Top Banking Financial Services And Insurance Companies in Malaysia

The Banking, Financial Services & Insurance (BFSI) industry in Malaysia is a vital component of the country's economy, and its growth and success have a significant impact on the overall economic development of the country. As of 2022, the industry has generated an estimated RM 102 billion in revenue, with over 250,000 people employed in the sector. In this article, we will examine the key factors contributing to the growth and success of the industry, explore the industry's growth and comparison to the previous years, identify key trends including technological disruptions, analyze the challenges facing the industry, and offer insights into the future outlook.

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CompanyHeadcountContactDescriptionDecision Maker
BANK OCBC NISP6,276 +62 1 500 999

Bank OCBC NISP (formerly known as Bank NISP) is the fourth oldest bank in Indonesia, which was founded in April 4th 1941 in Bandung under the name of NV Nederlandsch Indische Spaar En Deposito Bank.Bank OCBC NISP then grown to be a solid and dependable bank, especially in providing service for small business segments. It officially became a commercial bank in 1967, Foreign exchange bank in 1990 and public corporate in Indonesia Stock Exchange in 1994.In the end of 1990, Bank OCBC NISP managed to pass the Asia monetary crisis and the fall of banking industry without any recapitalization obligation aid from the government. Bank OCBC NISP became one of the first few banks to resume lending during the crisis. This initiative enabled the Bank to note a high growth.Bank OCBC NISP good reputation and its promising growth has attracted the interest of International Finance Corporation (IFC), a part of World Bank Group, which then became a shareholder in 2001-2010 and from OCBC Singapore which then became the shareholder Bank OCBC NISP. OCBC Singapore finally became the stakeholder after going through several acquisitions and tender offers since 2004. OCBC Singapore Bank currently holds 85,06% of the stock in OCBC NISP.With the support from OCBC Bank-Singapore, OCBC NISP has implemented agressive programmes to strengthen the infrastructure, human resources, information and technology, as well as office networking. This programme was the foundation of the relocation of the main office of OCBC NISP Tower to the central Jakarta that enables OCBC NISP Bank to gain access to the business centre in Indonesia.Bank OCBC NISP currently employs more than 6,500 employees. That number spreads over 330 branch offices. With high motivation, Bank OCBC NISP is ready to serve the customers who are in 59 cities in Indonesia.

CREDIT SUISSE49,648 +65 6212 2000

Credit Suisse is a leading global wealth manager with strong investment banking capabilities. Headquartered in Zurich, Switzerland, our operation has a global reach and extends to about 50 countries worldwide across mature and emerging markets with more than 45,000 employees from over 150 different nations.We partner across countries, divisions and regions to deliver holistic financial solutions to our clients, including innovative products and specially tailored advice, aligned to our high ethical standards. We strive for quality and excellence in our work and professional relationships, recognizing and rewarding extraordinary performance among our employees and providing opportunities for internal mobility, dedicated training and leadership. As a global and inclusive community, we benefit from a diverse range of perspectives to create value and drive results for our clients, shareholders and communities. Our values are brought to life through the entrepreneurial spirit of all within our network. We are Credit Suisse.Social Media Disclaimer and guidelines: http://bit.ly/2KCQhO6

BANGKOK BANK3,643 +65 6410 0400

Discover Bangkok Bank – Thailand’s largest commercial bank and one of the leading commercial banks in Southeast Asia. A pioneer bank with long progress of the country. Bangkok Bank has grown and matured with Thai people and their business interests and today is renowned for its size, stability and partnership approach. The bank is driving innovation in new products and services and building on its inherent scale advantages to meet the challenges of a changing financial landscape and consolidate its leadership position for the future.

ING63,250 +65 6535 3688

ING is a pioneer in digital banking and on the forefront being one of the most innovative banks in the world. As ING we have a clear purpose that represents our conviction of people’s potential. We don’t judge, coach, or to tell people how to live their lives. However big or small, modest or grand, we empower people and businesses to realize their vision for a better future. We made the promise to make banking frictionless, removing barriers to progress, and make people confident in their financial decisions. As a global bank we have a huge opportunity – and responsibility – to make an impact for the better. We can play a role by financing change, sharing knowledge, and innovating. Being sustainable is in all the choices we make—as a lender, as a partner and through the services we offer our customers

KUWAIT FINANCE HOUSE MALAYSIA150 +60 3-2168 0464

Kuwait Finance House (Malaysia) Berhad (KFH Malaysia) is a wholly-owned unit of Kuwait Finance House K.S.C. (KFH) — one of the leading Islamic banks in the world with business operations in Bahrain, Turkey, Jordan, Saudi Arabia, Malaysia as well as affiliates in the United Arab Emirates, Oman and Bangladesh.Following our strategic global expansion plan, we became the first foreign Islamic bank that was granted a license under the Islamic Banking Act (Malaysia) 1983 on 8 May 2005 and officially started our operation in August the same year. In Malaysia, we are committed to providing innovative Shariah-compliant financial solutions to our customers offering a complete range of Shariah-based financial products and services under Corporate and Investment, Commercial, and Retail and Consumer Banking as well as Treasury and International Business.We also act as the intermediary and facilitator to promote two-way investments and trade between Malaysia, Asia-Pacific and the Middle East with our unit Kuwait Finance House (Labuan) Berhad covering offshore banking business in the Federal Territory of Labuan.

PT BANK DANAMON INDONESIA, TBK.12,094 +62 1 500 090

PT Bank Danamon Indonesia Tbk (IDX Code: BDMN) yang berdiri sejak 1956, per 30 Juni 2021 mengelola total aset konsolidasi sebesar Rp 194 triliun bersama anak perusahaannya, yaitu PT Adira Dinamika Multi Finance Tbk. (Adira Finance). Dalam hal kepemilikan saham, 92,47% saham Danamon dimiliki oleh MUFG Bank, Ltd. dan 7,53% dimiliki oleh publik. Danamon didukung oleh 846 jaringan kantor cabang konvensional, unit Syariah dan kantor cabang anak perusahaannya serta lebih dari 60.000 jaringan ATM Danamon, ATM Bersama, PRIMA dan ALTO yang tersebar di 34 provinsi. Selain jaringan fisik, layanan Danamon juga dapat diakses melalui Danamon Online Banking, mobile banking melalui aplikasi D-Bank dan D-Card, SMS Banking, serta layanan phone banking melalui Hello Danamon.Dengan beragam produk dan layanan keuangan, Danamon siap melayani kebutuhan nasabah dari berbagai segmen termasuk perbankan Konsumer, Usaha Kecil Menengah (UKM), Wholesale (Korporasi dan Komersial), dan Syariah serta pembiayaan otomotif melalui Adira Finance. Sebagai bagian dari MUFG , group keuangan global serta bank terbesar di Jepang dan salah satu institusi keuangan termuka di dunia, Danamon akan dapat mengakses kekuatan, keahlian dan jaringan MUFG untuk melayani nasabah kami dan memfasilitasi pertumbuhan Danamon dalam mewujudkan nilai jangka panjang bagi seluruh pemangku kepentingan.Danamon menerima penghargaan sebagai peringkat satu SLE Index 2021 kategori Bank BUKU IV dari ajang Satisfaction Loyalty Engagement Awards 2021 yang diselenggarakan oleh Marketing Research Indonesia dan Infobank. Danamon juga meraih peringkat pertama pada 9th Infobank Digital Brand Awards 2020 dalam kategori Bank Umum Konvensional Modal Inti Rp30 triliun ke atas (BUKU IV) dengan aset di bawah Rp 500 triliun. Di kancah internasional, Danamon juga menjadi Best Digital Bank Indonesia pada ajang Asiamoney Best Bank Award 2020. Danamon juga menerima penghargaan Asia Traiblazer 2020 dari Retail Banking International (RBI).

PT BANK KEB HANA INDONESIA984 +62 1 500 021

PT Bank KEB Hana Indonesia (Hana Bank) is a foreign exchange commercial bank focuses in serving small and medium business, corporate, and retail segments customers. In Korean, Hana means “the first”. Therefore, as part of our effort to lead a fast customer-focused services that prioritize the convenience of our customers, Hana Bank is committed in improving our services through digital banking innovation. Hana Bank customers can benefit from the Bank’s various digital channels, including: My Hana Mobile Banking, My Hana Internet Banking, as well as Corporate Banking System. Having branch offices and ATM network covering Sumatra, Java, Bali, and Sulawesi, we have a vast presence in Indonesia. Along with the synergy and support from Hana Financial Group as one of the largest and leading financial companies in South Korea, Hana Bank also provide a worldwide network with international service standards.

JULIUS BAER6,482 +65 6827 1999

The Julius Baer Group is present in around 60 locations worldwide, including Zurich (Head Office), Bangkok, Dubai, Dublin, Frankfurt, Geneva, Hong Kong, London, Luxembourg, Madrid, Mexico City, Milan, Monaco, Mumbai, Santiago de Chile, São Paulo, Shanghai, Singapore, Tel Aviv, and Tokyo.Social media terms of use: https://www.juliusbaer.com/en/legal/social-media/

STANDARD CHARTERED BANK70,447 +65 6596 7000

We are a leading international banking group, with a presence in more than 60 of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good. Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.

UOB22,218 +65 6222 0031

We’re here to do Right By You. At UOB, we aspire to build a better future for the people and businesses in the region. Through our extensive network and suite of capabilities, we offer financial solutions to the people and businesses within, and connecting with ASEAN. We create solutions tailored to your unique needs through data and relationship-led insights. Our comprehensive regional network and one-bank approach connects your business to new opportunities in ASEAN. We help businesses to advance responsibly and guide personal wealth to grow sustainably. We foster inclusiveness and environmental well-being for stronger societies. This is how we stay committed to forging a sustainable future for generations to come. Note: For the terms of use of our LinkedIn channel, please visit: https://go.uob.com/socialmedia

WESTPAC NEW ZEALAND3,972 +64 800 400 600

We’ve been helping New Zealanders find the right financial solutions to suit their lives since 1861. We first opened back then as The Bank of New South Wales, and then changed our name to Westpac in 1982. Along the way we’ve grown stronger by joining forces with the Commercial Bank of Australia and Trust Bank – to become Westpac New Zealand Limited. We bank all sorts of people and businesses – from young children, to first home-owners through to big corporates and the New Zealand Government. Nearly a quarter of all Kiwis bank with Westpac, so we’ve got great experience and knowledge to draw on when it comes to helping people with their very first bank account, all the way through to their retirement.With more than 200 branches, and nearly 500 ATMs, we’re one of New Zealand’s largest banks. We provide a full range of banking and financial services for personal, business and agribusiness banking.A copy of our House Rules can be found here: http://bit.ly/1p0SuxH

OCBC BANK15,704 +65 1800 773 6437

OCBC Bank is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker. OCBC Bank and its subsidiaries offer a broad array of commercial banking, specialist financial and wealth management services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services. OCBC Bank’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has more than 570 branches and representative offices in 19 countries and regions. These include about 300 branches and offices in Indonesia under subsidiary Bank OCBC NISP, and over 90 branches and offices in Mainland China, Hong Kong SAR and Macau SAR under OCBC Wing Hang. OCBC Bank’s private banking services are provided by its wholly-owned subsidiary Bank of Singapore, which operates on a unique open-architecture product platform to source for the best-in-class products to meet its clients’ goals. OCBC Banks insurance subsidiary, Great Eastern Holdings, is the oldest and most established life insurance group in Singapore and Malaysia. Its asset management subsidiary, Lion Global Investors, is one of the largest private sector asset management companies in Southeast Asia.

LOMBARD ODIER GROUP2,803 +65 6305 7789

Lombard Odier aspires to be an innovative bank of choice for private and institutional clients seeking a tailored, sustainable approach to wealth and asset management. Founded in 1796, Lombard Odier is the oldest private bank in Geneva and one of the largest in Switzerland and Europe, with a network of more than 25 offices worldwide. An independent family business for seven generations, we have served our clients guided by a simple philosophy: rethink everything. Lombard Odier has a longstanding tradition of thinking and acting along the principles of corporate responsibility and sustainability.

BANK OF AMERICA205,260 +65 6678 0000

Bank of America is one of the worlds largest financial institutions, serving individuals, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company serves approximately 56 million U.S. consumer and small business relationships. It is among the worlds leading wealth management companies and is a global leader in corporate and investment banking and trading.This LinkedIn company page is moderated. For more information, please visit: https://bit.ly/32FDdQr.For account issues, please visit: https://bit.ly/2GeTIeP.

SOCASH PTE LTD34 +65 3129 2808

SOCASH creates the next-gen distribution for Digital banks and payment platforms.Banks need channels and distribution - to acquire customers , sell products, process payments & deliver services, but the current infrastructure is capital intensive and inefficient. On the other spectrum is the neighbouhood retailer with idle capacity. SOCASH connects these shops and offers a highly scalable and responsive network of retailers, delivering the spectrum of cash management, payment solutions and financial services. This is achieved by blending retail networks, payment solutions and banks with SOCASH platform The platform offers business payment solutions, solves cash management and enables customer onboarding via its ever growing network of retailers. The platform drives convergence of payments with cash and takes banking to where customers are.We are among fast growing fintech, HQd Singapore and expanding our markets across Asia and beyond. As Asia drives up consumption , the next billion are demanding ever increasing access to financial services, which the current network of ATMs and Branches are unable to deliver. With over 20,000 shops on our network and working across Asia, we are working towards a future where banking is delivered on an ubiquitous scale embedded in the community in a cost effective manner.The platform has achieved global sales and is growing with the demand from Digital banking revolution. Generates recurring from platform licences, transaction fees and FX. Products have profitable unit economics. SME lending product in pipeline.The company has raised USD 12.5M capital, most recently a USD 6 Million a strategic round from Glory Ltd (Japan), Standard Chartered and Vertex Ventures.

ST.GEORGE BANK3,791 +61 133330

St.George Bank is one of Australias leading Retail and Business Banks, serving over 2.6 million consumer, business and corporate customers in Australia.With more than 5700 staff and 396 St.George and BankSA retail branches, St.George is known for exceptional service, innovative, award-winning products, and specialist financial advice for retail and business customers. In 2008, St.George and its South Australian brand, BankSA, became part of the Westpac Group.Wed love to have you contribute to our page. Our guidelines for joining the conversation are here: https://www.stgeorge.com.au/contact-us/social-media St.George acknowledges the traditional owners as the custodians of this land, recognising their connection to land, waters and community. We pay our respects to Australias First Peoples, and to their Elders, past, present and future.St.George Bank – A Division of Westpac Banking Corporation ABN 33 007 457 141AFSL and Australian credit licence 233714

SECURITY BANK CORPORATION10,820 +63 2 8708 7087

Security Bank Corporation is one of the Philippines’ leading universal banks serving retail, commercial, corporate and institutional clients. Established on June 18, 1951, Security Bank was publicly-listed with the Philippine Stock Exchange (PSE: SECB) in 1995. Over the years, the Bank prudently managed to remain one of the most stable in the banking industry and is steadfast in its commitment to serve its clients and stakeholders.Security Bank’s major businesses include retail, commercial and corporate banking, and financial markets. It offers a wide range of services including financing and leasing, foreign exchange and stock brokerage, investment banking and asset management through its subsidiaries: SB Cards Corporation, SB Capital Investment Corporation, SB Equities, Inc., SB Forex, Inc., SB Rental, Security Land Corporation, and SBM Leasing, Inc., a joint venture with Marubeni Corporation of Japan, and Security Bank Savings, its thrift bank subsidiary.In 2014, Security Bank embarked on a rebranding campaign to further strengthen market appreciation of its retail banking business which complements its wholesale banking business. At the heart of this goal is to provide priority service and superior customer experience that resonates with a new brand promise, “BetterBanking begins here”.For the complete list of Security Banks awards, you may visit: https://www.securitybank.com/about-us/awards/

WESTPAC16,305 +65 6530 9898

Westpac is Australia’s oldest bank and company, one of four major banking organisations in Australia and one of the largest banks in New Zealand. We provide a broad range of banking and financial services in these markets, including consumer, business and institutional banking and wealth management services. We also have offices in key financial centres around the world including London, New York, Hong Kong and Singapore.Westpac Groups portfolio of financial services brands and businesses is focused on our vision, which is To be one of the world’s great service companies, helping our customers, communities and people to prosper and grow.”We welcome your contributions to our page. Please check our guidelines before you join the conversation: https://www.westpac.com.au/contact-us/social-media/ Westpac acknowledges the traditional owners as the custodians of this land, recognising their connection to land, waters and community. We pay our respects to Australias First Peoples, and to their Elders, past, present and future.Westpac Banking Corporation ABN 33 007 457 141. AFSL and Australian credit licence 233714.

DBS BANK31,927 +65 800 852 6186

DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The banks AA- and Aa1 credit ratings are among the highest in the world.Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com

BANK RAKYAT MALAYSIA2,261 +60 1-300-80-5454

Bank Rakyat was established on 28 September 1954 under the Cooperative Ordinance 1948 (known as the Cooperative Societies Act 1993). Today, Bank Rakyat is the biggest Islamic cooperative bank in Malaysia with assets totaling RM89.18 billion as at end of December 2014. The transformation in 2002 of the Bank from a conventional banking system to a banking system based on Syariah has enabled the Bank to record encouraging profits year after year. For the financial year ending 31 December 2014, we have recorded a pre-tax and pre-zakat profit of RM2.16 billion.We continue to expand our product range and customer facilities that are varied and innovative. The products and facilities include consumer banking, commercial financing, savings and investments as well as products of financial planning to satisfy the many demands of a wide spectrum of modern day customers. Efficient delivery channels continue to be expanded and continuously improved. We continue to maintain a friendly corporate image to place us on a sound footing as Your Choice Bank.We have received various recognitions as an industry player and as an outstanding cooperative organization in Malaysia as well as internationally. The Bank is rated sixth in Malaysia and 273rd in the world rankings bestowed by The Banker Magazines Top 1,000 World Banks survey. Other awards achieved include Best Islamic Bank 2014 - Global Islamic Finance Award (GIFA), CEO of The Year - National Award for Management Accounting (NAfMA) and Best Syariah Programme - MasterCard.As an entity under the control of the Ministry of Domestic Trade, Cooperatives and Consumerism, we are committed to support the mission of the Ministry to consolidate the cooperative sector as the mainstay of economic growth of the nation via all the efforts and steps that we have arranged.To date, we have 148 branches with more than 800 automated teller machines (ATMs) and cash deposit machines (CDM), and 91 Ar-Rahnu XChange nationwide.

Top Banking Financial Services And Insurance Companies in Malaysia

Factors Contributing to the Growth and Success of the Industry

One of the key factors contributing to the growth and success of the BFSI industry in Malaysia is the government's initiatives to promote the country as a center for finance and commerce. The government has established various programs and incentives to encourage foreign companies to invest in Malaysia, including the Financial Sector Blueprint and the Malaysia International Islamic Financial Centre (MIFC). These initiatives have attracted foreign banks, financial institutions, and insurance companies to establish their presence in the country and have driven the growth of the industry.

Another important factor is Malaysia's strategic location and its reputation as a center for business and commerce. The country has a stable political and economic environment, a highly educated workforce, and a diverse range of industries. These factors have created opportunities for banks, financial institutions, and insurance companies to offer a wide range of services and to develop expertise in specific industries.

Growth and Comparison to Previous Years

The BFSI industry in Malaysia has been growing steadily over the past few years. In 2022, the industry's value is estimated to reach $38 billion, with an annual growth rate of 5.5%. This growth is a reflection of the country's economic development and increasing demand for banking, financial services, and insurance.

Comparing this to the previous year, the industry grew by 5.1%, with a value of $36 billion in 2021. The industry's growth has been consistent over the past five years, with an annual growth rate of 4.8%.

Key Trends Including Technological Disruptions

The BFSI industry in Malaysia is experiencing various technological disruptions. One of the most significant trends is the increasing use of digital platforms and tools to improve the efficiency and effectiveness of banking, financial services, and insurance. Technologies such as mobile banking, online payments, and robo-advisory services are being used to automate routine tasks and to provide real-time updates to clients.

Another trend is the growing importance of sustainability and social responsibility in business practices. Banks, financial institutions, and insurance companies are increasingly looking to address environmental and social issues, and are incorporating sustainable business practices into their operations. This has created new opportunities for the industry to develop expertise in sustainability and social responsibility and to offer specialized services to clients.

Challenges Facing the Industry

Despite its growth and success, the BFSI industry in Malaysia faces several challenges. One of the major challenges is the increasing competition in the industry. As more companies enter the market, competition for clients and talent becomes more intense. Banks, financial institutions, and insurance companies need to differentiate themselves by offering unique value propositions and demonstrating their expertise in emerging areas such as digital platforms and sustainable business practices.

Another challenge is the need to stay updated with emerging technologies and industry trends. The industry needs to invest in research and development to stay informed and to adapt to new technologies and business practices. This requires significant investment in training and development for employees, which can be a challenge for smaller firms.

Future Outlook

Despite the challenges facing the industry, the future outlook remains positive. The government's commitment to promoting Malaysia as a center for finance and commerce, combined with the increasing demand for banking, financial services, and insurance, is expected to drive further growth and investment in the BFSI industry. The ongoing digital transformation of the industry is also expected to continue, with a focus on digital platforms and tools.

In addition, the growing importance of sustainability and social responsibility in business practices is expected to create new opportunities for the industry. Banks, financial institutions, and insurance companies are increasingly looking for advice on how to address environmental and social issues, and firms that can provide specialized expertise in these areas are likely to see increased demand for their services.

Conclusion

The Banking, Financial Services & Insurance industry in Malaysia is a vital component of the country's economy, driven by government initiatives, Malaysia's strategic location, and reputation as a center for finance and commerce. The industry is experiencing various technological disruptions, including the increasing use of digital platforms and tools and the growing importance of sustainability and social responsibility in business practices. While the industry faces challenges such as increasing competition and the need to stay updated with emerging technologies and industry trends, the future outlook remains positive, with expected growth in the BFSI industry, diverse industries, and the ongoing digital transformation of the industry. As the industry continues to evolve, banks, financial institutions, and insurance companies need to stay informed and adapt to emerging trends and technologies to remain competitive in the market.

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By Melissa Goh
Published on 14 May 2023