Hello Gold - Shines

A local company is making Malaysia proud as it was the only fintech from this country selected to present its unique gold saving mobile application to a high profile audience in New York.

Alongside the 74th United Nations General Assembly (UNGA), was the UN Secretary General Task Force's inaugural event, titled "Good Servant, Poor Master: Capturing the Promise and Managing the Risk of Financial Technology for a Sustainable World", where Malaysia's HelloGold was invited to present at the summit.

The aim of the summit which took place last week was to bring together forward-looking businesses and world leaders to share in the possibilities offered by financial technologies towards digital financial inclusion.

In a press statement, HelloGold Malaysia's country head Juita Jalaluddin remarked that it was an honour to have been at the prestigious summit on financial inclusion.

“A major challenge in emerging markets is access to financial products and services where the most vulnerable among us have no option but to save in cash, with many exposed to currency fluctuation and inflation. As prices go up, the majority are slowly but surely being excluded from building, much less, sustaining their wealth for the future," Juita said.

HelloGold, one of two Malaysian companies invited to present at the summit, was selected through the "Digital Finance for Sustainable Development Goals" organised by the UN Capital Development Fund (UNCDF) FinLab.

The selection process saw the participation of judges from UNCDF, Bank Negara Malaysia (BNM), Malaysia Digital Economy Corporation (MDEC) and the Malaysian Global Innovation & Creativity Centre (MaGIC).

Recognised by the World Economic Forum Asean for its work in financial inclusion in 2018, HelloGold is a fintech start-up that creates simple and accessible financial products starting with gold.

It was founded in 2015 by Robin Lee and Ridwan Abdullah.

Utusan Melayu - From Hero to Zero

Employees of Utusan Melayu (Malaysia) Berhad were told to pack up their belongings and leave the office by 1pm on Wednesday (Oct 9) as the cash-strapped company officially ceases operations.

Poor cash flow, mounting debts and declining sales led to its board of directors to approve the Creditor's Voluntary Liquidation proposal and appointing UHY Advisory (KL) Sdn Bhd as interim liquidator. This step had to be taken because the board of directors were of the view that the company is no longer solvent to continue business. 

Since a few years back, Utusan Melayu (Malaysia) Berhad had gone through the most critical business period since it started operating 80 years ago. The situation worsened after May 2018, he said, adding that many efforts were made to put the company in a more stable position but to no avail.

Among the steps taken were to offer the Voluntary Separation Scheme (VSS) which saw more than 700 workers being let go. The company has also sold off assets belonging to the company and group to support the capital and get a sufficient cash flow.

Declining daily circulation of Utusan Malaysia and Kosmo! and the target of RM4mil advertisements per month which Utusan failed to achieve caused Utusan's cash flow to become more critical.

This not only caused the workers' salaries to be delayed but also unpaid debts and that the company is now facing various legal actions by creditors.

The workers were also told that their eligibility for termination benefits was subject to the provisions of the law and that this would be handled by the liquidators.

Private Hospital - Two-tier Pricing System

The government is looking at the possibility of having a two-tier pricing system for private hospitals, says Finance Minister Lim Guan Eng.

“We want to see a cheaper cost for our patients, maybe even suggesting a two-tier pricing system for private hospitals. That is something we need to have further engagements with the private healthcare industry. The two-tier pricing system may encompass all patients,” he told Bernama while declining to elaborate further.

Lim said he was aware that some private hospitals have been doing a lot of charitable works by forking out a portion of the bill for needy patients. He urged more hospitals to do the same philanthropic work.

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The government is also looking at measures on how private hospitals could save costs and subsequently pass on these savings to the consumers by helping patients who could not afford treatments.

In this regard, it was announced last year that service tax would not be imposed on patients at private health centres, whereas previously a six per cent goods and services tax was charged.

The Finance Ministry would also continue supporting the industry through tax incentives and creating business development frameworks which would allow the industry to grow sustainably.

Lim said another possible measure to save cost was by implementing pool procurement of drugs by both private and public healthcare sectors.

“We are having discussions with all stakeholders, including the Health Ministry, on doing a pooled procurement of drugs so that when we buy in bulk, they can be purchased at a cheaper rate. Currently, the sourcing of the drugs are done separately. It is all a question of scale. When you buy in bulk, you can get cheaper rates,” he added.

Meanwhile, the Health Ministry said the nationwide procurement of medicine via the pool-based procurement is being implemented on a pioneer basis for 85 drug items. The ministry said the tender for 14 of the items is expected to be finalised by year-end.

“A report on the cost-saving will be submitted to the Ministry of Finance every six months after the contract is finalised. Also, the state-level pool procurement can also be implemented for medicinal items that are not involved with central tenders and are off the Approved Products Purchase List (APPL) for the purpose to adjust prices, cost savings and simplifying the procurement process,” said the ministry. 

AlixCo P2P Financing Empowering Woman

While women entrepreneurship is on the rise, it is not without its struggles, women-led startups are still not getting funded as much as ther male counterparts. Cognizant of that fact, AlixCo P2P Financing announced the launch of a P2P financing program specifically targetted at helping women entrepreneurs in Malaysia.

“Women entrepreneurs are more cautious and reserved when it comes to spending, investing and running business by nature. Often times, they possessed good borrower’s ethnic like pay on time and some even make advance repayment.” Angelld, COO, AlixCO P2P Financing, added.

Angelld further shared that, so far the default rate for women borrowers is zero. To date, AlixCo has helped Malaysia entrepreneurs raise a total of RM 30 Million and in that process, they have empowered 50 women entrepreneur to further develop business through their P2P financing platform.

While financing is a core part of growing a business it is not the only piece of the puzzle, which is why AlixCo P2P financing will also be launching the Womenpreneur Movement to further help women entrepreneurs blossom.

The Womenprenuer Movement will provide support in the form of networks, client referrals, and mentorship. The community is supported but numerous successful women entrepreneurs around the world.

3 Es Of Group Insurance

The days of employees spending their entire careers at one company are long gone, as the average employee will change jobs 12 times throughout their career. This environment of high turnover makes it imperative for employers to provide top-notch benefits to recruit and retain top employees.

Personal and family financial security are big reasons why employees select jobs. One of the first steps they can take toward that financial security is choosing the right mix of employee benefits. Of these benefits, one that is necessary but often overlooked for financial security is group life insurance, which can help to protect an employee’s family in the event that they pass away and their income is lost. Whether you already provide life insurance and are reevaluating your group life plan or you don’t already offer the benefit, there’s a lot of important information to consider when educating, encouraging and enrolling employees.

There are two major categories of employer-provided group life insurance: Basic employer-paid life and supplemental life. Many employers provide a basic life plan and may even pay part or all of the premium. Supplemental life insurance, on the other hand, is typically paid for by employees via payroll deductions.

Which plan is right for each employees’ unique needs depends on a range of factors including family size and upcoming life events, like purchasing homes, having children or paying for education. For employees who need more life insurance coverage than basic employer-paid life, it’s possible to give them the opportunity to purchase supplemental insurance so they can tailor the amount of their life insurance to their families’ needs. Combining basic employer-paid life and supplemental life can ensure that your employees’ families’ have the range of benefit options they need to be financially protected.

Because life and family milestones change, employees and their families’ needs will change with time. As these life events occur, encourage your employees to review their life insurance coverage.

Educating employees - Employees are not enthusiastic about discussing their own mortality, so it can be challenging for employers to talk to their staff about life insurance. Educating employees about the life insurance options available to them is crucial to increasing participation in your company’s life insurance plans. Ask your group life insurance carrier about how they can help educate and support enrollment for employees. Many have teams dedicated to doing just that.

The most important thing is educating your employees on how life insurance fits into their overall personal wellness plan. Providing financial wellbeing and peace of mind for their families often drives employees’ to work in the first place, and life insurance is a safeguard for their loved ones. It can be used to cover funeral expenses, student loans, credit card debt, mortgages, or just about anything their families need it for. 

Encouragement & Enrollment - Many employees pass up life insurance because they think it’s an expensive luxury that they don’t need, but it’s more affordable than many think. According to the 2018 Insurance Barometer Study, 61% of the people surveyed stated that they don’t buy life insurance or don’t buy more of it because they have other financial priorities. Some 44% of millennials surveyed overestimated the actual cost of life insurance by five times the amount. Many employees don’t know that they can often purchase group life through their employer at a lower cost than if they were purchasing life insurance on their own outside of work.

In addition to life insurance being surprisingly affordable, applying for and enrolling in life insurance is easier than it has ever been. In many cases, employees can be automatically approved for some life insurance under a guaranteed issue provision while they’re waiting for approval for higher life insurance amounts they elected. Employers can also partner with brokers, benefit administration firms, and insurers for automated enrollment and employee benefit administration.

John Hancock Offers Discounted Apple Watch

John Hancock was one of the first insurers to offer discounted Apple Watch models to life insurance customers. Today, the company announced that it is expanding its Apple Watch program to include the new Apple Watch Series 5. 

John Hancock says that starting this fall, Vitality life insurance customers will be able to earn an Apple Watch for just $25 “simply by being more active.” Through the John Hancock Vitality Apple Watch program, customers can get the 40mm Apple Watch Series 5 for an initial fee of $25 plus tax. Customers can also customize their Apple Watch with cellular or the 44mm size for a one-time fee.

Once you get your Apple Watch, you can earn points towards your monthly payments by meeting your monthly physical activity targets. What exactly your monthly physical goals are will vary based on your fitness level, but the goal is to earn enough points to fully fund your Apple Watch payment each month:

Whether they like to walk, run, bike or swim, it’s easy for participants to share their activities and earn points that go toward monthly payments for their watch over a two-year period. John Hancock Vitality members are able to fully fund their watch by meeting monthly physical activity targets.

In a survey of Vitality program members, some 84 percent of respondents said they are “motivated to exercise by their Apple Watch,” while 90 percent said they wear their Apple Watch seven days per week.

John Hancock CEO Brooks Tingle said in a statement that the Apple Watch has been an “extremely popular and effective” part of the Vitality program:

“The Apple Watch has been an extremely popular and effective component of our program as customers who use it report increased motivation and physical activity, the bottom line in what we’re trying to do with our insurance. Healthier lives are not only good for our customers and their families, but good for our business and society as a whole.”

John Hancock customers can learn more about the Vitality program and how to integrate the Apple Watch on the program's website. 

Malaysian Woman Increasing Heart Disease

The prevalence of heart disease among women in Malaysia has been slowly catching up over the years, from 20% in 2014 to 22% in 2017.

Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail, said the disease which is traditionally associated with men, has a few differences in characteristics among women.

“Although the most common symptom is chest pain, it has been recognised that this can be presented in a slightly different manner for women, leading to late diagnosis and treatment.

“The usual chest pains associated with a heart attack such as pain in the centre of the chest and pain on the shoulder spreading towards the neck and heart may not usually occur for women who are experiencing a heart attack,“ she said in her speech at the official launch of MyStemi Foundation here today.

Also present was MyStemi Foundation Board of Trustees chairman Datuk Dr Rosli Mohd Ali.

Dr Wan Azizah who is also the Women, Family and Community Development Minister, said when women have heart attacks, they were usually 10 years older than their male counterparts and less likely to be treated aggressively with Percutaneous Coronary Intervention (PCI).

PCI is a non-surgical method of a permanent placement of a small metal called a stent, to help widen the narrowed or blocked artery that supplies oxygen to the heart.

“Women who are victims of a heart attack are also more likely to develop complications and severe diseases. These gender differences have also been observed in other countries and to date, no one can identify the cause of these differences,“ she added.

She said heart disease has been the leading cause of death among Malaysian for 13 years, from 2005 to 2017.

“I am made to understand that in 2017, 13.9% of Malaysians died from heart disease with the majority of them being in their prime and living in urban areas,“ she said.

She said it is also alarming to see that people who suffer from heart disease in Malaysia were younger compared to neighbouring countries like Thailand and Singapore.

Dr Wan Azizah said by 2040, it was estimated that the population of Malaysians aged 65 and above will exceed six million, making up a total of 14.5% of the population.