Chinese New Year 2023: Wealth Forecasts For All 12 Chinese Zodiacs

The Chinese community is set to welcome the year of the Water Rabbit very soon, and as families gather for reunion during this festive period, many will also find fun in reading the various predictions for their zodiacs for the new year.

If you’re not yet aware, the Chinese astrology is made up of 12 Chinese zodiac animals (making up a twelve-year cycle), with each person’s zodiac determined based on their year of birth. Come every Chinese New Year,
feng shui
masters will then share their annual predictions as to how each zodiac will fare in the upcoming year – covering areas such as health, wealth, and relationships – and this year is no different.

If you’ve been wondering about your financial outlook for the following year – well, wonder no more! Read on for some predictions about the potential opportunities and challenges that your wallet may face in 2023, and how you can perhaps make the best of things!

Rat

Year of birth: 1936, 1948, 1960, 1972, 1984, 1996, 2008, 2020

Those born in the year of the Rat might encounter a short phase of financial pressure – perhaps due to unexpected medical or travel expenses – but other than that, 2023 will turn out pretty well for you, monetary-wise! At work, there will also be opportunities for promotions (and therefore better income), but you will need to work hard to prove yourself. Entrepreneurs, too, must take steps to innovate their businesses to avoid stagnating – if you do, you might just rake in substantial profit.

Investment-wise, you can look forward to relatively good returns, but don’t be greedy! Invest only what you can afford, and make sure you have enough saved up in case of emergencies.

Ox

Year of birth
: 1937, 1949, 1961, 1973, 1985, 1997, 2009, 2021

This year is not quite the best financial year for the Ox, unfortunately. While you can count on a stable flow of income, you will need to be very careful with your spending in order to maintain a healthy cash flow. Make a budget whenever you can, and stick to it to help you avoid overspending; you should focus on your needs more than your wants this year.

In addition to that, avoid taking up more loans than you need, and avoid being loan guarantors too. If you have absolutely no choice, make sure to check and verify all details before signing any agreements. You should also refrain from making high-risk or speculative investments to avoid the likelihood of getting scammed. Best to invest in limited amounts in low-risk instruments instead.

Tiger

Year of birth
: 1938, 1950, 1962, 1974, 1986, 1998, 2010, 2022

Individuals born in the year of the Tiger will face a period of financial strife with possible losses this year, so you may want to lay low and be prudent with your expenses. There is a chance to grow your income and wealth through promotions at your workplace as well, but you will need to push hard for these opportunities. Whenever possible, connect with your mentors or network with people who can vouch for you so that you stand a better chance of advancing professionally, but do also remember that this is not a guarantee of success.

If you’re investing, take calculated risks and invest only what you can afford to lose. You can also consider speaking to experts to help you manage your wealth more effectively.

Rabbit

Year of birth
: 1939, 1951, 1963, 1975, 1987, 1999, 2011, 2023

Those born in the year of the Rabbit will likely enjoy good fortune in 2023, especially as you’ll have people unexpectedly looking out for you and your finances, such as your elders. However, make sure to exercise some discipline in spending as you may be easily tempted into buying things that you do not necessarily need.

You can also consider setting a sum aside for investing if you want, as the probability of good returns is quite high. As always, remember to do your own due diligence before you leap!

Dragon

Year of birth
: 1940, 1952, 1964, 1976, 1988, 2000, 2012

There is the possibility of some financial pressure as you may be forced to spend more than you’ve budgeted for certain occasions. As such, take care to track your cash flow and expenses more closely than usual in the upcoming year, and always think twice before making any purchases (especially big-ticket purchases). Take this opportunity to also be proactive and pick up some new financial knowledge – such as budget management skills – to help bolster your finances for the year ahead.

For business owners, there will still be prospects of profit, but you should do all things in moderation. While it is good to invest some cash to expand your business, don’t forget to also ensure that you have enough cash flow to help tide you over in the event of emergencies or unexpected situations.

Snake

Year of birth
: 1941, 1953, 1965, 1977, 1989, 2001, 2013

The Snake had a relatively tough time financially in the past year, but things are set to be better for you moving forward. Despite that, continue to exercise prudence in your expenditure to avoid accidentally splurging when you’re tempted by certain products.

For investors, it would be a good idea to stay away from high-risk and speculative investments, even if they promise high returns. Do also review your existing investments regularly. While this is a good habit to develop for all investors, it is especially important for the Snake in 2023 as there may be unexpected pitfalls that you need to be alert for.

Meanwhile, business owners may see new opportunities opening up for them when they network extensively in the coming months! However, make sure that all your dealings are properly recorded in formal documents.

Horse

Year of birth
: 1942, 1954, 1966, 1978, 1990, 2002, 2014

The Horse will have pretty good wealth prospects this year – with salary increments, promotions, and investment profits written in the stars! If you’re one of those who have not started investing but would like to do so, this year will be a good time to kick things off. That said, remember to do proper research prior to making any decisions, and avoid getting overenthusiastic about specific investments. As many financial planners would advise, diversification is your best friend when investing.

This wealth luck will also spill over to business owner and self-employed individuals. If you have been thinking about exploring a new sector or revisiting old projects or ideas, go full steam ahead!

Goat

Year of birth
: 1943, 1955, 1967, 1979, 1991, 2003, 2015

There will be plenty of opportunities for you to grow your wealth in 2023 – especially through people you know in your network of friends and acquaintances – but as you seize these opportunities, take care to read all the fine prints that come with it. Business owners, in particular, should clarify any and all matters when discussing deals, and try to get everything down in black and white to avoid misunderstandings in the future.

You can also go on ahead and invest as you see fit, but it would be best to stick to low-risk investments whenever possible. High-risk investments with high returns may sound tempting, but the likelihood of you losing money through these instruments this year may be quite high too.

Monkey

Year of birth
: 1944, 1956, 1968, 1980, 1992, 2004, 2016

The wealth forecast for those who are born in the year of the Monkey is quite shaky in 2023, so you’ll need to be conservative in all financial matters. It’s likely that you may be forced to spend more than you normally would – whether due to social obligations or unavoidable events – so be sure to keep a close eye on your expenditure to avoid cash flow problems.

Both business owners and investors should also do their best to avoid taking risks (excessively), and whenever possible, seek the council of a mentor or expert before finalising any decisions. If you do manage to earn some money – through side hustles or inheritances, and so on – keep a low profile and save the funds instead of flaunting it.

Rooster

Year of birth
: 1945, 1957, 1969, 1981, 1993, 2005, 2017

Individuals born in the year of the Rooster will need to exercise plenty of caution in all their financial matters in 2023, from your expenditures to investments. Be prudent about your expenses and spend only when it is necessary, but more importantly, take extra care in checking the details of your transactions thoroughly before approving anything to avoid frustration or regret.

Similarly, if you need to make any major financial decisions, make sure that you have reviewed all the facts that are relevant before agreeing to anything. It pays to be more discerning about your financial situation this year. That said, some good news for the Rooster: your enthusiasm and attempts to help resolve new problems at work will likely be rewarded with an increase in income.

Dog

Year of birth
: 1934, 1946, 1958, 1970, 1982, 1994, 2006, 2018

Those who are born in the year of the Dog will not need to worry too much about their finances this year, given that they’ll likely come across numerous opportunities for financial growth. Not only will you receive unexpected bonuses and monetary rewards for your efforts at work, your investments too are likely to reap good returns. If you have a side gig alongside your day job, you can look forward to it flourishing as well.

Despite all the good news, though, make sure to not get carried away. While you can afford to be a little more spontaneous with your money, avoid splurging, and plan your purchases in advance whenever possible.

Boar

Year of birth
: 1935, 1947, 1959, 1971, 1983, 1995, 2007, 2019

The predictions forecast a relatively favourable year for the finances of the Boar, with some promises of monetary breakthroughs in sight for you. Your investments will reap returns, and your income will also see some increase. Business owners, too, will have the opportunity to expand their businesses.

That said, adopt a more cautious approach when dealing with your finances this year; it would be wise to avoid experimenting with new investments or side income sources that you are unfamiliar with. Also, do not take shortcuts to gain quick money as this could result not only in monetary loss, but also a dip in your reputation. Meanwhile, business owners who wish to expand their enterprises should do so with the guidance of trusted mentors.

***

If the prediction for your zodiac hasn’t been the most promising for this year, don’t despair – after all, your future isn’t set in stone. Instead, take charge of your wealth and finances by putting the basics of good financial management into practice! If you also feel that it is necessary for you to consult an expert on how to get your finances off to a good start in the year of the Water Rabbit, you can also seek out the assistance of a financial planner.

Finally, we’d like to wish you a very Happy Chinese New Year, with lots of good food and company to bring you joy.

(Adapted from
Joey Yap
,
thechinesezodiac.org
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Anonymous

    7 months ago

There are approximately 657 million people under each of the twelve zodiacs. Do all of them share the same predictions for each of the zodiacs. Is it possible?

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RHB Campaign Offers Daily Cashback Of Up To RM20 For Online Spend

RHB Bank is currently running its  E-Commerce Q1 2023 campaign, which allows credit cardholders to earn up to RM20 cashback daily when they spend a minimum of RM200 in a single receipt on online transactions. Open to all RHB cardholders, the promo will run for three months until 31 March 2023.

Under this campaign, daily cashback will be awarded to eligible RHB cardholders in two tiers, depending on the types of online transactions performed. Here are the details of the rewards that are on offer, including the qualifying conditions and caps:

Tier
Qualifying mechanics
Cashback reward (%)
Daily cashback cap per cardholder
Daily allocation provided by RHB Bank
1
Minimum spend of RM200 in a single receipt on online transactions
8%
RM16
RM1,200 per day
2
Minimum spend of RM200 in a single receipt for online transactions in these categories:

– Food delivery, dining, and groceries
– E-wallet reloads
– Smart Instalment Payment Plan
– Insurance or takaful
– Online transactions made on RHB Day (every 24
th
 of the month)
– Foreign currency spend
10%
RM20
RM1,500 per day (with a daily sub-limit of RM750 for e-wallet reloads)

Note that each eligible cardholder is limited to only 1x cashback per day (from Tier 1 or 2), although they can spend on a combination of online expenses from both Tier 1 and 2 throughout the entire campaign period to earn either 8% and 10% cashback.

Additionally, the maximum amount of cashback reward that can be gained throughout the entire campaign is capped at RM1,800 per individual. Here are several scenarios highlighted by RHB Bank to better illustrate the campaign mechanics:

As always, the cashback rewards earned will be provided on a first-come first-served basis, and those who win will receive their cashback within two to four weeks after the campaign period ends.

Also, no registration is required for this campaign; all eligible expenses (including for cardholders with multiple RHB cards) will be automatically tracked for the campaign.

(Source:
RHB
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Anonymous

    7 months ago

is Shell Visa Credit Card eligible for this?

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    Anonymous

    6 months ago

Only 75 units per day for each category. Better not waste your time!

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MAS Returns With Malaysia Airlines Travel Fair 2020, Offers Up To 55% Off All Flights

Malaysia Airlines (MAS) is once again holding the
Malaysia Airlines Travel Fair (MATF)
, offering deals with up to 55% discounts on domestic and international flights, and special deals for business class flights. The ongoing sale will run until 23 March 2020, with the travel period being from now until 31 January 2021.

According to MAS, you will be able to enjoy up to 40% savings on most flight deals for domestic and international destinations if you purchase your tickets during the MATF. However, you can further get an additional 15% discount if you book your flight for the immediate travel period, set between now until 30 June 2020. To get this extra discount, you will have to key in the promo code (
MATF2020
) when making your booking.

Also, MAS is offering up to 25% discount for its travel bundles and add-on services during the fair. This includes the MHinsure single and annual trip plans, extra baggage, seat selection, KLIA Golden Lounge access pass, as well as premium and value bundles. Note that some of these purchases – such as the MHinsure plans – will require you to key in a separate promo code when making your bookings.

If you’re making payment with your CIMB debit, credit, or prepaid card, you are also entitled to an additional 5% discount on top of the MATF promotional fare when you key in the promo code (
MH4CIMB5
). The discount is also valid for payments made via CIMB’s 0% Easy Pay instalment plan, but you need to make your bookings through
MAS’ promo page
. That said, your travel period must fall between 1 July 2020 to 31 January 2021, and you cannot stack this promotion with other rebate codes or fares.

Additionally, if you’re flying to or within Malaysia, the MATF also allows you to take advantage of a separate ongoing Enrich Miles lucky draw campaign. Through this campaign, two lucky Enrich members will be randomly chosen every week to win 2,020,000 Enrich Miles. Depending on the type of your flight tickets, you will earn a number of eligible entries: Business and Business Suite (2 entries) and Economy (1 entry).

Lastly, all passengers who purchase flight deals during the MATF will be entitled to one free travel rebooking. However, the date change must be done on or before 31 May 2020, and you must travel before 31 December 2020.

You can find out more about the
flight deals offered during MATF
 on MAS’ website.

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

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MOF To Consider Using Technology Application To Implement Targeted Subsidy

(Image: MOF)

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has said that the Ministry of Finance (MOF) will consider using technology application for its targeted subsidy mechanism. This is in a bid to better channel government subsidies to targeted groups in an efficient manner.

Tengku Zafrul reiterated, however, that the present is still not the right time to shift from the current blanket subsidy to a targeted subsidy as the country’s economy is still recovering. It is also not suitable to do so now given the rise in the country’s inflation, despite
remaining relatively lower
 than inflation in other countries.

Additionally, the finance minister remarked that the government does not want a situation where the targeted subsidy is not executed properly. This echoes his comment from last month, where he also said that the
government will only decide on introducing a targeted subsidy
 when the country’s economic situation permits it.

(Image: Bernama)

On the implementation of the targeted petrol subsidy, Tengku Zafrul commented specifically that the government is still reviewing the approach that will be adopted for the initiative. To date, the government has already considered
the use of e-wallets
 as a possible approach. That said, he also noted that the necessity for a targeted petrol subsidy mechanism may change in the future, depending on the overall economic conditions and crude oil prices.

“If the (market) price of oil at that time (in the future) is low, maybe, there is no need for [a] targeted [petrol] subsidy as the government can continue to give the subsidy,” Tengku Zafrul said. To note, the finance minister revealed in late June that the government subsidies are expected to hit
close to RM80 billion
 this year. These include the subsidies for petrol, diesel, liquefied petroleum gas (LPG), and electricity.

(Image: Bernama/Nur Ain Shafinas)

The government has been consistent in highlighting its intention to
move to a targeted subsidy
, noting that the
current approach is not sustainable
 in a long run. Last month, the government also ran a
survey
 to seek people’s opinions on the implementation of targeted subsidies for a number of items, including the RON95 petrol, diesel, cooking oil in 1kg polybag packaging, and electricity.

(Sources:
The Edge Markets
,
Free Malaysia Today
)

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Discounted Price Of RM5 For MyCity Pass Returns Until 25 July

Prasarana Malaysia is reintroducing discounts on its MyCity Passes from now until 25 July 2021. With the discounts taken into consideration, the 1-day MyCity Pass now costs RM5 while the 3-day pass is priced at RM15.

The MyCity Pass is a short-term travel pass first
introduced in 2019
 that allows commuters unlimited rides on the Rapid KL rail (LRT/MRT/Monorail) and BRT networks. A
similar discount
 on the MyCity Passes was offered between July to December of last year in an effort to boost domestic tourism.

“Prasarana is committed in supporting the government’s aspirations to lighten the financial burden of public transport users this pandemic period,” said Acting President and Group CEO of Prasaran, Datin Hjh Norlia Noah. “Besides that, this initiative is hoped to help encourage domestic tourism among Malaysians.”

You can purchase the MyCity Pass at any RapidKL service counter at LRT, MRT, monorail, and BRT stations. Do note that the price of the pass does not include the cost of Touch ‘n Go card required or the RM5 minimum balance that you need to maintain at all times. Lastly, don’t forget to bring along your MyKad as you will need to present it during purchase.

(Source:
MyRapid
)

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Public Bank Offers RM7 Discount On ShopeeFood Orders For Credit And Debit Cardholders

Between today until 28 September 2021, Public Bank credit and debit cardholders will be able to enjoy a discount of RM7 on their ShopeeFood orders when they spend a specified minimum amount via their cards.

Open to all credit and debit cardholders, this limited-time-only promo is offered over two rounds – each round with its own minimum spend criterion and promo code:

Date
Promotion
Promo code
24 – 26 September 2021
RM7 off with a minimum spend of RM20
SFPBB
27 – 28 September 2021
RM7 off with a minimum spend of RM12
SFDPBB

The promo code is valid for purchases from all merchants on ShopeeFood (mobile app checkouts only), applicable only once per user regardless of how many Shopee accounts he or she owns. It is also offered on a first-come first-served basis, although Public Bank did not specify a cap on the promotion.

Briefly, Shopee is
officially rolling out its ShopeeFood feature
 to over 8 million users starting from 24 September (that’s today!). However, the food delivery service is currently limited only to those living in the Klang Valley.

(Source:
Public Bank
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Grab Removes RM20 And RM25 Grab Ride And GrabFood Vouchers

While going through the changes in GrabRewards on 1 October, we noticed an interesting change: the number of Grab ride and GrabFood vouchers available have been reduced. Specifically, the high-value RM25 and RM20 vouchers have been removed, so you can no longer redeem these for your Grab rides and GrabFood orders.

Here is a refresher of how much each Grab ride and GrabFood voucher was worth before changes to the catalogue were made on 1 October.
 (redemption rates correct as of August 2019)

Grab Voucher

Points to redeem

Value (higher is better)

RM5 Grab ride voucher

590

0.85 sen per point

RM10 Grab ride voucher

1,150

0.87 sen per point

RM15 Grab ride voucher

1,690

0.89 sen per point

RM20 Grab ride voucher

2,370

0.84 sen per point

RM25 Grab ride voucher

2,810

0.89 sen per point

RM5 GrabFood voucher

590

0.85 sen per point

RM10 GrabFood voucher

1,150

0.87 sen per point

RM15 GrabFood voucher

1,690

0.89 sen per point

RM20 GrabFood voucher

2,370

0.84 sen per point

While the RM20 voucher was not the best value voucher to redeem, this and the RM25 voucher are particularly useful when you need to make a more expensive transaction – like taking a longer Grab ride to the airport, or buying group meals to save a chunk of money each time.

Now, there are only three types of Grab ride and GrabFood vouchers: RM5 (600 points), RM10 (1,200 points), and RM15 (1,800 points). These vouchers all have the same streamlined redemption value of 0.83 sen per point. On the bright side, you no longer have to crack your head figuring out which is the most high-value voucher to use, but the downside is that you can’t redeem anything more than RM15 for a Grab ride or GrabFood order.

Of course, this is not the only change implemented by Grab
since 1 October
. Most notable of course is the removal of the generous 20x rewards points rate for in-store GrabPay transactions, which resulted in a severe drop in GrabPay’s rates of return. We’ve covered the
new GrabPay rewards system and whether or not it’s still worth using here
, so check that out if you’re unsure about using GrabPay since the changes were rolled out.

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Maybank Petronas Visa Credit Cardholders Can Now Earn TreatsPoints, Cashback Via Setel

Fuel payment app Setel has partnered with Maybank to unlock the benefits of the bank’s Petronas Visa credit cards when customers use these cards to make payments via Setel. Set to take effect from 1 September 2023, they will be able to earn up to 8x TreatsPoints and up to 8% cashback when they link their cards to their Setel accounts and pay for their fuel expenses via the CardTerus feature in the app.

This latest update – which will impact four Maybank Petronas Visa cards – resolves a long-time pain point for cardholders as the current arrangement only allows them to fully enjoy their credit card privileges (up to 8x TreatsPoints and 8% cashback for Petronas-related payments) when they make direct card payments at Petronas service stations. Card payments made via Setel, meanwhile, earn minimal TreatsPoints or cashback, despite Setel being an app that was originally meant for payments at Petronas (it has subsequently been
expanded for payments at other merchants via DuitNow
).

“After numerous requests from our users over the years, we have finally partnered with Maybank to offer these exciting TreatsPoints and cashback perks when they pay for fuel using their Maybank PETRONAS Visa credit cards via the Setel app. This partnership will not only help our users to unlock more savings, but also amplify our dedication in delivering value to make their lives on the road simpler and better,” said the chief executive officer of Setel, Mazlin Erawati.

With this development, customers using the following four Maybank Petronas cards for payments on Setel will be able to enjoy their cards’ benefits, as listed here:

Credit cards
Petronas card benefits via Setel
Maybank PETRONAS Visa Platinum
– 5x TreatsPoints on weekdays when spending via CardTerus on the Setel app
– 8x TreatsPoints on weekends when spending via CardTerus on the Setel app
Maybank PETRONAS Visa Gold
– 5x TreatsPoints on weekdays when spending via CardTerus on the Setel app
– 8x TreatsPoints on weekends when spending via CardTerus on the Setel app
Maybank Islamic PETRONAS Ikhwan Visa Platinum-i
– 1% cashback on weekdays when spending via CardTerus on the Setel app
– 8% cashback on weekends when spending via CardTerus on the Setel app
– Capped at RM50 per month
Maybank Islamic PETRONAS Ikhwan Visa Gold-i
– 1% cashback on weekdays when spending via CardTerus on the Setel app
– 8% cashback on weekends when spending via CardTerus on the Setel app
– Capped at RM50 per month

To begin earning TreatsPoints and cashback via your Maybank Petronas Visa cards on Setel, you’ll first need to link them to your Setel app. To do so, tap on the payment method icon located on the top right of your Setel home screen, then “Add new credit or debit card”. You’ll then be prompted to enter your card details, followed by a security code that is sent to your mobile for verification. Once that’s completed, your card is successfully linked, and you’re free to use your card via Setel’s CardTerus feature to earn TreatsPoints or cashback!

You can also check out the following visual guide from Setel to help you out:

(Source:
Setel
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Cast Your Votes In The RinggitPlus Readers’ Choice Awards 2021!

2021 went by seemingly as quickly as it came, and now as we look forward to a new year, it’s time to take a look back at the year gone past.

This year was rather muted, with fewer financial products launched as many companies approached the year cautiously. That said, e-wallets are now firmly mainstream, ubiquitously accepted across retail outlets both big and small.

As
with 2020
, we want to know what
you
 think. Which financial products deserve to be recognised as among the best in Malaysia? That’s the purpose behind The RinggitPlus Readers’ Choice Awards – giving a voice to the community to recognise the best and outstanding efforts and products in the industry. Who knows, your votes here and in the coming years could actually shape the products of tomorrow!

Without further ado, I’d like you to cast your votes in the 2021 RinggitPlus Readers’ Choice Awards. We’ll be collecting responses from now until 7 January 2022, and will announce the results by the end of January. Happy voting!

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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.

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    Fanny effendy

    1 year ago

I love ringgit plus

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SC Alerts Public Over Rising Investment Scams Being Promoted On Telegram

(Image: The Tokenist)

The Securities Commission (SC) has urged the public to be more mindful and not fall for investment scams, especially due to a rising number of them being promoted on Telegram.

In a statement, the regulatory body stated that since January this year, it has already received 47 complaints and enquiries on illegal investment schemes promoted through the popular instant messaging app. It also revealed the characteristics of the investment scams as well as the modus operandi of the perpetrators to help Malaysians identify them and not be another victim.

According to the regulator, scammers will promote non-existent investment opportunities, promising unrealistically high and risk-free returns within a short period of time, with some offering earnings as high as 1,000% within 24 hours – or even less.

In carrying out the scams, the perpetrators will create a public Telegram group to promote their fake investment offerings and lure potential victims. To lend credibility, they will use different names and share fake reviews in the Telegram group. Some perpetrators go one step further by claiming that their investment opportunities are approved by financial authorities or being Shariah-compliant.

On top of that, the perpetrators may also impersonate licensed capital market intermediaries by copying their names, logos, credentials, websites, and other identifying features.

(Image: Asia Financial)

From there, potential victims are told to message the representatives directly to find out more about the lucrative investment opportunities. They may also be asked to transfer funds into the personal bank accounts of individuals who claim to represent a legitimate entity or an unrelated corporate account.

Given the situation, the SC has advised the public to carefully evaluate any investment opportunities that come their way, especially if they sound too good to be true. Investors are also reminded to never deposit money into someone’s personal bank account if instructed. Additionally, they can refer to the
SC’s Investor Alert List
 before making any investment decisions as it contains updated information on unauthorised websites, investment products, companies, and individuals.

Finally, Malaysians who believe that they have been approached by unauthorised firms or individuals offering suspicious investment opportunities can lodge a report with the SC’s Consumers and Investors Department at 03-6204 8999. Alternatively, they may also lodge a report by sending an email to
[email protected]
.

(Source:
Securities Commission
)

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Factors to Consider When Choosing a Home Loan

So you’re finally taking the plunge – you’re buying a house! If you are like most young folk in Malaysia, you’ll need a home loan to make that purchase.

But in a sea of home loans offers, packages and advertising, it’s easy for a first-time potential homeowner to become overwhelmed. Don’t worry, keep calm and read our comprehensive guide on home loans to narrow your focus to the questions you should be asking.

What is a Home Loan?

You probably already know the answer to this, but what is it really? It is money lent to you, the borrower, by a lender, possibly a bank or other financial intermediary (such as credit institutions) allowed by Bank Negara Malaysia to make loans. For the sake of simplicity, we’ll use the word ‘bank’ to refer to an authorised lender.

The principal is the amount you are borrowing which must be paid back, plus interest (the bank’s profit for loaning out funds to you) to the lender within the promised loan tenure (the amount of time specified for the loan to be settled).

What is the Loan Tenure on Average in Malaysia?

Bank loan tenures are maxed out at 30 years (sometime 35 years) or when the borrower reaches 65 years of age, whichever is lesser. In general, longer loan tenures result in lower monthly loan repayments that eventually results in higher total interest costs. Shorter loan tenures usually mean a lower interest in total but a higher monthly repayment.

How are Interest Rates Calculated?

Interest rates are calculated with respect to how much it costs the bank to loan you the funds you need. Additionally, the risk of borrowers defaulting on their loans and the rate of inflation over the loan tenure is also worked into the total rate of interest.

What Do Terms Like ‘BR’, ‘ELR’ and ‘Spread’ Mean?

The cost to loan out funds incorporates a
Base Rate (BR)
 set by the banks themselves plus a spread that represents the bank’s borrower credit risk, liquidity risk premium, operating costs and a profit margin. The BR system is new and aims to create greater transparency; in addition, it should help to keep interest rates competitive.

When you see the words ‘Effective Lending Rate’ or ELR, note that it is the sum of the BR and bank’s spread. For example, assume that the bank’s BR is at 3.20%, and the spread is at 1.25%, this would mean that the ELR on your home loan is 4.45%. The ELR is the rate of interest you are paying on top of the borrowed amount.

The BR, spread and ELR are important benchmarks you need to focus on as this helps you compare between banks and obtain the best competitive rate for your loan.

How to Decide on Loan Tenure and if an Interest Rate is Reasonable for You?

You should assess affordability, for instance, if you have more disposable income, you might opt to pay more in monthly instalments and pay off the loan faster.

On the other hand, if you’re balancing your income between various loans and commitments, you could choose a longer tenure and pay less on a monthly basis.

Interest rates and loan tenure are interconnected as the longer your loan tenure, the more total interest costs are incurred.

How Much Can I Borrow?

Based on its margin of finance, a bank will usually loan out 80% to 90% (some even up to 95%) of the home’s purchase price to a borrower. This means that you would have to pay a down payment of 10% to 20% of the market value or purchase price of the home. It’s great if you have the funds, but if you don’t, there are still options, such as the
My First Home Scheme
, a government-based assistance program aimed at helping young Malaysians buy their very first home.

Under the scheme, participating banks would provide 100% financing so that the buyer would not have to come up with a down payment. There are some quarters who say that this type of loan is difficult to obtain but why not try anyway? As the saying goes, ‘you miss 100% of the shots you don’t take.’

These are not the only discussion points when it comes to home loans as there are various loan packages out there to suit almost every budget and financial goal, so you might also be asking:

What are the Types of Loans Available?

The majority of loans packages fall into 3 primary categories: term, flexible and semi-flexible loans.

A
term loan
 is a type of loan that uses a fixed interest rate to be calculated over the loan tenure. This means you would make the same payment amount every month to pay off the principal (and other fees) plus interest. The good part about these loans are that there should be no surprises as interest rates are locked and you pretty much know what to expect. However, it is inflexible due the fact that over-payments will sit without helping you earn reduced interest rates on the balance.

A
fully flexible loan
 is as its name suggests, wonderfully flexible. It allows you the freedom to make additional payments as and when you’re able. The general idea behind the concept is that interest rates are calculated daily against the reducing balance of your loan. In other words, the larger your payment or balance in the account, the lesser total interest incurred over the tenure of your loan. You may also withdraw you over-payments without hassle as the loan is usually linked to a current account.

Semi-flexible loans
 combine the best of both worlds – it has some features of the term loan in that you still have to pay the monthly instalment usually for a period of time, but you may also make over-payments that help you pay off your loan sooner. In addition, you can still make withdrawals on your overpayment, but it’s not as tempting as the fully flexible loan due certain restrictions, possible penalty fees and the added hassle.

Which Loan Would Best Suit Me?

It depends greatly on your type of income and what you can afford every month. For instance, if your income is predictable and stable at the end of each month, you could consider the term or semi-flexible loan as it might be easier for you to manage and plan your monthly expenditures.

If however, you work in sales, and could earn extra cash from commissions frequently, then you might want to think about fully flexible or semi-flexible loans.

What Else do I Need to Know about Homes Loans?

The Lock-in Period
: The Lock-in period is the minimum number of years the borrower is expected to follow the terms of the loan agreement. This means that if you wanted to change something about the contract, such as, paying off the loan sooner than the specified number of years or cancelling the loan altogether, you could incur penalties.

Late charges
: These are additional fees tacked on when instalment payments are made after the due date.

Terms and Conditions
: Your duties as a borrower are to fully understand all the terms and conditions of the loan, respect and follow the agreed terms, as well as clarify any doubts you may have about the conditions. Last but not least, make prompt payment.

Duties of the bank
: The bank has duties to you too and these are; to answer to all your enquiries, state clearly your obligations as a borrower and to notify you if there are any changes to your agreement.

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Apply & Get Rewarded With RM600 Touch n’ Go, Mi Robot Vacuum, RM200 Shopee & More

We’re running out of ways to say “guaranteed” because you’ll definitely get rewarded when you apply, get approved, and activate with selected credit cards!

For those who are new, the Unbox This Week Campaign is a weekly campaign where we present the best deals from our featured bank partners. All you have to do is apply for selected credit cards from these banks through RinggitPlus and you’ll receive exclusively selected gifts!

For this week (25 April – 2 May 2022), our featured bank partners include
Citibank, HSBC, Standard Chartered Bank, Alliance Bank, and Ambank
 – if you have considered applying for any of these banks, check out our latest deal below!

Citibank – Mi Robot Vacuum-Mop 2 Lite or Redmi Note 11

This time, you get to choose your guaranteed gift with Citibank. Pick the
Mi Robot Vacuum-Mop 2 Lite,
if you’re looking for “
A Real Cleaning Master with Excellent Vision.”
 It guarantees to give your home a thorough cleaning with its 2,200 Pa of powerful suction and 25 high-precision sensors or pick the Redmi Note 11. The Snapdragon® 680 processor not only provides lightning performance but also efficient battery preservation. Plus, its sleek design is sure to turn heads.

Get either one when you apply, get approved, and spend with a Citibank credit card.

To be eligible, applicants are required to apply for a Citibank credit card, activate and spend a minimum of 8 retail transactions on their new card within 60 days upon gaining approval.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year before this campaign do not qualify for this promotion. Otherwise,
apply for a Citi credit card here.

HSBC – Guaranteed RM600 Touch n’ Go Credit

Applying, getting approved, and spending with a new HSBC credit card is all it takes to score RM600 Touch n’ Go credits into your e-wallet to go on your merry cash-less payments journey. With RM600 you could pay your bills, shop online, and even save on your commute!

Apply, get approved, and spend with a new HSBC credit card to get RM600 Touch n’ Go Credit. Just remember that current cardholders and applicants who were denied or have cancelled their HSBC credit cards within 6 months before this campaign are not eligible to take part in this campaign. Otherwise, you can
apply for your HSBC credit card here.

Standard Chartered Bank – PerySmith Cordless Vaccum Cleaner or Riino 3.5L Rapid Air Fryer

Take the stress out of cleaning with the PerySmith Cordless Vaccum Cleaner with its Hepa Filter and powerful suction. Or release the pressure of cooking with the Riino 3.5L Rapid Air Fryer, fire up healthy meals, favourite snacks, and fresh bakes conveniently.

Apply, get approved, and activate your new Standard Chartered credit card to pick out your guaranteed appliance. Applicants are still required to activate their card within 30 days upon approval to be eligible for this prize.

Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past 6 months are not eligible for this campaign. If you qualify, then you can
apply for your new Standard Chartered credit card here
.

Alliance Bank – Guaranteed RM200 Shopee e-Voucher or Redmi  Soundbar

Choose between an RM200 Shopee e-Voucher or a Redmi TV Soundbar with Alliance Bank this week.

Together with Shopee’s multitude of vouchers, the RM200 e-voucher could have you shopping more for less, while the sleek Redmi TV Soundbar allows you to experience surround sound when watching movies and listening to music, all without the bulk!

Applicants are required to activate their credit card upon approval to be eligible for the prize.

Existing cardholders of any Alliance Bank credit card and individuals who have held or cancelled an Alliance Bank credit card in the past six months are not eligible for this campaign.
Apply for an Alliance Bank Credit Card here.

Ambank – Morgan Air Fryer

Cook up viral recipes and family favourites with the trusty Morgan Air Fryer. Get crunchy snacks, healthier fried foods, and more without the need for deep frying. (plus point: you can save on cooking oil!)

Apply, get approved and activate your Ambank credit card within 30 days upon approval to be eligible for this prize. Existing cardholders and individuals who have held or cancelled an Ambank credit card in the past year are not eligible for this campaign.
Apply for an Ambank Credit Card here.

***

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

While this week’s flash deal ends on 2 May 2022 (11am), you can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Katrina Balan Quiroz

Katrina Balan Quiroz

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

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ShopBack Launches ShopBack Pay, Expands Popular Cashback Rewards Into Physical Retail Payments

ShopBack has taken another significant step in its expansion into the offline retail space with the launch of ShopBack Pay, allowing users to shop at its network of offline retailers and earn cashback from their purchases at selected physical stores.

The popular online cashback rewards platform began its push into offline retail in mid-2022 with the acquisition of buy now, pay later (BNPL) company hoolah, allowing ShopBack users to shop at ShopBack’s physical merchant partners and pay in instalments and earn cashback. With the launch of ShopBack Pay, users now can pay for their purchases in full as well as pay later in three interest-free instalments. On top of that, users can also utilise accumulated cashback from their previous purchases in the app to offset their payments.

Users can pay using ShopBack Pay with debit and credit cards saved in their apps – unlike a traditional e-wallet where they will need to add credits into their account beforehand. To make a payment, users simply need to scan the ShopBack Pay QR codes at the physical merchant outlet, input the transaction amount, and confirm payment. Users can also look at available promotions in store and apply before confirming payment.

Currently, ShopBack Pay and PayLater is available at retail outlets for over 2,000 brands including Christy Ng, Jovian, JD Sports, Puma, Bata, Marks & Spencer, Jakel, and more. “This milestone comes at an opportune moment, aligning with our mission to make ShopBack the most rewarding way to shop. ShopBack aims to be the go-to solution for demand generation and conversion for merchants, as well as for our shoppers to leverage our network of partners to stretch their dollar amidst rising costs and inflationary pressures,” said Eddy Han, General Manager of ShopBack Malaysia.

As part of the launch, ShopBack will be launching various activation campaigns at various physical outlets of its brand partners, where users can win “sure-win” prizes and instant RM15 bonus cashback when they spend an accumulated RM300 in-store with ShopBack at the Christy Ng store at Sunway Pyramid and Jovian store in Shah Alam. Meanwhile, users can also win up to 100% cashback when they pay with ShopBack at selected merchants from now until 31 August 2023. More information on these campaigns can be found in the ShopBack app, available on both Android and iOS.

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

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Income Tax Malaysia 2017 vs 2018 For Individuals: What’s The Difference In Tax Rate And Tax Reliefs?

Now that Malaysians can begin filing their taxes, it’s good practice to take a good look at your hard-earned income from the previous year and take advantage of the tax reliefs offered by the Inland Revenue Board (IRB) to get some money back via tax refunds.

It is also good practice to see if there are any changes in different assessment years. These changes may come in the form of different tax rates in different income tiers, or some tweaks to the tax reliefs available. Knowing these changes may be beneficial for you as it can prevent you from overpaying your income tax for the year.

Income Tax Rate Malaysia 2018 vs 2017

For assessment year 2018, the IRB has made some significant changes in the tax rates for the lower income groups. Not only are the rates 2% lower for those who has a chargeable income between RM20,000 and RM70,000, the maximum tax rate for each income tier is also lower.

Similarly, those with a chargeable income above RM100,000 will also see them paying a lower amount of income tax – even though the tax rates have not changed. What has changed is the maximum tax payable for each income bracket; there is an decrease of RM1,000 in each income bracket.

The comparison table below illustrates the changes clearly:

Chargeable Income

Calculations (RM)

YA 2017 Rate (%)

YA 2018 Rate (%)

YA 2017 Tax (RM)

YA 2018 Tax (RM)

0-5000

On the first 2,500

0

0

0

0

5,001-20,000

On the first 5,000

Next 15,000

1

1

0

150

0

150

20,001-35,000

On the first 20,000

Next 15,000

5

3

150

750

150

450

35,001-50,000

On the first 35,000

Next 15,000

10

8

900

1,500

600

1,200

50,001-70,000

On the first 50,000

Next 20,000

16

14

2,400

3,200

1,800

2,800

70,001-100,000

On the first 70,000

Next 30,000

21

21

5,600

6,300

4,600

6,300

100,001-250,000

On the first 100,000

Next 150,000

24

24

11,900

36,000

10,900

36,000

250,001-400,000

On the first 250,000

Next 150,000

24.5

24.5

47,900

36,750

46,900

36,750

400,001-600,000

On the first 400,000

Next 200,000

25

25

84,650

50,000

83,650

50,000

600,001-1,000,000

On the first 600,000

Next 400,000

26

26

134,650

104,000

133,650

104,000

Exceeding 1,000,000

On the first 1,000,000

Next ringgit

28

28

238,650

…..

237,650

….

Income Tax Relief Malaysia 2018 vs 2017

Unlike the income tax rates for 2018 and 2017, there is virtually no change in income tax reliefs for the two assessment years. In fact, there is only one minor change, which applies to the medical expenses and examination of the individual, spouse, or child.

What changed is that the RM500 tax relief for complete medical examination for the individual, spouse, or child has been incorporated into the total tax relief for medical expenses for serious diseases for the individual, spouse, or child of RM6,000.

Here’s a table to show the difference:

YA 2018:

YA 2017:

Medical expenses for serious diseases for self, spouse, or child

RM6,000 (Limited)

Complete medical examination for self, spouse, or child

RM500 (Limited)

Essentially, for YA 2018, the tax relief for medical expenses for serious diseases as well as complete medical examination has been combined – though the maximum relief for the complete medical examination remains at RM500.

Overall, the changes in income tax rate and relief for YA 2017 and 2018 aren’t too drastically different. The lower- and middle-income groups save a little more, while the high earners pay a little extra, as the government aims to even the scales and be fair to the rakyat from all income groups.

More on Malaysia income tax 2019

Malaysia Income Tax: An A-Z Glossary

How To File Your Taxes For The First Time

How To Maximise Your Income Tax Refund Malaysia 2019 (YA 2018)

Income Tax Malaysia: Quick Guide To Tax Deductions For Donations & Gifts

Tax Exemptions: Which Part Of Your Income Is Taxable?

Malaysia Personal Income Tax Guide Malaysia 2019 (YA 2018)

Find more income tax related content in our
Income Tax
 page.

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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.

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Rakuten Trade, Boost Enable Conversion Of Rakuten Trade Points To Boost Coins

Rakuten Trade has partnered with e-wallet service provider Boost to enhance its existing rewards ecosystem by allowing clients to convert their Rakuten Trade (RT) Points into Boost Coins. With this, the RT Points programme will have a greater focus on cashless transactions.

For context, Rakuten Trade runs a one-of-a-kind
rewards ecosystem
 – launched back in 2017 – to provide its clients with RT Points when they perform transactions or carry out certain activities. For instance, every RM2 spent on brokerage fees will earn them 1 RT Point, whereas referrals will give them 500 RT Points. These points can then be used to redeem benefits from the equity broker’s various affiliate partners.

Through this collaboration with Boost, Rakuten Trade clients will now be able to convert their RT Points into Boost Coins, at a one-to-one rate. Once converted, the Boost Coins can then be used to redeem everyday essentials on the Boost app, including food and beverages, household items, groceries, and even conversion into e-wallet cash.

(Image: New Straits Times)

Chief executive officer of Rakuten Trade, Kazumasa Mise explained that a continuous evolution is crucial for the company’s business development and growth. “The current environment has dictated the need for digital transactions to be an integral part of our day-to-day existence. That is why Rakuten Trade has strategically joined hands with Boost, given our mutual synergy when it comes to digitalisation and bringing meaningful rewards to our respective clients,” he said.

Kazumasa also emphasised that a key benefit of online trading – aside from the low brokerage fee – is the reward. Rakuten Trade’s rewards ecosystem is presently issuing a monthly average of 4.3 million RT Points. Additionally, the revenue generated by the ecosystem as of 31 December 2020 stood at RM16.3 million, and is seeing an upward trend each year.

(Image: The Star)

Meanwhile, the chief executive officer of Boost, Mohd Khairil Abdullah said that this collaboration will drive interoperability between digital providers and expand Boost’s capabilities as an omni-channel platform that goes beyond just digital payments. “With our constantly growing merchant network to choose from, Rakuten Trade customers will be spoilt for choice on where to spend their rewards,” he said.

Aside from Boost, Rakuten Trade also counts AirAsia BIG Rewards and BonusLink as its other rewards partners. You can find out more about the
RT Points ecosystem here
.

(Sources:
Boost
,
The Edge Markets
)

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Alex Cheong Pui Yin

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

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SMEs Plead For Lower Interest Rates During Moratorium

(Image: Hari Anggara)

Malaysian businesses are pleading with banks to consider lowering the interest rate during the latest
six-month loan repayment moratorium
. While the banks have agreed to
waive compounded interest and penalty charges
, the PEMULIH moratorium is nonetheless not interest-free in nature.

SME Association vice-president Chin Chee Sion said that cash-strapped businesses had no other choice but to opt for the moratorium as they have to shoulder business costs such as rent, which could mount up to hundreds of thousands of Ringgit each month.

“We have fought for no-interest moratorium but the banks are not giving in. It is the time for them to help,” he said.

(Image: New Straits Times)

Malaysia Retail Chain Association (MRCA) president Shirley Tay agreed that since retailers are not allowed to operate under the current phase of the National Recovery Plan, the government should advise banks not to charge interest for the moratorium period.

“They don’t have enough cash flow right now to pull through this difficult time,” said Tay. She said that businesses, especially SMEs and micro enterprises, feel they have no choice but to opt for the moratorium to help shoulder the heavy costs of running a business amid Covid-19 restrictions. “They have no choice because to continue, they need to pay workers’ wages, rentals and licence fees,” she said.

She added that those who opted for the moratorium might have to think about paying the interest in the next six months.

(Image: Pixabay)

Malaysian Hairdressing Association president Michael Poh said that banks could extend a lower interest rate instead of completely waiving interest. “There is no such thing as a free lunch so we understand that banks won’t be able to completely waive the interest because they also need to survive. Extending lower interest to borrowers is the best situation,” said Poh.

Datuk Ameer Ali Mydin, who is managing director of Mydin and Malaysia Retail Association vice-president, also voiced that banks should consider lowering interest rates to allow more businesses to breath easier. He additionally proposed that the moratorium should be extended to those with more than three months’ arrears on their loans.

“We have endured difficulties for the past 16 months, and there will be individuals or businesses who have not been able to service their loans for three months or more, making them ineligible for the moratorium,” he said.

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RHB Campaign Offers Up To 20% Cashback For Selected Expenses Each Day Of The Week

RHB Bank is running its Everyday Deals Q2 2023 campaign in conjunction with the upcoming Hari Raya celebrations, rewarding credit cardholders with cashback of up to 20% for different categories of spend on different days of the entire week. Ongoing until 30 June 2023, RHB said that cardholders can potentially earn up to RM10,491 cashback if they maximise the benefits of the campaign.

Open to all RHB credit cardholders, you’ll be able to earn cashback on a specified category of spend for each day of the week, such as petrol (Monday), travel (Tuesday), and health (Wednesday). On top of these day-specific cashback rewards, you can also get daily cashback (every day of the week) for dining, groceries, and e-commerce transactions.

Here’s the full list of cashback rewards provided under this campaign, as well as its capping:

Day/Frequency
Minimum spend requirement & cashback category
Cashback rate
Maximum cashback cap (per customer)
Bank’s campaign allocation (daily cap)
Monday
Spend a minimum of RM50 on petrol
5%
RM5
RM400
Tuesday
Spend a minimum cumulative of RM200 on travel, hotels, and airlines
5%
RM10
RM800
Wednesday
Spend a minimum cumulative of RM200 on health and wellness
5%
RM10
RM800
Thursday
Spend a minimum cumulative of RM200 on utilities or government payments
5%
RM10
RM800
Friday
Spend a minimum cumulative of RM200 on entertainment
5%
RM10
RM800
Saturday
Spend a minimum cumulative of RM200 on shopping or clothing purchases
5%
RM10
RM800
Sunday
Spend a minimum cumulative of RM200 on departmental store purchases, watches, and jewelleries
5%
RM10
RM800
Daily
Spend a minimum of RM50 daily on dining
20%
RM10
RM800
Daily
Spend a minimum of RM200 daily on groceries
20%
RM40
RM1,000
Daily
E-commerce (Tier 1)
Spend a minimum of RM200 online in a single receipt on e-commerce transactions
8%
RM16
RM1,200

E-commerce (Tier 2)
Spend minimum of RM200 online in a single receipt on the following e-commerce transactions:
– Food delivery, dining & groceries
– E-wallet topups
– Smart instalment payment plans
– Insurance & takaful
– RHB Day (every 24
th
 of the month)
– Foreign currency spend
20%
RM40
RM1,500 (RM750 for e-wallet topup)

RHB has also shared its calculations as to how cardholders can earn a maximum of RM10,491 cashback if they fully tap into the perks of this campaign:

As you can expect, the cashback rewards from this campaign will be provided on a first-come first-served basis, to be credited into your account within four to six weeks after the end of the campaign period. Note as well that the bank will automatically track all the expenses on your credit cards if you happen to own more than one RHB card.

Finally, no registration is required in order to participate in this campaign; you can just go ahead and spend according to the expense categories specified for each day of the week to earn cashback.

(Source:
RHB
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Hot Off the Presses! Winners of Our Mother's Day Competition

A mother by any other name would be just as sweet. The sentiment was definitely shared by you lot if the entries to our Mother’s Day Facebook Competition are anything to go by! From the quirky and unique to the downright sentimental – we were spoilt for choice in choosing the winner!

But choose we did and we’re going to announce the five winners in a bit but first; let us thank you for posting your photos, your sweet reminiscences and sharing with us a bit about your awesome relationship with the no. 1 woman in your life. We want to tell you that if these posts are anything to go by; you’re all winners to have such amazing mums!

No 5: The Most Precious Thing

Facebook user
Ming Wei
 posted a sweet, short poem:

*”My Best Mother’s Day Moment is …

remembering her sweet smile and warm embrace,

as she hugged me tightly with her gentle arms,

because time spent with her is more precious than money.”*

There was not a dry eye in the house, Ming Wei! For your lovely post, we’re giving you a chance to take your mum to the movies with
two (2) free TGV passes
.

No 4: Mother’s Day Everyday!

For FB-er,
Manjit Kaur
 (who looked so much like her mum, we had to do a double take!), the simple things mattered most.

*”My Best Mother’s Day moment is to be with my MOM everyday and share the LOVES each other everyday..

💕”I LOVE YOU MAMA”💕”*

‘Tis true what they say then: that Mother’s Day should truly be everyday!

Whilst we couldn’t treat you everyday, Manjit, let one of your movie trips with mum be on us! We’re sending you
two (2) free TGV passes
.

No 3: A SuperMum

Everyone believes their mum is some kind of superhero; but for FB user,
Angela Ting
, she and mum decided to get the suit to go with the title! We couldn’t help but smile at their awesome, fun relationship as well be touched by Angela’s sweet message:

*”Mom, you aren’t world No. 1 but you are my No. 1. You arent grestest one but you are my greatest one. I love you mum. Happy Mother’s Day!”*

We hope you take so many more pics like that with your mum, Angela! You’re going to need it to fill your new Photobook. An
RM300 FotoZzoom Voucher
 will finding it’s way to you pretty soon!

No 2: A Motherly Connection

Some kids may cringe at the thought of their mums calling them on their cellphone when they’re out but not Facebook User
Satin Shawl Chic Nanny
.

*”My best Mother’s Day moment is how happy she is when I give her a smartphone. Ever since that we always connected no matter where we go smile emoticon.”*

Not only do these two share a super connection; they’re not afraid to display it on their smartphone home screens!

You’ve got a lot more selfie/smartphone snapping to do, Chic Nanny, as you will soon have a photobook to fill up. We’re sending you an
RM300 FotoZzoom Voucher
 soonest!

No 1: Just to See You Smile

You can’t look at the next picture and not smile yourself. Go ahead, we defy you. FB user,
Aziz Dms
 won our hearts with his huge grin that only tells us just how much he adores his mum. A look like that can’t lie. And if we needed anymore proof; his post was also spot on:

*”My best Mother’s Day moment is the feeling when I still get to hug and kiss the first person who held my tiny hand and gave me the sweetest smile…”*

There’s going to be lots of smiling soon, we bet Aziz; when you’re taking more lovely shots with mum for your photobook. You will also receive an
RM300 FotoZzoom Voucher
.

Next Steps!

Congratulations to our five winners! If you see your name/post/photo above, drop us a PM or email
[email protected]
 with the following details:

1) Your full name;

2) Your phone number;

3) Your mailing address.

Thanks so much for participating!

If you weren’t lucky this time around, don’t worry! A little birdie tells us this is far from the last contest we’re going to have… Psst… isn’t Father’s Day, coming?

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Diana Chai

Diana Chai

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Maybank Enables LHDN Payment On MAE App, Simplifies Payment Process On Maybank2u Web

Maybank has said that it will be enabling a new online payment option for customers who wish to make payments to Lembaga Hasil Dalam Negeri (LHDN), namely through the MAE by Maybank2u (MAE) app. Set to take effect starting from 1 August 2023, this will be another online channel that Maybank customers can use, aside from the Maybank2u website.

In its notice, Maybank reminded that all clients who want to make online payments to LHDN
must first obtain their Bill Number
 from their MyTax account beforehand. Once you’ve obtained the detail, go ahead and fire up your MAE app, then follow these few steps:

Select “Pay Bills” under Quick Actions.

Tap on “Pay Bills” under New Payment, and search for “LHDN” in the dropdown list.

Enter your 16-digit Bill Number and verify the details.

Authorise the payment via Secure2u, and you’re done!

In addition to enabling LHDN payments on the MAE app, Maybank said that it will also be enhancing and simplifying the LHDN payment process for the Maybank2u online banking website – set to take effect on 23 July. For context, the current payment process is somewhat more tedious, requiring customers to enter information such as the corporation name (LHDN Semenanjung, Sabah or Sarawak – according to your tax centre location), payment code, year of assessment (YA), instalment number, and amount.

(Image: Malay Mail/Hari Anggara)

With the simplified process, those who want to make payments to LHDN via the Maybank2u website will only need to take the following steps:

Log in to the Maybank2u online banking website, go to the “Pay & Transfer” tab, and select “Pay”.

Under “Pay From”, select your preferred account to make payments from.

Under “Payee”, click on “New Payment” and select “Lembaga Hasil Dalam Negeri (LHDN)”.

Enter your 16-digit Bill Number and verify the details.

Authorise the payment via Secure2u on the MAE app.

Aside from the MAE app and the Maybank2u online banking website, other payment channels that are also available to Maybank customers when making payments to LHDN include Maybank’s automated teller machines (ATMs), credit cards, and FPX payment. These LHDN transactions may include your income tax and real property gains tax (RPGT) payments, as well as monthly tax deductions.

(Source: Maybank [
1
,
2
])

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Invest and Beat Your Fitness Plateau

Are you one of those people who has been working out in the gym harder than a mule on a farm and hasn’t quite seen the results you have been hoping for? Maybe its time to start investing in yourself to see some actual muscle gains and fat loss you’ve been trying so hard to attain.

If you are a couch potato, this probably doesn’t apply to you. However it is never too late to start something. This is for the people who’ve been trying real hard to stretch the sleeves of their shirts and almost dying of hunger trying to get their six pack abdominal muscles so that people could accidentally mistake them for the man of steel.

Stop Fasting

Many times you hear people cutting out meals and having one, maybe two meals a day to cut weight. Doing that puts a few extra dollars back into the bank account but it is not the only thing getting a little fatter.

Fattening up the bank account could also be fattening up your waistline. As excess calories usually converts itself into fat, many people tend to believe cutting out the calories all together by skipping breakfast or any other meal of the day would help reduce the intake of calories and therefore lead to fat loss.

According to an article in
Livestrong
 cutting down on a meal makes your body assume it needs to conserve as much energy as possible by slowing down metabolism and puts your body into “hibernate” mode. The body then starts to use your lean muscles for energy and holds onto fat to sustain itself.

Unless you are trying to pull off a cute baby bear look with a bulging tummy, we suggest opening up the tight strings of that wallet and spend it on some quality meals. Go back to eating regular meals but pick out quality meals with less fat content, high protein, low carb options which would help you get into better shape.

Getting a Trainer

Almost every other person today has a gym membership of some kind. Working out three to four times a week seems to be keeping some weight off but still not giving you any curves and contours like Wonder Woman (Gal Gadot). This could be frustrating you and may even push you to quit the gym all together.

Time to spend a little more money; get yourself a personal trainer. Many people think they can learn their workouts from YouTube or some type of online source. While this may be true to some extent, a personal trainer would be able to customise the exact workout you need to get to your fitness goals.

Trainers help you to keep the correct form when exercising which no online channel or book can guide you through to ensure you avoid mistakes while you workout. Lets face it, wrong form and posture during workouts could cause severe injury to oneself. If you would like to push yourself and look amazing, the added investment will help catapult you into that next step.

Switching Activities

Some people tend to hit a plateau when training long term. In an article on
SPARKPEOPLE
, it mentions how repetition of the same workout would eventually lose its effects. If you run two kilometers per day, you will eventually start to notice it gets easier as time goes by. Your body would adapt to the resistance and become more comfortable with the workout. The easier and more accustomed it becomes to your body, the less calories will be burnt and possibly lead to no muscle gains .

To avoid this from happening, you could choose to whip out the wallet and increase your budget to improve and assist your health commitment. Change the activities that you are currently doing for something else.

If you have been going to the gym and lifting weights for the past six month, it is probably time to vary the workout and join a muay thai class, crossfit gym, bootcamp programme or any other activity that tickles your fancy and see yourself make strides in terms of progression.

Are You Up to it?

Before you freak out about why the advice here has been all about spending more than saving, ask yourself this question , “can you really put a price on your health and well being?”.

Revisit your goals and as well as your financial standing to ensure you are able to afford the increase in commitment before you start swiping your credit card.

The idea behind this, is about getting value out of your investment. If you are unwilling to invest, growth will hit its limits at some point and deliver sub-optimal results. More importantly, ask yourself if you are willing to commit to the added expenses and work required to help you transform to look like you are a descendant of a Greek God.

We hope some of these tips will help you break through those hurdles, if you have any ideas of your own, share with us in the comments below.

Image Sources: Image 1 from
Simply Divine Catering
; Image 3 from
Elite Fight Club Bangkok

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Gavin Pereira

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MAS Allows Full Refunds And Free Ticket Changes For Mainland China Flights

(Image: Malay Mail)

Malaysia Airlines (MAS) is allowing flight cancellations with full refunds and free one-time flight changes for passengers travelling to and from mainland China (Beijing, Shanghai, Guangzhou, and Xiamen) due to the recent coronavirus outbreak.

The offer is applicable to tickets that are issued on or before 28 January 2020, for travel from 28 January until 29 February 2020. If you’re opting for a flight change, your new travel dates must be on or before 31 May 2020, subject to flight availability. You can also request for a flight change even if your ticket is partially used.

(Image: The Malaysian Reserve)

To begin the cancellation and flight change process, get in touch with MAS personnel at 1 300 88 3000 if you’re in Malaysia, or +603 7843 3000 if you’re abroad.

The airline’s announcement came after the Sarawak Disaster Management Committee Secretariat’s decision to impose a temporary entry restriction on all citizens of China and other foreigners who have travelled to China in the last 14 days.

(Source:
Malay Mail
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Finance Minister: Utilising Cashless Systems Can Reduce Corruption

(Image: Juice Online)

According to Finance Minister Lim Guan Eng, utilizing cashless payment systems in the country may help reduce the corruption rate in Malaysia.

Based on Bank Negara Malaysia’s data, cash worth RM106bil was circulating in the Malaysian economy in 2018 or about 7.4 GDP. Even though the use of cash is relatively high in Malaysia, the recorded amount in 2018 was lower than the previous two years (7.7% in 2017 and 7.9% in 2016). This is widely attributed to the wider usage of both mobile and online payments.

Lim Guan Eng said that since corruption happens because of cash, adopting the cashless system makes it easier to trace corruption. “Corruption happens because of money. Practising the cashless system makes it easy to trace corruption as it has a paper trail,” he said.

(Image: Shopback)

The Finance Minister mentioned that even though the adoption of e-wallets in Malaysia is still considerably low compared to cards and online banking, the local industry offers tremendous growth potential. There are currently more than 40 digital wallets adopted locally including Maybank Anytime Everyone, FavePay, Boost, AliPay,
GrabPay
,
TNG eWallet
, and
WeChat Pay MY
.

(Source:
The Sun Daily
,
The Star
)

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Olivia Song

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Grab Now Has Its Own Daily E-Hailing Insurance

Southeast Asian e-hailing giant Grab has unveiled its own usage-based e-hailing insurance coverage for its driver partners. Grab drivers need only pay for their Grab Daily Insurance coverage when they go online on the app at rates from as low as RM1 per day.

With Grab Daily Insurance, coverage lasts for 24 hours from when drivers come online and start driving with Grab. All Grab rides during this period will be insured, covering loss or damage to vehicles, liability to third parties, personal accidents for the driver, legal liability to passengers, and legal liability of passengers for negligent acts. The extent of the coverage varies from insurer to insurer, as does the premium – although the range of price for the premium stays between RM1 to RM2.

To opt in, drivers must ensure that their current motor insurance policy is under one of Grab’s panel of insurers. After that, drivers just need to opt-in on the app with a few taps. Once drivers have opted in, the premium for 24 hours will automatically be deducted from their Credit Wallet when they go online. The insurance coverage is activated upon the deduction of the daily premium.

Drivers who have a motor insurance policy with the following insurers can opt in for Grab Daily Insurance. Those who do not have an insurance policy on
Grab’s insurance panel
 will have to cancel their existing motor insurance policy and convert to one of these panel insurers instead:

Allianz
(RM1.90/day)

AXA
 (RM1.80/day)

Berjaya Sompo
 (RM1.00/day)

Chubb
(RM2.00/day)

Etiqa
/
Etiqa Takafu
l (RM1.36/day)

AmAssurance
 &
Kurnia Insurance
 (RM1.06/day)

Liberty
 (RM1.80/day)

MPI Generali
 (RM1.33/day)

MSIG
 (RM2.00/day)

RHB
 (RM1.30/day)

Tokio Marine
 (RM1.70/day)

Zurich
/
Zurich Takaful
 (RM1.33/day)

Under the government’s current e-hailing regulations, Grab drivers are required to get an e-hailing insurance add-on on top of their existing private motor insurance policy. Grab Daily Insurance is a flexible and affordable solution as drivers need only pay for coverage when they need it. It removes the need to pay for an annual add-on that may cost up to RM400-500 per year, which can be a heavy financial burden especially for part-time drivers.

(Source:
Grab
)

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Jacie Tan

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    Tag

    3 years ago

Yes, now Rm1. 06,by NOV20 is Rm2.00 n by Jan21 is RM 3.00,id blood sucker

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    mokhtaa akhir

    3 months ago

my car insurer is MSIG.Why my daily insurance M3.90

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TNG eWallet Rolls Out Digital Personal Loan Service, GOpinjam

Touch ‘n Go (TNG) eWallet has rolled out a new digital personal loan product, GOpinjam. With this, eligible users will be able to borrow up to RM10,000 with no processing fee, and a flexible repayment period of up to 1 year.

GOpinjam is offered in collaboration with CIMB Bank, with the underlying personal loan product being
CIMB e-Zi Tunai
. Users will be able to take out a loan amount of between RM100 to RM10,000, depending on their eligibility; each person will be granted a conditional limit – calculated based on their monthly income, credit score, and other factors.

The effective interest rates for GOpinjam, meanwhile, ranges between 8% to 36% p.a., depending on your loan amount and the repayment period selected. The repayment period offered can range between one week to a year. For instance, someone who has a monthly income of RM4,800 may be able to choose a repayment period of between three to twelve months when they opt to take out a loan of RM8,000.

Interestingly, each user is allowed to apply for more than one loan, provided that the cumulative amount of all the loans does not exceed RM10,000 at a time.

To apply for GOpinjam, you need to be a Malaysian citizen aged between 21 to 63 years old, with a minimum monthly income of RM800. If you’d like to check it out, tap on the GOpinjam tile in the main page of your TNG eWallet app, after which it’ll guide you through each step with instruction prompts. You’re also required to verify your identity through the standard electronic Know-Your-Customer (eKYC) procedure, and also upload one of the following supporting documents:

One-month payslip from your employer
Full EPF statement showing three months of contribution
B/BE form e-Filing acknowledgement receipt

From there, it’ll take approximately three working days for approval. Once approval is granted, a push notification will be sent to alert you, and you must acknowledge it as well as enter your TNG eWallet PIN to accept the loan offer. When you’ve confirmed your acceptance, the fund will be disbursed to you in real-time through TNG eWallet or your CIMB/CIMB Islamic Bank account.

As for repayment, you can repay your GOpinjam loan via the TNG eWallet, online instant transfer, or at any CIMB branch or CIMB cash deposit machine. There is a late payment charge of 1% on outstanding instalments if you fail to repay in time, and TNG also said that it may utilise the available balance in your eWallet to cover the overdue amount in such situations.

Finally, note that the underlying loan product for GOpinjam, CIMB e-Zi Tunai, is not a shariah-compliant product. TNG eWallet does state, however, that it is looking to introduce an Islamic financing product soon.

(Source:
TNG eWallet
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Wan

    1 year ago

I haven’t received any notification.. it has been 7day since i registered gopinjam… When will they approve my submission?

0

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    Cal

    1 year ago

    Reply to

        Wan

They never will. I applied on the day they launched GoPinjam and I’m yet to receive any notification for the approval or rejection. It’s worthless and a waste of time. Just save up to buy whatever you plan on buying my man. This bs isn’t worth it. I applied for a very small amount and it took so long that I just don’t give a shit anymore haha.

0

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    Nur

    1 year ago

    Reply to

        Wan

dah approve ke

0

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    Fiq

    1 year ago

    Reply to

        Nur

I punya dah approved . You guys kena contact CIMB and update dgn dorang tiap ii hari

0

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    sani

    1 year ago

saya dah apply hampir seminggu. sampai sekarang tiada jawapan

0

Reply

    Muizz

    1 year ago

Kenapa sy nk calculate income sy pn xboleh? Sy letak 3k dy ckp sorry unble to proceed? Sy letak 10k pn xblh jgk

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UOB Asset Management Launches Malaysia’s First Corporate Robo-Advisory Service, UOBAM Invest

UOB Asset Management (UOBAM) Malaysia has rolled out its UOBAM Invest, Malaysia’s first corporate robo-advisory service that provides customised investment portfolios online. It capitalises on UOBAM’s investment expertise to help companies optimise their investment strategies and meet their investment goals, especially during periods of heightened volatility.

The UOBAM Invest service enables investments via two features: Digital Advisor and Fund Direct.

The Digital Advisor is essentially a portfolio planner that can generate customised portfolio proposals for clients after they complete a questionnaire to determine their investment profiles, goals, and risk appetite. The proposals, which range between very conservative to very aggressive, can be generated within minutes using a proprietary screening methodology and asset allocation framework.

The Digital Advisor portfolio planner also features an optimisation algorithm that projects the likelihood of success for the proposed portfolios. Based on these forecasts, investors can then decide if they need to adjust their portfolios. Once they have confirmed their decisions, UOBAM Malaysia will monitor the investments on their behalf. However, investors are required to make a minimum investment of RM500,000 if they want to use the Digital Advisor portfolio planner.

The Fund Direct feature, on the other hand, is meant for investors who prefer to build and manage their own portfolios independently. They will be able to purchase and sell from a list of UOBAM’s unit trusts, giving them the liberty to strategise and invest as per their preferences. Those opting for this feature will have to meet the minimum investment requirements of the respective funds instead.

“Through its secure, online portal, UOBAM Invest provides corporate investors with historical data and insights, professional investment guidance and round-the-clock access to our portfolio solutions, enabling them to monitor and to manage their investments in real time,” said the chief executive officer of UOBAM Malaysia, Lim Suet Ling. She added that this will give their investors greater flexibility and control over their investments, as well as ease and convenience as they can manage their funds digitally from the safety of their own homes amid the Covid-19 pandemic.

UOBAM Invest was first launched in Singapore in 2018, and is also available in Thailand for retail investors. The platform is waiving its advisory fees and platform charges for its clients from now until 31 December 2020.

To find out more, you can head on over to the
UOBAM Invest
 website.

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Government To Accelerate Introduction Of The Consumer Credit Act

(Image: Bernama)

Putrajaya is pushing to expedite the creation of the Consumer Credit Act (CCA), almost three years after Bank Negara first announced that it would be working with the government to create consumer protection legislation. The CCA carries a dual purpose; to protect consumers in their dealings with creditors and to promote healthy spending.

“Its intention is to ensure that credit consumers receive a fair service when dealing with creditors,” said Tun Dr Mahathir. “The formation of this Act will be fast-tracked to protect the consumers and encourage a healthy credit market.”

The Prime Minister said that the Act is pivotal, what with household debt in Malaysia reaching 82.1% of the nation’s gross domestic product (GDP). This number is higher than household debt in high-income countries like Italy where it stands at 40.3% of national GDP, Japan at 58.1%, and the US at 76.3%. In addition, data from the Credit Counselling and Debt Management Agency’s Debt Management Programme indicated that about 80% of its participants were overly confident about being able to repay debts owed.

(Image: Bernama)

According to the Prime Minister, the Act will be tabled in Parliament as soon as possible this year. He revealed that the Act was being drafted through the cooperation of the Ministry of Domestic Trade and Consumer Affairs, the Ministry of Housing and Local Government, the Ministry of Entrepreneur Development, Bank Negara Malaysia, Securities Commission Malaysia, and other related agencies.

This announcement was made during the launch of the
National Strategy for Financial Literacy 2019-2023
, which is intended to complement the Act in protecting credit users in the nation. “The effort to
enhance financial literacy
 has become extremely important and is complementary to the Consumer Credit Act initiative to strengthen the credit consumer protection framework in Malaysia,” said Tun Dr Mahathir.

(Source:
Malay Mail
,
PMO
)

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Returning Malaysians And Foreign Travellers To Bear Cost For Covid-19 Tests

(Image: Bernama)

Malaysians returning from abroad will now need to pay a fee of between RM30 to RM150 for the Covid-19 tests that are conducted upon entering the country, said a new federal gazette effective immediately. Non-citizens, meanwhile, will be charged between RM60 to RM250 for the same tests.

The new ruling, known as the Prevention and Control of Infectious Diseases (Fee for Coronavirus Disease 2019 (Covid-19) Detection Test) Regulations 2020, was published on 26 June by Health Minister Datuk Seri Dr Adham Baba. It stated that the fee will depend on the type of Covid-19 detection tests administered before returning individuals can proceed for immigration clearance at any points of entry. The types of tests used will be determined by the health director-general.

Here’s a breakdown of the test fees:

Type of Covid-19 detection test

Citizen (RM)

Foreigner (RM)

Polymerase chain reaction

150

250

Antigen rapid test kit

60

120

Antibody rapid test kit

30

60

Three categories are, however, exempted from paying: disabled individuals (OKU) carrying the OKU card issued by the Social Welfare Department (JKM), government officers returning to Malaysia on official assignments, and students returning to the country for the first time.

“Anyone in these three categories who have paid for their screening before this decision on fee waiver was made can claim for a refund from the Health Ministry,” said senior minister Datuk Seri Ismail Sabri Yaakob.

The regulation further noted that any Malaysians or non-citizens within the country can request to undergo Covid-19 detection tests at any government hospitals. These include government clinics and medical institutions declared by the government as federal medical institutions, or any other locations declared by the health director-general as testing areas. The same pricing applies.

(Image: Miera Zulyana/Malay Mail)

Aside from that, the
new gazette
 also allows the health minister to make full or partial waivers of the Covid-19 test fees according to his discretion.

Prior to this, Datuk Seri Ismail had said that Malaysians returning from abroad will need to undergo a swab test upon arrival. Those testing positive will be sent for treatment at designated hospitals. Meanwhile, those who tested negative are required to go through a mandatory 14-day quarantine period at home. They must also download the MySejahtera app and wear the quarantine wristbands for monitoring and identification purposes.

(Source:
Malay Mail
,
Bernama
)

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Covid-19

Covid-19 Tests

Datuk Seri Dr Adham Baba

Datuk Seri Ismail Sabri Yaakob

Prevention And Control Of Infectious Diseases (Fee For Coronavirus Disease 2019 (Covid-19) Detection Test) Regulations 2020

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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