Before you start using Malaysia commercial banking, make sure you have a firm understanding of the rules and regulations regarding banking in Malaysia. Many foreign chartered banks offer business banking in Malaysia, and they are often preferred over Malaysia commercial banks by many corporations. Select one commercial bank in Malaysia, open a small business account and begin working with banks in Malaysia.
It is best to have several Malaysia banking institutions to chose from before committing too many financial resources to corporate banking in Malaysia. Decide upon a Malaysia banking institution that meets all national and international standards. Research the background and financial stability of the bank before making a large-scale commitment.
1. Bank in Malaysia with a renowned international bank that offers Malaysia commercial banking.
2. Select from Malaysia banks that provide a complete suite of services to international customers.
3. Start using banks in Malaysia to establish a corporate presence in one of the world's fastest growing economies.
Action Steps
The best contacts and resources to help you get it done
Bank in Malaysia with foreign owned Malaysia banking institutions
Many Malaysia banking institutions have foreign partners, but the reverse is also true where foreign banks have many Malaysian partners. International banking institutions have operated in Malaysia for decades and some have provided operating capital to some of the largest corporations in Malaysia. This investment in the Malaysian economy has given foreign banks a tremendous advantage across Malaysian financial markets.
I recommend: Use one of the overseas financial institutions which have banks in Malaysia.
Bank of Tokyo-Mitsubishi is a leading international banking institution with offices in Malaysia.
Citibank Malaysia offers a full range of deposit services to business clientele.
Work directly with banks in Malaysia with local contacts and whose deposits are insured
Malaysia banking institutions should have extensive local connections within the various financial sectors of the economy. Many Asian cultures conduct business through via personal connections. The Malaysia government insures the security of deposits through a mandatory system similar to the FDIC.
I recommend: The
United Overseas Bank has a large Malaysia commercial bank presence. The bank has established numerous relationships with Malaysian financial institutions. Check to see if the Malaysia banking institution is insured by the
Malaysia Deposit Insurance Corporation.
Familiarize yourself with Malaysia commercial banking practices and services
Banks in Malaysia offer some rather unique challenges to their business that wish to conduct regular banking business within Malaysia. Asian banks in general can be characterized as having many institutional practices that are unfamiliar to businesses that use western banking institutions and this is particularly true of Malaysia. The society and government of Malaysia can present daunting challenges to those who are unprepared.
I recommend: Use the
Malaysian Electronic Payment System (MEPS) for interbank transfers of funds within Malaysia. MEPS is used by a large consortium of banks in Malaysia. Understand the
Shariah concepts essential to Islamic banking before banking in Malaysia.
Tips & Tactics
Helpful advice for making the most of this Guide
- Develop a personal relationship with a connected local person either through Malaysia banks staff or through one of the many foreign business groups in Malaysia.
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