Banks in Malaysia benefit greatly from the country's strong economy and deposits from the Malaysian energy sector. Banking in Malaysia is regulated by the Bank Negara Malaysia, which is the country's central bank. Commercial banking in Malaysia provides businesses with several hot business opportunities by providing access to both Middle Eastern and Asian economies.
This banks in Malaysia industry overview also covers some of the major foreign owned banks that are heavily invested in Malaysia commercial banking. There are many Malaysia banks that provide Muslim customers with specialized Islamic banking. Malaysia commercial banks have offered Islamic banking services since 1963, and Islamic banking is experiencing rapid growth with billion dollars in Sukuk ("Islamic bond") issued every week.
1. Start banking in Malaysia by reviewing both governmental regulations and Malaysia banking institutions that cater to Islamic customers.
2. Compare Malaysia banks before banking in Malaysia. Some banks in Malaysia offer more services to foreign businesses than others.
3. Visit several Malaysia banking institutions before deciding on a commercial bank in Malaysia.
Action Steps
The best contacts and resources to help you get it done
Select from the largest Malaysia banks to ensure a full range of services
Foreign banks in Malaysia offer the same international services they provide customers in their home countries. While business banking in Malaysia is at times complex due to the complicated banking regulations, this is also the case in many countries throughout the world; it's not just limited to corporate banking in Malaysia.
I recommend: HSBC calls itself the world's local bank, and this is certainly reinforced by the services it provides through its Malaysia bank system. The
AmBank Group is one of the largest Malaysia banking institutions and provides a full range of services for international customers, as well as specialized services for Islamic clients.
Choose only from fully compliant Malaysia banking institutions
Select a Malaysia commercial bank that has always fully met government regulations and is fully up to date in regards to banking technology. Most Malaysia banks that offer international banking services are fully compliant, with not only national but also international standards.
I recommend: Read the
Central Bank of Malaysia guidelines for Malaysia commercial banking to smooth business relationships with your Malaysian business partners. The
Export-Import Bank of Malaysia is wholly-owned by the Government of Malaysia and provides a wide range of services designed mostly for your Malaysian partners, which in turn benefits your business relationship by guaranteeing funds.
Visit banks in Malaysia before you invest
Conducting businesses with foreign companies has both pitfalls and potential. This especially true when working with Malaysia banks due to the interconnectedness of banking regulations and religious guidelines. It is best to spend at least a month in Malaysia to become familiar with the culture and business environment before depositing money in any Malaysia banking institution.
I recommend: Get a full grasp of business banking in Malaysia as preparation for a business trip. Immerse yourself in the culture before proceeding to banking in Malaysia. Ask for a meeting with management staff of a bank such as the
EON Bank Group of Malaysia or
Maybank. Bring along a list of questions and concerns.
Tips & Tactics
Helpful advice for making the most of this Guide
- Establish an office in Malaysia if your company will be conducting a great deal of banking there. When problems arise, they are best dealt with in person.
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