UOB Stash Savings Account Offers Interest Rates Up To 4.0% P.A.

(Update 29/5/2019:
UOB has revised the interest rates of the UOB Stash account, in line with the revision of the OPR by Bank Negara Malaysia. The article has been updated to reflect this change.)

United Overseas Bank (UOB) Malaysia has launched
UOB Stash
, a savings account that now offers up to 3.75% p.a. interest thanks to a unique bonus interest that is credited on top of the regular base interest. The account previously offered up to 4.0% p.a. but the
recent OPR revision by Bank Negara Malaysia
 has seen all banks revise its savings interest rates.

While most savings accounts tend to offer minimal interest rates, the
UOB Stash
 account pays a significantly higher rate with its double interest feature. With rates that go up to 3.75%, UOB Stash has one of the highest interest rates in the market for a savings account. In fact, its effective interest rates are even higher than most short-term fixed deposit interest rates. And since it is a savings account, interest is accrued simply by maintaining a balance in the account. More importantly, this savings account has no lock-in period that allows you the flexibility to withdraw your cash whenever you want.

Balance Tier

Base Interest

Bonus Interest

Total Rates

Effective Interest Rate*

First RM5,000

0.75%

0.00%

0.75%

0.75%

Next RM5,000

0.75%

0.00%

0.75%

0.75%

Next RM10,000

0.75%

2.50%

3.25%

2.00%

Next RM30,000

0.75%

2.50%

3.25%

2.75%

Next RM50,000

0.75%

3.00%

3.75%

3.25%

Above RM100,000

2.75%

0.00%

2.75%

3.00%

What makes the
UOB Stash
 stand out is its bonus interest feature, which is calculated based on the account’s monthly average balance (MAB). This is different from the base interest, which follows the normal method of calculation based on each day-end account balance. However, UOB imposes a requirement for bonus interest to be credited: the MAB for the month must be equal or more than the previous month’s MAB to earn bonus interest.

However, unlike the usual savings accounts, UOB Stash works via a tiered interest rate where interest is credited only on the amount within its tier. For example, you will only earn 0.75% for the first RM10,000, 3.20% for the next RM10,000, and so on. That’s probably why UOB shows the effective interest rate accrued, which shows that having a deposit between RM50,000 to RM100,000 yields the highest effective interest rate at 3.25% p.a.. Interestingly, deposits above RM100,000 will not yield any bonus interest, which results in a lower effective interest rate of 3.00%.

UOB Stash
 is open to anyone aged 18 years old and above, and the initial deposit needed is RM500. For other fees and charges, you may visit
the bank’s official website
.

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Finance Minister Asks Banks To Consider Waiving Accrued Interest On Deferred Instalments Under Moratorium

Finance Minister, Tengku Dato’ Sri Zafrul Aziz, has proposed that Malaysian banks consider waiving the accrued interest on deferred instalments during the 6-month moratorium.

Stating on his Facebook page, Tengku Dato’ Sri Zafrul mentioned that there “is a possibility that it can be done”, and especially so after taking the public’s view into account. According to Tengku Dato’ Sri Zafrul, the issue of interest accrual during the moratorium lies under Bank Negara Malaysia’s purview via the Bank Negara Act 2009. However, he stated that the Ministry of Finance has approached both BNM as well as the local banks to facilitate discussions and “make the right decision” that meets the needs of the rakyat.

After
reports from RinggitPlus
 and several dailies about the possibility of interest accrual on hire purchase loans and fixed-rate Islamic financing, there was a major outcry from Malaysians who were previously led to believe that both these instruments would not accrue interest during the moratorium.

In a
previous comment
, Tengku Dato’ Sri Zafrul suggested that the confusion arose from a “misunderstanding in the FAQ posed by BNM”, and encouraged both BNM and banks to improve communications to their customers.

(Source:
Tengku Zafrul
 (Facebook))

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HSBC x TNG eWallet Cashback Campaign Extended Until June 2022

HSBC is once again extending its popular Touch ‘n Go (TNG) eWallet cashback campaign, which allows HSBC credit cardholders to earn RM20 cashback when they reload their TNG eWallet with their cards. This time, the campaign is set to take place from 1 February to 30 June 2022.

Similar to the
ongoing version of the campaign
 (which is slated to end today), this campaign is open to all HSBC credit cardholders, and will award you monthly cashback rewards of RM20 when you top up your TNG eWallet with a minimum of RM200 via your cards. Note that you must use the “eWallet Balance” function to perform the transaction, or your reload will not be considered eligible for the campaign.

HSBC has earmarked a monthly allocation of RM70,000 for February 2022 to be given away, and RM80,000 for the four subsequent campaign months (March, April, May, and June 2022). The cashback rewards will be provided on a first-come first-served basis, and will be credited within 10 working days into your TNG eWallet if you do win it.

If you’re looking to give this campaign a go, make sure to get ready to perform the required reload transaction at midnight each month! As many HSBC cardholders can tell you, this particular promo is extremely well received, with the monthly allocated cashback running out in mere moments past midnight.

(Source:
HSBC
)

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World Bank: Malaysia Doing Well In Developing Sustainable Finance

(Image: Malay Mail/Yusof Mat Isa)

The World Bank Group has remarked that Malaysia is doing better than other ASEAN countries in terms of the development of sustainable finance and implementation of policy frameworks.

According to senior economist at The World Bank Group Inclusive Growth and Sustainable Finance Hub in Malaysia, Tatiana Didier, the nation stands at the forefront of economic development among all ASEAN-5 countries (Indonesia, Malaysia, the Philippines, Thailand, and Vietnam). She said that Malaysia is also doing well against some of the other peer countries.

“When it comes to developing sustainable finance, a lot of the building blocks are out there. I think Malaysia should be showcased to the rest of the world,” said Didier, who also spoke about the importance of closing data gaps and enhancing information system with the effective implementation of disclosure standards and taxonomies.

(Image: Reuters)

To clarify, the implementation of disclosure standards will help to facilitate market transparency, which in turn, allows proper risk assessment among firms. Meanwhile, taxonomy – in the context of sustainable finance – refers to definitions that help to categorise specific sustainable investments, or the economic activities within it. With the application of taxonomies, policy makers can determine their priorities more effectively, and decide where sustainable investments are most needed.

The World Bank further noted Malaysia’s achievements in its recent publication, the
Unleashing Sustainable Finance in Southeast Asia (SEA) report
 – which also said that ASEAN-5 economies with more developed financial markets tended to have more developed enabling policy frameworks as well.

To highlight some of Malaysia’s initiatives, Bank Negara Malaysia (BNM) released a principles-based approach for financial markets taxonomy – dubbed the
Climate Change and Principle-based Taxonomy (CCPT)
 – back in April 2021. It took into consideration the state of Malaysia’s economic development and the early-stage adoption of climate risk management practices within the country. At the same time, it also sought to allow better alignment with international classification standards.

Additionally, the Securities Commission Malaysia (SC) issued a proposed capital markets taxonomy in 2021, called the
Sustainable and Responsible Investment (SRI) Taxonomy
. Currently in its consultation phase, this taxonomy covers four major categories – environment, transition, social, and sustainability.

Despite these achievements, the World Bank also suggested Malaysia can further improve these taxonomies as they currently lack detailed classification and technical thresholds.

(Source:
Malay Mail
)

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TNG, Shell Officially Launch RFID Fuelling, Offer RM10 Cashback For First-Time Users

(Image: New Straits Times)

Touch ‘n Go (TNG) Group and Shell Malaysia have officially launched the RFID Fuelling function, which allows customers to conveniently pay for their fuel at supported petrol bays using TNG RFID. It is currently available at 88 Shell stations across Malaysia, with the number expected to increase to 200 stations by year-end.

Motorists who use RFID Fuelling to pay for their petrol will not even need to access their mobile phones to key in any details. Instead, the payment for your fuel will be automatically deducted from your TNG eWallet that is linked to your TNG RFID tag when you refuel at an RFID-enabled petrol bay at selected Shell stations.

Of course, before you can begin paying for your petrol with RFID Fuelling, you’ll need to first activate the RFID Fuelling function in your TNG eWallet:

Open your TNG eWallet, and tap on Shell
Click on “Activate Fuelling”
Select your pre-authorised amount for petrol payment
Link your BonusLink card to your eWallet to earn points as you refuel (if you wish to)
Key in the six-digit OTP sent to your mobile number, and you’ll be notified upon successful activation

Once the function is activated, you can then go ahead and start paying for your petrol with RFID Fuelling! Just head on over to a
supported Shell station
, and follow these steps:

Find any supported bay with the RFID signage
Park your vehicle inside the RFID bay facing the reader (mounted either on the ceiling or near the pump) for verification
View the status on the LED screen mounted on the ceiling or near the pump; the screen will indicate that the pump is ready
Start fuelling your vehicle within 80 seconds (if your final amount is less than the pre-authorised refuel amount, the balance will be refunded to your eWallet within two working days)

According to the general manager of mobility for Shell Malaysia and Singapore, Seow Lee Ming, RFID Fuelling is currently enabled at two bays at each selected station. More supported bays will be added if the demand increases, she said.

“Over the last year, we have received positive responses from over 10,000 pilot users, and we have been working closely with Touch ‘n Go to continuously optimise the technology to ensure a truly hassle-free payment experience. We are confident that this collaboration with Touch ‘n Go will further enhance our customer experience at Shell,” Lee Ming also said.

Meanwhile, the group chief executive officer of TNG Group, Effendy Shahul Hamid remarked that the combination of the RFID technology and the eWallet infrastructure has allowed the company to expand the use case of the infrastructure beyond tolling. “As we’ve shown today, fuelling is an additional use case and we will be expanding the RFID use case into more areas as we go on,” he added.

(Image: The Star)

To mark the launch of RFID Fuelling, Shell and TNG are rewarding the first 25,000 customers who refuel at Shell stations using the function. Customers who refuel a minimum of RM50 on their first RFID Fuelling transaction will be eligible to receive RM10 cashback. This promotion is already ongoing, and is slated to run until 15 September 2022.

First
announced in early 2020
, the RFID Fuelling function was eventually rolled out as a
pilot study in May 2021
. It was initially made available at five Shell stations, and was later
extended to 30 other stations
 within the Klang Valley, including Shell LDP Kelana Jaya, Shell Sri Hartamas, and Shell Federal Highway Route 2.

(Sources:
The Star
,
Shell Malaysia
,
TNG
)

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Bank Negara Malaysia Once Again Keeps OPR At 1.75%

The Monetary Policy Committee of Bank Negara Malaysia (BNM) has once more decided to keep the overnight policy rate (OPR) at 1.75%. This is the seventh meeting in which the key policy rate is held at its current rate since the last adjustment was made in July 2020.

According to a statement by BNM, the reimposition of nationwide restrictions several months back had dampened the growth momentum that was seen in the earlier quarters of 2021. However, the gradual relaxation of these measures in more recent times – which allowed for economic sectors to operate – as well as the higher adaptability of firms to the new operating environment and continued policy support will help to partially mitigate the impact.

Additionally, the central bank said that there are also several other factors that will support Malaysia’s growth momentum going into 2022. These include the further easing of containment measures, rapid progress of the domestic vaccination programme, and continued expansion in global demand.

That said, BNM also cautioned that risks remain tilted to the downside, attributing it to both domestic and external factors. One key factor highlighted is the delay in the easing or reimposition of broad-based containment measures due to the impact of new Covid-19 variants, as well as a weaker-than-expected global growth recovery.

(Image: The Sun Daily)

As for headline inflation, it has averaged 2.3% year-to-date, and BNM projects it to average between 2% and 3% for 2021. The central bank also expects underlying inflation to remain subdued, averaging between 0.5% and 1.5% for the year. Of course, this outlook is subject to the global commodity price developments and policy measures to alleviate the cost burden off the public.

“The MPC considers the stance of monetary policy to be appropriate and accommodative. In addition, fiscal and financial measures will continue to cushion the economic impact on businesses and households, and provide support to economic activity. Given the uncertainties surrounding the pandemic, the stance of monetary policy will continue to be determined by new data and information, and their implications on the overall outlook for inflation and domestic growth,” said the central bank.

For context, BNM had slashed the OPR by a total of four times back in 2020, reducing it from 3.0% to
2.75% in January
, then to
2.5% in March
. In May 2020, BNM slashed the OPR by
another 50 basis points
, before lowering it further to its
current record low of 1.75%
 in July 2020.

(Source:
Bank Negara Malaysia
)

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Boost Your Savings With Returns Of Up To 5.90% p.a. For Your Term Deposit

Amid rising costs of living, many Malaysians might be looking for ways to bolster their savings. A common way to grow your money is to park it in a term or fixed deposit account. A term deposit account is easy to open, lets you earn returns, and your money is automatically protected by the PIDM (Malaysia Deposit Insurance Corporation).

With that, MBSB Bank is currently running the Term Deposit-i Booster Campaign that lasts till 31 December 2022. Through the campaign, participants can bundle Term Deposit-i with PrimeWin CASA-i to enjoy high returns of up to 5.90% per annum. In addition to that, you will also stand to win grand prizes that include a Mercedes-Benz A200, Mercedes-Benz C200, Mercedes-Benz GLC 300 AMG, and plenty more other prizes all while boosting your savings.

Get competitive rates on your savings

Many of us work eight hours per day and that does not include time spent on a second job or side gig, if you have one. There’s a limitation to the hours one can work in a day and earn money.

If you want to grow your savings further, you may consider keeping your money in a term deposit account that rewards you with profit returns. A term deposit account is low maintenance as it doesn’t require you to check the markets everyday or make adjustments.

For a limited period of time, you can participate in MBSB Bank’s Term Deposit-i Booster Campaign. Then, you can bundle Term Deposit-i with PrimeWin CASA-i to enjoy attractive returns of up to 5.90% per annum. You may choose from two combinations that are composed of differing percentages of Term Deposit-i and PrimeWin CASA-i as shown below.

Do note that should there be an Overnight Policy Rate (OPR) change, the promotional rates may be revised accordingly.

Ensure that your money is in safe hands

We put aside some savings every month because we know that they will come in handy for an emergency, achieving our goals, or the golden years. Hence, it’s important to ensure that our money is kept in a safe and secure place with a trusted as well as established institution.

Should you choose to put your money in MBSB Bank’s term deposit accounts, you can rest assured that your money is protected by PIDM. This means that you enjoy protection coverage of up to RM250,000 against loss of deposits in the event that the bank fails.

In addition, MBSB Bank offers products that are Shariah-compliant through the mechanism of Tawarruq. Deposit accounts like Term Deposit-i provide cash growing instruments for individuals and corporates in an environment that abides by Shariah laws. Nonetheless, all products are available to both Muslim and non-Muslim customers.

Win amazing prizes

As prices of food and other essentials rise, we need to supplement our savings in order to catch up with inflation. The Term Deposit-i Booster Campaign lets you take advantage of compounding profit to grow your money faster.

For example, you have saved up RM10,000 and participated in the Term Deposit-i Booster Campaign. After 12 months, you will earn profit returns of 5.90% per annum, which means your account will have a total of RM10,590, which can add up to quite a lot over the long-term.

At the same time, you will also get the opportunity to win very attractive prizes that include luxury vehicles, smartphones, tech gadgets, and more. As a participant of the term deposit campaign, you will be automatically enrolled in the
“Simpan Berganda Menang Bergaya 2.0” CASA-i Campaign
.

From now to 31 May 2023, winners will be selected to win exciting prizes every quarter of the year, which include the Mercede-Benz A200, Mercedes-Benz C200, and Mercedes-Benz GLC 300 AMG, trips to the Europe region or umrah, Xbox 360, Sony PS5, folding bikes, cash prizes, and more. Meanwhile, monthly prizes include the Apple iPhone 13, so stay tuned to the prize announcements throughout the campaign.

***

With only a few months left till the end of the year, you may want to make sure that your financial goals are on track. Participate in the Term Deposit-i Booster Campaign before it ends on 31 December 2022 to enjoy attractive returns of up to 5.90% per annum. In addition, stand a chance to win amazing prizes from now till 31 May 2023 with the “Simpan Berganda Menang Bergaya 2.0” campaign.

Apply to grow your savings
here
.

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    David austin

    9 months ago

Not enough transparency as no stated the effective rate.

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PPA: Retirement Savers Will Benefit From PRS Tax Relief Extension Until 2025

(Image: The Malaysian Reserve)

The Private Pension Administration Malaysia (PPA) has commended the government for its move in extending the RM3,000 tax relief for the Private Retirement Scheme (PRS) until 2025, stating that the extension will benefit retirement savers.

“The extension, announced under Budget 2021, is a positive move as the government that views the rakyat’s preparedness towards their retirement wellbeing as a national priority, especially during this challenging time,” said the chairman of PPA, Datuk Zaiton Mohd Hassan.

Datuk Zaiton further said that the PRS tax relief currently provided has been effective in encouraging Malaysians to save more for their retirement in this voluntary scheme thus far as almost half a million PRS members have collectively saved RM4.4 billion in net asset value. She added that the PRS industry continues to remain resilient despite a challenging year caused by the Covid-19 pandemic.

“For PRS members who have not maximised their tax relief for 2020, they can also top up their PRS accounts anytime, anywhere with the PRS Online application,” said Datuk Zaiton. First-time PRS savers can also tap into
PPA’s “Jom PRS, Gets Treats!” contest
 to boost their retirement savings even more as it offers monthly draws and prizes up to RM30,000 in units. The ongoing contest ends on 14 December 2020.

To put things into context, individuals investing in PRS are currently allowed by the Inland Revenue Board (LHDN) to claim tax relief of up to RM3,000 each year. This allowance was first approved in 2012, and was made available for a period of 10 years – slated to end in 2021. During the tabling of Budget 2021, however, Finance Minister Tengku Zafrul Abdul Aziz announced that this tax incentive will be
extended to 2025
.

(Source:
The Sun Daily
)

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StashAway Introduces New Investment Offering, Thematic Portfolios

StashAway has introduced a new investment offering by the name of Thematic Portfolios, which allows investors to “invest in trends you think will change the world without exposing your money to unnecessary risk.”

Essentially, StashAway’s new Thematic Portfolio is based upon the concept of thematic investing, where you create a portfolio consisting of companies that are relevant to an area or theme because you believe they will generate above-market returns in the long term. The companies could come from varying sectors or industries, as long as they remain pertinent to the theme – which differs from conventional investment, which is more sector or industry-focused. So for instance, if you were to invest in a thematic portfolio that is related to consumer technology, you may see companies from the e-commerce, fintech, social media, and even gaming sector in your portfolio.

Under StashAway’s Thematic Portfolio offering, there are three themes that you can choose from, namely:

The portfolios will primarily feature exchange traded funds (ETF) that are managed by notable fund managers – such as ARK Invest, iShares, Global X, and VanEck – although they will also be complemented by some balancing assets (non-thematic instruments) as a form of risk management strategy. This is because thematic investing tends to carry more risk than balanced portfolios; StashAway’s Thematic Portfolios have a risk index of 20% to 45%, which is much higher compared to its general investing portfolios that ranges between 6.5% to 36%. As such, balancing assets are introduced to help make risk more manageable.

With regard to fees, StashAway continues to charge its usual annual management fee of 0.2% to 0.8% for these new portfolios, depending on the investment amount. The average expense ratio charged by ETF fund managers, meanwhile, is 0.52%. There are no subscription, switching, and rebalancing fees, as well as minimum deposit requirements.

The robo advisor also clarified in its
FAQ
 that it is not able to set or share expected returns on Thematic Portfolios as these products are inherently very volatile. Instead, it advised customers to invest based on their risk appetite, and to stay on for the long term to capture the maximum potential returns offered by each portfolio.

Additionally, there is no limit to the number of themes that you can invest in. You can also have two different portfolios of the same theme (with different risk indexes). Note, though, that these Thematic Portfolios are not shariah-compliant as they are composed of conventional ETFs.

To celebrate the launch of these Thematic Portfolios, StashAway is currently running a promo that lets you get
free investing on these new offerings for up to 12 months
. The deal will require you to enter a promo code when depositing your money, and is valid until 25 October 2021.

(Source: StashAway [
1
,
2
])

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NFCC: Mule Accounts Contribute To Challenge Of Tracking Down Scam Syndicates

(Image: The Malaysian Reserve/Muhd Amin Naharul)

The director-general of the National Anti-Financial Crime Centre (NFCC), Datuk Seri Mustafar Ali has appealed to the public to take note and educate themselves on the various tactics used by scammers to perpetrate online fraud. These include mule accounts, which contribute significantly to the challenge of tracking down scam syndicates as the number of online fraud cases continue to increase in Malaysia.

Specifically, Datuk Seri Mustafar noted the central role of account mules in these criminal operations, described as individuals who hand over or “rent out” their bank accounts, ATM cards, and PINs (called mule accounts) to scammers for some earnings.

“One factor causing scam syndicates to milk money from their victims is the existence of mule accounts ‘bought’ at RM500 per account from the original accountholders for use to transfer the ill-gotten gains. A victim’s money that has been defrauded will be put into a mule account, and then transferred to several other mule accounts before finally being withdrawn in a short period of time, making it difficult to track,” Datuk Seri Mustafar explained.

Aside from mule accounts, Datuk Seri Mustafar also pinpointed the use of technology and social media, as well as the leaking of user information, as other reasons for the rising number of scams. Often, victims will be contacted through social media and messaging platforms, with the scammer impersonating contacts or representatives from authorities to gain the victim’s trust.

(Image: New Straits Times)

Datuk Seri Mustafar further said that scammers have also lately resorted to disguising their links as bank websites, thereby duping unsuspecting victims into downloading applications from these links. “The victim will next be asked to disclose personal information including banking particulars, allowing the scammer to hack into the victim’s account and siphon off their money,” he shared, adding that the situation may be made more complicated if the victims are slow to realise that their money has disappeared.

Analysis by enforcement agencies also showed that fraud syndicates would use phone numbers that are illegally obtained to run their scams, and they would carefully select their victims based on their backgrounds – often depending on the type of scams that they are running. For instance, syndicates running Macau scams – in which scammers impersonate bank or public officials to trick you into disclosing your banking details or transfer money – will typically target individuals with large savings.

In its effort to combat online crimes, Datuk Seri Mustafar said that the government has been taking specific measures, such as enhancing cooperation with international authorities. This is to ensure that criminals who operate from abroad can also be apprehended. “Such scams need to be dealt with jointly by all parties, including those who have fallen victim. Awareness campaigns should be conducted from the school to university levels with the holding of specific programmes to educate people to avoid falling prey to scammers,” he stressed.

(Image: Asia Insurance Review)

Additionally, there are plans to reinforce the National Scam Response Centre (NSRC), especially in terms of its operations, manpower resources, technical equipment, and financial analysis systems – among other things. “Given that the NRSC operations pool the manpower and expertise of various agencies, including banking and telecommunications, an effective integrated enforcement action can be implemented,” said Datuk Seri Mustafar.

More importantly, though, the government is now also looking into using or amending various legal provisions so that fraud money can be returned to the victims, said the director-general of NFCC. These include the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, Penal Code, as well as Criminal Procedure Code.

Earlier this year, Prime Minister Datuk Seri Anwar revealed that Malaysia had reported
more than 25,000 online scam cases in 2022
, with losses reaching RM850 million.

(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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This End-Of-Year Sale, Add Your Credit Report To Your Cart Too!

It is a fact universally acknowledged that Malaysians hold great affection for a good shopping sale — and the month of December brings with it an abundance of sales and promotions. From festive promotions to year-end sales, there are few things Malaysians love as much as getting a good deal during December.

But here’s the thing, while we expend so much energy and time looking for the best discounts on clothing, electronics, household appliances, and such to save money, we don’t spend nearly enough time looking after other financial areas in our life, like looking after our credit health. When asked in 2019, only
32% of Malaysians
said they were aware of what a credit score was and why it’s important to check it regularly.

Your credit score is a number that informs financial institutions how creditworthy you are, as such having a good credit score (between the 781-581) says that you are credit healthy and any figure below 581 is an indicator that your credit health needs some attention.

Being credit healthy is essential because good creditworthiness means that you are a good risk when it comes to managing credit facilities as you are anticipated to return any credit received in a timely manner. Therefore, these banks and financial institutions are likely to process your credit applications faster and with a higher chance of approval. What’s more, good credit health also gives you more negotiating power when it comes to asking for a higher credit line, or even reducing interest rates on loans.

Once you know and understand your credit score information, you can take charge of your credit health and that in turn helps you make decisions for your financial future.

And Hey! Experian Is Jumping In With Year-End Sales Too!

That’s why there’s no better time than now to start diving into your credit health. There are only a few more weeks left to the year and empowering yourself now, which means that you’ll be better prepared to make your financial plans for 2021.

Even better, in the spirit of the festive season and year-end deals, Experian credit reporting agency is encouraging you to empower yourself with your credit health information by giving you great deals on credit monitoring tools and packages.

For the rest of the month until 31 December 2020, you can enjoy generous discounts on two of Experian’s most popular products, Personal Credit Report Plus and JagaMyID.

Personal Credit Report Plus – The First Step To Improve Your Credit Health At Only RM12

Without being aware of where you stand in your credit health, it’s challenging to make informed decisions — or changes — to improve your credit health. So, start by understanding your credit score with Personal Credit Report Plus (PCRP) for only RM12.

This comprehensive and detailed report not only informs on your credit score but also includes other information such as your Skim Potongan Gaji Angkasa (SPGA) and PTPTN records, non-banking trade references, litigation history, and more.

This information is backed by Experian’s extensive data capabilities and accreditation as the
first Credit Reporting Agency (CRA) in Malaysia to achieve International ISO27001:2013 certification
, which is a mark of the company’s rigorous security and compliance protocols standing on par with global standards.

Furthermore, you’ll also gain insight into your banking credit information as the report informs on whether any of your credit facilities are under special monitoring by banks or financial institutions under Special Attention Accounts. This will allow you to take swift action when needed and be proactive towards better managing your credit facilities.

Sample Experian PCRP

Lastly, PCRP will help you pinpoint factors that have affected your credit score while also giving you tips on how to boost your credit health. For example, you may be unaware of a missed payment that has been pulling down your credit score and once you find out with PCRP, you can take steps to ensure future payments are done on time.

Even if you’re not planning to apply for any credit facilities in the near future, it’s always a good practice to periodically check in on your credit health. So, when you are ready to apply for a credit card or loan, you won’t have to worry about your credit score getting in the way.

Plus, keeping an eye on your credit health allows you to make sure that no credit applications are made in your name without your knowledge — but if better credit monitoring is what you’re looking for, then JagaMyID may be a better choice.

Safeguard Your Credit Health with JagaMyID, A Credit Health Monitoring Programme

While PCRP is a good choice for periodic and comprehensive checkups on your credit health, JagaMyID offers a more economical and convenient solution for all-year-round credit monitoring.

Initially priced at RM53/year —
and now offered at RM24/year for a limited time only
 — JagaMyID is an annual subscription that keeps an eye on your credit health for you. Every month, you’ll receive monthly updates on your credit score and CCRIS information, get tools to help you track your monthly credit payments, and you’ll also have access to your Personal Credit Report Plus quarterly.

Additionally, JagaMyID offers a variety of services to help protect you against credit health harm caused by identity theft. Over the past few years,
identity theft has become a growing issue within Malaysia
, and one of the casualties of this criminal activity is the victim’s credit health.

Identity fraudsters steal personal data and use that data to make unauthorised credit applications and withdrawals, thus affecting the individual’s credit health. With the JagaMyID subsction, you’ll stay ahead of identity theft by getting notifications any time a credit application is ripmade in your name, email alerts if there are any changes to your credit profile, and you can monitor your credit card and other credit facilities utilisation.

With all these benefits and great prices for PCRP and JagaMyID credit monitoring subscription, there’s no reason to postpone your credit health check. So, take these last weeks of the year to better prepare your financial future next year and start by taking a good look at your credit health.

During these end-of-year sales, don’t just shop for clothing, decorations, and appliances — add your credit report to your cart too!

Get access to Experian’s credit monitoring tools from only RM12 here.

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Hong Leong Islamic Bank Launches Malaysia’s First Digital Restricted Investment Account, PIA-i

Hong Leong Islamic Bank (HLISB) has introduced a new digital restricted investment account, which allows its customers to conveniently invest in shariah-compliant unit trust funds on a digital platform anytime, anywhere. Dubbed the Portfolio Investment Account (PIA-i), it is said to be the first of such products to be rolled out in Malaysia.

Launched in collaboration with Hong Leong Islamic Asset Management (HLISAM), the PIA-i aims to cater to the needs of customers with an increasingly digital lifestyle. They can easily diversify their personal investments through the HL Connect digital banking platform instead of having to go through the traditional investment experience of walking into a bank branch to open the required accounts.

(Image: The Sun Daily)

In fact, HLISB clarified that the PIA-i is only available through the HL Connect internet banking platform; you will not be able to apply for it at a bank branch. It is also not yet enabled for the HLB Connect mobile app, which means that you cannot perform any PIA-i transactions through the app. You are, however, able to review the investment account dashboard in your HLB Connect app.

Through the PIA-i – which is based on the Wakalah bi Al-Istithmar shariah principle, where you authorise HLISB to manage your investment on your behalf – your funds will be invested into three shariah-compliant investments, namely:

Hong Leong Dana Al-Izdihar (money market fund)
Hong Leong Dana Maa’rof (balanced fund)
Hong Leong Dana Makmur (equity fund)

You can begin investing in the PIA-i with a minimum of RM1,000, at an expected profit return of 6% p.a.. Note that to be eligible for this product, you must be a Malaysian aged 18 years old and above, and have a current or savings account/-i with the bank. Here’s how you can easily sign up for the PIA-i:

The chief executive officer of HLISB, Jasani Abdullah said that the launch of the PIA-i is part of the bank’s efforts in facilitating its customers’ journey towards a more superior personal wealth management. “The PIA-i embraces inclusive banking services and accessible financial support by simplifying the investment process to the extent that almost anyone with basic financial literacy can start investing with ease. This is crucial as we look forward to rebuilding, recovering, and increasing resiliency beyond the pandemic,” he said.

Meanwhile, the chief executive officer of HLISAM, Noor Aini Shaik Awab said that digital technology is providing greater access for consumers to invest, as well as increasing consumer awareness in financial sustainability. “We believe by leveraging shariah investment principles with digital technologies, we will be able to make Islamic asset management a leading investment offering in Malaysia,” she commented.

(Source:
Hong Leong Islamic Bank
)

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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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Achieve Your Savings Goals And Win Prizes Worth Over 30 Million With BSN SSP 2021

For many of us, coming home with RM1,000,000 to our name may seem like a farfetched dream. But with Bank Simpanan Nasional (BSN) Sijil Simpanan Premium (SSP), you may just be one of the winners to realise your dream of becoming a millionaire.

Besides its grand prize of RM1,000,000, BSN SSP 2021 this year also offers many more exciting prizes such as brand new Proton X50 and Myvi, Apple products, and other BSN SSP 2021 prizes up for grabs. With total prizes worth over RM30 million this year, the BSN SSP 2021 draws will reward over 19,000 winners nationwide, including 14 winners who will go home as millionaires.

Open for all Malaysians, permanent residents, and foreign citizens with a permanent address in Malaysia aged 12 years and above, BSN SSP 2021 is an opportunity not to be missed. Besides encouraging you to save, it is also an opportunity for you to grow your savings. For more information on how to participate in the BSN SSP 2021 draws, keep on reading the infographic below.

By choosing to save with BSN SSP, you will not only be motivated to achieve your saving goals but also stand a chance to win exciting prizes. The campaign period is until 31 December 2021 and is open to individuals aged 12 years and above. Parents are also welcome to sign up for their children. All BSN SSP prizes are exempted from income tax.

As long as you meet the requirement above, you will be eligible for the monthly draw. There are no extra steps needed for you to participate except to save! For more information, visit
https://www.bsn.com.my/page/bsn-ssp

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    BABULAL

    2 years ago

Good idea.

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Google Wallet In Malaysia Allows Users To Add Boarding Passes From AirAsia, MAS

With Google Wallet now officially live in Malaysia, users will not only be able to tap into an additional payment method, but also a safer and simpler way to access selected non-payment essentials. In the case of Malaysian users, they can access their flight boarding passes straight from their Android and Wear OS devices.

In its statement, Google said that users who have purchased flight tickets from airasia – and in the coming months, Malaysia Airlines (MAS) – will be able to add their boarding passes into their activated Google Wallet. With the passes added to the digital wallet, they can then be notified of any latest updates to their flight details, such as changes to their departure time and gate changes. This, in turn, allows for a more comfortable boarding experience at the airport.

Google further said that adding boarding passes to Google Wallet is a fairly straightforward process that can be completed with just a few taps. If you are buying a flight ticket from the airasia super app, there will be an option to “Add to Google Wallet” once you’re done with your purchase; tapping on the option will then create the digital version of the boarding pass in your Google Wallet – and that’s it!

As for data security, Google noted that users’ data will be protected with several layers of safeguards. Aside from the tokenisation feature – which is crucial for the protection of users’ payment card data – you can also set screen locks for extra security, as well utilise the “Find My Device” function to lock your device, set new passwords, and clear personal information from your phones remotely.

During the
reveal of Google Wallet
 at its annual developer conference back in May 2022, Google highlighted that aside from boarding passes, the digital wallet will also allow users to store other non-payment essentials such as loyalty cards, digital IDs and keys, and vaccination cards. At the present launch, these other functionalities have yet to be enabled for Malaysian users, but they are certainly something to look forward to.

For now, though, most Google Wallet users will likely be more eager to explore the convenient contactless payment feature of the digital wallet. If you’re not yet aware, Google Wallet currently supports Visa and Mastercard credit and debit cards from
four banks in Malaysia, namely CIMB Bank, Hong Leong Bank, HSBC Bank, and Public Bank
 – with some banks offering launch campaigns to celebrate the occasion.

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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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Get Medical Insurance 100% Online Within 5 Minutes

Due to Covid-19, the whole world has come to a standstill and many are faced with drastic changes in their daily lives.

For us Malaysians, this pandemic has prompted us into thinking about the importance of taking unpredictable circumstances into account. From our financial affairs to medical protection plans, how well-prepared are we? The pandemic has also signified the importance of being medically insured. For those with existing medical plans as well as for those without one, now is the time to review and rethink our protection plans for ourselves and for our family.

But due to the ongoing movement control order (MCO), we are confined to our homes for our safety and only leave the house when absolutely necessary. How do we apply for medical coverage?

Apply Online For AXA eMedic

Did you know that you can purchase a medical insurance plan online with AXA eMedic in just 5 minutes with no medical checkup needed? AXA eMedic offers affordable premiums from as low as RM37 a month for individuals and RM150 a month for a family of four. With no long approval periods, no third parties, and no need for the submission of physical documents, eMedic provides Malaysians with reliable medical coverage for you and your loved ones.

One Single Payment For The Family

With AXA eMedic, you’ll receive a 5% discount for the family package, with an additional 5% off if you’re paying annually. With one simple payment for the whole family, there’s no need to purchase separate plans for your loved ones. It’s also a great starter plan for parents looking for medical coverage for their little ones.

AXA eMedic policies are available in three options: Plan 20, Plan 50, and Plan 100 with annual coverage ranging from RM20,000, RM50,000, and RM100,000 respectively.

Depending on the type of plan you choose, each family member can claim up to  RM100,000 every year for hospitalisation bills as well as coverage for illness and accidents. Additionally, the coverage offers unlimited days on room and board for hospitalisation with a RM250 limit per day, which is more than enough to cater for a double-bed room in most hospitals.

Affordable And Basic Coverage For Everyone

For individuals, eMedic is perfect if you’re looking for affordable medical coverage that won’t burn a hole in your wallet every month, as well as cashless admission to many panel hospitals. Malaysians from 15 days old to 49 years are eligible for AXA eMedic and expatriates are eligible too. The plans are renewable till the age of 80.

Fast & Easy Online Application with AXA eMedic

You’re just a few clicks away from getting yourself and your family protected! Just head to the
AXA eMedic website
 and follow these simple steps to get covered today!

Enter birthdate(s)

Choose desired plan

Answer a few health questions

Enter your details

Make your payment!

Upon approval, you’ll receive your policy documents within the next 3 days. You may also choose to get a deductible, where you will enjoy an even lower premium in exchange for paying the first RM1,000 of any medical bill.

AXA Affin is approved by Bank Negara and is one of the largest insurance brands in the world. In 2018, AXA was ranked #1 insurance brand globally by Interbrand for the 10th consecutive year.

With their commitment to care, support and protect over 1 million customers and counting, you and your family will always be prepared for life’s surprises especially during these trying times. Fast, easy and affordable – get protected from the safety and comfort of your own home. Click away to get
AXA eMedic
!

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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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Finance Minister: Wage Subsidy Programme Saved 2.4 Million Jobs

The wage subsidy programme introduced by the government to address the impact of the Covid-19 pandemic on employment in Malaysia has saved 2.4 million jobs, according to Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

A total amount of RM4.89 billion has been approved for 303,596 employers as of 19 June, benefiting over 2.4 million workers, a significant uptick compared to the RM1.2 billion approved for 159,000 employers involving 1 million workers two months earlier in April.

The finance minister said that although Malaysia’s unemployment rate is expected to increase in the coming months, economic recovery measures introduced by the government are aimed at reducing it.

“With the wage subsidy programme
expanded under Penjana
 since June 15, employers can now apply for wage subsidies for their employees who are on unpaid leave,” said Tengku Zafrul. “With this in mind, coupled with the opening of almost all sectors of the economy, the government is targeting to improve the rate, especially in the third and fourth quarters of this year.”

In April,
the country’s unemployment rate
 rose to its highest in thirty years at 5%; in comparison, the unemployment is at 5.9% in China, 13.3% in the US, 23.5% in India, and 17.7% in the Philippines.

(Source:
The Edge Markets
)

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Highway Operators Offer Up To 33% Toll Discounts For Hari Raya Aidilfitri

23 highways are offering toll fare discounts for Class 1 vehicles on the first day of Hari Raya Aidilfitri next week, with discount rates varying from 10% to 33%.

“The offering of these discounts are in line with the corporate social responsibility (CSR) of the highway concessionaires,” said Works Minister, Baru Bian at the launch of Grand Sepadu Highway’s Road Safety Campaign for the festive season.

Discount rates offered at the 23 highways

Lebuhraya Damansara-Puchong (LDP)

33%

Lebuhraya Grand Saga (GSSB)

30%

Lebuhraya Utara-Selatan (PLUS)

20%

Lebuhraya Seremban-Port Dickson (SPDH)

20%

Lebuhraya Utara-Selatan Hubungan Tengah (ELITE)

20%

Lebuhraya Butterworth-Kulim (BKE)

20%

Jambatan Pulau Pinang (Class 2 vehicles only)

20%

Lebuhraya Pantai Timur (LPT) 2

20%

Lebuhraya Duta-Ulu Kelang (DUKE)

20%

Lebuhraya Pantai Baru (NPE)

20%

Lebuhraya BESRAYA

20%

Lebuhraya MEX (Maju Expressway) – (all classes)

15%

Lebuhraya Grand Sepadu

15%

Lebuhraya Shah Alam (Kesas)

10%

Lebuhraya Kemuning-Shah Alam (LKSA)

10%

Lebuhraya Koridor Guthrie (GCE)

10%

Lebuhraya Bertingkat Ampang-Kuala Lumpur (AKLEH)

10%

Lebuhraya Kajang SILK (SILK)

10%

Lebuhraya Kuala Lumpur-Karak (KLK)

10%

Lebuhraya Pantai Timur (LPT) 1

10%

Lebuhraya Lingkaran Luar Butterworth (BORR)

10%

Lebuhraya Sultan Abdul Halim Muadzam Shah (JKSB)

10%

Lebuhraya Kuala Lumpur-Selangor (LATAR)

10%

These 3 highways are offering discounts only at selected toll plazas

Lebuhraya Kajang-Seremban (LEKAS) – Plaza Tol Ampangan

10%

Lebuhraya Laluan Kedua (LINKEDUA) – Plaza Tol Perling and Lima Kedai

20%

Lebuhraya Lembah Klang Selatan (SKVE) – Plaza Tol Pulau Indah (only for outbound traffic from 6am on 5 June till 5.59am on 7 June; all classes)

10%

(Image: NST)

Separately, the Malaysian Highway Authority has ordered all road maintenance works on major highways to be halted from 30 May to 13 June to make way for heavy traffic, except for emergencies. The Road Transport Department is also banning heavy vehicles from using major highways between 1-3 June and 8-9 June for the same reason in anticipation of Raya traffic.

(Source:
The Sun Daily
)

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Pampering privileges from AmBank credit cards

Stress of a hectic life in the city getting to you? Stop.

Breath. Keep calm and get a relaxing massage at
Samsara

Suite Spa
 at Northam Hotel, Penang. If you happen to be an AmBank credit

cardholder you also get to enjoy a 15% discount off your spa treatment bill.

This promotion last until 31 December 2013 and is not valid

with other on-going offers, promotions, discounts and/or packages. Prior

booking for spa treatment is required and is subject to availability. Bookings

can be made by calling +604-3701111.

For further clarification please refer to the
Terms

& Conditions
 page.

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3 Things to Do For Your Finances Before the Year End

The year is almost at an end and it’s the time most companies will start scrambling to close the books and spend whatever budget they’ve been given. Fortunately for you – you don’t have such problems as an individual but are there things you could be doing for your financial well-being before the year is out?

There are always ways you can better manage your money or make it grow even more exponentially in the coming years. All it takes is a bit of effort. Here are 3 simple things you could do to make the transition from 2015 to 2016 with financial flair.

Gather Your Receipts and Records

Throughout the year you will be collecting receipts and statements; policies and records. It’s time now to gather all of these and take a good look at them. Many of us tend to simply toss these into the trash or keep them without ever looking at them. But there are a few good reasons why you should pay close attention:

1)
For income tax purposes
. Collect your income tax related receipts in one place (education, medical, books, insurance premiums paid) and take a good look at how much you’ve spent versus your allocations. Could there be more things you could do/spend on before year end to maximise your income tax deductions?

2)
For spending purposes
. Taking a look at whatever receipts you may have hoarded in one place will give you an idea of your spending habits. Have you been spending too much on your hobbies or too little on the things you really need in life (like medical check ups and insurance plans)? Seeing these habits in black and white can help you with course correction.

3)
For payment behaviour purposes
. Have you been paying too many loans and bills much too late and incurring needless late fees? Taking a look at your statements will show you how much money is funnelling away needlessly to pay for such fees and encourage you to work a system to better manage your payment times.

Set Goals and Targets for Your Finances Next Year

Where do you want to be financially in the next year? Now is the time to think about it and decide! Do you want to earn more money or do more with what you do have? Both of these plans will require some action on your part and not merely wishful thinking.

Take the first step by really thinking about what you want and then note it down. You can continue by detailing possible plans of action and smaller goals to achieve before you hit the bigger ones. Writing down your goals is a good first step to showing the commitment to getting them done and there
have been studies done to show how they can significantly impact your achieving of those goals
; so why not get started?

Review Your Accounts and Banking Products

Every year, banks trip themselves us with new and innovative products to help you #GetMore for your money. But you can’t make use of these if you’re still stuck using a credit card or on a mortgage with a 2004 list of benefits.

Compare the banking products you have with what is in the market –

Is your
fixed deposit
 giving you the best rate of return?

Are your
credit cards
 giving you matching benefits to what is currently being offered?

Is your
home loan
 package interest rate on par with current packages and realities?

Are there ways you can maximise the money you have and spend by using a combination of
saving accounts
 and
fixed deposits
?

Taking a good look at what you have versus what is being currently offered is a good way to constantly update your banking portfolio to work more efficiently for you. Of course, if your older product is giving you better value than keep mum and enjoy the benefits!

Don’t worry about trying to find out the latest and best products in the market –
we’ve got the full list
 of the most updated promotions on our site. Whether you want a new
fixed deposit
,
credit cards
 or the latest
home loan
 – check out our product pages for all the information you need and compare this with what you have.

Are you really getting more for your money? If not; maybe 2016 is the time to change!

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How Much Would You Pay for a Wife or Husband?

The Origins of Bride Price and Dowries

Even historians can’t agree on
an exact time or culture
 for which the concept of dowries and bride price emerged, but we do know that it happens all over the world and across religions.

young asian bride and groom holding hands and dancing, high angle view.

While the practice is less prevalent in the West in modern times, some countries in Asia, Africa and South America still request dowries or versions of it to this day.

In India, demanding for dowries in exchange for marriage can carry a penalty but many continue to do so despite the ruling.

The Difference between Dowry and Bride Price

Though we commonly use the term interchangeably (or confusedly), a dowry is often given on behalf of the bride, to the groom’s family. Conversely, the bride price is a sum paid to the bride’s family instead. Dowries can be thought of as an inheritance, where daughters are bequeathed property or money at the time of marriage (as compared to inheriting it when parents pass).

The bride price is more commonly practiced in Malaysia with Chinese (
lai kam
) and Malay (
wang hantaran
) marriages. However, Indian families might still request dowries be paid to the groom’s family, although it is not as customary as it once was.

The Purpose of Dowries and Bride Price

In modern Malaysia, the money is often used for bridal expenses and to help the family of the bride prepare for the wedding. In an emotional sense, a bride price is supposed to soften the blow to the family of the bride who is ‘losing’ a beloved daughter to her future husband and in addition, theoretically builds a bit of good will between the families.

In the case of dowries, it might just be more of a monetary gift these days, one that a couple can use to start their lives together or even for wedding expenses.

How Much Does a Bride Price or Dowry Cost?

Some bride price and dowries cost more than others but there isn’t a straight scientific method of calculation, even if a prank
dowry calculator app
 exists. The requested amount varies with one’s education, standing or relative wealth of the future spouse’s family.

With Chinese families, the sum needs to be an auspicious sounding one – usually RM888 or all the way up to RM8,888 and sometimes more. For Agnes Wong, 34, (a local Malaysian we interviewed for this piece) her bride price was a modest figure of only RM328, which she explains is more of a token than an actual economic transaction.

For Malay marriages, the amount can range from RM5,000 to RM10,000 on average but the sum can wildly fluctuate depending on affordability. However, according to new bride Nur Dhaniah, 29, (another local citizen we interviewed) her family did not request any
wang hantaran
 from her husband-to-be as they didn’t believe it was compulsory in the Muslim religion.

Indian marriages on the other hand seem to be letting go of this tradition, with some simply choosing to send gifts and nominal gestures instead.

Note that property and gold is also ‘legal tender’ with dowries and bride price no matter the culture, but of course, this request may only be likely fulfilled with more affluent families.

What Happens If You Can’t Afford It?

Depending on how traditional (or perhaps even cash-strapped) the families are, it is possible, that the marriage gets called off or more severely, results in
violent
 outbursts.

But more often the not, it seems that the practice is being phased out among modern Malaysians, some requesting only token amounts or choosing to forgo it altogether.

If you’ve got marriage on your mind – it’s best to start saving for your wedding right now! Consider growing your money safely in a
fixed deposit
 account or
high-interest savings account
. But if you need quick financial help, consider a small, low-interest personal loan to assist with costs. Take a look at our
comparison page
 to find the right financing package for your needs. Have anything to add to the article? Do share your thoughts with us in the comments section down below!

Image credits:
Sharafie.Net
, Arrif Ahmad Tajuddin’s
photostream
, and Suhana Kamis’
photoset
.

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    sinhwa choo

    23 days ago

Brief and informative article. Now, I know the difference between dowries and bride price. This lead me to fixing the Lai Kam  for my daughter’s coming wedding ceremony. thanks

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AmBank Research: Businesses Should Consider Debt-For-Sustainability Swap For Recovery

AmBank Research has suggested that businesses seeking corporate restructuring amidst the current challenging economic landscape should consider embarking on a debt-for-sustainability swap to spur recovery. This is because the measure will offer companies an avenue to address corporate debt challenges while focusing on sustainability.

In the latest Thematic report, AmBank Research explained that there will be a substantial emphasis on sustainability as recovery takes place in the post-Covid-19 world. As such, companies will need to implement long-term sustainability strategies that allow them to capture new opportunities, broaden their horizon, and shape their post-pandemic futures. Survival alone is not enough in the setting of this new normal, said the research house.

(Image: The Star)

“In pursuing the debt-for-sustainability swap in the context of corporate debt restructuring, an option is to have a government-sponsored corporate debt restructuring fund,” AmBank Research went on to elaborate. In this scenario, the fund will buy the non-performing loans belonging to viable companies from banks. Following that, the companies can then service their “new” loans at a prearranged discount (from the purchase value of the debts), provided that they comply with sustainability regulations in their operations or supply chains.

In opting for this alternative, however, it is crucial that the government takes into consideration its fiscal space, limitations, as well as debt sustainability concerns – particularly with the record spending that has been carried out over the past few months.

Another option proposed by AmBank Research is a well-designed approach that would leverage bilateral and multilateral development finance institutions, private investors, and private equity funds. With this, the government will be able to reduce the use of its limited financial resources.

(Image: Malay Mail/Ahmad Zamzahuri)

“In both scenarios, it could be done through a sustainability-linked loan (with measurable performance targets), a transition loan (supporting green business practices), or other green instruments (such as green bonds),” AmBank Research further explained.

The research house also said that in designing the debt-for-sustainability swap framework, the government needs to set objectives that will enable a timely restructuring of debt and access to sustainability financing for viable companies. “The government should also facilitate the exit of non-viable businesses to avoid the rise of ‘zombie firms’,” it said. To clarify,
zombie firms
 are companies that earn just enough to continue operating, but are unable to cover their debt servicing costs.

AmBank Research further noted that it will not be easy to identify companies that are viable in the long run. As such, the government should work closely with banks to gather detailed data on companies and sectors as these institutions are experienced in carrying out such assessments.

(Sources:
AmBank Research
,
Bernama
)

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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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Selected OCBC Branches To Remain Open On Weekends For Post-Moratorium Matters This Month

OCBC Bank will keep selected branches open over the weekends throughout October in a bid to better serve customers who are seeking for post-moratorium financing support.

According to its statement, the following branches will remain open over selected days of the weekend this month:

Branches

Day/Time

Cheras

Kajang

Kepong

Klang

Petaling Jaya

Puchong

Subang Jaya

Saturday (10am to 2.30pm)

Melaka

Taman Molek

Saturday and Sunday (10am to 4pm)

OCBC Al-Amin customers looking to discuss their financing support options can also visit these branches for help.

The chief executive officer of OCBC, Dato’ Ong Eng Bin said that OCBC has taken this step to keep the branches open on weekends because it recognises the convenience provided to its customers. “Any customers who sees the need for post-moratorium support may walk in to these branches on the weekend – and, of course, all our branches during working hours on weekdays – to apply for post moratorium support,” he said.

Prior to this move, OCBC had already organised
two post-moratorium loan and financing support weekends
 on 19 & 20 September as well as 26 & 27 September at selected branches.

Aside from walking into bank branches, OCBC and OCBC Al-Amin customers can also opt to apply for post-moratorium support through online and phone banking channels. The
online support channel
 has been enabled since 7 August, allowing customers to submit their applications in a matter of minutes. Meanwhile, those who prefer to use the phone banking channel can call the bank’s dedicated hotline at 03-83175011 (consumer banking) or 03-83175200 (SME banking).

(Source:
OCBC
)

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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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Bad Valentine's Gifts Not to Give This Weekend

Valentine’s Day is just a few days away – are you ready? The pressure to obtain the perfect gift that will send your partner into a delirious state of happiness and excitement is mounting. If the gift fails to hit that expectation, you could be facing relationship cold war in the time to come or worse: the need to update your Facebook relationship status and add #Foreveralone to your list of qualities.

So unless you’re looking to be single and fancy-free; we recommend steering clear of these gifts!

1. The Self Improvement Gift

Fancy a gift that says “I am an insensitive goof but you’re still not good enough for me”? Try a self-help book or programme on anything from weight-loss to teach yourself how to bake a cake!

While you may have good intentions to help your partner achieve some of those New Year resolutions, asking your partner to lose some weight, garner some leadership skills, or be a better cook etc, is a pretty bad gift idea for the most “romantic” day of the year.

Unless, it is a gift that has been specifically asked for by your loved one, we suggest steering clear of anything that could remotely sound like you are not accepting your partner as is!

2. Buying a Gift That’s Essentially For Yourself

If you think you can outsmart the system, please think again. Unless she is a gamer, buying her a state of the art game console for the two of you to spend your weekends killing zombies, destroying cities, and pillaging villages hardly spells out “romantic gift”.

Same goes for women buying spa manicure/pedicure packages for two. Unless he’s a self-confessed metro-man, we’re quite sure the use of a good cuticle removal system will be lost on him.

What you are really buying here is the freedom to be #Foreveralone.

3. Cleaning Appliances

Another one of those to leave off your shopping list unless you fancy doing all the work yourself; is any kind of cleaning appliance that hasn’t been specifically requested. You might have the best of intentions as you don’t want your partner sweeping up and breaking their back but there are other perfectly good times to buy an appliance like that: namely, any day OTHER than Valentine’s.

As the saying goes; the road to hell is paved with good intentions and unwanted Hoovers…

4. Romantic Toilet Paper

Believe it or not this is a kind of gift that exists and can be purchased online. It has hearts on it and says anything cheesy to queasy from “I love you from Top to Bottom” to
“My Love For You is Like Diarrhea”
. If you think that you are cute and funny for wanting to get this for that special someone; you can also use the item to wipe away your tears when they leave.

Nothing says you’re potty quite like loo roll.

5. The Ring Cup Handle

Will you marry… the coffee and creamer?

This gift is nothing but a cruel joke but there will be nothing funny about a girl going insanely happy screaming, updating her status, calling people and telling the world that she is engaged, only to find out that the ring sticking out of the box is actually the handle of a mug.

Be prepared with your lightning like cat reflexes, that cup may very likely be flung in your direction. Remember when Mr Bean tried this trick with a hook for a painting? Yup, you’ll likely end up similarly lonely and sending cards to yourself.

Don’t say we didn’t warn you.

Look Thep Dolls

Look Thep dolls or “child angels”are traditionally made to hold the spirits of children that were unborn according to an article in
Mashable
. It is said to bring luck to the owner of the dolls. Aside from most of the people in Thailand, who have accepted and want this “lucky” doll; these dolls are generally just a little creepy.

But scary child spirits aside, you’ll soon be face-to-face with your own horror story: what will become of you when you bring a doll instead of a glittering piece of bling or a Fallout 4 cartridge as your Valentine’s gift.

Learnt Well You Have, (I Hope) Young Padawan

We hope this list has helped you navigate the murky swamp of V-Day Gift-Giving Faux Pas. Getting the right gift can be tricky and you’ll need to all the help you can get thanks to the awesome expectations set by greeting card companies and profit-making corporations everywhere.

But jokes aside, if you’ve bought a gift with the best of intentions and you do get dumped; perhaps that in itself is the best gift you could have given yourself.

It’s a day about Love ultimately, isn’t it?

What will you be getting your partner? Let us know in the comments!

Image Sources: Image 3 from
Rakuten

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MyEG Launches Nak Makan, A Food Delivery Platform For Ramadan E-Bazaar

MyEG is introducing a new online food service platform, Nak Makan, that will sell freshly cooked meals and food products online. The Nak Makan platform will be hosting a Ramadan e-Bazaar as an alternative solution to physical bazaars during the ongoing movement control order (MCO) and Covid-19 pandemic.

Vendors in Kuala Lumpur, Putrajaya, and Selangor can sign up and list their bazaar food on the Nak Makan website. The vendors will operate from their own premises as usual while Nak Makan’s delivery partner, MrSpeedy, will collect and deliver the food to the customers.

“With the recent turn of events, online shopping is now becoming the new norm but there still exists a digital divide for vendors who do not know how to get online,” said MyEG. “For these small, independent vendors, Nak Makan will facilitate their move into the digital space by holding their hand every step of the way, and it is only a matter of time before they embrace this new way of doing business.”

Nak Makan will be quite similar to
Grab’s e-Bazar Ramadan initiative
 in partnership with the Selangor and Kuala Lumpur state governments, which was announced last week.

Besides the e-Bazaar, MyEG is also planning two more e-commerce initiatives for the month of Ramadan – e-Sahur, for pre-dawn meal food deliveries, and e-Raya, an online shopping platform specifically for Ramadan wares.

Interested vendors can now
register for Nak Makan
 by filling up an online form on the official website.

(Source:
The Edge Markets
)

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BNM Aims To Pass Consumer Credit Act In 2022

(Image: New Straits Times)

Bank Negara Malaysia (BNM) has revealed that it is looking to pass the Consumer Credit Act in 2022, with the intention to bolster regulatory arrangements for all consumer credit activities. This includes buy-now-pay-later (BNPL) schemes.

To clarify, the Consumer Credit Act was earlier brought up by BNM as one of the strategic outcomes of its
Business Plan 2018-2020
. It sought to “impose consistent consumer protection requirements on banks and non-bank credit providers”, and was strongly advocated by the
Federation of Malaysian Consumers Associations (FOMCA)
. The government subsequently pushed for the formulation of the Consumer Credit Act during the
tabling of Budget 2021
.

In working to enact this Act, the governor of BNM, Datuk Nor Shamsiah Mohd Yunus said that the central bank will be working closely with the Ministry of Finance (MoF) and the Securities Commission Malaysia (SC). At the same time, it also called for support from relevant authorities to monitor the development of BNPL schemes within the country, as well as to educate the public on such schemes.

(Image: Bernama)

Datuk Shamsiah commented that although the proportion of BNPL schemes within total household loans is still low, such programmes are quickly growing in popularity and need to be monitored.

“For the first nine months of this year, the total value of the [BNPL] transaction is estimated to be around 0.05% of total household borrowing. These schemes have been on the rise, not just in Malaysia, but also in other countries and there are legitimate concerns that such schemes may encourage consumers to spend beyond their means, with expensive debt that they may not be able to repay, and most BNPL schemes in Malaysia are offered by non-banks,” said Datuk Shamsiah during a joint conference by the central bank and the Department of Statistics Malaysia (DOSM).

Accordingly, Datuk Shamsiah urged Malaysians to always be thorough in reading the terms and conditions of BNPL schemes when applying for them, especially in terms of the fees charged. She also advised them to always repay their obligations in full on time to avoid penalties, as well as monitor their BNPL obligations to properly manage their debts.

(Source:
The

Star
)

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Shopee Mall Now Offers Up To 8x Money Back Guarantee For Counterfeit Products

Shopee has updated its existing Authenticity Guarantee policy, promising to now reimburse customers with up to 8x money back guarantee if they happen to purchase counterfeit products from Shopee Mall brands that display the 100% Authentic Guarantee tag. This is up from the previous 2x money back guarantee.

According to Shopee, this update – which has been implemented since 15 July – points to the e-commerce platform’s commitment to provide “a great shopping experience” where customers can “shop safe and worry less”. It also clarified that customers who buy from participating Shopee Mall brands will be entitled to the 8x money back guarantee, capped at a maximum compensation amount of RM5,000, or the full original amount if the item purchased costs above RM5,000.

Here are some examples from Shopee to better illustrate how the 8x money back guarantee by Shopee Mall brands work:

So essentially, the maximum 8x money back guarantee perk will be applicable for purchases that come up to a maximum cost of RM625 (RM625 x 8 = RM5,000). After that, you’ll either get the full compensation of RM5,000 (for purchases from RM625 to RM5,000), or a full refund of the original amount (for purchases of more than RM5,000).

Meanwhile, Preferred sellers who also display the 100% Authentic Guarantee tag will offer a 100% refund if you receive a counterfeit product from them; the 8x money back guarantee policy does not apply to them. So for example, if your total order came up to RM10, you’ll receive a 100% refund of RM10 if your purchased item is found to be fake.

In the unfortunate event that you find yourself purchasing a fake item, you can kickstart the process to claim the money back guarantee by clicking on the “Return/Refund” button, and then “I received counterfeit product(s)”. Following that, explain why you believe the product you’ve purchased is fake (including photographic evidence, if necessary), then submit your form.

Shopee will then carry out its investigation and get back to you within seven working days. If the product is confirmed a counterfeit, you’ll then have to ship the product back to the seller, and Shopee will process the refund back to you.

Depending on your selected payment option when making your purchase, your 8x money back guarantee (from Shopee Mall brands) or 100% refund (from Shopee Preferred sellers) will be credited back as per the following channels:

Finally, do be aware that each customer may only receive up to one successful 8x money back guarantee claim per month, from Shopee Mall brands. It is not certain if this condition also applies to the 100% refund by Preferred sellers.

(Source:
Shopee
)

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Grab Returns With Monthly Pointsback And Power Up Campaigns In November 2021

The monthly GrabRewards Pointsback and Power Up campaigns are back once more for November, rewarding Grab users with pointsback and bonus GrabRewards Points by making selected redemptions and paying for their purchases using GrabPay or PayLater by Grab.

Specifically, the GrabRewards Pointsback campaign will allow you to enjoy up to 40% pointsback when you redeem selected rewards between 29 – 30 November 2021. Users tapping into the Grab Power Up campaigns, meanwhile, can gain up to 10,000 bonus GrabRewards Points by shopping online using GrabPay or PayLater.

GrabRewards Pointsback

Period: 29 November 2021 (10am) – 30 November 2021 (11.59pm)

Depending on your Grab membership tier, you’ll be able to earn pointsback rebates that range between 10% to 40% by making redemptions for selected partners and services. Regular members, for instance, will be entitled to a 10% pointsback, whereas Platinum members can tap into the highest 40% pointsback rate.

You can check out the rewards that are eligible for this month’s Pointsback campaign below:

Interestingly, Grab has removed the Grab Services Rewards category for this month, consisting of rebates for GrabMart, GrabFood, and other Grab-related services. For context, Grab usually offers three categories of rewards, namely Grab Services Rewards, Partner Rewards, and GrabPay Wallet Rewards.

In compensation for the removal, the scope for Partner Rewards and GrabPay Wallet Rewards has been broadened slightly as compared to
October’s offerings
. Under November’s Partner Rewards category, users can redeem discounts of up to RM30 for groceries, pharmacies, F&B, and fashion. Meanwhile, the GrabPay Wallet Rewards category allows you to redeem RM10 rebates for in-store GrabPay transactions and up to RM20 for online GrabPay transactions.

As always, this promo is provided on a first-come first-served basis, and will cease after all rewards have been redeemed. Take note that each user is limited to a maximum of two redemptions for each Pointsback reward.

Just to give you an idea of how much you can save with the Pointsback offer, Grab usually values its rewards points at a redemption rate of 800 GrabRewards Points = RM5. In other words, 1 GrabRewards Points is worth 0.625 sen. If you’re a Platinum member, the Pointsback campaign allows you to redeem vouchers that value 1 GrabRewards Points at 1.04 sen – equivalent to 40% higher. In turn, your rate of return can be increased to 3.125%. If you’d like to learn more about this, check out the detailed calculation in our
analysis of GrabRewards Points here
.

Grab Power Up

Period: 30 November 2021 (12am – 11.59pm)

Besides the GrabRewards Pointsback campaign, the Grab Power Up deal is also back for one day only. Similar to October, you’ll continue to earn 7x and 15x GrabRewards Points (capped at 10,000 Points) by making online purchases using GrabPay and Paylater by Grab, respectively. No minimum spend is required to tap into the Grab Power Up deal this month either – unlike much earlier versions of the campaign that carried an RM180 minimum spend requirement.

The full details for November’s Grab Power Up deal are as follows:

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

Redemptions for the Power Up deal are also awarded on a first-come first-served basis, and will be credited instantly once you have completed eligible transactions. Take note that the points issued do not contribute towards any GrabRewards tier upgrades. It is also not valid with any other vouchers, discounts, or promotions.

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

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Finance Minister: Targeted Petrol Subsidy To Be Studied For Up To Six Months Before Implementation

(Image: Bernama)

Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz has shared that the mechanism for targeted petrol subsidy is already in the early stages of testing. Additionally, it will take another three to six months of study before it is ready for implementation.

“The (early) testing will be followed by more extensive evaluation in terms of other methods, as well as determining the feasibility of such a mechanism not only in urban areas, but also rural ones. The development and testing of a targeted subsidy system is expected to take a period of between three and six months before it is ready for implementation nationwide,” Tengku Zafrul stated, adding the the study is important in the government’s efforts to find ways to do away with blanket subsidies.

The minister also explained that the government will implement the new mechanism in phases instead of abruptly in a single move. This is to prevent sudden inflation, or an unwanted consequence on the momentum of the nation’s economic growth.

(Image: Bernama)

Additionally, the government may also adopt a similar approach used in tackling the issue of chicken prices to reduce market distortions, said Tengku Zafrul. For context, the government had
bumped the ceiling price of chicken up by 50 sen per kg
, but also provided
additional cash aid to the B40 group
 to help them cope with the increasing cost of living.

“In line with this approach, the government will not increase the price of petrol to reflect the market price without subsidies given its impact on inflation, even though the RON95 price of RM2.05 per litre is approximately 50% that of the real price without the subsidies. Thus, the government’s strategy is to ensure the replacement of bulk subsidies with a combination of targeted subsidies and cash assistance in stages,” Tengku Zafrul stated.

The government has been consistently highlighting its intention to
switch from the current blanket fuel subsidy to targeted subsidy
 over the past few months, in a bid to curb leakages and to
streamline the provision of the benefit only to those who are truly in need
. This includes comments from the
International Trade and Industry Minister, Datuk Seri Mohamed Azmin Ali
 and
Minister in the Prime Minister’s Department (Economic Affairs), Datuk Seri Mustapa Mohamed
.

(Source:
Malay Mail
)

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