Malaysia's 1st Pre-Budget Statement, making history today!

Prior to the Budget 2022 announcement, which is expected to be tabled in the Dewan Rakyat on October 29, the Ministry of Finance (MOF) has agreed to publish a Pre-Budget Statement (PBS) for Budget 2022 today. This PBS is the first in the nation’s history.

Why PBS?

It was said that the move is in line with international best practices, whereby a PBS is published to enhance the transparency of the budget process in formulating the annual budget, as well as increase public confidence – particularly among investors – in the country’s fiscal management.

Through the publication of the PBS, the Rakyat can track specific metrics such as:

2021 Covid-19 Hospitalisation Insurance Coverage (Update)

As Covid-19 cases keep on increasing in Malaysia, there is mounting pressure on insurance companies to play their role by covering the cost of treatment, especially to their policyholders, on top of doing their part on corporate social responsibility.

Although a majority of our policy contracts stated clearly that there is an "exclusion clause on communicable diseases requiring quarantine by law", some insurance companies are kind enough to support the financial well-being of the affected family during this difficult pandemic period by covering the cost of Covid-19 treatment on a goodwill basis.

For your convenience, we have listed the latest info from selected insurance companies in Malaysia and a summary table below.

What is the new "Standardised Base Rate" just announced by BNM?

Forget about BLR or BR,

And, let's welcome the new Standardised Base Rate :)

Huh? Apa itu?

Bank Negara Malaysia (BNM) announced on 11 Aug 2021 the release of the revised Reference Rate Framework (RRF). The Framework will be effective 1 August 2022. Under the revised framework, the Standardised Base Rate will replace the Base Rate as the reference rate for new retail floating-rate loans.

Reference rates are publicly accessible interest rates that are used by financial institutions as a basis for pricing loans. The Reference Rate Framework was introduced in 2015, which established the Base Rate (BR) as the reference rate for retail floating-rate loans in Malaysia.

Why? Base Rate no good?

PropertyGuru completes acquisition of iProperty Malaysia

PropertyGuru Group (“PropertyGuru” or “the Group”), Southeast Asia’s leading property technology (“PropTech”) company1, today announced that it has successfully completed the acquisition of iProperty Malaysia and thinkofliving, following its initial announcement on 31 May 2021.

PropertyGuru now owns all of the shares in REA Group Limited’s (ASX:REA, “REA”) entities in Malaysia and Thailand, which include iProperty.com.my and Brickz.my in Malaysia and thinkofliving.com and Prakard.com in Thailand. In exchange, REA now has an approximate 18% equity interest in PropertyGuru.

Another IPO listing via US SPAC route?

Razer Pay e-wallet is going to END ???

Hey guys, if you're using Razer Pay e-wallet and with balance inside. Please read and act as soon as possible.

The gaming-centric company Razer has posted a notice on its website announcing that the company is ending its Razer Pay e-wallet services in Malaysia and Singapore on 30th September 2021. The app will no longer be available from 1st October 2021 onwards.

 

"Thank you for supporting the Razer Pay (Beta). Since the launch of the beta, we have been able to test-bed multiple innovative products and features with the valuable feedback provided by our users and partners.

With the end of the beta, we are committed to ensure that all account withdrawal and closure processes are user-friendly and compliant with regulations. We look forward to innovating more solutions in the future for our community."

What happens after the end of the beta?