Central Bank Bank Negara Malaysia (The Central Bank of Malaysia)
Recent developments As of 2026, Malaysia's banking sector comprises approximately 47 licensed banking institutions, including domestic banks, foreign banks, and newly established digital banks. The system operates under a dual banking structure, with both conventional and Islamic banking playing significant roles.
The introduction of digital banks such as GX Bank, Boost Bank, AEON Bank, and Ryt Bank has accelerated competition and innovation in the sector. These institutions have rapidly gained millions of users and contributed to a growing share of digital financial activity.
The sector remains highly concentrated, with major domestic banking groups—including Maybank, CIMB, Public Bank, RHB Bank, and Hong Leong Bank—accounting for a large share of total assets.
Top largest banks in Malaysia
+List of Malaysian Banks ranked by total assets as of 31 December 2023 (In Billions of Malaysia Ringgit)Ranking Bank Totals in billions of Malaysian ringgitAssetsEquity 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
Malaysian national nationwide banks Commercial banks Affin Bank Alliance Bank AmBank CIMB Hong Leong Bank Maybank Public Bank RHB Bank
List of foreign banks (commercial) List of Licensed Banking Institutions in Malaysia (commercial) in alphabetical order American Express Bank (Malaysia) Berhad BNP Paribas Malaysia Berhad Bangkok Bank Berhad Bank of America Malaysia Berhad Bank of China (Malaysia) Berhad Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad China Construction Bank (Malaysia) Berhadhttp://www.thestar.com.my/business/business-news/2016/11/02/ccb-gets-banking-licence/ Bank gets licensed in Malaysia Citibank Berhad (Sold to UOB Group Malaysia) Deutsche Bank (Malaysia) Berhad HSBC Bank Malaysia Berhad India International Bank (Malaysia) Berhad Industrial and Commercial Bank of China (Malaysia) Berhad J.P. Morgan Chase Bank Berhad Mizuho Bank (Malaysia) OCBC Bank (Malaysia) Berhad Standard Chartered Bank Malaysia Berhad Sumitomo Mitsui Banking Corporation Malaysia Berhad The Bank of Nova Scotia Berhad United Overseas Bank (Malaysia) Bhd.
List of Digital banks in Malaysia Conventional Digital Bank YTL Digital Bank Berhad (Ryt Bank) - A consortium led by YTL Digital Capital Sdn. Bhd. and Sea Limited; GX Bank Berhad - A consortium led by GXS Bank Pte. Ltd. and Kuok Brothers Sdn. Bhd; Boost Bank Berhad - A consortium led by Boost Holdings Sdn. Bhd. and RHB Bank Berhad Islamic Digital Bank AEON Bank (M) Berhad - A consortium led by AEON Credit Service (M) Berhad and AEON Financial Service Co., Ltd; KAF Digital Bank Berhad - A Shariah-compliant bank led by KAF Investment Bank, with consortium partners including Carsome and MoneyMatch
List of banks with marketing and representative offices in Malaysia AN1142 National Bank Limited The Bank of Tokyo-Mitsubishi UFJ Limited The Bank of New York Mellon Limited Credit Suisse Limited Middle East Investment Bank LTD DBS Bank Limited National Australia Bank Limited The Royal Bank of Scotland Limited Wells Fargo Bank Limited Zamora Trading Limited
List of offshore banks and branches in Labuan (licensed and regulated by Labuan Financial Services Authority)
Investment banking arm (wholesale banking)
Investment banks (full list) Affin Hwang Capital (Following merger between Affin Investment Bank and Hwang-DBS Investment Bank) Alliance Investment Bank Berhad AmInvestment Bank Berhad CIMB Investment Bank Berhad (Partnered with BDO Uni-bank as Authorized Agent Bank For International Tax Collection) Hong Leong Investment Bank Berhad Public Investment Bank Berhad RHB Investment Bank Berhad KAF Investment Bank Berhad Kenanga Investment Bank Berhad Maybank Investment Bank MIDF Investment Bank Berhad MIMB Investment Bank Berhad (merged with Hong Leong Investment Bank) OSK Investment Bank Berhad (merged with RHB Investment Bank Berhad) ECM Libra Investment Bank Berhad (bought over by Kenanga Investment Bank)
Merchant bank There is none as all previous ones have been converted or merged into investment banks.
Other types of banks
18 Islamic banks (local and foreign) (full list) Affin Islamic Bank Berhad Al Rajhi Bank Alkhair International Islamic Bank Malaysia Alliance Islamic Bank Berhad AmBank Islamic Berhad MBSB Bank Berhad Asia Offshore Finance Agency Bank Islam Malaysia Bank Muamalat Malaysia CIMB Islamic Bank Berhad Hong Leong Islamic Banking Berhad HSBC Amanah Malaysia Berhad Kuwait Finance House (Malaysia) Berhad Maybank Islamic Berhad OCBC Al-Amin Bank Berhad Public Islamic Bank Berhad RHB Islamic Bank Berhad Standard Chartered Saadiq Berhad
Development financial institutions (government-owned banks) (full list) Agro Bank Malaysia Bank Rakyat Bank Simpanan Nasional Export-Import Bank of Malaysia Berhad (Exim Bank) Bank Perusahaan Kecil & Sederhana Berhad ((Small Medium Enterprise) SME Bank Berhad) Sabah Development Bank Berhad (SDB) Sabah Credit Corporation (SCC) Tabung Haji Credit Guarantee Corporation Malaysia Berhad (CGC) Malaysia Debt Ventures Berhad Malaysian Industrial Development Finance Berhad (MIDF) merged with MBSB in Oct 2023 Bank Pembangunan Malaysia Berhad (BPMB) (The development bank of Malaysia)
Discount house There is none as all previous ones have been transformed into investment banks.
Moneybrokers (full list) Affin Moneybrokers Sdn Bhd ICAP (Malaysia) Sdn Bhd (formerly known as Amanah Butler Malaysia Sdn Bhd) Harlow's & MGI Sdn Bhd
Other financial institutions (full list) ERF Sdn Bhd Pengurusan Danaharta Nasional Berhad Danajamin Nasional Berhad merged with BPMB in 2023
List of credit cards, charge cards, debit cards and prepaid cards issuers
Credit cards issuers Banks Affin Bank - Mastercard and Visa Alliance Bank - Mastercard and Visa Al Rajhi Bank Malaysia (i) - Visa AmBank - Mastercard, Visa and UnionPay Bank Islam Malaysia (i) - Mastercard and Visa Bank Muamalat Malaysia (i) - Visa Bank Simpanan Nasional (i) - Mastercard and Visa Bank Rakyat (i) - Mastercard CIMB Bank - Mastercard and Visa Citibank Malaysia (Sold to UOB Group Malaysia) - Mastercard and Visa Hong Leong Bank - Mastercard and Visa HSBC Bank Malaysia - Mastercard and Visa Industrial and Commercial Bank of China (ICBC) - UnionPay and Visa Maybank - American Express, Mastercard and Visa OCBC Bank - Mastercard and Visa Public Bank Berhad - Mastercard and Visa RHB Bank - Mastercard and Visa Standard Chartered - Mastercard and Visa United Overseas Bank - Mastercard and Visa (i) denotes Islamic Only facilities. Consumer credit providers Æon Credit Service - MasterCard and Visa Synergy Cards Sdn Bhd
Charge cards issuers Bank Issuer Charge Card Endorser Diners Club (Malaysia) Sdn Bhd* Diners Club* Maybank Berhad American Express
* Left the Malaysian market
Malaysia debit card issuers 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 Ryt Bank MEPS Visa 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.http://www.bnm.gov.my/documents/conference_vol/2014_PaymentSystem/The%20Future%20of%20Debit%20Card%20in%20Malaysia%20by%20Tay%20Gim%20Soon%20(on%20behalf%20of%20Peter%20Schiesser).pdf page 18
Prepaid card issuers Bank issuer Prepaid card endorser Cost for starter pack Cost to maintainMerchantrade AsiaVisaRM100RM10 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
Other (skl-banking) skl-owned financial related organisations Cagamas Berhad EPF - Employees Provident Funds (KWSP - Kumpulan Wang Simpanan Pekerja) Permodalan Nasional Berhad (PNB) Treasury Malaysia National Economic Action Council Labuan Financial Service Authority (Labuan FSA) Malaysia Deposit Insurance Corporation Small and Medium Industries Development Corporation (SMIDEC) Pengurusan Danaharta Nasional Berhad The Iclif Leadership and Governance Centre (ICLIF) Inland Revenue Board Bursa Malaysia (KLSE - Kuala Lumpur Stock Exchange) Malaysia Derivatives Exchange Berhad Department of Statistics J. D. Zamora Trust Services (International Tax Collection Agent)
Affiliates Institute of Bankers Malaysia Malaysian Insurance Institute Association of Islamic Banking Institutions Malaysia Life Insurance Association of Malaysia General Insurance Association of Malaysia International Association of Insurance Supervisor Financial Mediation Bureau (FMB) Credit Counselling and Debt Management Agency (AKPK) Zamora Trading Malaysia (International Treaty Tax Authorized Collection Agent)
Other private financial institutions
Licensed Money Lenders FK Capital Berhad Sri Guan Teik Enterprise Sdn Bhd Broadway money lenders Bhera Investment Berhad Easytop Capital Sdn Bhd SS SIong Wang Trading SS ACE Credit Berhad PS Alliance Sdn Bhd Maxmatic Capital sdn Bhd Safe Best Enterprise Sdn Bhd Euritage Sdn Bhd