Latest news with #RM725
The Sun
4 days ago
- Business
- The Sun
Juwai IQI launches bank-grade ‘checkout' feature to protect property buyers, renters from fraud
PETALING JAYA: Malaysia's RM725 billion annual e-payment transactions could get a RM3.6 billion boost from real estate as IQI embeds a one-tap bank-grade 'checkout' button that will make every transaction fraud-resistant. 'Malaysian home buyers and renters finally have a bank-grade 'checkout' button for their purchase and rental booking fees and deposits,' said Juwai IQI co-founder COO and CIO Nabeel Mungaye. He said they created the system in partnership with payments infrastructure provider FPX, and it works with every major bank in the country, including Maybank, CIMB, Public Bank, RHB Bank and Hong Leong Bank. 'The average rental deposit is RM4,800 and the average buyer's booking fee is about RM14,500. That's a significant share of anyone's household budget, so we have a responsibility to make sure it is secure, he said, adding that this payment integration complies with anti-money laundering rules, safeguards all parties to property transactions and helps prevent property scams. Mungaye said some 300 people lose more than RM12 million to property fraud every year. The most common scams include fake rental listings, inflated deposits, fees for fake services and even sale of properties that scammers do not own. 'Malaysians transacted 28% more via digital payments in 2024 than in 2023. If every Malaysian goes on to pay their real estate booking fees via a digital payment system like IQI's, that would add RM3.6 billion in value to the country's digital payments. Real estate would boost the RM14.7 billion of annual digital payments by nearly 25%.' Mungaye believes they are the first to integrate secure payments into buying and renting through an online payments system in partnership with a top provider like FPX. He said, 'Before, you might have given cash to agents, written a cheque, or transferred funds into an agent's personal bank account. You had to wait to see if your funds made it to their destination. As of now, you just scan a QR code, add your info, and hit the button. The money goes into verified company accounts and is linked to you personally and to your property transaction. The benefits of the new system are a payments log-in you trust, instant receipts, no hidden fees, and 24-7 clearance.' Juwai IQI co-founder and group CEO Kashif Ansari said, 'The average house price across Malaysia now stands at RM486,070 and grew by 0.9% in January to March, compared to a year earlier. The number of newly launched residential units doubled to 12,498, and unsold inventory, especially serviced apartments, continued to shrink.' He added that they expect steady growth In the second half of the year, which will be supported by construction activity and new supply. Kashif said innovations like their new secure payments integration will help make property buying and renting simpler and faster, which could result in more deals done.
New Straits Times
17-07-2025
- Business
- New Straits Times
RM1.52m allocated for Kudat oil palm smallholders and infrastructure
KUDAT: The government is supporting oil palm smallholders here through RM1.52 million in allocations. Deputy Plantation and Commodities Minister Datuk Chan Foong Hin said RM795,780 was channelled to 10 smallholders under the Smallholder Oil Palm Replanting Financing Incentive Scheme (TSPKS 2.0). He said it is to support the replanting of old oil palm trees, covering 44.21ha. Another RM725,000 was allocated for the construction of two Smallholders' Plantation Access Roads (JLPK), covering a total of 2.3km, aimed at linking community settlements with independent oil palm plantations in Kudat. The road projects involved are in Kampung Rasak Darat Tigaman (RM225,000) and Kampung Suang Pai (RM500,000). These roads are prioritised for areas with active or newly developed plantations to improve transportation of agricultural inputs and harvested crops, ensuring better access to main roads and sales centres. "From a logistical infrastructure standpoint, the government, through MPOB (Malaysian Palm Oil Board), has also implemented assistance under the Smallholders' Plantation Access Road project. Priority is given to roads that connect actively cultivated or newly developed plantations managed by smallholders. "This is to ensure the establishment of improved connectivity for nearby communities, especially in transporting agricultural inputs and delivering harvested crops to main roads and sales centres," said Chan at the launch of the TSPKS 2.0 here. He also called on smallholders to update their personal information with the MPOB to ensure timely and accurate delivery of government assistance and incentives.
The Sun
25-05-2025
- Business
- The Sun
KPDN records seizure amounting more than RM700,000 in Terengganu from January until yesterday
KUALA TERENGGANU: The Terengganu Enforcement Division of the Ministry of Domestic Trade and Cost of Living (KPDN) has recorded seizures worth RM725,439.86 involving 338 cases for various offences from Jan 1 to yesterday. Its director, Mufsi Lat, said the cases were recorded during inspections at 9,738 premises, including retail shops, supermarkets and wholesale premises in the state. He said they over the past three years, the results of enforcement actions have shown very encouraging developments. 'In 2024, the value of seizures amounted to RM3.96 million compared to RM997,059.69 in 2023. The value of fines also jumped from RM6,000 in 2023 to RM102,500 in 2024. This indicates that enforcement is now more focused and has succeeded in cracking down on high-value embezzlement cases,' he said at the state-level 53rd KPDN Enforcement Day Celebration here today. The event was opened by the ministry's Deputy Director General of Enforcement (Prevention), Aris Mamat. Mohd Mufsi said that apart from that, the KPDN enforcement division in Terengganu also conducted inspections on 293 premises under Ops Tiris and 186 premises under Ops Gasak during the same period. 'For Ops Tiris, we recorded four cases with seizures amounting to RM431,437.60, while for Ops Gasak, seven cases were recorded with the value of seizures amounting to RM68,065.70,' he said.
The Sun
25-05-2025
- Business
- The Sun
KPDN records seizure amounting more than RM700,000
KUALA TERENGGANU: The Terengganu Enforcement Division of the Ministry of Domestic Trade and Cost of Living (KPDN) has recorded seizures worth RM725,439.86 involving 338 cases for various offences from Jan 1 to yesterday. Its director, Mufsi Lat, said the cases were recorded during inspections at 9,738 premises, including retail shops, supermarkets and wholesale premises in the state. He said they over the past three years, the results of enforcement actions have shown very encouraging developments. 'In 2024, the value of seizures amounted to RM3.96 million compared to RM997,059.69 in 2023. The value of fines also jumped from RM6,000 in 2023 to RM102,500 in 2024. This indicates that enforcement is now more focused and has succeeded in cracking down on high-value embezzlement cases,' he said at the state-level 53rd KPDN Enforcement Day Celebration here today. The event was opened by the ministry's Deputy Director General of Enforcement (Prevention), Aris Mamat. Mohd Mufsi said that apart from that, the KPDN enforcement division in Terengganu also conducted inspections on 293 premises under Ops Tiris and 186 premises under Ops Gasak during the same period. 'For Ops Tiris, we recorded four cases with seizures amounting to RM431,437.60, while for Ops Gasak, seven cases were recorded with the value of seizures amounting to RM68,065.70,' he said.
The Star
25-05-2025
- Business
- The Star
T'ganu KPDN records more than RM700,000 in seizures since January
KUALA TERENGGANU: The Terengganu Enforcement Division of the Domestic Trade and Cost of Living Ministry (KPDN) has recorded seizures amounting to RM725,439.86 involving 338 cases for various offences from Jan 1 to May 24. Its director, Mufsi Lat ( pic ), said the cases were recorded during inspections at 9,738 premises, including retail shops, supermarkets and wholesale premises in the state. He said they over the past three years, the results of enforcement actions have been encouraging. "In 2024, the value of seizures amounted to RM3.96mil compared to RM997,059.69 in 2023. The value of fines also jumped from RM6,000 in 2023 to RM102,500 in 2024. This indicates that enforcement is now more focused and has succeeded in cracking down on high-value embezzlement cases," he said at the state-level 53rd KPDN Enforcement Day Celebration here on Sunday (May 25). The event was opened by the ministry's deputy director general of enforcement (Prevention), Aris Mamat. Mohd Mufsi said that during the same period, the ministry's enforcement division in Terengganu also conducted inspections on 293 premises under Ops Tiris and 186 premises under Ops Gasak. "For Ops Tiris, we recorded four cases with seizures amounting to RM431,437.60, while for Ops Gasak, seven cases were recorded with the value of seizures amounting to RM68,065.70," he said. – Bernama
