China successfully launches world's first quantum communication satellite 'very exciting' !

https://youtu.be/XjHosmTOyUE

China launches world's first quantum communication satellite

China launched the world's first quantum-enabled satellite in the early morning hours of Tuesday, marking the first step in building a space-based quantum communications network that is virtually un-crackable.

Combined photo shows China launching the world's first quantum satellite on top of a Long March-2D rocket from the Jiuquan Satellite Launch Center in Jiuquan, northwest China's Gansu Province, Aug. 16, 2016. The world's first quantum communication satellite, which China has launched, has been given the moniker "Micius," after a fifth century B.C. Chinese scientist, the Chinese Academy of Sciences (CAS) announced Monday. (Xinhua/Jin Liwang)

WASHINGTON, Aug. 15 -- China's successful launch of the world's first quantum satellite was "very exciting" and can help conduct experiments that may lead to "much more secure" quantum communications, a U.S. quantum expert said.

"The event is indeed very exciting and does carry global importance because this would be the first such experiment," said Alexander Sergienko, a professor of electrical and computer engineering at the Boston University.

The satellite, Quantum Experiments at Space Scale (QUESS), lifted off from China's Jiuquan Satellite Launch Center at 1:40 a.m. Tuesday, local time.

Sergienko said the quantum communication race has been going on for the last 20 years since the initial demonstration of quantum key distribution link under Lake Geneva in 1995.

After that, metropolitan secure communication networks have been developed and demonstrated in Boston, Vienna, Beijing, and Tokyo, and many more examples of quantum metropolitan networks have been demonstrated in the last five years covering Canada, Italy, U.K. and Australia, he said.

"The race is now moving in the near space in order to cover longer distances between different metropolitan areas," he said.

"I know there were plans to develop multiple point-by-point multi-city quantum communication segments to cover the distance between Shanghai and Beijing. A successful implementation of the satellite project would allow covering it in one step."

Sergienko also predicted that quantum communication and cryptography will be first used to ensure the most important communication lines such as used by the government and by major business in their communication.

China said the 600-plus-kilogram QUESS, nicknamed "Micius," is expected to circle the Earth once every 90 minutes after it enters a sun-synchronous orbit at an altitude of 500 kilometers.

In its two-year mission, QUESS is designed to establish "hack-proof" quantum communications by transmitting uncrackable keys from space to the ground, and provide insights into the strangest phenomenon in quantum physics -- quantum entanglement.

China launches first-ever quantum communication satellite

China launches the world's first quantum satellite on top of a Long March-2D rocket from the Jiuquan Satellite Launch Center in Jiuquan, northwest China's Gansu Province, Aug. 16, 2016. The world's first quantum communication satellite, which China is preparing to launch, has been given the moniker "Micius," after a fifth century B.C. Chinese scientist, the Chinese Academy of Sciences (CAS) announced Monday. (Xinhua/Jin Liwang)

China successfully launched the world's first quantum satellite from the Jiuquan Satellite Launch Center in northwestern Gobi Desert at 1:40 am on Tuesday.

In a cloud of thick smoke, the satellite, Quantum Experiments at Space Scale (QUESS), roared into the dark sky on top of a Long March-2D rocket.

The 600-plus-kilogram satellite will circle the Earth once every 90 minutes after it enters a sun-synchronous orbit at an altitude of 500 kilometers.

It is nicknamed "Micius," after a fifth century B.C. Chinese philosopher and scientist who has been credited as the first one in human history conducting optical experiments.

In its two-year mission, QUESS is designed to establish "hack-proof" quantum communications by transmitting uncrackable keys from space to the ground, and provide insights into the strangest phenomenon in quantum physics -- quantum entanglement.

Quantum communication boasts ultra-high security as a quantum photon can neither be separated nor duplicated. It is hence impossible to wiretap, intercept or crack the information transmitted through it.

With the help of the new satellite, scientists will be able to test quantum key distribution between the satellite and ground stations, and conduct secure quantum communications between Beijing and Xinjiang's Urumqi. QUESS, as planned, will also beam entangled photons to two earth stations, 1,200 kilometers apart, in a move to test quantum entanglement over a greater distance, as well as test quantum teleportation between a ground station in Ali, Tibet, and itself.

"The newly-launched satellite marks a transition in China's role -- from a follower in classic information technology (IT) development to one of the leaders guiding future IT achievements," said Pan Jianwei, chief scientist of QUESS project with the Chinese Academy of Sciences (CAS).

The scientists now are expecting quantum communications to fundamentally change human development in the next two or three decades, as there are enormous prospects for applying the new generation of communication in fields like defense, military and finance. SPOOKY & ENTANGLED

Quantum physics is the study of the basic building blocks of the world at a scale smaller than atoms. These tiny particles behave in a way that could overturn assumptions of how the world works.

One of the strange properties of quantum physics is that a tiny particle acts as if it's simultaneously in two locations -- a phenomenon known as "superposition." The noted interpretation is the thought experiment of Schrodinger's cat -- a scenario that presents a cat that may be simultaneously both alive and dead.

If that doesn't sound strange enough, quantum physics has another phenomenon which is so confounded that Albert Einstein described as "spooky action at a distance" in 1948.

Scientists found that when two entangled particles are separated, one particle can somehow affect the action of the far-off twin at a speed faster than light.

Scientists liken it to two pieces of paper that are distant from each other: if you write on one, the other immediately shows your writing.

In the quantum entanglement theory, this bizarre connection can happen even when the two particles are separated by the galaxy.

By harnessing quantum entanglement, the quantum key technology is used in quantum communications, ruling out the possibility of wiretapping and perfectly securing the communication.

A quantum key is formed by a string of random numbers generated between two communicating users to encode information. Once intercepted or measured, the quantum state of the key will change, and the information being intercepted will self-destruct.

According to Pan, scientists also plan to test quantum key distribution between QUESS and ground stations in Austria. Italy, Germany and Canada, as they have expressed willingness to cooperate with China in future development of quantum satellite constellations, said Pan. LIFE CHANGING

With the development of quantum technology, quantum mechanics will change our lives in many ways. In addition to quantum communications, there are quantum computers that have also drawn attentions from scientists and governments worldwide.

Quantum computing could dwarf the processing power of today's supercomputers.

In normal silicon computer chips, data is rendered in one of two states: 0 or 1. However, in quantum computers, data could exist in both states simultaneously, holding exponentially more information.

One analogy to explain the concept of quantum computing is that it is like being able to read all the books in a library at the same time, whereas conventional computing is like having to read them one after another.

Scientists say that a quantum computer will take just 0.01 second to deal with a problem that costs Tianhe-2, one of the most powerful supercomputers in the world, 100 years to solve.

Many, however, is viewing this superpower as a threat: if large-scale quantum computers are ever built, they will be able to crack all existing information encryption systems, creating an enormous security headache one day.

Therefore, quantum communications will be needed to act like a "shield," protecting information from the "spear" of quantum computers, offering the new generation of cryptography that can be neither wiretapped nor decoded. GOING GLOBAL?

With the launch of QUESS, Chinese scientists now are having their eyes on a ground-to-satellite quantum communication system, which will enable global scale quantum communications.

In past experiments, quantum communications could only be achieved in a short range, as quantum information, in principle, could travel no more than 500 kilometers through optical fibers on the land due to the loss of photons in transmission, Pan explained.

Since photons carrying information barely get scattered or absorbed when travelling through space and Earth's atmosphere, said Pan, transmitting photons between the satellite and ground stations will greatly broaden quantum communications'reach.

However, in quantum communications, an accurate transmission of photons between the "server" and the "receiver" is never easy to make, as the optic axis of the satellite must point precisely toward those of the telescopes in ground stations, said Zhu Zhencai, QUESS chief designer.

It requires an alignment system of the quantum satellite that is 10 times as accurate as that of an ordinary one and the detector on the ground can only catch one in every one million entangled photons fired, the scientist added.

What makes it much harder is that, at a speed of eight kilometers per second, the satellite flying over the earth could be continuously tracked by the ground station for merely a few minutes, scientists say.

"It will be like tossing a coin from a plane at 100,000 meters above the sea level exactly into the slot of a rotating piggy bank," said Wang Jianyu, QUESS project's chief commander.

Given the high sensitivity of QUESS, people could observe a match being lit on the moon from the Earth, Wang added.

After years of experimenting, Chinese scientists developed the world' s first-ever quantum satellite without any available reference to previous projects. Now they are waiting to see QUESS's performance in operation.

According to Pan, his team has planned to initiate new projects involving research on quantum control and light transmission in space station, as well as tests on quantum communications between satellites, all-time quantum communications and the application of quantum key network.

"If China is going to send more quantum communication satellites into orbit, we can expect a global network of quantum communications to be set up around 2030," said Pan. - Xinhuanet

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Quantum satellite: China successfully launches its first

NEWS.com.au‎ -China takes major step in creating a global network for quantum communication. August 16 2016

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Singapore's first Olympic gold medal, dreams do come true !

Joseph Schooling celebrates his gold win next to Michael Phelps on Aug 12. PHOTO: REUTERS

https://youtu.be/-JTwPEutLdY

RIO DE JANEIRO (Reuters) - Joseph Schooling won the men's 100 metres butterfly final on Friday to secure Singapore's first Olympic gold medal and deny Michael Phelps a 23rd in the last individual race of the American's extraordinary career.

Phelps, the defending champion and world record holder who is heading into retirement -- again -- after Rio, finished second in a three-way dead heat with two of his greatest rivals -- South Africa's Chad Le Clos and Hungary's Laszlo Cseh.

Astonishingly, all three touched out in 51.14 seconds, behind Schooling's Olympic record 50.39 in the second dead-heat in a final in two days.

"I'm just ecstatic. I don't think it has set in yet. It's just crazy," said Schooling.

Straight after his historic golden feat, Schooling told Singapore media: "This swim wasn't for me. It's for my country.

"Some people believe that Singapore has a lot of talent. I believe that. It doesn't matter where you're from really. I hope this opens new doors for sports in our country and I hope I've set a precedent for the young in our country.

"It's been a hard road, I've done something that no one in our country has done before. I've received a lot of support and that's phenomenal, that's great. I can't really describe what that means.

"But it's been a tough road, I'm not going to lie, the first guy through the wall is always bloody. I had to take that blow.

"I'm thankful and I'm blessed that I have the ability to accomplish this. This moment is not about me, it's really for my country, it's all about my coaches, my family, my friends who believed from when I was a six-year-old kid, that I could do it."

In Singapore, cheers broke out across housing estates and social media erupted in celebration as Schooling won in Brazil."

Prime Minister Lee Hsien Loong and President Tony Tan, who was in Rio to cheer Team Singapore, led an outpouring of congratulations for Schooling."

"It is an incredible feat, to compete among the world's best, stay focused, and emerge victorious," Mr Lee said in a Facebook post."

Schooling will receive S$1 million for his gold medal as part of a programme aimed at encouraging studious Singaporeans to excel in sport."

"Schooling winning shows that even homegrown athletes can win an Olympic medal and I think it's a good example for our youth that sporting greatness is possible," said real estate agent Michael Tan, 35, who cheered on Schooling at a coffee shop in a residential estate.

"It's amazing that Singapore finally has a gold medal at the Olympics, I don't think anyone thought this was possible," Madeleine Lim, 62, told AFP."

https://youtu.be/0C6XrjKPvCE

Dreams Do Come True

It was back in 2008, a 13-year-old teenager Joseph Schooling got to meet his hero, one of the all-time greatest Olympians, Michael Phelps, who had visited Singapore before the start of the Beijing Olympics. Eight years later, Schooling, now 21, creates history by beating Phelps to bag the gold in the 100m Butterfly finals. The specialty of the occasion is double great as this is for the first time a Singaporean wins an Olympic gold.

It was a dream come true for Schooling when he got an opportunity to swim in the same race with Phelps at London Olympics 2012. That was the year Joseph first qualified for the Olympics in London, but then disaster struck when he was told his goggles weren’t Olympics standard just before the race. He rushed to get replacements, but ended up getting a poor time in his heats and didn’t get through to the semi-finals.

"Somebody (His Name's Josesph Schooling) Finally Beats Michael Phelps" blared the headline in the New York Times. What a journey it has been for Schooling, who first met Phelps in 2008 as a 13-year-old teenager and now, eight years on, has beaten his childhood idol on the biggest of stages in Rio de Janerio. http://str.sg/4qJ6

He pulled off one of the biggest upsets in Rio, interrupting the 31-year-old Phelps' quest for what would have been his fifth gold in Brazil and 23rd Olympic gold of his career.

Schooling's father Colin, who hosted a viewing party at his home in Singapore, wept when his son won.

"If I cry in front of all of you all, it's because I have nothing to be ashamed of," he told reporters.

"My love for my son is nothing I can describe to you all."

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 Medals By Countries - Rio 2016

 Rank by: Gold TOTAL

						TOTAL
1	USA	United States	24	18	18	60
2	CHN	China	13	11	17	41
3	GBR	Great Britain	10	13	7	30
4	GER	Germany	8	5	3	16
5	JPN	Japan	7	3	14	24
6	RUS	Russian Federation	6	9	8	23
7	AUS	Australia	6	7	9	22
8	ITA	Italy	6	7	5	18
9	KOR	Republic of Korea	6	3	4	13
10	FRA	France	5	8	5	18
11	HUN	Hungary	5	3	3	11
12	NED	Netherlands	3	2	3	8
13	ESP	Spain	3	0	2	5
14	NZL	New Zealand	2	6	0	8
15	CAN	Canada	2	2	8	12
16	KAZ	Kazakhstan	2	2	3	7
17	BEL	Belgium	2	1	1	4
17	THA	Thailand	2	1	1	4
19	CRO	Croatia	2	1	0	3
20	SUI	Switzerland	2	0	1	3
21	IRI	Iran	2	0	0	2
22	SWE	Sweden	1	3	1	5
23	DEN	Denmark	1	2	3	6
24	PRK	DPR Korea	1	2	2	5
25	BLR	Belarus	1	2	1	4
26	BRA	Brazil	1	1	2	4
26	POL	Poland	1	1	2	4
26	ROU	Romania	1	1	2	4
29	SLO	Slovenia	1	1	1	3
30	COL	Colombia	1	1	0	2
30	SVK	Slovakia	1	1	0	2
30	VIE	Vietnam	1	1	0	2
33	CZE	Czech Republic	1	0	4	5
34	ETH	Ethiopia	1	0	2	3
34	TPE	Taipei (Chinese Taipei)	1	0	2	3
36	GRE	Greece	1	0	1	2
36	IOA	IOA	1	0	1	2
36	JAM	Jamaica	1	0	1	2
39	ARG	Argentina	1	0	0	1
39	FIJ	Fiji	1	0	0	1
39	KOS	Kosovo	1	0	0	1
39	PUR	Puerto Rico	1	0	0	1
39	SIN	Singapore	1	0	0	1
44	RSA	South Africa	0	5	1	6
45	UKR	Ukraine	0	3	1	4
46	AZE	Azerbaijan	0	2	0	2
46	INA	Indonesia	0	2	0	2
46	KEN	Kenya	0	2	0	2
49	CUB	Cuba	0	1	2	3
49	LTU	Lithuania	0	1	2	3
51	GEO	Georgia	0	1	1	2
52	IRL	Ireland	0	1	0	1
52	MAS	Malaysia	0	1	0	1
52	MGL	Mongolia	0	1	0	1
52	PHI	Philippines	0	1	0	1
52	TUR	Turkey	0	1	0	1
57	UZB	Uzbekistan	0	0	3	3
58	EGY	Egypt	0	0	2	2
58	ISR	Israel	0	0	2	2
58	NOR	Norway	0	0	2	2
61	EST	Estonia	0	0	1	1
61	KGZ	Kyrgyzstan	0	0	1	1
61	POR	Portugal	0	0	1	1
61	TUN	Tunisia	0	0	1	1

 

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The tyranny of Pokemon Go, more addictive than other games

No prizes for guessing what these folks at a public park in the centre of Hanoi are doing. Yes, the Pokemon Go craze has spread far and wide. Photo: AFP

It's repetitive. The 'game play' is puerile. But it does cast a spell on players.

Malaysia, a plague has just arrived in your land and, if the rest of the world is any indication, it will infect every corner of your society. I’m talking of course about the infectious tyranny that is Pokemon Go. Really.

This is a game with very little in actual game play. You throw Pokeballs at Pokemon that spawn seemingly all over your neighbourhood, on your friends, and even in your own home. You capture them to fight other Pokemon, then you wash, rinse, repeat.

The battle aspect comes down to swiping right and tapping your screen a bunch of times. It’s not exactly the most nuanced or skilled or even fun game play in the world but yet, Pokemon Go has taken over the world.

I didn’t quite understand it until it arrived in Hong Kong, but suddenly on the street people were face down in their phones even more so than usual. And whenever I snuck a look there was a little critter bouncing around on their screens that they were trying to capture by tossing Pokeballs at it.

Silly. Ridiculous. So of course, yours truly had to try it.

And of course, yours truly got addicted just like everyone else.

Really, the game should be called Pokecrack or something a little more indicative of its addictive nature. Walking the dog at night, I seek out the local gyms – Pokemon Go locations where you can train or battle other Pokemon, but only at certain locations in the city – see, that’s why it’s got the “Go” in its name, this isn’t a game you can play from home – and at all these locations, even at midnight, I find people milling around in their pyjamas outside, with their faces stuck to their phones. Me included.

I went to a bar to meet a friend the other day and of course we started hunting Pokemon while there, which quite a few others were already doing. On the way out to the pay the bill the barkeep invited us back on Saturday because they would be “buying lures all day to attract more Pokemon”. Yes, Pokemon is now a way to attract people to your business.

 

Pikachu, I choose you.

But why is this game so addictive? I just said the game play was infantile. So simple that it boggles the mind. And it is. But everything in Pokemon Go centres on the rewards of new and exotic Pokemon and levelling up.

Basically it’s a game that hinges on the Random Reward Schedule.

The Random Reward Schedule is a tenet of behavioural psychology. It’s a form of reinforcement. Reinforcement, of course, “strengthens an organism’s future behaviour whenever that behaviour is preceded by a specific antecedent stimulus”. That’s a mouthful.

Basically, what it’s saying is that you will continue to do a thing if you get positive feedback.

This all goes back to the research of B.F. Skinner, who noted that the variable reward schedule or the random reward schedule resulted in the most compulsive and addictive behaviour in mice. Basically, mice were trained to press a lever that would dispense treats.

The mice that were rewarded with a treat every time were less inclined to keep pressing the lever, than the mice that were rewarded with a large treat at random intervals. The idea being that when a mouse thinks there could be a nice reward just around the corner, it will keep performing the same action.

The same goes for humans.

In Pokemon Go you’re constantly checking for Pokemon appearing in your vicinity. Most times they are common ones like Pidgeys or Caterpies, but every once in a while, you find something exciting like a Vaporean or an Electabuzz. And yes, I know how nerdy this sounds right now. Those rare and exotic Pokemon are just like large treats to a mouse.

The random reward schedule is linked to the Hook Model which is a technique employed by social media and mobile game designers and, of course the designers of Pokemon Go. Its mission – the name gives it away – is to hook you.

It goes beyond simple reinforcement of behaviour; it’s all about creating habits so that we’ll continue doing something the designers want us to do. In this case, it’s to continue searching for Pokemon and hopefully spend a few of our hard-earned dollars for gear that will help us do just that.

Pokemon Go also employs another aspect of the model, and that is our need to hunt. In the evolutionary sense, we are hunters, hunting for food in the wild. Pokemon Go employs a tracking system to find those rare and exotic Pokemon so that we are literally hunting down little virtual critters. All. Day. Long.

But we’re not hunting for sustenance, now we’re just hunting for the sake of hunting. Our genetic urges are misfiring all over Pokemon Go.

And knowing that I’m being manipulated on the most fundamental level by this game, I’m still checking my phone periodically to see if any rare Pokemon have showed up. And it’s not even fun.

So what to do, now that Pokemon Go has come for … to us? It really depends. It does make you walk more, and it can make your daily commutes a little more enjoyable (depending on your definition of enjoyable) – but if you don’t like having your face stuck in your phone, then you’re better off treating Pokemon Go like drugs, and not even trying it.

 By Jason Godfrey -

Catch Jason Godfrey on The LINK on Life Inspired HD (Astro Ch 728).

More addictive than other games

CATCHING virtual critters on Pokémon GO has a tendency to be more addictive than other online games.

Experts say the risk of being addicted to the highly-popular game is increased because it is a feast for the senses.

This is especially since it is an augmented reality game, which requires players to have a live direct or indirect view of their physical surroundings.

“The risk of addiction is increased as there are multiple sensory bombardments that sustain playing Pokémon GO.

“Such sensory bombardments are continuous, leading to pleasure and satisfaction highs once players level up in the game and are motivated to continue,” explains Universiti Sains Malaysia criminologist and psychologist Dr Geshina Ayu Mat Saat.

She says this can be dangerous as it makes individuals dependent on the game for pleasure or happiness and some people may confuse the two.

“It could also lead to despair when the game is concluded, when they experience problems, or when a level objective could not be met.

“These are similar responses that an addict experiences. Normal functioning is disrupted, the least being in terms of sleeping and eating patterns,” Dr Geshina says.

Other aspects that could be affected are family interaction, work-life balance, carrying out responsibilities and daily tasks.

Dr Geshina finds that there are pros and cons to playing the game.

“On one hand, players will get more physical exercise, apply problem-solving skills, and have some social interaction when they meet other players in real life,” she says.

But on the other hand, too much focus on their phones may narrow their perception, leading to selective attention on the immediate environment to fulfil the needs of the game rather than a genuine appreciation of the outdoors.

“Social interaction may be limited to brusque questions of where the characters are, rather than polite or pleasant queries to initiate meaningful conversation,” says Dr Geshina.

She also notes that there is also a possibility that players, especially children, will be unable to separate between reality and the game as it blurs the lines and makes players a living game avatar.

Malaysian Mental Health Association deputy president and consultant psychiatrist Datuk Dr Andrew Mohanraj Chandrasekaran says people are generally eager to embrace new technology and will surely warm up to augmented reality games like Pokémon GO.

Describing the game as “taking it one step further”, he says one positive point of the game is that it can motivate people to get out more and connect with others with common interests.

“This is particularly relevant to people with introverted personalities and those suffering from depression.”

Dr Andrew, however, points out that the game can be a double-edged sword and could also work negatively in making people more engrossed in their phones.

“Ultimately, technology must be embraced for the right purpose – be it for recreational, therapeutic or competitive purposes.

“Technology can also be harmful, destroy interpersonal relationship, affect social cohesion, blur the lines between appropriate and inappropriate behaviour and cause confusion between reality and the virtual world.

“Knowing how to embrace technology in a balanced manner is the answer,” he says.

Sources:  The Star/Asia News Network

Money lost under the shadow banking: loan sharks Ah Long

IN my previous article, I shared the impact of high credit card interest rate that many have overlooked and hence, overspent. Interestingly, there are loans outside the confines of financial institutions that affect the mass. These loans are largely unregulated and therefore, more painful in terms of financial burden and emotional stress when the loan and interest cannot be repaid on time.

Every now and then, I will receive text messages from unknown contacts offering loans at “attractive” rates. A check with my close associates indicates that I am not alone in receiving such messages. These messages and those stickers offering loans on the streets share the same traits, i.e. easy loan with no pre-qualification required. Example – “Borrow RM1,000, and return RM200 monthly for six months”.

At first glance, it seems like the interest rate for the loan is 20%. However, as the repayment period is only six months, it is actually 40% per annum! This rate is 11 times higher compared with the average fixed deposit rate of 3.5% per annum in the market.

These loans are offered mostly by unlicensed moneylenders, otherwise commonly known as “loan sharks”. According to a news article published in The Star recently, the interest they charged are mostly counted based on monthly or even daily rest basis.

It is learnt from the article that people usually borrow between RM1,000 and RM10,000 at an interest rate of 0.5% to 1% per day. This works up to about 15% to 30% monthly. When the loan is defaulted, another 5% is added as a late repayment penalty.

It therefore becomes evident that the borrowers of such loans face immense problem repaying their loans. They will generally end up borrowing from other moneylender to cover their existing loan which will lead them to more debts. Imagine the emotional stress from harassment when they are unable to serve the interest.

Sadly, this loan with its easy application process and low requirement attracts people who are financially desperate, regardless of professional or income group.

Bank Negara has announced that Malaysia’s household debt-to-gross domestic product (GDP) ratio has increased from 86.8% to 89.1% as of 2015. We have one of the highest household debts in the region without including the unregulated loans from these “moneylenders”. I wonder how this “shadow banking” or “off balance sheet transaction” impact our people and economy.

To protect the rakyat, the government should look at strengthening the enforcement of eliminating illegal money lending.

As the saying goes “where there is demand, there is supply”. Hence the key is to first understand why people resort to borrowing from these “moneylenders”. It is important to strengthen financial education and awareness of public through various channels.

People, especially children, should be taught to borrow for the right things from young, and understand the difference between good debt and bad debt. More importantly, people should learn to ask themselves if there is a real need to borrow. Borrowing money to buy assets that depreciate over a short period of time, such as cars and luxury items is deemed as “bad debt”. This is in stark contrast to “good debt”, such as buying a home or asset that has the possibility of appreciating in the long term, and at the same time, paying a much lower interest rate compared with bad debts.

For people with a genuine need for financing, there are many other options such as borrowing from the banks and legal money lenders, or even to the explore “fintech”, a financial technology which offers more efficient and cheaper financial services through the use of technology. Again, it is important to ensure these channels are legal and well regulated.

Borrowing from unregulated moneylenders is like jumping from the frying pan into the fire. It is important to have wise financial planning in the first place and always seek advice before doing anything financially. One may get advice from government agencies, such as Agensi Kaunseling dan Pengurusan Kredit, when faced with financial challenges.


By Datuk Alan Tong, who has over 50 years of experience in property development. He was the World President of FIABCI International for 2005/2006 and awarded the Property Man of the Year 2010 at FIABCI Malaysia Property Award. He is also the group chairman of Bukit Kiara Properties. For feedback, please email feedback@fiabci-asiapacific.com.


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May 11, 2015 ... Overall, is our nation having more good debts or bad debts? ... 7.7%, securities at 6.5%, followed by credit cards and other items at 3.9% respectively. ... FIABCI Asia-Pacific regional secretariat chairman Datuk Alan Tong has ...

 What household debt means and how to manage it ?

Jun 13, 2015 ... Car, personal and credit card loans, which have higher interest rates repayment ... value in the future, and are considered as “unhealthy debt” or “bad debt”. ... Now is a good time to relook into our debt portfolio and the interest rates ... FIABCI Asia-Pacific Regional secretariat chairman Datuk Alan Tong has ...

 Cars are more expensive than houses? A house can buy ...

Dec 12, 2015 ... Yes, our homes may not be cheap but our cars are more expensive in comparison. ... A median-priced house in US and UK can buy 12 and 16 Honda ... FIABCI Asia Pacific chairman Datuk Alan Tong has over 50 years of ...

 Where does the money go?

May 16, 2016 ... Datuk Alan Tong was the world president of FIABCI International for 2005/2006 and Property Man of the Year 2010 at FIABCI Malaysia.

 Little by little, a little becomes a lot

Mar 12, 2016 ... Datuk Alan Tong has over 50 years of experience in property development. He is the group chairman of Bukit Kiara Properties. For feedback

Building more homes, the only long term-way to bring ...

Jun 11, 2016 ... Datuk Alan Tong has over 50 years of experience in property development. He was the World President of FIABCI International for 2005/2006 ...

 Give thanks with a grateful heart

Dec 30, 2015 ... Make the right money moves: investing in a property is still best. THE Christmas and New ... Is having a car still a symbol of freedom? Posted by ...

 

Make the right money moves: investing in a property is still best

THE Christmas and New Year celebrations offer us good reasons to indulge in extra spending — shopping for presents, overseas trips, part...

 Fintech - disruptive technology

May 21, 2016 ... A BUZZWORD growing in popularity in the financial world today is “fintech”, short for financial technology, which in a nutshell refers to the use...

 One phone to rule all; Fintech, the healthy disruptors of ...

Apr 16, 2016 ... The reason why traditional bank shares are dropping like a stone is that mobile phone companies and financial technology (FinTech) platforms ...