Online Banking Made More Secure on RHB’s New Online Banking Platform

One of the main factors that can greatly affect one’s choice in selecting a bank partner is security. With banking tasks now predominantly taken to the digital space, tight security measures and preventive steps are imperative to reduce the risk of identity theft, compromised personal information, and unauthorised access.

To ensure customers are provided with a secure and seamless online banking experience, RHB has announced the migration of RHB Now Internet Banking and RHB Now Mobile Banking to new platforms by 31 March 2023.

New RHB Online Banking Comes Equipped With Enhanced Security Measures

The migration of RHB Now is driven by RHB Online Banking’s more robust security system. The recent upgrades in RHB’s digital channel platforms allow users to perform all their banking needs confidently as it provides security features that far outdo the classic version.

Not only that, the new RHB Online Banking aligns with Bank Negara’s guideline to keep online banking services up to date with the latest security features.

Here’s what you can do on the new RHB Online Banking and RHB Mobile Banking App

Mobile Banking App Now Complete With Secure Plus

One of the security features now available on RHB Online Banking is Secure Plus, an integrated feature that works as a mobile token to authorise high amount transfers or transactions of RM10,000.00 and above. With Secure Plus enabled, users can authorise all online transactions in just a few clicks.

Open A RHB Account Online – No Bank Visits Required

If you’re not yet a customer of RHB, you can now sign up for an account using the Online Account Opening, which is available via web or mobile app. This means you can open an account at any time.

Flexibility To Store Multiple Currencies & Perform FTT Transactions

Here’s something interesting you may not know – you could store up to 24 foreign currencies in a single account. So if you’re the type to travel or make transactions across the globe, you may find this feature incredibly useful.

In addition to that, you could also send money to your friends and family who are based overseas. Using RHB Online Banking, you can perform Foreign Telegraphic Transfer (FTT) conveniently without the need for an additional app.

View & Redeem Your RHB Loyalty Points

If you currently use an RHB credit card, you may have racked up plenty of RHB Loyalty Points which can be used for rewards redemption. With the new RHB Online Banking platform, you can view and redeem your points easily!

Depending on how much rewards you’ve collected, you may be the proud owner of a new Morphy Richards toaster, BenQ monitor, or even a Beko Refrigerator.

Moving from classic RHB Now to RHB Online Banking/ RHB Mobile Banking

If you have existing recurring transactions with the classic RHB Now Internet Banking and RHB Now Mobile Banking, you will be required to transfer them to the new RHB Online Banking platform.

Users are advised to delete all recurring transactions from RHB Now and perform a one-time set up on the new RHB Online Banking platform to avoid duplicate payments and being charged late payment penalties.

Users may login to the new RHB Online Banking platform using their existing username and password.

More Features Will Be Added To The New RHB Online Banking

RHB prioritises the voice of their customers, and in keeping with tomorrow’s demands, upcoming features will be added to the new RHB Online Banking platform. This will include features such as DuitNow Request-to-Pay, DuitNow Auto-Debit, Lock Account, and many others.

Click here to visit
RHB Online Banking
 via the web. Alternatively, click here to download the app at
Google Play Store
 or
Apple App Store
.

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Lisa Ameera Azman

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7 Totally Useful Things to Put Inside Your Ang Pows Besides Cash

Looking forward to the red packet season? For the unmarried among you, of course receiving
ang pows
 is great. But for the ones obligated to give them away instead, this is the time to regret blowing all the
ang pow
 money you received as a child. You could’ve saved them up for exactly this moment and re-packet them to give away. Tsk tsk.

Luckily, there are other things way more useful than money. So if you have a bunch of empty
ang pow
 packets to be filled but no money to fill them with, consider the following items.

Touch n Go Cards

Relatively cheap at RM10.60 per card and genuinely more useful in some cases nowadays due to several tollbooths in Klang Valley beginning to phase out their acceptance of cash.

It’s also a good way to get rid of your raggedy old Touch n Go cards and buy yourself a shiny new one. Win-win, unless the recipients don’t drive…

Star Wars (or Other) Movie Tickets

Did you guys see the new Star Wars movie? Some of you haven’t, we know. Put some tickets in the
ang pow
 and we can solve that problem pretty easily. Theatres are playing all the way to the end of January.

Also, since it
broke box-office records
 for first week ticket sales (also, it’s
Star Wars
) it might still be playing all the way through Chinese New Year week. But in case it doesn’t…

Haze Masks

The haze was terrible a few months back, huh? Some parts of Malaysia even had
yellow skies
. The visibility was so low; nobody saw the toll price increase coming. While the haze has died down since then, it always pays to be safe.

Your standard issue health mask can fold quite neatly into an
ang pow
 and is a pretty thoughtful gift (unfortunately the N95 can’t be folded). Good luck and good health, right? But if your recipient is a homebody type who doesn’t go out much anyway…

Namecards or Job Contacts

As one of the media’s favourite ministers have advised us,
we should all get more jobs
 to deal with the rising costs of living. What better way to help each other along than passing out some useful contacts?

Even if you don’t have contacts, you can just give out your own namecards. Who knows, somebody on the other end of that might be looking to hire someone crafty enough to not put any cash in their ang pows. But if the recipient is not yet of working age…

Netflix vs iflix Comparison Chart

Now that
Netflix
 is in Malaysia and
iflix
 is also around, watching TV and movies whenever we want is more affordable than ever. So should you give write down your login details and pass it around in your
ang pows
?

No, no. Even better. You print out
our comparison chart that we made
 so the recipient can decide for themselves which of the services are the best for them. You can’t give somebody an iflix login when they want to watch Netflix, right? Exactly. But if the recipient doesn’t watch TV or movies…

Personalised IOU Vouchers

What is money but a physical representation of human time and effort? That’s what you’re really giving away when you give away money. Therefore, why not just give other people your time and energy directly?

Write down a little note like “This entitles the bearer to a FREE [chore] by [your name]” and sign it. They can then claim your services. You can offer to babysit their pet, clean their house, or help fill their
ang pows
 with IOUs. But if you’re not comfortable owing favours to the recipient…

Smaller Ang Pows

Here’s what you do. You gather round all the
ang pow
 packets you received throughout your lifetime and sort them by size. Then you stuff the smaller ones inside the bigger ones. Anyone can make back the money they give away via
ang pow
, but they’ll always need to get new
ang pows
.

That’s where you come in. Imagine opening up an
ang pow
 to find another
ang pow
 packet inside. That’s twice the luck! Try putting even smaller
ang pows
 inside even smaller
ang pows
 inside the big
ang pow
 for a Russian doll / nesting
ang pow
 situation. Remember to not give away an odd number of
ang pows
 though.

As you can see, there are many more things you can stuff inside a red packet besides cash. Be a trendsetter and funk up your Chinese New Year a little.

Or just don’t be a cheapskate and spend a little money for your
ang pows
. It’s for family and tradition anyway. Besides, you only get to do this once a year. Speaking of which, check out the
history behind the
ang pow
 to know why it’s this tradition endured over thousands of years.

Have you ever found something unexpected in your
ang pow
 that was kinda sorta useful, but not really? Share your story with us in the comments section down below!

Photo credits:
PLUSMiles
,
“Travelling with Swine Flu” by Diego Cupolo
,
Image Money via flickr
,
“Good health and good fortune (3233557417)” by Kenny Louie from Vancouver, Canada
,
Esther Vargas via flickr
, and
John Ragai
.

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Ahmad Mudhakkir

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Malaysia April Unemployment Rate Spikes To 5%, Highest Since 1990

The unemployment rate in Malaysia for the month of April has spiked to 5%, the highest it has been in thirty years. The number of unemployed persons went up by 48.8% compared to the same time a year ago, with 778,800 people out of jobs in April 2020.

According to chief statistician Mohd Uzir Mahidin, the loss of employment and job opportunities resulted from the closure of operations for most businesses during the movement control order (MCO) due to the Covid-19 pandemic.

The Department of Statistics Malaysia found that in April, the working population decreased by 156,400 persons or -1% year-on-year. Month-on-month, the working population decreased by 299,000 or -2% as compared to March 2020, which recorded 15.23 million persons working.

Those who were most affected were found to be in the manufacturing and services sectors, especially accommodation and food and beverage; arts, entertainment and recreation; and other services such as beauty centres and salons.

The survey also recorded 2.59 million people “own-account” workers who were exposed to the risk of job an income losses during the MCO. This group largely comprised of small traders such as farmer’s market and night market vendors, caterers, freelancers, and tour operators. Moreover, there were also 4.87 million employed persons who were not working in April 2020 – although this group of people was not categorised as unemployed as they had work to return to.

The Department of Statistics expects that the labour market position will continue to be affected in May 2020, although current measures being taken by the government including the recovery MCO and
PENJANA
 could lead business operations and the labour market to gradually recover starting June 2020.

AmBank Group Research has predicted that Malaysia’s unemployment rate could hit 6% or even higher this year. It commented that the unemployment rate in April was worse than the 1997 Asian financial crisis and 2008 recession when unemployment rose to 3.2% and 3.7% respectively.

(Source:
Free Malaysia Today
,
The Edge Markets
)

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Maybank Customers Now Allowed To Set Daily Limits For FPX Transactions

Maybank has now enabled a new feature that allows its customers to set their own preferred daily limit for FPX transactions, up to a maximum of RM50,000 per day. Already live, Maybank customers can tap into the feature on the Maybank2u website.

To change your daily limit for FPX transactions, simply follow these steps after logging into your Maybank2u account on the website:

Click on “Settings” at the top right corner.
Click on the “Pay & Transfer” tab.
Select “FPX” and change your limit.
Authorise the change via SMS TAC, and you’re done!

Maybank also stated that it will automatically set the daily limit to RM3,000 for customers who do not make any updates by 20 August 2022. Note as well that while you’re now able to change the daily limit for your FPX transactions, the maximum amount allowed for each FPX transaction remains unchanged at RM30,000.

Prior to this, the daily limit for FPX transactions was automatically fixed at RM50,000, with no option to customise the amount to a customer’s preference. The introduction of this latest feature is part of Maybank’s continuous effort to enhance its online banking security.

(Source: Maybank [
1
,
2
])

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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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The 4 Things Lenders Consider Before Approving Your Home Loan

In a previous article, we’ve talked about the pros and cons of purchasing a property in cash versus applying for a home loan. Home loans work the same way as any other loan does. The lender (the bank, as is often the case) charges an amount of interest and the borrower pays the money back plus interest in installments. However, the criteria that lenders look at before approving your loan can be a little different. Here are the four main things lenders think about to decide whether to approve your home loan.

Credit

As with most other loans, one of the first things to look at is your credit history. Your credit history of course tells the lenders how good of a paymaster you are. It’s in the lender’s best interest to understand fully whether or not you can pay them back, and taking a look at your credit score helps. The better your credit score is, the more likely your loan will get approved. For full details on what a credit score and how to maintain a good one, you can check out
our article on the subject
.

Capital

This refers to the assets or funds you have to cover the payments associated with the home loan. In addition to the 10% down payment, you also have to pay several additional fees like legal fees, processing fees, and various stamp duties. The lender will take a look at your funds and assets to determine that you can cover these expenses with little trouble. The more you have in assets, the easier it is to ensure that you can pay them back the cash you owe. In fact, if you can pay more than the typical 10% down payment,
you’re even more likely to get your loan approved
.

Capacity

This is how able you are to repay the loan based on income, employment history, savings, and monthly liabilities. How much you have the day you apply for the loan and how well you’ve been paying back your loans in the past isn’t an indicator of how you’ll be paying in the future. To account for this, lenders will take a look at your earnings and expenses to project how compatible your monthly cash flow will be with their monthly expectations once the loan is added to your expenses.

Collateral

The one major additional factor concerning house loans is the value and condition of the property based on their appraisal. Lenders have to think about what might happen should you fail to fulfill your loan obligations. In the case of a home loan, when a property looks to be in good condition or expected to rise in value, the lender is more likely to approve your loan. Because even if you renege, the bank can auction off the property or loan it out to other would-be borrowers to make up for their loss.

There you have it. The four important factors affecting the bank or lender’s decision when considering whether or not to approve your home loan. Keep these in mind and make sure your details are favourable, and you’ll be approved for your home loan in no time. Before getting approved however, you have to apply for one. Thankfully, we have a
comparison tool that compares all the best home loans in Malaysia
 so you can find one that suits your needs just right. Have anything to contribute to this article? Do share your thoughts with us in the comments section down below!

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Applications For PEMULIH Loan Moratorium Start Today - Here’s What You Need To Know

On 28 June 2021, Prime Minister Tan Sri Muhyiddin Yassin announced that
a second six-month loan moratorium
 will be made available to all individual borrowers (B40, M40, or T20) and microentrepreneurs under the latest PEMULIH stimulus package. Running from July 2021 onwards, it is intended to offer some relief to Malaysians who are struggling financially following the implementation of a prolonged lockdown period to combat the spread of the Covid-19 pandemic.

As of today, applications for the new PEMULIH moratorium are officially open. In this article, we will share some crucial details that you should take note of before making your decision to apply for the moratorium.

What is available under Pemulih Loan Moratorium?

There are three forms of assistance that are being provided to borrowers and credit cardholders, depending on their needs and preferences:

Full deferment of loan instalments for 6 months
50% reduction in monthly instalment payment for a period of 6 months
Conversion of outstanding credit card balances to instalment plans for up to 36 months, with a fixed interest rate of 13% p.a.

In general, the first two aids will be made available for most credit facilities, namely housing loans and mortgages, personal loans, hire purchase and vehicle financing, ASB financing, as well as term loans and overdrafts. That said, it’s best that you check in with your respective banks to confirm whether your credit facility or loans are eligible for their assistance packages.

Meanwhile, the third aid – which offers the conversion of outstanding credit card balances to instalment plans – has actually
been around for quite a while
. It was rolled out alongside the
first automatic moratorium back in April 2020
, and has been extended since to assist cardholders who are unable to consistently repay their credit card debts.

Aside from the above standard aids, a number of banks also appear to have offered some “differentiated” or additional packages. For instance, CIMB customers with auto financing or hire purchase loans will be able to choose between a 3-month or 6-month moratorium (with no option for a 50% reduction in monthly instalment payments). UOB, on the other hand, has a special assistance option for customers with conventional mortgage and term loans, allowing them to only pay for the interest portion of their loans for six months (with a 6-month extension of the loan tenure).

Most banks also state that they are ready to speak to any borrowers who need other tailored financial assistance packages. Borrowers are encouraged to reach out to them if the second moratorium does not suit their needs, noting that alternative help – such as existing targeted repayment assistance (TRA) packages or rescheduling and restructuring (R&R) – are also available.

To find out more about the specific aids that are being provided by each individual bank, here are their Covid-19 support pages listed below:

–
Affin Bank Berhad / Affin Islamic Bank Berhad

–
Bank Pertanian Malaysia Berhad (Agrobank)

–
Al Rajhi Banking & Investment Corporation (Malaysia) Berhad

–
Alliance Bank Malaysia Berhad / Alliance Islamic Bank Berhad

–
AmBank (M) Berhad / AmBank Islamic Berhad

–
Bank Islam Malaysia Berhad

–
Bank Muamalat Malaysia Berhad

–
Bank Rakyat Berhad

–
Bank Simpanan Nasional

–
CIMB Bank Berhad / CIMB Islamic Bank Berhad

–
Citibank Berhad

–
HSBC Bank Malaysia Berhad / HSBC Amanah Malaysia Berhad

–
Hong Leong Bank Berhad / Hong Leong Islamic Bank Berhad

–
Kuwait Finance House (Malaysia) Berhad

–
Malayan Banking Berhad / Maybank Islamic Berhad

–
MBSB Bank Berhad

–
OCBC Bank (Malaysia) Berhad / OCBC Al-Amin Bank Berhad

–
Public Bank Berhad / Public Islamic Bank Berhad

–
RHB Bank Berhad / RHB Islamic Bank Berhad

–
SME Bank Berhad

–
Standard Chartered Bank Malaysia Berhad / Standard Chartered Saadiq Berhad

–
United Overseas Bank (Malaysia) Bhd

Interest Will Accrue During The Moratorium Period

(Image: The Malaysian Reserve)

All banks have emphasised that taking the loan moratorium will incur additional financing cost, since interest will still accrue during the deferment period. As mentioned earlier by
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz
, accrued interest and any penalty charges will not compound during the moratorium period. Similarly, the tenure of the loan will also be increased based on your existing loan – some borrowers may see their tenures extended by six months, while others may have longer extensions.

As such, borrowers are advised to continue with their existing loan repayment, and only consider the loan moratorium if they face severe cash flow issues.

(Image: The Star)

On top of this, borrowers should also note that each bank has been given the flexibility to set their own terms and conditions with regard to the specific treatment of the interest during the moratorium. In other words, these terms are not set by Bank Negara Malaysia (BNM), the Association of Banks in Malaysia (ABM), or the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) beyond the general assistance packages mentioned in the previous section. Consequently, one borrower’s repayment terms may be different to another – you will need to speak to your respective banks to find out what’s available for your specific loan(s).

Here are some examples by several banks on interest calculations to give borrowers a clearer picture of the additional financing costs (if any) should they take up the loan moratorium:

CIMB Bank

Maybank

RHB Bank

Affin Bank

How to apply for Pemulih loan moratorium?

Prior to applying, check to make sure that you meet the prerequisite requirements in order to be eligible for the assistance packages offered, specifically:

Approval date for the customer’s financing account must be before 30 June 2021 or 1 July 2021 (depending on banks).
Your financing account should not be in arrears exceeding 90 days from the date of the application.
You should not be declared bankrupt.

If you qualify for the moratorium assistances, then you can begin the application process. Typically, most banks will have a dedicated Covid-19 support page and online form that you can access to kickstart the process. In some cases, you may be required to first go through a verification process (such as Public Bank) or log into your online banking account before you can proceed (such as Maybank – available only starting from 20 July 2021).

In general, the only form only requires you to provide the usual personal details, such as your name, MyKad number, mobile number, and email. You may also be asked to share details about your loans (e.g. your loan account number, credit card number, or if you have any existing standing instructions with the banks). Finally, make sure to inform the bank of your preferred moratorium package before submitting your form.

Aside from online applications, banks also offer other channels to apply. You can email or call the bank for assistance. It is also possible for you to walk in to a branch to apply, but note that some branches may not be open during the EMCO/FMCO, while many banks also require you to schedule an appointment in order to visit the branch.

Alternatively, some banks may also reach out to borrowers via SMSes and emails. You can then reply them via these channels to take the loan moratorium.

Finally, the banks have confirmed that borrowers will not need to provide documentations (such as proof of loss of income or unemployment) during the application process, although certain parties may be required to sign a self-declaration form. That said, there may be some follow-up enquiries after that if your respective bank deems it necessary.

***

(Image: The Malaysian Reserve)

Given the financial struggles of many Malaysians during this difficult time, the PEMULIH moratorium can be a seen as a temporary band aid to help ease cash flow issues. Just like before, this aid will not be recorded in CCRIS, which means it will not affect your credit health. If you need help, it is available for you – but note that there are additional costs incurred, so you must consider the option carefully.

We are taking a closer look at the banks’ FAQs and will be sharing our analysis and recommendations on the Pemulih loan moratorium very soon.

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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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Banking Advice From the Chinese Zodiac For 2016

Just yesterday, we shared
an article on the financial predictions of the Chinese Zodiac for the year of the Monkey, 2016
. Based on the year you were born; the zodiac fills you in on the kind of money fortunes both good and bad that you can expect this year.

But just telling you what these astrology predictions say is one thing – what if you actually wanted action steps to help you along? Based on the advice; we’re going to see if we can glean some real steps you can take to better your finances this year.

Putting Saving First and Foremost

Associated signs: The Dog, the Horse, and the Monkey.

For the three animals listed above, saving and cautious spending were all indicated in the forecasts.

The Dog is encouraged to draw up solutions to curb “overspending and ensuring continued balance in their income.”

The Horse is advised to “pay close attention to spending” and attempt to do without most of them.

The Monkey is encouraged to aim for his financial goals but “resist temptation to make big investments.”

As such, having a
savings account
 with limited ATM access and possibly an auto credit feature to funnel savings straight from your salary crediting account will hold all these signs in good stead without the added commitment required in a fixed deposit.

Of course, as indicated, good budgeting and tracking of expenses is surely in order.

Maximise Rewards

Associated signs: The Tiger, and the Rooster.

For both the Tiger and the Rooster, spending big money is forecasted to be something that likely comes up. Both signs are possibly going on a vacation or extended travel and the Tiger is further said to have home renovation or sprucing up on the cards.

Both travel and home overhauling plans are expensive so it is best glean the most benefits and rewards from the expenditure. For travelling, a rewarding
travel credit card
 or
cashback credit card
 will earn the two signs some good freebies or rebates.

For home renovation, one could look to
re-mortgaging the home
 for a more attractive interest rate or paying for the spending with a high limit credit card to earn a truckload of points/cashback in one go.

Of course, if you are using credit to pay for these spends – always do your best to pay off the amounts in full as quick as you can to avoid incurring hefty interest!

Get Protected

Associated signs: The Rat, the Ox and the Snake.

These three zodiac signs are encouraged in 2016 to protect themselves against some of the unexpected spending that may occur this year.

The Rat is encouraged to prioritise the needs of family and taking care of him/herself.

The Ox is advised to keep money issues at bay as it may affect his/her health and as such, an insurance plan to deal with unfortunate events will be welcome.

The Snake had a similar forecast as the Ox so again – taking precautions before the money issues crop up will do a world of good for both signs.

Signing up for adequate
medical card insurance
,
personal accident
 and even
travel insurance
 may mean a little more additional premiums to pay but a whole load of peace of mind if something untoward happened.

Grow Your Money

Associated signs: The Goat, the Boar, the Dragon, and the Rabbit.

The fabulous four signs above could benefit quite a bit from having a pot of money put into a
fixed deposit
 to grow this year. If they already have one; perhaps a look into better rates or adding to that pot will be a good step.

The Goat this year is said to be in for some good earnings but this will then need to be properly cared for in order to grow.

The Boar will be tempted more than ever to spend on luxuries but that will only spell trouble. Instead, the Boar would benefit from funnelling the extra cash into a secure savings for the future.

The same can be said for the Dragon. Though this sign will see more financial luck this year than the Boar – the advice is to funnel the excess wealth into a steady growing fund.

Finally, the Rabbit is advised to grow his/her money-pot this year and cut down on frivolous spending.

A
fixed deposit
 with a good interest rate will be able to help these four signs achieve their goals and grow their money this year.

Financial Health, This Year and Every Year

Whether or not you believe in zodiac predictions – more saving, more rewards and certainly more wealth growth is a welcome goal for anyone, every year.

Whilst writing this list may have appealed to the astrology buff in some of you – the advice is nothing overtly different from what you are told about your finances year after year: spend wisely, save more, eke more rewards and grow your money.

Of course, before signing up for any banking product, reading the terms and understanding your commitment will come first and foremost.

Happy Chinese New Year Everyone!

*The above is written based on the predictions
shared in our article yesterday
. *

Disclaimer: The astrology predictions are for entertainment purposes only. Before applying for any banking product, kindly consider the terms and conditions. RinggitPlus and its’ affiliates, are not responsible for any loss or detriment suffered through the improper use of the information contained herein.

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Malaysia’s Unemployment Rate Remains Unchanged At 4.8% In July 2021

(Image: Malay Mail/Ahmad Zamzahuri)

The latest labour report from the Department of Statistics Malaysia (DOSM) indicated that Malaysia’s unemployment rate for July 2021 has remained unchanged from the previous month, set at 4.8%. However, the number of unemployed individuals increased slightly by 1.2% to record a total of 778,200 persons compared with 768,700 persons in June 2021.

DOSM also highlighted a smaller month-on-month decline of 0.02% for the number of employed persons in July 2021, recording 15.29 million persons as compared to 15.3 million persons in June 2021.

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin attributed this slight setback to the shifting of the whole nation to Phase 1 of National Recovery Plan (NRP) due to the high numbers of Covid-19 new cases despite the ascending vaccination rate. Eight states later moved into Phase 2 of NRP to allow more economic activities, which signaled some positive effects for the economy and the labour market.

“Nevertheless, eight states which consist approximately 52% of Malaysia’s labour force remained in Phase 1 of NRP. As for Selangor and Wilayah Persekutuan Kuala Lumpur, most districts and localities in both states were in restricted movement control order (RMCO) starting from 3 to 15 July 2021, which had caused non-essential economic and services activities to be halted,” said the chief statistician, adding that the number of the labour force in July 2021 stood at 16.07 million persons.

To further breakdown the unemployed group in July 2021, DOSM reported that actively unemployed individuals – described at those who are unemployed and are actively looking for jobs – rose by 1.3% to 651,300 individuals from 642,900 persons in June 2021. Meanwhile, the number of those who are inactively unemployed (individuals who believe that there is a lack of available jobs) increased by 0.8% to 126,900 as compared to 125,800 persons in the previous month.

As for the employed group, the employee category – which makes up the largest composition of this group – reduced by 0.02% to 11.87 million persons in July 2021. Own-account workers (self-employed), on the other hand, continued to increase for six consecutive months with an addition of 0.3% month-on-month, recording 2.50 million persons in July 2021. Also, the number of employed persons who were temporarily not working declined by 3.1% to record 776,300 persons in July 2021, as compared to 801,100 persons in June 2021.

(Image: The Star)

Datuk Seri Uzir further noted that the labour market was generally positively associated with economic performance. “The implementation of the NRP has allowed some flexibility for economic and service activities to resume in line with the NRP’s phases. This targeted strategy has brought some light for the labour market to recover progressively,” he said.

In spite of that, the chief statistician also cautioned that challenges to the labour market may persist due to the uncertainty posed by the public health situation. “On this note, collaboration and awareness of the whole nation comprising of individuals, community as well as businesses are crucial to ensure herd immunity can be achieved, thus will be able to revive the country’s economy and labour market,” he said.

(Source: DOSM [
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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BNM Adds Trading Platform OctaFX To Financial Consumer Alert List

Bank Negara Malaysia (BNM) has updated its Financial Consumer Alert list to include foreign exchange (forex) trading platform OctaFX. With this, the central bank has clarified that the platform is neither authorised nor approved under the regulations administered by BNM.

In its statement, BNM noted that OctaFX’s website, as well as official accounts on social media platforms have all been added into the Financial Consumer Alert list. These include the platform’s Facebook, Twitter, Instagram, YouTube, and LinkedIn accounts.

BNM also explained that the Financial Consumer Alert list acts as a guide for investors, so that they are aware of entities and schemes that “may have been wrongly perceived or represented as being licensed or regulated by BNM”. Additionally, the list is updated based on information that is shared by members of the public, with necessary assessments conducted on the reported entities and schemes.

Aside from BNM, the Securities Commission Malaysia (SC), too, had previously
added OctaFX
 to its own Investor Alert List. It was listed based on the justification that the platform had been carrying out capital market activities of dealing in derivatives without a licence, and for operating a recognised market without authorisation from the SC.

Meanwhile, OctaFX is an international forex broker with presence in over 100 countries globally. Within Malaysia, it has been gradually gaining interest and traction among investors due to its extensive advertisement campaigns, with celebrities such as Fizo Omar and Wak Doyok appearing as “ambassadors”. At the time of writing, the
website for OctaFX
 is still live, along with its social media accounts (such as
Facebook
).

(Sources: BNM [
1
,
2
],
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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Skip The Queue (And Cashier) And Grab A Samsung Galaxy S20 For Free With RinggitPlus

As you may have seen on social media today, Samsung Malaysia officially kicked off the launch of its latest Galaxy S20 series of smartphones at five roadshows throughout the country. Offering freebies and rebates, lines actually began forming late last night!

Sure, that
free 50-inch 4K TV freebie
 sounds like a great deal, but what if we told you that you can get a Galaxy S20…for
free
? As part of our Flash Deal for March 2020, RinggitPlus is offering a free Samsung Galaxy S20 worth RM3,599 by applying for an eligible credit card!

Samsung’s new Galaxy S20 may be small in size, but it’s actually very similar in specs with the larger Galaxy S20+ that costs RM3,999. Powered by an Exynos 990 eight-core processor with 8GB of RAM and 128GB of internal storage, the Galaxy S20 also packs the 120Hz display on the more expensive models. If you’ve never tried a phone with 120Hz refresh rates before… try it to see just how buttery smooth your device feels.

Plus, the Galaxy S20 series sees a major revamp in the imaging aspect, as all Galaxy S20 models feature brand-new camera setups – the first time since 2018! The Samsung Galaxy S20 Ultra may grab all the headlines with its 100x “Space Zoom”, but don’t let that fool you – the Galaxy S20’s triple camera setup holds its own. With a large 12MP main sensor combined with a 64MP telephoto sensor and a 16MP ultrawide-angle sensor, the Galaxy S20 lets you shoot great photos and videos across a huge range of distance, thanks to the 10x hybrid-optical zoom.

RinggitPlus Flash Deal (9 – 13 March 2020): Samsung Galaxy S20

Now, interested to get a brand new Galaxy S20 for free? Just like our previous flash deals, our mechanics remain the same: apply for a credit card from any of the six participating banks, and if you are approved, be among the first to fulfill the terms and conditions of the participating banks for gift eligibility, and you’ll get the Galaxy S20 at no charge.

Participating banks:

HSBC Bank Malaysia

Standard Chartered Malaysia

Citibank Berhad

RHB Bank Berhad

United Overseas Bank (Malaysia) Berhad

AEON Credit Service Malaysia

This time around, we are giving away 50 (fifty) units of the Galaxy S20 to successful applicants based on the campaign mechanics. Note that successful applicants are determined by the date and time of the online application via RinggitPlus (including providing MyKad front and back images), and fulfilling the terms and conditions of the respective participating bank.

Here’s a tip: different participating banks will have different conditions for gift eligibility, so do keep that in mind and aim to fulfill them as soon as you can. The T&Cs for each bank will be shared when the flash deal goes live.

Successful applicants who are not part of the first 50 will not walk away empty-handed, of course, and will receive a 20″ Giordano luggage bag (Citi, RHB, UOB, AEON Credit only), a Xiaomi 70mai dashcam (Standard Chartered only), or a Lenovo Watch (HSBC only).

Finally, keep note of the flash deal start and end times: 12pm, 9 March 2020 until 6pm, 13 March 2020. Remember, based on the campaign mechanics, successful fulfillment of the banks’ terms and conditions for gift eligibility matters just as much as the time of application.

We believe our readers should get first dibs on our upcoming campaigns, and that’s why this article is appearing three days before the campaign starts. This should be enough time for you to prepare your documents needed for application: your salary slips for the past three months, your detailed EPF statement, and other supporting documents. Here’s a handy guide on what documents you may need, and
how to submit them online
.

Which credit card to apply for?

While there is no “best credit card” for everyone, there are many cards that are better suited for you than others. Check out our lists of the
best cashback credit cards in Malaysia
 and the best
online cashback credit cards
; there are several cards in the list that are issued by the participating banks for this campaign, so you may not only walk away with a brand new flagship smartphone, but also a credit card that gives you cashback for everyday expenses!

Terms and conditions apply.

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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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    Tony

    3 years ago

RinggitPlus Flash Deal (9 – 13 March 2020): Samsung Galaxy S20

Please share the result of this Flash Deal. TQ

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Go For Gold with CIMB Bank Credit and Debit Cards

CIMB bank is actually giving away gold. No joke. All you have to do is participate in the contest and you stand a chance to win one of 10 grand prizes consisting of 100grams of gold or 1 of 150 consolation prizes of 10grams of gold  in a Gold Investment Account (GIA).

To enter (or qualify for multiple entries), just do any of the following:

Spend RM50 in a single receipt on your CIMB credit or debit card (1x entry).

Spend RM50 and above in a single receipt on your CIMB credit or debit card overseas (5x entries).

Sign up for a balance transfer (10x entries).

Sign up for a CIMB Bank Debit Card and spend RM50 in a single receipt (10x entries).

Sign up for a CIMB Bank Credit Card and spend RM50 in a single receipt (20x entries).

Shortlisted cardmembers will be called and asked a question to win. Promotion on until 30 June 2013.

To get a CIMB credit card of your own;
apply online
.

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Diana Chai

Diana Chai

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CIMB: Account Mishaps Caused By Processing Error In Banking System

(Image: The Star)

Following complaints of some customers who received notification that their money have been earmarked to be debited for various transactions resulting in negative balances, CIMB Bank has clarified that there was a processing error in its banking system.

In a statement released to the media yesterday evening, the bank stated: “We have noted a processing error which has led to a small number of customers receiving duplicate credits in their accounts. We are reaching out to these customers to ensure a fair and managed resolution. Impacted customers can also call us at 03 22956188 for further clarification and discussion.”

Since Monday, a number of CIMB accountholders have received alarming notifications from the bank, stating that money from their accounts will be earmarked for debit for selected reasons. Based on the screenshots and comments shared on
CIMB’s own Facebook page
, some were to have their money – amounting up to tens of thousands of Ringgit – debited for erroneous duplicate credits, while others for specific bank charges. Consequently, these accounts were suspended, and many were unable to perform any transactions.

(Image: Bernama)

A screengrab shared by Facebook user Farid Zulaika, for instance, showed a message that said: “We have earmarked RM103,696.05 from your account ending **** for erroneous duplicate credit(s) from year 2021. Your account will be debited starting 02FEB2.” Meanwhile, another customer received a similar message, saying that RM64,403.22 will be earmarked and debited from her account.

It is not known exactly how many accounts were affected by this glitch, but CIMB is already working towards resolving them. In response to complaints on social media, Bank Negara Malaysia has also noted that it is aware of the situation and that CIMB Bank is taking steps to resolve each affected customer’s issues.

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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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Two-Faced Credit Cards: Friend or Foe?

This just in: Your credit cards really can be two-faced stinkers. But just like a gun doesn’t shoot on its own; your credit card can’t walk up to a terminal and swipe itself silly without your help.

If your monthly bill is looking like you suddenly have a gold-digging mistress helping herself to designer bags with your plastic – you may have unearthed the ugly side of credit card debt.

Now before you run to your stationery drawer to find the biggest pair of cutters you own to slice the little critter in two, hold up! Your credit card ultimately responds to its master. Treat it right and it can help you out of a doozy of a cashless situation. Treat it wrong and you’ll very soon find the debt collectors at your door.

We at RinggitPlus live to help you take on Gremlin-like banking products. Check out our list of ways to keep your little rectangular friend in good behaviour.

Be Good to Your Credit Card

Want your card to behave itself? Keep these tips in mind.

1. Treat her like a Lady

Your credit card isn’t cheap (cough,
interest rates
) so don’t treat her trashy. If you keep whipping her out every time the urge to splurge hits you – you can bet she will turn nasty.

Your credit card, like a shrew, never forgets. She’ll bill you at the end of the month and throw in interest charges and late payments if necessary. These can haunt you for a very long time if you aren’t careful.

2. Keep a clean slate

No one likes baggage and neither will your credit card. Don’t go to bed angry; or in this case, without paying your dues. Make sure you pay your credit card in full monthly and rest easy knowing you both will start the new month without the baggage of a revolving bill.

3. Don’t be a Fair-Weather Friend

Find yourself only turning to your credit card when you want to shop or have a nice night out? Whilst fun times are great – your credit card is best able to show his friendly qualities if you use him for emergencies.

Let him be there for you when you have a flat tyre and need a mechanic as opposed to when you want new rims to pimp your ride. Limit the happy spending and learn what a true friend your credit card can be when the chips are down.

4. Be faithful (well, somewhat)

Think it’s cool owning a card from every bank to reap maximum cashback and rewards benefits? Think again.

Too many credit cards will only induce you into a false sense of comfort gleaned from owning money you don’t actually have.

Keep a trusted few; don’t be the credit card player. It’s a game you’ll only lose. Find the best one, or two credit cards for you and be faithful.

5. Think long-term…sometimes

As with any relationship in your life, if you maintain it well long enough, it will reward you. Banks often reward long time customers with added perks and better customer service so being faithful helps. Of course, if you find your credit card has given you a bum deal – ditch it! Hey, love is a two-way street.

6. Separation is a last resort

Sometimes, it may just not work out between you and your plastic. That’s ok. Maybe you’re the cash only kind of guy or there’s a better credit card out there waiting to warm your pants (we mean by being in your trouser pockets, what were you thinking?). You need to cut ties but make sure you’ve thought it through.

Cancelled credit cards can mean a lowered credit score especially if you’ve been a problematic paymaster. Other banks will look at it and say “He
couldn’t handle a credit card
. Let’s not give him another. Or any other banking product for that matter.” Don’t ruin your market with financial institutions so only dump your card if it truly is ‘irreconcilable differences’.

The solution is YOU

Has your credit card turned your life upside down with its debt accumulating antics? Was it the card or you? Well, chances are; it was you. Just like the rocky road of human relationships – relationships with your credit card can go sour if you don’t follow the cardinal rules of good behaviour.

Think you’ve got what it takes to handle a credit card? Or maybe you’re looking for a replacement for an old doozy of a card that just wasn’t panning out. Like a card to travel with, shop with or dine with? The key really is in finding your perfect match. Check out our aggregator – the
credit card matchmaking
 extraordinaire tool you just might find yours.

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Diana Chai

Diana Chai

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New Hotlink Postpaid Flex Plus Offers 10GB Data & Unlimited Calls And Texts For RM60

Maxis has announced a new addition to its Hotlink Postpaid Flex plan. Designed for youths who are constantly connected, the Hotlink Postpaid Flex Plus plan offers a generous amount of data as well as unlimited calls and texts at an affordable price.

The Hotlink Postpaid Flex Plus is the highest-tier among the Hotlink Postpaid Flex plans, but is still significantly more affordable than the MaxisONE plan that starts at RM98. That said, Hotlink Postpaid Flex Plus subscribers can look forward to unlimited calls and SMS to all networks, as well as a large 10GB data allocation per month. Customers who sign up for a two-year contract will be able to bag either a Vivo Y81i (RRP: RM599) for RM1, or a Vivo Y85 (RRP: RM999) for RM199 when you sign up with the Flex Plus 60 plan.

Hotlink also has two other Postpaid Flex plans in the which are more affordable. The Flex 30 which is RM30 per month includes 1GB data bundled with unlimited calls and SMS to all networks. Meanwhile, the Flex 40 at RM40 a month offers 5GB of data and unlimited calls and SMS.

The Hotlink Postpaid Flex plans also include affordable add-ons and internet passes should they need more data. The add-ons include music, social, or chat apps at rates as low as RM5 every month, with the option to automatically renew every month.

To learn more about the Hotlink Postpaid Flex Plus, visit its
official website
.

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Olivia Song

Olivia Song

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Malaysia Airlines Rolls Out Its Own Digital Payment Platform, MHPay

Malaysia Airlines Berhad has rolled out MHPay, the national carrier’s own alternative digital payment platform to purchase flight tickets, ancillary products, and other services offered. Available via its website and mobile app, the platform aims to provide its customers with access to all available payment options through a single integration point, including interest-free instalments and buy-now-pay-later (BNPL) options.

According to Malaysia Airlines, customers who tap into MHPay can expect to enjoy highly secure and seamless real-time payment transfers, which are facilitated by the International Air Transport Association (IATA). Specifically, MHPay adopts the technology employed by IATA’s own IATA Pay – which is described as an alternative method to pay for flight tickets purchased online by directly debiting customers’ bank account. This makes Malaysia the first Southeast Asian country to adopt IATA Pay. On top of that, MHPay is also launched in collaboration with several major financial institutions, and is powered by full-suite payments platform 2C2P.

With this, customers who choose to use MHPay when booking their flights will be redirected to IATA’s secure site to transfer funds from their bank account to the national airline. The funds will be transferred through IATA, which manages the payments on behalf of Malaysia Airlines. Upon payment completion, customers will then be redirected back to Malaysia Airlines’ site for their booking details, before receiving their e-tickets via email.

(Image: Aviationscoop)

Additionally, MHPay is also said to have a quick transaction time of less than one minute – although this also depends on your connectivity. This, in turn, will help to enhance payment security and reduce the potential of payment fraud.

Malaysia Airlines further shared that the rollout of MHPay is set to be done in phases, although surprisingly, it seems that no specific launch date has been arranged for Malaysia yet. During the first phase, MHPay will only be made available to customers in four countries, namely the United Kingdom, Europe, India, and Hong Kong.

“We are thrilled to launch MHPay as a testimony to our digitisation initiatives while we continue innovating to fulfil evolving business and customer needs and respond to the rise of digitally savvy consumers. Customers will benefit from MHPay as it offers a fast and secure way to purchase real-time airline tickets online as well as through our mobile app, with no additional service fees,” said the group chief marketing and customers experience of Malaysia Airlines, Lau Yin May.

Lau also said that MHPay is a sign of Malaysia Airlines’ commitment in enhancing its customer experience, especially as travel demand starts to soar once more.

(Image: Malay Mail/Hari Anggara)

Aside from launching the MHPay platform, Malaysia Airlines also took the opportunity to introduce a new buy-now-pay-later payment (BNPL) payment option, in collaboration with
ShopBack PayLater
. Customers are allowed to spread their purchases into three instalment at zero interest. To note, MAS had previously signed on with BNPL service provider hoolah to offer this option, but hoolah was eventually acquired by Shopback to be rebranded as ShopBack PayLater.

Alternatively, MAS customers paying using credit cards can also spread their payments into six-month or twelve-month instalments, for purchases for over RM500 and RM1,000, respectively. Zero interest applies for these instalments. These instalment payment plans are currently offered via Maybank, Public Bank, CIMB Bank and Hong Leong Bank.

(Sources:
The Edge Markets
,
Aviationscoop
,
ETTravelWorld.com
)

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Nur Adilah Ramli

Nur Adilah Ramli

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PDRM Offers Up To 50% Discount On Summonses For Individuals And Companies

(Image: Astro Awani)

The Royal Malaysian Police (PDRM) is offering a discount of up to 50% on selected outstanding traffic summonses via an online summons payment campaign. Open to both individuals and companies, the campaign begins tomorrow and is slated to end on 18 July 2021.

According to a statement by the PDRM, the discount is applicable to traffic summonses that can be compounded, including those that fall under the blacklist category. It does not, however, cover cases that are mentioned in court, main offences that were committed in 2021, as well as heavy vehicle and exhaust modification offences. Here’s a full list of the offences that do not qualify for PDRM’s latest summons payment campaign:

Aside from that, the PDRM also reminded the public to register and carry out their payments through the MyBayar Saman website or mobile app as all summons payment counters are closed during the ongoing total lockdown period (FMCO). It highlighted as well that the MyBayar Saman mobile app has been upgraded to enable registrations and summons payments from companies and businesses.

If you have any outstanding traffic summonses to settle, head on over to the
MyBayar Saman website here
. Alternatively, you can download the MyBayar Saman mobile app from
Google Play
, the
App Store
, or the
Huawei AppGallery
.

(Source:
PDRM
)

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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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    wong yew hong

    2 years ago

Good

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    Anonymous

    2 years ago

Sad to say the link is useless, after you register, waiting for the OTP it does not get send to your mobile ! Well done gomen ! 2 thumbs up !

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Exclusive deals with Citibank’s PremierMiles Privileges

Citibank Offer The Finer Things In Life With A Visa Signature Credit Card

The
Citibank PremierMiles credit card
 is stuffed full of privileges for the discerning VIP traveler. Whether you like a complimentary round at the Golf course, upgrades at the finest of Hotels, being treated like a King at the airport, or great discounts on dining in the best restaurants,
Citibank PremierMiles Privileges programme
 has got you covered.

As far as exclusive deals go, there are plenty to choose from. At time of writing promotions include:

Free Limo ride home from KLIA

Free upgrade on short stays at the Dana Langkawi

FastTrack Immigration at the airport with yQ meet and assist

1 for 1 ticket offers with Malaysia Airlines

Of course, being an exclusive VIP card you’ll need to meet the criteria to apply, but the barrier to enter the luxurious world behind the velvet rope might be lower than you think.

Apply for the Citibank PremierMiles credit card today.

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ringgitplus

ringgitplus

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Win An iPhone 14, RM5000 Cash Via DuitNow, RM800 TNG eWallet Credit, and more!

Kick off the first week of the month with exciting rewards from Unbox This Week! Grab your chance to win spectacular prizes like RM5000 Cash Via DuitNow, an iPhone 14, a selection of audio gear, and more. Simply apply for a credit card from RinggitPlus this week!

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

From 4 September to 11 September, our featured bank partners are

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

Standard Chartered – RM800 Touch ‘n Go eWallet Credit

Get a guaranteed RM800 or RM600 TNG eWallet Credit to ease your spending! Having that additional cash in hand can be useful whether you’re cruising through tolls, going on a shopping spree, settling utility bills, or simply enjoying a delightful dinner.
Apply for a Standard Chartered credit card this week and submit your latest EPF statement to get RM800 in TNG eWallet Credit. If you submit income documents other than your EPF statement, you can get RM600 in TNG eWallet Credit, guaranteed.

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

HSBC Bank – JBL Tune 710BT

Get guaranteed JBL Tune 710BT headphones when you apply for an HSBC credit card this month!

The JBL Tune 710BT headphones offer up to 50 hours of battery life and feature a lightweight, foldable design with deep bass sound, which makes them ideal for you if you’re looking for quality audio on the move.

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

UOB – Apple iPhone 14

Stand a chance to win the Apple iPhone 14 when you apply for a UOB credit card.

The iPhone 14 features a 12MP Main Ultra Wide camera, delivering photographs with impeccable clarity. Paired with the Super Retina XDR display, it ensures every memory captured is revisited in stunning detail. Furthermore, the inclusion of its Crash Detection ensures an additional layer of safety, responding promptly in moments of emergency.

Get a guaranteed RM200 in TNG eWallet Credit as a gift if you don’t win the iPhone 14.

To redeem your gift, apply for your card via the RinggitPlus website, get approved by UOB, and activate your card. Apply for your UOB credit card
here
.

RHB – RM5000 Cash Via DuitNow

Don’t miss out on the chance to win RM5000 cash via DuitNow when you apply for an RHB credit card.

With RM5000, the possibilities are extensive. This sum can reduce your current outstanding debts and relieve your monthly financial burdens, serve as seed money for an investment, or even fund a modest vacation!

If you don’t win the RM5000 cash, you’ll still get a guaranteed RM400 in TNG eWallet Credit as a gift.

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

Alliance Bank – JBL Tune 710BT or URBANLite Ledge 24” Luggage

Get a guaranteed JBL Tune 710BT or URBANLite Ledge 24” Luggage when you apply for a new Alliance Bank Credit Card!

Apply for an Alliance Bank Credit Card with Balance Transfer and you’ll be guaranteed JBL Tune 710BT headphones. Boasting a deep and powerful bass, the headphones also offer hands-free calls and Voice Assistants for easy control over various functions, along with its Multi-Point Connection that lets you switch between Bluetooth® devices seamlessly.

On the other hand, take home the guaranteed URBANLite Ledge 24” Luggage when you apply for an Alliance Bank Credit Card without Balance Transfer. Designed for the modern traveller, this durable luggage helps protect your belongings while ensuring you have smooth mobility whenever you travel.

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

Public Bank – Xiaomi Redmi Buds 3 Pro

Apply for a Public Bank credit card and get guaranteed Xiaomi Redmi Buds 3 Pro earbuds this week.

The Xiaomi Redmi Buds 3 Pro earbuds offer the 35dB Smart Noise Cancellation feature, a 28-hour long battery life, along with dual-device connectivity that allows for smooth transitions between gadgets, ensuring you have an immersive listening experience.

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

AEON Credit – Apple AirPods Pro

Looking to elevate your listening experience? Apply for an AEON credit card and win a pair of Apple AirPods Pro.

Dive into your favourite tunes, podcasts, and audiobooks with the all-new AirPods Pro, which features Active Noise Cancellation along with Spatial Audio that takes immersion to a whole new level.

You’ll still get a guaranteed RM200 TNG eWallet Credit if you don’t win. All you need to do is complete your application via the RinggitPlus website, get approved by AEON Credit, activate, and make an accumulative spend of RM500 on any retail transaction within forty-five (45) days from your card approval date to be eligible to get the gift. Apply for an AEON credit card
here
.

***

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

While this week’s flash deal ends on 11 September 2023 (11am), do 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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Jasen Lee

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Standard Chartered Replaces SMS OTP With SC Mobile Key For Online Banking Verification

Standard Chartered Bank has informed customers that it will be shifting away from SMS one-time passwords (OTP) as a verification method for all online banking transaction-related matters starting from April 2023. Instead, it will adopt its own virtual security token, SC Mobile Key, in order to provide an enhanced banking experience.

Standard Chartered explained that the SC Mobile Key will allow you to approve your logins to the bank’s online banking website, and to verify banking transactions solely via the SC Mobile app – which is installed in your phone (a registered device). This essentially creates a closed ecosystem without a chance for scammers to intrude or take advantage of any part of the authentication process, thereby making it more secure and convenient.

Here’s a quick visual guide from Standard Chartered on how the SC Mobile Key works when you log in to the bank’s online banking website through your computer or other devices (considered as non-registered devices because it is not your phone), and when you perform online transactions.

To activate and register for the SC Mobile Key, download the Standard Chartered Mobile app onto your phone (minimum operating system of Android 9 & iOS 13) and fire it up. You’ll immediately be prompted to register your phone as a security token (registered device). Once you tap on “Register Now”, an SMS with an OTP will be sent to you; key it in. After that, enter and re-enter your new 6-digit SC Mobile Key PIN – and you’re done! You can now use your new 6-digit PIN with your registered mobile device to approve all future logins from other non-registered devices, along with online banking transactions!

To note, Standard Chartered had actually launched the SC Mobile Key much earlier, back in 2019, but was utilised only when performing selected sensitive online and mobile banking activities. These included transferring funds or making payments above a pre-defined threshold (set at RM10,000 for third party bank/interbank fund transfers, and RM5,000 for bill payments).

The bank’s latest decision to enforce the mandatory use of the SC Mobile Key is also in line with the
five additional safeguard measures
 that were listed by Bank Negara Malaysia (BNM) in a bid to combat financial scams.

(Source:
Standard Chartered
)

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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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    Alex

    4 months ago

What to do if I have an old smartphone or used pc browser to do online banking. Need to buy new phone??  Now i am obsolete!!! Creating ‘super app’ available to limited customers only. DUMBEST IDEA!!!!

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Bank Rakyat Credit Card-i makes you feel at home

If you need a place to rest your head while out on the road, Bank Rakyat has got some great deals for you. They’re having
promotions on several hotels throughout the Peninsular.

These include those in the Suria Resorts and Hotels chain in Cherating, Setiu, Johor Bahru and Janda Baik, as well as the Katerina Hotel in Batu Pahat. For the latter, you get special packages on the Deluxe Room, Executive Room, F&B and birthday parties.

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PTPTN loan defaulters not going into CCRIS

How do we solve a problem like Maria? Especially if Maria took out a RM55,000 loan to study and never repaid a sen.

Sound of Music analogies aside, the
National Higher Education Fund Corporation (PTPTN) thought a team up with Bank Negara and the usage of the Central Credit Reference Information System (CCRIS) would help the problem loan defaulters
.

Previously, the government backed education loan body resorted to blacklisting defaulting borrowers on Immigration records to prevent them from going overseas (ironically, one of the same prohibitions imposed on bankrupts in the country). But that didn’t seem to work as PTPTN still finds themselves with RM2.8 billion worth of unpaid loans.

However, the announcement made on Tuesday through various news channels were met with unanimous dissent from all sides of the political arena. Malay rights group Perkasa was one of the first to come forward with their objections, followed closely by opposition party PKR. But the fate of the unpopular decision was sealed yesterday when
cabinet ministers including the ruling UMNO threw out the suggestion
.

UMNO Youth Chief, Khairy Jamaluddin didn’t think the move was a good idea. He felt PTPTN should come up with other ways to retrieve the unpaid sums. His rationale:

“This is because PTPTN loan is different from other credit facilities

such as credit card or hire purchase which are loans taken out of

personal choice while PTPTN is a necessity for students,” he said.

The opposition also had their two-cents worth in a rare show of solidarity with UMNO leaders on the issue. PKR de-facto leader Datuk Seri Anwar Ibrahim termed it “further victimisation” of borrowers after the immigration blacklist.

“It must be remembered that the central issue here is not merely how the government could facilitate the loan recovery.

“The issue is the failure of the UMNO-BN government in discharging

their social justice responsibilities of providing free tertiary

education particularly to the underprivileged,” he said in a short

statement posted on his blog.

So what is the loan body to do?

Tertiary education is not free for everyone even in the most developed economies. Student loans in the US have approached the trillion mark,
half of which aren’t being repaid
. Yet, with gloomy economic conditions students everywhere are finding it harder and harder to pay off their student loans.

Factor in stagnating salaries, booming property prices and growing inflation rates and the financial noose on fresh graduates continue to tighten. But neither the economy nor our government has the means of supporting free tertiary education for the whole nation.

Is the education bubble going to burst faster than the property bubble?

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Takaful vs Conventional Insurance: What's the Difference?

You might have some idea about takaful insurance representing Islamic principles and that conventional policies are commercial products, and you would be right!

But let’s take a closer look to see how else they differ:

Takaful

Conventional Insurance

What is it?

A co-operative policy where funds are
contributed by donations
 from participants. The pooled funds can be used to protect other participants from risk.

A policy that
shifts the risk
 to the insurance company. You pay a
premium
 to receive coverage.

Who Can Buy This Policy?

Anybody

Anybody

How Are Pooled Funds Invested?

Operators will only invest in syariah-compliant instruments which are free of gambling, usury and uncertainty*

Insurance companies are free to invest in legal instruments like stock, bonds, etc.

What Happens to The Profits or Surplus?

It is shared among the participants and operators of a takaful fund.

Dividends are returned to shareholders

*The practices of Gharar (Uncertainty), Maisir (Gambling) and Riba (Usury) are prohibited by syariah law.

Now you know what sets them apart in principle, but what does it all mean for you? Here are the answers to common questions you may have about takaful and conventional insurance.

What Is My Premium or Contribution Breakdown?

There is a difference to how the premiums and contributions are used with these policy types. For instance, with life takaful plans, contributions are typically divided into two accounts. The first is the Participant Special Account which is where the payouts and benefits come from and the second is the Participant Account, a savings and investment fund. When your policy reaches maturity, you will be entitled to your share of the fund based on your contribution.

This is similar to investment-linked conventional insurance policies where a portion of your premium goes towards investment and the rest to your coverage and other charges. However, whole life, term and endowment conventional insurance policies typically put your premiums towards coverage, after commission or admin charges have been subtracted.

Is Takaful or Conventional Insurance Cheaper?

One isn’t necessarily cheaper than the other, but in terms of ‘extra risk premiums’, takaful insurance may be better in terms of cost. This is because takaful fund rates are generally fixed and people deemed to carry extra risk aren’t typically charged more, unless in severe situations that would cause losses to the entire fund.

For instance, with medical takaful, someone with severe health issues may be asked to increase his contribution accordingly. Conventional insurance will charge more where extra foreseen risks are present (e.g. people with dangerous professions and smokers, etc.).

How Much in Extra Fees Do I Have To Pay For Each Policy Type?

Conventional insurance typically charges a fixed commission fee of 2% whereas takaful operators might impose a ‘
wakalah
’ charge depending on the product and model.

The
wakalah
 charge is similar to a service fee. For instance, with
Prudential BSN takaful Protect
, the initial charges in the first year start at 75% of your contribution and reduce gradually till it reaches 0% in the seventh year.

Do Takaful and Conventional Insurance Policies Offer Different Types of Products?

Both types of policies offer a wide range of products for motor, health, life, home and travel insurance as well as many other types of protections. Conventional and takaful insurances offer standalone plans as well as rider options.

However, additional takaful products might cater to special Islam-related activities. For instance, Muslims might appreciate
Hajj and Umrah takaful plans
 that cover travelers making the pilgrimage for travel inconveniences, medical expenses and accidents.

What Kind of Extras Can I Look Forward to?

For takaful, apart from profit sharing and surplus payouts for participants in the fund, the extra perks differ from plan to plan and can be quite attractive to different people for different reasons.

For instance, those wanting to save money will appreciate a medical takaful plan that offers
cashback
 for no claims.

Did You Know?

Premiums and contributions for both conventional and takaful policies can be claimed for tax relief for medical, life and child education policies. If you are looking for insurance plans, whether conventional or takaful-based, do have a gander at our
comparison page
 first to discover the most affordable plans with the best terms.

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    Brook

    1 year ago

is life Takaful compliant with the shariah?

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    Pang Tun Yau

    1 year ago

    Reply to

        Brook

Yes, it is. that’s the main difference between life insurance and life takaful.

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Building a Fortune From a RM4,000 Salary

Have you ever had dreams of being a millionaire by the age of 21, but it didn’t happen so you pushed the deadline to 25? Then at 25 years of age, you start working and the real world paid you a measly RM2,000 to RM3,000 salary? That is quite a few zeros away from the million dollar mark.

But maybe you blow your money away anyway so you can feel like you’re living the millionaire lifestyle you so deserve. Even though you’ll end up with zero in your account at the end of the month and start the grind all over again for next month’s splurges. You’ll get to millionaire status eventually, right?

Surely after a few years your salary has been bumped up a little, along with bonuses but it’s still not enough for you to take that business class flight to London can it? A return trip business class ticket to London cost approximately RM17,000. How on earth are you going to look into the future and live like a millionaire if you only earn RM4,000?

Supplementary Income

Let’s look at the first step most people take to increase their net worth. There are many ways such as ferrying people around with ride sharing services during your free time, teach kickboxing or tuition, are among the few examples you could try.

You could also sign up for freelance jobs and start building from there. As the freelance projects work as a supplementary income, all your earnings from them could be used as savings instead of lavishly burning it off without returns. Learning from all the side projects you undertake will help you expand your portfolio and experience. This allows you to eventually charge higher as you go along.

If that does not tickle your fancy, move into something a little more sales based. You could work your weekends as a real estate agent and adjust the schedule according to your preference. The rewards as an agent could be rather substantial and a big plus point of taking up a side income task such as this? It allows you to expand your contacts, possibly for future business plans.

The same would work if you picked up being an insurance agent, building of contacts and wealth at the same time. We are well aware of how rewarding being an insurance agent can be. Many achieve their millionaire status within a few years if they put in the time and effort.

Business

After running like a hamster in the same wheel for years, you could try your hand at owning your own business. You don’t have to start up in a warehouse, employ 200 staff and work yourself to the ground. Start small and slowly expand as how many online businesses are doing.

No doubt a business may take a year or two for it to become stable, you could potentially see your income skyrocket if the business is a success. However, as always, you must do all your due diligence and ensure you are financially ready to take on such a challenge.

Invest

One of the first things people think of when investing is the stock market. This is a tricky hill to be on, returns can be unpredictable and could take years before reaping the benefits or worse you could have bought it at its peak and see it plunge.

Even in areas such as real estate which was one of the safest areas to invest has recently seen a dip in prices and yield, as stated by
The Star
. Despite people saying this is good for consumers, prior investors would have taken a hit during a period like this.

However, don’t forget that those who have mastered the art have become more than just millionaires. One of the richest men in the world, billionaire Warren Buffet is an investment guru. The investment market may be a dangerous place but it can be mastered with time and experience.

Increase Your Wealth

The core idea here is to save more than you spend and you will eventually get to that financial stand point you were aiming for.

The key is always to have patience and work smart to build wealth. So to ensure you are growing your bank account at the right rate you should set yourself a target just like you did while you were a 21 year old student trying to be a millionaire. This time however, the goals have to be a little more realistic and calculated.

If you think these income streams are too dangerous and do not in anyway guarantee you that millionaire lifestyle that you crave for. You could live in the moment but we wouldn’t recommend it one bit. The credit card bills and debt would eventually catch up to you. The vicious cycle of paying off debts and trying to make ends meet at the end of each month will eventually spiral out of control.

How about doing something a little different while still being able to enjoy yourself now and still reap the rewards later? Seems too far-fetched? #ActuallyCan.

Maybe it is time to allow your money to work for you instead. Putting some savings aside every month and doing something different which has guaranteed returns helps to put your future out of harms way, like
Allianz PrimeSaver
.

Do something that others have not been doing and invest in your own savings with
Allianz PrimeSaver
 and dream like Jeff.

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Maybank Introduces Contactless ATM Cash Withdrawals Using MAE App

Maybank has introduced a new feature that allows customers to withdraw cash from selected Maybank automated teller machines (ATMs) simply by scanning QR codes using the MAE by Maybank2u (MAE) app.

This feature will allow customers to use ATMs without even physically touching the machine. Instead, they’ll just need to use the MAE app to initiate the withdrawal via the new ‘ATM Cash-out’ button. At launch, the
contactless ATM cash withdrawal service is available at 998 ATMs nationwide
, and Maybank has stated that it will be extended to all Maybank ATMs soon.

To begin using the contactless cash withdrawal service, activate the ATM Cash-out feature on your MAE app following these steps:

Launch the MAE app on your mobile
Select ‘Manage’ in the dashboard
Replace any of the ‘Quick Actions’ with ‘ATM Cash-out’, and save the changes
Tap on the ‘ATM Cash-out’, and then key in your MAE password
Key in the one-time password (OTP) sent to your registered mobile number to complete the activation process

For security reasons, there’ll be a 24-hour cooling-off period before you can start using this feature. After the period is over, you can go to any of the selected Maybank ATMs, and scan the QR code on the screen using your MAE app. Authorise the app with a six-digit PIN or biometrics, and type the amount you’d like to withdraw. Your cash will then be dispensed via the ATM.

Additionally, Maybank noted that there isn’t a separate withdrawal limit for cash withdrawals via ATM Cash-out. “Cash withdrawals via your ATM card and ATM Cash-out count towards your existing daily limit,” it said, adding that customers may change their withdrawal limit at any Maybank ATM using their ATM card.

(Source:
Maybank
)

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LHDN: Taxpayers May Approach Govt To Review Discontinuation Of SSPN Tax Relief

(Image: The Edge Markets)

The chief executive officer of the Inland Revenue Board (LHDN), Datuk Dr Mohd Nizom Sairi has said that taxpayers can approach the government to bring up their dissatisfaction with the decision to discontinue the National Education Savings Scheme (SSPN) tax relief.

“I feel the people and taxpayers themselves can voice out to the government that they want a review of the decision. On our part, we convey the feedback from the people to the government. This is to ensure the policies (implemented) have their fingers on the pulse of the people,” said Datuk Dr Nizom, adding that such decisions are made at the policy level by the government, and LHDN is primarily responsible for implementing them.

For context, the SSPN tax relief has been provided over the past few years to encourage parents to save for their children’s education; it was initially capped at RM6,000, but was then raised to RM8,000 under Budget 2019. However, it was not extended under the revised Budget 2023.

(Image: Malay Mail)

Deputy Finance Minister II, Steven Sim subsequently came forward to explain that the government had decided to discontinue to SSPN tax relief because
several other tax exemptions and deductions have already been introduced
 under the revised national budget. These included a
2% cut in the individual income tax rate for selected income brackets
 and an increase in tax relief for medical expenses. The National Higher Education Fund Corporation (PTPTN) also reintroduced a
repayment discount of up to 20%
, and a
loan repayment moratorium
 for those earning less than RM1,800.

(Source:
New Straits Times
)

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Alex Cheong Pui Yin

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    Anonymous

    5 months ago

Article no longer relevant

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Your mobile phone, your credit card?

Imagine a world where you no longer have to whip out your wallet and use your credit card to make payments. Instead, all you need to do is tap your mobile phone on a reader and everything is duly processed.

That world will become our reality sooner than you may think, thanks to a collaboration between VISA and Samsung. PaymentSource reports that the two giants are teaming up with the goal of creating a financial programme that will allow mobile phones to function as credit or debit cards.

At the Mobile World Congress in Barcelona, the companies jointly announced that Visa’s PayWave application will be installed by default on all Samsung devices equipped with near-field-communication (NFC) technology.

The pair added that their partnership is a first between their respective industries – payment network and handset manufacturing; one that will play a major role in helping large-scale mobile payment systems get off the ground.

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How to Send Money Overseas for Cheap

If you’re sending money overseas often enough, you’ll definitely want to know how to do it as cheaply, easily and securely as possible. Here’s your guide to the available transfers services available right now

1. Western Union

Since it’s a well known brand that many trust and recognize, there’s less apprehension using it to send money, especially large sums overseas. However, in most instances you’ll need to find an agent location, so it may not be as convenient as other services. You may have the option of making an online transfer via Maybank – Western Union Money Transfer Service (or other participating banks) but you will need to have an online account with the bank first.

One of the benefits of sending money via Western Union whether through an agent or online is that your recipient may be able to collect the money almost immediately. You can also track your transactions and provide many options for recipients to collect the cash (e.g. direct bank-in to their accounts, via mobile wallets or self-collection at agents’ office).

The transfer fee range varies by country and amount of transfer which can be as little as RM9 to as much as over RM450 (for transfers above RM8,600 sent to countries in the Americas, Europe and Africa).

2. SuperRemit

This option caters especially for transfers to China, the Philippines and Indonesia. You can send money in real-time and the beneficiary of the funds will not have to pay extra for retrieval. In fact, money will be transferred directly into their account.

Furthermore, those sending money via
SuperRemit
 pays only a flat rate of RM10, RM15 and RM25 for transfers to Indonesia, the Philippines and China, respectively. Note though, there are limits on how much each customer can send per day. To China, the limit is USD3,000, to Indonesia; RM50,000 and the Philippines; PHP100,000. Thus, if you need to send larger amounts, you may have to space out your transfers or look for other options.

You’ll have to do this over-the-counter at Hong Leong Bank branches though as no online transfer option exists at present. This is certainly one of the cheapest options, but the drawback is that you can only use it for these three countries.

3. MoneyGram

With this online transfer service you can send money to over 200 countries and what’s really helpful is that you can estimate your fees before sending. This will help you compare between agents before you send. Moreover, the service is transparent regarding fees and exchange rates. You also have the option to send money directly to a bank account, mobile wallet or to the nearest agent for your recipient to pick up (depending on transfer destination).

However, do note that you’ll have to make payment in cash at an agent’s location, thus there is a convenience factor to think about. Still, you should know that the recipient will have access to the funds you’ve sent within minutes (subject to operating hours and regulations).

4. Opening a Foreign Branch Bank Account

Opening another account with the same bank within different regions will make it easier for you to transfer funds between accounts at a much cheaper rate and save more on exchange rates as well.
HSBC Global Transfer and Global View
 and Citibank offer such a service where premier-level accounts may enjoy waived transfer fees (between accounts).

However, this would only work if you plan to send money repeatedly to one destination only. For instance, if your child or relative is stationed in the UK, you may use a UK bank account to send money to them. The recipient will not have to pay any fund retrieval fees and you can send them money anytime when you activate your online banking facility.

Read Also:
Why Malaysians Should Think About Making Money Overseas

5. Foreign Telegraphic Transfers

Sending money through a bank via foreign telegraphic transfers is the most common method and depending on the destination of your transfers, can be a convenient option for one-time transfers. Banks charge a service fee of RM10.60 (including GST) plus a transaction fee that varies by country and bank as well as intermediary bank fees (typically in US Dollars). It’s not the cheapest option per se, but you will typically enjoy lower conversion rates. You can do it over the counter and via online bank accounts. What’s good about telegraphic transfers is that it is one of the fastest ways to send money overseas, so you can choose this option during emergencies.

Whatever you do, just don’t put actual cash money in an envelope and send it via snail mail!

For some of these transfer options, you may need your own bank account or online account. If you don’t already have one, discover some of the best personal savings accounts in Malaysia right here on our
comparison page
!

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International remittance

MoneyGram

Remittance Services

SuperRemit

Telegraphic Transfer

Western Union

About THE AUTHOR

Desiree Nair

Desiree Nair

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