Lazada 9.9 Big Brands Sale: Exclusive Deals You Should Look Out For

With 9 September literally just around the corner, Lazada’s massive annual
9.9 Big Brands Sale
 will feature 99 exclusive brand deals that consumers can save huge on this one specific day, ranging from groceries, health, and beauty, to fashion, electronics, and home appliances.

With steep rebates, flash deals, exclusive bulk purchase discounts for featured brands, and free shipping perks, Malaysians can take advantage of this one-day sale to get save big. In particular, Lazada is giving customers some limited-time vouchers on 9 September:

(only from 12am-2am, 9 September):
20% discount
 when you spend a minimum of RM150 on selected product (capped at RM40) on selected groceries, home, and cleaning products

15% discount
 with a minimum spend of RM120 (capped at RM18) on selected foodstuff, home essentials

9.9 Brands Sale: Deals To Look Out For!

Lazada’s 9.9 Big Brands Sale campaign is the perfect opportunity for you to stock up on your various daily essential needs or to get some of the items that you’ve been eyeing for a while now. Here are some deals that you wouldn’t want to miss out on!

Face Masks & Hand Sanitisers

Mr DIY
 – Up to RM20 discount vouchers applicable storewide. Exclusive bundle offer for
50pc 3-ply face mask:
RM14.90/pack, special bundle price of RM9.90/pack when you buy five boxes and above

Dettol
 – Up to 27% discount vouchers applicable storewide. Huge discounts on “Carton Sales” for bulk orders of
Dettol Hand Sanitiser
 and
Dettol Antiseptic Liquid
.

Groceries & Home Essentials

Milo 2kg
– special price at RM26.90 each when you buy three packs

Nestle (Maggi, Milo, Nescafe, Kit Kat, Starbucks)
 – 20% discount voucher (min spend RM80), applicable during Crazy Brand Mega Offer from 12am-2am, including special bundle promos

Unilever (Lux, Dove, Lifebuoy, Lipton, and various household brands)
 – RM19 discount off min spend RM99, plus special 50% discount voucher at 12am & free gifts with purchase

Colgate-Palmolive (Colgate, Protex, Glo, Softlan, and other personal hygiene brands)
 – up to 20% discount vouchers, applicable storewide including special bundle deals

Ensure Gold Vanilla/Coffee/Green Tea
 – free gifts with purchase, plus special flash deal at 12am

Tesco
 – 3% – 8% discount vouchers applicable storewide

Fernleaf
 – RM12 discount voucher with minimum spend of RM75, stackable with flash sale prices at 12-2am

Anlene
 – 16% off voucher with a minimum spend of RM75 (capped at RM12)

Mom/Baby

Baby Diapers Special
  – 50% off on newborn and S-size diapers with minimum spend of RM20 (capped at RM20)

Drypers
 – up 15% discount vouchers with minimum spend; free gifts with purchase

Pediasure
 – up to RM60 discount voucher applicable storewide, including special bundles

MamyPoko
– extra 15% off storewide, Crazy Brand Mega Offer from 12am – 2am

Enfagrow A+
 – various vouchers from 12% to 18% discount. Special bundle prices storewide.

Lego
  – 25% (capped at RM120 with min spend RM399) and 20% (capped at RM80 with min spend RM249) discount vouchers available. Applicable storewide from 12am-2am only.

Beauty Products

Laneige
 – RM59 off min spend RM299, including additional storewide discounts. Additional exclusive gifts with every purchase.

Innisfree
 – 15% discount voucher, applicable storewide including Crazy Brand Mega Offer from 12am-2am. Exclusive gifts with purchase.

Hada Labo
 – RM40 discount voucher, applicable storewide. Free Hada Labo Lotion Light 30ml for all orders.

Johnson&Johnson
 (Neutrogena, Listerine, Johnsons) – Special 25% discount voucher at 12am, applicable storewide including bundle deals

Watsons
 – Up to RM50 discount vouchers, applicable storewide & during Crazy Brand Mega Offer from 12am – 2am.

L’oréal
 – Up to RM50 discount vouchers, applicable storewide including all discounted items.

Eucerin
 – Up to 35% off storewide, & special RM50 voucher at 12am

Sports & Lifestyle

Sports Direct
 – Extra 10% off for selected products from 12am – 2am. 20% discount voucher (min spend RM90) applicable storewide.

Sport Planet
 – 10% & 15% discount vouchers available, applicable storewide.
Adidas Ultraboost from just RM289
 before discount.

Adidas
– 12% off storewide, stackable with Crazy Brand Mega Offer from 12am-2am.

Electronics/Electrical Appliances

Apple
 – Exclusive deals for iPhone 11 Pro Max, iPhone SE, AirPods Pro, iPad, & MacBook

Samsung
 – Special deals for
Galaxy M31 at RM888
,
Galaxy M21 for RM649
,
Galaxy M11 at RM449

Sandisk
  – Up to RM90 discount vouchers, applicable storewide. Special deals on
microSD cards
,
USB flash drives
, and
SSDs
.

Tefal
 – RM100 discount voucher (min spend RM400), applicable storewide & during Crazy Brand Mega Offer from 12am-2am

Dyson
 – Up to RM500 instant discounts on all products, with additional RM150 discount voucher applicable storewide.

Baseus
 – Up to RM25 discount vouchers on high quality
USB Type C & Apple Lightning cables
,
USB PD chargers
, and other mobile accessories.

Xiaomi
 – 2-hour Flash Sale on popular products including
Redmi Note 9 Pro
,
Mi Band 5
,
Mi Air Purifier 3H
, and
Redmi Fast Charge Power Bank
.

Tesco
: 5% discount (capped at RM200) with min spend RM2000. Applicable for Microsoft Surface devices.

***

As you get ready to grab the best deals during Lazada’s 9.9 Big Brands Sale come midnight, remember to also tap into the
online shopping benefits of your credit cards
! This way, you’ll gain not only from Lazada’s online shopping discounts, but also earn cashback and reward points through your cards as you spend.

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Lazada 9.9 Big Brands Sale

Lazada 9.9 Big Brands Sale 2020

L’oréal

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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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Airlines Must Display The Final Price Of Flight Tickets Beginning 1 June 2019

(Image: Digital News Asia
)

The Malaysian Aviation Commission (MAVCOM) has amended the Malaysian Aviation Consumer Protection Code (MACPC) 2016 to remove all hidden charges for air travel.

The amendment, which goes into effect from 1 June 2019, states that all airlines must display the final price of air tickets at all points of sale, including those on promotional materials and advertisements. This includes all other charges including fuel surcharge and government-imposed fees and taxes, which are normally only visible towards the end of the purchasing process. The updated code also states that charges on optional services like baggage, seat selection, and meals are required to be included to the final price.

Meanwhile, passengers who cannot make their flights are entitled to receive a refund within 30 days after the request was made, and must include all the taxes, charges, and fees. This applies even if the passenger purchases a ticket from a travel agent. For passengers who bought a non-refundable ticket, they can still claim a refund for the airport tax and non-ticket fees and charges – but the airline may charge a processing fee of 5% of the amount.

The amendment of MACPC will eliminate hidden charges such as admin fees and card payment charges for passengers. Besides, the Deputy Transport Minister, Datuk Kamaruddin Jaafar, said it would further enhance and protect consumers’ travel rights.

Airport operators should to clearly display the MACPC for reference, and airlines are to inform passengers of their rights at all communication channels. In addition, MAVCOM has also introduced the Flysmart app to help consumers understand their rights and empower them to exercise it by allowing them to lodge complaints concerning flight-related service and get travel-related information at their fingertips.

You can find the amendments at the official
MAVCOM website
 and download Flysmart mobile application at the
Apple App Store
 or
Google Play
.

(Source:
The Star
)

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Hayatun Razak

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Shopee Shopping Spree: One Malaysian Made 180 Orders In Just The Morning Of 12.12

Shopee revealed today that it achieved a record-breaking sale of 12 million items within the first 24 minutes of its 12.12 Birthday Sale, across its seven markets in Southeast Asia and Taiwan. At its peak, one million items were bought in a single minute as users browsed through some two billion products available on the platform.

Within Malaysia, Shopee customers also participated in an equally lively online shopping scene. In fact, the e-commerce platform recorded over 875,000 items being sold in Selangor itself in the first hour of 12 December. One user even single-handedly made 180 orders on the morning of the sale festival, as consumers took advantage of the
slew of vouchers and coupons
 available only on 12.12.

Shopee further noted that some of the best-selling categories this time round are home & living, health & beauty, groceries, as well as mobile & accessories. Here are some key trends seen during Shopee’s 12.12 Birthday Sale:

Home & living
: 1.2 million home improvement and décor items were sold, including 3D self-adhesive wallpapers, hotel-grade pillows, foam mats, vinyl flooring and recessed lighting. These handy DIY materials – suitable for a simple home makeover – were mostly purchased by users aged between 35 to 49.

Health & beauty
: Users bought more than 628,000 skincare items, with facial masks and lipsticks being the most popular among users aged 34 and below.

Groceries
: Chocolate malt beverage Milo continued to be highly popular, with 120 packs being purchased every minute on the morning of 12 December. Also, more than half a million snacks were sold during the sale. Meanwhile, laundry detergents saw strong demand, especially among users aged above 50 years old.

Electronics & entertainment
: 8 out of the top 10 performing Malaysia SMEs were electronic retailers who recorded an average sale of over RM800,000 each. Shopee Mall brands also saw a surge in sales, such as in the case of realme, which saw RM2 million in sales for its realme 6 series within the first hour of the sale.

On top of these observations, Shopee also noted that there was an increased adoption of digital payments across the e-commerce platform’s seven markets during the sale. This is particularly so for its integrated e-wallet ShopeePay, where orders paid with ShopeePay surged 18 times more than average during the sale. The convenience of an almost instant purchase with ShopeePay is further incentivised thanks to the many free shipping vouchers that are exclusive only for orders made with ShopeePay.

Prior to the actual 12.12 Birthday Sale on 12 December, Shopee had also carried out an early birthday campaign from 1 to 12 December to help drive traffic from its platform to offline retailers’ physical stores. The campaign – which offered up to 98% discount on various F&B products – saw significant success, with businesses like FamilyMart selling close to 80,000 vouchers. This translated to tens of thousands of new and returning customers to their outlets.

(Image: The Edge Markets)

“Being able to record another ground-breaking 12.12 Birthday Sale and coming a long way the past five years is extremely humbling for all of us at Shopee. This year especially as 2020 has presented us with a whirlwind of experiences. Given the unprecedented circumstances, we wanted to ensure that our fifth birthday would be a special day not just for Shopee, but more so for the people we serve,” said the regional managing director of Shopee, Ian Ho.

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About THE AUTHOR

Alex Cheong Pui Yin

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

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How Much Do You Need To Pay for Malaysian Food Overseas?

Malaysians can lay claim to the fact that we have a lot to choose from when it comes to food. This attribute is prominent that some of us could not survive in a foreign country without any of our local food and its diversity.

However, the rise of globalisation provided different ways to savour local flavours despite being miles away from the country of origin, much to the delight of Malaysian students and workers overseas. Yet, there is still one question might stick to our head: How much do these foods cost overseas?

Previously, we have explored the price of
Nasi Lemak
 at several countries. Now, we will explore other Malaysian foods to find out how much they are priced at overseas.

Roti Canai

We start our list of expensive overseas local food with one of the main Malaysian staples: Roti Canai. Most of us can agree that this simple dish is one of the go-to foods for almost every meal due its low price and ease of access at all hours of the day. While this is the case in Malaysia, the price for a simple flatbread with curry and sambal may not be what many Malaysians expect it to be when they are overseas.

Base Price

AUS

USA

UK

RM1.20 – RM1.80

A$6.50 (RM20)

$4.99 (RM17.98)

£4 (RM21.73)

Things to Note
: You may think that it is just a simple flatbread with the three basic sauces (dahl, curry, and sambal), therefore it should not cost more. However, you may want to read the menu carefully to see what this dish comes with. Some Malaysian restaurants overseas provide Roti Canai with a bowl of chicken curry, which could explain the reason for the sizable price differences.

Satay

Image source from The Spurge

We continue our list with another common Malaysian entree: Satay. This unsophisticated charcoal-roasted meat with peanut sauce is another Malaysian go-to comfort food. Most of the time, the satay dish is sold as either in a set of two sticks of meat or five sticks of meat instead of 10s and 20s, making it more of a finger food for diners and not exactly something that you will eat as a square meal.

Base Price (Per stick)

AUS

USA

UK

RM0.80

A$3.90 (RM12)

$1.70 (RM6.62)

£1.38 (RM7.53)

Things to Note
: One of the few things you need to know is that the price of meat goes up and down every six to eight years in each country. Australia news channel
ABC
 reported last year (2017) that the price of beef was at a record high but experts state that the price will go down soon according to seasonal and external factors, which will affect Satay prices too, naturally.

Chicken Rice

A hawker stall mainstay, the chicken rice is given a spot on this list of Malaysian food that are made pricey when brought overseas. Chicken rice has been the center of many discussions and debate, ranging from steamed chicken versus roasted chicken to which country has the best chicken rice. Debates aside, most of us would agree that chicken rice sold in the West would cost a lot more.

Base Price

AUS

USA

UK

RM6.50 – RM8

A$9 (RM27.77)

$9 (RM35)

£7.9 (RM43)

Things to Note
: This food is where the price falls within the same range of each other (even after adjusting for different currencies). While it might seem a little expensive to us from the perspective of the ringgit, those prices in their respective countries actually fall within the affordable price range. In fact, the price of chicken rice in the UK is quite similar to the price of
Fish and Chips
. Just like how fish and chips is a quintessential staple in the UK, the same can be said for Malaysian chicken rice.

Curry Mee / Laksa

Image source from Roti N Rice

There is something about noodle soup that leaves a person warm and satisfied during cold weather. For us Malaysians, we like our bowl of noodles drowned in a spicy and rich curry broth with a little helping of sambal for extra spice. We are further spoiled for choice when we can choose the type of noodles and configuration for our own curry laksa, ranging from mee hoon and kuay teow to chicken and prawns. However, the type of noodles and other ingredients can be limiting and expensive when it is made overseas.

Base Price

AUS

USA

UK

RM6.50 – RM7

A$10.80 (RM33.33)

$10 (RM38.92)

£8.50 (RM46.34)

Things to Note
: Once again, this is where certain ingredients may cost more in certain countries. One of these ingredients is cockles as they do not only vary in terms of pricing and availability according to countries, but also the process of cleaning the cockles can be tedious. Some key ingredients like yellow noodles may be substituted due to strict
regulations
 in some countries like Australia.

Penang Rojak

For this next entry, we opt for a slightly healthier option to balance our list of expensive Malaysian food overseas. If anyone were to ask about any other dish that represent Malaysia best, that dish will be Rojak. This fruit and/or vegetable salad with shrimp crackers with a drizzle of sauce made with shrimp paste is a quintessential past time snack or side dish. While we can be proud of our dish being sold overseas, we are not very sure if we are proud about its price tag.

Base Price

AUS

USA

UK

RM5

A$
15.50
 (RM47.83)

$6.25 (RM24.33)

£
9
 (RM49)

Things to note
: Here is where the cost of living may play a role. Global database
Numbeo
 stated Australia as the country with the 12th highest cost of living, 11 place ahead of the UK (23rd) and 13 place ahead of the US (25th). Some cities in Australia like Melbourne and Sydney are considered as some of the top five most expensive cities in the world due to
housing
 reason. As such, this could mean that rent and other overhead makes up for the majority of the cost.

Ice Kacang

Image Source from Food Advisor

We conclude our list with one of Malaysia’s famous desserts, Ice Kacang. This bowl of shaved ice continues to entertain our sight and sweet tooth with different syrups like Gula Melaka and toppings like sweet corn, peanut and grass jelly. As such, it is an excellent treat for a hot summer day and the typical Malaysian weather. Like any Malaysian food sold overseas, this colourful desert manages to entertain the people’s tastebuds, along with it’s slightly higher than average pricing.

Base Price

AUS

USA

UK

RM3.8 – RM5

A$
8.20
 (RM25.10)

$4.99 (RM24.33)

£4.8 (RM38.16)

Things to Note
: The ingredients in ice kacang may defer according to respective countries to incorporate local flavour or compensate for certain ingredients that are hard to get. For example: a Malaysian-inspired restaurant in America that serves Penang Cuisine has replaced the Gula Melaka with
brown sugar
 so that it will fit the taste that locals prefer.

The Price of Being Homesick

We are not here to discourage people from getting Malaysian food if you are out the country. In fact, we encourage you to be proud that our foods are now available overseas for other people to try and if you are feeling adventurous, you can even try your hand at making and selling it overseas.

Having said that, we encourage you to explore other culture’s cuisines when you travel as it is not an experience that you can get everyday. Just remember to have enough funds in hand so that you can enjoy your food adventures to the fullest. Not a fan of carrying too much cash abroad? That’s where a credit card can come in handy. You can travel around safely, track your expenses easily, and also enjoy cashback rewards with selected cards.

Easily compare between cards with our
comparison tool
, just take your time to carefully go through the type of credit card that suits your spending style best. All the best in looking for the right one!

This article is compiled from
Zomato
,
Food Advisor
 and
Penang Cuisine
.

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Brian Chung

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EPF To Close All Offices And Service Counters Nationwide During FMCO

(
Image: Malay Mail/Hari Anggara
)

The Employees Provident Fund (EPF) has said that all its offices and service counters nationwide will be closed during the first phase of the full lockdown (FMCO), which is slated to start from 1 to 14 June 2021. This is in line with the government’s latest effort in combating the spread of the Covid-19 pandemic.

Accordingly, all existing Janji Temu Online (JTO) appointments will be cancelled with immediate effect, and members will need to reschedule their visits to a date set after the end of the FMCO. They can do so with
the JTO facility
 on the EPF’s website. “Appointments for age 50, 55, 60, and incapacitation withdrawal applications will be given priority, when the EPF’s offices and service counters are back in operation,” the provident fund said.

Meanwhile, members that have applied for i-Sinar withdrawals and are awaiting payments via Payment Order (PO) can expect a call from relevant EPF branches soon. EPF personnel will help these members arrange for a PO pick-up appointment at their preferred branches.

“For other EPF services, such as withdrawal applications for housing, age 50, 55, and 60, members are able to access these online transactions via i-Akaun during this period,” the EPF further said, adding that members can refer to the full list of available online services on its website. Additionally, the provident fund informed all members that the thumb print verification process required to complete these online transactions can only be done when the EPF offices and service counters reopen after the FMCO.

(
Image: Focus Malaysia
)

Finally, the EPF said that although it is aware of the inconveniences that may arise from its temporary closure, this is a crucial step that needs to be taken to keep its staff and members safe. It also asked for the public’s understanding and patience during this difficult period.

Prior to this latest update, the EPF had already begun
to limit its operating hours
, in line with the implementation of the earlier nationwide movement control order (MCO 3.0). During this previous announcement, the EPF had said that it will provide limited services between 8.30am to 2pm.

Those who have further enquiries regarding the EPF’s latest update can contact the provident fund at 03-8922 6000 or via any of its social media channels. Alternatively, they can visit the
EPF’s official website
.

(Sources:
KWSP
,
The Edge Markets
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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EPF Members Who Made Withdrawals To Credit 100% Of New Contributions Into Akaun 1

Deputy Finance Minister 1, Mohd Shahar Abdullah has clarified that Employees Provident Fund (EPF) members who made withdrawals via Covid-19 facilities will have to credit 100% of their future EPF contributions into Akaun 1 to replenish the amount taken out. This includes facilities such as the i-Sinar and i-Citra schemes.

Affected members’ EPF contributions will only revert to the usual ratio of 70% for Akaun 1 and 30% for Akaun 2 after they have fully replenished the amount that has been withdrawn. Funds placed into Akaun 1 have strict withdrawal requirements, while
funds in Akaun 2 can be withdrawn for various reasons
 before retirement.

“This is the government’s effort to increase the savings of members who have made withdrawals through the i-Sinar and i-Citra schemes to ease their burden following the impact of the Covid-19 pandemic,” said Mohd Shahar during a Parliament session, adding that the government will also study other methods to bring the people’s retirement social safety net back to proper levels.

(Image: Bernama)

To note, this directive of crediting 100% of members’ future EPF contributions to replenish the amount that has been withdrawn was actually already put in place for the i-Sinar facility from the get-go. During the launch of i-Sinar, the EPF explained that
the scheme is an advance facility
, and members who tap into it are required to replenish the advances taken out by crediting 100% of their future EPF contributions to Akaun 1 until the amount is fully replaced. It seems that this approach has now been expanded to cover other Covid-19 withdrawal facilities as well.

Aside from that, Mohd Shahar also shared that following all the i-Sinar and i-Citra withdrawals that have been made thus far, only 27% of active members aged between 18 and 55 years old are able to meet the basic savings threshold and schedule stipulated by the EPF. The
basic savings threshold
 is an estimated amount that is considered to be sufficient to support a member’s basic needs for 20 years upon retirement. To achieve this threshold, EPF has prepared a schedule that specifies how much basic savings quantum a member should have based on their age.

Finally, the deputy finance minister said that the withdrawals made via the
i-Lestari
,
i-Sinar
, and
i-Citra
 facilities will not affect the domestic financial markets. Earlier this week, EPF had revealed that a total of
RM101.1 billion has been withdrawn
 under all three facilities.

(Sources:
The Edge Markets
,
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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    Anonymous

    1 year ago

Did this Minister need to contribute to EPF?

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    Jack Jim

    1 year ago

Thanks for the heads up.  For those affected, would EPF automatically park in Account 1 when they received the contributions?

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3 Money Challenges We Dare You to Try!

Many a time, all we need is a little push and nothing does it better than a good challenge – we at RinggitPlus are about to throw you a couple of bowling pins to see how many you can take in financial juggling stride!

Treat the following challenges any way you’d like and try them out in sequence at your own pace to find out just how much sharper you can become in handling money.

Are you up for the challenge?

The Monthly Expenses Tracking Challenge

Any ordinary money site would tell you to track your savings, but lucky for you we are not just any site – we want you to keep a close eye on your money outflow instead, expenses.

Keep a little note book with you if it helps. If not, just keep daily notes in your phone and key in expenses as you check out at the cash register.

Or, if you’re more of the organised kind, keep physical receipts so you can compile them at the end of your monthly monitoring period and even use them to compare with other months if you wish to extend the challenge.

The key to this challenge is to begin once your salary is pumped into your savings account and from thereon be under the microscope. One could even keep track of amounts withdrawn for use to be more specific on spending and to even help identify what’s really draining your finances.

You will come to learn that all expenses are latched with an economical conscience and you will eventually phase out expenses that you come to realise aren’t really worth your money!

The Spare Change Challenge

A personal fan of this challenge and a proud practitioner on a daily basis, this writer finds this method is best for petty end-of-the-month collection – works better if you find carrying loads of coins in your pockets an annoyance.

From experience, this writer has developed a self-imposed amnesia on the amount of coins he has in his pockets throughout the day because we all know deep down that saving your ringgit notes does not actually cut costs.

At day’s end, he chucks these pocket change into a bag which he never sticks his hands into and could save up to about RM1.50 on a good day. Multiply that amount with the days in a month and you have enough for, say a couple of good movie tickets – maybe even more.

Don’t touch the bag at the end of the month and you could end up saving to cushion the blow of an expensive annual installment by the time it reaches its self-regulated maturity of an entire year.

This writer remembers his mother telling him a fondly memorable tale about how her neighbour’s wife from back in the day stored all of her husband’s spare change on a daily basis without his knowledge and surprised him by putting a down payment for a decent vehicle as their golden jubilee surprise (that’s 50 years!) – convinced yet?

The No-Spend Challenge

The first challenge from above appears to be for the novice if pit against this particular challenge – consider this a difficulty level-up or tackle it immediately if the first one is too easy for you to manage (works under desperate circumstances too!).

We must warn you though because one would literally have to be mentally prepared in order to take up this extreme challenge – if you’re up for it, this is where you kiss your entertainment excursions goodbye.

Luxury dining, spas, bar-hopping, movie premiers, frequent vacations, even the oddity from Daiso (which you buy because it’s
just
 RM5.30) – yes, we’re taking no prisoners here. Like mentioned before, this challenge is an up in difficulty from the first and is not for the faint hearted.

If the first challenge put expenses under a conventional microscope, this one uses visual amplification of the digital one. To make it a little more reasonable, you may begin in rigorous fashion and water down the approach when you’ve got the frugal you in motion.

In desperate times, this method is perfect for quick and efficient saving – like for instance when this writer was about to welcome a nephew, he had completely cut off the monthly entertainment budget that he engineered a couple of months prior to save up for a fat
angpau
.

Quite proudly, he managed to save more than expected and along the way discovered cost-effective entertainment or activities that sometimes didn’t require a budget at all. Through that, he has learned to implement this challenge on a daily, but a lot less intensive these days as he’s got his bearings straightened out!

Go Hard or Go Home?

Just like body-building and keeping fit, finances need to have their work out too – and they conveniently come in the form of conscious spending, which only you have complete control over. So are you ready to take on these money challenges head on?

All the money you saved, when reaching a tidy sum, could do well to be put into a
fixed deposit
. With the current rush to get your money, banks are offering better interest rates than ever, so what better time to start saving.

Its time to strap on those trainers and joint guards because it’s going to be a bumpy ride, folks! If you have a challenge in practice that others should take note of, drop us your thoughts in the comments section below – we’d love to hear from you!

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Austin Victor

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Alliance Won’t Let You Wait For Your Samsung Gadgets

Maintaining a smart and stylish image means keeping ahead of current fashion and technology trends. Alliance Banks understands this and wants you to have the latest Samsung gadgets now with their convenient monthly instalment plan.

For just RM93 per month over a 24-month instalment plan, you can get the new Samsung Galaxy Note II mobile phone or a Samsung Galaxy Grand tablet at RM71 a month on a 18-month instalment plan. All you need is a valid Alliance Visa or Mastercard credit card and the payments will be deducted from your monthly credit card limit.

Check out Alliance Bank’s
promotion site
 for other available products and prices.

Please note that all purchases are made via mail order, which will be subject to a 10-day cooling period after which no cancellations will be permitted. Expect deliveries to arrive in 4-6 weeks.

Click
here
 for the order form and the Terms & Conditions.

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Brendon Lee

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Selangor Govt Offers Free RM10,000 Insurance Coverage, Now Open For Registration

The Selangor government has launched the Insurans Hayat Selangor (Insan) scheme, which is set to provide six million individuals in the state with free general insurance coverage for one year. Offering compensation of RM10,000 in the event of death or total disability due to an accident, it is already open for registration.

Provided in partnership with AmGeneral Insurance, the Insan scheme will be applicable to individuals from a wide age group: from babies as young as 30 days old, all the way up to the elderly at the age of 80 years old. It is also fully sponsored by the Selangor state government with a total allocation of RM60 billion. Meanwhile, the implementation of the scheme will be fully digital, to be carried out by Wavpay Fintech Holding Sdn Bhd, a subsidiary of MBI Selangor.

Briefly, MBI Selangor is a body that was established to manage the assets and investments of the Selangor state government – among its other more extensive roles.

To be eligible for the Insan scheme, you must meet one of the following criteria:

Born in Selangor (Mykad number registered in Selangor)

Latest address is registered in Selangor

A voter in Selangor

If you’re eligible and would like to register for the programme, you need to first download the Wavpay e-wallet and sign up for an account. This will require you to go through the standard verification procedures. Once you’re done, go ahead and tap on the Insan progamme banner found on the main page of the app, then fill in and submit the necessary details – and you’re done! The policy will be emailed to you once your application has been approved, and the 12-month coverage period will begin from the date the policy is issued.

Finally, the registration period for the Insan scheme will continue all the way until 30 September 2023. However, you may want to consider doing it as soon as possible because the programme is capped at only six million individuals. You can also email
[email protected]
 if you have enquiries, or call Wavpay’s customer centre at one of its
ten helplines
.

(Sources:
Wavpay Fintech
,
The Star
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    Guna

    9 months ago

Thank You Selangor and PH. Appreciate it.

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    Maheswari A/P SUBRAMANAM

    9 months ago

How we get the insurance and how to use

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    Vijayamery AP Rajalingam

    9 months ago

Wavpay

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    Hari Krishnan

    9 months ago

How to join this scheme and is there any payments involved.

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    Vanitha a/ p Thangiah

    9 months ago

hello i need to know how to apply to  selangor  insurance .

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Securities Commission Cautions Against Unlicensed Investment Advisors

(Image: Business Today)

The Securities Commission Malaysia (SC) has released a Guidance Note on Provision of Investment Advice, cautioning the public against dealing with unlicensed investment advisers. This was in response to the growing number of queries and complaints regarding various social media, chat, and messaging applications that seem to be offering specific stock recommendations and investment advice to the public for a fee.

“The SC cautions members of the public against dealing with unlicensed investment advisers, as they could be defrauded or used as part of a market manipulation scheme,” said the regulator in its note. “Investors are reminded to verify the licensing status of platforms, companies, and individuals offering capital market services or products including the provision of investment advice, before making any investment decision,” the SC said.

According to the SC, a person is required to be licensed for providing investment advice under the Schedule 2 of the Capital Markets and Services Act 2007 (CMSA), when the activity fulfils any one of the following:

carrying on a business of advising others concerning securities or derivatives; or

as part of a business, issues or promulgates analyses or reports concerning securities or derivatives.

So, if the giving of investment advice falls under one of the categories above, the giver must be licensed as the activity is meant to be regulated by the SC.

Under the CMSA, conducting a business of offering investment advice is an offence punishable with a fine not exceeding RM10 million or imprisonment not exceeding 10 years – or both.

You can refer to the SC’s
Guidance Note on Provision of Investment Advice
 here.

(Source:
The Edge Markets,

The Sun Dail
y)

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RHB Enhances Rewards Programme With Centralised Platform To Consolidate Loyalty Points

(Image: The Borneo Post)

RHB Bank has upgraded its digital rewards programme with a new centralised platform, allowing customers to seamlessly consolidate their RHB Loyalty Points in one place when they perform transactions with the bank. On top of that, they will also have increased opportunities to earn Loyalty Points via a wider range of transactions or banking services.

“Our enhanced digital RHB Rewards programme makes it easier for our customers to accumulate and redeem their Loyalty Points through a convenient centralised platform, covering even more products and services offered across RHB Banking Group. To make it even easier for them, they can manage and keep track of their rewards simply by accessing the new digital Rewards dashboard on RHB internet banking or the RHB mobile banking app,” said the managing director of group community banking for RHB Bank, Jeffrey Ng in a statement.

RHB further said that its Loyalty Points can now be earned through various types of customer transactions, including:

Credit and debit card purchases
Deposit accounts
Joy@Work salary account
Fixed Deposit account openings
Investment transactions
Life insurance
Mortgage and hire purchase loans

These updates are expected to enhance the overall customer experience when earning and redeeming Loyalty Points, the bank further said. It also shared that the RHB Rewards programme has up to 8,000 gifts and vouchers that can be conveniently accessed and redeemed, including air miles points, gadgets, and home appliances.

Aside from revealing the upgraded RHB Rewards programme, RHB also highlighted that it is running an ongoing campaign where new and existing customers stand a chance to win
up to 10 million Loyalty Points
. There are also
RHB Day flash deals
 that take place on every 26
th
 of the month, which enables customers to earn up to 30,000 Loyalty Points from a range of transactions with the bank.

(Sources:
The Edge Markets
,
BusinessToday
)

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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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9 Ways You Can Stretch Your Money As New Parents

Few joys in the world can compare to the joys of being a parent, although in the current age, a child comes with quite a hefty price tag. The cost of
raising a child from the point of birth to graduating university was estimated to be between RM400,000 to RM1.1 million in 2016
 – that’s more than enough to buy a luxurious condominium or a sports car. Also, at the rate our economy is going, the figures are expected to grow higher with each coming year.

What with raising a baby and keeping up with all the other living expenses, things can be financially overwhelming for new parents. But don’t worry, we’ve compiled these brilliant money-saving ways for you to stretch your money while being an awesome supermom and superdad.

Breastfeed Your Baby

It stands to reason that the easiest way to save money while raising a child is by breastfeeding. Baby formula can easily cost around RM32.50 per kilogram – and that’s the average cost for the lower-end baby formula which may or may not suit your baby. Depending on the number of times your baby needs to feed, you may need to buy up to 3 kilograms of baby formula in a month, which, when calculated per month and per year as below, could burn quite a hole in your wallet:

RM32.50 x 3 =
RM97.50 per month

RM97.50 x 12 =
RM1,170.00 per year

Of course, not all babies are the same as some could be lactose intolerant. If that is the case, parents will need to fork out over RM4,000 a year for specialised baby formulas. Fortunately for most cases, it’s
advisable to continue to breastfeed lactose intolerant babies to help strengthen their intestinal lining
 and provide all the nutrition they need to grow in good health. So it goes without saying that breastfeeding is the holy grail for new parents to save a huge chunk of money. Not only it’s free, it’s also the healthier option for your bundle of joy.

Make Your Own Baby Food

A no-brainer, making your own baby food at home is a whole lot cheaper and healthier than the ready-made ones – and you have absolute control over what goes into your baby’s diet. You can further save by buying ingredients in bulk and prepare a week’s – or a month’s – worth of food, and keep them fresh in the freezer.

If you find yourself stumped over what to prepare for your little one, head on to the Internet where you can find plenty of healthy baby food recipes.

Ask For Hand-Me-Downs

Know other parents with older children? Don’t be shy to ask for hand-me-down clothing or baby gears. Be mindful of the used things that you shouldn’t accept for your baby’s safety, such as feeding bottles, breast pumps, cribs, mattresses, car seats, as well as anything that often gets wet; such as sippy cups and bath toys.

Shop for Second-Hand Items

For the things that you can’t get as hand-me-downs, buy them at second-hand shops. Buy items like shoes, toys, changing tables, rocking chairs, playpens, and high chairs from trustworthy second-hand shops. Just make sure to test and inspect them before purchasing to avoid any accidents or health issues in the future.

Share With Your Baby!

Share things like shampoo and body wash with your baby. After all, baby products are usually formulated without harmful chemicals, dyes, and fragrances. Skip the trip to the adult’s toiletries aisle (which ultimately saves huge bucks) and take part in your baby’s beauty routine.

Don’t Fall For The Parenting Products Hype

Baby detergent, designer diaper bags, baby food maker, bath thermometer, bottle warmers, designer baby slings, the list goes on and on. Countless corporations take advantage of your protective maternal/paternal instincts and entice you to spend your precious money on completely unnecessary baby things. As a matter of fact, babies don’t
need
 to have fancy-shmancy wipes, or a specially-made food processor, or that fabulous baby sling with a three-digit price tag you’ve been eyeing.

Just use the
same
 food processor you’ve always been using for your food, gentle antibacterial wipes, and DIY your own baby sling. Just look for the
free step-by-step guide
 on the Internet.

Opt For Cloth Diapers

You’ll be amazed at the amount of money that parents spend on disposable diapers each year. Even the generic brand diapers can easily cost you up to RM1500 a year. That amount of money could be put to a better use; such as your child’s education fund. Use cloth diapers instead, they’re long lasting and environmentally friendly – not to mention budget-friendly.

DIY Baby Products

You can make countless baby products yourself, sans all the harmful chemicals and additives. Baby wipes, diaper rash ointment, baby lotion, powder, and massage oil are just a few of the things that are easy to make at home. Again, it’s not hard to find the homemade baby product recipes online.

If you have the time, you can even learn how to DIY baby wearables such as bibs, blankets, and socks.

Read also:

Things You Should Know Before Deciding To Be A Stay At Home Parent

Buy Convertible Baby Furniture

Slash down on your costs further by getting baby gears that can grow with your child. Instead of buying a baby crib, opt for a crib that can turn into a toddler bed, and get a stroller that can shift from a newborn to toddler mode. Some strollers can also double as a flatbed for your baby to sleep in comfortably. It’s all about making the smart choices to stretch your money as far as it can possibly go.

Remember to think through every single purchase, no matter how big or small it is. A little savings here and there can add up to a lot in the long run, and you’ll need every cent you can save to provide a comfortable and nurturing environment for your child. While you shouldn’t compromise on your baby’s safety and health, sometimes the frugal option is the best option for your baby’s future.

Do you agree with our money-saving tips for new parents? What are your parental money-saving tips? Share your tips and thoughts with us on the comment section below!

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Syaza Abd Jani

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BNM: Malaysia Successfully Links Payment System With Singapore, Italy Via Project Nexus Prototype

(Image: Bloomberg)

Bank Negara Malaysia (BNM) revealed that it has successfully linked Malaysia’s instant payment system with Singapore’s and the Eurosystem’s payment systems via the Project Nexus prototype model. This highlights the possibility of developing a network that allows countries around the world to link their payment systems with improved cost and efficiency.

For context,
Project Nexus
 was announced back in November 2021, and was led by the Bank for International Settlements (BIS) Innovation Hub. It also involved the joint effort between three central banks – BNM, the Monetary Authority of Singapore (MAS), and the Bank of Italy (Banca d’Italia) – as well as payment service operators, PayNet and Banking Computer Services (BCS).

The key idea behind Project Nexus is to test whether it is possible to develop a standardised and multilateral network that can accommodate the differences in instant payment systems from countries all over the world – without homogenising them. If successful, then payment system operators who wish to provide cross-border payment services will not need to build custom connections for every new country that it wishes to connect to. Rather, it will only need to establish one connection to the Nexus network.

Fast forward to today, such a network has been proven to be feasible through the Nexus prototype, tested with the payment systems of Malaysia, Singapore, and Italy (with Italy being part of the Eurosystem, the monetary authority of the eurozone). “Test payments were initiated using only the mobile phone numbers or the recipients’ company registration numbers via the Eurosystem’s TARGET Instant Payment System (TIPS), Malaysia’s Real-Time Retail Payments Platform (RPP), and Singapore’s Fast and Secure Transfers (FAST) payment system,” BNM shared in a joint statement.

Assistant governor of BNM, Suhaimi Ali said that BNM had joined the Nexus Project to help realise the shared vision of faster, cheaper, and more accessible cross-border payments – an effort that ultimately paid off.

“We are pleased to to participate in Project Nexus Phase 3 to realise that vision. Building on the success of the Nexus proof-of-concept, we are well-placed to accelerate the development of this next-generation payment connectivity model to bring significant benefits to the people of Malaysia and ASEAN,” Suhaimi further said.

Specifically, Phase 3 of Project Nexus will involve helping the central banks from five ASEAN countries – BNM, MAS, Bank Indonesia, Bangko Sentral ng Pilipinas (BSP), and Bank of Thailand – in
their ongoing efforts to connect their countries’ domestic payment systems
. This essentially will enable cross-border transactions across a combined population of approximately 500 million people. The BIS will also assist these central banks with their design processes.

Ultimately, it is hoped that Project Nexus can eventually become a blueprint that is implemented globally. “To achieve this, they (BIS and the five central banks) will aim to establish a Global Advisory Panel of central banks and payment system operators to advise on the project’s development beyond the Southeast Asian region. The Bank of Italy and the European Central Bank will be invited to join this panel,” BNM explained.

(Sources:
Bank Negara Malaysia
,
BIS Nexus Report
)

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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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Cabinet To Conduct Budget 2024 Engagement Sessions Starting From Mid-August

(Image: Utusan Malaysia)

Deputy Finance Minister I, Datuk Seri Ahmad Maslan said that members of the Cabinet will conduct engagement sessions on Budget 2024 between mid-August to mid-September, as directed by Prime Minister Datuk Seri Anwar Ibrahim. These sessions will be carried out on two levels: ministry- and state-level.

“He (Anwar) has ordered all ministers and deputy ministers to hold engagement sessions under their respective capacities to find out what is needed at the ministry level to improve aid for the people, as well as to accelerate the nation’s growth,” said Datuk Seri Ahmad Maslan.

Meanwhile, state-level engagement sessions will see the participation of the prime minister and Datuk Seri Ahmad Maslan, both of whom will visit several states to solicit feedback from the people.

(Image: Malay Mail/Ahmad Zamzahuri)

Datuk Seri Ahmad Maslan further noted that the upcoming national budget will continue to focus on improving and enhancing the distribution mechanisms of financial aids, as well as the development of infrastructure. This, in turn, is hoped to safeguard the people’s wellbeing more effectively, ensuring that they can fully benefit from the assistances provided for them.

“This will certainly make Budget 2024 a Madani budget, the rakyat’s budget,” said Datuk Seri Ahmad Maslan. Prior to this, the deputy minister had already commented that the Ministry of Finance (MOF) will hold both
physical and online engagement sessions
 to obtain the people’s opinions and input for the tabling of the upcoming national budget.

Budget 2024 is set to be tabled on 13 October 2023.

(Source:
The Edge Malaysia
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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How to Get Insured and Grow Your Money at the Same Time

There’s no prettier way to say it: times are tough. A recent survey reveals that Malaysia is
in the top 10 list of countries
 when it comes to saving money; which clearly indicates how we Malaysians feel about our own financial security.

While we’re all scrimping and saving to try and have enough for retirement, we also want to be sure that we’re protected from unexpected or unavoidable circumstances that can affect us and our family’s finances in the future.

Of course there are many financial instruments that help us grow our cash and several more that insure us from catastrophe. But wouldn’t it be great if there were a solution that addresses both issues?

To that end, with its commitment to provide solutions that enable customers to protect and strengthen their financial well-being,
Zurich Insurance Malaysia Berhad (ZIMB)
 has recognised Malaysians’ demand for plans that can help grow their savings. Zurich Favour8, a unique life endowment plan with investment-linked feature is designed for Malaysians who are looking for short term investment commitment with long term, steady and consistent gains.

Zurich Favour8, which offers guaranteed annual cash back plus potential investment gains through its investment feature, is available to anyone between 30 days attained age and 65 years old.

It’s part insurance plan and part investment plan so you’re both protected and earning at the same time.

Short Term Commitment, Long Term Benefits

Unlike regular life insurance plans where customers pay premiums until the maturity of policy, Zurich Favour8 requires customers to pay premiums for eight (8) years only to enjoy long term cash savings and protection over 20 years. Apart from financial returns, Zurich Favour8 also offers protection for customers against Death or Total and Permanent Disability (TPD).

Guaranteed Annual Cash Back

Customers will enjoy cash back equivalent to 4% of the policy’s basic sum assured from the end of the first policy year up till the end of the 10th policy year, and 8% of the policy’s basic sum assured from the end of the 11th policy year up till the end of the 20th policy year. These annual payouts add up to 120% of the policy’s basic sum assured, and do not affect the sum of the policy’s maturity benefits.

End of Policy Year

Guaranteed Cash Back (% of Basic Sum Assured)

1st – 10th policy year

4%

11th – 20th policy year

8%

Total (1st – 20th policy year)

120%

Guaranteed Maturity Benefits

Upon maturity of their Zurich Favour8 policy, customers will receive a lump sum payment comprising of 128% of the basic sum assured. To top it off, customers can also stand to enjoy potential investment gains as a portion of the total premiums paid will be invested into the company’s professionally managed investment-linked funds.

Often when thinking about securing the future, we want to be protected against unexpected events, but also funded by investments. Thankfully, Zurich Favour8 is one product that covers both, providing you the best of both worlds. If you’re keen to know more, give them a ring at 1-300-888-622 or visit their
official website
.

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7 Ways To Save On Medicinal Expenses

Healthcare is one of the most important industries in the world. With the advances in medicine, we are able to live much longer, better quality lives. But as vital a component as medicine is to our lives; it still isn’t as accessible as it should be.

Healthcare can cost a fortune and sometimes, there is no other way but to pay up if you want to get better. Certain costs can be cut if tackled efficiently. Here are 7 ways you can save on all your medicine related purchases.

1) Buy More

General medications such as paracetamol and gastric pills can be purchased in big quantities as they can be shared amongst your family members. Going bulk is a good way to save on medications as it is usually cheaper to buy a box as compared to a strip of 10 pills.

Not only do you stave off price hikes for a longer period; you’ll also always have stock of these general medicines when you need them.

2) Buy Early

Always rushing to the pharmacy to get that emergency dose of medication? Try to keep track of your medicine usage so that you don’t have to panic.

In emergencies, you will have less time to go to a less expensive pharmacy or opt to wait in line at the government hospital – making your medicine purchase a wee bit more expensive than it needs to be.

3) Pharmacies

Over-the-counter purchases in hospitals can cost you a fortune. Instead, take your medicine list and try going to pharmacies in town to purchase. Not all clinics/hospitals may allow you to do this but some do especially when they understand the price of medication can be particularly burdensome.

However, we do not recommend the practice of self-medication without a doctor’s prescription – always be sure to visit your doctor if you have medical concerns!

4) Consider Generic Medication

Are you aware of the existence of
generic drugs
? They are usually much cheaper than branded drugs but are supposed to function in the same way.

To put it simply, many big pharmaceuticals undertake testing, research and development for new medications. Once they hit a breakthrough, they will apply for a patent on their medication. The patent allows only the original pharmaceutical company to produce the particular medication with the ingredients and dosage they have patented for the number of years they have paid to keep exclusive rights to the formula.

Once the time bar is up, other smaller drug companies are allowed to access the ‘recipe’ and produce ‘generic’ versions of the drug. Because the smaller companies did not undertake the R&D, nor the cost of registering the patent, they have fewer overheads and are thus able to charge you less.

Many people are concerned that generic drugs won’t work the same way or as effectively as the original. Whilst there may be that risk – you can always ask your doctor if he/she is aware of safe, generic alternatives to the medication you take. Doctors often equip themselves with the latest in medicinal news and would usually know if a generic drug is safe to consume.

European countries have adapted this method and have
saved millions
. Countries like France sells more than 20% of generic drugs.

5) Get a Health Card

Getting a
health insurance policy
 is costly, but not having one will certainly cost you more when you need it. Unforeseen medical and hospitalisation bills can be saved if you are hit by illness all of a sudden.

However, when choosing a policy it’s best the exercise caution. Do read your policy thoroughly and ask questions!

6) Compare Pharmacies

It’s true; not all pharmacies are made equal and some can be considerably more expensive than others. If you have the time and are in need of regular medication (those with life-long illnesses); it might be worth your while to research where best to buy your monthly supplies.

Smaller pharmacies do tend to be cheaper and offer more discounts if you buy a couple of boxes at a go. Look out for promos too!

7) Move It!

This is quite a simple tip actually. Regular exercise and good food will keep you fit as well as boost your immune system. If you are on the move regularly, you will fall sick less often, and automatically save on your medications! Join a
gym
, or take a jog outside, it all counts!

But Always Remember…

Whilst saving money is great, health considerations are paramount! We’re not medical experts at RinggitPlus but we do recommend that when looking to save money on your medication with the tips above you still keep these best practices in mind.

1) Do not self-medicate because it is cheaper. If you are suffering an illness – please do see a doctor!

2) Before substituting your medication for cheaper alternatives – do speak to your regular doctor.

3) When buying in bulk, always keep expiry dates top of mind and marked clearly on all packaging!

4) Keep medicines in a safe place. If you are storing a large cache of medication; do keep them safe and away from children.

We hope these tips help you save a little on your regular medicine purchases but more than anything – we hope you need to use a lot less of it (because you are healthy!).

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Heeral Bhatt

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Grab Helped Sustain Local Businesses In New Normal Via Digitalisation Initiatives

Grab Malaysia has shared a list of data related to its various initiatives in helping local businesses to digitalise themselves, enabling them to weather through the current financial challenges. The tech giant’s efforts – which include Grab’s own campaigns and those from the government’s economic recovery plans – also aim to revitalise Malaysia’s economy.

In its statement, Grab revealed that it has achieved more than RM130 million in sales through the support of the
Shop Malaysia Online (SMO)
 and the
RM50 ePENJANA credit
 initiative to help local businesses stay afloat. In particular, the tech giant’s SMO initiative – which is intended to encourage the Malaysian public to embrace e-commerce – saw more than two million deliveries made during the period of the campaign between August and September.

As for the RM50 ePENJANA credit initiative that was carried out in partnership between Grab and the government, the online platform said that more than 93% of the money disbursed to its users was spent by the end of the campaign. “More than 80% of them spent the money at GrabPay merchants and over 40% of users who were not familiar with GrabPay prior to the launch of ePENJANA have remained active on the platform since claiming the RM50 through Grab,” it said.

Additionally, Grab said that it has also managed to bring on more than 2,500 new merchant partners through the
Micro Small and Medium Enterprises (MSME) e-Commerce campaign
.

Meanwhile, Grab’s own Merdeka-themed campaign, the Grab (loves) Local Heroes initiative, benefitted 500 merchants with RM2.5 million worth of free advertising space on its platform. “Participating merchants saw up to 43% increase in sales in less than two weeks since the launch of the initiative and Grab saw an average increase in orders of 24% during the campaign,” said Grab.

The managing direct of Grab Malaysia, Sean Goh further commented that Grab is glad to be able to play a part in helping businesses to sustain in the new normal. “As we enter this new frontier, we are committed to continuing our efforts to support these local businesses who are the backbone to the nation’s economy,” he said.

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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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BigPay Joins Global Coalition For Climate Action With Tree-Planting Initiatives

BigPay has joined “Every Action Counts”, a global coalition aimed at sharing best practices on how to address nature conservation and climate change with the world’s leading digital financial platforms.

With a pilot project to plant trees in Borneo planned for the second half of 2021, BigPay is working on products and experiences empowering its users to take small steps towards a greener lifestyle via gamified day-to-day financial actions.

“Helping the environment doesn’t need to be something that happens once a year, but it can be built into everyday behaviour,” said Salim Dhanani, CEO & Co-Founder of BigPay. “There’s no better way to do that than embedding sustainable contributions in financial services.”

Every Action Counts brings together a network of financial, e-commerce, digital, and consumer goods and services companies – with launch partners including Ant Group, Lazada, Mastercard, and more. Examples of efforts by the coalition include Alipay’s Ant Forest initiative, which encourages users to adopt low-carbon activities and enabled the planting of over 220 million trees in under five years. Mastercard has also collaborated with partners to create digital products that provide insights about the carbon impact of purchases to consumers.

Marianne Haahr, spokesperson for Every Action Counts and executive director of Green Digital Finance Alliance said, “This new coalition wants to creatively leverage technology and partnerships to enhance green awareness and catalyse green action for 1 billion people by 2025. We want to encourage consumer behaviour that can become a driver of nature conservation and regeneration. We see a future where economic growth can coexist with, and even support, nature conservation and climate action, which is why we are bringing together partners who can help champion this vision for our global economy.”

You can find out more about
Every Action Counts
 here.

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3 Silly Ways to Avoid GST

If you were to head to the
Malaysian Custom’s website
, you will see an obnoxious horizontal digital clock bar beeping the number of months, days, minutes and even seconds you have left before the Goods and Services Tax (GST) befalls you.

As you look at it, your expression changes and a fear not unlike that experienced before a Zombie Apocalypse overcomes you. “Only three months, 29 days, three hours, 36 minutes and 29 seconds to go? Holy **** I better buy all my stuff now before the price increases!”

Must. Buy. Now.

Or atleast, that’s what the the
Malaysian Institute of Economic Research (MiER) predicts you will do
. Well, the analysis makes sense – if you expect prices to rise for certain products; you’d want to try to stock up when you can. After all, we’re supposedly the same dudes
who queue at petrol stations till midnight the night before a fuel price hike
 just to save a few bucks (which we then burn trying to get out of said petrol station jam and back home). So, the binge shopping is probably not a far stretch.

But perhaps there would be less of a frenzy if people knew exactly what the impact of GST on their daily lives was going to be. Hoping we could find the answer on the Custom’s webpage; we eagerly clicked the link blaring “GST Impact” and we got an almost troll-like response:

“GST Impact will be available soon.” Nice guys, real cute. Yes, the impact of GST will be available soon for all of us to experience; in what was it? Oh yes, three months, 29 days and 3 hours or something right? Luckily, our friends over at SaveMoney had a pretty decent guide on how GST affects us. But with some things a little more illuminated and tonnes more not; we wondered, is there some way we can avoid this additional cost called GST?

Don’t worry; none of these are illegal (we’re not that kind of website) but because there are still unanswered questions about GST; we can’t promise these will work 100%. But hey, it’s still worth a shot right?

1. Go Shopping in Neighbouring Countries

Although, Singapore does charge their citizens GST and Thailand has their VAT; as a tourist you won’t be charged this (well, actually you will but you’ll be able to claim the refund at the airport). Similarly, tourists visiting Malaysia in four months time (after the three month ticking clock, geddit?) will be
entitled to GST refunds based on Custom’s regulations
.

If you’re thinking, “What annoyingly cheeky buggers coming to my country; taking selfies at KLCC and buying Malaysian women drinks at bars and then having GST free shopping!” But don’t sweat. Go across the borders and do the same. As long as you don’t appear like your buying enough to stock your
earning-more-than-RM500,000-per-year
 small business; you shouldn’t gain the attention of Custom’s Officers at KLIA 2.

Of course, the reason this forms part of the ‘silly’ list is because the cost of travelling and accommodation in another country will render the whole exercise pretty pointless. You might as well pay the 6%. Unless you were looking to have a holiday too.

Why Hello Bangkok Shopping

2. Only Buy Things on the Exemption List

Lobster is a great dinner and it’s GST free. So is most shellfish, many other raw food items and er,
live sheep and goats if farming is your new-found hobby
. However, the restaurant cooking it for you is offering you a service and thus, you’ll still be charged GST on the service.

So maybe it’s time to just buy all the raw ingredients you find on the exemption list and cook for yourself. It appears that petrol and property will also be GST exempt but with
petrol now sans subsidy
 and
property prices increasing every year
; you probably won’t be able to afford either so whether or not GST is charged is probably a moot point.

Other things that are exempted include education fees and public transport so feel free to take the LRT all around KL. You just can’t go shopping. Sorry.

Check out the
full list of exemptions
 if you’d like to memorise it before March 2015.

Why is this silly? Well, you can’t live your life only spending on items in the exemption list but even if you could; many suppliers and secondary sellers would have been charged GST along the service and supply chain to bring these exempted items to your nearby store. As such, they’re going to want to charge that additional cost back to you. As a bit of an educated guess – you’d probably still pay GST on exempted items (though not on the actual percentage of sale price) because the people who brought it to you paid GST on some service (transportation?) somewhere in the chain. It just isn’t a direct charge.

Lobster is GST free because we cannot penalise the poor people who need to eat lobster everyday. Right

3. Move to Another Country

Some politicians have made a name for themselves by this suggestion. So yeah, we went for gold with this one. But you can’t deny the fact that if you were to move to a country without GST or VAT then you will be essentially avoiding the charge. The number of countries, which do not have GST at the moment are dwindling but they do exist! We went through
the list
 and the Maldives is looking pretty good right about now.

All of this AND no GST?

Why is this suggestion silly? Well, I reckon if you didn’t already know you could ask the politicians who used it to detrimental effects.

Wait, So There Isn’t Any Real Way I Can Avoid This Tax?

At the moment, it doesn’t appear so but you knew that before reading. However, it doesn’t have to be doom and gloom. Some people will definitely be laughing all the way to the bank this GST implementation season and they include:

a) the people and companies giving GST related trainings and seminars as well as those selling GST software (raking in the moolah, baby);

b) unscrupulous businesses that decide to inflate prices blaming the GST for it when in actual fact their cost hasn’t increased; and

c) the government; because they will be collecting GST.

If you’re still thinking of trying to avoid GST, then you are already on the losing side. The government has reduced the rate of GST from 6% to
zero percent
, with effect on June 1, 2018.

Don’t fall into any of the categories above? Sorry, but at least you’re not alone: Misery loves company.

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Tolls On Five Highways To Accept Credit, Debit Card Payments By September 2023

(Image: Malay Mail/Yusof Mat Isa)

Works Minister Datuk Seri Alexander Nanta Linggi has announced that motorists travelling on five highways will be able to pay for their toll fees using debit and credit cards by September 2023. This comes as the ministry pushes forward to implement an open payment system for toll collection, in preparation for Malaysia’s transition to a multi-lane fast flow (MLFF) system.

The five highways that were selected for the implementation of these new payment options include:

New Pantai Expressway (NPE)

Ampang-Kuala Lumpur Elevated Highway (AKLEH)

Sungai Besi Expressway (Besraya)

Guthrie Corridor Expressway (GCE)

Penang Bridge

“Since the beginning of this year, I have ordered planning and discussions with the parties involved, as well as highway concession companies to take steps towards the implementation of an open payment system. I have also participated in various discussions that have been held,” said the minister.

Aside from that, Datuk Seri Alexander also said that the government will conduct a proof-of-concept (POC) for the MLFF system before the end of October 2023, with the location to be finalised soon. This is as the ministry now hopes to implement the MLFF system fully by the third quarter of 2024, instead of the
original targeted date of 2025
.

(Image: Bernama)

“Through the implementation of MLFF, an open payment system will be implemented for toll collection for all highways in Malaysia, and will open up opportunities for more e-wallet providers to participate, and no longer a monopoly by Touch ‘n Go (TNG),” said Datuk Seri Alexander, adding that this will lead to
healthy competition among industry players
, as well as improved convenience to highway users.

Datuk Seri Alexander’s announcement came just a day after Transport Minister Anthony Loke, too, said that credit and debit cards will soon be accepted for the
payment of public transport fares
. Both announcements, in turn, came after Prime Minister Datuk Seri Anwar Ibrahim said that the government will look into
reviewing TNG’s monopoly of highway toll payments
.

Meanwhile, Deputy Works Minister Datuk Seri Abdul Rahman Mohamed had shared earlier that
studies on implementing the MLFF system are expected to begin in 2024
, in accordance with the original implementation date of 2025. He further highlighted that these studies are necessary before the implementation of the system as it will involve a significant budget of RM3.46 billion.

(Sources:
Works Minister
,
Malay Mail
)

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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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PTPTN Brings Back Ganjaran Kesetiaan Simpan SSPN Prime Campaign With Additional 1% Return

The National Higher Education Fund Corporation (PTPTN) has once again brought back its annual loyalty reward campaign, Ganjaran Kesetiaan Simpan SSPN Prime, for 2022 to encourage depositors to continue saving via their Simpan SSPN accounts. Already ongoing, it is set to run until 30 April 2022.

Open only to depositors who created their Simpan SSPN Prime accounts between 2004 to 31 December 2018, the campaign offers an additional 1% return – on top of the annual SSPN dividend – as a token of gratitude for their loyalty. The depositors do, however, need to meet the following requirements:

Deposit a minimum cumulative amount of RM500 into their Simpan SSPN Prime accounts during the campaign period.
Do not withdraw from any Simpan SSPN Prime accounts that are opened under the depositor’s name during the campaign period (for those with more than one accounts).
Do not withdraw from Simpan SSPN accounts that are eligible for Ganjaran Kesetiaan during a specified holding period of between 1 May to 31 July 2022.

Note that the 1% return will be provided based on the deposit amount that has been made during the campaign period, and is capped at a maximum of RM8,000 for each eligible account. If you successfully qualify for the Ganjaran Kesetiaan provided, the reward that you’ve earned will then be automatically credited into your accounts in August 2022. Aside from that, SSPN also clarified in its FAQ that the Ganjaran Kesetiaan amount earned is not eligible for tax relief.

“The Ganjaran Kesetiaan Simpan SSPN Prime 2022 that will be given is well worth it as an additional return, in addition to the annual dividend. To all eligible Simpan SSPN Prime depositor, grab this golden opportunity,” said the chairman of PTPTN, Datuk Wan Saiful Wan Jan when he launched the campaign during the
announcement of the SSPN dividend for 2021
.

(Source:
SSPN
)

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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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Does Your SME Business Really Need its Own Office Space?

When you’re first starting out with your SME business, we’re sure you would start out from your home office. A cosy little corner of your house where you can focus your time and efforts on your work without having to incur the costs of paying for office space. After all, you don’t need it yet. You’re only a small SME, getting your little enterprising foot in the door.

Eventually your clientele grows, and so does your business. When this happens, it can be tempting (and feel necessary) to start thinking about investing in some office space. But do you really need it? Here are some important questions to ask yourself before adding that extra column to your business expenses.

Do You Need to Build a Team?

Building a team is quite different from having multiple employees or business partners of course. You can have several people working for you or with you without having to function as a unit. If each member handles their own department independently and can operate with minimal communication then you might not need an office just yet.

However, if you’re putting together a group of people who need to brainstorm, pitch concepts, or iterate on ideas frequently and consistently, then having office space to place these people together is essential. While telecommuting and remote work can help a lot, there are few things that can foster understanding, kinship, and idea generation better or faster than sharing the same office at the same time.

Do You Need to Attract Talent or Bigger Clients?

As your business grows, you will need to look for more people to fulfill certain positions. You may also need to invite higher profile clients to help sustain your burgeoning business. Doing all this from your home office is fine but having a separate office space would be even better.

A big clean space to exclusively do business in does wonder to attract the right kind of people. It projects an image of stability and both clients as well as talent will more likely work with you if you have an office compared to just a corner of your own house.

You Need More Room

This one may sound a bit obvious but if you literally can’t fit your business in your house, renting out an office might be a good solution. Keep in mind that it doesn’t have to be your
first
 solution of course. If you have stock or specialised equipment you need to use regularly you may still be able to store them in large unoccupied spaces around your house or in a storage facility.

But if your stock order gets too cumbersome to manage or you need to use heavier, larger equipment, then consider renting out a separate space for just your SME business.

Alternatives to Consider Before Getting an Office Space

It’s worth restating that renting an office is a recurring expense that will eat into your profits, so it makes sense to hold off on getting one as long as possible. But even if you feel like the questions above can only be answered by obtaining keys to a new address, consider these alternatives before you do so:

Co-Working Spaces

Much cheaper than renting your own space and often comes with the requisite utilities and amenities regular offices need, co-working spaces can be a good solution if you need to build a quick scrappy team or need to meet regularly for brainstorming sessions.

Remote Work / Telecommuting

With a steady and fast internet connection (which is becoming increasingly accessible in Malaysia), you can effectively work with your team remotely by video-conferencing, screen-sharing, and live-editing documents.

Ready to make that leap of faith and embark into the world of franchise business opportunities? If your answer is yes, then here’s a bonus tip to help you get started on your new venture.

Learn more about the benefits of SME banking by giving
RHB SME Banking Portal
 a visit and make use of their Knowledge Center to discover the useful tips and tricks to help you achieve your aspirations as a soon-to-be franchisee. From business loans to current accounts created specifically for the fundamental needs of SME business owners, begin your journey as a franchisee with RHB SME Banking Portal today.

This article was brought to you in collaboration with RHB SME Banking.

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MySalam Registration For Non-BSH (M40) Malaysians Ends Today

For non-BSH Malaysians with an annual income of less than RM100,000, the registration for MySalam will end today. If you are eligible and haven’t done so already, it’s best to register by the end of the day.

The
MySalam Takaful programme
 was originally known as the
B40 Health Protection Fund
, which was announced at Budget 2019 as a way to assist B40 Malaysians in their time of need. It offered a payout of RM8,000 upon a diagnosis of any of the 36 critical illnesses covered, and a hospitalisation allowance of RM50 per day (capped at 14 days) for those who are warded in government hospitals.

MySalam was enhanced in Budget 2020, expanding the critical illness coverage from 36 to 45, covering polio and terminal illnesses. In addition, the Government also expanded the eligibility of MySalam to Malaysians with a gross annual income of RM100,000 and below, covering the M40 group. However, this group will receive a critical illness payout of RM4,000 instead of RM8,000; the RM50 daily hospitalisation benefit doesn’t change.

This coverage applies to all eligible Malaysians, which is a huge deal for those who do not have medical insurance. On top of that, note also that MySalam will honour hospitalisation benefits for those who are diagnosed with COVID-19.

Eligible M40 Malaysians can
register for MySalam here
. B40 Malaysians who receive Bantuan Sara Hidup (BSH) do not need to register, as they are automatically enrolled via the BSH database.

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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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    GAURI

    3 years ago

the website is not working

2

Reply

    sivakumar

    3 years ago

how to apply

0

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    Daneswaran Alagendran

    3 years ago

I need money…how to apply this

0

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    Chandrathevy

    3 years ago

I  wish to register for mysalam scheme. I missed the deadline. Do i still have a chance?

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    Pang Tun Yau

    3 years ago

    Reply to

        Chandrathevy

Unfortunately not I’m afraid 🙁

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Major Telco Players Sign Pledge For Better Service That Will Take Effect By Year-End

(Image: Malay Mail
)

CEOs and representatives from major telco players in the country have signed a Consumer First pledge initiated by the Malaysian Communications and Multimedia Commission (MCMC).

Celcom, Maxis, TM, U Mobile, YTL Communications, Digi, and TIME have pledged to maintain network quality and improve communication for the 41.5 million broadband subscribers and 42.9 million mobile cellular subscribers in the country.

(Image:
Soya Cincau
)

Currently, the General Consumer Code (GCC) requires 90% of complaints to be resolved within 15 working days while 95% of the complaints are to be resolved within 30 days. Consumers can expect less turnaround time for complaint resolution after this initiative takes effect. Less complex complaints including activation, plan change, and line termination should be resolved within 3 working days while complex complaints such as fraud and purchases involving third-party platforms (Google Play or Apple AppStore) must be sorted out within 15 working days.

Meanwhile, telco advertising should be more transparent so consumers can be clear on the terms, conditions, and contracts of telco services. The advertisement should be refined and communicated clearly to ensure that consumers know their rights.

Meanwhile, the MCMC is also drafting a General Compensation Plan (GCP) to ensure any compensation plans offered are fair and resolution time is expedited without unfair conduct by the telcos. This will ensure consumers will not have to bear any financial consequences because of the errors made by the telcos. Currently, most telco providers offer no compensation for when network outages happened.

According to MCMC chairman Al-Ishal Ishak, “This inaugural pledge reflects our commitment to ensure that we keep on raising the bar on consumer experience.”

(Source:
Soya Cincau
,
MalayMail

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StashAway Announces Re-Optimisation Exercise To Adapt To "New Economic Environment"

Robo-advisor StashAway has notified clients that it will be re-optimising their portfolios in a bid to adapt to a “new economic environment” following recent developments in global economic movements. In particular, it highlighted the entry of the United States’ (US) economy into an inflationary growth period, whereas other (non-US) economies are experiencing disinflationary growth.

According to StashAway, recent indicators from the US economy has shown that it has begun heading into an inflationary growth environment. This is essentially a state where the country experiences positive growth but also high inflation – and it is one of the four economic regimes featured in the
Economic Regime-based Asset Allocation (ERAA) investment framework
 used by StashAway to manage its clients’ portfolios.

“Inflationary growth doesn’t tend to last (the US economy has experienced only several short-lived episodes of inflationary growth since 1990), but we could stay in this regime as long as it takes to vaccinate people, reopen borders, and restore supply chains,” said the co-founder and chief information officer of StashAway, Freddy Lim in the announcement post.

Meanwhile, economies outside of the US are seeing growth outpacing inflation – a situation referred to as disinflationary growth in the ERAA framework (positive growth, low inflation). “While inflation is outpacing growth in the US, growth is outpacing inflation in the global ex-US economy. Compared to the US, global inflation is rising, but is rising at a significantly slower rate than it is in the US in absolute terms,” Lim explained.

Consequently, these two factors have convinced StashAway that it is necessary to carry out a re-optimisation exercise, allowing it to readjust the asset allocation of its clients’ portfolio to defend against inflation and tap into global growth opportunities. Specifically, this round of re-optimisation will see changes such as:

Maintaining or increasing exposure to China’s technology
Broadening inflation-protection assets beyond just gold, namely:

a)
US assets
: New equity allocations for consumer staples, energy, and REITs
b)
International assets
: Increase in allocations to emerging market bonds, and new equity allocations to commodity-exporting countries

With this latest update, StashAway hopes to provide better management and returns for their clients’ portfolio in the long term. “We manage your portfolios for long-term success. Remember that another one of the keys to a successful investment outcome is to stick to your long-term investment plan,” it said.

StashAway has carried out a total of three re-optimisation exercises since its launch in July 2017 – namely in December 2017, August 2019, and May 2020.

(Source:
StashAway
)

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Grab Officially Launches GrabFin Brand, Offers Better Accessibility To Its Financial Services

Grab Financial Group (GFG) has officially launched its new GrabFin brand for all users, which will cover its existing and upcoming digital payment, insurance, lending and wealth management solutions.

With this new brand, Grab said that all its financial offerings will be consolidated into one page on the Grab app, allowing users to conveniently access the services via one single entry point. This is following findings from a recent survey by Nielsen, which revealed that three out of five consumers prefer to access all their financial services on one integrated platform.

“The brand will offer everyday financial services that are simple to activate with just a few clicks in-app; fractionalised so more people can access the services; and flexible to enable consumers to choose how they use the products with no lock-in period,” said the head of GrabFin, Kell Jay Lim.

Lim also commented that with GrabFin, access to financial services will be “as simple as ordering a ride on the Grab app.” According to him, the customised products on GrabFin, as well as the multi-layered security features of GrabPay, will offer both flexibility and a peace of mind to Grab users.

Lim further said that the GrabFin brand represents the tech giant’s commitment to drive financial inclusion across the Southeast Asian region. “It reinforces our promise to empower the six in ten financially underserved in the region, by providing simple, accessible, and flexible financial services in a single platform that they are familiar with and already access daily,” he remarked.

(Image: Today Online)

Prior to this official launch, Grab had already been
rolling out the GrabFin brand
 to its users, drivers, and delivery partners in stages since almost two weeks ago. Among some of the changes that were introduced include the Payment tab in the Grab app being replaced with a new Finance tab. The new tab will house all the relevant financial products for users, including Grab’s
Travel Cover
 and
Ride Cover
. Grab drivers and delivery partners, too, will see financial products that are pertinent to them, such as the
Grab Daily Insurance
 and
Grab Cash Financing-i
.

Grab was also recently named as one of the five
successful applicants of Bank Negara Malaysia’s (BNM) digital banking licences
. Other applicants who also made the cut include a consortium led by KAF Investment Bank, as well as a consortium between
Boost Holdings Sdn Bhd and RHB Bank
.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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