Wahed Invest is an Islamic Roboadvisor based on US that has been launched in Malaysia. This will be the 3rd Roboadvisor after Stashaway and MyTheo.
Being an Islamic roboadvisor most likely means that it will invest only in Islamic ETFs or funds. These funds supposedly do not invest in companies like hotels, beer brewery, cigarette companies and maybe banks also. (Note : They are not suppose to invest in banks because of the interest part which banks charges)
Signing up was quite straightforward process, just download the mobile app and register. There seems to be a disconnect between the mobile app and the browser version, the mobile app allows Malaysians to register an account but the browser version still lists the Robo advisory services not available in Malaysia.
As usual, the signing up process involves e-Kyc (know your customer) where your identification card picture is required to be uploaded.
The management fees charge are quite similar to what Stashaway is charging but lower than MyTheor Robo Advisor. The fees are less than 1%.
Payments can be done via FPX
Update 20191107 : Finally got my funds in. This Roboadvisor seems to have local flavor as it invests in Malaysia equities. For Stashaway and MyTheor roboadvisors, their ETF selections are all US listed ETFs.
The recommended portfolio generated by Wahed was "Moderately Agressive" based on the risk profile questionnaires.
Update 20191108 : The fund made a slight gain of RM3 :) . It's way too early to tell if it's a good Roboadvisor but there a psychological boost.
Update 20191111 - Updates on portfolio, slight dip and more realistic returns for such a short period of monitoring. The dashboard page interface is quite straightforward that it shows an immediate view of the gains and earnings.
Update 20191111
Update 20191125
thanks to president Donald Trump, US stocks reaching new highs, so money in roboadvisor also rise a bit.
Update 20191216
Seeing some signs of stock market recovery, I just added in a small amount into Wahed Invest. There's now a slight 2.25% increase in my Wahed invest portfolio.
Update 20191218
Update 20191222
I've added in RM200 into total portfolio. Decided to double down as got some spare cash on hand from company bonus. Total amount in my portfolio now is above RM1,000.
Update 20191229
Some meaningful gains here in line with year end funds window dressing activity.
You can use my referral/invite code : cheong1 when signing up. You and I will get RM10 for each activation, from there you can do your invites to friends also.
Disclaimer : I just signed up only and put in less than 1k into the account. I will be writing a series of blog on this new financial service as time progresses.
Maybank MAE now has got a game called MAE HEM which you can earn coins, basically coins will drop from the screen and upon clicking on it you will earn money (5 cent for each coin).
The game's not as easy as it seems, the coins will fall down together with some bombs, if you accidentally hit the bombs, the game will end. Midway toward the end of the game there will be a jewel dropping down and if you hit the jewel you will get bonus time and 2x points.
So far my best score is RM 0.90.
Tips to play MAE HEM
Do not go greedy and hit the coins next to the bombs, let it go
Use 2 thumbs to play, be willing to move the thumbs backwards to hit the coins (behind the bomb there are coins so let the bombs drop 1st the only hit the coins)
Hit the jewel to get bonus time and 2x points
If you can above RM0.80, be happy, the limit is probably RM1
Do it at a place without distractions, the game finishes fast
The game icon can be seen at the MAE app. To be eligible to play, can you use MAE to pay bills, invite people to join the list goes on.
You can use my invite code to sign up, I would deeply appreciate it - ocj0125 .
⛽ Setel is a prepaid petrol app from Petronas, some call it the Petronas ewallet app. The Setel app can be used to purchase petrol at Petronas stations without using cash or credit card. The balances are credited from the prepaid app. Loading money into the app can be done using bank transfer (FPX) and credit card. The company behind this app is Setel Ventures and is a subsidiary of Petronas Dagangan. Petronas Dagangan is the retail arm of Petronas Malaysia.
I was one of the few early adopters of Setel app when I was first introduced to the app during a visit to KL Motor Show 2018 (KLIMS2018). Initially I was quite skeptical about the app as I felt the app's use case was quite narrow as it only enables purchase of fuel but I signed up anyway because they gave 3x 10% Petronas fuel rebates.
While at the moment, Setel can only be used to purchase fuel, there are plans underway to allow Setel app to be used to pay for merchandise at Petronas Mesra outlets (the retail shops in the petrol station).
When Setel was first launch, a lot of petrol station staff were also not aware of it and warn me against using my handphone when I use Setel to activate the pump. Nowadays, nobody at the Petrol station questions me when I take out my phone.
The Setel app in the past (initial version)was quite buggy. One of my biggest complaints was the app's could not accurately detect my location when I was already at the Petronas petrol stations, if the app cannot detect my location then I was not be able to purchase petrol. This issue has since been resolved and I no longer see this problem in year 2019-2020.
Setel is currently available in the following states :
Klang Valley (Selangor and Wilayah Persekutuan)
Kedah
Kelantan
Terengganu
Penang
Pahang
Negeri Sembilan
Perak
Johor
Sabah
Sarawak
(ok...it's almost everywhere in Malaysia now.)
If the station does not have Setel, the app will show something like this (Note: Setel is not yet available at Teluk Cempedak, Kuantan :)) ) :
You can find which Petronas stations that have Setel enabled here :
If you're interested at this point, download and sign up for the Setel app now. Just Setel RM30 and enjoy RM5 petrol bonus using my referral code: wv6n.
Download link to my Setel referral link is below :
I did a Youtube video to illustrated how Setel App is being used for refueling your car/motorcycle. 🙋
The benefits of using Setel App⛽⛽⛽
Can be tied to Petronas Card Mesra so no need to swipe Card Mesra for loyalty points, the points will automatically be updated to the app. You won't be in a situation where you forgot to bring the Card Mesra.
Just click a few buttons on the phone instead of swiping through using credit card.
Detect nearest Petronas station nearby, so no need to open Waze/google maps to search
Top up to the setel electronic wallet can be done via credit card, so still can earn credit card points
Best of all, no queue ! no need to step out of the car to the counter
No preauthorization of RM200 like VISA/Master credit and debit cards
Note : Some reader messaged me say using Paywave to pay petrol much faster than using Setel app. Yet to compare it but I suppose Paywave is faster since is just tapping the card to the card reader.
One particular feature I like about the Setel app is that your monthly fuel usage and consumption summary is emailed to you for reference. This is good for visualization and tracking spending behavior.
What to do after registering from Setel ⛽⛽
👍 ⛽Now that you have successfully registered with Petronas Setel, what to do after you have installed Setel ? Here’s a list of stuff/items/settings to enhanced your Setel experience :
Enable fingerprint logon and approval (More->security)
Setup which credit card to use to top up your Setel account (More->Credit/Debit cards)
Decide if you want to enable auto top up when balance is low (Payments->Top Up)
Tie your Petronas Mesra card with the app (More->Mesra Card)
Double check if you want to receive marketing and informational messages from Setel (More->Communications)
How to use Setel ⛽⛽⛽
Before pumping of fuel, from the app you just have to select the pump number, the pump number can be the normal pump number stick out at the petrol pump machine or some Petronas stations have been outfitted with Petronas Setel sticker indicating the pump number.
After each pump of fuel, the app will show a summary of the sales transaction. The amount of Mesra points earned are also shown in the app.
All topups to the app/ewallet will be listed as Kiple pay/Kiplepay. Kiplepay is a subsidiary of Malaysian tech firm Green Packet which is also a subsidiary of Telekom Malaysia. So do not be alarmed when your credit card statement shows payments being paid to Kiplepay.
How to save or make some money using Setel 💰 ⛽⛽ - #samasamaUntung #samasamaSetel
I'm a firm believer of maximizing apps to our benefits in daily lives and I if we are aware of some of these methods to make or save some money via Setel, we can make life more interesting while it might not save tons of money.
Method 1 - Earn RM5 when your friend uses your referral code after topping up RM30
Get your referral code in the Setel app via more -> refer a friend
Method 2 - Make sure you have Petronas Mesra card and the card details have been tied to your Setel app
This will ensure that whenever you have pumped petrol using the Setel app, you will earn Petronas Mesra points which can be exchanged for Petronas retail items or fuel.
Method 3 - Top up selected credit cards and get cashbacks
At the moment the credit card from the following banks have cashbacks up to 10% - Ambank, CIMB, Citi, Hong Leong Bank, RHB & UOB.
Method 4 - Monitor the petrol prices via Setel app and pump petrol when the price of fuel is low
This is less important now but I am very sure after MCO (movement control order) is lifted in Malaysia, petrol prices will not be subsidized anymore and will be based on world crude oil prices.
Method 5 - Monitor Lazada, Shopee, Fave for petrol discount vouchers. Sometimes there are good deals during major sales events.
Method 6 - Do keep a lookout at Setel promotions page to keep updated promotions that might save you some money
Method 7- Occasionally redeem and convert your Mesra points from Setel app into fuel. (Rewards->Redeem)
A lot of people are not aware that Petronas Mesra points expire after 3 years, so don't waste it.
What else is there in Setel ⛽⛽
Station Locator
The store locator feature in Setel app shows you the nearest Petronas station, the facilities inside it.
Setel app also recently had a floating button to link to Anugerah Juara Lagu campaign whereby lucky winners can vote and be selected to go to Anugerah Juara Lagu.
In addition, the Setel App also has got a fuel price update. At the moment it is not very useful as fuel price in Malaysia is quite stable and is subsidized by government, it does not really follow the price of oil in the market. In other countries where fuel price is being left to market forces, the fuel price between 2 days can vary significantly depending on developments in the world.
Setel related trivia ⛽⛽⛽
The current Petronas Dagangan CEO was formerly CEO of Proton Holdings Datuk Syed Zainal Abidin Syed Mohd Tahir
Setel is not just the 1st petrol e-payment app in Malaysia but also the 1st in Asia Pacific.
Setel is the 1st petrol brand to come out with innovative contactless refueling.
Setel is a subsidiary of Petronas Dagangan while Petronas Dagangan is the retail arm (downstream) of Malaysia's national oil giant Petronas.
While the Setel wallet size is RM200 and in between this time you might get some referral or credit bonus, Setel will queue the amount at the background and once your wallet has been reduced, the pending referral or credit bonuses will be reflected in your new wallet balance.
Why some people are skeptical on Setel app ⛽⛽⛽
While there’s already a lot of people already on Setel app, there’s also a huge sizable number of people still not using Setel app. Some of them know about the app but are not using it. Here’s some of the resistance comments given by them :
Resistance 1 : There’s already so many ewallets out there. There’s BoostPay, TouchNGo, RazerPay and BigPay already.
How to fix : Setel team has to make the app not just a refueling card, while there’s already some form of gamification inside to encourage usage and loyalty, the app needs to go beyond just being used for refueling petrol.
Resistance 2 : Why should I let Setel hold my money and them earning an interest on that amount.
This will ease over time with education when people realize it’s faster and more seamless to use the app instead of cash and credit card.
Resistance 3 : We still prefer the traditional method to pay cash at the counter.
The Setel team have to do more aggressive onboarding of customers while also being aware some people just won’t change their ways.
Updates 20200206
Setel has been quite successful in Klang Valley that they are now expanding throughout Malaysia. The last time I went to Penang for Penang Bridge International Marathon in 2019, Setel was still not available in Penang, hopefully it will be available in 2020's Penang Bridge International Marathon.
The Setel team also has been doing a lot of marketing of their app by having promoters introducing the app to motorists. They even got Petronas station staff to wear their promotion shirt.
Updates 2020420
Due to the Corona virus situation, Setel has come out with another innovative feature called contact less refueling called Setel4Me. Basically what happens is from the Setel app you can indicate that you want contactless refueling and then a pump attendant will pump fuel for you after the pump has been authorized via Setel.
However only the following stations have Setel contactless refueling service at the moment :
- Petronas Bukit Raja NKVE (Klang Bound)
- Petronas Jalan Kolam Ayer, Ampang
- Petronas Mutiara Damansara
- Petronas Sprint Highway
- Petronas Taman Tun Dr Ismail
If available, an option to have a pump attendant refuel your vehicle will be made available.
I believe in coming years, someone will come out with a way to do a real contactless refueling without using human labor.
Updates 2020501
I noticed in Setel now there is a location to key in coupon vouchers, I believe in future those Petronas petrol vouchers sold on Lazada, Shoppee will go fully digital and purchase of vouchers can be redeemed via code and key into the Setel app. Previously Petronas vouchers were sold on Lazada and Shoppee using prepaid fuel cards.
I also noticed that Setel also is joining to contribute in the fight with the covid-19 situation by providing daily updates on the number of covid-19 cases in Malaysia. The notification on number of covid-19 cases in Malaysia comes out daily and can be disabled via your phones notification settings if required.
Updates 2020506
While I always thought other Petrol companies in Singapore/Malaysia won't take Setel seriously and develop their own petrol e-payment solution, I was wrong when I noticed Caltex Singapore/Malaysia (subsidiary of oil giant Exxon Mobile) now have their own petrol e-payment solution called Caltex Go. I have yet to test this app yet as I'm not really a Caltex petrol user as there are not many Caltex petrol stations around where I live and work. From what I see from the CaltexGo site, the app can also tie Caltex loyalty card to the app and also be used to purchase petrol. To compete with Setel, Caltex Go have to do way more to be better than Setel because the biggest issue with using Caltex Go is the number of Caltex petrol stations in Malaysia are far fewer than Petronas stations in Malaysia.
Someone in Singapore already made a review on the Caltex Go app here. The app looks like a copy of Setel. I guess this is where the term of "imitation is the highest form of flattery" come from.
Today I tested out Setel’s latest service called Setel4Me which is Petronas’s answer to prevent spread of covid19. Setel4Me is dubbed as a contactless refueling solution. How Setel4Me works is you will not need to get out of your car at all, just drive into the petrol station, authorize for fuel using Setel app and the pump attendant will attend to the refueling. At this moment, only a small handful of Petronas petrol stations offer this service. The Petronas petrol station I went to was TTDI petrol station. Contactless refueling avoids the problem where different people touch the petrol pump and might cause spread of germs, bacteria and viruses.
The options to use Setel4Me will only appear in the Setel app when you are in the selected Petronas petrol stations that offers this service (Setel4Me). The whole process of pumping fuel using Setel is the same, the Setel4Me option will appear and once you select it it will show you the waiting screen which I believe it is to wait for the pump attendant to come to attend to you.
If Setel4Me is not available, it will show in the app.
I had a few issues with this service, I had to wait around 10 mins before the pump attendant come over but I could also understand as he was also busy doing other things. In fact, I had to call the guy to come over to do the refueling and stepped out of my car. Before the pump attendant comes, just make sure engine is turned off and fuel flap is opened. I liked the fact that the pump attendant wore gloves, face masks and safety vests, it really brings out his professionalism.
Personally this service is quite labor intensive and cannot scale well and hence why a lot of smaller Petronas petrol stations are not able to provide this service. However, I think a lot of woman drivers will appreciate this move. This service is only available from 8AM to 8PM at the moment.
Oh, I did a video on using Setel4Me. Do note I am not criticizing the product, just my feedback on it as not may people know about it or even use it.
While I had a few issues with this Setel4Me contactless refueling service, I still feel this is a correct step forward for Petronas and Setel during this covid-19 crisis period.
Updates 2020601
The Setel wallet maximum size has been increased from RM200 to RM500. This is a good move as it's quite easy to use up RM200 in 1 go.
Former transport minister visited the Setel Booth.
The Setel whatsapp support number's response is quite fast and efficient. They are usually 1st level support so you might need to capture video of the issue and forward to them for more technical or complicated issues.
