Budget 2020 / Belanjawan 2020 Needs Your Ideas And Suggestions

• By CompareHero.my
• August 9, 2019

In the run-up to Malaysia’s Budget2020 or Belanjawan2020, the government is seeking ideas and suggestions from its citizens as it looks to boost economic growth while narrowing the fiscal deficit. Budget 2020 will be tabled by Minister of Finance, YB Tuan Lim Guan Eng on Friday, 11th October 2019.

Anyone can submit suggestions geared toward 14 goals, from improving access to housing to sustainable development. The government also wants suggestions on how to improve public services, ensure social justice and promote a healthy lifestyle in the country known for having the highest obesity rate in Southeast Asia.

Belanjawan 2020 Goals:

• Addressing Cost Of Living
• Improving The Quality Of Education
• Improving Job Opportunities
• Strengthening The Public Sector
• Improving Public Infrastructure
• Exploring New Technology And Innovation
• Fostering Entrepreneurship And Businesses
• Ensuring Social Welfare And Development
• Encouraging A Healthy Lifestyle
• Improving Access To Housing
• Preserving The Environment Through Sustainable Development
• Maintaining Public Safety And Security
• Spurring The Development Of Sports
• Strengthening Malaysia’s Finance

Other budget related news reports:

• No plans for new tax measures in Budget 2020
• Govt to propose back-up plan in Budget 2020 if trade war escalates

Read also: Budget 2019 – Summary Infographics
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What Happens If You Make Late Credit Card Payments

• By CompareHero.my
• August 7, 2019

Are you always making late payments for your credit card? Or you may think missing a few payments is not a big deal. The bank or credit card company won’t show up at your door after you miss one payment, but they’re definitely taking action behind the scenes. How your creditors respond to late payments can continue to affect you for months, and even years, to come. Knowing the consequences of a late or missed credit card payment should be enough to make you take extra effort to pay on time.

Increased Interest Rate

When you miss your credit card payments, the issuers can then increase your interest rate. Reversely, if you are diligent and prompt in settling at least the minimum payment for your credit card, most banks will reward you and you will enjoy lower interest rates. This is known as the tiered interest rate structure, which is based on Bank Negara’s credit card interest rate structure. This tiered interest structure rewards those who pay their credit card bills on time. The longer the period of time which you consistently pay your credit card bills promptly, the lower the interest rate charges.

Bank Negara Malaysia (BNM), tiered interest structure credit card, credit card malaysia, late payment charges. So it will work in your favor if you are prompt in paying off your credit card bills!

Bad Credit Score

Late repayments will go on your credit report which all banks will have access to. Banks with a direct link to Bank Negara will have access to your report via the Central Credit Reference Information System (CCRIS) which keep records for 12 months. Banks can also obtain your credit report from CTOS, which keeps records indefinitely as a historical archive. Banks and financial institutions will verify your financial status by using credit reports generated by CCRIS and CTOS to verify your financial status. Once a bank sees your pattern and how you’ve been missing payments here and there, they will be reluctant to approve your loan applications. This will work against you should you want to take a mortgage, a personal loan or any other loan from banks. It will also make it difficult should you want to take on another credit card.

Late Payment Charges

When you’re late in paying for credit card, most companies will charge you late payments fees. Although the charges imposed vary between banks, it is usually a minimum of RM10 or 1% of your total outstanding balance, or whichever is higher. You should also take note that you will be charged interest rate until the balance you owe is fully paid. You may think that 1% doesn’t seem like a large amount, but if you make it a habit those charges can really add up.

You should also take note that when you miss a payment, on top of having to pay the late payment charges, you will also have to pay the interest charge which are imposed on he outstanding balance after the repayment due date. Before you know it, you’ll be raking up the numbers and you’ll soon start seeing larger amounts with your credit card statements as a result of your late payment habits.

Unwanted Calls And Visitors

Another motivation to make sure you pay off your credit card bill even if it is the minimum payment each month is to avoid being pestered by debt collectors. Doing so will save you from the hassle of receiving calls from your creditors, especially when you’ve missed more than one payment. Worse is when you are assigned a debt collector, who may not only be visiting you at home but may even turn up at your workplace to claim the debt you owe.

See also: Need Free Help Managing Your Debts?

The Dreaded B Word

Under the Bankruptcy Act 1967, a person can be declared bankrupt if a creditor shows that there is unpaid debt amounting to RM30,000 with a default of 6 months. You may think the figure is a long shot but if you don’t keep up with your payments, you may not realize as the amount quickly snowballs. Once you are declared bankrupt you will lose a number of privileges such as being barred from leaving Malaysia and the Director General Insolvency (DGI) will be appointed to manage your assets in order to settle all of your outstanding debts.

The DGI will be appointed to the person who has been declared bankrupt by the court. If you are a professional you will not be able to practice certain professions (among which are law, accounting, the medical field) and your accounts will also be frozen.

You can avoid all of the hassle and problems that can happen by being responsible with your credit card payments. Try out these useful tips below to stay on top of your payments.

Credit cards can be a powerful financial tool but you have to find the right one to optimize your usage.

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Grab Daily Insurance (GDI) For e-Hailing Drivers

• By CompareHero.my

Under the government’s current e-hailing regulations, Grab drivers are required to get an e-hailing insurance add-on on top of their existing private motor insurance policy. Grab Daily Insurance (GDI) is a really flexible and affordable solution as drivers need only pay for coverage when they need it. It removes the need to pay for an annual add-on that may cost up to RM400-500 per year, which can be a heavy financial burden especially for part-time drivers.

Designed in partnership with 14 leading insurers and takaful operators in the country, the innovative product offers driver an accessible, option to add on daily e-hailing insurance coverage from as low as RM1 per day. With GDI,

• A driver ONLY pays for insurance when they come online. Insurance is valid for 24 hours.
• All Grab rides during this period will be covered by the e-hailing insurance.
• All that needs to be done is to opt-in to the Grab Daily e-hailing Insurance from the app.
• No need to purchase annual e-hailing insurance.

Source: Grab

With GDI, all Grab rides during this period will be insured, covering loss or damage to vehicles, liability to third parties, personal accidents for the driver, legal liability to passengers, and legal liability of passengers for negligent acts. The extent of the coverage varies from insurer to insurer, as does the premium – but the range of price for the premium stays between RM1 to RM2.

To opt in, drivers must ensure that their current motor insurance policy is under one of Grab’s panel of insurers. After that, drivers just need to opt-in on the app with a few taps. Once drivers have opted in, the premium for 24 hours will automatically be deducted from their Cash Wallet or Credit Wallet when they go online. The insurance coverage is activated upon the deduction of the daily premium.

For more details, click HERE.

GDI is the latest product by GrabInsure, Grab Financial Group’s insurance arm. GrabInsure is a digital insurance marketplace set up by the joint venture between Grab and Chinese insurtech giant ZhongAn Technologies.

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CompareHero’s parent, CompareAsiaGroup raises US$20M in Series B1 funding led by Experian

• By CompareHero.my
• August 6, 2019

An effort to bridge the financial inclusion gap in Asia – a milestone in the Fintech Industry

CompareAsiaGroup (CAG), parent company to CompareHero.my, has secured US$20 million in Series B1 investment, led by London-based consumer credit giant and global information services company, Experian. This investment comes at the backdrop of our Hong Kong-based headquarters to enhance the use of data-driven technologies, offering customers more personalized services coupled with the adoption of digital financial services in the region.

CAG will benefit from utilizing the cloud-native platform Experian One, which will deliver access to Experian’s digital onboarding platform, decision management, and eligibility scoring services. This partnership will also enable a range of new open banking services in Hong Kong, a high-priority market for both companies. Eventually, this will also be rolled out in other markets in accordance with local laws and regulations.

Experian CEO for Asia Pacific Ben Elliott (left) with CompareAsiaGroup CEO Sam Allen.

“This partnership further strengthens our ability to empower people to build healthier financial lives, a shared mission for both CompareAsiaGroup and Experian. We look forward to connecting more customers with the right products, especially consumer loans and cards, and offering a secure and integrated digital experience that is unique to each customer,” said CompareAsiaGroup CEO Sam Allen.

CAG’s position as one of the leading online financial marketplaces in Asia makes it an ideal partner for Experian as we continue to work towards the promise of improving the financial health of consumers in the region. Sharing Experian’s vision of a more financially inclusive economy fueled by data analytics and technology that will allow consumers in Asia to improve their financial standing.

Launched in 2014, CAG helps people make better financial choices through an independent online comparison tool and content of over 150 financial products (including credit cards, personal loans, and insurance products). Our group reaches over 60 million users across six markets, including Hong Kong (MoneyHero.com.hk), Malaysia (CompareHero.my), the Philippines (Moneymax.ph), Singapore (SingSaver.com.sg), Taiwan (Money101.com.tw) and Thailand (MoneyGuru.co.th).

Including this latest investment, CAG has now raised a total of $110 million in external funding. We last disclosed raising a $50 million Series B round led by International Finance Corporation (IFC) in July 2017 and our existing backers include Goldman Sachs Investment Partners VC (which led around in 2015) and Growth Equity, ACE & Company, Jardines, Alibaba Entrepreneurs Fund, SBI Group, H&Q Utrust, Stem Financial, and Route 66 Ventures.

Ben Elliott, CEO, Experian, Asia Pacific, said: “The challenge of financial inclusion is not limited to emerging markets. Across developed markets like Singapore and Hong Kong, many face unique obstacles when trying to access financial services or as they plan for their future financial needs.”

Experian is a global information services company which helps individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime. It has 16,500 people operating across 39 countries. Experian Ventures, located in Silicon Valley, Singapore, London, and Brazil, invests globally in startups developing innovative consumer and business solutions for data creation, analytics, and machine learning and information security.
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It’s Good To Be A Selangorian!

• By CompareHero.my
• August 2, 2019

(Updated 23rd September 2019)

Cozy neighborhood, amenities within a stone’s throw are just two things to describe Selangor. What if I told your there’s 13 more!

Lets dive straight into some of the perks being a Selangorian. These benefits all come under the Inisiatif Peduli Rakyat (IPR) scheme. Programs under the IPR was developed by Pakatan Harapan 10 years ago and its primary focus was to enrich the people of Selangor through various benefits. IPR mostly gets its funding by the revenues of the state.

EDUCATION

Source : www.yawas.my

1. Tabung Warisan Anak Selangor (TAWAS)

The mechanism for this fund is quite simple. Register your child for TAWAS and he or she will receive RM1,500 upon reaching the age of 15. Below are some criteria s that need to be fulfilled.

1st Condition

– Applicant must be a Malaysian citizen who was born in Selangor on/after 1 January 2008, and;
– Has not reached the age of three, and;
– Either one of the applicant’s parent was born in Selangor, or in Kuala Lumpur before 1 February 1974.

2nd Condition

– Applicant must be a Malaysian citizen and was born in Selangor on/after 1 January 2008, and;
– Has not reached the age of age, and;
– Applicant’s parents were not born in Selangor but have resided in the state for at least five years, and;
– Applicant’s parents’ residential status must be verified by one of these organizations/people.

3rd Condition:

– Applicant must a Malaysian citizen, and;
– Was born in Selangor or any of the states bordering Selangor (Negeri Sembilan, Perak, or Kuala Lumpur) after 1 January 2008.
– Has not reached the age of three, and;
– Applicant’s parents were born in either one of the bordering states and their residential status must be verified by one these people.

Source: TV Selangor

2. Tabung Pendidikan Anak Kerja Ladang

As its name suggests, this program is catered to help the children of farmworkers in Selangor with financial aid for their education expenses with the hope that with the assistance, students will be able to improve their education and/or technical skills.

Here are some of the criteria applicants must fulfill to be eligible for this scheme:

– Either one of the applicant’s parent is a farmworker and was born in Selangor, or has lived in Selangor for at least five years, and;
– The monthly household income of the applicant’s parents is less than RM1,500.

Source : tuisyenrakyat.blogspot.com

3. Program Tuisyen Rakyat

These are special classes for students who are struggling academically and whos parents don’t have that extra money to pay for tuition. Only students from households in Selangor with a monthly income of RM2,000 and below are eligible for this scheme.Classes include :

– Bahasa Melayu
– English
– Mathematics
– Science
– History

Source : IPR Selangor – Kerajaan Negeri Selangor

4. Skim Bantuan Asuhan Rakyat (SIKEMBAR)

This is focused on parents who have toddlers aged four and below that attend nursery or daycare centres registered under the Welfare Department. With this scheme, parents who are eligible for it will receive RM100 per month to cover the fees of nursery/daycare centers for their children.

Here some of the terms of conditions for this scheme:

– Applicants must be citizens of Malaysia, and;
– Either one of the parent of the child was born in Selangor and resides in Selangor, or;
– The child was born or resides in Selangor, or;
– Either one of the child’s parent has been living in Selangor for at least five years.
– The parents’ monthly household income must be no more than RM2,500 with one child under their care, or;
– RM3,000 and below with two children under their care.
– Both the husband and wife are working.
– The scheme is limited to two children under the age of four per household.

Source : MyPanduan.net

5. Skim Bantuan Tadika Selangor (TUNAS)

Quite Similar to SIKEMBAR, TUNAS helps parents who have kindergarten going kids. Through this scheme, parents will receive RM50 every month. The money will be transferred directly to the kindergartens registered under Majlis Permuafakatan Tadika Selangor.

Here are some of the terms and conditions for this scheme:

– Applicant must be a Malaysian citizen, and;
– One of the child’s parent was born in Selangor or currently resides in Selangor, or;
– The child was born in Selangor or currently resides in Selangor, or;
– The child’s parents have lived in Selangor for at least five years.
– The monthly household income of the family must be RM2,500 and below.
– The child must be either five or six years old.

Source : MyUITM

6. Tabung Kumpulan Wang Biasiswa

These are basically scholarships for students in Selangor that wish to pursue their tertiary education at selected universities in the country.

Here are some of the terms and conditions for this scheme:

– Applicant was born in Selangor, or;
– Either one of the applicant’s parent was born in Selangor, or;
– The applicant has been living in Selangor for more than five years.

The scholarship is only for students with a full-time offer at the selected universities. Priority will be given to students that have high academic qualifications.

Source: selangor.gov.my

7. Hadiah Pengajian IPT

Students who are Selangor citizens and come from families with a monthly household income of RM3,000 and below will receive a sum of RM1,000 for their tertiary education expenses.

Here are some of the terms and conditions for this scheme:

– Applicant must be a Malaysian citizen, and;
– Applicant were born in Selangor, or;
– Either one of the applicant’s parent was born in Selangor.
– Applicant has a full-time offer to study diploma or a bachelor’s degree at any of the government-recognised private or public institutions.
– The monthly household income of the applicant’s parents must be RM3,000 and below.

HEALTH

Source : www.br1m.info

8. Skim Peduli Sihat

For Households with an income of not more than RM3,000.00 per month, Skim Peduli Sihat provides up to RM500.00 for medical expenses.

Applicants must have been born in Selangor or have been living in the state for more than 10 years to be eligible for this scheme that has 1,000 participating clinics in Selangor and Klang Valley.

Successful applicants will receive a ‘Peduli Sihat’ health card that entitles the cardholder and his/her wife and two children below the age of 21 to receive treatment from the registered clinics.

There are two categories for the ‘Peduli Sihat’ scheme, namely:

1. A

– For husband, wife, and two children below the age of 21.
– The monthly household income must be no more than RM3,000.

2. B

– Individuals above the age of 21.
– Monthly individual income of no more than RM1,500.

Source : IPR Selangor – Kerajaan Negeri Selangor

9. Skim Kesihatan Wanita

The Selangor government offers free mammogram screenings for women in Selangor above the age of 35. They’ve run a number of campaigns under this scheme that offered the free mammogram screenings.

BUSINESS

Source : www.hijrahselangor.com

10. Skim Hijrah (SKIMSEL + MIMBAR)

Hijrah Selangor offers microcredit business loans, combining Program Mikrokredit Miskin Bandar (MIMBAR), Skim Mikrokredit Wanita Ladang (WALA), and Skim Mikro Kredit Selangor (SKIMSEL) to help small business owners in Selangor.

Here are some of the terms and conditions for this scheme:

– Applicant must be a Malaysian between the age of 18 and 60, and;
– Owns a business, and;
– Has a business operating license, and;
– Does not have a bad credit history from any financial institutions.

TRANSPORTATION

Source : Selangorkini

11. Khidmat Bas Selangorku Percuma

FREE BUS SERVICE! is basically what it is. Launched in 2015 this service covers three major areas in Selangor namely:

– Shah Alam
– Subang Jaya
– Klang

Click here to get the full information and routes available.

HOUSING

Source : Lima

12. Rumah Selangorku

What’s my Selangorku house?

This Selangorku House is a low-cost and affordable house offered by the Selangor State Government.

This house is a government initiative to ensure Selangor residents can buy houses through the aspiration of ‘One Family A Perfect Home’.

Malaysian citizens aged 18 years and above
Minimum income for Temporary House Type B, C and D applications is set at RM3001.00 per month.
Maximum household income is RM8,000.00 per month.
The applicant (spouse) does not have any kind of residential property in Selangor.
Single applicants with family dependents may apply; and
Purchase a house for occupancy and not for rent.
The applicant is only allowed to make a choice of 1 type of house only whether type A, B, C, or D when applying.

TECHNOLOGY

Source : Portal Kerajaan Negeri Selangor Darul Ehsan

13. Wi-Fi #SmartSelangor Percuma

The Selangor state government started the SmartSelangor Wi-Fi initiative, providing free Internet access for its people at around 300 spots.

The state government is currently working on increasing the number of hotspots in the state, especially in areas concentrated with people from the lower-income group.

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