A New Way of Transferring Money via DuitNow !!!

Remember this date, 8 December 2018, it will mark another milestone in the financial industry in Malaysia with the launching of DuitNow money transfer service. The new service was introduced to eliminate the below conversations between all banking users:

"Please give me your bank account details..."

"What's your bank account number again?"

"Which bank is your account? I forgot..."

Now, you don't have to ask your friends their lengthy bank account number anymore. With DuitNow, you can send money instantly on a 24/7 basis to mobile numbers, NRIC numbers or business registration numbers.

Send and receive funds instantly anytime, anywhere.

Instantly?Yes, because the name was 'Do-it-Now' actually.

How can I receive money using DuitNow?

Salary Deduction Schedule for PTPTN Loan Repayment effective 2019

Under the new mechanism which was announced in Budget 2019, all PTPTN loan borrowers have to abide by the repayment of their student loan via salary deduction starting Jan 2019.

Today, PTPTN chairman Wan Saiful Wan Jan disclose the details via media briefing on this new mechanism called "Scheduled Salary Deductions" or "Potongan Gaji Berjadual" (PGB) in Malay.

So, how many percent % would it be from your salary ???

How about first-class honors graduates?

10 Most Popular E-Wallet in Malaysia

It's time to go cashless! ❤❤❤ After knowing the unavoidable changes that landed here, e-wallet will take the market by force or by storm. From our previous article, 👉 "Why e-Wallet will be the Future Payment Method in Malaysia?" (click here), we continue with the topic of e-wallet.

No more carrying hefty cash.
You can do it all from your smartphone!

In this article, we will write about the most widely used / popular e-wallets in Malaysia. 

Steps-by-step to make payment

Here is some brief introduction of them... ↓↓↓

Why e-Wallet will be the Future Payment Method in Malaysia?

Throw away your wallet! Replacing it with e-Wallet! You like it or not, the future of making transactions will be via electronic-wallet or QR code payments. We called it as e-Wallet.

In recent years, QR code payments are increasingly being seen as an affordable alternative to cash payments, particularly in Asia where mobile phone penetration is relatively higher. Across different jurisdictions, regulatory approaches have varied.

Considering Malaysia’s market characteristics, Bank Negara Malaysia has adopted a unique approach that aims to ensure a unified and interconnected network amid the proliferation of QR code payment providers. Hopefully, this will be happening very soon.

What's the central bank's initiatives on e-wallet ?

[EPF-MIS] Revised Basic Savings Table effective Jan 2019

Attention to all EPF members investment scheme (MIS) members, once again, EPF has just announced that they will be revising the basic savings threshold before a member can withdraw for investment purpose effective Jan 2019.

Higher or Lower ???

Of course, it will be revised higher in view of rising inflation or the depreciation of our value of money. The new quantum for the Basic Savings in EPF Account 1 will be revised from RM228,000 (RM 950 per month for 20 years) to RM240,000 (RM1,000 per month for 20 years) at member’s age of 55 years old.

According to EPF, the basic savings refer to the amount that is considered sufficient to support members’ basic retirement needs for 20 years from age 55 to 75 aligned with the Malaysian life expectancy.

How much Higher ???

[Budget 2019] You have to know these WINNERs and LOSERs !!!

It was suppose to be a “national sacrifice” budget, but it turns out be a caring budget to take care the B40 targeted group while more prudent on the government expenditure. Prior to the tabling of Budget 2019 in Parliament last Friday, the markets reacted negatively in anticipation of a painful year ahead.

No more bad news = Good news ???

However, the reality, as it turned out, was not as taxing all because of the surprising RM 30billion special dividend to be given from Petronas. Effectively, this has lessen the need for deeper spending cuts and/or more punitive tax-raising initiatives. Thank you to Petronas, the national hero once again.

Let's have a summary of the potential winners and losers from this Budget 2019:

Budget 2019: Economic Highlights and Un-Budgeted Items?

From the recently announced Budget 2019 themed as 'Malaysia Wibawa, Ekonomi Dinamik, Rakyat Sejahtera', it will have 3 focus areas, and 12 main strategies to put the country back as an "Asian Tiger" again (hopefully), as what we enjoyed during 1990s until the Asian financial crisis.

Below is the 3 focus areas:

• 1st : Implement institutional reforms
• 2nd : Ensure people's well-being
• 3rd : Nurture a culture of entrepreneurship

The very first budget announcement from the new government after 60 years of independence caught the eyes of the world, especially economists, to gauge the thinking of the new ruling coalition's future policies. Well, it was considered as an expansionary budget, although facing fiscal constraint, partly due to 1MDB scandal.

Five Successful ECF Campaigns in Malaysia

According to the statistics from Securities Commission Malaysia (SC), Malaysia's equity crowdfunding (ECF) platform had raised a total of RM38.36 million since its inception in 2015 (until June 2018) through 40 campaigns.

Among the key take away from the statistic was:

• 48% sought funding of RM500k and below
• 60% of the issuer was technology-based companies
• 72% of investors are below the age of 45

However, many investors don't have an idea of what sort of companies will be in an ECF platform and if you're curious to know some of them, we believe this article will help you to have a glimpse of them. Here you go...

[ECF] Knowing all the SC approved ECF operators (Updated in March 2019)

After understanding how and why Equity Crowd Funding (ECF) existed nowadays (click here to read our previous ECF article), let's move on knowing all the approved ECF operators in Malaysia now.

Below is the intro of SC approved ECF operators (as at end Mar 2019):

FIVE Key Take Away from 2018 KRI Report

It created abit of hoo-haa in Malaysia since the published of the latest research report by Khazanah Research Institute titled "The State of Households 2018 : Different Realities" on 15 Oct 2018.

With 200+ pages, I believe most of us won't go through it. Let us take you straight to the main key take away (in which we think that it's good for all of us to know) here. ✌👀

#1 : Real residual household income

What Triggered the latest Global Market Sell-Off ???

It was not a good day to starts with on 10 Oct 2018, where US stocks suffered their worst fall since early February. The turbulence in US stock markets triggered another sell-off in Asia the following day, with the MSCI Asia ex-Japan falling to a 19-month low.

The sell-off hit broader equity markets in Asia – bourses in Taiwan, South Korea, and China registered deep losses. Of course, Malaysia could not shield itself from this slump either.

Why Global Market Sell-Off ???

[Crowdfunding] What is Equity Crowd Funding (ECF)?

As promised, in this month of October, we will be writing about Equity Crowd Funding (ECF). Another crowd funding method which aspiring new start up entrepreneurs can source for their business funding during initial stages. The ECF platforms provide an alternative venue for capital-raising to SMEs and innovative new businesses.

Proudly to tell you that Malaysia is the first country in ASEAN to introduce a regulatory framework to facilitate equity crowdfunding in 2015, with six registered equity crowdfunding (ECF) platform operators was fully operationalise since 2016. Good job to Securities Commission of Malaysia.

Get to know more here... ⏬⏬⏬

[P2P Investment] Five Mistakes that You Must Avoid !!!

In this last article of P2P investment series, we would like to highlights these 5 common mistakes that every P2P investors must avoid. Let's get it done right!

Mistake #1: Under-estimating the Risks in P2P Investments

[Bursa Malaysia] Five New Sectors and Indices

In order to ensure Bursa Malaysia’s sector and sectorial index continued to appropriately represent the global equity markets and enable asset owners, asset managers and investment research specialists to make consistent comparisons by industry, there are some new enhancements being announced today.

Hence, Bursa Malaysia today introduces 5 new sectors to align its sector classification with internationally recognized standards, bringing the number of Bursa Sectoral Indices to 13 sectors with immediate effect.

Five New Sectors:

[P2P Investment] How to setup Auto-Invest feature on Funding Societies and Fundaztic platforms?

After comparing the two most popular P2P platforms in Malaysia (What are the differences between Funding Societies and Fundaztic platform?), many lazy investors (like me) would like to invest as hassle-free as possible each time. So, in this article, we will share with you how to setup the auto-invest feature available in Fundaztic and Funding Societies platforms.

Fundaztic's Smart Invest

[P2P Investment] What are the differences between Funding Societies and Fundaztic platform?

As promised, this topic has investors scratching their heads and curious about when choosing which P2P platform to starts investing with. Here, we selected the two most popular platform and do a simple comparisons between them.

The battle begins here: Funding Societies vs Fundaztic

[P2P Lending] Knowing all the SC approved P2P operators

After understanding how and why P2P lending existed nowadays (click here to read our previous article), let's move on knowing all the approved P2P operators in Malaysia now.

Below is the intro of SC approved P2P operators (as at end Aug 2018):

[Crowdfunding] What is P2P financing? And, what's in it for investors?

Peer-to-peer (P2P) financing is a web-based innovation that broadens the ability of entrepreneurs and small business owners to unlock capital from a pool of individual investors in small amounts and provides a quick turnaround time to obtain financing for their businesses, through an online digital platform. P2P Financing is already a well-established concept in the USA, UK, and China, amongst many other countries.

Instead of the traditional ways of sourcing funds from financial institutions (which normally takes longer processing time and stricter rules), P2P financing serves as an alternative financing method for SMEs to raise funds for working capital or business expansion.

How does P2P work?

What is the implication of SST on financial products & services? (Aug 2018)

The Ministry of Finance has announced that 6% of Service Tax will come into effect in Malaysia on 1st September 2018, repealing the Goods and Services Tax (GST) which was first introduced as 6% on 1st April 2015 and further reduced to 0% on 1st June 2018.

Unlike GST which taxes all goods and services unless an exemption is provided, Service Tax is only charged on certain prescribed services made by prescribed taxable persons.

For Life Insurance products, Service Tax of 6% will be chargeable on the premiums of products below:

The 5 companies that Khazanah Nasional invested in may surprise you !!!

First of all, we have to bid farewell to Tan Sri Datuk Azman Mokhtar for his great leadership and guiding the investment arm of our government - Khazanah Nasional Bhd - for the past 14 years. Also, this should extend to all board members who were collectively resigned voluntarily last month.

Khazanah Nasional Berhad is the strategic investment fund of the Government of Malaysia. We are entrusted to hold and manage the commercial assets of the Government, and to undertake strategic investments on behalf of the nation.

Spectacular performance for the past 14 years !!!

RAV: Market value of all equities, securities and cash held;
NWA: RAV less Total Liabilities and adjusted to measure value created

Interesting companies that were invested by Khazanah Nasional Bhd:

Knowing the 5 'Avengers' of “Council of Elders” by Tun Mahathir

First of all, let us congratulates Pakatan Harapan (PH), lead by Tun Mahathir, coming with a beautiful victory over the ruling coalition Barisan Nasional (BN) on 9th May 2018. This is the 14th general election of Malaysia where Malaysians vote to decide who to lead the country forward. The mandate was given for 5 years, and Tun Mahathir scores the many history records on this beloved country and the world.

And, one of the first by the newly elected Prime Minister (PM) Tun Mahathir was by setting up a "council of elders" comprising 5 experts from various fields whom will serve as advisors to the new government in order to rectify the current 'troubled' economic problems of the country. Let us know the background of these 'Avengers' to save the country...

Where will the local market heading to after GE14 ???

Yeah... It's drawing closer and closer now. The election war officially started on nomination day where we see troops of supporters from both sides (even 3 corner fight) raving from the nomination center till various social media platforms.

The ruling party already flooded your favorite YouTube, News portals, and TV channels with their campaign manifesto, while opposition parties holding ceramah day-and-night nationwide to draw the attention of voters on top of their usual Facebook reach-out strategy.

The current ruling government was expected to continue its power by most analysts given the split of votes on the opposition side. Anyway, everything is possible in the current world judging from the surprise outcome from Brexit, UK election, US presidential election...

Would Malaysia follow the surprise trends of the world?
Let's see and investors should prepare for the different outcomes of the result.

YA2017 Tax Relief for Personal Income Tax Filing

Here are the updated tax relief listings for your reference. Let's max up the relief given to reduce your tax burden.

Please take note that item 8 was combined together and only can be entitled up to a maximum of RM2,500 relief. Although the limit was reduced, if compared to the separate limit given in previous years, it does include internet subscription and smartphone and tablet this round.

3 Key Takeaways from Bank Negara Malaysia Annual Report 2017

Against a background of broad-based global recovery and the relatively low volatility in the international financial markets, the Malaysian economy performed strongly in 2017. The Annual Report provides an analysis of the developments in the Malaysian economy and outlines the future challenges.

Key highlights:

Why M-REITs are suffering now ??? (March 2018)

Real estate investment trusts (REITs) has been the favorite for those investors seeking stable yet attractive yield. Instead of putting money in bank's fixed deposit, many of us would rather be investing the money into REITs.

CMMT suffers the most YTD with around 30% price drops.

However, things turn worse recently (especially since the beginning of 2018) due to a few reasons. Prices of REITs suffers and no longer considered 'stable' anymore, thus pushing the dividend yield abit higher now.

Dividend yield higher seems to be more attractive ???

[Bursa Malaysia] New trading incentives effective March 2018

Great news for all retail investors!!! You can now have more reasons to expand your investment portfolio and trade more with the new trading incentives that will take effect on 1 March 2018.

These measures were announced on 6 February 2018 by Prime Minister at the World Capital Markets Symposium 2018, hosted by the Securities Commission Malaysia.

What are the incentives???

[Update] EPF MIS approved unit trust funds for 2018/2019

Effective from 1 March 2018 until 28 February 2019, below is the list of Fund Management Institutions (FMIs) and unit trust funds that qualify for offering under the EPF Members Investment Scheme (EPF MIS). For the 2018/2019 period, there are 268 funds from 22 FMIs qualified.

“The list of unit trust funds offered under the EPF MIS is evaluated annually based on the criteria established by the EPF and approved by the Ministry of Finance Malaysia. Any unit trust fund which falls below the minimum eligibility score will be suspended and will not be offered during the period.”

Does your fund in the list this year?

Below are some of the most popular fund houses sorted by alphabet...

[Banks] BR, BLR/BFR and Indicative Effective Lending Rates as at 19th Feb 2018

After the latest Overnight Policy Rate (OPR) hike by Bank Negara Malaysia (BNM) in January 2018, all the banks and financial institutions react to increase their lending rates accordingly.

How about Islamic loans ???

Bank Negara Malaysia issues policy document for digital currencies

Bank Negara Malaysia (“the Bank”) has today issued the Anti-Money Laundering and Counter Financing of Terrorism Policy for Digital Currencies (Sector 6) which has taken into account feedback received during the public consultation period on the exposure draft released on 14 December 2017. The policy aims to ensure that effective measures are in place against money laundering and terrorist financing risks associated with the use of digital currencies and to increase the transparency of digital currency activities in Malaysia.

What does the policy states ???

How to get your eCCRIS report ???

Applying for a housing loan?
Applying for a business loan?
Applying for a credit card?

You can't run away from being screen through by financial institutions on your credit health check, and one of the reports is called CCRIS. Now, you can get this report via electronically hassle-free with a few simple clicks. Introducing eCCRIS ❤

What is inside CCRIS report?

Cautionary Statement on Initial Coin Offerings by BNM & SC

Securities Commission Malaysia (“SC”) and Bank Negara Malaysia (“BNM”) wish to draw the public’s attention to initial coin offering (ICO) schemes which may involve activities that are subject to laws administered by the SC and BNM. Carrying on such activities without proper authorisation is an offense.

Issuers of ICOs should be mindful that the launching of an ICO, the offering of digital tokens in exchange for digital currency or any form of payment and incidental activities thereof, may trigger regulatory requirements under securities laws. In addition, no person is permitted to carry out any regulated activities such as fundraising, fund management and dealing in capital market products without obtaining necessary approval or authorisation from the SC.

Why Ringgit continues to strengthen lately??? Could SGD/MYR go down to 2.50 ???

Kicking off a good start in 2018, the ringgit has appreciated not just against the greenback but also against the Singapore dollar (SGD), recording a 14-month high today at 2.9994 since Oct 24, 2016 of 2.9948. The ringgit strengthened to a high of 2.9991 today. (TheEdge)

Just when everyone is happily converting their Ringgit for overseas vacations last month, the Ringgit continues to strengthen during the first week of 2018. No wonder many people are speculating that the SGD/MYR could go down to 2.50 level not seen for multiple years. Could this happen this year?

FOUR Reasons why Ringgit on a Bull-run...

What are the differences between SSPN-i and SSPN-i Plus ???

Lately, there is a tremendous interest by the public to find out a scheme called SSPN-i. However, there is another scheme called SSPN-i Plus which is similar, but different. Because of your keen interest, Finance Malaysia takes the initiative to summarize it for you the differences between SSPN-i and SSPN-i Plus for your reading pleasure. Hope you all like it.

Wait.

What's the package/plan as mentioned in SSPN-i plus ???

Different plan different benefits ???

How much for each plan ???