Exposure Draft on Licensing Framework for Digital Banks

Bank Negara Malaysia (the Bank) today issued the Exposure Draft on Licensing Framework for Digital Banks. This framework forms part of the series of measures adopted by the Bank to enable the innovative application of technology in the financial sector. Up to 5 licences may be issued to qualified applicants to establish digital banks to conduct either conventional or Islamic banking business in Malaysia.

The Exposure Draft outlines the proposed framework for the licensing of digital banks to offer banking products and services to address market gaps in the underserved and unserved segments. Such digital banks are expected to offer meaningful access to and promote responsible usage of suitable and affordable financial solutions to financial consumers.

What kind of Approach?
What is 'Foundational' phase?

How to get RM30 e-Tunai Rakyat?

As announced by the Ministry of Finance, the e-Tunai Rakyat initiative aims to accelerate the greater use and adoption of e-wallets and digital payments among Malaysian consumers and merchants, especially small enterprises and retail businesses.

Khazanah was appointed by the Ministry of Finance to facilitate and coordinate the implementation and launch of the e-Tunai Rakyat initiative within the given timeframe.

The "Winning" e-wallet service providers are ⇓⇓⇓

The Revival of Bandar Malaysia (Dec 2019)

The long-awaited and controversial Bandar Malaysia which was part of the legacy of the famous state-owned 1MDB, has come to alive again today with the signing of the agreement between various parties to kick-start the project once again.

The grand signing ceremony was witnessed by Prime Minister Tun Mahathir & ambassador of China to Malaysia, and a few big guns from the cabinet ministers and businessman. Meaning, the limelight of the world is on Bandar Malaysia once again today.

In a joint statement today, the parties announced that IWH-CREC is acquiring a 60% stake in Bandar Malaysia Sdn Bhd, the project's master developer, from its parent company TRX City.

Let's have a look into details about the parties involved: >>>

Who is IWH-CREC Sdn Bnd (ICSB)?

6% Digital Tax on Facebook Ads in Malaysia starting 1 Jan 2020

Beginning 1 January 2020, Facebook ads in Malaysia are subject to a 6% service tax. This affects advertisers whose "Sold To" country on their business or personal address is set to Malaysia.

The service tax is added whenever you're charged for your ads regardless of whether you're purchasing Facebook ads for business or personal purposes. If you pay for Facebook ads with a manual payment method, the tax will be applied when your ad account is funded.

Example...

As an example, let's say that you were recently charged $100 because you reached your $100 billing threshold. The subtotal for the charge will be for $100 in ad costs, and then a 6% service tax will be added on top of that, so you'll pay $106.00 in total for that charge ($100 + $6 = $106). Because service tax is added on top of charges, you won't reach your billing threshold faster, but you may be charged more than your billing threshold amount.

Bear in mind that Facebook isn't able to give tax advice. If you have any questions about taxes, we suggest contacting your local tax advisors or tax authorities.

Follow our active updates via Facebook @FinanceMalaysia

How to Download Touch'nGo Statements via app? Got 2 Types of Statements?

Scared that you can't download Touch'nGo statements for the company's employee benefits claims?

Or, for income tax expenses filing purposes?

Don't know how to download it?

Previously, you can log in to the MYTouchnGo web portal to download the transaction history. But, many of us will find it difficult to access the web portal ever since mobile application e-wallet was born.

Why don't we download the statements via the Touch'nGo e-wallet app directly?

It's much easier and convenient to do so...

Step 1:

How Good/Bad Does Malaysia Economy Fares in 3Q19 ?

Economic and Financial Developments in the Malaysian Economy in 3Q2019

The Malaysian economy expanded by 4.4% in the third quarter

 Key Highlights

8 Reasons why you should use MyGroser? (Good Offer Inside this article)

MyGroser is a convenient, quick, simple, easy, and rewarding way for you to order the freshest groceries, everyday essentials, dry items, packaged goods, and other common items found in your neighbourhood supermarket, hypermarket, or corner convenience store. 

Order what you need - and have it delivered when you want it.

You can order for your personal needs, for your family, or order in bulk for your corporate pantries online at www.mygroser.com or through their iOS and Android apps.

Reap the most benefits from the new service offered as per below 8 Reasons:

11 Tips to get the Most out of 11.11 Singles Day

Singles' Day (11.11) = 11 November.
What does this mean?

It means the year's best sales are on this day. From discounts and coupons to flash deals and free shipping, shop till you drops on 11.11.

Are you ready?

Check out these helpful tips before giving in to impulse shopping:

What is Cash Transaction Limit (CTL)?

The National Coordination Committee to Counter Money Laundering (NCC) conducted a media briefing on 7 November 2019 on the proposed Cash Transactions Limit (CTL) at RM25,000.

The objectives of the CTL is to strengthen financial integrity in Malaysia and complement existing integrity measures. CTL targets large cash transactions that are of higher risk of being misused for illicit activities.

Promoting financial integrity in Malaysia is a shared responsibility – everyone has a role to play.

What is being proposed?

WTF is this "Delivery Scam"?

NEW SCAM !!! 😠😠😠

This is very clever. I would probably fall for it if not warned. Give this wide distribution. This scam is actually very clever. Just when you thought you'd heard it all. Be very careful out there! Beware of people bearing gifts!

The following is a recounting of the incident from the victim:

[PRS] Zero Tax Penalty for Housing and Healthcare Withdrawals

Following the recent Budget 2020 announcement that PRS members are allowed to make pre-retirement withdrawals for purposes of healthcare and housing without any tax penalty. (instead of the normal 8% tax penalty, click here to know in details)

For Immediate Family.
Can?

Why is the Thai Baht so strong? (Oct 2019)

Year-end is coming, and you are thinking to go shopping spree as usual in Bangkok?
Hold on first.
The currency of Thailand is in an upswing lately, reaching a 6 years high level.That takes its gain to 7.8% this year, more than any of its emerging-market peers, except Russia’s ruble.

 Your shopping spree could be dampened by the sudden surge?
Hmmm...

Let's look at why here...

Budget 2020: Key Highlights

Budget 2020 tabled at the Dewan Rakyat by Finance Minister Lim Guan Eng, was the second budget from the new ruling government of Pakatan Harapan.

The Budget this time comes with its theme, "Driving growth and equitable outcomes towards shared prosperity".

The following is the Key Highlights of Budget 2020:

What you have to know about the New Fuel Subsidy scheme ???

• Starting Jan 1, 2020

• RON95 petrol price in Peninsular Malaysia to be Gradually Floated
• Only for vehicle owners currently on Bantuan Sara Hidup (BSH) welfare payments
• Only for Qualified vehicle owners (as shown in picture)
• Payments will be made Quarterly every 4 months to the BSH-linked bank accounts
• What if a qualified person owned Both a car and a motorcycle? He/she can only receive RM30 per month (RM120 every 4 months)
• The subsidies would Stop if RON95 prices fell to RM2 per liter and below.
  
  
  
  
  
  
  Meanwhile...
• RON95 petrol price for the territories of Sarawak, Sabah, and Labuan will still be capped at RM2.08 per liter, for now
• Therefore, not qualified to receive the subsidy payments

This info was updated on 7th October 2019.

Follow our active updates via Facebook @FinanceMalaysia

EdgeProp is the First Property Crowdfunding Platform (PCF) in Malaysia

The Securities Commission Malaysia (SC) today announced that it has registered EdgeProp Sdn Bhd (EdgeProp) as the first Recognised Market Operator to establish and operate a Property Crowdfunding (PCF) platform in Malaysia, following the revision of the SC’s Guidelines on Recognised Markets in May 2019. EdgeProp was granted an approval in principle in September 2019.

PCF vs ECF vs P2P

Initiatives to Assist Home Buyers (Sept 2019)

Malaysian house prices continued to increase at a more moderate pace, especially in Kuala Lumpur, Selangor, Johor and Penang. House price growth was supported mainly by sustained demand for more affordable properties, while activity in the higher priced condominiums and apartments remained weak.

Some signs of market recovery were observed in the first quarter of 2019 as housing transactions both in terms of volume and value recorded sharp increases.

Housing transactions were largely driven by houses priced below RM300,000, reflecting continued demand for affordable housing across most states. Demand for housing was also boosted by various public and private sector initiatives to lower housing costs (as below).

Initiatives to Assist Home Buyers:

Relaunch of HSBC Amanah MPower Platinum Credit Card-i (+ eWallet Benefits?) Sept 2019

Recently, HSBC announces the re-launch of HSBC Amanah MPower Platinum Credit Card-i with improved benefits, effective 3 October 2019.


With this re-launch, the existing Terms & Conditions for HSBC Amanah MPower Platinum Credit Card-i Programme (effective 1 January 2019) will expire on 2 October 2019 and will be replaced with the new Terms & Conditions for HSBC Amanah MPower Platinum Credit Card-i Programme (effective 3 October 2019), which will apply to all new and existing HSBC Amanah MPower Platinum Credit Card-i Cardholders.

Please find below the new HSBC Amanah MPower Platinum Credit Card-i features:

(Click to enlarge)

While many other credit cards already started to remove e-wallet related transactions for their cashback or points entitlements, the action by HSBC Amanah to revamp their program by including e-wallet (although not all of them) is seen as a timely move to capture the needs of e-wallet community/users.

Want to know more in details?

Click below links...

Relaunch of HSBC Amanah Mpower Platinum Credit Card-i (PDF)

Relaunch of HSBC Amanah Mpower Platinum Credit Card-i Frequent Asked Questions (PDF)

UPDATES TO THE TERMS & CONDITIONS FOR HSBC AMANAH MPOWER PLATINUM CREDIT CARD-i PROGRAMME (EFFECTIVE 3 OCTOBER 2019)

Follow more e-wallet related updates via Facebook @EWallet Malaysia

Follow our active updates via Facebook @FinanceMalaysia

[TNG eWallet] Good News! Unlimited Toll Rebates and FREE PA Coverage! (Sept 2019)

The awesome toll rebate is back! This time it is even better.

For every friend that signs up with Referral Code: esj2qy, you will get 3x 100% toll rebates. And, you can share it with your friends also to enjoy the same benefit.

So, you can potentially earn UNLIMITED TOLL REBATES !!!

That's not all, you will also enjoy FREE Personal Accident Coverage worth RM10,000 !!! Just continue passing through toll with PayDirect/RFID (click here to read our earlier blog post on PayDirect) to be eligible.

What's the term and conditions?
Any maximum toll rebate capping?

This campaign will last until when?

Sharing the Lesson Learned from a Failed China F&B Investment

Reported in various Chinese media (newspapers and TV news channels) recently, one of the victims ignored the negatives comments from netizen and determined to speak up her 'unfortunate' lesson learned from this fail investment.

This has come to our attention, and we at Finance Malaysia think that this could be a good awareness post for our readers here. With this, we hope that readers would know the risks of investing abroad, like what she faced.

Source: Prudence Wong's Facebook

Below content is taken from Prudence Wong's Facebook post:

[Funding Societies] First Collateralized P2P Investment in Malaysia

Funding Societies Malaysia, the first and largest Peer-to-Peer (P2P) financing platform in the country, has launched Dealer Financing, the latest addition to its array of investment products, for the purchase of used cars by identified used car dealers. Dealer Financing is not only the first P2P dealer financing product, but it is also the first collateralized P2P investment in Malaysia, whereby it is backed by additional security which is the ownership claim on the financed used cars.

It's good for Dealers. Can tell me more?

And, what's in it for Investors?

[BigPay] New AirAsia BIG Points Rewards Structure (effective Sept 2019)

Good News and Bad News !!!
Which one would you like to listen first ???

From the 1st of September 2019, BigPay is increasing the amount of AirAsia BIG Points you earn when you spend on BigPay. You will receive 1 BIG Point for every RM10 spent.

That's DOUBLE the BIG Points you're currently getting.

Think of all the trips you can take when you pay for your Spotify premium, your Netflix or even that cheeky Nando's.

Good. What is it about the Bad news?

[Enhanced Version] Bank Negara Malaysia’s RM1 billion Fund for Affordable Homes (Aug 2019)

Bank Negara Malaysia wishes to announce enhancements to the RM1 billion Fund for Affordable Homes, which aims to help home buyers from the lower-income group to finance the purchase of their first homes.

The enhancement, which will take effect on 1 September 2019, involves the expansion of the eligibility criteria, as follows:

EPF Launches i-Invest Online Platform

19 August 2019: The Employees Provident Fund (EPF) today announces that eligible members can now make an informed investment of unit trust funds offered by EPF-approved Fund Management Institutions (FMIs) through the self-service i-Invest online platform within the i-Akaun (Member) portal.

For members below 55 years old, the investment can be funded directly from the eligible portion of members’ savings under Account 1 with a sales charge ranging from zero to 0.5% of the transaction amount.

Enabling Unit Trust Investment Directly From EPF Account...

IFA - One Stop Mobile Application Solution that Opens Up Top 10 Stock Exchanges

Are you a stock traders/investors?
Do you trade/invest in global shares?

Yes !!!

We're LOCAL investors, but we want GLOBAL exposure!

However, many of us (traders or investors) have been trading global stocks via various platforms including local securities firm, may face the problems as below:

Costly Transaction Fee?

Difficult to Access Global Stocks?

Trading Platform Not Licensed in Malaysia?

Let us introducing International Finance Asia (IFA), a foreign stock trading platform that allows access up to 10 major stock exchanges globally has announced that they are launching their product on 31 st July 2019 to the market and the company prepares for a massive expansion in ASEAN within the next one year amidst the expanding of economy in ASEAN.

ALL-IN-ONE ACCOUNT TO TRADE WORLDWIDE

What is "Bursa Anywhere" app?

Good news to all local share investors 👍👍👍 
The Bursa Anywhere mobile app has been launched! You can now access your CDS Portfolio from your mobile device on-the-go - anywhere, anytime.

WHAT IS BURSA ANYWHERE?

[E-Wallet] Money-Back Guarantee by Touch'nGo eWallet?

In a recent study by Nielsen Malaysia on Malaysia’s shifting payment landscape, only 8% of Malaysians have adopted the use of e-wallets. Why? Withdrawing cash from bank ATM not risky? Using credit card not risky? Online banking transactions not risky?

One of the major reasons highlighted as a barrier to cashless adoption is that 46% of Malaysians are concerned about security measures and fraud risks related to digital payments.

What is Money-Back Guarantee?

2H19 Outlook will be Better for Malaysia?

Dubbed as one of the worst major global markets by Bloomberg, the benchmark FBM KLCI Index has year-to-date (YTD) slipped 1.10% (1H19) to 1,672.13 level, while the rest of global markets recovered and ventured deep into positive territory. 

Factors that topped the list for the less upbeat mood were:

• trade war and global recession fear, which resulted in heightened foreign exit;
• steep correction in crude oil price and ringgit weakness;
• unexciting valuation and corporate earnings growth versus comparable peers; and
• still muddy domestic politics as succession issue remain a key sore point along with many unwanted incidents consistently rocking the power base and the cohesiveness of the ruling coalition.

Outlook of 2H19 will be hinges on these few Hot Topics:

[Insurance] What you need to know about the New Regulations on Investment-Linked Plans? (July 2019)

If you are planning to purchase an Investment-Linked Plan (ILP) insurance policy, then you should take note of the new regulations by Bank Negara that came into effect on 1 July 2019.

In January 2019, Bank Negara released a policy document that set several new requirements that investment-linked insurance providers must adhere to from 1 July 2019 onwards. Why? These requirements were designed with the primary objective of protecting the interests of policy holders.

Continue to read here...

How to get FREE Petrol from Petronas via Setel ???

Are you a Petronas customer?

Are you pumping petrol regularly?

Are you a Free-bie lover?

If you answered all YES to the above questions, the chances are you would be very much in love with this article. Keep reading on.

SEVEN + ONE Reason why you should start using Setel ???

Key Highlights of e-Commerce Consumers Survey 2018

The e-Commerce Consumers Survey 2018 (ECS 2018) is the first purpose built survey conducted by Malaysian Communications and Multimedia Commission (MCMC) to understand characteristics and behaviours of e-Commerce consumers in Malaysia.

In addition, the survey also covers challenges faced by consumers to adopt e-Commerce.

The survey focused on selected key indicators including the following:
i. e-Commerce experiences;
ii. purchasing;
iii. product delivery;
iv. product return;
v. security and privacy; and
vi. demographics and socio-economics background of consumers and non-consumers.

In the full 49 pages of survey report, let us zoom into these key highlights: 

What is the Lending Rate from various banks now? (Updated May 2019)

As most of us already knew, Bank Negara Malaysia (BNM) decided to reduce the Overnight Policy Rate (OPR) to 3% at its last meeting on 7 May 2019. This was the first time of OPR cut since July 2016.

Historical Movement of Malaysia's benchmark interest rate (Overnight Policy Rate)

Consequently, the ceiling and floor rates of the corridor for the OPR are correspondingly reduced to 3.25% and 2.75% respectively. This in turns will affect all the borrowing rates in Malaysia.

What's the lending rates from various financial institutions following the cut?

Here you go...

Gold as an Investment. Yes or No?

Since young, our parents or grandparents kept telling us that if we have money, save it in gold. Does this still hold true nowadays given the plenty of investment choices that we are having now❓

In modern days, investors buy gold mainly as a hedging tool against political uncertainties and inflation. On top of that, many investment advisers recommend a portfolio allocation in commodities (usually of only up to 10%), which includes gold, for portfolio diversification purpose to lower down the portfolio risk. 

What is FTSE World Government Bond Index (WGBI) ???

On Monday, global stock market indices provider FTSE Russell placed Malaysia's market accessibility level in its World Government Bond Index under a review considering a downgrade from the current level of 2 (highest level of accessibility) to 1, due to concerns about market liquidity, at the end of the review period in September.

The downgrade may make the Malaysian local government ineligible for the index that helps with exposure to wider global investors. (Source: TheEdge Market news)

Double Drops !!!

Following the release of the news, Malaysian Ringgit and FBM KLCI tumbles the next day due to heavy foreign selling. USD/MYR hitting a low of 4.14 at the time of writing and seems that it will continue to falls further, if Bank Negara Malaysia decided to lower down the benchmark interest rate (OPR) in coming months.

While investors scramble to react from the news, what is this WGBI actually?

Let us have some understanding and let's get the class started below...

[UPDATE] Local and Foreign Banks Mortgage Loan Rate (as of 05 April 2019)

The following are the Base Rates, BLR and Indicative Effective Lending Rates of Financial Institutions as of 05 April 2019.

Source: Bank Negara Malaysia

Follow our active updates via Facebook @FinanceMalaysia

5 Key Highlights of Bank Negara Malaysia Annual Report 2018

Too lazy to read the full annual report?

No worry... Let us summarise for you with these 5 key highlights :)

What's the forecast for 2019 and why?

How to pay for Prudential policy premium with Boost e-wallet ?

Yes. You see it correctly. E-wallet payments or transactions in Malaysia is becoming one of popular methods, especially youngsters. And, it cross our mind recently, knowing that one of the largest insurance companies here - Prudential - is jumping on the bandwagon to let their policy holders to pay for their policies via e-wallet specifically Boost. (Referral code: yeo31ln)

Wow. That's fantastic to all e-wallet fanatics here. Now, you have another good reason to use Boost for your daily transactions.

What is Prudential's Corporate Website?

NEW 2019/2020 List of EPF Approved Funds. Does your fund being SUSPENDED ???

Last week, EPF has published its Annual Qualifying List of Fund Management Institutions (FMIs) and unit trust funds under the EPF Members Investment Scheme (EPF MIS) effective 1 March 2019 until 29 February 2020.

For the 2019/2020 period, a total of 382 funds were approved under the EPF MIS, nonetheless only 282 funds, including 9 new funds, from 19 FMIs qualified for offering. This is a marginal increase of 0.7 per cent from the same period last year.

The list of unit trust funds offered under the EPF MIS is evaluated annually based on 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 from offering during the period.

Instead of posting the approved fund list, Finance Malaysia would like to only highlight those suspended funds from some popular fund houses (not all) for your information as below:

What is EPF's Expenditure Guide called BelanjawanKu ???

Since a reference budget is a useful tool on many levels, the Social Wellbeing Research Centre (SWRC), University of Malaya has started a research programme aimed at compiling a “Reference Budget for Malaysians”, or Belanjawanku, the first results of which are laid out in this publication.

Belanjawanku is a compilation of detailed minimum monthly expenses for different baskets of goods and services consumed by different households, to achieve an acceptable standard of living.

Huh? How much is considered enough?

How to get 20% Toll Rebates via Touch'nGo e-wallet PayDirect/RFID ?

After knowing the benefits of TNG eWallet and most importantly clearing the doubt/confusion between physical TNG card and TNG eWallet from our previous article (click here to read), it's time to move on to more details on the most important function of TNG eWallet called PayDirect.

Outdated!!! Now, with 100% Toll Rebates!!! Check out our latest Blog Post from time to time...

What is so Good about PayDirect ???

Why use Touch'nGo eWallet (not the physical card) ???

Instead of holding the normal Touch'nGo (TNG) card we're using currently, we can opt for the mobile version of it via a new app called Touch'nGo eWallet. However, at this current juncture, you CANNOT reload your TNG card with the app. Don't be angry first. Let's give them sometime to sort things out.

Anyway, you can view your TNG card balance and last 5 transactions real-time via the eWallet app. That's pretty good though!

Abit of Background of TNG Digital

The e-wallet license holding company was TNG Digital Sdn Bhd (TNG Digital) and it is the joint venture entity where TNG is participating as a majority shareholder and Alipay is participating as a minority shareholder. (Bloomberg source) Meanwhile, TNG is a wholly owned subsidiary of CIMB Group.

What can do with TNG eWallet ?