BigPay card is changing to red? BigPay got a new Premium card?

BigPay card is changing to RED color? (Why? Because AirAsia is red in color?)
BigPay got a new premium card to selected users? (Why? Because Grab got premium card?)

Wait... Are you sure?

Please read on...

Recently, BigPay teams have discovered that scammers and fraudsters are using new ways to trick BigPay users for their OTP and money.

Huh? How?

New Digital Banks in Singapore

On 4 December 2020, the Monetary Authority of Singapore (MAS) announced four successful digital bank applicants. This is a much-awaited announcement which the financial industry has been watching for months.

Congratulations to these 4 successful applicants below

It will be separated into two categories of licenses. And, the applicants selected for the award of banking licences to operate digital banks are as follows:

What is EPF i-Sinar ?

Ahead of schedule, Employees Provident Fund (EPF) announces the details and requirements of access to Account 1 under the i-Sinar facility on 16 November 2020. Starting December only can apply. Be patience.

Yes. It's from your EPF Account 1.

Who is Eligible?

[Property] What is the Covid-19 Act? How does this act affect the property sector and homebuyers?

The Temporary Measures for Reducing the Impact of Coronavirus Diseases 2019 (Covid-19) Act, which was gazetted on 23 October 2020, has offered some solutions to the property industry stakeholders and property buyers.

The said act was approved by the Dewan Rakyat and Dewan Negara on Aug 25 and Sept 22 respectively.

Here is a Summary of the Measures:

RM3,000 is back - Geran Khas PRIHATIN (GKP) 2.0

After the first version of "Geran Khas PRIHATIN (GKP)" to all micro SMEs in April 2020, the Government in Sept 2020 has allocated an additional of RM10 billion Prihatin Supplementary Initiative Package (Kita Prihatin) in line with its efforts to boost economic recovery.

And, under this latest package, a total of RM600 million was allocated for Prihatin Special Grant (GKP) 2.0.

What is the definition of micro SME?

How to apply?

When is the payment?

[IPO] MR.D.I.Y - Ten key points in knowing your Mr. Right?

MR.D.I.Y which opened its first store along Jalan Tuanku Abdul Rahman in July 2005 and has now grown to become the largest home improvement retailer in the region with stores across Malaysia.

Nowadays, the company already become the preferred place to go for almost everything. (My kids like to go there to buy toys)

With ten categories — Hardware, Household, Electrical, Furnishing, Car Accessories, Stationery & Sports, Toys, Gifts, Computer & Mobile Accessories and Jewellery & Cosmetics — in each store, MR.DIY offers a wide selection of more than 16,600 types of products. Along major highways, you can't take your eyes off the billboard highlighting the company's motto of “ALWAYS LOW PRICES”.

Here you go the TEN key points:

[Fintech] Funding Societies + Razer Fintech to support underserved MSMEs

Funding Societies Malaysia, the largest peer-to-peer (P2P) financing platform in the country and Southeast Asia, and Razer Fintech, the fintech arm of Razer and the region’s leading offline-to-online (O2O) digital payment network, has announced a

partnership to offer short-term business financing solutions for merchants under Razer Merchant Services (RMS).

The partnership is a reflection of both platforms’ mutual aim to empower Malaysia’s micro, small and medium enterprises (MSMEs) with short-term financing to help expand their businesses, particularly extending their reach to 20,000 businesses under multiple segments including MSME retailers, F&B vendors and online sellers registered under the RMS platform.

How is the collaboration?

New Normal with "Virtual" AGM or EGM

In April 2020, the Securities Commission Malaysia (SC) has issued a Guidance Note on the Conduct of General Meetings for Listed Issuers (Guidance Note) in which listed issuers shall conduct fully virtual general meetings during the Movement Control Order (MCO) period.

Since then, many listed companies were seen holding virtual AGM/EGM accordingly and this has benefited many retail shareholders like me. Why?

Continue your read here...

Sukuk Prihatin - Malaysia's first Digital Islamic Bond

With RMCO still lingering around, you may not be going out so often. Less spending leads to more spare cash on hand. Right? And, don't know how to utilize the spare cash?

And, you know that the bank fixed deposit rate is at an all-time low currently (which could possibly get lower) and searching for an alternative which is safe & short-term?

Of course, the interest rate must be reasonable lah...

Look over here...

* Tax-free return
* Tax-deductible if you choose to donate the principal amount

FAQs:

What is the purpose of this Sukuk?

How to claim your RM50 ePENJANA e-wallet credit? Starting 31st July 2020...

Under the Economic Recovery Plan (ERP), one of the most eye-catching initiatives was ePENJANA which aims to spur the spending of users in Malaysia, in order to rejuvenate back the economic activities.

A total of RM750mil will be allocated by the government under this initiative. And, three e-wallet providers which are exactly the same with the previous similar round called eTunai, and they are

Loan Moratorium EXTENSION. How flexible is that? How & when to apply?

Ahead of the blanket moratorium ending on 30 September 2020, our PM today announced that a more targeted approach to assist individual and SME borrowers, which is in line with the easing of movement controls since early May.

It is recognised that income and cashflow challenges remain for some, especially those who have lost their jobs or experienced a reduction in incomes.

Because of that, a targeted approach was introduced to ensure that the financial resources and attention are prioritised where it is needed the most.

The 4 Kings of Rubber Glove Industry !!!

Just when the world has been hit by one of the deadliest pandemics in history, it’s been a good year for glove companies and their founders.

Well, Malaysia, the world's largest rubber glove producer with a market share of about 65% of the world’s supply, therefore producing at least 4 billionaires whose fortunes were made in the industry.

Understand the 'Kings' here:

What is Bursa Malaysia's PN17 status???

Under the rules set out by Bursa Malaysia, there are clear, comprehensive and accessible rules which govern, among others, the listing of issuers and products on local equity markets, and the obligations of the issuers post-listing, the trading, clearing and settlement of our products, the admission and post-admission obligations of market participants.

And, one of the popular yet not-so-glorify words is PN17 - which stands for Practice Note 17. There are a total of 32 Practice Notes (although some of them already removed) as listed on the website.

What does PN17 mean?

SC Cautions Investors on the Usage of Crypto ATMs - No such permit was issued !!!

Have you ever seen an ATM located at certain shopping malls? Shop lots? Not the normal bank ATM, but Crypto ATM...

Today, the Securities Commission Malaysia (SC) would like to caution the public against the usage of Crypto Automatic Teller Machines (Crypto ATMs).

What is Crypto ATM actually?

Highlights of BNM decision to slash OPR to Record Low !!!

At its meeting today, the Monetary Policy Committee (MPC) of Bank Negara Malaysia decided to reduce the Overnight Policy Rate (OPR) by 25 basis points to 1.75%.

The ceiling and floor rates of the corridor of the OPR are correspondingly reduced to 2.00% and 1.50%, respectively.

No thanks for the following reasons... ✂✂✂

[P2P] What does this new player microLEAP has to offer?

Peer-to-peer (P2P) financing in Malaysia, although it is not new in Malaysia, the industry still has a long way to go. Another player - microLEAP - comes into the picture recently.

Interestingly, the new player is the only peer-to-peer (P2P) financing operator in Malaysia that focuses on the microfinance sector, just in time when many local microenterprises struggling to survive the Covid-19 pandemic. (That's the reason why 'micro' has to be inserted as the company's name?)

Having said that, microLEAP provides both shariah-compliant and conventional financing from RM1,000 to RM50,000 to microenterprises. It aims to fill the financing gap for micro-enterprises in Malaysia, which may not be able to apply for loans from banks due to their lack of credit history.


What about investors?

Two new schemes from Cradle - CIP Ignite and CIP Accelerate

In order to provide fundings to more new start-up companies, Cradle Fund Sdn Bhd is allocating RM26.5 million to fund its two newly launched investment programmes, namely Cradle Investment Programme Ignite (CIP Ignite) and Cradle Investment Programme Accelerate (CIP Accelerate).

According to Cradle, out of the total allocation, RM16.5 million will be used for CIP Ignite with the remaining RM10 million earmarked for CIP Accelerate.

What are the differences?

[E-Wallet] Read this Cashback offer before heading to Petrol Stations (June 2020)

Petrol prices keep on increasing (when you need it the most after the lockdown period)? Want to save some money during these difficult periods?

No worry. Read this before pumping.

Introduction to Robo-Advisor Wahed Invest

Introduced about two years ago in Malaysia, there are currently a total of three players operating in the market. First, we have StashAway Malaysia and MYTHEO. And, the latest addition is Wahed Invest.

No worry, we will write another article on the other two platforms very soon. And, there is a reason here. Stay tuned!

Let's back to our topic of today, which is about Wahed Invest.

Who is Wahed?

What is so special?

What are the fees and calculations? 

Personal Income Tax for YA2019. What? Life Insurance category changed?

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

Due to the difficulties caused by the Covid-19 pandemic, IRB is kind enough to extend the deadline of submission to 30 June 2020.

List of YA2019 Tax Relief

What are the things that I should take note of?

Good news from Setel (e-wallet payment at all Petronas stations)!!!

Good news!

As of 29th April, Setel has received approval for its own e-wallet license from Bank Negara Malaysia. 

With this approval, it has enabled Setel to move away from their previous e-wallet provider, Kiplepay Sdn Bhd to Setel Ventures Sdn Bhd (wholly-owned subsidiary of PETRONAS Dagangan Berhad).

What does this mean to all Setel users?

Highlights of the Malaysia's Economic Recovery Plan

With the theme of Generating the economy together, Prime Minister Tan Sri Muhyiddin Yassin today unveiled the RM35 billion Economic Recovery Plan (ERP) which is focused on 3 core issues, namely:

1. Empower the people
2. Propel businesses
3. Stimulate the economy

“The plan will cover 40 initiatives with a total of RM35bil, out of which RM10bil will be of direct fiscal injection. This is due to the fact that plenty of jobs and businesses are affected during the movement control order, and the economy will take time to fully recover,“ he said during the live session.

Continue below...

SC: Beware of Clone Firm Scams

The Securities Commission Malaysia (SC) today issued a warning to the investing public on the rise of clone firm scams where a fraudulent company will set itself up to look like a capital market intermediary that is licensed or registered with the SC, in order to deceive investors.

The fraudsters will use names, logos, credentials, websites and other details of a legitimate capital market intermediary to promote bogus investment schemes via social media channels such as Facebook, WhatsApp and Twitter, promising extraordinarily high returns with little risks. 

More details below:

[HP Loan Moratorium] You have to act now, and here is the guide for different banks !!!

Still on this topic to follow up with the announcement by Bank Negara Malaysia (BNM) on the sudden change of procedures on hire-purchase loans (car loans). Yes. You have to 'act' and 'reply', if you want to opt-in to defer your hire purchase loan.

If you missed out on our previous posts on this same topic, here you go:

• A Big U-Turn on Moratorium for Hire-Purchase Loans? (30 April 2020) (click here to read)
• FAQs on Hire-Purchase and Fixed Rate Islamic Financing Products (1st May 2020) (click here to read)

A quick recap:

Traders Fair&Gala Night 2021 - Your way to financial literacy and trading experience

(Info Sharing)

Traders Fair&Gala Night - Malaysia is an amazing opportunity to meet and take seminars from the most experienced traders, financial analytics and investment gurus. We'll connect you with the most experienced and popular speakers and you are welcome to ask questions and to demonstrate real-life cases.

Kuala Lumpur, the economic heart of Malaysia, is ready to welcome everybody who is interested in the financial area at the third Traders Fair&Gala Night-Malaysia on March 27, 2021. 

We are happy to announce our key speakers:

The 6 Reasons explaining why did Bursa Rally despite the Looming Recession

Just as curious as you did, most investors are scratching their heads now. If you're the one who cut your stock holdings in mid-March, and by keeping more cash on hands, waiting for better timing to re-enter the market again, then you must continue to read on.

When writing this, the global stock market has just had an amazing rally in April & May despite a looming recession ahead. Do you feel puzzled and frustrated by this?

Here, we pointed out the 6 reasons that spark-off the current rally:

[Update] Eligibility Broadened for Covid-19 Test Fund (CTF)

The eligibility criteria for the RM8 million Covid-19 Test Fund (CTF), jointly set up by LIAM, PIAM, and MTA has been broadened to include Emergency and Semi Emergency cases. (The fund size has been increased to RM10 million in May 2021)

Policyholders/certificate holders with medical and health insurance are now entitled to reimbursement of up to RM300 from the CTF if they are required to undergo the COVID-19 screening before their emergency or semi-emergency surgeries.

What is the definition of emergency & semi-emergency?

eToro was added to SC Alert List !!!

Following the much-hyped of the legality of an investment platform in Malaysia, today there is the latest movement from the local regulator.

Here is the move:

RM3,000 Special Grant to Micro SMEs. How to apply?

As announced in early April 2020, an enhanced Prihatin Plus (Pakej Prihatin PKS Tambahan) package was dished out to help our small and medium-sized enterprises (SMEs). And, one of the packages is the "Geran Khas PRIHATIN (GKP)" to all micro SMEs.

What is the definition of micro SME?

How to apply?

When is the payment?

Who is eligible to apply?

FAQs on Hire-Purchase and Fixed Rate Islamic Financing Products (1st May 2020)

Hopefully, this latest FAQs from Bank Negara Malaysia could clear your doubts on the confusion since yesterday.

It was previously announced that the 6-month payment deferment for Hire Purchase (HP) and fixed-rate Islamic financing is automatic. Has there been a reversal in this decision?

A Big U-Turn on Moratorium for Hire-Purchase Loans? (30 April 2020)

Following the announcement by Bank Negara Malaysia (BNM) on the 6 months moratorium on loan repayments in March 2020, it took a sudden change of procedures on hire-purchase loans (car loans) today.

To recap, please click the below link to read our earlier blog post:

BNM Loan/Financing Deferment Measure. How it works actually? (March 2020)

With the topic "Operationalisation of Moratorium for Hire-Purchase Loans and Fixed Rate Islamic Financing", BNM today issued an announcement to the general public.

What is that?

What should I do?

A Historic Post on Negative Crude Oil Price (20 April 2020)

Since this was such a historic event, how can we leave this out from our blog? On 20 April 2020, the US May oil futures contract went into negative territory for the first time in history and hit a record low on thin volume, ahead of next week’s expiration.

Why did this happen?
How about Malaysia?

How to get the RM300 Covid-19 Test Fund?

The Life Insurance Association of Malaysia (LIAM), Persatuan Insurans Am Malaysia (PIAM) and the Malaysian Takaful Association (MTA) have established the COVID-19 Test Fund (CTF) to support the Ministry of Health’s (MoH) efforts to conduct more COVID-19 testing for the benefit of medical insurance policyholders and takaful certificate holders. RM8 million has been pledged by the insurance and takaful industry to this fund.

Medical insurance policyholders and takaful certificate holders may apply for reimbursement up to a maximum of RM300 for COVID-19 testing (one reimbursement per individual) to maximize the number of tests that can be supported by the CTF.

Who is eligible to claim from the CTF?

How and Should I Apply EPF i-Lestari Withdrawal?

In order to ease the financial burden of Malaysians during the current Covid-19 outbreak, the prime minister had announced on 27 March 2020 that Employees Provident Fund (EPF) members will be allowed to withdraw up to RM500/month from their EPF account.

Available from today 1st April 2020 onwards, this withdrawal facility is known as i-Lestari. A monthly withdrawal that aims to relieve the financial burden of our members.

Who is eligible?

How to apply?

Should I withdraw?

Complete Guide on Deferment of Insurance Premium Payment

Do you have one or more life insurance policy/ family takaful certificate?

Do you have one or more general insurance policy/ general takaful certificate?

If your answer is YES to either question. Then, please read on...

As announced during the "Prihatin Economic Stimulus Package" by our prime minister on 27 March 2020, family takaful and insurance companies will offer a 3-month suspension on premiums by contributors whose source of income is affected by the pandemic.

Is it Automatic?

[Deferment of Loan] With or without compound? Interest-free? House vs Car loan?

Yup. We know that this topic is not easy to understand, yet it shouldn't be difficult to know. Why? Because it's all about our money matters. That's why we rather take some time to write about this, instead of giving you readers a quick conclusion.

We still have a few days to decide to opt-in or opt-out from the offer given by respective banks on the deferment of loan/financing.

How is it works actually?

Click here to read our previous article on the measures announced...

Now, let's jump to the advance part which most of us are concerned about.

Here you go...

Q1) Should we Opt-out from the measure of deferment?

BNM Loan/Financing Deferment Measure. How it works actually? (March 2020)

Bank Negara Malaysia (BNM) today announces a number of regulatory and supervisory measures in support of efforts by banking institutions to assist individuals, small and medium-sized enterprises (SMEs) and corporations to manage the impact of the Covid-19 outbreak.

How is it works actually?

BNM Slash Statutory Reserve Requirement (SRR) Ratio!!! (19 March 2020)

In view of the severe economic impact due to Covid-19 and 'movement control' imposed by the government, Bank Negara Malaysia steps up its effort to mitigate an economic shock today.

In a statement from the central bank today, it announces that the Statutory Reserve Requirement (SRR) Ratio will be lowered by 100 basis points from 3.00% to 2.00% effective 20 March 2020. In addition, each Principal Dealer is able to recognize MGS and MGII of up to RM1 billion as part of the SRR compliance.


How much liquidity to be released from such a move?

[UPDATE] Local and Foreign Banks Mortgage Loan Rate (as of 6 March 2020)

The following are the Base Rates, BLR and Indicative Effective Lending Rates of Financial Institutions as of 6 March 2020.

Source: Bank Negara Malaysia

Note:

* Indicative effective lending rate refers to the indicative annual effective lending rate for a standard 30-year housing loan/home financing product with a financing amount of RM350k and has no lock-in period.

Follow our active updates via Facebook @FinanceMalaysia

Other blog posts that you may not want to missed:

• Local and Foreign Banks Mortgage Loan Rate (as of 31 Jan 2020) Click here to read...
• NEW Base Rate: Good or Bad? (Click here to read...)
• Understanding the NEW Base Rate effective Jan 2015 (Click here to read...)

Malaysia Political-linked Stocks to Watch Out for

After almost 2 years of political changes in Malaysia, the Pakatan Harapan (PH) government was officially collapsed on 1 March 2020. With the change of guard and swearing-in of Tan Sri Muhyiddin Yassin as the new prime minister of Malaysia, the would-be ruling coalition will be comprising BERSATU, UMNO, PAS, MCA, MIC, GBS (forming a coalition called Muafakat Nasional)...

The reaction of the stock markets will be focusing on those politically linked companies. And, below are some of them (if not all) based on our own records. Disclaimer: Please do your own research and study before buying and selling of shares.

Tun Mahathir-related counters:

Insights into EPF 2019 Performance

The Employees Provident Fund (EPF) delivered a solid performance for 2019 in terms of both its operational and financial results, allowing it to declare a dividend of 5.45% with a payout amounting to RM41.68 billion for Simpanan Konvensional.

Meanwhile, EPF declared a dividend rate of 5.00% for Simpanan Shariah 2019, with a payout amounting to RM4.14 billion.

What did EPF say?
Why differing Dvididend Rate for Conventional & Syariah?
Outlook for the year 2020?

[COVID-19] Extra Coverage from various Insurance Companies (Feb 2020)

Having a new official name as COVID-19, the deadly virus already infected more than 70,000 people and claimed more than 1,500 lives worldwide (and still counting...). It caused an extensive health scare and has since received wide media coverage.

And, one of the most common questions asked was "Is it covered by insurance?" Read our earlier article on "Health Insurance / Takaful Coverage for Novel Coronavirus (2019-NCOV)".

As of 18 Feb 2020, there are three insurance companies announcing that they are giving extra coverage / financial assistance for policyholders who diagnosed with COVID-19, on top of the medical/hospitalization coverage mentioned above.

Which Insurance Companies?

What kind of coverage provided?

Coverage is for policyholders only or family members?

Let us summarise for you here. (Hey, please give us a 'Like' 👦👧).

UPDATED VERSION on 25 March 2020

What is "SSPN-i Loyalty Rewards 2020" ???

On 5th Feb 2020, the National Higher Education Fund Corporation (PTPTN) announced a 4% dividend for 2019 for two of its savings plans, namely SSPN-i and SSPN-i Plus. How soon can we get the dividend? The answer is 8 Feb 2020. (very fast oh!!!)

On the same day, PTPTN also announced that SSPN-i account holders would receive 1% on top of the annual dividend, to reward those who had been consistently saving for their children’s education through the SSPN-i Loyalty Rewards program.

What is this "Loyalty Rewards"?

Should we grab it?

Am I qualify?

Let us brief you here:

What is "Domestic Systemically Important Banks (D-SIB)"?

Bank Negara Malaysia (the Bank) today issued the policy document on Domestic Systemically Important Banks (D-SIB) Framework, which sets out the Bank’s assessment methodology to identify D-SIBs in Malaysia, and the inaugural list of D-SIBs.

Too-Big-To-Fail ???

[UPDATE] Local and Foreign Banks Mortgage Loan Rate (as of 31 Jan 2020)

The following are the Base Rates, BLR and Indicative Effective Lending Rates of Financial Institutions as of 31 Jan 2020.

Source: Bank Negara Malaysia

Follow our active updates via Facebook @FinanceMalaysia


Other blog posts that you may not want to miss:

• NEW Base Rate: Good or Bad? (Click here to read...)
• Understanding the NEW Base Rate effective Jan 2015 (Click here to read...)