Securities Commission: Malaysians Can Soon Purchase Investment Products On E-Wallet Platforms

(Image: Business Today)

Malaysians will soon be able to purchase investment products, such as unit trusts, on online platforms such as e-wallet and e-payment service providers. This comes after the Securities Commission Malaysia (SC) announced that capital market products can now be sold through e-service platforms, although these platforms must first apply to become recognised market operators (RMO).

Accordingly, the SC has updated the Guidelines on Recognised Markets with a new chapter on e-service platforms to assist with this move. The update specified the registration requirements and ongoing obligations for e-service providers, allowing e-wallet and e-payment operators to partner with corporations that provide capital market services. It also clarified that e-service providers who are currently subject to the directives of other regulators must first obtain their approvals before applying to the SC.

The chairman of the SC, Datuk Syed Zaid Albar, further commented that the commission will continue enabling the development of innovative digital solutions. This is aimed at making it easier for individuals to invest in Malaysia’s capital market.

(Image: The Star)

“The introduction of the e-service platform framework will facilitate wider distribution of capital market products through digital platforms already familiar to our investors,” added Datuk Syed Zaid in the
statement
.

The news was met with enthusiasm by Touch ‘n Go eWallet, one of Malaysia’s largest e-wallet operators.

“We will be rolling out a suite of financial management products soon that will enable us to build financial resilience and literacy for the masses. Our 10 million strong users from various financial capabilities will now have the opportunity to navigate and manage their finances through a platform like Touch ‘n Go eWallet,” said the chief executive officer of TNG Digital, Ignatius Ong.

E-services platforms that are interested in applying to become an RMO may begin submitting their applications from today.

(Source:
FintechNews Malaysia
)

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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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Banks More Cautious In Approving Car Loans Due To OPR Increase, Inflation

(Image: The Star/Izzrafiq Alias)

Banks may exercise more caution when approving car loans if the overnight policy rate (OPR) and inflation continue to increase, said an analyst at RHB Investment Bank, Jim Lim Khai Xhiang.

According to Lim, historical data has indicated that increases in the OPR tend to lead to lower car loan approvals. As evidence, he pointed out that when the OPR was at 2.00% between February 2009 and February 2010, the average approval rate for car loans stood at 60%. However, when the OPR was raised to 3.00% between May 2011 and June 2014, the average approval rate fell to 51%.

Lim explained that OPR hikes will translate to higher hire purchase rates, thereby making it more expensive for customers who are applying for car loans. “As such, we believe that banks will be more cautious when it comes to hire purchase approvals. This could potentially result in lower approval rates for hire purchase loans,” he said.

(Image: Paul Tan’s Automotive News)

Additionally, Lim remarked that a rise in inflation may also dampen consumer purchasing power, forcing consumers to prioritise essential purchases. This will be made worse if the government decides to reduce the current subsidies, which could then result in an increase in the country’s core inflation rate.

“In our opinion, since purchasing a car is a decision made purely out of discretion, when faced with rising cost of living and higher vehicle prices, users who are more price sensitive may be more inclined to withhold non-essential purchases,” Lim further said.

Bank Negara Malaysia (BNM) has increased the OPR twice this year – in
May
 and
July
 – which raised the rate from a
historic low of 1.75%
 to 2.25%. In the same vein, the central bank is expected to
gradually raise the OPR to 3.00% by 2023
 in normalising the policy rate. Meanwhile, Malaysia’s
headline inflation rate is projected to range between 2.2% to 3.2% for 2022
.

(Sources:
Berita Harian
,
Paul Tan’s Automotive News
)

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Nur Adilah Ramli

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Trends Report! Truth About Malaysian's Behaviour Online

We’re no stranger to how powerful Google is as a search engine. With access to an abundant wealth of data, they can conduct comprehensive surveys and analysis to uncover insights about how people do things online. Recently, we partnered up with them to take a closer look at how we Malaysians interact with banks, what financial products we find most popular, and how our mobile devices factor into it all. The end result is an infographic that uncovered some interesting facts. Let’s see what we found out!

Be sure to check out our CFO Hann’s take on the infographic from his recent appearance on Bloomberg TV Malaysia to learn more insights into our behaviour online!

Going Mobile & Comparison Websites

A few really interesting things came to light here. With the rising popularity of mobile devices and smartphones it was no surprise that more than half of Malaysians using the internet, access it while on-the-go. What was a surprise though is the fact that the past year has seen a 68% growth in mobile search for financial products as well.

Of course, we also love that Google uncovered that 7 out of 10 Malaysians compare financial products online at RinggitPlus.com and that we are one of the top populations to use comparison sites in Asia!

All of this clearly show that:

Malaysians are constantly connected;

Convenience is important to us;

We are progressively starting to research new banking and insurance needs on our phone.

Credit Cards and Digital Banking

Another interesting thing the data reveals is that Malaysian online banking customers are 12 times more likely to interact with their banks than non-digital customers. Which makes sense since we learned above that we’re doing more business on our phones. It also helps that plenty of banks now offer robust support and online banking features that help customers do business better via the web.

There was a 30% increase in looking for credit cards online, too, and the top three search criteria people look for are all very sensible:

No annual fees

High cash back

Free signup gifts with no minimum spend

Islamic Banking

Also, there has been a 60% growth in Islamic banking searches. The analysis uncovered that people who search for Islamic banking products look for different things compared to conventional banking.

In particular, they look first for loans in general, followed by personal loans, with credit card searches coming in a distant third. This signals that people interested in Islamic banking are a lot less likely to check out Shariah-compliant credit cards than they are Islamic personal loans.

Conclusion

Ultimately, we feel that our joint findings together with Google Malaysia has put figures and data onto what we’ve known about ourselves all along: Malaysians love a good bargain. From finding good deals and discounts, to comparing product features, we are relentless when it comes to spending our money smartly. To that end, we hope RinggitPlus will continue to serve you in your quest to look for the best financial products and getting more for you money. Check out the full infographic below!

Do you have anything to add to the article? Share your thoughts with us in the comments section down below!

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Ahmad Mudhakkir

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Hong Leong Wise Card Revamp: 8% Weekend Cashback On All Categories

Hong Leong Bank has revamped its popular Hong Leong Wise cashback credit card, thoroughly changing the way it offers cashback. Effective 1 July 2019, the
new HLB Wise Card
 now offers cashback for three fixed categories, at up to 8% per category – but with a lower monthly cashback cap.

The
new Hong Leong Wise Card
 will see the current cashback features thoroughly changed. The new Hong Leong Wise credit card cashback features will be fixed to three categories: Groceries, Dining, and Petrol – and with a tiered weekday/weekend cashback of 1% and 8% respectively. The minimum spend amount to unlock the 1%/8% cashback is RM500, and cashback is capped at RM18 per category per month. Finally, the card’s annual fee is significantly reduced to RM98 for both Gold and Platinum.

Currently, 10% cashback is awarded to three spending categories (two user selected from nine category, one fixed “bonus” category Mobile/telco payments), capped at a generous RM100 per month. But, cardholders will need to spend a minimum of RM2,000 to unlock the cashback. These features will be replaced by the new Wise card effective 1 July 2019.

Here’s how the new HLB Wise credit card’s features look like:

Spend category

Weekday cashback

Weekend cashback

Cashback cap per month

Petrol

1%

8%

RM18

Groceries

1%

8%

RM18

Dining

1%

8%

RM18

Others

0.25%

0.25%

Unlimited

* 1%/8% cashback only with minimum spend of RM500 for that month

From the table, the new Hong Leong Wise card’s cashback features looks like it would appeal to a broader audience, as the spending categories include frequently used ones. The lower minimum spend requirement makes it more appealing, too, though cardholders should be mindful of the monthly cashback cap – at 8%, the RM18 cap would be hit with RM225 spending per category. Any further spend will be awarded 0.25% cashback.

As mentioned earlier, the new Hong Leong Wise credit card’s cashback features will only come into effect from 1 July 2019. Current Wise cardholders will still enjoy the current benefits for all transactions made this month.

(Source:
Hong Leong Bank
)

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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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Free (or really cheap) Exercise Tricks to Keep Healthy

Malaysia is well known for it’s glorious food offerings steeped in a mixing pot of cultures and traditions! But these tempting tastes are the main reason
Malaysians reportedly rank highest on the obesity scale for Asia
. Couple this with a lifestyle of tablet gaming and late night mamak visits and you have a recipe for definite weight disaster.

What many of us need; is a good workout. The benefit of exercising is not just to keep fit, lose weight and tone muscle: it is for your mind and soul too, to reduce stress, boost confidence and combat anxiety. But two of the biggest hindrances to most Malaysians seeking a healthier lifestyle is the claimed lack of funds to buy equipment or hit a gym; and the lack of time to dedicate to working out.

To aid this age-old problem; we’ve compiled a list of cheap exercise tricks (or most of it actually free) that at best requires just a little bit of time but a healthy dose of determination.

The Stair Master Workout

No need to go out and buy those overpriced fake workout stairs; the real thing is everywhere in abundance for you to use. In the workplace, the mall and your home (if you live in a condo, apartment or two-storey house). Most of us hate the stairs and opt to use the elevator to go up and down the building but we’re missing out on a great workout opportunity. Just as an example, a person weighing 72kg can burn up to 102 calories by walking up and down the stairs for 10 minutes, by running, the calories burned will increase to 191. These exercises build endurance and strengthens those leg muscles and in a long run, it will help to reduce bad cholesterol and improve heart rate. Ten minutes of stair climbing is equivalent to 20 minutes of running.

The Domestic Goddess (or God – we’re equal opportunity) Workout

Yes, you read right, cleaning the house is one of the cheapest and most convenient workouts you can do because it is at home based and it’s pretty much something you’re going to have to do anyway. You can really burn those calories from your
Nasi Lemak
 breakfast and mixed rice lunch by wiping the floor and the bathroom tiles. It is also a full body workout when you need to stretch those hands and legs while cleaning the windows and the ceiling fans. Vigorous house cleaning will allow you to burn more than 300 calories in an hour of cleaning. The benefit you will get is not just a full body workout but the reward of a tidy house to relax in after!

The I-Have-No-Time-For-Anything Workout

We all know that guy/girl (or we may be that guy or girl!) who simply doesn’t have time for anything. The
Five Minute Body Workout
 was designed for individuals who have limited time to exercise. This workout will let you burn calories equivalent to an hour’s worth of exercise with target toning and rapid fat burn. There are a few variations of the workout but the
most popular full-body workout
 involves presses, lunges, curls and push-ups.

The FootLoose Workout

Kevin Bacon would be proud of you if you took on this sport of choice. Dancing is a fun activity to do alone in the privacy of your home where you can go completely nuts or with friends at a club. There are many types of dancing for you to choose and learn, you can always learn the steps online or just make it up as you go along! Dancing is a great exercise and is what a lot of new-fangled gym classes like Zumba are based on. A 60kg individual can burn at least 270 calories doing light dancing like jazz or tap and that’s a fraction of what you can burn if you go completely nuts on the dance floor. To top it all off, it’s a super fun exercise that you won’t even realise you’re working out!

The Go-Back-to-Childhood Workout

If you have kids at home, take that opportunity to sweat by spending time playing yard games with them. Hopscotch, tag and the usual run-around games kids play can be a great way not only for you to bond but to get a workout too.

No kids at home to play with? No sweat; there are orphanages all over the country, which may be happy to have you come over and spend some time playing with the kids. Not only do you get your exercise; you do a good deed too.

The Beyonce Hula-Hoop Workout

Okay, B may not have invented the hula-hoop but
she surely brought it back in fashion
. All you needs is an inexpensive adult sized hula-hoop and you could be twirling away to a fit bod like Beyonce.

With just 30 minutes of hula-hooping, you can burn 300 calories! In order to get the right size to your body, make sure the hula hoops reach your chest when you stand it up in front of you. Hula-hooping does take a bit of practice though so don’t be cut up if you don’t perfect the hooping in your first try. You’ll soon get the hang of it!

Are you now inspired to get fit? It’s actually a whole load of fun and not an overpaid trainer in sight!

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Farrah Ana

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EPF CEO Shares Insights On i-Sinar Withdrawals, Fund Performance

Employees Provident Fund (EPF) CEO Datuk Seri Amir Hamzah Azizan offered up some interesting insights and commentary in an interview with The Edge – his first since assuming the post earlier this year.

During the interview, Amir Hamzah touched on various topics from the EPF fund size and performance to the consequences surrounding the i-Sinar and i-Lestari withdrawal programmes – the excerpts of which can be seen below.

On EPF dividends and fund size

(Image: Focus Malaysia)

When asked about what the EPF dividends might look like this year given a strong performance in Q1, Amir Hamzah said that it is a little early in the year to be talking about dividends, although the performance has been encouraging. “We enjoyed the nice ride up from the recovery in the world. I think the way that the pandemic is going, we see some light at the end of the tunnel. I think that’s what’s driving the equity market positive and it’s allowed us to be able to realise some profits,” he said.

“At the same time, I think my team has been very good. We’ve been able to ride on what we’ve invested in in the past. So as we rotate out of some stocks to others, we’ve been able to realise some returns. That’s helped us to shore up returns very well.”

The EPF’s fund size crossed RM1 trillion on 3 December last year prior to the i-Sinar withdrawals, and with contributions up again this year, Amir Hamzah shared that the EPF is optimistic that they will get there again.

The i-Sinar and i-Lestari withdrawal programmes

(Image: The Star/Raja Faisal Hishan)

Amir Hamzah shared that the EPF received i-Sinar applications from close to 6.49 million people who were predominantly in the B40 and M40 range. Of these applications, RM57.97 billion have been approved and RM50.93 billion paid out. Throughout the remaining of the year, the EPF will be paying out the remaining RM7 billion – although members can still apply for withdrawals before i-Sinar applications are set to close on 30 June.

In response to whether the i-Sinar applications deadline would be extended, Amir Hamzah said, “We’ve seen that since the applications without conditions were introduced at the end of February, we had a big rush of applications. Then it has been tapering off. I think our members have gotten to a point where they’re comfortable with what they’ve taken out, they’re also aware that it is important for them to leave a nest egg for when they retire. I think we will see it taper off.” However, the CEO added that the EPF would wait to how see matters were once the end of June rolled around.

According to Amir Hamzah, i-Sinar – which gave members access to EPF Account 1 – was a bigger challenge than i-Lestari, which allowed withdrawals from Account 2. “It became more problematic when access was given to Account 1 as opposed to Account 2. We had a dip when no conditions were imposed on Account 1 in February and people took out a big chunk in the beginning,” he said. However, he said that the EPF had been able to manage the withdrawals and that the liquidity challenge was not impossible to overcome.

“My worry now is not the challenge of i-Sinar and i-Lestari per se [to liquidity and portfolio returns] because I think the fact that we’ve been able to manage the withdrawals to date shows the strong base that we have built over the years. That’s not the challenge; if anything, it is short term.”

Bringing the focus back to retirement savings

(Image: The Star)

Amir Hamzah said that quite a number of EPF members have now reduced the amount of savings in their accounts to levels that cannot guarantee their retirement. “It is much more important for us to look at how we can help our members to restore back their savings post pandemic. We understand that i-Sinar and i-Lestari were important during the period of the pandemic when people needed to supplement their shortfall in income but we’ve got to get them back to saving,” he explained.

“Just to give you an idea, about 6.3 million people have less than RM10,000 in their Account 1, which is meant to be retirement savings. We have a total member base of 15 million and we have 6.3 million with less than RM10,000. It’s worrying that 42% of the total membership has less than RM10,000 and if you look at Account 2, which is the amount set aside where members can access in certain instances, 9.3 million people have less than RM10,000. So they’ve used their emergency funds.

“From the EPF’s perspective, it is important to bring people back to focus on their retirement funds in the future. So the challenge was not how we can manage liquidity. We could manage liquidity but the challenge is to bring people back to think what they can do for their future. And if you look at EPF guidance in the past, EPF has guided that for you to have a basic amount of savings for retirement, you must have at least RM240,000 basic savings when you retire. But if 6.3 million have less than RM10,000 in Account 1 and RM9.3 million people have less than RM10,000 in Account 2, it is a far cry from being able to hit RM240,000.”

However, Amir Hamzah added: “For what people may say about i-Sinar and i-Lestari, yes, we recognise it was a challenge to the EPF and it shook us to the core when we were asked to look at Account 1 withdrawals, but we cannot ignore the fact that we did good for the guy who did not have funds to survive the down cycle. The fact that he could get access to funds to survive, we made a difference to that person’s life, right?”

Full excerpts of the interview can be found at
The Edge Markets
.

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    Anonymous

    2 years ago

Why not the government just take the list of 6.3mil less than rm10k and bank in into their account rather than makes lives of everyone so difficult?

Interview doesn’t make any sense. First say focus on savings retirement then say looking at plans to do account 1 withdrawal. What is the message of reporting here?

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Guaranteed RM600 Lazada e-Voucher, Samsung Galaxy Buds Live, & More with RinggitPlus Unbox This Week Campaign

It’s the fourth week of May and we have guaranteed gifts from three featured bank partners in this week’s unboxing!

As part of RinggitPlus’ Unbox This Week Campaign, every week we lay out fantastic 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.

This week (24 May – 31 May), the featured banks are
Citibank, HSBC Bank, and Standard Chartered Bank
— if you’ve considered applying for a credit card with any of these banks, make the most out of your application and check out the rewards they’re offering below.

Citibank – Lazada e-Voucher Worth RM600

This week’s guaranteed gift from Citibank is a Lazada e-Voucher worth RM600! All you need to do is apply for selected Citibank Credit Cards through us and make eight transactions with the card to be eligible.

Be sure to submit your application by 31 May to be in the running, as well as activate and spend a minimum of eight retail transactions on your new card within 60 days upon gaining approval. Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift.

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

HSBC Bank – Xiaomi Redmi 9T

Here’s another treat for you! Just apply for selected HSBC credit cards through RinggitPlus, activate the card, and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval to take home this awesome phone!

Powered by 6000mAh battery and equipped with 48MP AI quad camera, this phone is stylishly designed and functional as well.

Just remember 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 three months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your
HSBC credit card here.

Standard Chartered Bank – Samsung Galaxy Buds Live

(
Updated 25 May 2021
)

Standard Chartered Bank has now joined the Unbox This Week party and will be rewarding all approved applicants with a guaranteed gift —  and this time it’s the Samsung Galaxy Buds Live!

Apply for selected Standard Chartered Credit Cards by 28 May (6pm), get approved, and receive the
Samsung Galaxy Buds Live
 to enjoy music the best way! Don’t forget, in order to be eligible for this prize, you will need to activate your card within 30 days upon approval.

Also, 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.

***

Lastly, 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 if you need us.

While this week’s flash deals end on 31 May (1pm) , — except Standard Chartered’s deal which ends a little early on 28 May (6pm) —  you can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Petrol price rise RM0.20 per litre, sales of bicycles to skyrocket?

So the government officially announced that
petrol prices are up by RM0.20 each for RON95 and diesel
 – making it RM2.10 and RM2.00 respectively as of the 3rd of September. Although it would be funny if the second part of our header was true; it isn’t. But you’re welcome to buy a bicycle if you work in the same
taman
 as you live – or if you really, really like carbon monoxide and daredevil feats on the highway at rush hour.

Jokes aside, what are we to do?

As usual, many Malaysians took to bombarding neighbourhood petrol kiosks before midnight on the 2nd to fill up full tanks in hopes of saving RM8 (RM0.20 x 40 litres per average full tank) which will be burnt immediately after in attempts to go home from said clogged petrol stations.

The other option would be public transport. But if buses are your thing; you may need to be up a couple of hours before work time
as a shortage of bus drivers means you won’t be getting one quickly.
The early bird gets the worm; and erm… the bus!

Alternatively, you could ask your boss if you could work from home – everyday (we will not be responsible for any ensuing terminations).

For most Malaysians of course; we’ll just sigh and go on as we have every time something is announced that robs us of our hard-earned ringgit. Anyone thinking a
petrol cashback credit card
 sounds like a good idea about now?

*Teaser image courtesy of Freedigitalphotos.net. Clogged petrol station image courtesy of Bradley Chai.

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Diana Chai

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I Paid for Premium Seats at 3 Cinemas…This is My Experience

Movie ticket prices have been escalating from year to year. They have adopted surcharges for peak movies and other types of ancillary/surcharges that make up the entire movie ticket. Despite even regular tickets being rather too hot for most pockets; movie theatres tend to have special, luxury halls where tickets can sky-rocket to nearly 3x the usual rate.

These halls promise comfier seats, snacks and drinks but mostly; a respite from the loud 5 year old who shouldn’t be in an 18+ movie anyway. That said, is it really worth the inflated price? The only way to find out is to try it and try it, this writer did. Four premium tickets (3 cinema chains), a much lighter pocket but a significantly happier girlfriend later, I bring you this article.

Gold Class (GSC)

Approximately RM58 for a movie ticket (Deadpool – prices may vary for different movies), the price tag sets the expectations of the ultimate movie experience. It gives you a nice reclining chair with some comfy blankets to go along with it. If you had this idea of a first date and wanted to spend some time getting a little closer, then you would be disappointed as it is basically made out of two single seaters set side by side.

These chairs are nice and roomy, but it makes you wonder through-out the movie about paying approximately RM120 (excluding concessionaire snacks) for a reclining chair and a blanket. Then you remind yourself that you are the smooth operator and showing your date an awesome time requires you to splurge. Well smooth operator, you’d probably be getting a good night wink and thumbs up if this was your first date. Impressive, but maybe it should have been more about the two of you rather than staring at a screen with Ryan Reynolds being the hero of the night.

Indulge (TGV)

This is where movies meet elegance. The movie ticket will cost you RM45 excluding any food offered in the menu. They also offer the option for you to add on a buffet to your movie ticket which you may enjoy after your movie. If you opted for just the movie ticket (cheapskate), you get a reclining chair, blanket and meal options from an almost full-fledged gourmet Western food menu.

We’d like to pose a question, who tucks themselves in to a cozy bed like sofa, gets all snugly under a warm blanket and tries to eat meatball pasta in the dark?

If you do get through that ordeal successfully, at the end of the movie you would probably look like a one year old toddler who fed himself or herself. Imagine that mess. They don’t provide you with napkins to put across your lap like most restaurants; however they do give you a big blanket which we now believe may serve a dual purpose.

Luxury and indulgence in mind, the buffet that is offered is, IMO, nowhere close to the value of money you pay. The food selection and serving area are both strangely reminiscent that provided in a bad office canteen rather than the indulgent buffet they promised you.

Beanie (TGV)

Bean bags are always a good comfortable choice if you like to be sprawled into a sunken soft sack while watching your movie. It cost RM50 for a seat, which seats 2 people, so it is safe to say it is a little bit more inclined to serve couples. It would just be weird to have a ‘bros’ night out and get all close on a shared bean bag. A couple could cosy-up and get comfortable, having some popcorn while practically lying down on the bean bags. Not a bad scenario as long you don’t choke on your snacks.

These seats occasionally offer added entertainment value, on one occasion there was this big guy who threw himself on to the bean bag and launched his tiny girlfriend off the bean bag, almost a foot high. Needless to say that there was a wastage of popcorn. These seats should start coming with a warning “Please lower yourselves simultaneously or very slowly or risk injury”.

We have noticed some photos online of beanbags with arm rests in the middle. Not sure where those are but if you do – drop us a message in the comments! Would be useful for friends or singles who don’t feel like getting too close to the person next to them!

Platinum Movie Suites (Cathay Cineplex)

It only cost RM25 per seat but gives you the “basics” in terms of luxury movie experience. It gives you a nice comfortable plush reclining chair without the blanket. How on earth are you going to keep warm? Well, you have the option to rent a blanket from them if you deem it necessary.

Cinemas aren’t that cold anymore with so many malls reducing costs by lowering the air-conditioning, but if you really need to keep warm – bring your own. It’ll save you the cost! If you’re thinking how awful it is to lug a blankie to the cinema, we find this thought rather motivating: how well or often do you reckon they wash it (jokes)?

Well, if not having a blanket and paying extra for a blanket is a deal breaker for you, just bear in mind the premium ticket price at this cineplex is a lot cheaper than the others and they do not force you to take a blanket you probably did not need.

What is Next?

Waterbeds, swing sets, hammock? Possibilities are endless if they wanted to expand the movie experience for people. Movie goers too, crave all types of new experiences that enhance the 2-3 hour lounge in front of the big screen. Premium prices for these experiences are to be expected.

To put this into perspective, it is similar to buying a business class or first class ticket on an airplane. All the extra comforts but at the end of the day, you are going to the same destination and at the same speed as the people sitting in coach. You also enjoy some pre-movie lounges at these cinemas just like you would enjoy the premium lounge if you were flying business class. Elegance and comfort does come with a price.

Some cinemas also serve beer (not halal) to help you (if you’re not Muslim!) endure that sappy romance movie your partner forced you to see. Who knows, it may even make you shed a tear or two.

Would you pay for a premium movie ticket experience? Tell us what you think in the comments below.

Disclaimer: the above article is the opinion of the writer and does not necessarily reflect those of RinggitPlus or their affiliates.

Photo credits:
omeletteandlatte.wordpress.com
,
chasingfooddreams.com
,
thevocket.com
,
backpackerlee.wordpress.com
.

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Great Eastern Offers Covid-19 Assistance To Life Insurance Policyholders And Family Members

Great Eastern has launched a Financial Assistance Programme for Covid-19, extended to all life assured policyholders and their immediate family members. Eligible recipients of this programme are entitled to a hospitalisation cash assistance upon diagnosis of Covid-19 and a RM20,000 death benefit for death due to Covid-19.

Interestingly, the programme covers not only those who are the life assured of a Great Eastern policy, but also their spouse and children aged 18 years and below. For example, if you have a Great Eastern life insurance policy in your name, but it’s your spouse who contracts Covid-19, he or she will be entitled to the benefits under the Financial Assistance Programme for Covid-19.

The hospitalisation cash assistance amounts to RM200 per day up to 60 days of hospitalisation, provided upon diagnosis of Covid-19 and quarantine at any one of the Ministry of Health’s designated hospitals. Should death due to the Covid-19 disease occur, a lump sum of RM20,000 per life will be provided under this programme.

(Image: Reuters)

The Financial Assistance Programme will run from 17 February to 31 December 2020 or until the exhaustion of the RM1 million fund allocated for it – whichever is earlier. The additional benefits under the programme are payable on top of the benefits of existing Great Eastern policies such as hospital and daily cash allowance benefits.

Great Eastern is the latest in a string of insurers to offer complimentary additional coverage for the Covid-19 virus.
Prudential
 is offering a lump-sum payout of RM5,000 to all its policyholders who are diagnosed with Covid-19,
AIA
 is extending a hospitalisation benefit and RM10,000 death benefit to all its life and personal accident insurance customers, and
AXA Affin
 has also devised a special hospital assistance for its medical insurance policyholders.

To read the terms and conditions of the Financial Assistance Programme for Covid-19 in more detail, please refer to the
Great Eastern
 website.

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ShopeePay Now Supports DuitNow QR

Shopee users can now use their ShopeePay e-wallets to make payments at physical stores by scanning the DuitNow QR, on top of its existing capability to purchase items on the Shopee platform. They will also soon be able to enjoy a more seamless top-up process on ShopeePay with DuitNow’s instant fund transfer service, slated to be available by June 2021.

These new features come following Shopee’s announcement that its e-wallet has finally gone live with DuitNow QR. To briefly explain, DuitNow QR is Malaysia’s national QR standard – an interoperable QR code that allows users to make real-time payment or transfer funds to anyone by scanning a DuitNow QR code.

That said, these transfers are only possible if the banks and other e-wallets are also part of the DuitNow ecosystem, which is operated by Payments Network Malaysia (PayNet). According to a statement by Shopee, there are currently 14 banks within the growing DuitNow ecosystem, including Alliance Bank, AmBank, CitiBank, Hong Leong Bank, and Maybank.

(Image: FintechNews Malaysia)

Shopee had actually announced its move to
join the DuitNow ecosystem
 earlier this year, becoming the first e-wallet of an e-commerce platform to do so. During this earlier announcement, Shopee also said that it will partake in the pilot launch of DuitNow’s second phase, which will see various other new payment and collection solutions being introduced as well. These include solutions such as real-time debits and request-to-pay.

To celebrate ShopeePay’s adoption of the DuitNow QR, Shopee is providing special offers for users of the new function. For instance, ShopeePay users will be able to earn cashback of up to RM5 when they spend a minimum of RM15 in a single transaction at participating merchants. Among some of these merchants are Big Pharmacy, Krispy Kreme, Haagen Dazs, and Salad Atelier.

You can find out more about these physical store deals on
Shopee’s website here
.

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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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No More Tax Relief For SSPN Deposits From This Year Onwards?

Malaysian parents who save with the Skim Simpanan Pendidikan Nasional (SSPN) may no longer be able to enjoy the RM8,000 tax relief that has been made available thus far. This comes as the government is proposing to amend the Income Tax Act 1967 with the Finance Bill 2023, following the re-tabling of Budget 2023 that did not include an extension to this tax relief.

As seen in the
Finance Bill 2023
, one of the amendments that will be introduced include:

Subparagraph 4(a)(iv) seeks to delete paragraph 46(1)(k) of Act 53 as the amount deposited by an individual for his child into the Skim Simpanan Pendidikan Nasional shall no longer be allowed as a deduction under Act 53.

This amendment has effect for the year of assessment 2023 and subsequent years of assessment.

Meanwhile, SSPN itself noted on its website that it is currently seeking clarification from the government on this matter, and will update when it has obtained new information.

The tax relief offered for saving with SSPN has undeniably been one of the key incentives that encouraged depositors to save with SSPN to their children’s accounts, as the RM8,000 relief – in addition to
the interest rate offered
 and accompanying
loyalty campaigns
 – adds up to quite a substantial amount. Prior to 2019, the tax relief for SSPN deposits was limited to RM6,000, before it was subsequently
increased to RM8,000 under Budget 2019
.

Meanwhile, the
Finance Bill 2023 has been presented
 by Deputy Finance Minister 2, Steven Sim Chee Keong for its first reading. It will need to go through a second and third reading before it can be passed. Other amendments that were also proposed in the Finance Bill 2023 include amendments to the Real Property Gains Tax Act 1976 and the Stamp Act 1949.

(Source:
Parlimen
)

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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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    Suran

    5 months ago

I hope the Government keeps it

1

Reply

    Geetha

    5 months ago

Whether or not it is tax deductible, I will still proceed depositing in this account, as it gives me a secure feeling afterwards that I can rely on this funds for my children’s higher education.

-15

Reply

    Chong PK

    5 months ago

The dividend for 2022 has not been announced yet as of today! This may also implied the efficiency of Management, what are holding up the announcement?

If the dividend for 2022 is below 4%, I see no reason to continue topping up saving in SSPN without the Tax Relief. We can get higher return with eFD/FD in Local Bank, also with ASB for bumiputera which pay out 5.1% for year 2022.

60

Reply

    Tan

    5 months ago

    Reply to

        Chong PK

How come CIMB posted SSPN tax relief until YA 2024?

0

Reply

    LCX

    5 months ago

    Reply to

        Tan

Base on previous budget by previous PM.

0

Reply

    Pang

    5 months ago

    Reply to

        Tan

CIMB posted during Feb while the above info is updated.

0

Reply

    Eddy Irwan

    5 months ago

    Reply to

        Tan

everything can be change as long majority voted it

1

Reply

    William

    5 months ago

can consider to withdraw all the money already…

7

Reply

    Hisham

    5 months ago

I will stop depositing in Sspn if come into effect. It is not a Madani govt anymore.

2

Reply

    Calvyn

    5 months ago

This is what the new govt do. Good job.

Looking at the bright site, we commit more tax to developed a better country.

2

Reply

    Izad

    5 months ago

No reason to continue, i will withdraw it and channel it to other fund, a lot of option.

12

Reply

    Penny

    5 months ago

Good new…finally can withdraw all without reason just for tax relief…

1

Reply

    Anonymous

    5 months ago

i am withdrawing and puting in KWSP voluntary contribution 5.35 %

0

Reply

    Lai

    4 months ago

For example, i want to ask if i contribute my SSPN RM 8000 on year 2019, i know that i can deduct my tax up to RM8000. if i didnt withdrawn and additional contributed money (only maintain RM8,000 at SSPN account). Can i still can deduct my tax on 2020, 2021 and 2022?

0

Reply

    Pang Tun Yau

    4 months ago

    Reply to

        Lai

You can’t claim a tax relief on something you didn’t do that year – that’s tax fraud.

0

Reply

    Lai

    4 months ago

SSPN is until year 2024?

0

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Hong Leong Launches Malaysia's First Pocket Money App For Children, HLB Pocket Connect

Hong Leong Bank has introduced the first in-market digital banking platform for children in Malaysia, the HLB Pocket Connect app. Young savers are able to take charge of their own pocket money and savings with the help of their parents, through the HLB Pocket Connect’s interactive features.

The Earn feature allows parents to set tasks or goals and reward their children with extra pocket money upon completion. Under the Spend feature, children can learn how to keep track of their pocket money and spending while jumping on board the cashless movement via their reloadable HLB Junior Debit Card.

Parents can easily top up their children’s pocket money through HLB Connect, as well as set spending limits, control where and what their children spend on, and monitor their kids’ real-time spending. They can also use HLB Connect to instantly block or freeze the Junior Debit Card if they suspect any fraudulent activity or improper spend.

In the near future, the HLB Pocket Connect will include a customisable Save feature which lets children set their own saving goals for things that they wish to buy, allowing them to track their savings through a progress report.

“Today’s customers are already used to having a high level of personalisation and interaction through e-commerce, digital tools and mobile applications and they should expect the same interactive and intuitive ways when it comes to their banking and financial needs,” said Group Managing Director and Chief Executive Officer of Hong Leong Bank, Domenic Fuda. “HLB Pocket Connect is the manifestation of a fit-for-purpose digital banking experience for our customers who are raising a family consisting of young digital natives who are exposed to hyperpersonalisation, real-time gratification, and highly interactive content and experiences.”

The
HLB Pocket Connect
 is available for
HLB 3-In-1 Junior Account
 customers and can be downloaded on
Google Play
, the
App Store
, and the
Huawei AppGallery
.

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Transport Ministry Releases Guideline For P-Hailing Services

(Image: The Sun Daily)

The Transport Ministry has released a guideline for p-hailing services, which is defined as food, drinks, and parcel delivery using motorcycles. The guideline, which contains stipulations regarding traffic rules and health issues, must be obeyed throughout the ongoing period of the movement control order (MCO).

According to Transport Minister Datuk Seri Wee Ka Siong, the guideline is meant to reassure the Malaysian public that their delivered items and parcels are safe as the country combats the spread of the Covid-19 pandemic. It is also to ensure the well-being of those working in the p-hailing trade.

A number of rules were highlighted in the guideline, such as riders should sanitise their delivery boxes daily according to the recommendations provided by the Ministry of Health. They are also cautioned to wear face masks, practise contactless transactions, and clean their hands frequently.

(Image: Malay Mail/Miera Zulyana)

“Riders should also adhere to the advisories issued by the Majlis Keselamatan Negara (MKN) including not entering the red zones. This is to protect the safety of those who have to travel long distances and to curb the spread of the virus,” said Wee in the statement.

Wee further advised p-hailing riders against using interstate highways for journeys that exceed more than 10 kilometres. He also reminded them that operating hours are limited only to between 8am to 8pm, and that the operating hours and types of items that can be delivered are also subjected to zonal restrictions and MKN’s updated regulations.

Additionally, all p-hailing riders are required to register with the
mySejahtera app
, which was launched to aid the Ministry of Health in monitoring the Covid-19 outbreak in the country. Riders must also carry authorisation letters from their employers or local authorities to prove that they have a reason to be on the road.

The guideline
 stipulated as well that the companies providing p-hailing services must provide full cooperation to the Ministry of Health in conducting contact tracing if any of their riders are diagnosed with Covid-19.

Aside from Covid-19 precautions, riders are reminded to also abide by basic rules, such as possessing a valid driver’s licence, be at least 18 years of age, and not be blacklisted by the Road Transport Department (JPJ) or Royal Malaysia Police (PDRM).

(Source:
The Edge Markets
)

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Alex Cheong Pui Yin

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5 Things Your Insurance Agent May Be Keeping From You

Buying an insurance policy, whether it’s life, motor or medical insurance, gives financial assurance that should anything happen to you; you will at least not have to worry about money (hopefully!). When you buy an insurance policy from your insurance agent, the perks and benefits will be the first thing they’ll highlight to you. Spurred on by glorious claims of assurance and monetary assistance; you blissfully sign on without a question or concern.

But lo and behold, not long later you find yourself faced with technicalities you didn’t foresee and at the time when you need it most; your insurance policy fails you. Such occurrences are unfortunately too common but can be avoided with the obtaining of full and frank disclosure of exactly what each policy promises and with what conditions. But what could your insurance agent be keeping from you? We list the five most common things an agent may not tell you.

1. General Medical Insurance Policies Don’t Cover Maternity-related Hospital Costs

It seems a rude reality that one of the most crucial medical cost (the birthing of a child into this world) is exempt from general medical insurance policies but it is true! You will often find; imbedded in the fine print; that your policy will not cover you for maternity related hospital expenses. Should you want to be covered; you would need to
purchase a ‘lady’s policy’
, which covers maternity and a host of other female specific medical expenditure.

2. Earnings From Investment Linked Plans Are Not Guaranteed

When your insurance agent comes up to you with records of stellar returns from previous years, you feel assured about your investment’s prospect. However, the history of market returns only serve as an indicator as market performance can be and often is, volatile. Thus, returns of your investments are neither fixed nor assured. And as with any investment, there are risks involved.

Now, we’re not saying that you’ll definitely make losses or that you shouldn’t sign on for an ILP. ILPs are a great way to combine coverage with investment but provided of course that you are well aware of what you are doing and have some understanding of market performance. That said, if your insurance agent is hard-selling an investment linked plan as a ‘savings’ mechanism without telling you the risks involved; it’s probably time you switch to a new agent.

3. Policy Technicalities Hamper Claims

A quick glance at your critical illness policy may appear like it has you covered against any medical eventuality. I mean, 36 diseases are more than enough right? But looking at which illness is covered will not necessarily equate claim success. For instance, cancer may be a part of the list of 36 illnesses, but you still may not be able to claim. A news article on
FMT
 spoke about a patient diagnosed with
Ductal Carcinoma in Situ
 who discovered when trying to claim that her payment for the procedure would not be reimbursed based on a technicality. It’s difficult to predict with any certainty which loophole you may unfortunately fall under; but perusing your policy in detail is the best thing you can do to help yourself along.

4. Their Policy Has the Lowest Coverage/Sum Assured in the Market for it’s Premium

Insurance companies are fighting to have you sign up with them; all claiming to have the best plan in the market. As such, it’s probably natural that they will never admit to having a plan that isn’t exactly value for money. Some insurance plans really are duds; charging high premiums for a low sum assured. This is why it is always important to scout and compare before signing on to a policy. Buying insurance isn’t as simple as using the “my friend’s brother sells this plan, so it must be good” method of selection: Serious comparison and consideration is in order. The last thing you want is to pay an inordinate amount of premiums only to find that you cannot claim the amount you require at a time when you need it most.

5. Expired Life Insurance Policies = No Payout

As the sole breadwinner of the family, the purpose of having a life insurance policy is often to ensure your family will be taken care of when you pass on – what’s more if the event is sudden. Having your life insurance pay out with minimal fuss and bother to your next-of-the-kin is exactly what you seek in a policy; but may not be what you will get. An average life insurance policy expires at the age of 70 – 75 . If you happen to live longer than your insurance coverage period, your beneficiaries may miss out on the payout. Some policies do lapse and should you pass on after the lapse; despite paying premiums your entire life; your next-of-kin may end up empty-handed.

Insurance agents are here to assist in acquiring more information or advice on a policy but it is advisable to consult more than one agent and insurance company before settling. If you sense that a particular agent is trying to give you a little hoodwink; don’t hesitate to cut the cord. After all, agents make a truckload of money every time they sell a policy, so it’s only due diligence that they provide you with the level of service you expect and deserve.

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5 Reasons to Use a Credit Card Instead of Cash

There’s no denying the value and importance of having physical cash with you at all times. But when the header above becomes a topic of conversation, much steam is produced in support or against each payment method.

Although, primarily due to credit mismanagement, some are still convinced that credit card use is bad for you. We’re about to reveal reasons why you should in fact use credit cards instead of cash and you will come to find that it may be more beneficial than having money in hand.

1) Convenient Transactions

The use of cash can actually be more detrimental than credit cards because you may face a tough time figuring out where it all went unless you record every little spend and diligently hold on to receipts.

Credit cards, on the other hand, have statements that allow you to track every little spend (except at the
mamak
 of course!) to better monitor the outflow of money. This of course is a great financial habit to have in being a wise spender.

Besides keeping track, it also saves you a tonne of time lining up at the ATM or rushing to one when you urgently need to make a transaction. Most merchants (eg: hotels, airlines, car rentals) are also making the credit shift with time and credit payments are now ubiquitously available on the grounds of convenience.

But beyond all these conveniences,
a credit card is also easier to keep secure than cash
. Lost your card? Simply call the bank and cancel it. You won’t then be stuck out of pocket because of the loss or worse, theft. For sure, you can’t call your bank to cancel the validity of the cash notes stolen from you!

2) Building a Credit Score

Your credit score relies heavily on your lending and payment history with banks but how are banks to decide to lend you a big amount (for a house or car) if they have no idea what kind of paymaster you will turn out to be?

Having no credit can be almost as detrimental to your application as having bad credit (almost, though but not quite as we explain
in a previous article
). Luckily, having no credit can be rectified easily through the application, use and proper management of a credit card.

While physical cash has no contribution whatsoever to your credit score, credit cards can help bolster and accelerate your application process for large credit approvals through consistent and regimented repayment.

3) Grace Period on Purchases

Big or small, purchase of goods and services with cash require immediate full amount transactions (situation dependent). Credit cards, on the other hand, grants its holder a grace period on purchases. Pay your debt within the grace period and you will be charged no interest (usually within 20 days for most banks). If you feel you need a bit more time, you can opt to convert your purchase to an
easy payment plan
 that most banks have. You will have to call your own bank to find out more, though.

This grace period allows one to better gauge monthly expenditure and it leaves savings untouched up until the time when your credit card bill is due. You might think such an option is just encouraging irresponsible spending but when the chips are down and you have an emergency that cannot wait for time to save – you’ll be singing a much different tune.

4) Perks and Benefits

Believe it or not, some people sign up for credit cards just to milk from a tonne of perks and benefits they offer. And we can totally understand why if pit against the use of plain physical cash.

Each bank in the local market offer different range of benefits, and one of the most popular is the
cashback card
, where holders are able to earn rebates from their monthly credit card bill as they go around swiping.

Then there is the rewards points. The more you swipe, the more you rack up easy to earn points, which in turn can be used to redeem handsome gifts from the catalogue.

Compare the best rewards credit cards here

When paying with cash, you pay RM100 for an RM100 item; when using a credit card, you can pay RM100 and get RM5 back in cashback or accumulate points for a freebie. It’s a way to
always
 get more for your money.

5) Universally Accepted

This part is a given, because travelling without a credit card is almost like travelling with no money at all. The beauty of your plastic, is that it is accepted worldwide. MasterCard or Visa, your credit card can sometimes be the difference between peace of mind and getting caught between a rock and a hard place.

Take for instance a Metro in Paris, this writer was unaware that the automated ticketing system did not accept bank notes. With only bank notes in hand, he scoured the streets to get change but failed to do so and headed back to find out that the machine only accepted coins or his saving grace, credit card.

Most hotels and taxis abroad have also adopted payment in credit and this solidifies its inevitable universal acceptance position.

Find the best travel credit cards that suit your needs here

Cash or Credit?

We are in no way disregarding the importance of physical cash. How else are we going to pay for
nasi lemak
 at the
mamak
 or street food at the night market?

However, many other lifestyle activities do offer payment in credit and the points above should be encouraging reasons as to why you should use your plastic instead of cash to get more from your every spend.

Are you looking for the perfect pocket companion? Use our credit card comparison tool and pick out one that works best for you!

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Survey: Sales Declined For 91% Of Retail Businesses In First Half Of 2021

(Image: Malay Mail/Hari Anggara)

A survey by the Malaysia Retail Chain Association (MRCA) has revealed that 91% of retail businesses suffered a drop in sales between January to June 2021. The survey, which was conducted among 450 association members in June, sought to evaluate the impact of the ongoing restrictions by comparing the sales figures for the first half of 2020 and 2021.

According to the president of the MRCA, Shirley Tay, about 45% of the respondents said they experienced more than 30% reduction in sales, whereas 55% said they had downsized their retail operation. Meanwhile, 21% had to close down up to six outlets and branches.

“Around 40% of our members reported that they had terminated more than 10 employees, and as we did a tabulation, it is safe to say that probably more than 50,000 retail employees had been terminated so far,” Tay further commented in a virtual press conference.

(Image: Bernama)

 Additionally, the survey also indicated that 97% of the retail respondents only had four and a half months’ worth of cash flow to sustain their operations as a result of the declining sales.

“Many of our members are badly hit by this pandemic, some cannot sustain beyond three months with their current cash flow positions,” said Tay.

(Source:
Malay Mail
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How to Protect Yourself from Investment Scams

Investment scams are everywhere these days. It’s sad and ironic when those who try to grow their money end up losing it – or worse still, encounter heavy debt as a result. Some have even taken out loans from the dreaded
loan sharks
 and put their lives (and family) at risk to invest in deceptively profitable deals, only to end up to be victims to elaborate scams!

To help you steer clear of such swindle, we’ve compiled a list of common cons that you need to be aware of, as well as some tips on how you can protect yourself against them:

Extreme High-Interest Loans

If you are invited to help out with a loan that is going to repay handsomely with absurd interests – like 60% or twice your principal amount – it is very likely a scam. You may hear about it from friends or relatives, but do recognize that this is exactly why others often get taken in, because they trust the source. Often times, these well-meaning folks are unwitting victims themselves.

If you want to extend financial help to someone in need, make sure it’s someone you know intimately, and be prepared to never see the sum again. That is the actual risk when you give a friendly loan.

Real-Life Case:
 Three people including a Datuk were involved in a
scam to borrow money
 to fund a government project. Lenders were promised returns of 30% to 90%, but their
RM176 million-scam
 was foiled when victims came forward and lodged police reports.

Fake Investment Platforms

Lots of people dream of quickly striking a windfall when playing the stocks – but very few actually do in the short term. Warren Buffet, the investment savant, has said time and again that investing is for the long-haul. Expecting extremely high returns very quickly is akin to gambling because no one can accurately predict the risks associated with the stock market.

If you have been offered hot stock tips from an unsolicited source that guarantees a high payout, it’s likely a scam. Look out also for rogue traders who aren’t licensed to make stock trades. The Securities Commission (SC) regularly updates
a list of unauthorised dealers
 that you should check before you invest.

Real-Life Case:
 A couple offered financial consultancy services on social media, promising returns of 50% to 80% and conned their clients out of
RM20 million in an investment scam
.

Read also:

Could Watches Be A Smart Investment?

“Business Opportunity” Scams

You’ve most likely had the experience of friends, colleagues, and even relatives approaching you with an amazing business opportunity that will yield high returns when you invest. While some may have been genuine, the risks of losing your money to unscrupulous deals are often a possibility.

As with most of these “deals”, easy money from ultra-high returns is often a scam but even if the deal seems sensible; do not part with your money until you are able to verify its authenticity.

Real-Life Case:
 A man was allegedly cheated into
leasing non-existent hotel rooms
 in Mecca and was promised
profits of 360%
 a year. The victim had deposited some RM320, 000 into the scammers personal account and is among
many others
 who have fallen victim to the con.

Forex Trading Scheme

Trading foreign currencies sounds super sexy and lucrative, but if you are investing with unlicensed brokers, you could very well lose that investment. Forex trading is a rather risky scheme of currency trading that involves quite a bit of speculation. Even for the licensed traders (which are commercial, Islamic, investment, and international Islamic banks), it’s very difficult to predict the rise and fall of currencies. This is because the factors that influence rates extend globally.

Just to be clear, those who are not licensed (such as an onshore bank) and without the approval of the central bank is not allowed to trade in foreign currencies. If you are intending on investing with overseas companies, be sure to check with the individual country’s regulatory agencies on the legitimacy of the brokers.

Real-life case:
 A woman lost
RM30, 000 in a forex scheme
 where the trader was a family friend. She was promised lucrative returns and was asked to deposit funds to the trader’s personal account. She found out later that the company that was supposedly trading her funds was recorded on the
SC’s list of unauthorised traders
.

Protect Yourself and Recognize the Signs

What most of these scams have in common is that they offer unusually high returns in a short span of time, but there are also other red flags of which you need to be aware of.

For instance, these con-artists may pressure their targets to invest quickly, incessantly call or email, refuse to explain the ‘highly complex’ products’, and avoid proper paperwork. All these are tell-tale signs that indicate a potential scam at work.

Follow these tips to protect yourself from the perils of investment scams:

Don’t respond to unsolicited calls or emails offering investment options.

Verify the validity of investment opportunities via the Securities Commission of Malaysia, Bank Negara Malaysia, and the Companies Commission of Malaysia.

Independently research the information you are given and seek appropriate licenses.

Hire a lawyer or certified financial consultant (when dealing with large amounts of money).

Ask for a prospectus for investment products.

If you are looking for a safer way to grow your money, why not save in a high-interest Fixed Deposit account? Do check out our
comparison page
 to find an account with the most attractive rates and terms!

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Zurich Malaysia Launches Brand Campaign, Reaffirms Commitment To Malaysians

Zurich Malaysia has launched its new Care For What Matters brand campaign, which will encompass various initiatives that highlight the insurer’s commitment to protecting and preserving things that matter: its people and customers, partners, and the planet. Through this, Zurich hopes to bring a positive impact to both the society and environment.

A key initiative under this brand campaign is the upcoming Karnival Kita OK! weekend, where visitors will be able to check out workshops and booths featuring local sellers and organisations that sell clothing, accessories, food, and more. This event will take place between 22 to 24 September at the Central Market. There will also be a photo exhibition showcasing Zurich Cares, a forest conservation and restoration project in Sabah that Zurich is actively involved in to protect endangered tree species.

On top of that, there is a Share & Menang contest where participants stand a chance to win monthly cash prizes of RM2,000 and a grand prize of RM50,000. To participate, you’re required to share what matters to you the most in one sentence on your social media account, then tag Zurich along with its dedicated hashtag (#CareForWhatMatters).

To properly capture the underlying spirit and key messages of the Care For What Matters campaign, Zurich also revealed its brand film for the campaign:

“We firmly believe that our actions today pave the way for a brighter tomorrow. The Care For What Matters brand campaign is an extension of our ongoing efforts to support and care for people from all walks of life. It signifies our determination to create a brighter future for Malaysians that is not only financially secure but also socially and environmentally responsible,” the country chief executive officer of Zurich Malaysia, Junior Cho further said.

Alongside the main brand campaign, Zurich announced as well the launch of the Urban Climate Resilience Programme, which is in line with the insurer’s sustainability ambitions. It involves a direct collaboration between the Z Zurich Foundation and several global partners – such as the C40 Cities Climate Leadership Group (C40) and the Resilient Cities Network (R-Cities) – to preserve the environment and cultural heritage at selected areas.

At present, this effort will focus on Kuala Lumpur and Melaka, in partnership with the Kuala Lumpur City Hall (DBKL) and Majlis Bandaraya Melaka Bersejarah (MBMB).

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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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5 Reasons You Should NOT Go to the MATTA Fair this Weekend

Everytime the MATTA Fair rolls around, people get caught up in a frenzy: cashing out insurance policies and depleting savings they rush in the droves to the already jam-packed KL area to scout for what is believed to be the best in travel deals. Newspapers today are already filled with advertisers enticing you to visit their booths and articles telling what awaits you in the hallowed halls of PWTC. But we’re going to do the opposite.

Yes, you read right. We’re going to give you five good reasons why you should NOT go to the MATTA Fair this time around and stay home in your pyjamas instead.

1. Transportation will hinder you every step of the way

If you’re driving to the Fair, taking a taxi, bus or Uber; be ready to be stuck in gridlock traffic as you hit major highways leading into the Chow Kit PWTC area. Actually, scrap that. It may start the minute you get out of your housing area as all of your neighbours had the same idea to go on the weekend.

When you do eventually arrive at PWTC, be ready to be lovingly greeted by placards at all PWTC parking entrances saying ‘parking full’ (unless you left your home at 5 am and arrived at 7 am; in which case you just may avoid traffic problems too). You will then try every carpark in the vicinity from the Sunway Putra Hotel to the lorong belakang of Chow Kit. When you finally give up and decide to double park by the side of the road 5km away; it’ll be high noon and the ‘stroll’ to the venue will make you crankier than the royal flowergirl.

Then you think; maybe you should opt for the KTM or Star LRT. Public transport is cheap and there are two trains arriving at the same area. Also, no parking woes. It’s a brilliant idea; until you remember how ‘comfortable’ a packed train can be. There’re also delays, cancellations, blackouts and the ever terrible ‘aromas’ from the quiet farter and BO. But perhaps we’re being a wee bit too negative. Enough on the horrors of transport, maybe you’ll get there A-okay. But then all these people in traffic and the trains will be there too… Reason no 2!

2. People, People Everywhere

It’s the weekend so you bet that most people will be taking this time to head to the Fair. Only real die-hard travel junkies will take the day off to go on Friday. So that means you’re looking at a LOT of people cramming into PWTC. If you don’t like crowds or long lines at the cashier; this will literally be your worst nightmare. Food is also limited inside PWTC itself so be ready to line-up for your lunch too.

But if you’re the friendly sort, then this shouldn’t bother you so much. There might even be a cute salesgirl or two who’s phone number (and some better deals) you could score. You’re going to need some inside help to deal with number 3…

3. Tricky hidden costs and restrictive deal terms

If there was one thing we discovered the hard way; it was that hidden costs abound at the Fair. Don’t be fooled by the ‘super low’ advertised price. It’s a gimmick sometimes. Always read the fine print. Imagine this: you see a super low price for a flight to Paris. RM1,600? That’s too good to be true. It likely is, darl.

As we lined up to buy our deal of a ticket, we were told the price advertised didn’t include tax and fuel surcharge which shot the price up to RM2,800. On top of the sneaky price ploy; there were diabolical terms too. The woman informed us that there were ‘blackout dates’ and thus this ‘super deal price’ of RM2,800 was only available on selected dates. What we had to do was tell her exactly when we wanted to travel and then she would tell us if the rate applied to those days.

If we were lucky enough to choose the right dates; we’d have to buy immediately with no opportunity to cancel or change dates. If you’re unlucky; be ready to stand there for quite awhile shooting dates whilst the attendant manually flips through a database to find out if the deal price applies on the chosen dates. It’s like a guessing game you’re sure to lose.

That’s a true story. Here were some other pet peeves that hit us at MATTA.

Tour packages didn’t always include hotels and flights but you’ll need a magnifying glass to find the small print term that tells you this on brochures.

“Prices subject to change”. Every brochure and flier will have this term. Take note – they’re not kidding.

Extreme comparison necessary. There literally thousands of booths selling the same things and very different price points. You really would have to walk for days and compare hundreds of prices to find the best one (if you really want the ‘best’ deal).

Almost every deal had ‘blackout dates’ which weren’t explicitly displayed or stated. There could literally be only 5 days in the ‘promo period’ at the deal price and you wouldn’t know it even after 2 hours of standing at a booth trying to negotiate.

If that wasn’t enough to put you off; let’s get to number 4.

4. The prices really aren’t that cheap!

GASP! What a blasphemous statement! We figured you may not believe us so we did some comparisons. Ok, so half the office wants to go to Paris to gatecrash the home of our Parisian lead developer. The cheapest flights to Paris seemed to come from Etihad Airways. According to the advertisement; you’d pay
RM2,197
for an economy flight to Paris at MATTA Fair Deal Price.

Now, if we were to just sit on our butts enjoying a lazy Saturday in front of the computer and happened to trawl Expedia for, say, buying a flight to Paris; we’d pay
RM2,145
. We’re not sure how that could be either, but take a look at these two pictures.

The comparison is on the same airline and we chose dates on Expedia which fell within the promotion travel period. But we don’t know what MATTA blackout dates will apply to this flight deal so essentially – you could be making that trip to PWTC for nothing but a hard time.

People go to the MATTA Fair for deals. If you’re not getting deals then you’re just going through a hard time for nothing. Isn’t it?

5. If you don’t go; there’s more room for those who really want to

Wait what? You’re probably rereading that statement wondering if we’re trolling. Let’s make something clear –
all the above is 100% true. We didn’t make any of it up. You will face everything from point 1 – 4.
But here’s the deal. There are some benefits to going to the MATTA Fair. If you’re into tour group packages and buying guided tours – the fair offers some of the widest range of packages and tour companies in the business in one place. Although, you won’t be saving thousands – if you have nothing else to do on a weekend, don’t mind a bit of a crowd and want to save a couple of ringgit (between RM50 – RM500) on guided tours; this is probably the best place to be.

If you want cheap flights and all-inclusive holidays; you may not find the cheapest option here so you should probably give it a miss.

In the end, the decision to go rests with you. After hearing some of the not-so-great parts about the fair; if you’re still curious to see if you can find a deal on tours or even just to score some random freebies (like pens and recyclable bags! Hehe) and you don’t mind crowds – then by all means.

Psst! If you have decided to go, MATTA Fairs are made much nicer if you have a MATTA –  Hong Leong credit card. You get free admission to the fair and a bunch of other gifts (when you spend RM1,500 and above on the card that day) at the MATTA – Hong Leong booth (at Hall 2 and 3). Free things are always nice. If you don’t have one yet; you can apply for a
MATTA – Hong Leong credit card
 with us and we’ll give you a free gift upon approval (RM300 AirAsia voucher sound good to you?); you know, just to make up for missing out on Hong Leong’s freebies this time around!

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3 Fun Things You Can Do to Help the Malaysian Economy in 2015

The revisions of the 2015 Budget was announced Tuesday morning and as is the norm in the country; press coverage has erupted with news portals either highlighting certain aspects of the announcement (
electricity hikes on hold
 or National Service halted for the year) or political tongue wagging over the merits of the plan (
“Yes, it’s good!”
; “No, it’s bad!”;
“I am not sure but I must say something!”
).

But what can we, the average Malaysian do to help? We gave the speech document a once-over so we could give you the
highlights yesterday
; and we surprisingly found three, actually pretty fun ways you can help. Who would’ve thought?

1. Go Shopping

No, we’re not kidding. One of the measures put into place was: “
increase frequency and extend shopping hours of nationwide mega sales
“. Why would such a measure be put into place and how can consumers spending money at the malls help? It’s actually a pretty simple cycle: when a customer spends money, he keeps the retailer and many service providers in business through revenue and profit.

Every business involved in the consumer chain such as advertising agencies; logistics firms and the like also benefit from this. In turn, keeping companies in business also equals keeping people employed. Healthy profits give companies less reason to downsize labour costs; keeping you your job!

The purchase also provides the government revenue through sales and service taxes (or the soon to be implemented GST).

During hard economic times, people tend to shy away from spending. They horde their savings and cut back on purchases, bracing themselves for the looming recession; hence reducing overall demand of goods and services. But what this behaviour does is it actually hastens the oncoming recession (we’re not going to give you a recession class but you can
read more about it online
). Less spending means less revenue for companies and the need for austerity measures such as retrenchment and eventually lower GDP for a country.

Now, we’re all for saving and budgeting so we’re not saying go broke at the stores in your bid to help the economy. But in case you were wondering; yes, even those bouts of weekend retail therapy is actually you doing your bit to help out! Did you really need another reason to shop?

2. Go on a (Domestic) Holiday

Wanderlusters take note: your domestic holiday is going to certainly help fuel the economy. Just like the point on shopping; domestic holidays instead of foreign ones keep you spending your money inside the country and thus; keeps local businesses afloat and aids the country’s GDP. The government announced that it would be working with selected airlines to make domestic travel even cheaper. With low oil prices; airlines are going to be able to reduce or wipe out their fuel surcharges altogether making for insanely cheap local travel.

We’ve got some really beautiful beaches in the country and we bet you haven’t seen even half of what the country has to offer by way of tourism. In fact, if you can encourage your friends overseas to come over and holiday in Malaysia too; you’ll be upping the ante on your economy refuel by not only generating more revenue for the local tourism industry but you’ll be bringing in money from external sources instead of simply circulating what is already in the country.

A weakened Ringgit is an added selling point to your foreign friends to come over and spend lots of money here.

So hand in that leave form and tell your boss you’re doing it for the sake of the country’s economy and the well-being of companies everywhere including your own (P.S. we will not be responsible for any consequences that may arise from excessive holiday-making!)!

3. Have an eBay Based Garage-Sale

The budget revision featured measures aimed “To boost exports of goods and services”. Although, selling on eBay wasn’t
really
 what they had in mind, we reckon it’s a still a good way for a private citizen to help bring money into the country’s economy. Selling your unwanted stuff online to the international community is a great way to earn extra cash, which you can then funnel into the economy via steps 1 and 2. Sure, most of the benefit goes into your private pocket; but the hope is you will then use this money on domestic goods and services; which benefits the country and pays taxes to the government.

The weak Ringgit is sure to make your products pretty affordable to online shoppers. More foreign money coming in is a win for the country and more money in your pocket is a win for you. Looks like everybody wins.

It’s About Healthy Spending

If you think the list was just being funny; it isn’t. The basis of it is healthy domestic spending because the thing that fuels a recession is a fall in aggregate demand. What causes a fall in aggregate demand? Whilst, it can be caused by many factors including falling wages and spending power; it can equally be caused by panicky citizens withholding spending until what they view as a more ‘favourable time’. Again, it’s not about throwing your savings into consumer binge spending or spending money you don’t have (via credit cards) but about spending healthy – saving and spending as and when you need to.

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Finance Minister: Moratorium Estimated At RM51.4 Billion As Of 6 July

(Image: Malay Mail)

The ongoing six-month automatic moratorium announced by Bank Negara Malaysia (BNM) in March is estimated to stand at a value of RM51.4 billion as of 6 July 2020, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Of the total, RM17.9 billion is accounted for by the business sector, whereas the remaining RM33.38 billion is made up of loans from the public.

Tengku Zafrul said that despite being only a temporary measure, the six-month moratorium was timely and a relief for many impacted groups, particularly those who had lost their source of income during the movement control order (MCO) period. The initiative, which began in April, is slated to end on 30 September 2020. A blanket
extension of the automatic moratorium is not likely
, although some banks – such as
CIMB
 and
AmBank
 – have said that they may consider a
targeted approach
 instead.

(Image: New Straits Times)

Consequently, Tengku Zafrul reminded the Malaysian public to assess their ability to repay their loans post-moratorium, and to seek early aid if they’re unable to cope. “For those who are facing financial difficulties and may need to restructure and reschedule their facilities, they are advised to get early targeted assistance. This can be done by consulting their respective financial institution or the Credit Counselling and Debt Management Agency (AKPK) for advice,” he said in his 12
th
 LAKSANA report.

The report also contained the latest updates on the implementation of other initiatives provided through the Prihatin economic stimulus package and the PENJANA economic recovery plan. These include the
Bantuan Prihatin Nasional (BPN) aid
, the
wage subsidy programme
, and cash incentives for various parties, such as
tertiary students
,
e-hailing and taxi drivers
, as well as
government retirees
.

“The key point to convey here is that we are on track. While we have had ups and downs and challenges along the way, we are progressing well and we look forward to seeing through the implementation of all measures,” said Tengku Zafrul.

You can read Tengku Zafrul’s full
12
th
 LAKSANA report
 here.

(Source:
The Edge Markets
)

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Alex Cheong Pui Yin

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How Smart Digital Locks Complement Today’s Modern Smart Homes

In an increasingly automated world, it’s no surprise that many are also automating various aspects of their home sweet home; after all, technology helps us be comfortable, efficient, and secure through its many functionalities. You may think of various things that can be part of a smart home, but there’s one thing that you may not have thought of: a smart lock. Let’s first discuss what a smart home looks like, and how a smart digital lock can fit in that setup.

Smart Homes: How and Why Do You Create One?

Smart homes are regular homes that have been amplified in terms of functionality with technology. A smart home would have things like smart lighting, which allows residents to control the lighting even when they are not at home as well as adjust the colour and tone of the light. Other items a smart home could have include appliances like air conditioners, speakers, and robot vacuums that can be controlled remotely from anywhere. Finally, Wifi-enabled security cameras are popular among Malaysians as they allow homeowners to continuously monitor what’s happening at home even if they’re in a foreign country.

The general theme of items within a smart home is the same: connectivity, efficiency, variability, and security all available at one’s fingertips. Who wouldn’t want a home that’s comfortable and convenient?

This is why smart locks are an excellent addition to a smart home. These security marvels offer everything that fits the above general theme through their functionality, making them way better than regular padlocks that you would find at a hardware store. Smart locks are not just useful for keeping unwanted persons out, they also can allow temporary access to others without you being there.

What Can Smart Locks Offer To A Homeowner? Turns Out, A Lot!

The most basic purpose of keeping a lock on your door is to protect your home from intruders. However, we’ve seen plenty of cases where conventional padlocks and door locks can be broken by brute force. In addition, it can be a major headache if you lose your keys.

Smart locks may not reinvent the wheel, but instead increases both the security and convenience of a padlock or door lock. Here are just some of the reasons how:

They allow multiple secure ways of unlocking, such as through a PIN, via Bluetooth, and through a physical key. This way, you have options if either one doesn’t work.

PIN-enabled smart locks allow you to provide access to others easily by generating a one-time time-limited PIN that they can use on the lock, even without you being there. You can set time limits for the PIN code validity, and review all PIN access codes via app. It’s secure and especially useful for Airbnb hosts.

They are discreet and come in less obvious forms than conventional padlocks. Not only that, more premium options come with tamper alarms and security lockouts if incorrect PINs are entered too many times. Security at its best, for sure!

There aren’t too many companies that specialise in smart locks, but one brand stands out. Despite being founded just in 2015, igloohome has quickly gained a reputation as being the best in the business. Offering a range of award-winning smart lock options, igloohome is also an official trusted Airbnb partner.

An igloohome Smart Lock for Every Type Of Smart Home

igloohome offers several smart lock products with varying specifications. Here is an overview of igloohome’s most popular smart locks and their features:

Feature/Model

Padlock

Mortise

Deadbolt 2S

Multiple Access Modes

Yes

Yes

Yes

Offline Functionality

Yes

Yes

Yes

Access Log Viewing

Yes

Yes

Yes

Airbnb Sync for Automatic PIN Generation

Yes

Yes

Yes

Security Lockout Mode

Yes

Yes

Yes

Tamper Alarm

No

Yes

Yes

Timer/Sensor Re-lock

Yes

Yes

Yes

Privacy Mode

No

Yes

Yes

Decoy Security Code Input Before Actual Code

Yes

Yes

Yes

Emergency Jumpstart via External Battery

Yes

Yes

Yes

Fire Alarm

No

Yes

No

Volume Adjusting

Yes

Yes

Yes

All three products, namely the Padlock, Deadbolt 2S, and Mortise have some basic common functionalities, while other features vary according to model. The mid-range model is the Deadbolt 2S, which offers the most core security functionalities you would need for your home, minus some of the extras that the flagship Mortise offer. It also has a sleek, elegant design, being the slimmest of the three, so aesthetics are kept in check too!

Smart Locks Myths and Misconceptions

Chances are, you may have heard some common misconceptions about smart locks and why you shouldn’t use them. Here are some common myths that people believe about smart locks:

If there is no Wi-Fi, I won’t be able to access my home – Most smart locks, including all igloohome models, have offline backups for such a scenario. Users can still use PIN, their smartphones (via Bluetooth), and if all else fails, a physical key.

My smart lock won’t be functional if the batteries are dead – Smart locks will give multiple reminders to your smartphone to remind you to replace the batteries well before they run out of juice (smart locks can have up to one year battery life). If you fail to do so, and the locks do stop functioning, a physical key can be used to open your door. Models like the Deadbolt 2S and Mortise also allow emergency jumpstarts for this purpose.

Smart locks are easily hacked and unsafe – There have been zero instances of a smart lock hack. Security measures are also plentiful. For example, PIN codes usually expire within a set timeframe, and the igloohome app itself require some form of authentication to access the lock controls. Finally, tamper alarms and security lockouts offer another layer of physical security.

Try Out igloohome’s Products Yourself at JDX Concept Store, Quill City Mall!

If you’re keen to test out and see how a smart lock can improve your home, you can now do so at the permanent igloohome pop-up booth at the JDX Concept Store, a 50,000 square feet cashless shopping experience store conveniently located at Quill City Mall, KL. Just come to the booth, try their offerings, and scan a QR code to buy/make a purchase via Prestomall app. Afterwards, the smart lock of your choice will be sent to your home, just like an online delivery order.

So, if you are in the Klang Valley, go and experience the
new era of home lock solutions
yourself today, and stay an up-to-date consumer!

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Pay With Your Phone Using Affin Bank's New Mobile App AffinPay

(Image: Affin Online)

The new AffinPay app allows customers to store multiple Affin Bank Visa debit or credit cards and use the app to make payments with just their phones. Users can pay with AffinPay at any merchant where Visa Paywave is accepted.

If you are an Affin Bank Visa debit or credit card holder, all you need to do is download the AffinPay app, set up the necessary PIN or biometric authentication for security, and link your Visa card to the app. You can then start paying using AffinPay by clicking the Pay button and tapping your phone on the Visa Paywave contactless terminal.

With AffinPay, cardholders don’t even need to bring their cards out with them to make payments – all they have to do is use their smartphones. And with their payment history right there on the app, customers can track their spending more efficiently. Additionally, Affin Bank states that customers will be rewarded with exclusive deals when they pay with AffinPay.

Presently, AffinPay is only available for Android devices that support the Near Field Communication (NFC) feature. Affin Visa cardholders can
download AffinPay on the Play Store
.

(Source:
Amanz
,
Affin Online
)

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TAGS:

Affin Bank

AffinPay

Cashless Payments

Mobile Payments

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Christine Tay

Christine Tay

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