KUALA LUMPUR, 19 Jan 2010 – Tune Money Sdn Bhd, the one-stop online financial services company belonging to Tune Group, today unveiled a new image for its products and services, portraying a fresher, more vibrant look that aims to capture the growing youth and working-class market.

Among others, Tune Money’s rebranding exercise included the renaming of its Tune Money Visa Prepaid Card as the ‘Tune-In Card’ while what was previously known as the Red Card for youngsters aged 15-17 is now called the ‘Pulse Card’. Both range of cards, underwritten by Visa, also come with new, contemporary designs and enhanced features to appeal to the market.

Tune Money via its insurance and takaful division, Tune Insurance, also works with partner underwriters to offer a wider range of insurance and takaful products to the market. The company will start offering ‘Tune Motor Insurance’, ‘Tune Personal Accident Insurance’ and ‘Tune Home Insurance’. The Tune Motor Insurance will be underwritten by Multi-Purpose Insurans Berhad (MPIB), while Tune Home Insurance and Tune Personal Accident Insurance are underwritten by Tokio Marine Insurans Malaysia Berhad.

Takaful versions of these insurance products are in the pipeline. Tune Money also has plans to offer insurance and takaful products for hospitalisation and surgical, life, travel and pets starting this year.

These products are available online via www.tunemoney.com, the company’s web portal that recently underwent a significant revamp and enhancements. The new portal was designed and developed to provide simple, user-friendly and reliable electronic access to users, customers and visitors, giving a strong emphasis on safety and security in terms of customers’ data protection.

Tune Money Chairman and Tune Group Co-Founder Dato’ Kamarudin Meranun said: “We are pleased to have the support and cooperation of renowned and reputable financial services providers, both locally and internationally. Collaboration with these partners boosts the credibility, reliability and of course quality of Tune Money’s prepaid card and insurance products. Tune Money has shown improved financial performance over the past year and this new initiative will take it even further. Our long term aim is to see Tune Money becoming a household brand preferred by most consumers.”

Further commenting on Tune Money’s position, Dato’ Kamarudin’s partner and Tune Group Co-Founder Dato’ Sri Tony Fernandes said: “Tune Money was set up with the aim of eventually creating an online Tune consumer community together with its sister companies Tune Hotels.com and Tune Talk. In the long run, the plan is to integrate the Tune consumer community with that of AirAsia, the world’s best low cost airline that has now grown into a global brand.”

Tune Money CEO Joyce Lai (???) said: “Tune Money is set to focus on our two core businesses i.e. the Prepaid Card offering and Insurance products. With enhancements to the prepaid card features, Tune-In cardholders can now easily transfer funds to other Tune-In or Pulse card accounts via the ‘Card2Card’ feature on www.tunemoney.com. Operated on an interest-free concept, Tune-In and Pulse cards are ideal for budgeting and controlling finances from an individual aspect up to the family level. Not only is it safe and convenient, cardholders can also keep tabs on their expenditure and avoid unnecessary spending, thus staying away from debts.”

Tune-In Card and Pulse Card are accepted at 29 million Visa merchants worldwide and offer on-the-spot discounts at selected merchants as well as an attractive redemption points system with lower qualifying criteria. The cards can be used anywhere in Malaysia and abroad and at any location that carries the Visa acceptance mark, as well as to withdraw cash from any automated teller machines (ATMs) carrying the Visa Plus logo anywhere in the world.

Through www.tunemoney.com, Tune Money customers can utilise the Financial Exchange Portal (FXP) facility to reload their Tune cards or purchase insurance products. Tune Money currently has FPX arrangements with CIMB Bank, Maybank, Public Bank, Hong Leong Bank and Bank Islam. Tune card reload via CIMB Clicks online banking service is free of charge while ATM withdrawals from the Tune card via CIMB are charged lower fees compared with other banks.

Tune-In and Pulse cardholders are entitled to a free personal accident coverage of up to RM10,000 while loss of travel deposit is protected by Tune Money up to a maximum of RM1,000. In the event of theft or robbery, loss of cash in card is covered up to RM300.

“Carrying cash loaded into a prepaid card is even better than carrying cash outright. It is certainly safer and more convenient to carry a Tune-In or Pulse Card so cardholders have less worries about the risk of cash being lost or stolen. Tune cardholders enjoy lower costs and at the same time get rewarded through our many benefits and a new rewards scheme,” explained Lai.

Being interest-free and charging only a nominal RM12 joining fee, Tune-In and Pulse cards represent a cost-effective option to credit cards, for which cardholders are levied a RM50 per card service tax this year on top of the annual fees and interest of up to 18% per annum.

In conjunction with its rebranding launch, Tune Money is waiving the RM12 joining fee for 10,000 cards applied online from today until 31 January 2010. To add to customers’ savings, Tune Money will also waive its RM1.50 monthly fee for active cardholders who reach a certain amount of spending every month.

On its insurance and takaful products, Lai said: “Tune Money’s insurance products offer maximum coverage at a minimum premium. With customized plans, customers only pay what they need. They can also consolidate and track their portfolios with Tune Money’s personal online organiser. Working with renowned insurer partners means Tune Money offers high quality products along with quality customer service and claims service standard.”

“As around 63% of Malaysia’s population belongs to the 15-65 age group but on the contrary very few with a voluntary insurance or takaful protection, it is our duty and responsibility as a financial services provider to reach out to the market and educate them about insurance as a protection and savings tool. Tune Money seeks to capitalise on its online web portal features as well as new media technologies to reach out to the market and penetrate the untapped group,” added Lai.

Tune Money was set up in 2005 as a one-stop financial services company which offers affordable prepaid cards under the Visa brand name and insurance products.

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