Nabil Luqman

0f9d2dd4f71434084e2b6094de1865e23abb37bb9f28ca51feeabee679ec9be2

Money

business

struggle

inflation

Bazaar Ramadan

profit

vendor

break even

cost of livnig

For regular visitors to the Ramadan bazaar, it's evident that food prices have noticeably risen in recent years. And truth be told, they're not wrong.
Throughout the Ramadan month, numerous netizens have voiced their concerns about the escalating prices of food, largely attributed to the increase in SST tax. This rise has rendered goods less affordable than they once were.
Despite the Ministry's efforts to introduce bazaars offering Menu Rahmah meals to alleviate the financial strain on Malaysians, many still find the bazaars unappealing. They argue that cooking at home or dining out at a restaurant offers better value for money.
Read: <a href="https://myc.my/articles/3332/ramadan-bazaars-to-offer-menu-rahmah-meals-to-ease-financial-burden-of-malaysians">Ramadan Bazaars To Offer Menu Rahmah Meals To Ease Financial Burden Of Malaysians</a>
Read: <a href="https://myc.my/articles/3369/seeking-affordable-alternatives-malaysians-rethink-buka-puasa-plans-amid-rising-bazaar-costs">Seeking Affordable Alternatives: Malaysians Rethink Buka Puasa Plans Amid Rising Bazaar Costs</a>
Indeed, given the tough times, some individuals have resorted to becoming vendors at bazaars, hoping to generate some profit during the Ramadan month. However, it appears that this hasn't been the most fruitful endeavour, particularly when many are hesitant to splurge on expensive food.
Bazaar Vendor Says Profit Doesn&rsquo;t Exceed RM100
<img src="https://r2.myc.my/212b366e5d15e5b013e205cf0fd32a141080fd5a7044205a1b150dd1d231c9df" />
It's widely acknowledged that the Food and Beverage industry is a lucrative yet highly challenging field. Fluctuations in consumer spending can lead to quiet days, and businesses may experience downturns if customers are unable to afford their products.
Recently, a Ramadan bazaar vendor, Rauqhah Era in Segamat, Johor, shared that the 2024 Ramadan season hasn't been favourable and has proven to be tougher than anticipated. She emphasized that the Hari Raya Market didn't live up to its rumoured profitability.
Era highlighted that contrary to popular belief, not all vendors rake in significant profits, with many potentially operating at a loss without any means to recover their initial investment. In her two years of business, she observed neighbouring vendors taking days off due to unprofitable sales, struggling to even reach RM100 in daily revenue. Additionally, the high cost of renting space significantly contributed to the overall loss of income, leading to challenges in meeting employee salary obligations.
Keeping Head Up And Prays For A Profitable Day 
<img src="https://r2.myc.my/64b822428b7181e25a7f25705586c72dfdb85c2283bb9e72da6122daf1bf226a" />
Despite the hardships, the woman expressed that her passion for business remains unwavering. She affirmed her commitment to persevering and earning a livelihood for as long as possible, especially amid the current uncertain economic climate.
&ldquo;We only have friends to pray that our business will be more profitable than the previous day,&rdquo; she says.
Admittedly, Era remains undeterred despite ongoing struggles, a sentiment shared by other traders facing similar challenges during the 2024 Ramadan sales season. Among the common complaints voiced by vendors is the lack of profitability in their stalls, with some lamenting the absence of returns on their initial capital investment. Some have even opted to cease their business ventures altogether, pursuing alternative careers offering greater financial rewards and a more stable monthly income.
<img src="https://r2.myc.my/9faa02ea4292a18840d601a8873cb8e53ad7f07b2076052c83f0de5b7b5944e5" />
As we approach Hari Raya Aidilfitri, let's uplift the spirits of these vendors and stand in solidarity with them during the last 10 days, especially as we anticipate "malam Lailatul Qadar." This sacred time offers an opportunity for deep reflection, seeking forgiveness, and striving for personal and business growth.
May the challenges faced during Ramadan pave the way for greater ease and prosperity for these vendors in the days to come. Let's hold onto hope that their businesses will not only recover from any losses incurred during the month but also thrive in the future.
What are your thoughts on this? Let us know in the comments. 
&nbsp;
*Sources: Visual and Reference Credits to Social Media, Sin Chew, mStar &amp; various cross-references for context.
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Despite appearances, many vendors struggle to make even RM100 a day, let alone break even consistently.

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Notions From Ramadan Bazaar Vendors: Selling Food Doesn't Guarantee Quick Riches

Since the Madani Government took office, Malaysians have experienced the gradual removal of various subsidies, with the latest being the end of toll-free travel during festive seasons. One thing we&rsquo;ve come to expect from the current administration is its firm stance on decision-making, with Prime Minister Anwar Ibrahim rarely making "u-turns."&nbsp;
However, following public dissatisfaction over the lack of toll-free travel, it seems the government is making one of its first partial reversals on a decision&mdash;offering a compromise instead.
In conjunction with the Chinese New Year celebrations, highway users nationwide can enjoy a 50% toll discount for a limited period. The discount applies exclusively to Class 1 private vehicles and will be in effect from 12:01 am on 27th January until 11:59 pm on 28th January, covering all highway toll plazas across the country except the Sultan Iskandar Building and Tanjung Kupang toll plazas, which are located at Malaysia's borders.
The Cost of the Discount
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The Works Minister, Datuk Seri Alexander Nanta Linggi, revealed that the initiative would cost the government RM20.08 million in compensation to toll concessionaires. Despite no longer offering toll waivers during festive seasons, the government has committed to providing this discount as part of its ongoing efforts to support highway users during major celebrations.
Since 2023, the government has spent a total of RM356.18 million on festive toll assistance, including free tolls and discounts for major celebrations. However, 2024 marks the final year for such subsidies, as the government seeks a more targeted approach to toll relief.
Targeted Subsidy Plans Underway 
<img src="https://r2.myc.my/f721418be7a303029dc637dcb284d4ca0228025ce03b6c97ebe44a85cf160c3f" />
Datuk Seri Alexander Nanta Linggi reiterated that toll exemptions during festive seasons would no longer be provided. The decision, finalised during a Cabinet meeting on 20th December 2024, aims to transition toward a more targeted subsidy model. Prime Minister Datuk Seri Anwar Ibrahim has also hinted at limiting toll exemptions to specific income groups, such as the B40 and M40, as part of the government&rsquo;s broader subsidy reform initiatives.
Further details of the targeted subsidy plan are expected to be announced soon. The shift is projected to save the government RM190 million annually, funds which can be redirected to other critical areas.
Encouraging Safe and Smooth Journeys
In light of the toll discount, Nanta encouraged road users to plan their travels wisely to avoid traffic congestion during the long holiday period. He recommended downloading the MYPLUS-TTA app for real-time travel advisories and adhering to all traffic guidelines for a safe and smooth journey.
Additionally, drivers can access live traffic updates and CCTV footage via the Highway Authority&rsquo;s website or follow their official social media channels, including Facebook, TikTok, and X. For immediate assistance or traffic inquiries, the public can contact the Highway Authority Traffic Management Centre at 1-800-88-7752.
A Final Farewell to Toll Waivers
As the government transitions away from free tolls during festive seasons, the 50% discount for Chinese New Year offers a final gesture of goodwill to road users. While the move to targeted subsidies is anticipated to benefit lower-income groups, this festive discount provides a temporary reprieve for Malaysians travelling to celebrate the Lunar New Year with loved ones.
With road safety in mind, Nanta urged everyone to follow traffic rules and take advantage of the resources available for a safer and more enjoyable journey. "Let&rsquo;s fully embrace the spirit of this Chinese New Year and ensure we all arrive at our destinations safely," he concluded.
This leaves us with a lingering question: while we understand the need to categorise income groups like T20, T15, and M40, at the end of the day, aren&rsquo;t all Malaysians taxpayers? And if so, shouldn&rsquo;t subsidies benefit everyone equally, regardless of income brackets?
That said, we&rsquo;d like to take this moment to wish all Malaysians a very Happy Chinese New Year! May your celebrations be filled with joy, and for those travelling, have a safe and smooth journey back home this festive season.
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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Looks like the government finally made a U-turn on their decision!

6bab9c5d3a1e7737c4003df23bf4435e5519c5e50957e5c1d25ebfa9ef5dfd96

Government Announces 50% Toll Discount For Chinese New Year 2025 On 27-28 January

For homeowners, managing electricity bills has become increasingly challenging, especially with rising costs. Whether it&rsquo;s a full household or simply trying to stay cool during the scorching weather, keeping energy usage under control can often feel like a daunting task.
However, for one Malaysian shop lot owner, her worst nightmare became a reality when a seemingly straightforward rental agreement turned into a devastating ordeal. The tenant, who rented the upper floor of her property, secretly transformed it into an illegal cryptocurrency mining hub, leaving her with an astonishing RM1.2 million electricity bill and extensive damage to the unit.
<img src="https://r2.myc.my/bc81fa99260138ea1bd49058beac0475cf077f89ec3b6b60318818c677811e85" />
Yen Pit Yun, the owner of the two-story shop lot in Panorama Lapangan Perdana, Melaka, recounted her ordeal during a press conference organised by Gopeng MP Tan Kar Hing. While the ground floor was occupied by a hair salon, Yen rented out the upper floor in July last year through a property agent. The tenant claimed the unit would be used for storing business goods, and nothing seemed amiss at first.
However, Yen grew suspicious in August when she noticed the tenant hauling heavy electrical cables into the unit. This unusual activity prompted her to lodge a police report, fearing foul play. Before any action could be taken, the tenant disappeared overnight, leaving behind a unit in complete disarray.
<img src="https://r2.myc.my/1ecc1e054a21c8f4daf3359b7100131043239a6e551017c58e8643f3d5f70757" />
&ldquo;When I went to inspect the property, I was shocked to see the extent of the damage. The walls had holes, the partitions were destroyed, and there were tangled wires everywhere,&rdquo; Yen said. Unfortunately, her problems didn&rsquo;t end there.
Two months later, Yen was blindsided when Tenaga Nasional Berhad (TNB) sent her an electricity bill totalling RM1.2 million, allegedly due to the tenant&rsquo;s electricity usage for their illegal operations. The staggering sum left her in despair. &ldquo;If instalment payments are not allowed, the worst-case scenario would be bankruptcy,&rdquo; she lamented.
A Widespread Issue
<img src="https://r2.myc.my/37e92439de777510fb902c31ef7f6b1365e4e27e50fe0fbe402bec485543eec3" />
Yen&rsquo;s case is not an isolated incident. During the same press conference, Tan Kar Hing revealed that over 60 property owners in areas such as Gopeng, Manjung, and Setiawan have been similarly affected. These landlords have been left with enormous electricity bills ranging from RM30,000 to RM1.2 million, in addition to the extensive property damage caused by illegal cryptocurrency mining.
Among the victims is Mohd Najib Abdul Hadi, a retired army officer whose house in Manjung was used for the same purpose. Najib was left with an electricity bill of RM86,000 and a severely damaged home. Attempts to contact his tenant were unsuccessful, leaving him to shoulder the financial burden.
<img src="https://r2.myc.my/c3e68d3b38f6b7574b69e34d154b0429c2e1cc0438e99369ab7eea1180fb3035" />
These cases highlight the broader challenges posed by unauthorised cryptocurrency mining operations, which have become a growing concern in Malaysia. The high energy consumption required for mining cryptocurrency often leads to the illegal siphoning of electricity, leaving landlords in distress when the tenants disappear.
Steps Taken by TNB
<img src="https://r2.myc.my/84b2187244536ac4dff9eab73b520eb37ae42dcdd5b946d6c8555d00c6b2ab83" />
In response to the escalating issue, Tenaga Nasional Berhad (TNB) has pledged to engage with affected property owners to find solutions. In a statement reported by The Star, TNB said it had reached out to Gopeng MP Tan Kar Hing&rsquo;s office to discuss plans for addressing the situation.
One key recommendation from TNB is that property owners submit a Change of Tenancy (COT) request whenever a new tenant occupies their property. This simple step ensures that electricity accounts are transferred to tenants, prevents disputes, and protects landlords from liability.
The company also reminded landlords to monitor their properties closely and report any suspicious activities to the authorities.
Calls for Policy Reforms
Tan Kar Hing has called on the Energy Commission and other relevant authorities to take decisive action against illegal cryptocurrency mining. He has also stressed the need to amend the Electricity Supply Act to protect innocent property owners better.
The MP also suggested creating a centralised rental database to track high-risk tenants, which would help landlords screen potential renters more effectively. Additionally, he urged landlords to exercise caution by conducting thorough background checks and regularly inspecting their properties.
Lessons for Landlords
The harrowing experiences of Yen, Najib, and many others serve as a stark warning to landlords across Malaysia. Renting out a property may seem like a straightforward process, but it comes with risks, particularly when tenants engage in illegal activities.
Experts recommend that landlords take preventive measures, such as signing detailed rental agreements, performing tenant background checks, and submitting Change of Tenancy requests to TNB. Regular inspections and prompt reporting of unusual activity can also help mitigate risks.
While TNB continues its efforts to resolve the current cases, the incident highlights a systemic issue that requires broader legal and policy changes. For now, landlords must remain vigilant to avoid falling victim to similar schemes, which can have devastating financial consequences.
What are your thoughts on this? Let us know in the comments. 
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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With over 60 homeowners affected by similar issues, TNB is now seeking an amicable solution for the innocent victims.

c2a7ef36c8ac239a1bc044c29f4e2c820a53fcbf39a7025836ec0e5954e3e4f9

Landlord Shocked With RM1.2 Million Electricity Bill After Tenant Operates Illegal Crypto Mining

For many, we all know that kids can sometimes be a handful as we know that they are normally full of energy and there are times where if we leave them with little to no supervision, they could end up in a little sticky situation for themselves.
On 17 January, Hayfa, a little girl from Melaka, told her mother, Aqila Nasir, that she was experiencing pain in her left ear. Aqila, like many parents might, assumed it was a minor issue. "I checked her ear with a flashlight but didn&rsquo;t see anything unusual," she explained. Thinking it could be something trivial, like a pimple, Aqila asked her daughter to wait until the next day to see if the pain had subsided.
However, things took a worrying turn the following morning when Hayfa woke up with neck pain and appeared unusually lethargic. Her behaviour raised alarm bells for Aqila, who decided to take another look inside her daughter&rsquo;s ear. This time, she noticed black debris and immediately suspected something more sinister.
A Shocking Discovery at the Clinic
<img src="https://r2.myc.my/0eafe31c868d882a9d2b01c163a83ae092967f08dfac25230655daa99788e8d3" />
Realising the potential seriousness of the situation, Aqila and her husband rushed Hayfa to a nearby clinic. Upon examination, the doctor discovered a horrifying sight: multiple ticks and their eggs nestled deep within the little girl&rsquo;s ear canal.
The doctor noted that the ticks had likely been there for some time, but Hayfa hadn&rsquo;t complained until the pain became noticeable. Aqila speculated that her daughter&rsquo;s high pain tolerance may have masked the issue earlier. Her husband had always emphasised that when Hayfa did complain of pain, it was likely to be something serious.
Painful but Necessary Extraction
<img src="https://r2.myc.my/7abb63494c1c574cede49040c4d390965c5295d21689d9bd44f6a63ddb25dd4d" />
The doctor immediately began the extraction process, carefully removing the ticks and thoroughly cleaning Hayfa&rsquo;s ear to prevent infection. The procedure was painful, as ticks latch onto the skin tightly, making them difficult to dislodge. Despite the discomfort, Hayfa endured the process bravely, earning praise from her mother.
Aqila later shared a video of the procedure, highlighting her daughter&rsquo;s courage throughout the ordeal.
A Warning to Other Parents
Following the incident, Aqila took to <a href="https://www.facebook.com/chikbungacraft/posts/pfbid0EauSesVeetjA67vuKpvhZAUeMMEr4DRhYs2ctVcKfxQcUsW4MmY7ezaBxQYMVXB5l">Facebook</a> to share her story, hoping to raise awareness among other parents. She stressed the importance of taking children&rsquo;s complaints of pain seriously, as they could be indicative of more severe issues.
&ldquo;Pain is often the body&rsquo;s way of signalling that something is wrong,&rdquo; Aqila wrote. &ldquo;If your child complains of discomfort, don&rsquo;t ignore it. It&rsquo;s better to be cautious and seek medical advice early.&rdquo;
Lessons Learned
This distressing experience has underscored the importance of vigilance in parenting. Thanks to her parents&rsquo; quick response after recognising the severity of the situation, Hayfa was able to receive the necessary treatment before the ticks caused further harm.
The incident serves as a stark reminder for all parents to remain attentive to their children&rsquo;s well-being and to trust their instincts when something feels amiss. Sometimes, a simple complaint can uncover a much larger problem waiting to be addressed.
That&rsquo;s certainly a new fear unlocked! For pet owners, here&rsquo;s an important reminder: if you let your furry friends sleep with you at night, make sure they&rsquo;re free of ticks. Regular checks can help prevent situations like this from happening.
What are your thoughts on this? Let us know in the comments. 
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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A crucial reminder to never dismiss children’s complaints about pain.

49c0090a6dd47c227219d915da528595480c5c25ca1bb1ccb995213dc2065118

Melaka Girl’s Ear Pain Uncovers Shocking Infestation Of Ticks In Ear Canal

FWD Insurance Berhad (FWD Insurance) has taken a bold step toward enhancing financial literacy among young Malaysians by teaming up with Arus Academy to launch the Fun(d) for Life - University Edition (FFL Uni) programme. This ambitious initiative, backed by RM1.5 million in grants, is designed to equip 500 university students from across Malaysia with vital financial management skills, creating a pathway toward financial independence and long-term security.
A Comprehensive Three-Month Programme
<img src="https://r2.myc.my/845be5899563310ab969c69efe4242ede6cff88dacfe42790f411b645b0594e9" />
The FFL Uni programme runs over three months, blending education with practical experience to create a comprehensive financial literacy framework. It begins with an intensive three-day bootcamp focusing on essential financial topics such as setting goals, budgeting, and developing tailored financial plans for savings, investments, and protection.
Throughout the programme, participants receive ongoing coaching, personalised mentoring, and tools to monitor expenses, evaluate spending habits, and formulate actionable financial strategies.
Empowering Students Through Community Engagement
A standout feature of the programme is its community engagement component. Each participant will dedicate eight hours to community service, where they&rsquo;ll teach financial literacy principles to at least 20 peers, amplifying the programme&rsquo;s impact. By the end of the programme, students will also receive RM3,000 in the form of savings or fixed deposits, offering them both the knowledge and resources to establish positive financial habits and achieve long-term goals.
Supporting Malaysia&rsquo;s Financial Resilience
<img src="https://r2.myc.my/0d2a8a44b877b1c66becb52701185d62a5a474b9c0738010585a63763d95cfda" /> (From left to right): Nor Rafidz Nazri, Director of Financial Inclusion Department, Bank Negara Malaysia; Mak See Sen, Chief Executive Officer, FWD Insurance; Alina Amir, CEO and Co-Founder, Arus Academy; and Khairul Anuar Che Yeop, Head of ESG &amp; Strategic Initiatives, FWD Insurance.
&ldquo;At FWD Insurance, we view financial literacy as a core life skill that everyone should have access to,&rdquo; said Mak See Sen, Chief Executive Officer of FWD Insurance. &ldquo;Through this programme, we&rsquo;re not only equipping young people with the knowledge they need but also giving them the tools to apply these skills in real life. By empowering individuals, we aim to foster a financially resilient society, contributing to Malaysia&rsquo;s economic progress.&rdquo;
Arus Academy&rsquo;s CEO and Co-Founder, Alina Amir, added: &ldquo;University students are at a critical stage in their lives where developing strong financial habits can have a lasting impact on their futures. The Fun(d) for Life - University Edition equips them with the skills and autonomy to make informed decisions about their careers, aspirations, and personal goals.&rdquo;
Expanding Impact Beyond 500 Participants
<img src="https://r2.myc.my/2fe37584b04507f03ae76f071258bb368ea0d6fad221eb5028734ab065b30362" />
The impact of the FFL Uni programme is expected to extend well beyond its 500 direct participants. Through the required community service and additional outreach, it aims to benefit over 10,000 people across Malaysia.
This initiative aligns with FWD Insurance&rsquo;s Environmental, Social, and Governance (ESG) objectives to promote financial inclusion and uplift communities. It also builds on the success of a prior collaboration between Arus Academy and FWD Takaful Berhad, which reached over 47,000 primary and secondary school students in 2024 through interactive financial education initiatives, camps, and design-focused events.
The programme&rsquo;s innovative approach integrates Arus Academy&rsquo;s engaging teaching methods with FWD Insurance&rsquo;s commitment to creating an inclusive and financially literate society. By reaching university students, the FFL Uni programme aims to address the needs of youth at all stages of their educational journey, paving the way for a more financially secure and sustainable future.
Registration Now Open
The first cohort, comprising 50 students, will commence in February 2025. Interested students are encouraged to register at <a href="https://arus.cc/FFLUni-registration-of-interest-2025">https://arus.cc/FFLUni-registration-of-interest-2025</a>. For updates and further details, follow <a href="https://www.instagram.com/fundforlife_uni/">@fundforlife_uni on Instagram</a>.
By empowering university students with financial skills and practical tools, FWD Insurance and Arus Academy are setting the stage for a more resilient, inclusive, and economically empowered Malaysia. Through initiatives like this, the partnership is building a legacy of financial literacy and independence that will benefit generations to come.
Don&rsquo;t wait&mdash;take the first step toward a brighter financial future by registering today! We&rsquo;d love to hear your thoughts on this initiative&mdash;share them with us in the comments below.
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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Shaping a financially savvy generation: The Fun(d) for Life - University Edition launches this February, aiming to empower 500 students nationwide. 

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FWD Insurance & Arus Academy Roll Out RM1.5 Million Financial Literacy Programme For University Students

In December 2024, Australia made headlines by passing a bold new law banning children under the age of 16 from using social media platforms like Instagram, TikTok, Facebook, and X. This decision made Australia one of the strictest regulators of social media globally, driven by concerns about the platforms' negative effects on young people's mental health and well-being. Australian Prime Minister Anthony Albanese emphasised that the move was necessary to protect young Australians from the "real harm" posed by excessive social media use.
The law, called the Online Safety Amendment (Social Media Minimum Age) Bill 2024, is intended to set a global benchmark for tackling the power of technology and its influence on young users. By introducing strict age restrictions, the Australian government hoped to curb the damaging effects of social media, such as cyberbullying, reduced self-esteem, and exposure to harmful content.
Read: <a href="https://myc.my/articles/3974/australia-passes-ban-of-social-media-for-children-under-16">Australia Passes Ban Of Social Media For Children Under 16</a>
Malaysia&rsquo;s Approach: A Balanced Strategy
<img src="https://r2.myc.my/a5d02ee8fcd308d238de38a3ff0c2c00be0a3560080fbaa83d45931daf49b8fa" />
In contrast, Malaysia has chosen not to follow in Australia&rsquo;s footsteps. Communications Minister Fahmi Fadzil recently announced that the government has no immediate plans to impose similar age restrictions. Instead, Malaysia is opting for a more measured approach to managing online safety, particularly when it comes to children. Speaking at the Asia International Security Summit and Expo (AISSE) 2025, Fahmi explained, &ldquo;We do not intend to follow exactly what other countries are doing, but we will strike a balance by considering the socio-cultural background and the existing legal and regulatory landscape in our country.&rdquo;
While Australia has taken a hardline stance, Malaysia is focusing on addressing online safety issues through education, awareness campaigns, and collaborative efforts with global regulators. Fahmi highlighted that the Malaysian Communications and Multimedia Commission (MCMC) is actively working to strengthen ties with international regulatory bodies to combat online crimes and ensure safer digital spaces for all users.
Strengthening Online Safety Measures
Malaysia&rsquo;s approach includes enhancing public awareness and updating existing legislation to better address the challenges of the digital age. Fahmi pointed out that while internet connectivity has become increasingly accessible across the country, it has also opened the door to risks such as online gambling and scams. &ldquo;Balancing access and safety is important, but users must also be educated on basic safety measures. This is what we will implement through our online safety awareness campaigns,&rdquo; he said.
One of the government&rsquo;s key initiatives is the Online Safety Campaign Roadshow, launched recently in Kelantan. This programme aims to educate Malaysians about the importance of online safety, ways to avoid scams and the legal obligations of social media and messaging service providers. The roadshow will also highlight amendments to the Multimedia and Communications Act 1988 and introduce the new Online Safety Bill, which will include provisions for creating a safer online environment for children.
Learning from Global Examples
<img src="https://r2.myc.my/4ab24a1839fe3ac7b2e3138e25545112e10865cda02b8c323416a2d2189df1c0" />
Although Malaysia is not adopting Australia&rsquo;s strict age restrictions, it is studying international examples of online safety legislation. Deputy Communications Minister Teo Nie Ching revealed that the government is reviewing not only Australia&rsquo;s policies but also France&rsquo;s regulations, which require parental consent for children under 15 to access social media. These global benchmarks are being examined to determine their suitability within Malaysia&rsquo;s unique socio-cultural and legal context.
Interestingly, Fahmi&rsquo;s recent statements mark a shift from his earlier stance. In the past, the minister called on social media platforms to enforce age restrictions strictly and even hinted at potential discussions with those who failed to comply. Furthermore, MCMC recently published a draft Code of Conduct for Internet Messaging and Social Media Service Providers, which includes a requirement for platforms to implement effective age verification measures. Although this draft is yet to be finalised, it signals the government&rsquo;s intention to hold service providers accountable for ensuring child safety online.
The Importance of Education and Collaboration
<img src="https://media.tenor.com/p4THTo31L1kAAAAM/well-on-the-upside-david-rose.gif" />
Rather than imposing outright bans, Malaysia&rsquo;s strategy focuses on education, collaboration, and regulatory improvements. Fahmi stressed the importance of educating users about online risks, stating, &ldquo;When we provide connectivity and bring the internet, we also find that some users tend to get involved in online gambling or fall victim to scams.&rdquo; He added that public awareness campaigns are crucial in equipping users with the knowledge to navigate the digital world safely.
At the same time, Malaysia is leveraging international partnerships to address the growing threat of cybercrime. Fahmi highlighted the need for a collective effort, noting that lessons from other countries&rsquo; regulatory measures can serve as valuable guidance for Malaysia&rsquo;s own policies.
Looking Ahead
As the digital landscape continues to evolve, Malaysia&rsquo;s decision to take a more balanced approach to online safety reflects its commitment to protecting its citizens while respecting the country&rsquo;s unique cultural and legal environment. While Australia&rsquo;s hardline measures have sparked global debate, Malaysia&rsquo;s focus on education, awareness, and collaboration offers an alternative path to addressing the challenges posed by social media.
For now, the government&rsquo;s initiatives, such as the Online Safety Campaign Roadshow, aim to foster a safer and more informed online community. Whether this approach will be as effective as stricter regulatory measures remains to be seen, but it underscores Malaysia&rsquo;s dedication to ensuring a secure digital future for its citizens.
What are your thoughts on this? Let us know in the comments.
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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Fahmi confirms Malaysia will adopt a “balanced approach” instead of mirroring Australia’s strict measures.

3391f5965d822843a362741a790c261bf7d91181d6887b19e371f293d7317fbc

Communications Minister: M’sian Govt Rules Out Social Media Age Limit

The Malaysian government has officially announced the end of toll exemptions during festive seasons, a decision that marks the conclusion of a longstanding tradition. Starting this year, road users will no longer enjoy toll-free travel during holidays, including the upcoming Chinese New Year on January 29, 2025.
Works Minister Datuk Seri Alexander Nanta Linggi confirmed that the initiative has been discontinued following a Cabinet decision made last year. Speaking at a press conference, Nanta explained, "This decision aligns with the government&rsquo;s broader strategy of implementing more targeted subsidies. Details of the new approach will be announced soon."
The Last Toll-Free Holidays
<img src="https://r2.myc.my/c6505ab1b6cb7f3437f7436897d6b142ac36515d2a3aa8351c60f2a72b79640b" />
The final instances of toll exemptions occurred during the Christmas holiday in 2024, with free tolls limited to personal vehicles categorised as Class 1. Over the years, the initiative has cost the government substantial amounts. In 2024 alone, toll-free days during Aidilfitri, Deepavali, Chinese New Year, and Christmas incurred costs of RM80.07 million, RM42.31 million, RM41.21 million, and RM38 million, respectively.
Nanta highlighted that the financial burden of toll exemptions was fully borne by the government, with concessionaires incurring no losses. On average, each day of toll-free travel costs the government approximately RM20 million.
A Targeted Approach to Subsidies
<img src="https://r2.myc.my/60405aefe563a16d37e1f11166cead3c1e98f72fb3b32a33b0de7b0010bb234d" />
While details of the new targeted approach remain undisclosed, Nanta assured that the policy shift is part of the government&rsquo;s ongoing efforts to reform subsidies. "We are working towards a system that benefits those who need it most. The specifics will be shared in due course," he said.
This transition comes as part of a broader policy to optimise financial resources and address the country's economic challenges, including rising costs and a need for fiscal efficiency.
Public Reaction
The announcement has sparked mixed reactions from the public. Many Malaysians who had grown accustomed to toll-free travel during festive seasons view the change as a significant shift. Others see it as a necessary step to ensure subsidies are allocated more equitably.
The government&rsquo;s decision also aligns with recent infrastructure developments. Speaking at the opening of Section 2 of the West Coast Expressway (WCE), Nanta noted that the highway is expected to serve around 150,000 daily users and connect Selangor, Perak, and the northern regions.
Here&rsquo;s some of the comments:
<blockquote class="twitter-tweet" data-conversation="none">
Malaysians shouldn't be bought by 'free' toll nonsense. It's not "free". The gov pays on our behalf in other words it's still our money. It's also cheap that they think they can 'buy ' our support with free toll. That is not FREE!
&mdash; ForABetterMY (@ForABetterMY) <a href="https://twitter.com/ForABetterMY/status/1881623701248245783?ref_src=twsrc%5Etfw">January 21, 2025</a></blockquote>

<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet" data-conversation="none">
After all, only the rich city boys get to enjoy this toll exemption. Miskin bandar tak mampu nak balik kampung, miskin kampung tak lalu tol.
&mdash; Ho 𝕏 (@hofizachoson) <a href="https://twitter.com/hofizachoson/status/1881590061323743363?ref_src=twsrc%5Etfw">January 21, 2025</a></blockquote>

<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet" data-conversation="none">
That&rsquo;s okay. No need exemptions. It&rsquo;s actually time we stopped having highway tolls actually.
&mdash; Paul PaKat (@psunster) <a href="https://twitter.com/psunster/status/1881851672366051609?ref_src=twsrc%5Etfw">January 21, 2025</a></blockquote>

<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet" data-conversation="none">
Ok but when want to abolish toll? DSAI <a href="https://twitter.com/anwaribrahim?ref_src=twsrc%5Etfw">@anwaribrahim</a> That was one of the manifestos right..
&mdash; William Jacob  (@williamjacob88) <a href="https://twitter.com/williamjacob88/status/1881583160250830940?ref_src=twsrc%5Etfw">January 21, 2025</a></blockquote>

<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet" data-conversation="none">
It&rsquo;s not even free at the first place. Govt paid for it and we pay the govt through taxes. 😑
&mdash; 職業廢人 (@iamnotreiko) <a href="https://twitter.com/iamnotreiko/status/1881697567471472940?ref_src=twsrc%5Etfw">January 21, 2025</a></blockquote>

<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet" data-conversation="none">
Dah lama tak dengar berita menyeronokkan dari PM Anwar. Bantuan2 dan duit free semua sekadar sambungan dari Najibon. Lepas ni targeted subsidies pulaaaaaa. Sama ada ramai yg layak tak dapat atau ketirisan la lepas ni.
&mdash; AzMan (@abangboring) <a href="https://twitter.com/abangboring/status/1881599668083400780?ref_src=twsrc%5Etfw">January 21, 2025</a></blockquote>

<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

A New Chapter in Festive Travel
As Malaysia transitions away from toll-free festive seasons, the focus now shifts to how the government will implement its targeted subsidy approach. While many details remain to be revealed, the decision reflects the government&rsquo;s commitment to addressing economic challenges while balancing the needs of its citizens.
For now, motorists will need to prepare for a different experience during holiday travel, marking the end of an era in Malaysia&rsquo;s festive traditions.
What are your thoughts on this? Let us know in the comments. 
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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The government is set to introduce a new targeted subsidy approach soon. What are your thoughts?

8ec03dee7b09446d15bf8d8fc87369be286e685aeee2d3ce1423e2580f98c062

Free Toll Exemptions Discontinued: Government Shifts To Targeted Subsidies

Seven Bank Ltd, the banking arm of Japan&rsquo;s 7-Eleven Group, has officially entered the Malaysian market, bringing its innovative Cash Recycling Machines (CRMs) under the brand name Reachful. These machines, combining automated teller machine (ATM) and cash deposit machine (CDM) functionalities, aim to enhance banking accessibility and convenience for Malaysians.
The rollout begins with 100 CRMs planned for installation in 7-Eleven outlets across Kuala Lumpur, Selangor, Johor, and Penang by the end of 2025. Further expansion into Sabah, Sarawak, and suburban areas is slated for 2026, marking Malaysia as Seven Bank&rsquo;s fourth international market, following successful ventures in the United States, Indonesia, and the Philippines.
Addressing Malaysia&rsquo;s Banking Needs
<img src="https://r2.myc.my/1a37f1c6fdfd56ff607fb2c844c447bb30b54d9666d86b6623516cb360124734" /> From left: Reachful Malaysia Sdn Bhd chief executive officer Jin Sudo with Seven Bank Ltd president Masaaki Matsuhashi and its managing executive officer Tsuneo Nagashima.
Malaysia&rsquo;s payment landscape still heavily relies on cash, despite a gradual shift toward digital transactions. A 2022 PayNet study revealed that 78% of Malaysians prefer cash payments, with 48% using cash daily&mdash;a figure that rises to nearly two-thirds in non-urban areas. A more recent 2024 Ipsos report showed that 45% of Malaysians still rely exclusively on cash for transactions.
Recognising this demand, Seven Bank aims to address gaps in ATM density and banking services in underserved areas. Reachful Malaysia&rsquo;s CEO, Jin Sudo, highlighted the country&rsquo;s growing population, GDP, and persistent cash circulation as key factors driving the expansion.
Seven Bank president Masaaki Matsuhashi shared the vision of making financial services more accessible:
&ldquo;By collaborating with our partner companies to deploy ATM services in 7-Eleven stores in Malaysia, we hope to enrich the lives of the Malaysian people and contribute to further social development and economic growth.&rdquo;
Enhancing Convenience Through CRMs
<img src="https://r2.myc.my/f5690bda4a9e3b46d185efe5e5ffd5a06724254e6cdfe13583220b3547455048" />
The CRMs offer users a seamless banking experience, allowing cash withdrawals and deposits in a single location. Installed initially at 7-Eleven outlets, the machines will charge RM1 for interbank cash withdrawals, aligning with fees from Malaysian Electronic Payment System (MEPS) ATMs.
The machines also aim to elevate the convenience factor for 7-Eleven customers, as highlighted by co-CEO Tan U-Ming:
&ldquo;We want our stores to be one-stop solutions where customers can grab a coffee, pay bills, and withdraw or deposit cash&mdash;all in one visit.&rdquo;
In addition to deploying CRMs in 7-Eleven stores, Reachful Malaysia is exploring potential partnerships with supermarkets, petrol stations, and other locations to expand its presence further.
Future Expansion and Collaborations
<img src="https://r2.myc.my/7cfa59c19202974171f9d12215fcc39cb036240fdb16c45da2beb71d1d1cfdce" />
Currently, Malaysia boasts 2,600 7-Eleven stores, making it a promising market for integrating retail and financial services. Reachful Malaysia also plans to develop additional services based on customer needs, potentially introducing value-added features to its machines.
With its first CRM already operational in Rawang and many more installations on the way, the company is set to transform the way Malaysians access banking services. Whether in bustling urban centres or underserved suburban areas, Reachful&rsquo;s expansion promises to offer greater financial accessibility and convenience.
A Promising Collaboration
The rollout is a collaborative effort involving Seven Bank Ltd, 7-Eleven Services Sdn Bhd, HQZ Credit Sdn Bhd, and SMRT Holdings Bhd, showcasing a strong commitment to bridging the gap between financial services and retail convenience.
As the CRMs begin appearing in your neighbourhood, you can look forward to a more streamlined and accessible banking experience&mdash;one that perfectly aligns with Malaysia&rsquo;s evolving financial landscape.
What are your thoughts on this? Let us know in the comments. 
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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The first CRM is now live in Rawang, with more rolling out nationwide in stages!

20000bd9ebca0edcc5a45bd06a9306a20a587d6e59adb3fffccedccd62ff73df

Seven Bank Expands To Malaysia: 7-Eleven Stores To Deploy 100 CRMs Nationwide

In Malaysia, one of the most pressing concerns for social media users is the credibility of what they come across online. Over the past five years, Malaysians have unfortunately become some of the most frequent victims of scams, with a staggering RM11.23 billion collectively lost to fraudsters, according to Bukit Aman&rsquo;s Commercial Crime Investigation Department (CCID) Director, Datuk Seri Ramli Mohamed Yoosuf.
To put this into perspective, RM11.23 billion could buy an astounding 4.5 billion packets of instant noodles&mdash;enough to last a lifetime&mdash;or 636 million ala carte 3-piece Ayam Goreng McD meals, which would be more than enough to feed a nation or two.
In 2020, the Malaysian police dealt with 27,323 scam cases, but by 2024, that number had jumped to 41,701&mdash;an increase of 53.2%. The breakdown of scam types in 2024 paints a worrying picture of the range of deceit:
<ul>
<li>Fraud cases: 37,240 (RM2.45 million lost)</li>
<li>Trust-related scams: 1,448 (RM546.39 million vanished)</li>
<li>Illegal lending: 1,060 (RM5.29 million disappeared)</li>
<li>And many more&hellip;</li>
</ul>
Scammers have a wide array of tricks up their sleeves, and some of the most popular scams include:
<ul>
<li>Phone scams (14,684 cases): Apparently, there are still princes out there who need help moving millions.</li>
<li>E-commerce scams (7,662 cases): That too-good-to-be-true PS5 deal? Yep, it was.</li>
<li>Fake investment schemes (6,337 cases): Your neighbour&rsquo;s cousin&rsquo;s friend is not a crypto genius.</li>
<li>Love parcel scams (770 cases): Because romance scams needed a trendy upgrade.</li>
</ul>
Can Malaysia&rsquo;s Social Media Licensing Stop The Scams?
<img src="https://r2.myc.my/178fa507ab50c3a8693e227f3e590cdd4bdf8d036d7590732fef35cff2a25e8a" />
Meta, the parent company of Facebook, Instagram, and WhatsApp, is facing criticism for allowing scam advertisements on its platforms that misuse the image of the Yang di-Pertuan Agong, Sultan Ibrahim. These fake ads, some impersonating reputable Malaysian media outlets like The Star, are a violation of both Meta&rsquo;s own advertising policies and Malaysian laws.
This controversy arises amidst Meta&rsquo;s struggle to comply with Malaysia&rsquo;s newly implemented social media and instant messaging regulations, which aim to curb harmful online content.
Meta&rsquo;s Content Moderation: A Troubling Gap
<blockquote class="twitter-tweet">
Reported about these sort of scams before and got a response that it wasn&rsquo;t against their rules 🤷&zwj;♂️ <a href="https://t.co/jfWgLd2jyz">pic.twitter.com/jfWgLd2jyz</a>
&mdash; Hadi Azmi (@amerhadiazmi) <a href="https://twitter.com/amerhadiazmi/status/1877557856318402958?ref_src=twsrc%5Etfw">January 10, 2025</a></blockquote>

<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Despite boasting advanced AI systems to monitor content, Meta has gained a reputation in Malaysia for failing to prevent scam ads that exploit the identities of public figures and brands. Screenshots shared by journalist Hadi Azmi reveal Meta-approved advertisements that spread fake news using images of the King.
While Meta is reportedly close to obtaining its Application Service Provider (ASP) licence to comply with Malaysian regulations, its current moderation practices suggest a business-as-usual approach. This leniency has sparked concerns about the platform&rsquo;s commitment to safeguarding users from online scams.
<img src="https://r2.myc.my/1b95f2c5e4b257d7c8e5aa46647680b88bb16b5622e29b0356c31d0cf7ecb345" />
Meta had also recently announced changes to its content moderation approach. CEO Mark Zuckerberg revealed plans to phase out the third-party fact-checking programme in favour of a "Community Notes" model, inspired by X (formerly Twitter). The company claims this move will foster greater free speech while prioritising enforcement of illegal and severe violations.
However, critics argue that this shift shifts the responsibility for moderation onto users, leaving gaps in addressing critical issues such as online scams and crimes against children. This hands-off approach raises questions about Meta&rsquo;s readiness to tackle pressing online harms effectively.
Are Malaysia&rsquo;s Social Media Regulations Effective?
<img src="https://r2.myc.my/42aadadeba775e967ea3e10a6f32c687ba3d5e4a0d74c7a335191547c043a9a0" />
Under Malaysia&rsquo;s new social media regulations, platforms with over 8 million Malaysian users must obtain an ASP licence from the Malaysian Communications and Multimedia Commission (MCMC) by 1st January 2025. Non-compliant companies risk fines of up to RM500,000, imprisonment of up to five years, or both.
Despite these measures, Meta has yet to demonstrate concrete efforts to address scam advertisements. Reports indicate the platform generates over RM2.5 billion annually from Malaysian users but has failed to implement adequate safeguards against scammers exploiting its services.
Communications Minister Fahmi Fadzil recently criticised Meta&rsquo;s inaction, highlighting that Malaysians have collectively lost RM432 million through scams linked to Facebook. While Malaysia has no plans to block non-compliant platforms, this leniency contrasts with Indonesia&rsquo;s stricter approach, where platforms must respond to takedown requests for unlawful content within four hours or face the risk of being blocked.
The State of Compliance Among Platforms &amp; Moving Forward
<img src="https://r2.myc.my/e87a265422603687a9d59da9a6ad9d971cc9aa0be9d24dabf49750b17f0615e4" />
Read: <a href="https://myc.my/articles/4032/malaysias-new-social-media-licensing-framework-which-platforms-have-applied">Malaysia&rsquo;s New Social Media Licensing Framework: Which Platforms Have Applied?</a>
As of now, only WeChat (Tencent), TikTok (ByteDance), and Telegram have secured their ASP licences in Malaysia. Meta remains among the platforms lagging behind, raising concerns about whether the current regulations can compel such tech giants to adopt meaningful changes.
Meta&rsquo;s failure to effectively curb scam ads and fully comply with Malaysian regulations underscores the ongoing challenge of holding tech giants accountable in today&rsquo;s increasingly digital world. With Malaysians collectively losing significant sums to online scams, it is clear that stronger enforcement and more prompt action are crucial for ensuring user safety moving forward.
The widespread nature of these scams further highlights the urgent need for increased awareness and vigilance online. With so many falling victim to fraudulent schemes, the scale of the issue is undeniable, and more robust measures must be implemented to safeguard Malaysians from these digital threats.
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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M’sians have already lost RM11.23 billion to scams, and this number is likely to rise if proper action isn’t taken.

1afda28021876ed812cbb6d19077bd228c7db194736f805fa7fd3feda4a66ec8

Meta Under Fire For Scam Ads Featuring Malaysian King: Is Social Media Licensing The Solution?

Online banking has become a staple of modern life, offering unparalleled convenience. However, it also comes with increasing risks, particularly the threat of online scams targeting unsuspecting users. To address these concerns, Maybank has introduced Money Lock, a revolutionary feature available on its MAE App. This first-in-Malaysia counterfraud security measure builds on its successful launch in Singapore in mid-2024, offering customers greater control and peace of mind over their finances.
What is Money Lock and How Does It Work?
<img src="https://r2.myc.my/1eae70dafb6e7ae67d8503a07bfaa576ed276e0777b1f73305e714cc952141f7" />
At its core, Money Lock allows customers to secure funds in their savings or current accounts, preventing these funds from being accessed digitally. With the ability to lock amounts ranging from RM10 to the total account balance, customers can tailor their security needs to their preferences.
Activating Money Lock is seamless and user-friendly. Through the MAE App, users can select the account and amount they wish to secure. Once activated, the locked funds remain inaccessible for digital transactions such as online transfers, ATM withdrawals, debit card payments, bill payments, and more. Importantly, the locked funds continue to earn the same interest or profit rates as the rest of the account balance.
If the need arises to unlock or reduce the locked amount, customers can do so by visiting any Maybank ATM or branch for a quick and secure verification process. This added step ensures that only authorized users can access the locked funds, enhancing security further.
Who Can Benefit Most from Money Lock?
Money Lock is designed with all customers in mind but is particularly beneficial for individuals who may be more vulnerable to online scams, such as senior citizens or those less familiar with digital banking. By providing a straightforward way to secure funds, the feature offers an extra layer of protection to those who need it most.
A Multifaceted Approach to Fraud Prevention
Money Lock is one component of Maybank&rsquo;s comprehensive strategy to combat online fraud. The bank has introduced several other measures to safeguard its customers, including:
<ul>
<li>Secure2u Authentication: A safer alternative to SMS OTP, reducing the risk of SMS TAC fraud.</li>
<li>Device Restriction: Limiting online banking access to a single device per customer to prevent unauthorized use.</li>
<li>Cooling-Off Periods: Enforced for payment and transfer limit changes or Secure2u activation on new devices.</li>
<li>Malware Shielding: Built into the MAE App to detect and block malicious software.</li>
<li>ATM-Based Secure2u Activation: Adding an additional layer of control and security.</li>
<li>24/7 Fraud Support Hotline: Dedicated assistance for customers who suspect fraudulent activity.</li>
<li>With these measures, Maybank is proactively addressing evolving fraud tactics, ensuring that customers can bank with confidence.</li>
</ul>
How Does Money Lock Enhance Security?
<img src="https://r2.myc.my/bbd2c3999f7cc569a6aac93123d0fe92513b816bf8fcc52bea398986bc01dd2d" />
Locked funds are shielded from all digital transactions, including:
<ul>
<li>Online banking transfers.</li>
<li>ATM withdrawals.</li>
<li>Debit card usage.</li>
<li>Payments for bills, credit cards, or loans.</li>
<li>Fixed deposit placements.</li>
<li>Standing instructions or recurring payments.</li>
</ul>
This ensures that even in the unlikely event of unauthorized access to your account, the locked funds remain untouchable.
How to Activate Money Lock?
<img src="https://r2.myc.my/543ae756cfdf3b68accc02693bd766bcce3c148e97f8fdebfbcf19bd7bdf2e4c" />
Activating Money Lock is quick and straightforward. Follow these steps to enable this innovative security feature:
<ol>
<li>Open the MAE App and navigate to the &ldquo;Accounts&rdquo; tab.</li>
<li>Select the desired savings or current account to secure.</li>
<li>Click on the Money Lock icon, choose the amount to lock, and review the summary page.</li>
<li>Approve the activation via Secure2u.</li>
</ol>
Unlocking funds is equally straightforward but requires a visit to a Maybank ATM or branch to complete a secure verification process.
Why Financial Planning Matters
<img src="https://sharpefinancials.com/service/Financial%20palnner.gif" />
While Money Lock provides an effective safeguard, Maybank encourages users to carefully plan their finances before enabling the feature. Ensure that sufficient funds are available for essential transactions and upcoming commitments to avoid disruptions.
A Step Forward in Digital Banking Security
<img src="https://r2.myc.my/2ff2dfc045eb09ad481bf9ef64b34251ec94624e091f70fb05fe045a2df406f4" />
Group CEO of Maybank Community Financial Services, Syed Ahmad Taufik Albar, underscored the importance of this feature, stating that it reflects Maybank&rsquo;s commitment to customer safety and confidence. &ldquo;With Money Lock, Maybank is the first bank in Malaysia to empower customers to digitally lock funds in their savings and current accounts. This innovative tool enhances security and empowers users to conduct online transactions without fear of scams.&rdquo;
Maybank&rsquo;s leadership in digital banking innovation is evident through its comprehensive fraud prevention measures and the introduction of Money Lock. Customers can now embrace the convenience of online banking with greater assurance that their funds are secure.
To learn more about Money Lock and its benefits, visit <a href="https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/security_alert/money-lock.page">maybank.my/MoneyLock</a>.
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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Make smarter financial choices—protect your hard-earned money from scams.

039b9fb536ec723abb0b13b5f62b7698d9610912e9ec017f49a3ba70d254d947

Secure Your Funds From Scams: Introducing Maybank's Money Lock Feature

Bank Negara Malaysia (BNM) has released a draft proposal outlining key reforms for personal financing practices, including abolishing the controversial Rule of 78 interest calculation method and reclassifying certain home financing products under stricter terms. The move aims to ensure fairer lending practices, greater transparency, and financial stability, particularly in light of rising household debt concerns.
Abolishing the Rule of 78 and Flat Rate Interest
<img src="https://r2.myc.my/768c4ceba9f377ef78449d13331fa9bb96d099c1777489eeea6bd59ea9704682" />
The Rule of 78 has long been criticized for its unfair interest calculation. Under this method, a loan's total interest is pre-calculated based on the original principal, meaning borrowers do not enjoy interest savings even if they settle their loans early. BNM's proposal seeks to eliminate this method for personal financing, a change that aligns with broader efforts to reform lending practices, including amendments to the Hire Purchase Act 1967, set to be tabled in Parliament in early 2025.
Going forward, financial service providers (FSPs) will be restricted to offering personal financing products that calculate interest using either:
<ul>
<li>A fixed or floating rate; or</li>
<li>Interest charged on the remaining principal balance after payments toward the principal are deducted.</li>
</ul>
FSPs will be required to disclose the effective interest rate (EIR), the total repayment amount, and detailed explanations of interest calculations (e.g., daily or monthly reducing balance methods). For floating-rate loans, providers must also explain the conditions for interest rate adjustments, their impacts, and the option for customers to maintain original instalment amounts.
Home Financing Products Reclassified as Personal Financing 
<img src="https://r2.myc.my/ee6941c85768329071803d9f3287d7a16568ddf6abf968f39546cd7dc79515a7" />
In a major shift, BNM proposes to treat specific types of home financing products as personal financing and cap their tenure at 10 years. This applies to cases where:
<ol>
<li>Additional financing exceeds the outstanding amount on a refinanced home loan.</li>
<li>Extra financing is taken beyond the original loan amount after partial repayment.</li>
<li>Financing is secured by a property with no existing mortgage.</li>
</ol>
To prevent misuse, FSPs will need to verify the actual purpose of the financing by requiring supporting documents. Exceptions to the 10-year cap include financing strictly for:
<ul>
<li>Renovations.</li>
<li>Mortgage-reducing term assurance (MRTA) or takaful.</li>
<li>Legal fees, education, or business purposes.</li>
</ul>
Additionally, the cap does not apply if the new financing amount, combined with the outstanding balance, does not exceed the original loan amount and tenure, or if it involves pre-paid amounts or extra repayments.
Addressing Household Debt and Reducing Loan Tenures 
<img src="https://r2.myc.my/2175950407c42094a9d395847c76c7736a7a1bd9c653fcdb674d4258a95b4d79" />
BNM is also seeking public feedback on whether the maximum tenure for personal financing should be reduced further to seven years, as practiced in other countries like Australia and Singapore. Currently, Malaysia allows a maximum of 10 years.
The proposal comes in response to growing concerns over household debt levels. As of end-2023, Malaysia's aggregate household debt stood at RM1.53 trillion, with 12.6% attributed to personal financing. Alarmingly, personal financing accounted for 46.26% of total bankruptcy cases in 2023, while 32.8% of loans under the Debt Management Programme managed by Agensi Kaunseling dan Pengurusan Kredit (AKPK) also comprised personal financing.
BNM emphasizes that shorter tenures encourage responsible borrowing and reduce long-term financial risks. The central bank is now inviting feedback from the public and industry stakeholders on the proposed tenure reduction, its feasibility, and potential challenges.
The Future of Lending in Malaysia
These proposed changes reflect BNM's commitment to improving transparency, responsible lending, and protecting borrowers from predatory financial practices. By abolishing outdated methods like the Rule of 78 and capping tenures for personal financing, BNM hopes to strike a balance between consumer affordability and long-term financial stability.
Public feedback on the draft proposal is open until February 14, 2025, and can be submitted electronically through <a href="https://forms.office.com/r/HFWD3UZFEf">BNM&rsquo;s official feedback form</a>. This initiative marks a significant step toward fostering a healthier lending ecosystem in Malaysia.
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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Are these changes the key to tackling rising household debt? Let’s find out.