Inovatif

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  • What You Need To Know About The Insurance Industry In Malaysia

    What You Need To Know About The Insurance Industry In Malaysia

    Insurance is a means of protection from financial loss where a party agrees to compensate another party in the event of loss, damage, or injury; in exchange for a fee. In other words, insurance is a risk transfer mechanism where you transfer your risk to the insurance company to get coverage for any financial loss you may face due to unforeseen events. The emotional and psychological loss can never be compensated, but at least the financial loss can be compensated with insurance.

    Smart Investor spoke to Fabrice Benard, CEO of Generali Insurance Malaysia Berhad and Country Head of Generali Entities in Malaysia to learn more about the current insurance landscape in Malaysia.

    Fabrice Benard, CEO of Generali Insurance Malaysia Berhad and Country Head of Generali Entities in Malaysia

    Smart Investor: Has the pandemic impacted the insurance industry? What’s the penetration rate for Malaysians?

    Fabrice Benard: Definitely, the pandemic has impacted most economic sectors, with very few exceptions. But I would say there is an advantage in such adversity. It has presented new, emerging protection needs, and accelerated innovation, transformation and sustainability practices within the industry.

    We also noticed a shifting landscape of insurance awareness during and post pandemic – where many Malaysians are becoming more informed, health conscious and aware of the importance of insurance protection. This has given us an opportunity to protect what matters, address the protection gap and actively reach out to a wider range of customers and communities.

    SI: With high inflation, people have less disposable income and might have less to spend on insurance. How can they cope? And is there any help coming from the insurance industry?

    FB: As a lifetime partner to our customers, part of our commitment is to bridge the protection gap and extend our protection far beyond our existing customer base. Financial inclusion is important to us, and we want to engage and educate the communities as much as possible and ensure that everyone can receive the protection they need. For example, providing instalment payment plans via our partner banks for selected products to ensure that our products remain affordable.

    Besides that, it is also essential to create a value-added service ecosystem to address customer needs. This is deployed via our strong distribution network, strategic partnerships and other type of services: information, prevention, protection, assistance. We also continuously find ways to be more inclusive, yet innovative and personalised in our product offerings to target different customer segments.

    For example:

    • We launched SmartTraveller Enhanced ― the first-in-market travel insurance in Malaysia with pandemic illness coverage up to RM350,000 in view of increasing travel protection needs due to reopening of borders.
    • Launched SmartMedi Outpatient ― the 1st standalone outpatient medical insurance in Malaysia that offers standalone outpatient coverage for General Practitioner / Simulated Patient clinic visits which does not require hospitalization.  It is a complementary product to the In-patient coverage. 
    • Launched Multi Medic – the 1st modular Individual Medical insurance that allows consumers to build the coverage to suit their life stages and financial needs.
    • The Multi Biz Protector Enhanced – a customisable and comprehensive insurance plan designed for owners of small and medium-sized businesses (SMEs) to cover their key business risks. It is a comprehensive product where most of the risk exposures are covered in this ‘one stop’ package. Customised to their needs, business owners can select their preferred protection needs.

    SI: Post-Covid or Long Covid symptoms are considered chronic diseases that insurance might not cover; why is that so?

    FB: Post-Covid or long Covid symptoms are common exclusions in the insurance industry. Usually, when it comes to health or medical claims, there needs to be objective medical proof to support the claim. It goes without saying that health insurance only covers conditions where medical attention is absolutely necessary. Long Covid symptoms usually develop after the original Covid infection has cleared, and they can be tricky to measure or assess, especially when it comes to the treatment duration and standards of care.

    But beyond claim coverage, we are committed to extend our best support to our customers struggling with long-term Covid symptoms. It is important for us to provide our customers with the care they need, while ensuring our panel medical partners implement appropriate clinical guidelines and practices.

    SI: Company insurance only covers you until the age of 60. Is there any insurance for those approaching retirement age and those with disease

    FB: While company insurance typically covers up to 60, it is recommended to have a complementary individual comprehensive insurance plan that can keep you protected up to a higher age limit. For example, our comprehensive critical illness plan – CritiCover, do cover up to age 100 with protection against 194 critical illnesses and any future unknown illnesses. This plan will help to ease your financial burden while allowing you to focus on your recovery. Besides that, we also have various other products such as the SmartPA Enhanced and other Individual Health Plans such as SmartCare Optimum Plus that provides coverage up to age 100.

    For individuals with health conditions, insurance companies may still offer insurance plans that have additional restrictions or exclusions for certain pre-existing conditions. The type of plans, coverage and premium offering may differs depending on the person’s health status.

    SI: Any medical insurance for pregnant ladies and babies? Is it necessary to take such a policy?

    FB: Complications such as cardiovascular disease, hypertension etc. may be contracted by pregnant or postpartum ladies, and such diseases may lead to unexpected medical expenses. Having an insurance plan is recommended to ensure you receive the necessary care and support on your recovery.

    Though most individual insurance plan do not cover the cost of delivery or normal hospitalisation bill, there are several critical illness insurance plans that cover pregnancy complications.

    Aside from the importance of a pregnant lady being insurance protected, having medical insurance for your child is equally important too. Children, especially infants, are susceptible to illnesses and accidents. Medical Insurance can provide peace of mind and security to the parent, knowing that their child will have access to the necessary medical attention when they need it most. For as young as 15 days old, your child can be covered under our comprehensive medical insurance plan – OneMedic Elite, which covers hospitalisation bills incurred should your child requires medical treatment.

    SI: Education is getting more expensive. Is education insurance important?

    FB: An education savings insurance plan is a type of insurance policy that provides a combination of insurance protection and savings elements, specially designed to help families to save aside for the future cost of education. Such plans allow you to save aside over a period of time, and such savings will be further invested to grow over time and, at the same time, provide regular bonuses to your insurance savings fund. You can access your savings fund to pay for your children’s education expenses. The amount required to set aside for such an insurance plan depends on your target education fund.

    Such insurance plan also provide a lump sum payment to the beneficiaries in the event the insured person’s death, disability or diagnosed with critical illness, where such event may prevent your children from completing or paying for your children’s education. This will allow you to focus on their education goals without having to worry about the financial consequences of life’s unexpected events.

    To help you to achieve your desired education for your child, our insurance savings plan – Wealth Saver, is designed to help you diversify your savings and achieve your financial goals. With just a short-term commitment of only 4 years, you can enjoy a guaranteed annual income of up to 18% of the sum insured. You will continue to be payable to you or your loved ones in the event of death or Total and Permanent Disability (TPD).

    SI: What’s the reason people are not buying insurance? And what can be done to increase awareness of the importance of having insurance?

    FB: Many think that insurance is expensive and an unnecessary expense. There are also some who merely see insurance as an investment rather than a form of protection. But insurance works on the principle of risk transfer and pooling – the whole intrinsic idea of insurance is to protect against uncertainties and unexpected risks.

    Increasing awareness of this takes a collective effort from all insurers. While continuous educational campaigns are important, we are also looking at providing better insurance experiences as a whole by transforming our role beyond just selling products to providing more value-added, personalised services. Our guiding principle is to make the entire purchase, service, claims, assistance, and renewal effortless and care while ensuring that our customers receive personalised, phygital advice with a human touch for complex matters. We believe this will help bring a better experience and create more avenues for new protection.

  • Sindiket Penipuan Peluang Pekerjaan: Lidt Cooperation Advertising Sdn Bhd atau Lidl Cooperation Advertising Sdn Bhd

    Sindiket Penipuan Peluang Pekerjaan: Lidt Cooperation Advertising Sdn Bhd atau Lidl Cooperation Advertising Sdn Bhd

    Kita akan melihat kepada modus operandi yang digunakan oleh Lidt Cooperation Advertising Sdn Bhd atau Lidl Cooperation Advertising Sdn Bhd. Kedua nama ini merupakan nama palsu yang digunakan untuk memerangkap mangsa.

    Modus operandi yang digunakan oleh syarikat ini mempunyai persamaan sepertimana yang penulis telah perincikan di dalam siri pertama dan siri kedua bertajuk “Penipuan Pencarian Pekerjaan Dalam Talian: Bagaimana Mengenali Dan Melaporkan Penipuan Pekerjaan” dan “Penipuan Pencarian Pekerjaan Atas Talian: Bagaimana Mengenali Pemalsuan Identiti Dan Melaporkan Penipuan Pekerjaan Di Telegram” telah diterbitkan.

    Di dalam siri pertama, penulis memperincikan tentang bagaimana sindiket penipuan ini menawarkan peluang pekerjaan untuk melanggan saluran di YouTube atau sebagai pembantu promosi produk Shopee manakala pada siri kedua, penulis memperincikan jenis penipuan yang berlaku di Telegram, dan boleh dikategorikan kepada beberapa jenis: pertama, dengan menggodam akaun dan mencuri identiti seseorang, kedua, skim Pelaburan NORDFX Trader yang menjanjikan hasil pulangan yang terlalu sempurna untuk dipercayai.

    Dua siri ini ditulis berdasarkan pengalaman penulis sendiri yang menyamar sebagai individu yang ingin mencari peluang pekerjaan dan secara tidak sengaja, menjumpai sindiket penipuan ini dan mengambil keputusan untuk menyiasat dengan lebih lanjut.  

    Maka ini adalah kesinambungan daripada dua siri yang terdahulu. Apa yang menjadikan perkongsian ini sedikit berbeza kerana ianya merupakan pengalaman seorang mangsa yang mengalami sendiri peristiwa ini. Mangsa juga bersetuju untuk berkongsi pengalaman dengan syarat identiti beliau dirahsiakan.

    Mangsa sendiri memberikan kebenaran dan persetujuan untuk menyiarkan pengalaman beliau sebagai satu langkah untuk memberi kesedaran kepada masyarakat di luar sana mengenai kewujudan sindiket-sindiket penipuan seperti ini.

    Berikut merupakan perkongsian beliau:

    1. Pihak majikan (Lidt Cooperation Advertising Sdn Bhd atau Lidl Cooperation Advertising Sdn Bhd) telah menghubungi saya melalui Whatsapp dengan mengatakan bahawa mereka mendapat maklumat peribadi saya di JobStreet (Gambar 1, kiri). Benar saya dalam usaha untuk mendapatkan peluang pekerjaan, kerana dengan pendapatan semasa sedia ada, saya tidak berkemampuan sama sekali untuk membuat sebarang simpanan

    2. Menggunakan enjin carian Google, saya tidak menjumpai sebarang maklumat yang berkaitan dengan organisasi mereka, seperti profil dan nombor telefon syarikat. Carian di JobStreet, LinkedIN, dan Indeed turut menunjukkan hasil yang sama.  

    3. Mereka akan mengumpan mangsa untuk melakukan tugasan mudah dengan meminta mangsa memberikan “like” kepada beberapa buah video di Youtube, kebiasaanya mangsa akan diminta untuk memberikan “like” kepada tiga video yang berbeza dan akan mendapat RM15 sebagai bayaran atas kerja mereka. Mangsa akan menerima RM15 ini dalam selang beberapa jam (Gambar 2, kanan).

    Gambar 1: Kiri (Nombor telefon yang digunakan untuk mengajak dan berhubung dengan mangsa), kanan (perbualan di WhatsApp dengan individu yang mengajak mangsa) 

    4. Tiada sebarang kontrak (hitam putih) bagi pekerjaan ini. Apatah lagi terma dan syarat yang dikenakan oleh majikan kepada pekerja (ini adalah satu tanda yang mungkin kita boleh perhatikan, ada sesuatu yang tidak kena disini).

    5. Tiada proses temuduga berlangsung, sama ada melalui panggilan telefon atau secara atas talian (melalui Zoom, Google Meet, Microsoft Team dan lain-lain). Atas alasan pekerjaan ini adalah pekerjaan sepenuh masa atau separuh masa sahaja (juga adalah satu tanda yang mungkin kita boleh perhatikan, ada sesuatu yang tidak kena disini).

    6. Mangsa akan diberikan link Telegram untuk menghubungi pegawai perkhidmatan pelanggan mereka yang bernama Steven (Gambar 3, kiri).

    7. Mangsa akan dimasukkan ke dalam satu kumpulan di Telegram sebagai permulaan. Steven akan memberikan mangsa tugasan yang dikategorikan sebagai “PROJECT”. Setiap tugasan akan dapat bayaran. Mangsa akan diperdayakan, dibutakan dengan menerima duit bayaran ke dalam bank mereka hanya dengan membuat tugasan memberikan “like” kepada video sahaja.

    8. Mangsa akan diberikan satu tugasan. Dan link untuk tugasan tersebut seperti yang berikut: (https://m.lidlcooperation.com/home). Tetapi, bagi tugasan ini, mangsa akan diminta untuk membayar sejumlah wang sebagai deposit. Dalam kes ini, pegawai perhubungan pelanggan, Steven akan menentukan jumlah deposit tersebut. Mangsa cuma mengikut apa yang diarahkan oleh Steven, tugasan ini mempunyai tiga transaksi. Mangsa tidak diberitahu berapa jumlah deposit yang perlu dikeluarkan sehingga mangsa mencapai RM600 sebagai deposit.

    Gambar 3: Kiri (Mangsa diperkenalkan dengan pegawai perhubungan pelanggan – Steven), kanan (mangsa dijemput memasuki kumpulan di dalam Telegram) 

    9. Mangsa akan terikat membuat tugasan, kerana sistem ini telah direka untuk memerangkap mangsa dan mereka tidak dapat melepaskan diri. Tugasan ini bermula dari tugasan 1, mangsa diminta untuk memberi “like” kepada beberapa video di YouTube. Ini akan berterusan sehinggalah ke tugasan ke-18 yang bersambung dengan tugasan memberikan “like” kepada video.

    Pada peringkat ini, setelah mangsa dimasukkan ke dalam kumpulan di Telegram, beberapa akaun palsu yang menyerupai individu-individu yang normal diwujudkan agar memberi tanggapan bahawa ada orang lain turut sama dalam menjalankan pekerjaan ini dan mereka tidak berseorangan. Penglibatan dari akaun-akaun palsu ini amat aktif, seolah-olah mewujudkan persaingan sihat dalam kalangan ahli yang menyertai. Sehingga pada satu ketika, mangsa akan merasa ketinggalan jika tidak turut serta dalam aktiviti mereka ini kerana kelihatan amat meyakinkan.

    Walaubagaimanapun, akaun ini sebenarnya dikendalikan oleh bot yang menyerupai/meniru cara percakapan manusia biasa. Selepas itu, Pegawai perhubungan pelanggan mereka akan meminta lagi wang deposit sebanyak RM150. Seterusnya, meminta deposit kedua sebanyak RM2k (ini juga adalah satu tanda yang mungkin kita boleh perhatikan, kerana tidak mungkin ada sebarang peluang pekerjaan yang meminta kita memberikan deposit wang terlebih dahulu untuk mendapatkan bayaran bagi pekerjaan yang telah kita lakukan).

    10. Saya tidak mempunyai sejumlah wang dengan nilai tersebut. Dan duit RM600 yang telah saya keluarkan terlebih dahulu untuk tujuan membayar deposit juga tidak dapat dibawa keluar. Sekiranya saya gagal untuk membayar deposit RM2k mereka tidak akan ambil kisah tentang deposit yang awak telah keluarkan sejak dari awal lagi. Akan dikira lesap begitu sahaja.

    11. Apabila saya memberi pesanan/chat kepada semua individu di dalam group tersebut, balasan jawapan pesanan mereka adalah seperti keluar daripada “bot”. Menggunakan bahasa Melayu pun mereka tidak mampu, walaupun menggunakan gambar seolah-olah orang tempatan. Mereka akan memberikan jawapan “I don’t even know you“.

    Perbualan yang ada di ruangan sembang/chat adalah daripada “bot-bot” sendiri untuk mewujudkan suasana yang biasa dalam kumpulan sembang/chat dan tiada apa-apa yang ganjil mengenainya. Sehingga pada satu ketika, saya telah diberikan amaran oleh pekerja mereka, jika tidak mahu komited membuat tugasan, saya mesti berhenti  menganggu orang lain. Ini menandakan bahawa penipuan mereka telah terbongkar dah saya telah mengetahui bahawa mereka ini adalah scammer (Gambar 4, kanan).

    12. Mereka telah menendang/mengeluarkan saya dari kumpulan Telegram tersebut. Selepas saya cuba untuk menghubungi semua individu di dalam kumpulan tersebut.

    13. Saya cuba untuk menghubungi semula nombor WhatApp yang menawarkan saya pekerjaan sebelum ini. Tidak berjaya kerana mereka telah menyekat nombor telefon saya.

    Kesimpulannya, harap mereka yang di luar sana sentiasa berjaga-jaga. Tidak dapat dinafikan, dengan kos taraf hidup yang kian meningkat, komitmen bulanan, dan lain-lain perkara yang di luar jangka menyebabkan pekerjaan hakiki tidak mencukupi untuk kita membuat sebarang tabungan untuk hari-hari kecemasan. Hal ini ditambah apabila kita bekerja di bandar besar seperti Kuala Lumpur, yang sudah pasti kos taraf hidup di sini lebih tinggi berbanding dengan bandar-bandar lain di seluruh Malaysia.

    Namun, dalam mencari rezeki dan pendapatan sampingan, kita perlu sentiasa berjaga-jaga dan beringat dan ambillah ikhtibar atas pengalaman ini. Saya telah dibutakan dengan duit mudah, kerja yang cukup mudah menyebabkan saya hilang pertimbangan dan menjadi mangsa. Apabila berdepan dengan tawaran pekerjaan yang terlalu sempurna untuk berlaku di alam nyata ini, rujuklah kepada rakan-rakan yang terdekat, jangan mengambil keputusan secara melulu tanpa memikirkan akibat atas tindakan yang kita ambil ini.

    Saya juga berasa kasihan kepada gambar-gambar individu yang digunakan sebagai alat penipuan, yang diletakkan sebagai profil gambar bot-bot. Sedikit nasihat daripada saya, jangan berkongsi gambar-gambar peribadi kita secara berlebihan, dua-tiga keping gambar mungkin mencukupi, kerana ada kemungkinan gambar-gambar peribadi akan digunakan oleh pihak-pihak yang tidak bertanggungjawab sebagai alat penipuan di luar pengetahuan kita sendiri.

    Mengenai Penulis

    Rashid Ating. Penyelidik di Jabatan Ekonomi, Fakulti Perniagaan dan Ekonomi, dan Institut Pengajian Termaju (IAS), Universiti Malaya (UM), Kuala Lumpur.

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  • YesHello: On A Mission To Help Modern Small Businesses Communicate With Their Customers Online

    YesHello: On A Mission To Help Modern Small Businesses Communicate With Their Customers Online

    YesHello (DIGITAL AUTOMATE SDN BHD) is a SaaS platform that gives small businesses total customer visibility—from first contact, to sales, to support. Making customer engagements more precise, contextual, and purposeful. They are powering the communication engine at Volvo Malaysia, Jaguar, Land Rover, BYD, TeaLive, SIRIM Bhd, Beam Mobility Scooter, Sustainable Energy Development Authority (SEDA), Asia e-University and many more.

    Smart Investor spoke to Carliff Rizal Carleel, Founder & CEO of YesHello to learn more about them.

    Carliff Rizal Carleel, Founder & CEO of YesHello

    Smart Investor: Can you provide an overview of YesHello.chat and its mission in the industry?

    Carliff Rizal Carleel: We help modern Small Businesses that are overwhelmed communicating with customers online, install a systematic way to offer Predictably Great Customer Engagement. We help them  create Visibility and Precision for Remote Teams by implementing a clear strategy that makes it simple for team members to respond to customers faster.

    Technology can be frustrating and we remove that (As Regular group chats are slowing down small businesses). By working with us, teams GET SUPPORT & TOOLS to manage their internal and external communication in a TRANSPARENT & ORGANISED way.

    SI: What specific problem does YesHello.chat aim to solve or address?

    CRC: Three main problems. 1. Multiple Conversations, Multiple People, on Multiple Channels. 2. Teams Lacking Full Context when replying to customers. 3. Working alone. As more and more teams are going remote, team members feel more isolated and alone than ever before.

    SI: How does your platform differentiate itself from other customer engagement solutions?

    CRC: Most other platforms focus on either just email, or just social media, or just WhatsApp. We understand that modern customer engagement needs to address all channels. Most other platforms focus on the communication between the business and the customer.

    But we understand that it’s the internal communication between team members in a transparent and collaborative way that will transform a team from ordinary to extraordinary.

    SI: Can you share some success stories or case studies of companies that have benefited from using YesHello.chat?

    CRC: We helped Peche Empire (a cosmetics company) double their revenues from 200k to 400k in 6 weeks. We helped Carnival Internet (Broadband provider from Bangladesh) increase the number of clients they can support from 400,000 users to 800,000 users without increasing the number of support team members.

    We helped Volvo Bukit Bintang increase sales by 30% ever since they started including YesHello for their sales process.

    SI: How does YesHello.chat utilise technology to enhance customer interactions and experiences?

    CRC: YesHello is a cloud software platform for small business that captures all customer interactions across WhatsApp, and all social media (email, Facebook Messenger, Instagram DMs, WeChat, Telegram, Viber, Line, SMS, Twitter, website live chat, and phone)—contextualises all customer interactions to help teams close more sales.

    Integrating all channels into one seamless dashboard is no small feat. We are able to create a single customer story containing every message, email, web chat and internal discussion creating a platform for messaging across the entire customer life cycle.

    SI: What are the key features or functionalities that make YesHello.chat stand out in the market?

    CRC: 1. Utilising Promotional Messaging, we are able to target specific interests with Broadcasts, enroll new contacts in drip campaigns and trigger event-based promotions via API.

    2. Conversational Sales is the future. Upgrade from personal messengers to business accounts, increase sales visibility, auto-qualify leads & sync with your CRM.

    3. Conversational Support. Use automated messaging to identify customer issues, then route to team members according to skill, function, language, shift & more.

    4. Automate Transactional Notifications. Trigger abandoned cart messages, payment confirmations, order updates and more from platforms like Shopify and other marketplaces..

    SI: How much funds are you seeking to raise through this fundraising exercise in collaboration with Beyond4 Fund 1?

    CRC: We are seeking to raise RM1 million

    SI: How do you plan to use the funds raised through fundraising for business expansion?

    CRC: We will be utilising the funds mainly for our marketing push to get our brand known in the market and to acquire customers. Our goal is to get from our current Annual Recurring Revenue of RM350,000 to RM2,000,000 by first quarter 2024.

    And to do this we only need to increase our customer base from 75 small businesses to 300 businesses. The funds raised will also allow us to hire key support staff and growth specialists to support our growth.

    SI: What are your target markets and customer segments for YesHello.chat?

    CRC: YesHello best serves SMEs that prioritise customer relationships (Edu, Wellness, Auto, Professional Services). For SMEs that need to focus on their business and not focus on handling tech. For SMEs that want a proven system in place and not have to experiment with something that might or might not work.

    For SMEs that requires an affordable solution so they don’t need to pay for software they might not even use. With YesHello, SMEs can grow, and we grow with them.

    SI: Can you provide insights into the growth and traction that YesHello.chat has achieved so far?

    CRC: YesHello started during the lockdown in 2020. Ever since we started, our total revenues have reached over RM1 million.

    SI: What strategies do you have in place to acquire and retain customers in a competitive landscape?

    CRC: We use our own solution. And because we have the tools to take advantage of social channels, we mainly focus on digital ads that are directly connected to the YesHello platform for seamless transition from ads to engagement to conversion and customer success. Also because of this, our retention rate is at 98%. Most SMEs that come on board and use our solution are so positively impacted  that they never consider to stop using us.

    Our total belief in what we can do to help SMEs, coupled with our extreme focus on customer success is the reason why our clients love us. This is proven by their testimonials and the fact they would never go to another platform.

    SI: How does YesHello.chat ensure data privacy and security for its users and their customers?

    CRC: YesHello takes security and privacy seriously. That is why we have created the safest possible processes available to ensure that our service is stable and that there are no security gaps. The integrity of your data is ensured. YesHello meets industry standards to protect you and your data.

    1. Cloud Security. YesHello is a cloud-based solution, Amazon Web Services (AWS). All stored and transferred data is encrypted. All data is safely stored and backed up on servers that follow the latest SSAE reporting standards. Systems are DDoS protected and hardened with firewalls.

    2. SSL Encryption. YesHello’ data is encrypted both when it is sent to and from our servers, as well as when it is at rest. To protect your content in transit, YesHello uses 256-bit SSL/TLS encryption. At rest, YesHello content is protected using 256-bit AES encryption.

    3. Network Security. YesHello regularly updates its network architecture and data flows between systems. Firewall rules and access restrictions are reviewed for suitability on a regular basis. We constantly provide system improvements to prevent vulnerabilities.

    4. Backup & Recovery. Our infrastructure is designed to provide stability and to minimize service interruption due to hardware failure, natural disaster, or other catastrophes. To help ensure availability in the event of a disaster, we replicate data across multiple data centres. Our system automatically backups the database daily.

    5. Access Control. Administrative sharing controls let you decide who in your organization has access to the platform. Add multiple users with different roles to allow access without having to share your private login details. Under no circumstances is sensitive data shared with anyone outside of YesHello and the client.

    SI: Can you share any partnerships or integrations that have contributed to the success of YesHello.chat?

    CRC: Yes, we have partnered with TM, Yellow Pages, Sunway iLabs, WOMENTUM.

    SI: How do you envision the future of customer engagement and the role that YesHello.chat will play in it?

    CRC: We believe that Selling By Chat is the Future. YesHello makes selling by chat easier for small businesses by capturing all customer chats across WhatsApp, and all social media into one place. Teams now have real-time visibility into all sales conversations to help each other close deals faster. We make Selling By Chat More Collaborative, Contextual, and Precise.

    YesHello records and tracks customer-facing interactions across WhatsApp, all social media channels, website live chat, phone, and email to bring you transparent activity data. YesHello’s cloud platform ties conversations to outcomes logged in your CRM to capture what sets top performers apart.  This total Visibility and Precision for SMEs is what will be the norm for all businesses doing business online.

    SI: What challenges do you anticipate in scaling your business and expanding into new markets?

    CRC: There are many big players in this space and I foresee other companies raising large sums and outspending other competitors as the main challenge in the future.

    SI: How do you measure the effectiveness and impact of customer engagement using YesHello.chat?

    CRC: We believe having full context, from lead source, full customer history, past purchases, all conversations, and previous issues—empowers teams to make decisions based on the full-story instead of guess-work. This is the key to building long term meaningful customer connections.

    Drive change with confidence. Know from day one why your initiative is succeeding or failing, and course correct in real-time to meet revenue goals. Create a culture of coaching. Coaching only drives revenue if managers provide it consistently across their teams. Keep managers accountable to providing valuable feedback with whisper support.

    Unparalleled pipeline visibility. Integrate your entire tech stack so data goes from siloed to streamlined, ensuring that all customer interactions are unified and up-to-date.

    SI: What are the key metrics or KPIs that you track to assess the performance of your platform?

    CRC: Speed to first reply is one big metric we most often measure. This is key as customers always prioritise speed.

    SI: How does YesHello.chat incorporate customer feedback and suggestions into its product development?

    CRC: Our team communicates with our customers on a regular basis via messaging channels, Zoom and phone calls. All their input and feedback is noted down and is considered when we are developing new features for our platform. All this is transparent on our product roadmap.

    SI: What are your long-term goals and vision for the growth of YesHello.chat?

    CRC: By 2027 YesHello will expand to the majority of SEA and Europe with a customer base of 30,000 SMEs using our platform generating over $200Mil in Annual Recurring Revenues.

    SI: How do you approach customer support and ensure a seamless experience for your users?

    CRC: We use our own solution. And because of this, our retention rate is at 98%. Most SMEs that come on board and use our solution are so positively impacted  that they never consider to stop using us. Our total belief in what we can do to help SMEs, coupled with our extreme focus on customer success is the reason why our clients love us.

    This is proven by their testimonials and the fact they would never go to another platform.

    SI: Lastly, what message would you like to convey to potential investors who are considering supporting the expansion of YesHello.chat?

    CRC: Nothing meaningful came from being timid. We all know Selling by Chat is the future! YesHello makes selling by chat (SBC) more Collaborative, Contextual, and Precise. YesHello is a sales engagement/enablement/management platform for small business teams (who mainly close + sales via chat). YesHello helps sales close more deals by shining the light on everyone’s conversations with customers. It records all conversations from first contact, to sales, to support, creating total visibility so leaders can drive sales effectiveness across the entire organisation.

    Soon all SMEs will be utilising this. Now is the time to get onboard and support a local Malaysia startup, and you can say you were there when it all started! You can say that you saw it when no one else did. And that you were courageous enough to take the leap, when others were afraid.

  • Catching Colon Cancer

    Catching Colon Cancer

    According to the NATIONAL STRATEGIC PLAN National Strategic Plan for Colorectal Cancer (NSPCRC) 2021 – 2025, colorectal cancer (also known as colon cancer) is the second most common cancer and contributed to 13.5 per cent of all new cancer cases diagnosed in 2012-2016.

    The incidence of colon cancer increases with age and is slightly higher in males. Colon cancer is known to be highly preventable and treatable through early detection. However, the 2012-2016 cancer report showed, around 70 per cent of colon cancer patients in Malaysia were diagnosed at stage III or IV. This is the stage where treatment is more complicated, and the outcome is poorer.

    Understanding Colon Cancer

    Dr Zakry Onn Yahya, Consultant General Surgeon, ParkCity Medical Centre

    “Colon cancer occurs when there is an uncontrolled growth of abnormal cells in the colon or rectum. These abnormal cells can develop into polyps, which are small growths that protrude from the inner lining of the colon or rectum. While most polyps are not cancerous, some can develop into cancer over time,” explains Dr Zakry Onn Yahya, a Consultant General Surgeon of ParkCity Medical Centre.

    The exact cause of colon cancer is still unknown, but there are several risk factors that increase the likelihood of developing the disease. These include a family history of colon cancer, a personal history of colon polyps or inflammatory bowel disease, a diet high in red and processed meats, obesity, smoking and a sedentary lifestyle.

    Symptoms Of Colon Cancer

    “In the early stages, colon cancer often does not produce any symptoms. As the cancer grows, however, it can cause several symptoms, including changes in bowel habits, such as diarrhoea or constipation, blood in the stool, abdominal pain or cramping, unexplained weight loss, fatigue and weakness. These symptoms are not specific to colon cancer and can be caused by other conditions, so it is important to consult a doctor if any of these symptoms persist,” reminds Dr Zakry.

    Screening For Colon Cancer

    Screening is the process of testing for a disease in individuals who do not show any symptoms. For colon cancer, there are several screening tests available, including Fecal Occult Blood Test (FOBT) which checks for blood in the stool and colonoscopy—a procedure that involves inserting a long, flexible tube with a camera on the end into the rectum to examine the colon and rectum. If polyps are found, they can be removed during the procedure. Meanwhile, the Stool DNA Test checks for DNA changes in the stool that may indicate the presence of colon cancer.

    “The FOBT and colonoscopy is recommended for individuals over the age of 45, and those with a family history of colon cancer or polyps should start screening at an earlier age. Meanwhile the Stool DNA Test is recommended every 3 years for individuals over the age of 50. The choice of screening test depends on the individual’s risk factors, preferences and medical history. It is important to consult a doctor to determine the appropriate screening schedule,” stresses Dr Zakry.

    Why Is Screening Important?

    Screening for colon cancer is important for several reasons. Firstly, it can detect colon cancer at an early stage when it is most treatable. In fact, colon cancer is one of the most preventable cancers, as it can take 10 to 15 years for polyps to develop into cancer. If polyps are detected and removed during screening, the risk of developing colon cancer can be significantly reduced.

    “Secondly, screening can also detect colon cancer before it causes symptoms. As mentioned earlier, colon cancer often does not produce any symptoms in the early stages. By the time symptoms appear, the cancer may have already spread to other parts of the body, making treatment much harder,” adds Dr Zakry.

    Treating Colon Cancer

    If colon cancer is detected in its early stages, the chances of successful treatment are much higher. Treatment for colon cancer often involves surgery to remove the cancerous tissue. Depending on the type and stage of the cancer, the surgery may involve removing a part of the colon or rectum, or even the entire colon or rectum. In some cases, a colostomy bag may be required temporarily or permanently.

    While surgery is often necessary to treat colon cancer, it is not without risks. Patients may experience blood loss, infection or a prolonged stay in the hospital. Patients should be adequately prepared for surgery both physically and mentally and should be informed of the risks and benefits of the procedure.

    “In addition to physical preparation, emotional support is also crucial for patients with colon cancer. Patients may experience anxiety, depression or denial when faced with a cancer diagnosis. It is important for doctors to provide adequate counselling and support to help patients cope with the emotional impact of the disease.

    “Family support and participation in support groups can also be beneficial for patients with colon cancer. Support groups provide a safe space for patients to share their experiences and learn from others who have gone through similar experiences,” Dr Zakry advises.

    Preventing Colon Cancer

    “While there is no sure-fire way to prevent colon cancer, there are several steps that can be taken to reduce the risk of developing the disease. Some of these steps include eating a healthy diet that is high in fibre and low in fat, exercising regularly, maintaining a healthy weight, not smoking, limiting alcohol consumption, getting screened for colon cancer regularly and of course screening,” concludes Dr Zakry.

  • Pavilion REIT Concludes Acquisition Of Pavilion Bukit Jalil, Reinforcing Retail Portfolio

    Pavilion REIT Concludes Acquisition Of Pavilion Bukit Jalil, Reinforcing Retail Portfolio

    Pavilion Real Estate Investment Trust (“Pavilion REIT”) has announced the successful conclusion of the acquisition of Pavilion Bukit Jalil, strengthening its position in the retail sector and marking an important milestone in its portfolio expansion and income diversification strategy.

    Following the fulfilment of all conditions precedent as set out in the earlier Sale and Purchase Agreement (SPA) and an oversubscription of its first private placement, Pavilion REIT now owns Pavilion Bukit Jalil, inheriting its balance sheet and revenues.

    Dato’ Philip Ho, CEO Pavilion REIT Management Sdn Bhd

    “The successful acquisition of Pavilion Bukit Jalil signals a strategic expansion in Pavilion REIT’s portfolio, bringing total asset under management to RM8.3 billion and the start of another new chapter for Pavilion REIT,” stated Dato’ Philip Ho, the Chief Executive Officer of Pavilion REIT Management Sdn Bhd.

    Dato’ Philip added that Pavilion Bukit Jalil’s robust tenant strategy, combined with its role as the host of numerous local and international events, has successfully driven the mall’s occupancy rate to over 82% in a relatively short span, and that this positive momentum is expected to continue.

    The mall’s diverse tenant mix has recently secured new brands particularly in the F&B space including BONCAFE @ HOME, Mixbowlicious, Noodleface Express, MOVON, CrunchCraze, 117 Coffee Bar by Psycoth, Superhero, and Xi Yu (喜鱼). Further adding to the unique experience, the mall also will welcome new concept outlets such as Iron House Cafe (铁皮屋) and JP & Co.

    Dato’ Philip Ho highlighted that Pavilion Bukit Jalil’s energetic atmosphere, catering to diverse interests, is poised to solidify Pavilion Bukit Jalil’s positioning as a premier retail destination. By incorporating novel retail brands and concept stores, while hosting renowned exhibitions and events, the mall’s strategic vision supports a wider visitor and shopper base, making it an increasingly attractive proposition.

    L’Occitane Hotel pop up

    Pavilion Bukit Jalil has established itself as a preferred event destination, hosting various international and local pop-up exhibitions. The mall is currently hosting the world’s first L’Occitane Hotel pop up and ‘The World of Tim Burton Pop-Up Museum’, the first in South East Asia. Recently concluded events include the internationally acclaimed Van Gogh immersive experience and Demon Slayer: Kimetsu no Yaiba Total Concentration exhibition from Japan.

    Pavilion Bukit Jalil will also soon play host to the Japan Expo Malaysia 2023, the biggest all-Japan event from August 18 to 20. The event is expected to draw enthusiasts for all things Japanese and will incorporate a number of zones including music, food, travel, arts, education, health and wellness, anime and cosplayers.

    About Pavilion REIT

    Listed on 7 December 2011, with the largest exposure to the retail sector by any listed Malaysian REIT, Pavilion REIT owns a RM6.0 billion portfolio based on appraised value, to which its most prominent asset is the Pavilion Kuala Lumpur Mall that is located in Bukit Bintang, Kuala Lumpur, Malaysia.  Pavilion REIT is established with the principal investment policy of investing, directly and indirectly, in a diversified portfolio of income producing real estate used solely or predominantly for retail purposes (including mixed – use developments with a retail component) in Malaysia and other countries within the Asia-Pacific region. For more details, please visit www.pavilion-reit.com

    About Pavilion REIT Management Sdn Bhd

    Pavilion REIT Management Sdn Bhd is the manager of Pavilion REIT. Incorporated in Malaysia on 7 April 2011 with an issued and paid-up capital of RM5 million, it is 51% owned by Urusharta Cemerlang Development Sdn Bhd and 49% owned by Urusharta Cemerlang Project Corporation Sdn Bhd. The principal activity of the Manager is to manage and administer Pavilion REIT.

  • 5 Rules For Malaysians To Improve Their Financial Wellbeing

    5 Rules For Malaysians To Improve Their Financial Wellbeing

    In the face of looming predictions of a recession in 2023, financial experts have raised concerns about the state of financial preparedness among Malaysians. Nurhisham Hussein, the chief strategy officer of the Employees Provident Fund (EPF), has shed light on the alarming statistics that reveal a lack of financial readiness for retirement.

    With merely 3% of Malaysians considered financially prepared for retirement, disregarding healthcare expenses, 71% of EPF members have savings below 50,000 ringgit, and a surprising 28% have less than 1,000 ringgit. Furthermore, research conducted by Ringgit Plus found that 57% of individuals under the age of 35 in Malaysia cannot sustain themselves financially for more than three months based solely on their savings.

    Additionally, 24% of this demographic cannot rely on their savings for more than one month, while 45% either spend exactly or exceed their earnings.

    The conjunction of a dire economic situation and poor financial decision-making underscores the pressing need for Malaysians to control their finances. This article explores the significance of financial literacy and offers practical steps to empower individuals to improve their financial health and habits.

    In an era of increased digital adoption and a regulatory climate fostering the growth of digital banks, access to financial literacy resources has improved tremendously, providing an opportune environment for Malaysians to gain the necessary knowledge and skills for financial well-being. By taking charge of their finances and implementing sound financial practices, individuals can pave their way to a secure financial future.

    1. Expense And Income Tracking

    To gain a clear understanding of where your money is going, you can utilize various tools and methods. One effective solution is to use budgeting apps or financial management software that automatically categorizes your income and expenses.

    This simplifies the process of tracking your cash flow and provides visual representations, such as charts or graphs, to help you analyze your spending habits. By consolidating your cash inflows and expenditures onto a single platform, such as a budgeting app, you can easily monitor and review your financial transactions in one place.

    For example, apps, like Be U app, will allow you to track your expenses, providing updates and insights into your finances. Be U offer features such as expense categorization, a personal finance graph and a dashboard to help you stay on top of your finances.

    By having a comprehensive overview of your income and expenses, you can identify areas where you can make adjustments, set savings goals, and ultimately improve your financial progress.

    2. Differentiate Between Needs And Wants

    Practising mindful spending requires conscious decision-making regarding distinguishing between essential needs and discretionary wants. Consider implementing a “pause and evaluate” approach to address discretionary wants.

    Before making a non-essential purchase, give yourself a set period, such as 24 hours or a week, to assess whether it aligns with your long-term financial goals and values. This solution allows you to evaluate whether the item is a necessity or a want driven by emotions or spur of the moment.

    By implementing this practice, you can avoid impulsive purchases and redirect your funds towards more meaningful goals, such as saving for a down payment on a home or investing for your future.

    3. Start Saving Early

    Recognizing the value of compounding returns emphasizes the importance of initiating saving habits as early as possible. One solution is to set up automatic transfers from your checking account to a designated savings account.

    By automating your savings, a predetermined portion of your income is regularly deposited into your savings account without requiring constant manual effort. This solution ensures consistency and discipline in your saving habits.

    For example, many of our customers enjoy using our NEST feature in our Be U app to save money. As the NEST feature allows users to set up automatic transfers to occur on a periodical basis, ensuring that saving becomes a priority before allocating funds towards discretionary spending.

    Furthermore, users are allowed to set financial goals and track their financial progress. By utilizing this feature, users are able to track and achieve their financial goals more seamlessly.

    4. Build An Emergency Fund

    Establishing an emergency fund is crucial for financial stability and preparedness. One solution is to automate your savings by setting up regular transfers from your checking account to a separate savings account designated for emergencies. This ensures that a portion of your income goes directly into your emergency fund without requiring constant manual intervention.

    For instance, you can set up a monthly or biweekly transfer that aligns with your financial capabilities and goals. By automating your savings, you remove the temptation to spend the allocated funds and ensure that you consistently contribute to your emergency fund. Over time, your emergency fund will grow, providing a financial safety net for unexpected expenses such as medical emergencies, car repairs, or job loss.

    5. Take Care Of Your Belongings And Health

    Opting for repairing instead of replacing items whenever possible is a practical solution to reduce unnecessary expenses. For example, if your electronic devices, appliances, or clothing require repairs, consider researching local repair services or DIY solutions before considering a replacement. Often, repairing items can be more cost-effective than buying new ones, especially for items that are still functional with minor issues.

    Additionally, prioritizing preventive healthcare measures can lead to significant long-term savings. Regular exercise, maintaining a balanced diet, and practicing good hygiene are all examples of preventive measures that can help prevent costly health conditions. By investing time and effort in your physical and mental well-being, you reduce the likelihood of incurring high medical expenses related to chronic diseases or illnesses.

    While these practical tips cannot solve all financial challenges, they serve as a starting point for developing positive financial habits and setting individuals on the path to financial well-being. It is crucial to make a plan with specific target amounts and deadlines, reducing the likelihood of overspending and ensuring progress towards financial goals.

    With the increased availability of financial literacy resources and the rising adoption of digital tools, Malaysians have greater opportunities than ever before to enhance their financial knowledge and improve their financial health. By taking charge of their personal finances, individuals can gain a better understanding of financial concepts, assess their current financial situation, and make informed decisions to improve their overall financial well-being.

    About CDX, Bank Islam

    CDX has been established since 2020 and Centre of Digital Experience was developed under the purview of Bank Islam to explore experimental new businesses and technologies. Our vision is “Financial literacy for everyone”. Our Core Mission is to inculcate financial literacy, financial inclusion, financial independence to our customers and devising a sustainable charity model. CDX is building a challenger bank and mobile banking app known as Be U to serve the underserved and youth by providing next-level banking for modern consumers consisting of an app, a debit card and a financing facility proudly backed by Bank Islam, the leader in Islamic Banking since 1983. For any enquiries, do contact our customer service by email at beu.communitysupport@bankislam.com.my

  • Dry Eyes Demystified

    Dry Eyes Demystified

    Dry eye syndrome, also known as dry eye disease or keratoconjunctivitis sicca, is a common eye condition that affects millions of people worldwide. This condition occurs when the eyes do not produce enough tears, or when the tears evaporate too quickly, causing the eyes to become dry, itchy and irritated. This condition results in blurring of vision, discomfort, light sensitivity and other symptoms due to disturbances to the eye’s tear film.

    According to a local study entitled ‘Prevalence and Risk Factors of Dry Eye Disease’, the prevalence of dry eye syndrome is estimated as 7 per cent to 34 per cent worldwide, occurring at a higher frequency in the elderly above 50 years of age and twice as high in women than in men. In Malaysia, dry eye syndrome was only considered a disease on its own in 2007.

    Symptoms & Causes

    Dr Norazlina Binti Bachik, Clinical Director of KPJ Centre for Sight

    “The symptoms of dry eye syndrome include burning sensation akin to stinging, sandy sensation when closing and opening the eyes, soreness, watery eyes, light sensitivity, heavy eyelids, deteriorating vision and red bloodshot eyes. The syndrome severely reduces the patient’s ability to read, drive and use screens for a prolonged period of time, significantly affecting the quality of life, particularly in middle-aged and elderly patients,” says Dr Norazlina Binti Bachik, Clinical Director of KPJ Centre for Sight.

    There are many causes of dry eye syndrome, divided between internal and external causes, with dry and humid climate like ours being one of the external causes.

    “Some of the internal causes of the disease include hormonal imbalance or changes, namely declining or lack of oestrogen in pre-menopausal or post-menopausal women, inflammatory systemic disorders like rheumatoid arthritis and Sjogren’s Syndrome, allergic eye disease, and consumption of drugs like anti-histamines and certain anti-hypertensives,” explains Dr Norazlina.

    “Meanwhile, the external factors include chronic contact lens wear, long hours on gadgets like computers or handphones and environmental factors like heat and wind. Drier climate specifically aggravates the condition and patients must take better care of themselves especially in our country,” she adds.

    Diagnosing Dry Eye Syndrome

    In addition to women in general and the elderly, Dr Norazlina also highlights that people who are in tropical countries especially those who receive year-round sun, those working outdoors like construction workers and those on long hours of intense desk-bound computer work in air-conditioned rooms are more prone to dry eye syndrome.

    After assessing whether a potential patient with symptoms similar to dry eye syndrome fall into at risk groups as mentioned above, further tests are conducted for diagnosis. The examination entails assessing the eye surface particularly looking for signs of dryness on the cornea. This can be achieved through using dyes like fluorescein or Lissamine green or Red Bengal stains. Meanwhile, tear meniscus (a thin layer of tears that collects along the lower edge of your eyelid when your eye is open, keeping your eyes moist) can give us an idea of how much tears are present in one’s eye.

    Treating Dry Eye Syndrome

    Unfortunately for dry eye syndrome, there is no single treatment involved, but rather it must be a multi-angle approach.

    “Usually, we begin treatment for local eye conditions such as blepharitis by using lid scrubs or warm compresses on the eyelids to improve the flow of meibum.* A judicious use of lubricants either in the form of drops or gel or even ointment also takes place, depending on the severity of the dryness. Mitomycin C eyedrops can also be helpful in inflammatory cases,” says Dr Norazlina.

    (*Note: Blepharitis is a common inflammation of the eyelids, and meibum is an oily substance that helps keep tears from evaporating too quickly.)

    Apart from medication, some lifestyle changes also need to be undertaken such as avoiding long constant hours on gadget use by taking frequent breaks, wearing sunglasses or any other eye protective gear when doing outdoor activities to prevent direct effect on the eyes from wind or sunlight, ensuring adequate daily water intake and even taking supplements like fish oil.

    What advice would Dr Norazlina give to individuals living in drier climates who are concerned about developing dry eye syndrome or experiencing discomfort and vision problems related to their eye health?

    “To start with, wearing protective eye gears like sunglasses with ultraviolet light blocking properties when going outdoors is very important. Lubricating eyedrops use will also help to alleviate the symptoms through the day. Once the root cause of the dryness has been identified, compliance to the treatment instituted by the eye doctor must be adhered to ensure the effectiveness of the treatment regime.

    Don’t forget to stay healthy by drinking enough fluids and taking balanced healthy diet, with supplements taken as needed.”

  • ICMR Research Series: Malaysian Investors Are Vulnerable Due To Poor Investment And Saving Behaviours

    ICMR Research Series: Malaysian Investors Are Vulnerable Due To Poor Investment And Saving Behaviours

    Today’s investing landscape features a confluence of challenges. The current economic environment of high inflation and higher cost of living has led to heightened uncertainty in financial markets. Meanwhile, an ageing population is adding pressure on retirement savings. As a result of these global trends, Malaysians are experiencing new vulnerabilities in the course of their investment journeys.

    The Institute for Capital Market Research Malaysia (ICMR) embarked on a nationwide study to better understand these new age vulnerabilities. We found the underlying reasons for investor vulnerability are multifaceted and can be broadly grouped into three categories based on their characteristics. In this article, we will explore the first and most common category: financial behaviour and accessibility.

    More Decisions, More Fatigue

    Our survey findings reveal that most Malaysian investors experience vulnerability due to their financial behaviours and accessibility to financial products and services. 93% of surveyed respondents have three or more behavioural and access drivers that could make them feel vulnerable, which includes their perception of their own financial status, savings behaviour, and financial literacy. 

    In terms of perceived financial status, most Malaysians reported they are either financially unstable or are living paycheck-to-paycheck, which influences their level of financial stress and wellbeing. 74% of those who are financially unstable and 54% who are living paycheck-to-paycheck claimed to always feel stressed and worried when thinking about their financial futures.

    Figure 1: Perceived Financial Status (Data Source: ICMR)

    Past behavioural studies have shown that the more decisions that one is forced to make, the more fatigue one develops, which consequently leads to a deteriorating quality of decision-making – a concept known as decision fatigue. Moreover, people who frequently experience financial stress tend to experience decision fatigue more intensely compared to others. 

    Indeed, 61% of those who are financially unstable and 42% of those living paycheck-to-paycheck admitted that they get mentally drained when thinking about financial planning and would prefer to follow their family and friends’ decisions. As highlighted in our previous article, this makes them more susceptible to being involved in scams, misled, and creating investment bubbles.

    Not Saving Enough For Difficult Times

    Beyond financial status, ICMR also set out to understand Malaysians’ savings behaviour, given the importance of having enough savings to ensure financial resilience to any unexpected life shocks. Based on guidance by the Employees Provident Fund (EPF), it is recommended that Malaysians have at least  20% monthly savings and 6 months’ worth of emergency savings.

    One common assumption is that Malaysians are not generally aware of these savings benchmarks, but ICMR’s findings suggest otherwise. While 43% of respondents know they should save 20% of their monthly income, only 23% actually follow through. Similarly with emergency funds, 34% know they need 6 months’ worth or more, but only 22% claim to have that amount of buffer for emergencies.

    Figure 2: Monthly Savings and Emergency Savings Behaviour

    Another assumption is that those with higher incomes can save the most, while financial stress is commonly associated with those in the lower income group. Our study again challenges these assumptions, as our findings indicate that 68% of respondents in the high-income group are saving less than 20% of their monthly income and 76% have less than 6 months’ worth of emergency savings.

    Since Malaysians are already struggling to save regularly and are not able to financially sustain themselves during difficult times, it is hard to expect them to show better saving habits for a longer-term goal such as retirement. This then leads to another factor that defines investor vulnerability in Malaysia – retirement savings or a lack thereof.

    Lack Of Retirement Readiness

    Based on the assumption that one will retire at the age of 55 and life expectancy in Malaysia is 75, one’s savings need to last for at least 20 years. However, when we asked our respondents how long they expected their current and EPF savings to last after retiring, 75% felt that their total retirement savings would last them less than the required 20 years post-retirement.

    This is mainly due to the lack of retirement savings, especially among retirees and gig workers. 62% of surveyed gig workers claimed to have less than RM50,000 worth of retirement savings, and what is more worrying is that 70% of surveyed retirees have less than RM250,000 worth of retirement savings – less than what the EPF estimates is adequate to cover basic needs for 20 years after retirement.

    Figure 3: Retirement Savings by Age Group

    While those who are 40 years old and below tend to meet the basic retirement savings threshold as determined by EPF, as soon as they reach 41 years old, more than half of the EPF contributors are not able to meet the target basic savings for each age group. This is probably because they start withdrawing from their EPF accounts for home loans, children’s education, or even health expenses.

    To supplement the findings from our survey, ICMR also conducted qualitative interviews with retirees in the Klang Valley. The interviewees shared that they did not know what to do with the big sum of savings that became accessible to them after retiring. As a result, they tended to invest on a trial-and-error basis and followed advice from friends and family – with many plagued by failing investments.

    Overconfident About Financial Literacy

    Although Malaysians are generally not saving enough and unprepared for retirement, ICMR’s findings also show that they are overconfident with regards to their financial knowledge. Only 39% of respondents scored 80% – 100% in a simple financial literacy test prepared by ICMR – but 67% of respondents claim to be highly confident of their financial capabilities.

    Figure 4: Financial Literacy Scores & Financial Confidence (Data Source: ICMR)

    Topics such as compounding interest, inflation, risk and return, cost of borrowing and diversification, are considered as the most basic to test respondents’ understanding of some of the key financial concepts. However, it is concerning to see that 59% of respondents who scored lower than 80% (less than 4 questions correct) feel highly confident about their financial capabilities.

    The overconfidence effect is observed when people’s subjective confidence in their own ability is greater than their objective (actual) performance. Overconfidence has been attributed to a range of issues. More generally, among investors, overconfidence has been associated with excessive risk-taking and is most likely to lead them to make wrong financial decisions.

    Overconfidence also relates to one’s optimism bias during investment or broader financial decision making. Optimism bias refers to the tendencies for people to overestimate the probability of positive events and underestimate the probability of negative events happening to them in the future. This kind of thinking is dangerous and often leads investors to make reckless financial decisions.

    Investor Vulnerability Is Multifaceted

    Making good financial decisions is not an easy task for most people. It involves overcoming biases and considering the satisfaction of short-term gains against the things that are beneficial for us in the long-term. The challenges of making good financial decisions get even more difficult when factors such as financial stress hinders one from making optimal decisions with a sound mind.

    Nonetheless, ICMR’s study highlights that different ‘types’ of vulnerability are frequently overlapping and closely interconnected – meaning that financial difficulties are not always easily attributable to a single particular ‘cause’. Stay tuned for our next article as we explore how situational circumstances and industry-related issues can also lead to new vulnerabilities for Malaysian investors.

    This article is part of a content series by the Institute for Capital Market Research (ICMR). Follow ICMR’s Facebook page to stay updated on behavioural tips and insights for better investing habits. To learn more about ICMR’s research on new age vulnerabilities, visit www.icmr.my or download the full report.

    About the Authors

    Datin Aida Jaslina Jalaludin, Head of Research, ICMR
    Nadhirah Ibrahim, Research Analyst, ICMR
  • SC Seeks To Transform Agri Sector Via Fintech, Alternative Financing

    SC Seeks To Transform Agri Sector Via Fintech, Alternative Financing

    The Securities Commission Malaysia (SC) is encouraging wider adoption of financial technology (fintech) in agriculture in order to help in achieving the country’s food security agenda.

    SC Chairman Dato’ Seri Dr. Awang Adek Hussin said access to finance is critical to agriculture’s future.

    This is especially important for smallholders and agritech-preneurs seeking to modernise agriculture and strengthen research and development, he said in his opening address at the SCxSC Grow Fintech Conference.

    This marks the 10th iteration of the SCxSC conference that is held in-person after the Covid-19 pandemic.

    SCxSC GROW, is a new collaborative programme, under the SC’s fintech flagship initiative “Synergistic Collaboration by the SC” (SCxSC). The SCxSC GROW embodies a collaborative effort with partners in the fintech ecosystem to harness the potential of alternative financing digital platforms to meet the needs of micro, small, and medium-sized enterprises (MSME) in strategic sectors.

    Recognising the challenges faced MSMEs in the agriculture sector, Dato’ Seri Dr. Awang Adek said that leveraging fintech solutions will help improve access to financing and increase efficiency in the sector.

    Dato’ Seri Dr. Awang Adek Hussin, SC Chairman

    To achieve this goal, the SC has been working closely with ecosystem players to develop innovative solutions that cater to the unique financing needs of farmers and agribusinesses. This is in tandem with the national agenda to support the agriculture sector’s transition into a dynamic and progressive sector.
    Dato’ Seri Dr. Awang Adek said that the capital market can be an enabler and accelerator to help Malaysia achieve its food security agenda.

    “Alternative financing avenues such as equity crowdfunding (ECF) and peer-to-peer (P2P) financing allow investors with the right risk appetite to mobilise capital directly for agri-preneurs,” he said.

    This provides more options for younger and high-growth companies to access capital relevant to their business risk profiles,” he added.

    Over 7,000 MSMEs have benefited from SC-registered ECF and P2P financing since their introduction in 2015, raising more than RM4.4 billion, with only 600 agri-related MSMEs across the entire value chain raising close to RM300 million. This presents a significant opportunity for agricultural growth and investment.

    Dato’ Seri Dr. Awang Adek said, “Malaysia was also the first country in this region to adopt a co-investment model, MyCIF specifically for alternative finance platforms.”

    MyCIF was instrumental in providing MSMEs with financing during the Covid-19 pandemic.

    “MyCIF implemented a special allocation ratio of 1:2 for the agriculture sector in 2022, which is more appealing than the normal ratio of 1:4. We’ve seen increased interest as four times as many agri-businesses have raised funds through ECF and P2P platforms,” he added.

    The SCxSC GROW Fintech Conference, themed “Fostering Innovative Finance in Agriculture”, aims to be a game-changer for the agriculture industry. With the world facing increasingly complex challenges, the conference brings together agriculture and fintech players to explore innovative solutions to food security, sustainability and supply chain resilience.

    New cutting-edge solutions were showcased at the conference, highlighting the latest advancements in these fields. The conference also featured local fintech players in the agriculture sector.

    These fintech solutions have the potential to revolutionise the way farmers access financing and manage their operations, enabling them to make better use of resources and increase yields.

    About the Securities Commission Malaysia:

    The Securities Commission Malaysia (SC), a statutory body reporting to the Minister of Finance, was established under the Securities Commission Act 1993. It is the sole regulatory agency for the regulation and development of capital markets. The SC has direct responsibility for supervising and monitoring the activities of market institutions, including the exchanges and clearing houses, and regulating all persons licensed under the Capital Markets and Services Act 2007. More information about the SC is available on its website at www.sc.com.my. Follow the SC on twitter at @SecComMy for more updates.

  • ASUS Announces All-New Vivobook Go 15 (E1504F), Your Compact & Super-Durable Companion

    ASUS Announces All-New Vivobook Go 15 (E1504F), Your Compact & Super-Durable Companion

    ASUS Malaysia announced the 15.6-inch Vivobook Go 15 (E1504F), an exciting and affordable lifestyle laptop that help make users productive or keep them entertained, wherever they go.

    This light and compact laptop feature a sharp and vibrant FHD display and a powerful ASUS SonicMaster sound system with DTS Audio Processing for immersive entertainment. The design is stylish and practical, with thoughtful touches that make the user’s life easier, such as a 180° lay-flat hinge. Built to survive any lifestyle, the Vivobook Go 15 (E1504F) are US military-grade tested for durability using the world’s strictest test regime[1].

    Speedy performance for any task is assured by the AMD Ryzen 5 7520U processor, up to 16 GB of LPDDR5 RAM and a 512 GB PCIe® SSD. Other user-friendly features include an ASUS ErgoSense keyboard; smart conferencing via the HD webcam with ASUS 3D Noise Reduction (3DNR), AI noise cancelation, and a physical privacy shield; and a useful suite of ASUS apps including MyASUS, GlideX and ScreenXpert 3.

    Superior Sound And Vision

    Vivobook Go 15 delivers crisp and clear visuals from its FHD display. The 16:9 NanoEdge slim-bezel design which delivers a staggering 84% screen-to-body ratio gives users more screen space for multitasking and immersive viewing. Both displays also ensure a reduced risk of eye strain during long viewing sessions thanks to their TÜV Rheinland eye-care certification for low blue-light and flicker-free operation.

    The Vivobook Go 15 also features incredibly powerful, crystal-clear sound with ASUS SonicMaster and DTS Audio Processing. The combination of hardware and software boosts the volume, and removes noise to improve audio clarity for truly immersive sound.

    Light, Compact, Stylish And Tough

    Measuring 17.9 mm thin and weighing just 1.63 kg, the new Vivobook Go 15 is designed to be compact enough to slip into any bag, and light enough for easy one-handed carrying. It comes in a timeless Cool Silver finish, along with signature Vivobook details like the raised logo tag on the lid, a warning-stripe pattern on the Enter key, contrasting colored rubber feet on the base, and a stylish V-shaped air vent.

    The new Vivobook Go 15 is strictly tested to ensure its durability in everyday use, using the latest MIL-STD-810H US military-grade standard with up to 12 test methods and 26 individual tests — the industry’s most stringent testing regime.

    Speedy Performance

    The Vivobook Go 15 is powered by the AMD Ryzen 5 7520U processors, with up to 16 GB of speedy LDDR5 memory and 512 GB of storage to help users complete all their daily productivity missions. For on-the-go convenience, the battery can be fast-charged to 60% capacity in around 49 minutes[2].

    Ultrafast connectivity is provided by up to WiFi 6E enhanced with ASUS WiFi Master technology for fast and stable connections. The comprehensive I/O ports include a USB-C® 3.2 Gen 1 port, a USB 3.2 Gen 1 Type-A port, a USB 2.0 port, HDMI® output and an audio combo jack — so it’s easy to for users to connect
    all their existing peripherals, displays and projectors, wherever they are.

    Feature-Packed

    Superior typing comfort is assured with the full-size ASUS ErgoSense keyboard, which has a 19.05 mm key pitch, a 0.2 mm key-cap dish, and long 1.4 mm key travel that gives it an incredibly satisfying feel, with the optimum bounce and travel calculated with fine-tuned precision. Excellent privacy is provided by the physical webcam shield, and there’s a fingerprint sensor that allows one-touch login with Windows Hello.

    For enhanced video and audio conferencing, there’s an HD camera with ASUS 3DNR technology that makes videos as clear as they can be. AI noise-cancelation employs machine learning to isolate unwanted noise from human speech, so users can easily hear what everyone else is saying, in any environment.

    The Vivobook Go 15 (E1504F) also come with a collection of easy-to-use productivity-enhancing ASUS apps, including GlideX for cross-device screen sharing; MyASUS for easy access to updates, apps, customer service and performance optimization; and ScreenXpert 3 for easy multi-display management.

    Availability & Pricing

    ASUS Vivobook Go 15 (E1504F) will be available in two variants, priced starting from RM2,299. For more info:

    ASUS eStore: Buy ASUS Vivobook Go 15 (E1504F) | For-Home | Laptops | eStore Malaysia

    Product Page: Vivobook Go 15 (E1504F)｜Laptops For Home｜ASUS Malaysia

    ASUS Malaysia Facebook: https://www.facebook.com/asusmalaysia

    SPECIFICATIONS[3]

    About ASUS

    ASUS is a global technology leader that provides the world’s most innovative and intuitive devices, components and solutions to deliver incredible experiences that enhance the lives of people everywhere. With its team of 5,000 in-house R&D experts, ASUS is world-renowned for continuously reimagining today’s technologies for tomorrow, garners more than 11 awards every day for quality, innovation and design, and is ranked among Fortune’s World’s Most Admired Companies. FORTUNE and FORTUNE World’s Most Admired Companies are registered trademarks of FORTUNE Media IP Limited and are used under license

    1 Tested using enhanced military-grade MIL-STD-810H durability standards, with up to 12 test methods and 26 test procedures, to ensure extraordinary toughness. Based on ASUS internal market research using available information and testing reports from main laptop brand websites on Oct 28, 2022, ASUS consumer laptops use a regime consisting of 26 test procedures, which is the consumer laptop industry’s strictest and most extensive test regime for the MIL-STD-810H standard. The number of tests passed by each consumer laptop model can be found in the ASUS quality test report for that model.

    2 Charges the battery to up to 60% within 49 minutes when the system is off or in Standby mode. Power adapter with a minimum capacity of 45 watts is required. After charging has reached 60% capacity, charging will resume at normal rate. Charging time may vary +/-10% due to system tolerance.

    3 Specifications, content and product availability are all subject to change without notice and may differ from country to country. Actual performance may vary depending on applications, usage, environment and other factors. Full specifications are available at http://www.asus.com