Malaysia Banks

Just like any other country around the world, Malaysia is a country which has various financial institutions and banks operating all around the states managing all the monetary matters. The core center among all of these financial institutions and banks is none other than the Central Bank of Malaysia, or better known as Bank Negara in Malaysia. The Central Bank of Malaysia was established on January 1959 and its main role is to supervise and regulates all the banking related activities in Malaysia.

Actually, Central Bank of Malaysia has 4 main objectives for its establishment. Firstly, the Central Bank of Malaysia’s objective is to ensure monetary stability and a stable financial structure. Besides that, Central Bank of Malaysia is also responsible to operate as the government’s banker and financial advisor. In addition to that, Central Bank of Malaysia is the sole authority in issuing currency and to maintain appropriate currency reserves in the country. Last but not least, Central Bank of Malaysia needs to regulate the general credit situation so that it will only benefit the country's economy. All the objective of the Central Bank of Malaysia is essential due to the reason where in order for Malaysia to develop properly, the economy cycle (buying power, GNP, GDP, inflation and others) in Malaysia needs to be constantly monitored and regulated.

In Malaysia, there are actually quite a few numbers of commercial banks located all around the states, to name a few, there are commercial banks such as Maybank, Public Bank, RHB Bank, HSBC Bank and others. Some of the commercial banks in Malaysia are local banks whereas the others are foreign banks. In most of the states in Malaysia, the opening hours of the banks are from Monday to Friday, at 9.30am – 4,00pm and at Saturday, from 9.30am – 11.30am. As for Sunday, all of the banks in Malaysia are normally closed. However, for the state of Kelantan and Terengganu, the banking hours and days are slightly different due to religion issues where the banks are opened from Saturday to Wednesday, at 9.30am – 4.00pm and 9.30am – 11.30am for Thursday.

In Malaysia, the conditions for services to be expected from the banks slightly vary with one and another. For example, in order to acquire a mortgage from a certain banks, the conditions that need to be met may vary between each other. Aside from that, as far as we are concerned, there is only one bank in Malaysia who is offering Online Banking services to all of its customers, which is Maybank. The reason behind this is because unlike in other more developed countries like the United Kingdom or United States, online banking is still being considered as quite a new service in Malaysia, therefore, not much of the banks in Malaysia have adapted to this method as most of the banks believe the demand for online banking in Malaysia is still relatively low. In addition to that, most of the citizens in Malaysia are still being skeptical regarding online banking due to the fact where all of the security issues that has been constantly arising here in Malaysia.

Just like any other services, for someone who would like to bank with one of the commercial banks in Malaysia, he or she should first do some research and understand what are the services offered by the bank and what are the requirements for those services. The reason behind this is because there are huge selections of commercial banks in Malaysia, therefore, one would surely need to go through the extra miles in order to find a suitable bank for himself.

Malaysia Banks Reference

http://allmalaysia.info/msiacommerce/banking/

http://www.bnm.gov.my/

http://www.maybank.com.my