KNOWLEDGE SHARING!!! - BLOG VS WEBSITE.

Please be informed that this is only my personal blog for me to shared anything helpful to the entreprenuers in order to help them who is indeed of funds for their business. I create this blog by my own and hoping that more entrepreneurs can have a better knowledge on the financing that CGC offered. You may also visit our website i.e CGC WEBSITE for more schemes offered by our company and if you need more information on the products, you may called the numbers stated in the website.

I am only helping myself and others if they need any clarification on certain matters on the product and others.

You may contacted me directly at:

Level 3, Bangunan CGC, Kelana Business Centre
97, Jalan SS7/2, 47301 Petaling Jaya
Selangor Darul Ehsan

Tel: 03 – 78048100 ext 339
Fax : 03 – 78061290
GPS Coordinates: 3.095865, 101.591122

KNOWLEDGE SHARING!!! - What's the difference between a bank guarantee (BG) and a letter of credit (LC)?

A bank guarantee and a letter of credit are similar in many ways but they're two different things. Letters of credit ensure that a transaction proceeds as planned, while bank guarantees reduce the loss if the transaction doesn't go as planned.

Letter of Credit (LC)

-----------------------

A letter of credit is an obligation taken on by a bank to make a payment once certain criteria are met. Once these terms are completed and confirmed, the bank will transfer the funds. This ensures the payment will be made as long as the services are performed.

For example a letter of credit could be used in the delivery of goods or the completion of a service. The seller may request that the buyer obtain a letter of credit before the transaction occurs. The buyer would purchase this letter of credit from a bank and forward it to the seller's bank. This letter would substitute the bank's credit for that of its client, ensuring correct and timely payment.

Bank Guarantee (BG)

------------------------

A bank guarantee, like a line of credit, guarantees a sum of money to a beneficiary. Unlike a line of credit, the sum is only paid if the opposing party does not fulfill the stipulated obligations under the contract. This can be used to essentially insure a buyer or seller from loss or damage due to nonperformance by the other party in a contract.

A bank guarantee might be used when a buyer obtains goods from a seller then runs into cash flow difficulties and can't pay the seller. The bank guarantee would pay an agreed-upon sum to the seller. Similarly, if the supplier was unable to provide the goods, the bank would then pay the purchaser the agreed-upon sum. Essentially, the bank guarantee acts as a safety measure for the opposing party in the transaction. 

These financial instruments are often used in trade financing when suppliers, or vendors, are purchasing and selling goods to and from overseas customers with whom they don't have established business relationships. The instruments are designed to reduce the risk taken by each party.

KNOWLEDGE SHARING!!! - How to obtain your own personal financial report (CCRIS).

CCRIS Report
~~~~~~~~~~~

CCRIS is a centralized system under Bank Negara which compiles data on your outstanding loan amount and payment history for the past 12 months, at any given time. Any records older than 12 months are “purged”. Everyone has their CCRIS report which can be retrieved by financial bodies and by the individual himself, but not by other people. In other words, your eligibility for loan has nothing to do with how well you know your banker (although that *might help?).

The Credit Bureau  is legally empowered to collect credit information about you from these financial institutions.

However, the Credit Bureau simply reports and does not “judge” your creditworthiness. Also in all fairness, information on rejected credit applications is not reflected  in credit reports so that one bank will not be biased by the prior decision of another bank. Your CCRIS information could in fact be treated differently and subjectively by each financial institution.

Steps to obtain CCRIS report

1. Go to CCRIS kiosk at Bank Negara
2. Use your MyKad  for fingerprint verification
3. Print the report.

Soon, you are also able to print your CCRIS at Credit Bureau Malaysia (formerly known as SME Credit Bureau) which is currently located at Level 5, Bangunan CGC, Kelana Business Centre, 97 Jalan SS7/2, 47301 Petaling Jaya, Selangor Darul Ehsan.

KNOWLEDGE SHARING!!! - How to obtain your own personal financial report (CTOS).

CTOS Report
~~~~~~~~~~~~~~
The CTOS Self Check will show what is reported about you in your CTOS report.
In order to obtain your CTOS Self Check Report, you have to register with us first. You may register with CTOS Sdn Bhd  (http://www.ctos.com.my/CTOSHOME/selfcheck.html)  via the following ways:

For Self Checking
-------------------

1. In person:
   • This requires your physical present at our office.
   • Please bring along your MyKad and our officer will assist you with the registration and printing of the Self Check Report.
   Our Address: A-8-4 8th Floor, Megan Avenue 1, No 189 Jalan Tun Razak, 50400 Kuala Lumpur, Tel: 03 27228888
2. Online Registration
• Go to the website - http://ctosid.ctos.com.my
• Click on Register CID and follow the instructions to register your CTOS ID accordingly.
• Send us all the revelent documents and photocopy of your MyKad (both sides).
• Upon receipt and verification of your documents, your CTOS ID will be activated.
• You may then request and print your Self Check Report via online.

For Company

----------------

1. Download Self Check Form - Company
2. Complete the form and affix Company stamp
3. Provide IC of Director doing the Self Check
4. Provide certified copy of company Form 9 and Form 49
5. Provide Company Authorisation Letter signed by Director to conduct company self-check.

KNOWLEDGE SHARING!!! - Personal Data Protection Act (PDPA) introduced on Nov 15, 2013

The Communication and Multimedia Ministry today announced that the Personal Data Protection Act 2010 came into force on Nov 15.

The act was introduced specifically for the purpose of preventing the misuse of people's personal data for commercial purposes, said Minister Datuk Seri Ahmad Shabery Cheek.

Those categorised as users of data had until Feb 15 next year to register with the Personal Data Protection Department, he said, adding that it was an offence to disclose personal data to third parties without the consent of the owner.

Ahmad Shabery said the act ensured information security, network reliability and integrity of data protection in the country.

He said Malaysia was the first country among the Asean nations which had enforced such an act, and thus would make a reality of the objective of the transformation of Malaysia into a developed country.

"Protecting personal data is a huge social responsibility as the Big Data industry in Malaysia is growing rapidly, and it also encompasses the question of personal data and other important information of an organisation," he told a news conference at the ministry.

Shabery said he estimated that 25,000 institutions in the country were categorised as data users and had to be registered under the act.

Answering a question about the seriousness of problems related to leakage of personal data, he said he learned that every month Cyber Security received 800 to 1,000 complaints of personal information being distributed to those who were not supposed to get it.

Shabery also announced the appointment of the Personal Data Protection Department director-general Abu Hassan Ismail as the first Personal Data Protection Commissioner.

Meanwhile, in a media release, the department defined data users as those who processed personal data or had control over such data or authorised the processing of personal data.

It listed 11 sectors classified as data users, encompassing the communication, banking and financial institutions, insurance, health, tourism and hospitality, transport, education, direct selling, services, real estate and utilities sectors.

It also listed the various offences and penalties under the act, including a fine of up to RM500,000 or a jail term of up to three years for processing personal data without a certificate of registration or after the registration had been revoked. – Bernama

Good News!!! -Only for Bumiputera Entreprenuers...Don't miss this chance!!!

Tujuan: Modal Kerja untuk melaksanakan kontrak.
*Tidak termasuk pembelian ekuiti atau pembiayaan semula kemudahan kewangan sedia ada...

Untuk info lebih lanjut sila hubungi : 013-3388376 (Shazarina).
"Saya akan membantu anda sekiranya anda LAYAK!!!"

Good News!!!!- For New Entreprenuers- Need capital to start your own business?

~Do you have a viable business plan and need financial support to start the business?

*** Contact me at : 013-3388376 (Shazarina) for further info..