standard Chartered Bank
.

(Sources:
UOB
,
BusinessWire
,
The Edge Markets
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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6 Credit Card Mistakes You Should Avoid

A credit card comes with numerous benefits and provided you use it well; can be quite rewarding. But whilst some missteps are unavoidable, others not so. Constantly carrying a balance, missing payments and other such bad credit behaviour can have a lasting impact on our financial lives.

To avoid the pitfalls, check out the top ten mistakes people make with their credit cards that cost them dearly.

1. Only paying the minimum payment

Typically, the minimum amount you need to pay each month is RM50 or 5% of your outstanding balance. Although, this may seem like an easy way out for those who don’t want to pay in full, the total debt you’ve collected each month would pile up. And, don’t forget that you will have to pay for financing charges. Depending on your total, you might be paying hundreds of ringgit on interest fees alone. Good for the bank, bad for your wallet.

Besides, failing to pay in full shows that you’re incapable of paying off your debts. Essentially, this will hurt your credit score. With a bad credit score, banks will steer clear of lending to you in future.

2. Maxing out credit cards

Imagine the embarrassment when your credit card is rejected at the cash register and there’s a long line of people behind you waiting to pay! Worse and worse if you don’t have cash on hand to fill the gap! But your pride isn’t the only thing you have to worry about. Some banks charge penalty fees for over-limit spending. You will have to contact your bank to find out if yours does charge this fee but whatever it is; you should aim not to exceed your limit in the first place!

An exceeded credit limit just shows you’ve been paying only the minimum every month and this certainly will not do!

3. Ignoring monthly credit card statements

We’ve often heard the saying, ”Ignorance is a bliss” but in this case, ignoring your
credit card
 bills means more suffering to you. Despite being the easiest pitfall to avoid, simply take notice and paying your bills feel like a drag. But the real “pain” comes when you’re penalised for late payments and start receiving harassing phone calls from your bank.

Acknowledging and paying your monthly bill enables you to assess your spending and manage your debts, so it does no harm to take a few minutes screening through those figures in case you’ve been wrongly charged.

4. Cancelling credit cards improperly

Cancelling old credit cards isn’t as simple as a filling up a cancellation form. Bank want to keep customers and cancelling your credit card means they lose a business. Once you’ve cancelled your credit card, follow up with your bank and make sure that card is well and truly cancelled. Sometimes, your cancellation may simply be ‘lost’ under a pile of paperwork and you’ll be hit by a rude awakening when you’re suddenly charged government tax on what you thought was a cancelled credit card!

5. Having too many credit cards

One can have more than one credit card to earn different benefits or to have one for emergencies and one for everyday use. Although, this is normal, having too many cards can get out of hand and encourage you to spend more than you have. If you have 5 cards on hand, you’re paying five times more annual fees, annual tax charges, and interest rates. Freezing your credit card in the fridge doesnt help either as you can’t dodge compulsory tax and annual fees with zero usage.

6. Not reading the fine print

Not many people read their credit card terms and conditions. Fewer still actually adhere to them. Not checking your terms can get you caught by fees and charges you didn’t even know you had.

There is no evil credit card, just bad credit card users. Now that you’re well informed about these mistakes, avoiding it altogether would put you in a better financial position. Use your credit card wisely and enjoy the perks that come with it.

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Credit card free watermelon

You may not have been offered free watermelons to sign-up for a new credit card but you can hardly miss all the promotions for new credit card holders. Whether its Citibank giving away 200,000 reward points or Standard Chartered’s 15% petrol cashback promotion the banks are falling over themselves to offer the best new credit card application promotions.

In his new monthly column for
KiniBiz
 our CEO tells us why we should always think twice about great offers and make sure we do our research.

“Just as Pandas don’t eat, shoot and then leave, watermelons are naturally free of credit cards. No applications necessary. A carefully inserted Oxford comma would have made it clear that those juicy melons are the bait to hook credit-hungry customers. Not an unfortunate side effect of the GM food revolution. But that wheelbarrow load of fruit raises a rather serious question – how easily can a customer be bought?”

Read the rest of this article at
Kinibiz
.

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John Royce

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Visa Launches Campaign To Encourage Consumer Support For Local SMEs

Global payment service provider Visa has introduced the Where You Shop Matters campaign in Malaysia, an initiative that encourages consumers to support local businesses, as well as helps SMEs embark on their digital journey during this challenging Covid-19 economy.

According to Visa, the initiative is part of its broader small businesses strategy and its commitment to support 10 million small and micro businesses in the Asia Pacific region. Aside from Malaysia, the campaign has also been launched in Singapore, New Zealand, Australia, and the UK.

“In Malaysia, our focus is to help these small businesses embark on this digitalisation journey to start and grow their online presence. We are excited to offer SMEs an eCommerce toolkit, together with Visa commercial offers to help them start, manage, and grow their online storefronts,” said the country manager of Visa Malaysia, Ng Kong Boon.

(Image: FintechNews Malaysia)

The initiative will see Visa collaborating with partners such as BigCommerce, EasyStore, SiteGiant, and StoreHub to provide e-commerce starter packages that can help SMEs move their businesses online. These include waivers on monthly subscriptions for businesses that are setting up their online businesses for the first time.

Additionally, Visa has enabled a series of commercial offers – such as advertising support and business office tools – to help SMEs grow their online presence and manage their businesses digitally.

For consumers, on the other hand, the payment service provider has prepared a directory that features curated merchants from various categories, including electronics, fashion, health and beauty, home and living, as well as food and drinks.

Visa’s Where You Shop Matters initiative is also in line with the
Buy Malaysian Products campaign
 that was launched last month, as well as the Cuti-Cuti Malaysia campaign to encourage domestic travel.

The director general of Tourism Malaysia, Datuk Musa Yusof, said that the agency will work hand-in-hand with Visa to help the country’s economy recover through local tourism and brands. “Through Visa’s variety of offerings for cardholders, as well as local entrepreneurs, we believe we will continue to see an enhanced patriotism among Malaysians for locally made goods and services,” he said, adding that the local tourism industry has seen improvement since the interstate travel ban was lifted.

(Image: Malay Mail)

Meanwhile, the chief executive officer of Malaysia Digital Economy Corporation (MDEC), Surina Shukri, commented that Visa’s campaign will complement the ongoing
Penjana Shop Malaysia Online initiative
 and the
Penjana Micro & SMEs (MSME) E-Commerce campaign
. She also noted that the pandemic has motivated many local MSMEs to adopt e-commerce as part of their business strategy.

Find out more about
Visa’s Where You Shop Matters campaign
 on its website.

(Source:
The Sun Daily
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Tesla Model Y SUV Available To Order In Malaysia, Starting From RM199,000

Tesla has revealed the availability and pricing of its Model Y SUV, ahead of the brand’s official launch in Malaysia next week. The SUV – which is available in three variants, namely the Rear-wheel drive (RWD), Long Range, and Performance – can be purchased at the starting price of RM199,000.

Some key details of the three Model Y SUV variants are as follows:

Model Y Rear-wheel drive
Model Y Long Range
Model Y Performance
Price (inclusive of SST)
RM199,000
RM246,000
RM288,000
Drivetrain
Rear-wheel drive
Dual motor all-wheel drive
Dual motor all-wheel drive
Motor power
255 kW (347hp)
378 kW (514hp)
393 kW (534hp)
Seating layout
Five-seat interior
Five-seat interior
Five-seat interior
Max range*
*
WLTP global standard
430km
533km
514km
Top speed
217km/h
217km/h
250km/h
100km/h sprint
Within 6.9 seconds
Within 5 seconds
Within 3.7 seconds
Other notable features
19-inch Gemini wheels
19-inch Gemini wheels
– 21-inch Überturbine wheels
– Performance brakes
– Lowered suspension
– Aluminium alloy pedals
– Carbon fiber spoiler

All three models are available with an exterior colour of Pearl White Multi-Coat, and an all-black interior, but you can request to change these colours for a fee. Specifically, you can change the exterior colour to Solid Black, Midnight Silver Metallic, or Deep Blue Metallic for a price of RM5,000, and to Red Multi-Coat for RM10,000.

The interior can also be changed from all-black to a hue of black-and-white for RM5,000. In addition to the above, you can also request for selected upgrades to your Model Y. Adding an enhanced autopilot feature will set you back by RM16,000, for example, whereas the full self-driving capability feature will cost an extra RM32,000.

Notably, the Model Y SUV has been acknowledged as one of the safest SUVs in the world. It has obtained a 5-star rating from the National Highway Traffic Safety Administration (NHTSA) in the US, as well as the European New Car Assessment Programme (Euro NCAP).

In its statement, Tesla also said that customers who make their purchases will be entitled to enjoy full import and excise duties exemption for these fully imported Tesla electric vehicles (EVs) –
an incentive that is offered by the government
 (applicable until the end of 2025). This is in addition to a 100% road tax exemption (also until the end of 2025), as well as an additional income tax relief of up to RM2,500 on expenses that are related to the installation, rental, and purchase of EVs and its charging facilities for year of assessment 2023 (including hire-purchase equipment or subscription fees for charging facilities).

If you’re interested, you can already book your very own Model Y now with a fee of RM1,000 (non-refundable); delivery is expected to be in early 2024. Tesla also hinted at the likelihood of making the Tesla Model 3 four-door sedan car available in Malaysia, but there are no concrete details at present.

(Sources:
Tesla Malaysia
,
Paul Tan’s Automotive News
)

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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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Leveling the Playing Field: Government Announces Regulations To E-Hailing Services, Just Like Taxis

(Image: The Malay Mail)

The government has announced that e-hailing companies will now be subject to regulations similar to taxi companies. In a
press conference on 11 July
, Transport Minister Anthony Loke said that the regulations are meant to level the playing field between the e-hailing players and the taxi industry. E-hailing companies will be given one year to ensure that their operations comply with the regulations.

Taxi drivers have long spoken out against the unfairness of burdening the taxi industry with legal regulations while e-hailing operators get a freer rein, so it does seem that the introduction of these regulations have been a long time coming. A study conducted by the SPAD on the e-hailing industry backs this sentiment up: 70% of the 46,000 respondents wanted e-hailing services to be regulated by the government.

What are the new e-hailing regulations?

E-hailing companies bound by stricter rules

Compulsory registration with the Land Transport Commission (SPAD)

Registration with the Companies Commission of Malaysia (SSM) or the Cooperative Commission of Malaysia (SKM) for licensing eligibility requirements

Insurance coverage for the driver, passenger, vehicle, and third-parties

Implemented code of conduct and complaints guideline for drivers that can be audited by the government

Increased regulations for e-hailing drivers

Compliance with the existing conditions for Public Service Vehicle license holders

Criminal background and health checks

Mandatory 6-hour training course costing RM200 per head

Checks and standards for e-hailing vehicles

Must be of a brand with a minimum 3-star Asean NCAP rating or equivalent

Vehicles over three years old are required to undergo annual PUSPAKOM inspections at RM55 per inspection

Improved safety measures in e-hailing services

Passengers must register as users by uploading photos of their IC or passport to protect the safety of the drivers

E-hailing apps must be equipped with an emergency alert function for both drivers and passengers

Ministry moves to curb Grab’s power

Although there are a dozen or so e-hailing providers in Malaysia, the dominant market player is undoubtedly Grab Malaysia, especially after its merger with Uber in March earlier this year. Loke said that the Malaysian Competition Commission will be carrying out investigations for monopoly risk in the e-hailing market in response to the merger. The minister also addressed the rising complaints voiced by e-hailing drivers about high commission rates charged by e-hailing companies.

According to the drivers, they were being charged commission as high as 25% of their fares. Following the new regulations, the maximum commission that can be collected from private drivers will be capped at 20%. Taxi companies, meanwhile, will have their commission charges capped at 10%. As for e-hailing fare surcharges, the amount will be fixed at twice the maximum fare figure.

RM5,000 grant for taxi drivers to move to e-hailing

Prior to the regulations, taxi drivers were required to send their vehicles for inspection twice a year. Now, they only need to do so annually, similar to the owners of e-hailing vehicles. When asked about the 10% difference in commission ceiling rates for taxi and personal vehicle drivers, Loke said that the lower maximum commission rate for taxi drivers was to encourage a greater migration of taxi drivers to the e-hailing market.

The ministry also announced a cash grant of RM5,000 for existing taxi drivers who wished to buy a private vehicle to participate in the e-hailing industry to further encourage them to make the move.

Taxi drivers have voiced satisfaction with levelling of the playing field between taxi drivers and e-hailing drivers. However,
one taxi association chief
 said that many cabbies were unhappy with the one-year grace period given to e-hailing operators, saying it was “too much”.

Grab responds to the new regulations

(Image: The Malay Mail)

Meanwhile, on the e-hailing services front, Grab has responded to the new regulations, saying it wished the Transport Ministry had consulted the industry first before making its announcements as it would affect the welfare of hundreds of thousands of drivers. In a
statement to its driver partners
, Grab said that it was seeking to engage Anthony Loke and his team in an open dialogue to clarify, understand, and smoothen out the details of the new regulations.

However,
as Loke said
 when announcing these regulations, “These regulations have been drafted before (the new government took over). We are just implementing them, and all these have gone through a lot of consultation with the stakeholders, in particular with the e-hailing companies.

“We cannot wait for all companies to agree before implementing – that is not the role of the government. Our role is to strike a balance (and ensure) that everyone has a level playing field,” he said.

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E-hailing

Government News

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Ministry of Transport

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Jacie Tan

Jacie Tan

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