Selling Your Car to an End Buyer vs Selling Your Car to a Dealership

If you’re looking to sell your car online, there are two ways to go about doing it. One is to personally look for an interested buyer and sell the car to them directly, and another is to sell your vehicle to a car dealership.

Both methods have their own pros and cons, but which of them is the best one for you? If you’re planning to trade-in or sell to a used car dealer, we recommend Carsome. Established since 2015 with over 1700 cars sold to them by customers, Carsome has also been featured in Tech in Asia, CNBC, Bloomberg TV Malaysia, and Malay Mail Online. Let’s see how selling via Carsome compares to selling to an end buyer.

Advertising

With direct-selling, you need to either go through an online marketplace, your social media channels, word of mouth, or maybe even traditional advertising via classified ads in newspapers or magazines. These methods can prove successful, but traditionally speaking, the more you pay, the better your ad will perform. Which means that you may need to pay more for your ad to have a better chance of succeeding.

With Carsome, you don’t need to advertise your sale. Just submit request on their website, and they’ll take care of everything from inspection to transaction. You don’t have to pay for a single cent for using any of their services, including assistance you need such as inquiries related to car selling. It’s also much more convenient than offline used car dealers. You don’t need to travel from one dealership to another to get a fair price for your car, and there’s no haggling to deal with either.

Finding a Buyer

After your advertising or listing has gone out, you have to wait for an interested party to contact you and arrange for a meeting. This can take up anywhere from a few days to several months. Selling this way also means you have to deal with multiple potential buyers with varying levels of interest. They might give up on the purchase last minute, further extending the time it takes for the seller to get their car sold. Even if the buyer has agreed to buy, should the buyer’s loan doesn’t get approved, the seller has to redo the selling process all over again.

With Carsome, your car is a guaranteed sale as long as it’s not older than 1995 and is not a motorbike or lorry. You can either sell directly to Carsome, or opt for bidding and sell to other used car dealers in their network instead (more on this in the “Appraisal” section).

Appraisal

Seriously interested direct buyers will no doubt insist on checking out your car for little kinks and bumps so they can justify asking for a discount from you. Which makes sense, we all want to save money. But this can get annoying if they start being unreasonable with their expectations, or even worse, retract their offer to buy your car once they find something that might not actually be a deal breaker to you at all. Direct appraisals like this however, are good if you feel confident in your car and can better communicate its merits, negligible failings, and quality to somebody in person.

When you bring your car to Carsome, their inspector will go through their stringent 162 point inspection to accurately determine the best price for your car, free of charge. They will then offer to buy your car at that price right away. If you don’t agree with their price, you can offer up your car for bidding. Carsome has a network of over 600 certified used car dealers that have access to bid on your car in their marketplace. You can even view this 3-hour live bidding transparently via a special login. Since the starting price will be discussed between you and the inspector, you have a good chance of coming away with a price that will satisfy you the most.

Paperwork

With direct-selling, even after finding the person who has agreed to buy your car, you still have quite some work to do. Paperwork, to be exact. You need to get your car checked at Puspakom, provide the buyer with the B5 form, and fill up the TM-1 form and two copies of JPJ-K3 form also. There’s also the matter of whether of not your buyer is buying with a hire purchase loan or not, which means they need to buy the insurance for the car as well, which involves its own set of papers to fill out.

With Carsome, you don’t have to worry about paperwork. Just bring your car registration card and IC to their offices and they will do all the paperwork on your behalf. You can even do this right in the office immediately after the inspection. The ownership and transfer paperwork can even be done within 1 hour, and the payment be made instantly into your bank account. Fast and simple.

It looks like selling directly to an end buyer and Carsome have their own clear benefits and advantages that might appeal to different people for various reasons. We hope our breakdown here can help you make a more informed decision the next time you’re thinking of selling your car.

To recap, selling directly to an end buyer might be the way to go if you like getting to know the people who would be handling your car and don’t mind the paperwork, time, and effort it takes to deal with multiple potential buyers. But if you’d rather just sell your car off and be done with it, without the hassle of dealing with physical used car dealerships, go for Carsome. Visit their
official website
 and try out their online valuation tool to see for yourself how much they would buy your car for!

0

0

votes

Article Rating

SHARE

TAGS:

Cars

Carsome

Used Cars

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


1 Utama Officially Launches 1PAY E-Wallet And ONESHOP Online Store

(Image: Vulcan Post)

Malaysia’s largest shopping mall, 1 Utama, has officially launched its digital wallet, 1PAY, and online shopping website, ONESHOP.

Integrated within the 1 Utama mobile app, the 1PAY e-wallet complements 1 Utama’s existing loyalty programme ONECARD privileges. More than just offering ONECARD members the convenience of scanning and paying via mobile, 1Pay also instantly rewards them with loyalty points known as UPoints.

Like all other e-wallets, 1PAY allows users to reload their wallets with their bank (both debit and credit) cards and bank accounts (coming soon). Peer-to-peer transfers to other 1Pay users are also possible. At any given time, a maximum of RM1,500 is allowed to be stored in the 1PAY wallet. 1PAY also negates the need for users to carry their ONECARD membership card wherever they go, as the card info is stored in the app.

Launched in March this year
, 1PAY isn’t merely limited to usage within the mall itself. 1Pay is also accepted at selected retailers in Bandar Utama including Centrepoint, One World Hotel, and The Club.

On the other hand,
ONESHOP
 is an e-commerce shopping platform housing retailers from 1 Utama. It allows shoppers nationwide to shop from the comfort of their own homes and have their orders delivered right to their doorsteps.

While ONESHOP isn’t new – it was launched back in January this year – a new feature is the integration of 1PAY as a payment option on the platform. ONESHOP operates on the concept of “shopping in 1 Utama, online”, with 187 merchants on 1 Utama on board the online platform. Customers who shop on OHESHOP get free delivery for orders above RM100 in Peninsular Malaysia and above RM200 for East Malaysia, and there is also a self-collect option at the mall’s concierge.

1 Utama is the first shopping mall in Malaysia to develop its own e-wallet system and online shopping platform. Members may access 1PAY by downloading the 1 Utama app via the
App Store
 and
Google Play
.

(Source:
Malay Mail
)

0

0

votes

Article Rating

SHARE

TAGS:

1 Utama

1PAY

Loyalty Programmes

ONECARD

ONESHOP

Online Shopping Platforms

About THE AUTHOR

Christine Tay

Christine Tay

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Win Furr-tastic Gifts Like The Apple Watch, RM888 Cash via DuitNow, & Realme Watch

Updated 19 January 2023

Want to win some furr-tastic gifts? The Unbox This Week credit card campaign is back with gifts you won’t be able to say no to!

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

From 16 January to 25 January 2023, our featured bank partners are

none other than
Citibank, HSBC Bank, Standard Chartered Bank, Alliance Bank, Public Bank, and RHB
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Citibank – Apple Watch Series 8

Feel some good luck hopping towards your way? Win the Apple Watch Series 8 when you apply for a Citibank Credit Card!

Stay healthy with the ultimate fitness companion that is always ready with an always-on Retina display and nifty features like advanced health sensors, safety functions, and more.

For those who are not selected, you will still walk away with a guaranteed pair of Apple Airpods.

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

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

HSBC Bank – RM888 Cash via DuitNow

Spend on ‘huat’ you want with RM888 Cash via DuitNow, guaranteed to you, when you apply for a HSBC Credit Card.

This practical gift can make a real difference to your bank account balance whether you want to spend it on essentials or treat your loved ones to a meaningful experience.

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

Public Bank – Case Valker 20″ Luggage

Hippity hop into the new year with a new gift, the stylish Case Valker 20″ Luggage, that’s guaranteed to you when you apply for a Public Bank Credit Card.

Travel in style and at the same time have your belongings packed safely in a luggage bag on your trips.

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

Standard Chartered Bank – RM1,000 TNG eWallet Credit

Win not RM500, RM800, but RM1,000 TNG eWallet Credit when you apply for a Standard Chartered Credit Card!

A four-figure sum lets you do a lot from shopping for groceries, to ordering meals and taking your family and friends out.

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

Just remember, you will need to activate your card within 30 days upon approval to be eligible for this gift. Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign. If you qualify, then you can apply for your new Standard Chartered credit card
here
.

Alliance Bank – Realme Watch 2 Pro or URBANLite Ledge 24″ Luggage Bag

The more gifts, the merrier – take home a guaranteed Realme Watch 2 Pro or URBANLite Ledge 24″ Luggage Bag when you apply for a new Alliance Bank Credit Card.

The Realme Watch 2 Pro has a 1.75’’ display for your easy viewing, comes with 90 varied sports modes, high-precision dual-satellite GPS, and is best of all, guaranteed to you when you apply for an Alliance Credit Card with Balance Transfer.

Meanwhile, you will receive the sleek URBANLite Ledge 24″ Luggage that comes with multi-stage telescopic trolley handle, 360-degree spinner wheels, and more when you apply for an Alliance Credit Card.

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

RHB – RM300 TNG eWallet Credit

Pocket RM300 TNG eWallet Credit, guaranteed to you, when you apply for a RHB Credit Card.

Offset your expenses on groceries, meals, and essentials with this practical gift that lets you pay for what you want.

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

***

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

While this week’s flash deal ends on 25 January 2023 (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

0

0

votes

Article Rating

SHARE

TAGS:

Alliance Bank Credit Cards

Citibank Credit Cards

HSBC Credit Cards

Public Bank Credit Cards

RHB Credit Cards

RinggitPlus Unbox This Week Campaign

Standard Chartered Credit Cards

About THE AUTHOR

Chee Jo-Ey

Chee Jo-Ey

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Could TNB Be Malaysia's Next Fibre Broadband Provider?

(Image: TNB)

Tenaga Nasional Berhad (TNB), the country’s electricity provider, is looking to get in on the broadband services provision market. It is planning to do so through its existing fibre optic cable network that spans throughout the nation. A pilot project will be started in Jasin, Melaka this month to assess the technical, safety, and commercial viability of this venture.

The high-speed broadband market is currently being dominated by Telekom Malaysia (TM). Apart from TM, other players in players in the high-speed broadband market include TIME and Maxis; however, TIME’s network is very limited and Maxis relies on TM’s fibre optic network for broadband access.

TNB and TM had previously signed a memorandum of understanding to collaborate on the Nationwide Fiberisation Plan (NFP) in January this year, with the aim of expanding high speed internet nationwide and bring down the cost of the service. It had been reported that TNB had plans at this stage to broaden the use of its fibre optic network. However, in July, the two parties announced that the memorandum of understanding had been cancelled in mutual agreement, with reports emerging soon after that TNB may be looking at doing the fiberisation project on its own.

(Image: TM)

Now that TNB has announced its plans to enter into the high-speed broadband market using its fibre optics network, it may very well set itself to be TM’s main network competitor if successful. Meanwhile, the NFP has been renamed to the National Connectivity Plan (NCP) and the project in Jasin will be the pilot project under this initiative. It involves 1,100 out of 4,300 houses in Taman Merbau, Taman Maju, and Felda Kemendor and should be completed by the end of 2018.

(Image: TNB)

TNB Chairman Tan Sri Leo Moggie said the initiative would allow faster, cheaper, and wider Internet connectivity. “The households will gain access to a high-speed broadband network that would be made available through TNB’s fibre optics,” he explained. “This pilot project will be the platform to test the concept of open access. The platform is expected to stimulate active participation from new and existing providers in backhaul and retail broadband that would create competition that should push broadband pries down for the benefit of Malaysians.”

Some members of the public may be surprised to hear that a power company has such an extensive fibre optic infrastructure already in place. TNB first ventured into fibre optic cables in 1975 due to a requirement for its fault-tracking system, Scada, and remote metering systems. To date, it has over 12,000km of fibre access, poles, and ducts, with access to over 8 million customers. It was reported that TNB has invested RM10 billion in setting up this infrastructure. But up until now, TNB’s bandwidth usage of this massive fibre optic network for supervisory control and data acquisition systems has been considered small, which leads to the possibility of it being used for broadband services as well.

(Image: The Star)

Communications and Multimedia Minister Gobind Singh Deo had previously made the request for TNB to consider offering its own fibre optic network to telecommunication providers to promote competition and choice for future and existing broadband users nationwide. “We might end up seeing two major infrastructure providers and other companies using them to provide better quality services over a broader area covering the country,” said Gobind. “This is workable.”

In short, this pilot project will explore the potential of utilising the available capacity of TNB’s telecommunications assets without compromising the safety and reliability of the electricity supply network. If the findings are promising, the outcome will be used as leverage for the commercial viability of TNB to embark on possible larger-scale NCP participation across Malaysia – which brings us one step closer to the existence of a competitive high-speed broadband market with extensive coverage and lower prices.

(Source:
The Star
,
The Malaysian Reserve
)

0

0

votes

Article Rating

SHARE

TAGS:

Broadband Services

Fibre Broadband

Gobind Singh Deo

Maxis

National Connectivity Plan

NCP

Tan Sri Leo Moggie

Telekom Malaysia

Tenaga Nasional Berhad

TIME

TNB

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Apakah Konsep "Dollar-Cost Averaging" Dalam Pelaburan?

(
Baca artikel ini dalam
Bahasa Inggeris
.
)

Walaupun terdapat ramai yang pandai memberi nasihat “cepat kaya” di ruang internet, hakikatnya…masih ramai yang belum menjadi kaya dengan cepat. Hal ini kerana nasihat yang diberi selalunya bergantung kepada nasib, dan lebih biasanya hanya helah penipuan kewangan. Sebagai contoh, konsep “beli ketika pasaran rendah, dan jual ketika pasaran tinggi” yang sering diajarkan merupakan strategi biasa yang diketahui ramai. Namun, memang sudah terbukti bahawa ia hampir mustahil untuk membuat pemasaan pasaran (
market timing
) secara berkesan.

Selain nasib, tiada strategi pelaburan lain yang mampu menjana pulangan tinggi dalam tempoh masa yang singkat. Jadi, apakah cara terbaik untuk membina kekayaan dalam jangka panjang secara mampan? Jawapannya tidaklah melibatkan pelaburan kripto atau pemasaan pasaran, atau sebarang teknik yang ajaib. Sebaliknya, ia agak membosankan, tetapi berkesan dan boleh diharapkan – iaitu pelan pelaburan bulanan.

Pelan pelaburan bulanan dalam jangka panjang memerlukan disiplin dalam menguruskan perbelanjaan harian anda. Ia juga memastikan agar anda sentiasa menyimpan wang secara bertanggungjawa supaya anda boleh mencapat matlamat kewangan anda, serta meminimumkan pendedahan risiko anda.

Pertamanya, adakah anda mempunyai pelan simpanan bulanan?

Pelan simpanan bulanan ialah langkah membina kekayaan jangka panjang yang berkesan. Ia menggalakkan anda untuk mengawal perbelanjaan anda, dan seterusnya meningkatkan jumlah wang yang disimpan. Namun, tidak dinafikan bahawa strategi simpanan bulanan boleh terasa susah pada awalnya, terutamanya jika ia memaksa anda untuk mengubah gaya hidup anda.

Sebelum membuat pelan simpanan bulanan yang boleh anda patuhi, anda perlu mengetahui jumlah perbelanjaan anda – serta apa yang dibelanjakan – dalam setiap bulan. Melalui cara ini, anda akan sedar bahawa semua perbelanjaan – termasuklah perbelanjaan yang kecil – boleh memberi kesan kepada kewangan anda. Misalnya, jika anda tidak membeli
latte
setiap hari di kafe, anda boleh mengurangkan perbelanjaan bulanan anda sehingga beberapa ratus ringgit dengan mudah!

Terdapat banyak perbelanjaan lain yang juga boleh dikurangkan apabila anda meneliti perbelanjaan wang anda. Misalnya, adakah anda benar-benar memerlukan sepasang kasut baru? Jika tidak, anda mungkin dapat jimat RM650! Bagaimana pula sesi karaoke mingguan bersama kawan-kawan? Jika tidak perlu, anda dapat jimat RM300 atau lebih setiap bulan dengan mudah!

Apakah maksud
dollar-cost averaging
?

Dollar-cost averaging
 melibatkan pelaburan sejumlah wang yang tetap setiap minggu atau bulan. Dengan pelaburan yang konsisten dan berkala, anda kadangkala akan melabur ketika pasaran rendah, dan kadangkala ketika pasaran tinggi. Secara amnya, ini akan mengurangkan risiko membeli “pada masa yang salah”.

Apabila anda membuat pelaburan besar secara tidak konsisten, anda akan terdedah kepada risiko keadaan pasaran. Misalnya, anda mungkin membuat pelaburan ketika harga pasaran terlalu tinggi (yang mungkin akan menyebabkan kerugian). Bagi mereka yang berhasrat untuk menunggu “masa yang sesuai untuk melabur” pula, ingat: ia hampir mustahil untuk meneka masa yang tepat; jika pengurus dana profesional pun tidak selalu dapat berbuat demikian, bagaimana pula anda?

Oleh itu, pelan pelaburan bulanan akan mendisiplinkan anda untuk melabur dan memanfaatkan kaedah
dollar-cost averaging
 setiap bulan. Proses ini boleh dipermudahkan jika anda menetapkan arahan tetap bulanan (
monthly standing instruction
) supaya wang dimasukkan terus ke dalam akaun pelaburan anda.

Uruskan masa depan kewangan anda

Jika anda belum lagi mula melabur, anda bolehlah mula mengorak langkah untuk mencapai matlamat kewangan anda. Cuba pastikan diri anda mengetepikan sebahagian daripada simpanan bulanan untuk pelaburan, dan jangan bebankan diri anda dengan persoalan seperti “adakah pasaran sedang naik atau turun” atau “adakah kini masa yang baik untuk mula melabur?”.

Daripada anda cuba menentukan masa pasaran, lebih baik anda cuba memaksimumkan tempoh wang anda dilaburkan dengan melabur sejumlah daripada gaji anda setiap bulan.

5

1

vote

Article Rating

SHARE

TAGS:

Dollar-Cost Averaging (DCA)

Harry Markowitz

Pemurataan Kos Dollar/Ringgit

Perancangan Kewangan

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


BigPay Reduces Credit Card Top Up Limit By 50%, Effective Immediately

BigPay is announcing a huge change to its credit card top up option by reducing the limit by half. Effective immediately, users can only top up their BigPay wallet via credit cards up to a maximum of RM5,000 a month.

In an email sent to all BigPay users, the company stated that the main reason for this revision is due to the fees charged by credit card companies for each transaction. Currently, BigPay has been absorbing this cost as a means to allow more option for the user to top up funds.

BigPay users who wish to top up funds today will find a pop up notification informing them of this change. If you’ve already topped up above RM5,000 this month, you won’t be able to top up with credit cards until next month. The
company’s support page
 has also been updated to reflect this immediate change.

The company maintained that credit cards will remain an option to top up funds, alongside debit cards and online banking. Interestingly, BigPay also hinted at “new top-up methods” in the coming weeks. Given the recent announcement of BigPay joining the DuitNow ecosystem, it looks likely that some form of integration with DuitNow and DuitNow QR will be announced soon.

Here’s the email in full:

Hi Pang,

We just wanted to let you know that we’re changing our fair usage policy for top-ups using credit cards. From now on, we will be reducing the monthly limit for credit card top-ups to RM 5,000.

Topping up via debit cards and online banking will remain unlimited and we encourage you to continue using these sources. We’re also working to introduce new top-up methods in the coming weeks so you can have more choice when topping up your BigPay.

At BigPay, we’re committed to offering you fair financial services. We do this by keeping our costs low and passing the savings onto you.  However, credit card companies charge us fees – that we absorb – so that our customers can have more options for top-ups. We will continue to do this to make it fair for all our customers to use our basic products and services at low / no fees.

Thank you for your support.

5

1

vote

Article Rating

SHARE

TAGS:

BigPay

DuitNow

DuitNow QR

About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

See all articles

Comments

 (4)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

4
 Comments

 Inline Feedbacks

View all comments

    Alvin Lim

    3 years ago

Hi Pang,

The reduce of credit card limit top up is due to many users abuse to maximise cash back from credit card and didn’t spend using Bigpay.

6

Reply

    ED

    3 years ago

Not all user receive the email and some user tap the top up button got special notifications inform them about the limitation. Looks like BigPay highlighted some customers in their list.

0

Reply

    Mudin67

    3 years ago

This has come to an end for those who merry go round – top up BP with credit card and withdraw from ATM later on.

Good job to stop “money laundering”.

2

Reply

    Vince-90

    3 years ago

Kan lin-nia!! I topup every month RM10k to milk cash back from SC JOP, LFC, PBB QM, HSBC Amanah.

So what can I do now??

0

Reply


BNM: Banknotes Damaged By Flood? Exchange Them At Banks

If you’ve been affected by the recent floods and find yourself weighed down with a fair amount of damaged Ringgit Malaysia notes, these currencies are actually not completely lost as Bank Negara Malaysia (BNM) has a standing policy that lets you exchange banknotes that are considered to be “unfit for circulation”.

In a Facebook post today, the central bank shared a reminder that “[i]f your ringgit notes are damaged by the floods, you can exchange them at any banks” – including those that you do not have an account with. As the visual shared by BNM below shows, examples of damages may include holes in your banknotes, extensive or localised dirt or liquid, ink wear, loss of security feature, and limpness.

That said, BNM also emphasised that the exchange value may not necessarily be the equivalent amount of money’s worth in return. Rather, it depends on the condition of the damaged note, which will be determined by the bank that you visit and the central bank. Generally, you can expect to receive compensation of either full or half value – or no compensation at all, if the damaged notes do not meet criteria set by BNM.

Additionally, the speed with which you’ll receive your compensation will also vary based on the state of your notes; if it is a straightforward case of damaged notes, you can expect to receive the compensation on the same day. However, in unclear cases of damaged notes, your bank may need to consult BNM – which means that your compensation will come at a later date.

To clarify, this banknote exchange policy is not new; it has been around for a while, and even has an official document of the
Quality Standards for Malaysian Currency
 to guide the process. It is applicable to
numerous other forms of blemishes as well
, and not just flood-damaged notes. If you have Malaysian banknotes that have been torn, cellophane taped together, burnt, infested by termites, defaced, or shrunk, you can also approach the nearest bank branch to make enquiries. In fact, the guideline also covers coins that have been corroded, dented, cut, or stained.

Do be aware, though, that while most commercial banks will provide this service for free, some may charge a small fee for it. As such, make sure to clarify before kickstarting any processes.

(Source:
BNM
)

5

1

vote

Article Rating

SHARE

TAGS:

Bank Negara Malaysia

BNM

Damaged Bank Notes

Longform

Quality Standards For Malaysian Currency

Ringgit Malaysia

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Life Insurance Industry Records Decline In 2020 New Business Total Premiums

The life insurance industry saw a slight decline of 3.2% in new business total premiums last year, with the figure reducing from RM11.8 billion in 2019 to RM11.4 billion in 2020. The Life Insurance Association of Malaysia (LIAM) revealed that the industry’s overall new business sum assured had also fallen by 7.2% to RM437.2 billion in 2020.

“The decline in overall new business total premiums and new business sum assured was attributed to the slowdown in business environment due to the Covid-19 pandemic and the restrictions to the face-to-face selling during the movement control order and conditional movement control order imposed in the Klang Valley and other states in the country,” said
LIAM in a statement
.

The total new premiums of traditional and group insurance fell 10.3% and 3.5% respectively, although traditional policies’ new business sum assured improved by 7.2% to RM23 billion last year. Meanwhile, the new business sum assured of investment-linked policies fell 21% and group policies dipped by 2.2%. However, the total new premiums of investment-linked policies went up slightly by 1.2%.

(Image: The Star)

Overall, the number of new policies last year shrank by 7.1% to 1.2 million units from 1.3 million units in 2019. Investment linked policies fell by 20.7%, but traditional and group new policies increased by 13.1% and 5.3% respectively.

According to LIAM president Loh Guat Lan, these trends show that consumers are generally more mindful about their spending during unprecedented times, preferring to tailor their purchases to smaller traditional policies with lower protection due to the Covid-19 pandemic which may have affected their finances. “During an economic slowdown, there is a tendency to shift from savings component type of plans to basic plans with emphasis on protection,” she added.

Loh also highlighted that during the pandemic, activities of face-to-face life insurance selling were restricted. “Investment-linked insurance which is greatly affected is an insurance plan which has more unique features and requires face-to-face interaction by agents to explain these features and ascertain its suitability before an investment-linked plan is recommended,” she said.

(Image: The Star)

LIAM CEO Mark O’Dell was pleased to note that despite the pandemic, the occurrence of policyholders discontinuing their insurance coverage in 2020 was the lowest in the last five years. He further said that that despite the challenges brought about by Covid-19, the insurance industry as quickly adapted itself to the new norm.

“Other than online channels, we continue to serve our customers via various distribution channels such as telco providers, banks, agents, direct walk-ins to branches, and post offices,” he said. “A number of insurers introduced new plans with low premiums via the direct channel platform. Online products are available on respective insurers’ websites including medical insurance and critical illness protection plans.”

(Source:
The Star
)

4

1

vote

Article Rating

SHARE

TAGS:

Insurance Industry

Insurance Premiums

LIAM

Life Insurance

Life Insurance Association of Malaysia

Loh Guat Lan

Mark O'Dell

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


How To Claim Your Free Sign-Up Gift From RinggitPlus

Congratulations! You’ve successfully signed up for a credit card through RinggitPlus and are now eligible for a free gift from us. We just need a few things from you to verify that your card has been approved and activated, so here’s what you need to do.

Step 1:
Take a picture of your credit card

When your shiny new credit card arrives, snap a picture of the card’s front face so that we can see your name, card expiry date, and the last 4 digits.

For the sake of privacy, make sure to cover up any sensitive information like your credit card number besides the last 4 digits. You can use a basic photo editor on your phone to do this. We also don’t require any information on the back of your credit card, so you don’t need to take a picture of that – just the front of the card will do!

Step 2:
Show us your card activation message

Once you’ve activated your credit card, the bank will send you an SMS or an email notifying you that your activation has been successful. Take a screenshot of this message as proof of your activation.

Step 3: Proof of
transaction history

For some credit cards, you need to fulfill a certain number of transactions using your new card before you can qualify for your free sign-up gift. Refer to the terms and conditions – if your sign-up gift comes with this requirement, then you will need to send us proof of your transaction history with your new card. A screenshot of your online transaction history or a copy of your credit card statement would be sufficient for this purpose.

Step 4: Send It Over

All you need to do now is email the necessary documents to
[email protected]
. The subject title of your email should be “Gift Help – <Your Full Name>”. In the near future, you’ll have the option of sending us the required images on WhatsApp instead of email.

Once you’ve sent your email with the required proof attached, we will provide you with a verification code and a few simple instructions to claim your gift. Very soon, your RinggitPlus sign-up gift will be on its way to you!

If you have any questions, don’t hesitate to get into contact with us at +60-3-7890 0808.

Want to be rewarded when you apply for a credit card? Our
Best Credit Card Sign Up Offers page
 shows the best available!

3.3

22

votes

Article Rating

SHARE

TAGS:

RinggitPlus

Sign-Up Gifts

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Budget 2021: EPF Akaun 2 Withdrawals Allowed For Life, Critical Insurance Plans

The Employees Provident Fund (EPF) will now allow members to make withdrawals from Akaun 2 for the purpose of purchasing approved life and critical illness insurance plans.

“The low insurance penetration rate in Malaysia is one of the factors that threaten the financial stability of individuals and households,” said Finance Minister Tengku Zafrul Aziz. “With that, EPF will allow its members to make withdrawals from EPF Akaun 2 to buy life and critical illness insurance or takaful products for themselves and family members.”

The finance minister added that the insurance or takaful plans in question must be ones that are approved by EPF.

Two other EPF-related initiatives that have been announced as part of Budget 2021 include the introduction of
targeted Akaun 1 withdrawals
 and the new
employee contribution rate of 9%
 from January 2021.

3.7

3

votes

Article Rating

SHARE

TAGS:

Akaun 2

Akaun 2 Withdrawals

Budget 2021

Critical Illness Insurance

Employees’ Provident Fund

EPF

EPF Withdrawals

KWSP

Life Insurance

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    Bernard Woo Ken Vui

    2 years ago

KWSP ACC 1 withdrawal for targeted not fair. How about those monthly income below 2000? They should be entitled too if needed. It’s a long journey of suffering,  further more it’s our money, not for the government to decide to whom should deserved it most. Don’t forget, it’s the Rakyat money. B40 with monthly income less 2k should be entitled withdrawal from KWSP acc 1 too.  Set aside other on going or coming soon initiative from government because that’s their responsibilities to the Rakyat.  Thank you

0

Reply


MAS Introduces Ultimate Flexibility Policy, Allows Unlimited Date And Destination Changes

Malaysia Airlines (MAS) has introduced an Ultimate Flexibility ticket change policy, which offers free unlimited changes to all new and existing bookings. This is to accommodate its passengers’ need for flexibility in their flight schedules following the spread of the Covid-19 outbreak.

Effective immediately, the policy allows you to make unlimited changes to your flight dates and destinations for free. Note that you will still need to top up on fare differences when you make changes to your destinations, wherever applicable. To take advantage of these benefits, your booking must be issued on or before 31 March 2020, whereas your flight rebookings must be done on or before 31 May 2020. Also, your new travel date need to fall on or before 31 December 2020.

With the free Go Show benefit, you can also opt to book an earlier flight that is flying on the same day of your departure at no extra cost, although this is subject to availability. This is applicable only for travels between now to 21 May 2020.

To rebook, you will need to visit the Malaysia Airlines Ticket Office. Alternatively, you can call the Global Contact Centre at 1-300-88-3000 (in Malaysia) or +603 7843 3000 (outside Malaysia). You may also request for assistance from appointed MAS agents.

The Ultimate Flexibility policy is also applicable for the airline’s ongoing
Malaysia Airlines Travel Fair
, which offers deals with up to 55% discounts on domestic and international flights, and special deals for business class flights.

To find out more about the
Ultimate Flexibility ticket change policy
, you can head on over to MAS’ website.

0

0

votes

Article Rating

SHARE

TAGS:

Covid-19

Malaysia Airlines

MAS

Ultimate Flexibility Policy

Ultimate Flexibility Ticket Change Policy

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.

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    Suresh

    3 years ago

Brilliant by MaS , Airasia please learn

0

Reply


Should You Buy the New iPhone 8, iPhone 8 Plus, or iPhone X?

Are you an Apple fan? If you are (even if you’re not), surely you’ve heard about the recent launch for iPhone 8, iPhone 8 Plus, and the iPhone X (which is the Roman numeral for the number 10).

The announcement on iPhone X just half an hour after the launch of iPhone 8 and 8 Plus nearly broke the internet, and by now Apple fans all over Malaysia are just waiting to get their hands on the three newest smartphones.

It’s unclear on when the iPhone X will be released in Malaysia, but if you’re looking to buy the iPhone 8 or iPhone 8 Plus, the wait is almost over!
Apple
 has announced that the iPhone 8 series will be available for purchase on 20th October 2017.

Of course, you can also get them from our local telecommunications companies and authorised Apple dealers, but if you don’t want to spend hours lining up for the new iPhone, you can also pre-order it online – which starts on 13th October 2017 (at 12.01am local time).

But Which New iPhone Should I Get?

That depends on your budget and how much you’re willing to shell out for a brand-new smartphone. Although the exact prices for the three newest Apple smartphones haven’t been announced in Malaysia yet, you can still get a rough estimate on how much they may be based on their prices in our next-door neighbor – Singapore (bear in mind that the prices may differ due to taxes and currency rates).

From Apple’s website in Singapore, iPhone 8 starts from SGD1,148 (RM3,565) while the iPhone 8 Plus starts from SGD1,308 (RM4,062). If you don’t mind spending – and can afford – what could be the equivalent of a few month’s rent or even possibly half a year’s worth of car loan instalment, then by all means get you a new iPhone that suits your budget and preference best!

It’s worth noting that the prices of the iPhone 8 series’ predecessor, the iPhone 7 series, will likely go down once the newer smartphone is released in Malaysia. If you’re still unsure of which of the three new iPhones you should get, or if you’re wondering if you should take advantage of the iPhone 7 series’ price drop instead, check out our comparison table below and take a look at what you’ll get from these Apple smartphones:

What is Really New About The iPhone 8, iPhone 8 Plus, and iPhone x?

As you can see, by no means is the iPhone 7 series obsolete. Apple is still providing software updates for the smartphone on a regular basis so users can continue to enjoy an optimum performance.

Also, almost all of the specs are identical, with the only obvious difference being the higher processor offered for the newer iPhones, as well as the Face ID feature. Another notable difference in terms of design is that the iPhone 8 series and iPhone X are fitted with a glass panel at the back of the phone – which Apple claims to be durable.

One of the big changes to the hardware which showed some signs of a leap in functionality from the previous iPhone 7 series is the iPhone 8 and iPhone X’s ability to charge wirelessly. Sure, it’s a technology that has existed for quite a while, but it’s still new for Apple.

Your Cheat Sheet to Owning a New iPhone Without Going Broke

1. Sign up for a new iPhone on contract.
 Unless you are already on a renewable smartphone contract plans such as the Maxis Zerolution Upgrade or Celcom’s New Phone plan, consider waiting for the new iPhone contract plans from the local telecommunications companies. They often offer discounts and freebies if you buy and sign up for a data and call plan from them.

2. Make a claim under the lifestyle income tax relief.
 Starting from 2017, you can claim for lifestyle related purchases such as smartphones, computers, books, broadband, and gym membership for up to RM2,500. Check out other income tax relief on our
Maximise Your Income Tax Relief in 2017 by Spending On These
 article!

3. Trade-in your old smartphone.
 Depending on the condition (and model) of your old smartphone, you can use its trade-in value to offset the new iPhone’s full price when you purchase smartphone retail stores.

4. Opt for Easy Payment Plan (EPP) or 0% Instalment Plan.
 Some telecommunications companies and stores offer EPP or 0% Instalment Plans when you pay with a credit card. You can also check with your credit card provider if you can convert your new iPhone purchase to an EPP so it can ease your monthly bill payments.

Of course, even with the above cheat sheet to owning a new iPhone without going completely broke, they are still quite expensive. If you already own a smartphone that is still functioning well, study the new features offered by the three new iPhone and weigh them against your existing phones.

Do you really need the new features? Do you need to replace your current smartphone for a better performing one? Don’t fall for the latest trends and consider your current finances before making any big purchase. But, if you have enough savings and are on top of your money-management, perhaps you can think about treating yourself to a new smartphone!

Thinking of applying for an EPP to buy a new iPhone? Don’t forget to get the best EPP credit card first! Take a look at our comprehensive list of
EPP credit cards in Malaysia
 and apply for the most suitable one for your spending style today!

0

0

votes

Article Rating

SHARE

TAGS:

Apple

iPhone

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Carve An Enjoyable Learning Experience With JOI®

In recent decades, electronics have become increasingly integrated into education. What used to be an overhead projector that displayed the syllabus for an entire classroom has now evolved into virtual classes, cloud-based reading materials, and interactive whiteboards, just to name a few.

As technology continues to advance rapidly, all levels of education have embraced the use of electronic devices in curating a better learning environment. Whether it’s to do research, write papers, conduct interviews, collaborate with classmates, or even take an exam, having a reliable device can mean a world of a difference.

Malaysian-based electronics company JOI® offers a wide range of competitively-priced devices catered to education, productivity, and more. Let’s dive in on JOI®’s education-focused products.

Although learning may not always be easy, that doesn’t mean it can’t be fun. Having the JOI® Smartboard integrated into lessons may encourage a more interactive and collaborative learning experience. For those that need a reliable device to work on at home, consider equipping yourself with either the
JOI Classmate® 30
 or
JOI Classmate® 10
 as they’re both capable and durable devices. You can find more details on JOI Classmate 10 by
clicking here
.

For optimised performance,
JOI® Book 143 Pro
 may be your best choice.
Click here
 to read more about JOI® Book 143 Pro.

Working in the dark becomes no issue with the
JOI® Book 200 Pro
’s backlit keys. In fact, it can be of great help when the lights are off for movie night and you need to reach for your keys!

Whether you want to have it in presentation mode, multimedia mode, or tablet mode, the
JOI® Book Touch 330 Pro
 is flexible, light, and thin enough to be carried with you everywhere you go.

If future-proofing your system is what you’re after, the
JOI® AIO 120 Pro
 gives you just that. Reap the benefits of having a space-saving PC with all the connectivity you’d need. Its quick boot time and built-in features allow you to hit the ground running once set up.

Some can’t live without a desktop workstation. The
JOI® PC 226
 comes bundled with a wired keyboard and mouse along with Intel® Pentium® Gold G6400 Processor, 4GB DDR4 – 2666, and Intel® UHD Graphics 610.

JOI®’s wide range of products not only caters to students, but also those who prioritise productivity, creativity, and more. If you’re looking for competitively priced devices to add to your life, consider picking up a device from JOI®. Plus, they also offer Buy Now, Pay Later payment options.

Click here
 to visit the online shop.

0

0

votes

Article Rating

SHARE

TAGS:

Infographic

JOI AIO 120 Pro

JOI Book 143 Pro

JOI Book 200 Pro

JOI Book Touch 330 Pro

JOI Classmate

joi laptop

JOI Smartboard

laptops for education

laptops for students

About THE AUTHOR

Lisa Ameera Azman

Lisa Ameera Azman

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Shopee To Split ShopeePay Funds Into Transferable, Non-Transferable Balance

Shopee has officially announced that funds in customers’ ShopeePay e-wallet will now be split and categorised as either transferable or non-transferable balance, depending on the source of the reloads. Accordingly, the balance categories will determine the types of transactions that the funds can be used for.

ShopeePay’s transferable and non-transferable balance can essentially be summarised as such:

Balance type
Source of funds
Transactions that it can be used for
Non-transferable balance
– Reloads from credit cards
– Cashback earned
Only online and offline checkouts
Transferable balance
– Reloads from debit cards
– Reloads via online banking/bank accounts (QR topup, DuitNow, etc)
– Refunds from marketplaces, digital purchases, and so on
– Online and offline payments
– Peer-to-peer (P2P) transfers
– Transfers to bank accounts/DuitNow transfers

Shopee also noted that when making payments for your purchases, it will automatically deduct funds from your non-transferable balance in ShopeePay first, before drawing from your transferable balance if your non-transferable balance is insufficient.

To view your transferable and non-transferable balance, head on over to your ShopeePay page, and click on “Transfer”. You’ll then need to select a recipient to transfer some funds to. Upon selecting the recipient, you should see a notification below the “Transfer Amount”, informing you of the transferable balance that you currently have.

If you’d like a further breakdown of both the transferable and non-transferable balance in your ShopeePay, just tap on the “?” symbol beside your existing transferable balance, and it’ll bring you to an overview of your full ShopeePay funds. Here’s a step-by-step guide from Shopee to help you out:

To date, ShopeePay is the second e-wallet to introduce this transferable/non-transferable split for its customers’ funds, following in the
footsteps of Touch ‘n Go (TNG) eWallet
. TNG eWallet first rolled out this structure back in March 2022, but allowed some leeway by permitting a quota of credit card reloads to be treated as transferable balance. This quota was initially set at RM2,000 and RM5,000 (for Pro and Premium tier users, respectively), but was eventually
revised and standardised to RM1,000
 for both tiers.

(Source:
Shopee
)

5

1

vote

Article Rating

SHARE

TAGS:

Shopee

ShopeePay

ShopeePay Non-Transferable Balance

ShopeePay Transferable Balance

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


SMEs In A Changing Landscape: Meeting Needs And Overcoming Obstacles

The onset of the Covid-19 pandemic and the ensuing government-mandated restrictions brought a unique and unprecedented set of challenges to the small-medium enterprise (SME) sphere in Malaysia and indeed, all over the world. However, even in ordinary times, running a business is all about overcoming obstacles and coming out bigger and stronger on the other side.

Now that Malaysia has moved into its recovery phase and SMEs are geared to restarting business in the new normal, let’s take a look at some of the strategies that SMEs should employ to navigate the post-Covid landscape of today’s world. We also spoke to Maybank’s Head of SME Banking, En. Adnan bin Sharif, to get deeper insight into the issues currently faced by SMEs and what digital and financial solutions are available for businesses to overcome them.

Prepare for the end of the moratorium

With the end of Bank Negara Malaysia’s mandated six-month bank loan moratorium drawing near in September, SMEs should take steps to evaluate their financial situation early on and not wait until the eleventh hour to assess their options. If businesses foresee having difficulties with resuming their payments once the moratorium ends, the key thing is to come forward and speak to the banks in advance to enquire about repayment assistance.

Repayment assistance involves modifying the loan/financing’s original repayment terms and conditions to provide financial relief to those impacted by the Covid-19 pandemic and require extended support after the 6-month moratorium ends on 30 September 2020. “Repayment assistance can help SMEs sustain their business and free up more needed cash flow to run their business,” said En. Adnan. “We encourage business owners to look into this for advance preparation before 30 September 2020; Maybank has a dedicated SME team who is always ready to have this conversation with you to find the best financial solution for your business.”

Making use of financing facilities at hand

SMEs in need of new or additional financing to solve their cashflow issues should make full use of the various financing facilities that are available to them. The government has many ongoing SME-focused funds available, such as the Automation & Digitalisation Fund, and the Agrofood Facility – not forgetting the latest funds introduced under the PENJANA economic recovery package like the PENJANA SME Financing and PENJANA Micro Financing schemes. These funds are introduced to aid SMEs on sustaining their business in this challenging times and it is offered at very reasonable rates and SMEs should definitely look into how they can benefit from them.

Government funds are not the only financing facilities that are currently being extended to SMEs. Businesses can explore other financing options that are being offered by the banks which can meet their cash flow and liquidity needs as well. For example, Maybank offers collateral-free financing where you do not need to pledge any assets to obtain the facility – an added advantage especially during these times.

The importance of contactless payments

In a recent study conducted by
Mastercard
, it was found that the Covid-19 pandemic and movement restrictions had sped up the adoption of e-commerce, digital payments, and online activities in Malaysia. In fact, the study showed that Malaysians displayed a higher usage of digital payments and mobile wallet usage compared to other countries in Southeast Asia. As a result of the shift to digital and contactless payments, cash usage in Malaysia has declined by 64% since the beginning of the Covid-19 pandemic.

Since Malaysian consumers are seen to be shifting their preferences towards contactless and cashless payments, it is important for SMEs to evolve the way they do business and adapt to their customers’ needs accordingly. Having a cashless payment gateway such as Maybank QR Pay, Maybank2u Pay, and Maybank card terminal can add value to retail businesses. For instance, Maybank QR Pay allows retail business to accept payments instantly from customers via QR code; Maybank2u Pay provides a seamless journey for customers to shop and pay at their business e-commerce site. It also helps to minimise tedious operational issues of counting cash at the end of every business day and provide clear transaction records that will be reflected in your account within 24 hours.

Moving banking transactions online

Moving towards digitalisation in the new era involves more than just accepting new payment methods. With physical distancing now a priority in the new normal, it is an advantage for businesses to move processes online wherever possible. Indeed, the pandemic has brought about the strict enforcement of new standard operating procedures and health and safety measures; however, these can be easily followed with the help of the right digital tools.

One of the ways in which SMEs can digitalise some of their business processes is by obtaining a suitable digital platform for all their banking and financial transactions. “SMEs should start fully utilising online banking facilities to perform their banking transactions, pay bills, pay salaries, and more importantly, to reconcile account balances on a daily basis,” reiterated En. Adnan. “All this can be done anywhere and anytime. There are two types of online banking platforms available in Maybank: Maybank2u Biz for small and medium companies, and Maybank2E for larger SMEs.” Utilising online platforms will not only help to save time to pay bills or suppliers, it also facilitates physical distancing during the Covid-19 pandemic.

Covering all the bases

Another case study of how Maybank has assisted SMEs to branch out in other ways include the creation of its Sama-Sama Lokal platform, where businesses can list their products for sale to spread their digital reach. Moves like these are important in current times given that consumption patterns have moved to the online medium. Maybank also helped connect these businesses with delivery services and subsidised partial delivery charges for selected local businesses in certain locations to help SMEs attract more customers and ease their operating costs.

Adapting to the present and anticipating the future

To conclude, SMEs have faced a wave of new challenges since the start of the Covid-19 pandemic – but there are many steps that can be taken to help overcome these obstacles. Whether it is solving cashflow issues, digitalising processes, or even reviewing business sustenance, SMEs have an array of tools at hand to rise above any given challenge and come out stronger than before.

From being proactive about their finances to embracing new ideas in the new normal, SME owners should take full advantage of all the options available to them in order to move forward with their business. “There will always be ups and downs but businesses must preserve and look at the downtime as an opportunity to reset and innovate to come out stronger. Maybank SME strives to put together solutions to support you at every step of your journey to realise your business goals,” said En. Adnan.

You can find out more about
Maybank SME Repayment Assistance here
 and Maybank’s
holistic solutions for SMEs here
.

3.8

5

votes

Article Rating

SHARE

TAGS:

Covid-19

Maybank

Maybank QR Pay

Maybank SME

Maybank2U

Maybank2uPay

Small Medium Enterprise (SME)

SME

SME Solutions

SMEs

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Essential Safety Tips for Solo Female Travellers

Girls just want to have fun and travel! Some even like going it alone, but unfortunately, being a lone-travelling lady can be dangerous if you’re not careful.

Follow your wanderlust and these golden rules for enjoying solo travel safely:

Tip 1: Narrow Down Women-Friendly Travel Destinations

Know which destinations to avoid when travelling alone especially on your first solo mission. According to a travel system safety poll conducted by the
Thomson Reuters Foundation
 (2014), Bogota, Columbia; Mexico City, Mexico; and Lima, Peru ranked as the top three most dangerous for women. On the other hand,
Budapest, Hungary
;
Bhutan
; and
Thailand
 are among the world’s safest and most budget-friendly places to visit.

Bonus Tip:
 Read through the
OSAC Crime and Safety Report
 on countries you are planning to visit for clear information on crime levels, places to avoid and transport safety.

Tip 2: Travel Alone Together

Sounds contradictory but it’s more about mixing up the lone-wolf experience while enjoying the safety of a pack with fellow solo female travellers. This is a good idea especially if your travel destination is not on the safe list. Try out ladies-only tours and programs, but don’t expect these trips to be all spas and shopping, some are in fact, quite
gutsy and action-packed
.

If you’re part of a travel forum, you can plan excursions with other girl travellers headed your way. It’s cheaper and less rigid than a guided tour, plus you can balance out your lonely travel with a bit of group fun.

However, do be cautious when meeting with strangers from the internet, even women, because danger can come from any source. Whether at home or abroad, be sure to stay safe when getting together with folks from online. Do this by; arranging your first meeting in a public location, keeping your friends and family informed, and, go one step further by verifying their identities beforehand. Use social networks to learn more about the person you are meeting.

Tip 3: Always Be Prepared

Travel blogger Kate McCulley actually quit her job to travel the world all on her own and she suggests
backing up important documents
 in soft copies online. This will ensure that you have access to them no matter what happens. Copies of credit cards, passport, insurance details and other forms of identity should be made available in cloud storage, etc.

You might also want to consider carrying spare cash and travel papers “on you” with the help of
anti-theft belts, socks and even undergarments
 that help you do so discretely.

Keep These Quick Tips In Mind To Steer Clear Of Potentially Dangerous Situations While You Travel Alone:

Use safer transport where available like women-only bus and train services.

Be attentive to your surroundings and note if anyone is following you.

Observe the dress code of the places you visit to keep from offending or attracting unwanted attention.

Refrain from using flashy or expensive jewellery to avoid getting mugged.

Leave messages on your social media page regularly so that your friends and family know that you are safe.

Minimise late-night activities in places you aren’t familiar or that are located at a distance from your hotel.

Last but not least, remember to keep yourself covered in case of emergencies every time you travel, whether alone or with others, by getting travel insurance. Use our
comparison page
 to help find the best plans for your adventures. With that, it’s time to plan your travel itinerary with our
Travel Getaway Campaign
!

Image credit: Richard Moross’
photostream

0

0

votes

Article Rating

SHARE

TAGS:

Travel Tips

Travelling

Women Travellers

About THE AUTHOR

Desiree Nair

Desiree Nair

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Shop and save at Padini with AirAsia Citibank Visa Credit Card

Padini is no stranger to Malaysian shoppers. It’s hard to believe that this
apparel giant
 with trademark brands such as SEED, Vincci and P&Co came from humble beginnings in the textile manufacturing industry.

Now AirAsia Citibank Visa credit cardholders and AirAsia Citibank Platinum Visa credit cardholders will enjoy 10% off normal items when they shop at any Padini Authentics, Padini Concept Store, Padini, P&CO, PDI, Seed, Vincci and Vincci+ outlets.

The promotion is only applicable to normal priced items and excludes other offers and discounts.

0

0

votes

Article Rating

SHARE

About THE AUTHOR

Brendon Lee

Brendon Lee

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


UOB Offers Up To 25% Cashback On Fave For Credit And Debit Cardholders

UOB Bank is currently running a promotional campaign in collaboration with Fave, allowing UOB credit and debit cardholders to earn up to 25% of cashback when they use their cards to spend via FavePay or to purchase Fave Deals and eCards. Already ongoing, the campaign will continue until 31 October 2021.

Open to UOB cardholders who are new and existing Fave users, this campaign offers the following two deals:

Earn 20% cashback on FavePay with a minimum spend of RM25
Earn 25% cashback on Fave Deals and eCards with a minimum spend of RM20

You will need to key in a promo code at the checkout page in order to enjoy the deals, namely
FAVEUOB20
 for the FavePay deal, and
FAVEUOB25
 for the Fave Deals and eCard promotion.

Do note that each cardmember is only entitled to one cashback reward per month, capped at RM5. If you do maximise this promotion, you’ll technically be able to earn up to RM15 of cashback throughout the whole campaign period. This is on top of the discounts and savings that you’re already enjoying through Fave.

As always, the cashback rewards are offered on a first-come first-served basis, and there is a total of 1,000 units of cashback available to be claimed.

(Source:
UOB
)

5

1

vote

Article Rating

SHARE

Not yet a UOB credit cardholder?

Apply now!

TAGS:

Cashback Promotions

Fave

Fave Deals

Fave eCards

FaveDeals

FavePay

Promotional Campaigns

UOB

UOB Bank

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Transform Your Home Into A Smart Workspace In A Flex - With Lenovo Yoga Slim Series

Most of us are probably working in our comfiest t-shirt right now, in the comfort of home. Not having to worry about the morning traffic, less office distractions, and having the flexibility to plan your time are just some of the perks of working from home.

But don’t get too comfortable now, because you might lose that working spirit of yours. Which is why creating a designated workspace is also the key when working from home. By having an area solely for working, you’ll be able to get your tasks done more efficiently, boost productivity, and stay focused throughout the workday.

To level up your productivity a notch, the Lenovo Yoga Slim 7i and Yoga Duet 7i can easily transform your boring home workspace (aka your dining room table) into the ideal, smart, and sleek workspace you need – just take a look at Ariana here, an PR director who has just started working from home with her new Lenovo Yoga Slim 7i.

As part of Lenovo’s Yoga series, both the Lenovo Yoga Slim 7i series and Yoga Duet 7i are both forces to be reckoned with, each with their own uniqueness.
With either of these machines, working from home allows you to make the most out of home workspace.

The Lenovo Yoga Slim 7i is both powerful an
d practical. On the other hand, if you’re looking for a convertible option whereby you can switch from laptop to tablet and back as easily as 1, 2, 3 – then the Yoga Duet
7i is what you should get your hands on. To learn more about Lenovo’s laptops, visit
Lenovo’s website.

4

5

votes

Article Rating

SHARE

TAGS:

Lenovo

Lenovo Yoga Slim

Lenovo Yoga Slim 7i

Smart Workspace

About THE AUTHOR

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


#SaveMoneyWithHann: Switch From Cash to Cashback Credit Cards & Save RM100s Each Year

In my previous post I talked about
making some quick money fixes in your life
, whether you were an SME owner or a consumer (or both).
In this one, I’ll go through in a little more detail what an example of a fix you could do very quickly (within 1-2 weeks) to put some money back in your pocket, specifically using a cash back credit card rather than cash.

What are Cash Back Credit Cards?

Many credit cards in Malaysia offer direct cash back and rewards points just for doing your daily spend by paying with the card instead of using cash. What’s cash back? In practice most people will see some amount of money deducted off their monthly credit card bill, so you effectively pay less. What are rewards points for? You can convert those points into things like airline miles (but probably not during these times), cash vouchers, and household items.

You might say “OMG Hann are you asking me to take on debt during this time?” Actually, cash back credit cards are my favourite type of credit cards because it’s a rare kind of credit product that you can actually make some money directly from…as long as you follow my 5 golden rules below of course!
If you don’t know what Credit Cards are yet, maybe have a read of my team’s previous
Credit Card Basics
 article first before coming back here.
Bottom Line:
All else equal, instead of spending using cash, if you use a cash back credit card, you make money.

Hann's 5 Golden Rules Of Using Cash Back Credit Cards

Repay your entire monthly bill on time every month.

Remember, you should have had the cash anyway to spend on whatever you were supposed to spend on. Not paying your monthly bill in full will result in interest charges on the balance that you don’t pay off. If you are not sure if you can repay your card in full and need some short term credit, don’t choose a cash back credit card, you might want to consider
Low Interest Credit Cards in Malaysia
 instead.

"All else equal" means, spend what you would have spent anyway.

The idea is to convert your usual spend into cash back credit card spend to earn cash back, not to spend on things you would have otherwise not spent on.

Don't withdraw cash advances on this type of card.

The cash advance fees (usually 3% and a minimum of RM50 per withdrawal) and high interest rates of credit cards in general means you’ll take on a lot more than you can earn from cash back. If you need some cash for the short term, again consider
Low Interest Credit Cards in Malaysia
, or over the longer term,
Low Interest Rate Personal Loans
 instead.

Use our Eligibility calculator to see which credit cards you're most likely to be approved for.

Every application for a credit card (whether approved or rejected) will show up on your CCRIS record as a “credit application”, and that will affect your chances of approval of future credit applications. Our
Credit Card Eligibility Checker
 allows to you see which cash back credit cards you are likely to be approved for even without having to make a formal application to any bank.

There is no such thing as "the best cash back credit card" for everyone.

Each person has their own spending habits – some people will spend more on petrol than groceries or dining, while others may spend more online or in foreign currencies. Without knowing your exact spending pattern, it is impossible to recommend the best cash back credit card for you, so you have to do your own homework.

How Cash Back Credit Cards Work

Quite simply, when you spend with your cash back credit card (whether on groceries, petrol, eating out, e-wallet topups, or various other categories) you get a portion of that spend rebated off your statement bill every month. This equates to “instant savings” while spending, versus zero net benefits using paper Ringgit.
Some cash back credit cards will give cash back on multiple/all categories spend such as the
Maybank 2 Cards
 (Gold &
Platinum
), the
Maybank FC Barcelona Visa Signature
, or the
Public Bank Quantum Visa
 (but, FYI you have to “wave” it). Other cash back credit cards will give cashback on specific categories only. For example, the
Citi Cash Back Mastercard
 gives high cash back on the following categories: Petrol, Groceries, Dining, and Grab Rides; but virtually nothing (just 0.2%) on other spend.
Here is a simple example of how you calculate and see cash back in your credit card:

Public Bank Quantum Visa
 – 5% Cashback on all Contactless spend (with some exemptions) up to RM30 a month.
Let’s say I spend RM500 in a month on ‘wave’-ing for my grocery shopping, eating out at restaurants. I’ll then see RM500 x 5% = RM25 deducted off my credit card bill in my next statement. This will appear as an entry on your statement, so you can’t miss it.

3 Main Types of Cash Back Credit Cards

Capped Cashback On All Spend

Usually high single cash back rates (5% is considered solid) but limited to a small amount of spend. These cards also do not have minimum spend requirements, so you earn cashback from the first Ringgit spent.
Examples: Maybank 2 Cards
Gold
 &
Platinum
,
Public Bank Quantum Visa
 &
Mastercard
.

Progressive Cashback Tier On All Spend

Cash back rates tiered similarly to your income tax rates. The more you spend, the more cashback you get, but only on that higher spend amount.
Example:
Alliance Bank You:nique Great Rebates
.

Category Cashback Unlocked by Minimum Spend

You get X% cash back on specific categories, but usually have to spend a certain (large) amount in that statement cycle to “unlock” this cash back rate. In addition, you also get some minimal cashback (around 0.2%) for all other categories. This type of cash back credit card is getting more popular, especially among the foreign banks, but effective cash back rates are usually far lower than the advertised rates due to low cash back on all spend.
Examples:
Citi Cash Back Mastercard
,
Standard Chartered JustOne Platinum
,
HSBC Amanah MPower Platinum Credit Card-i
.

How I Use The Best Cash Back Credit Cards in Malaysia To Make A Little Extra Money

To give everyone a better sense of what I mean, here is a quick illustration of my household’s monthly spend, using several top cash back credit cards in Malaysia.

Spend Category

Monthly Spend (RM)

AffinBank Visa Signature

Citi Cash Back Platinum

Standard Chartered JustOne Platinum

Petrol

250

7.50

15.00

37.50

Groceries

1,000

30.00

15.00

2.00

Online

250

-

0.50

30.00

Dining

500

15.00

15.00

1.00

eWallet top ups

500

-

15.00

1.00

Others

500

15.00

1.50

1.00

Total spend/cashback earned per card

3,000

67.50

61.50

60.00 (the sum doesn't add up because RM60 is the max monthly cashback)

Annual total spend/cashback earned per card

36,000

785.00

(after SST)

713.00

(after SST)

695.00

(after SST)

For a typical household, you can immediately see that you can save several hundred Ringgit per year, just from swapping from cash to a cash back credit card, or swapping from another card which doesn’t offer cash back to one that does. Remember, the more you spend, the more cash back you earn. BUT don’t spend more just to earn the cash back though, otherwise you’d have broken Golden Rule #2.

Note there is no such thing as a “best” cash back credit card for everyone, as it really differs depending on your monthly spend (and sometimes spend pattern like weekend/weekday spend etc.).

Bonus Tips!

Bonus Tip 1
 – Don’t forget to combine credit card cash back with other forms of cashback, including:
e-wallet cash back – top up your e-wallet with eligible cash back credit cards and get both the credit card cash back as well as any e-wallet discounts or cash back when you spend with the e-wallet. Some e-wallets, such as Boost and Grab, also give rewards points for every Ringgit spent, which means even more potential savings down the line.
Online cash back – sites such as Shopback or Milkadeal offer cashback off online spend, so you can get both the credit card cash back as well as any online cash back.

Bonus Tip 2
 – If you spend enough on each category (but not enough on others), combine 2-3 cash back credit cards and maximise your cashback (e.g. double up on petrol with 2 cards, dining with 2 cards etc.)
As you can see from my household spend above, my illustration only displays the maximum cash back you can earn
per card.
 Now, I can actually earn even more cash back by combining multiple credit cards into my monthly spend. Why complicate things if one card can already earn you cash back? Most cash back credit cards have a cap per category that may be below your monthly spend for that category, and that means lost opportunity to earn cash back. If you think that will not amount to much, think again.
In my household spend illustration above, I only earn cash back for up to RM150 in spending per category if I only used the
Citi Cash Back Platinum Mastercard
. But if I spend only that amount per category and then switch to the
Affin Bank Visa Signature
 on Dining and Groceries spend, I’ll earn an extra 3% cashback on the remaining RM350 spend in Dining and RM850 in Groceries – which equates to an extra RM36 per month or RM432 in a year!
This requires extra planning, and will differ with each individual’s exact spending on specific categories. But if you do your homework, you will literally be rewarded with several hundred Ringgit each year.
Want a headstart? My editorial team has compiled an up-to-date list of the
best cash back credit cards in Malaysia
 – you can use this as a reference.

Don't Underestimate The "Small' Cash Back Percentage

I’ve met clients in my financial advisory days who did not believe that cash back credit cards can make a big difference. “2% only”, “5% only, and capped some more! So
ma fan
to track!”

But when we break down their monthly expenses, and offering a few cash back credit card options, their attitudes changed quite dramatically when they see the “5% only” turning into RM600 or more in one year.

Meanwhile, the more advanced credit card users would tell me that air miles credit cards give much better returns. I agree: the
best air miles credit cards in Malaysia
 offer effective returns of anywhere between 4% all the way up to 20% by redeeming flights (Business Class and above yields better returns), but this return takes
years
 to realise – it usually takes tens of thousands of Ringgit spent to accumulate enough air miles to redeem a “meaningful” return flight. (Plus, who knows when it’ll be safe to fly again?)

For some groups of users, this makes sense – you’re redeeming a Business/First Class flight that you’d never have spent money on, and it is quite a life experience to savour. But for the everyday Malaysian, a cash back credit card guarantees immediate returns each month.

And at a challenging time like this, every little bit helps.

5

3

votes

Article Rating

SHARE

TAGS:

Affin Bank Visa Signature

Alliance Bank You:nique

Citi Cash Back Gold

Citi Cash Back Platinum

HSBC Amanah MPower Platinum Credit Card-i

Maybank 2 Gold

Maybank 2 Platinum

Maybank FC Barcelona Visa Signature

Public Bank Quantum

Public Bank Quantum Visa

Standard Chartered JustONE Platinum

About THE AUTHOR

Hann Liew

Hann Liew

See all articles

Comments

 (2)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

2
 Comments

 Inline Feedbacks

View all comments

    LAIPENG LEE

    3 years ago

Great article to non-believers! I have been benefiting from this cash rebate since credit card start offering cash rebate than point system. I am hard core to a level to use different card for different spending just because the other card offer better rebate in that segment. Also “rajin” to check which card offer what rebate at which time frame!

0

Reply

    Hann Liew

    3 years ago

    Reply to

        LAIPENG LEE

Thanks for the kind words! Hopefully it’s good enough for you to share with friends (especially those ‘non-believers’).

This type of card is specifically for highly disciplined rakyat – one example where you can monetise discipline!

0

Reply


Indah Water Collaborates With Razer Fintech To Offer More Bill Payment Options

(Image: SAYS)

Indah Water Konsortium (IWK) has partnered with Razer Fintech to offer more payment options for customers paying IWK utility bills, specifically offline and e-wallet payments.

Through this partnership, you can now pay your IWK utility bills at over 2,400 7-Eleven stores across the nation. Eventually, the service will also be made available at more than 1,600 99 Speedmart stores.

These offline payments are conducted with Razer Fintech’s point-of-sale (POS) systems, terminals, and web-based interfaces. To pay, you’ll need to first scan your bill at the cashier counter to confirm the payable amount, and then choose to clear it either with cash or cashless payments.

Alternatively, you can also settle your IWK utility bills using the Razer Pay e-wallet app, effective immediately.

According to the chief executive officer of IWK, Narendran Maniam, IWK’s collaboration with Razer Fintech will resolve the problem of long queues at existing over-the-counter payment avenues. At the same time, it also offers customers the convenience of paying at nearby neighbourhood stores.

“We welcome this partnership and we hope our customers will continue to be supportive as the sewerage charges in Malaysia are among the lowest in the region. Additionally, it has not been revised for more than a quarter for a century ago,” Narendran added.

(Image: SGSME.SG)

The chief executive officer of Razer Fintech, Lee Li Meng, further commented that they are committed to delivering practical financial solutions for the public. “Under this partnership, we continue to bridge the gap between offline and online channels. We also view this as a necessary step in our efforts to go paperless for the environment, as well as keeping people safe during these unsure times due to the Covid-19 pandemic,” he said.

In addition to enabling payments for IWK utility bills, Razer Fintech has also recently introduced a new bill payment feature to its Razer Pay app. The feature will allow its users to pay for a variety of services through the app, including Astro subscriptions, postpaid phone bills, local council tax assessments, and water bills.

(Source:
New Straits Times
,
The Malaysian Reserve
)

1

1

vote

Article Rating

SHARE

TAGS:

7-Eleven

99 Speedmart

E-Wallets

Indah Water Konsortium

IWK

Lee Li Meng

Narendran Maniam

Razer Fintech

Razer Pay

Utility Bills

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


MyMy Partners Mastercard To Include Physical And Virtual Prepaid Cards As Offerings

Homegrown e-wallet service provider MyMy Payments Malaysia has obtained a principal membership with Mastercard, which allows MyMy to include physical and virtual prepaid cards as one of their offerings. MyMy also highlighted that it is the only Malaysian start-up to gain this privilege from Mastercard thus far.

In announcing this partnership, the co-founder and chief executive officer of MyMy, Kishore Samuel said that MyMy aims to empower Malaysians so that they can take greater ownership of their finances. “Thanks to our partnership with Mastercard, we are one step closer in building something truly unique for Malaysians and their needs,” Samuel stated, adding that the company wants to build a financial service that puts Malaysians at the centre of the solution.

Meanwhile, the vice president of market development for Mastercard Malaysia, Devesh Kuwadekar commented that Malaysia-based financial technology companies have been pivotal in driving the country’s digital economy in recent years. “Across the world, the payments ecosystem is vast and changing, and partnerships like this will be crucial in opening doors for underserved markets such as cooperatives, addressing the gaps on the fintech roadmap and enabling those businesses access to better use of financial services,” he said.

Aside from enabling MyMy to offer physical and virtual prepaid cards, the Mastercard-MyMy partnership has also added a further RM4 million in foreign direct investment to MyMy’s funding, bringing it in total to RM23 million.

For context, MyMy had received
conditional approval
 for a large scheme electronic money licence from Bank Negara Malaysia in April last year, and also obtained earlier investment from Koperasi Tentera. The homegrown brand is said to offer Malaysia’s first real multi-currency account and card that lets customers change their money into 11 different currencies with zero hidden fees and real-time exchange rates.

Interested Malaysians can
pre-register
 to obtain early access to MyMy’s offerings upon launch.

0

0

votes

Article Rating

SHARE

TAGS:

Bank Negara Malaysia

BNM

Devesh Kuwadekar

Kishore Samuel

Mastercard

MyMy Payments Malaysia

Prepaid Cards

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Maybank Completes Migration From SMS OTPs To Secure2u For Online Banking Services

(Image: The Star)

Maybank announced that it has completed its migration from SMS one-time passwords (OTPs) to its Secure2u security feature as the preferred authentication method for all online transactions and banking services moving forward. This serves as one of the bank’s key measures to combat financial scams.

In a statement, Maybank said that this migration is a sign of the bank’s commitment in prioritising its customers, ensuring that they will always enjoy a safe online banking experience. This is because Secure2u is a “safer and quicker way to approve your transactions”, with several layers of security put in place.

For instance, customers can only bind one Secure2u feature per account to one mobile device, thereby minimising the possibility of scammers performing unauthorised transactions via another device. Maybank also implemented a 12-hour cooling-off period when customers activate their Secure2u for the first time or on a different device.

In addition to announcing the completion of its SMS OTP-to-Secure2u migration, Maybank also reiterated that all
Secure2u authorisation will be moved to its MAE by Maybank2u (MAE) app starting from 1 July 2023
, ensuring that there is only one single point of authorisation moving forward. At present, only customers who
recently activated their Secure2u are required to use the feature on the MAE app
; those who had previously activated their Secure2u on the Maybank2u app are still allowed to continue using it on the older app. Come 1 July, this will no longer be the case – it will be mandatory for
all customers
 to download the MAE app if they wish to authorise any of their online transactions.

Group president and chief executive officer of Maybank, Dato’ Khairussaleh Ramli explained that all of Maybank’s security measures were implemented with their customers’ best interests in mind. “Our customers are our priority and we take the security and safety of our online banking platforms seriously. We have taken multiple proactive initiatives in order to curb rising scams and safeguard our customers’ accounts, such as enabling only one Maybank2u access per device on the MAE app, since its launch in October 2022,” he said.

Other security measures that have also been implemented by Maybank include the tightening of fraud detection rules for suspicious transactions, removing hyperlinks from SMSes, having a dedicated 24/7 fraud hotline, and providing a Kill Switch for customers to
deactivate online banking access
 or
block their cards
. These initiatives are all in line with
Bank Negara Malaysia’s (BNM) directive for banks to beef up their online banking security
.

(Image: The Malaysian Reserve/Muhd Amin Naharul)

“We are pleased that these initiatives, combined with our ongoing intensive scam awareness campaign to educate customers will continue to help our customers prevent financial loss and save their monies. Customers are becoming more aware of popular fraud modus operandi, and this year, we have seen the number of cases where customers call in to report suspicious messages, calls and phishing sites increase significantly. In fact, many customers have been successfully helped as they reached out to the bank quickly via the channels provided,” said Dato’ Khairussaleh.

Finally, Dato’ Khairussaleh urged customers to continue being vigilant in safeguarding their online banking credentials, complementing the bank’s ongoing efforts. These include practising good online banking behaviours, such as not sharing their passwords with family and friends, as well as not clicking on suspicious links shared via chat messages.

5

1

vote

Article Rating

SHARE

TAGS:

Bank Negara Malaysia

BNM

Datuk Khairussaleh Ramli

MAE

MAE App

MAE by Maybank2u

Maybank

Maybank Secure2u

Maybank2U

Maybank2u App

Mobile Banking

Mobile Banking App

One-Time Passwords (OTP)

Secure2u

SMS TAC

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


CitiCyberSale Campaign In July 2022 Offers RM18 Rewards For E-Wallet Reloads

Citibank’s CitiCyberSale event is back again, this time taking place between 1 to 10 July 2022. Just like the
last round back in March 2022
, there are also plenty of promotions that are bound to delight its customers once more, and one of the key highlights is the CitiCyberSale e-wallet deals.

Under this CitiCyberSale sub-campaign, eligible Citi credit cardholders will be able to earn cashback, vouchers, and rewards points when they top up a specified minimum amount to selected e-wallets. Here are the full details for the five e-wallets that are included in this promotion:

Boost

7,000 Boost Stars (min top-up RM300)

Citi credit cardholders who top up a minimum of RM300 into their Boost e-wallet via their cards during the offer period will be awarded 7,000 Boost Stars (worth RM18). Offered on a first-come first-served basis for the first 1,000 transactions, the reward will be credited into your BoostUP account in your app by 31 July if you do win it. Note that each customer may only tap into this offer once during the whole offer period.

GrabPay

RM18 GrabFood voucher (min top-up RM500)

Reload a minimum of RM500 into GrabPay using your Citi credit card, and earn yourself a GrabFood voucher worth RM18! Also capped at 1,000 redemptions and provided on a first-come first-served basis, you’re only allowed to redeem this once during the offer period.

Note that the GrabFood voucher is only valid for 45 days from the date it is issued, and you are required to spend a minimum of RM40 (excluding delivery fees) in order to utilise it. Also, the voucher can only be used with payments made using either Citi cards, GrabPay, or PayLater by Grab.

Lazada Wallet

RM18 cashback (min top-up RM200)

A cashback reward of RM18 will be awarded to the first 1,000 Citi credit cardholders who top up a minimum of RM200 into their Lazada Wallet using their cards during the promotion period. Note that these cards must be registered and saved with Lazada in order to be eligible for the reward.

If you do win, the cashback reward will be credited into your Lazada account within 30 days from the date of the top-up. It also has a validity period of 60 days from its issuance; any cashback amount from this promotion that remains unused by then will automatically expire. Finally, note that the cashback reward provided can only be used when you select Lazada Wallet as your payment option for your purchases.

ShopeePay

RM18 rebate voucher (min top-up RM200)

Earn an RM18 rebate voucher when you reload a minimum of RM200 on ShopeePay using your Citi credit cards, limited to only the first 1,000 redemptions. Upon successful top-up, the voucher will be credited into your Shopee account after the end of the campaign on 10 July. Each cardholder is entitled to only one voucher during the whole campaign period.

Do be aware that once the rebate voucher is credited into your account, it has to be used within a limited timeframe – only on 11 July. Additionally, you must make a minimum spend of RM200 in order to utilise the voucher, applicable only for purchases with Shopee Mall and Preferred Sellers (excluding certain items, such as baby diapers, food and supplements, as well as S-Mart’s Milo). You are required also to use either ShopeePay or Citi cards to pay for your purchases.

Touch ‘n Go (TNG) eWallet

RM18 cashback (min top-up RM500)

Eligible Citi credit cardholders who perform a reload of RM500 or more into their TNG eWallet using their cards will earn themselves a cashback reward of RM18. Each cardholder is limited to one redemption per card, with a total of RM18,000 to be given away on a first-come first-served basis.

Those who manage to win will get the cashback reward credited into their TNG eWallet account within 10 working days from the transaction date.

***

Aside from these
e-wallet top-up deals
, this round of
CitiCyberSale campaign
 also has various other e-commerce and online shopping promos that you can check out as well. These include the
Cyber 7 Mega Sale
, which offers you rebates when you shop with Lazada, Taobao, Shopee, as well as Agoda and Booking.com.

(Source:
Citi
)

0

0

votes

Article Rating

SHARE

TAGS:

Boost

Citi

Citibank Credit Cards

Citicybersale

E-Wallet Reloads

E-Wallets

Grab

Lazada

Lazada Wallet

Promotional Campaigns

Shopee

ShopeePay

TNG eWallet

Touch 'n Go eWallet

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Etiqa Now Offers Critical Illness Insurance Coverage For Mental Illnesses

Maybank-owned insurance group Etiqa has launched a new rider that provides critical illness coverage for mental illnesses. The Investment Linked Critical Illness Plus (IL CI Plus) plan offers protection for 68 critical illness and includes four mental illnesses in its coverage: bipolar affective disorder, major depressive disorder, schizophrenia, and schizoaffective disorder.

According to Maybank Ageas Holdings Berhad chief agency officer Shahrul Azuan Mohamed, a policyholder can enjoy coverage between RM1,500 and a maximum of RM30,000 under IL CI Plus. “Most beneficial to the policyholder is that Etiqa does not define how this amount is to be used, thus the policyholder may use it for consultation fees, medication, or hospitalisation, as he sees fit,” said Shahrul.

Despite as many as 4.2 million Malaysians estimated to be living with mental health issues, not many insurance companies in the nation provide coverage for mental illnesses. The IL CI Plus rider is the first in Malaysia to include mental illnesses in a critical illness plan. Earlier in July, AIA Berhad was the first insurer in Malaysia to cover psychiatric consultation fees for six mental health conditions under its
A-Plus Health medical rider
.

IL CI Plus is a critical insurance rider that can be added on to selected investment-linked plans offered by Etiqa.

(Source:
Etiqa
 via
The Edge Markets
)

0

0

votes

Article Rating

SHARE

TAGS:

Etiqa

IL CI Plus

Investment Linked Critical Illness Plus

Maybank

Maybank Ageas Holdings Berhad

Mental Health

Mental Illnesses

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments