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Kuala Lumpur has a large financial sector, and is ranked the 22nd in the world in the Global Financial Centres Index.[1] There are currently 27 commercial banks (8 domestic and 19 foreign), 16 Islamic banks (10 domestic and 6 foreign), 15 investment banks (all domestic) and 2 other financial institutions (both domestic) operating in Malaysia.
Commercial banks are the largest and most significant providers of funds in the banking system. The biggest banks in Malaysia's finance sector are Maybank, CIMB, Public Bank Berhad, RHB Bank and AmBank.
Malaysia is currently also the world's largest centre of Islamic Finance. Malaysia has 16 fully-fledged Islamic banks including five foreign ones, with total Islamic bank assets of US$168.4 billion, which accounts for 25% of the Malaysia's total banking assets.[2] This in turn accounts for over 10% of the world's total Islamic banking assets. In comparison, Malaysia's main rival UAE, has US$95 billion of assets.[3]
Malaysia is the global leader in terms of the sukuk (Islamic bond) market, issuing RM62 billion (US$17.74 billion)[4] worth of sukuk in 2014 - over 66.7%[5] of the global total of US$26.6 billion[2][6] Malaysia also accounts for around two-thirds of the global outstanding sukuk market, controlling $178 billion of $290 billion, the global total.[7]
The Malaysian government is planning to transform the country's capital Kuala Lumpur into a major financial centre in a bid to raise its profile and spark greater international trade and investment through the construction of the Tun Razak Exchange (TRX). The government believes the project will allow Malaysia to compete with regional financial superpowers such as Singapore and Hong Kong, by leveraging on the country's established strength in the rapidly growing Islamic financial marketplace.[2]
Based in Kuala Lumpur, Bursa Malaysia serves as the country's sole national stock exchange. Trading of shares started in 1960 and it is today one of the largest bourses in Southeast Asia.[8][9]| Ranking | Bank | Totals in billions of Malaysian ringgit | |
|---|---|---|---|
| Assets | Equity | ||
| 1 | Maybank | 947.8 | 86.0 |
| 2 | CIMB | 733.6 | 73.72 |
| 3 | Public Bank | 493.3 | 50.2 |
| 4 | RHB | 310.8 | 28.7 |
| 5 | Hong Leong Bank | 265.2 | 32.1 |
| 6 | AmBank | 185.2 | 17.6 |
| 7 | UOB Malaysia | 140.4 | 12.6 |
| 8 | Bank Rakyat | 117.3 | 22.6 |
| 9 | OCBC Malaysia | 99.5 | 9.3 |
| 10 | HSBC Malaysia | 94.6 | 11.2 |
| 11 | Bank Islam | 90.9 | 6.8 |
| 12 | Affin Bank | 90.1 | 10.6 |
| 13 | Alliance Bank | 65.1 | 6.6 |
| 14 | Standard Chartered Malaysia | 57.9 | 5.5 |
| 15 | MBSB Bank | 66.7 | 7.4 |
| 16 | Citibank Malaysia | 42.9 | 4.3 |
| 17 | BSN | 49.8 | 4.0 |
| 18 | Bank Muamalat | 31.5 | 2.9 |
| 19 | Agrobank | 18.8 | 3.2 |
| 20 | Al Rajhi Bank Malaysia | 12.2 | 0.9 |
| 21 | Co-op Bank Pertama | 6.1 | 1.0 |
List of Licensed Banking Institutions in Malaysia (commercial) in alphabetical order
Conventional Digital Bank
Islamic Digital Bank
There is none as all previous ones have been converted or merged into investment banks.
There is none as all previous ones has been transformed into investment bank
(i) denotes Islamic Only facilities.
| Bank Issuer | Charge Card Endorser |
|---|---|
| Diners Club (Malaysia) Sdn Bhd* | Diners Club* |
| Maybank Berhad | American Express |
* Left the Malaysian market[11]
| Bank Issuer | MEPS ATM | Main brand | Co-brand |
|---|---|---|---|
| Al-Rajhi Islamic Bank | MEPS | Visa Electron | Musafir-Hajj (SAR) |
| Affin Bank | MEPS | Mastercard | MyDebit |
| Affin Islamic | MEPS | Mastercard | MyDebit |
| Alliance Bank | MEPS | Mastercard | Maestro, MyDebit |
| AmBank | MEPS | Mastercard | MyDebit |
| Bank Islam | MEPS | Visa Electron | MyDebit |
| Bank of China (Malaysia) | - | Mastercard, Unionpay | |
| Bank Muamalat Malaysia Bhd | MEPS | Mastercard | MyDebit |
| Bank Rakyat | MEPS | Mastercard | MyDebit |
| Bank Simpanan Nasional | MEPS | Visa Electron | MyDebit |
| CIMB Bank | MEPS | Mastercard | MyDebit |
| Citibank(Sold to UOB Group Malaysia) | MEPS | Mastercard | MyDebit |
| Hong Leong Bank | MEPS | Mastercard | MyDebit |
| HSBC Bank | MEPS | Visa | MyDebit |
| ICBC Malaysia | MEPS | UnionPay | |
| Kuwait Finance House | MEPS | Visa Electron | - |
| Maybank | MEPS | Visa, Mastercard | MyDebit |
| MBSB Bank | MEPS | Visa | MyDebit |
| OCBC Bank | MEPS | Mastercard | MyDebit |
| Public Bank | MEPS | Visa, Unionpay, Mastercard | MyDebit |
| RHB Bank | MEPS | Visa, Mastercard | MyDebit |
| Standard Chartered Bank | MEPS | Mastercard | MyDebit |
| United Overseas Bank | MEPS | Mastercard | MyDebit |
So far Al-Rajhi Visa card BIN allows online purchases for flights and US purchases. Restricted for non-Halal uses such as Casino, Pub etc. Can be used at Genting Resorts.
E-MasterCard is the electronic Mastercard (non-embossed). It may be personalised.
NETS is the Network for Electronic Transfer System in Singapore for EFTPOS. ATM roaming use only.
All banks are BERHAD (Public Limited Company) except Bank Rakyat and BSN which are Coop and government entities respectively.
Most mainline banks are now members of MEPS ATM. Withdrawal charges normally are about RM1 for major banks except where stated (as much as RM5 each time). All Visa card are non-embossed type except for Citibank Ready Credit accounts. Bank Rakyat, Muamalat, OCBC Bank do not co-brand their cards except for ATM use only. Maybank has the largest capitalisation in Malaysia in June 2018.
Central Bank of Malaysia expects all debit cards issued in Malaysia to be co-branded with the local network 'MyDebit' latest by the year 2017.[12]
| Bank issuer | Prepaid card endorser | Cost for starter pack | Cost to maintain |
|---|---|---|---|
| Merchantrade Asia | Visa | RM100 | RM10 per annum. |
| AEON Credit Service | Mastercard | RM25 | Free |
| Alliance Bank | Mastercard (DIGI Simple MasterCard) | Nil (for DiGi subscriber) | Nil* |
| AmBank Berhad | Mastercard (NextG) | RM25 | RM3 per month* |
| Bank of China (Malaysia) | UnionPay | RM25 | (For Chinese Yuan Card), usable overseas and charged in Chinese Yuan for every purchase. MYR Prepaid card is available again through the bank. |
| Bank Islam Berhad | Mastercard | RM50 | Free but up to 3 years* |
| CIMB Bank Malaysia | Mastercard | RM10 | RM10 per annum (Launched in conjunction with Lazada) |
| Maybank | American Express | RM15 | RM6 per annum. Shell easiGo. |
| Maybank | Visa | RM20 | RM6 per annum. Manchester United Card |
| RHB Bank Berhad | Visa | RM24 | RM24 per annum. |
| RHB Bank Berhad | Visa | RM24 | RM24 per annum. In partnership with Sogo Malaysia. |
| BigPay Malaysia | Mastercard | RM10 (Waived if performed an initial reload of RM20) | Waived unconditionally |
* No longer available
(more to come)
(more to come)
(More to come)
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