Borrow from Aspirasi CashNow, Pay Later with SPayLater, and Earn at GO+!!!

Recently, a wide range of offers are developed for Malaysian citizens in the fintech era, where financial services are aided and enhanced with the usage of technology. Indeed, a number of projects are implemented to proffer funding benefits as well as to support Malaysian citizens who really need financial assistance, especially during the COVID-19 pandemic. Thus, without further ado, let’s explore the offers provided which could win your heart!

Aspirasi CashNow by Lazada and Axiata Digital

Aspirasi CashNow campaign

Aspirasi CashNow, launched by Lazada in cooperation with Axiata Digital’s fintech platform, Aspirasi, is a Shariah-compliant service which provides micro-financing credit starting from RM 500 up to RM 2500. Besides, this service comes along with a low profit rate (1.25% /month) between the financing tenure of 6 to 12 months. Funds will then be transferred straight into your Lazada wallet upon verified application within 2 working days. What makes this offer interesting is a zero cost insurance plan is provided at the same time, which helps to cover accidental death, permanent disablement as well as reimbursement on online bills (with terms and conditions apply). Although no guarantor or collateral is needed upon applying, there are some necessary additional fees to pay, such as wakalah fee (RM 5), and other possible payments.

In order to apply for Aspirasi CashNow, applicants must be:

1. A Malaysian or a MyKad holder
2. Aged between 18 to 65
3. Possess a verified Lazada Wallet account

The campaign will end on 31st May 2021, and Lazada will be distributing RM 50 worth of Lazada vouchers for the first 1000 applicants, therefore be quick if you’re interested!!!

SPayLater by Shopee

SPayLater feature

Apart from that, Shopee Malaysia had also released a payment feature named SPayLater. From the name itself, we could tell that this feature allows a Shopee user to pay at a later date after purchasing, and divide the bills into monthly instalments within 6 months. Currently, Shopee provides several payment options under SPayLater, which are Buy Now Pay Later (BNPL), as well as monthly instalments of 2, 3 or 6 months. As in the figure, customers will have to pay the full price of their purchase without any charges if they select the BNPL option. If instalments are chosen, customers will have to pay 1.25% of processing fee per month. Whichever decision is made, all payments shall be completed by the 10th of the month, else there will be a late payment fee of 1.5% on a monthly basis included in the overall bills.

Applicants who are eligible to apply for SPayLater must be:

1. Malaysian citizens
2. 18 years old and above
3. Have a valid MyKad 

Although the requirements are clear and simple, however SPayLater are available to selected users only, where the chosen ones will receive a notification in the app.

Go+ by Touch N Go

GO+ feature

Touch N Go had officially launched GO+ a few days ago (29/3/2021), which is a new feature for investing, allowing users to earn daily returns with their ewallet balance. GO+ is anchored on a money market fund, named Principal e-Cash Fund which is organised by Principal Asset Management, a joint venture between Principal Financial Group as well as CIMB Group Holdings Berhad. To earn daily returns, GO+ requires only a minimum of RM 10 investment (may invest up to RM 9500), where you may top up the funds via online banking or your existing TNG ewallet. The return rate varies from day to day, based on the market circumstances. The credits will then be transferred into your GO+ account on the next day. What makes this investment feature interesting is, you are able to cash out your GO+ credits to your bank account or your TNG e-wallet with no limits for bank account, but maximum limit of RM 5000 for ewallet. Not only that, GO+ helps to reload your TNG ewallet automatically to the needed amount, if your ewallet balance is insufficient while making payment.

To get into GO+, TNG ewallet user have to be:

1. A Malaysian
2. 18 years old and above

TNG Digital also highlighted that the Principal e-Cash Fund is not Shariah-compliant, and it is not treated as E-money or deposit, as well as not guaranteed nor covered in terms of capital by PIDM (Perbadanan Insurans Deposit Malaysia) at the same time.

All sources are derived from: Aspirasi CashNow, Shopee: Buy and sell on mobile, Shopee Help Centre: SPayLater, TNG eWallet Help Centre, Principal Asset Management