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Question: Do Malaysian (Labuan) banks have a payoff system?
5-1. About Corporate Account Opening
Answer: In Malaysia, in the unlikely event that a bank goes bankrupt, in principle, up to MYR 250,000 is guaranteed for 1 company (individual) per 1 bank. In addition, even if branches are counted as 1 bank, if there are a lot of funds, it is recommended to open multiple banks and manage the fund in a distributed way. The scope of application covers assets such as ordinary accounts, checking accounts, fixed deposit accounts, and Islamic deposit accounts. On the other hand, unit trusts and gold-related investment products are not applicable. Payoffs are also applied to foreign currency accounts, and up to an amount equivalent to MYR 250,000 is guaranteed according to the exchange rate at that time.