Editing Economy of Malaysia (section)

== Services sector ==

===Finance and banking===
[[File:Maybank Tower Kuala Lumpur.jpg|thumb|Headquarters of [[Maybank]], Malaysia's largest bank]]
Kuala Lumpur has a large financial sector, and is ranked the 22nd in the world in the Global Financial Centres Index.<ref>{{cite web | url=http://www.longfinance.net/images/GFCI14_30Sept2013.pdf | title=GFCI | access-date=5 April 2015 | archive-url=https://web.archive.org/web/20150904001601/http://www.longfinance.net/images/GFCI14_30Sept2013.pdf | archive-date=4 September 2015 | url-status=dead | df=dmy-all }}</ref>
There are currently 27 [[commercial bank]]s (8 domestic and 19 foreign), 16 [[Islamic bank]]s (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 largest banks in Malaysia's finance sector are [[Maybank]], [[CIMB]], [[Public Bank Berhad]], followed by [[RHB Bank]], [[Hong Leong Bank]] and [[AmBank]].

Malaysia is currently also the world's largest [[Islamic finance in Malaysia|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.<ref name="Theconversation">{{cite web | url=http://theconversation.com/malaysia-plans-to-be-the-first-islamic-financial-superpower-19922 | title=Theconversation | date=11 November 2013 | access-date=5 April 2015 | archive-date=10 April 2015 | archive-url=https://web.archive.org/web/20150410043326/http://theconversation.com/malaysia-plans-to-be-the-first-islamic-financial-superpower-19922 | url-status=live }}</ref> 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.<ref>{{cite web | url=http://theconversation.com/islamic-finance-goes-global-but-malaysia-still-leads-the-way-27347 | title=Theconversation | date=18 September 2014 | access-date=5 April 2015 | archive-date=10 April 2015 | archive-url=https://web.archive.org/web/20150410072548/http://theconversation.com/islamic-finance-goes-global-but-malaysia-still-leads-the-way-27347 | url-status=live }}</ref>

Malaysia is the global leader in terms of the [[sukuk]] (Islamic bond) market, issuing RM62 billion (US$17.74 billion)<ref>{{cite web | url=http://www.institutionalinvestor.com/article/3443653/banking-and-capital-markets-emerging-markets/can-malaysia-sustain-its-growth-despite-economic-obstacles.html?ArticleId=3443653&p=3#.VSkH1_mUeSo | title=Institutional Investor | access-date=11 April 2015 | archive-date=17 April 2015 | archive-url=https://web.archive.org/web/20150417052008/http://www.institutionalinvestor.com/article/3443653/banking-and-capital-markets-emerging-markets/can-malaysia-sustain-its-growth-despite-economic-obstacles.html?ArticleId=3443653&p=3#.VSkH1_mUeSo | url-status=dead }}</ref> worth of sukuk in 2014 - over 66.7%<ref>{{cite web | url=http://www.thestar.com.my/Business/Business-News/2014/09/27/Bond-market-seen-to-rebound-Malaysia-remains-leading-sukuk-issuer/?style=biz | title=The Star | date=27 September 2014 | access-date=11 April 2015 | archive-date=11 April 2015 | archive-url=https://web.archive.org/web/20150411143549/http://www.thestar.com.my/Business/Business-News/2014/09/27/Bond-market-seen-to-rebound-Malaysia-remains-leading-sukuk-issuer/?style=biz | url-status=live }}</ref> of the global total of US$26.6 billion<ref name="Theconversation"/><ref>{{cite web | url=http://www.homilychart.com/my/my_content/en_9842.html | title=HomilyChart | access-date=12 April 2015 | archive-url=https://web.archive.org/web/20151016010330/http://www.homilychart.com/my/my_content/en_9842.html | archive-date=16 October 2015 | url-status=dead | df=dmy-all }}</ref> Malaysia also accounts for around two-thirds of the global outstanding sukuk market, controlling $178 billion of $290 billion, the global total.<ref>{{cite web | url=https://www.moodys.com/research/Moodys-Malaysias-sukuk-market-to-grow-10-over-2014-and--PR_300889 | title=Moody's | date=5 June 2014 | access-date=11 April 2015 | archive-date=14 April 2015 | archive-url=https://web.archive.org/web/20150414112751/https://www.moodys.com/research/Moodys-Malaysias-sukuk-market-to-grow-10-over-2014-and--PR_300889 | url-status=live }}</ref>

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.<ref name="Theconversation"/>

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.<ref>{{Cite web |title=Overview |url=https://www.bursamalaysia.com/about_bursa/about_us/overview |access-date=2022-03-30 |website=www.bursamalaysia.com |archive-date=13 August 2023 |archive-url=https://web.archive.org/web/20230813093149/http://www.bursamalaysia.com/about_bursa/about_us/overview |url-status=live }}</ref><ref>{{cite web |title=Bursa Malaysia history |url=http://www.klse.com.my/website/bm/about_us/the_organisation/history.html |url-status=dead |archive-url=https://web.archive.org/web/20070419190041/http://www.klse.com.my/website/bm/about_us/the_organisation/history.html |archive-date=19 April 2007 |df=dmy}}</ref>

===Tourism===
{{Main|Tourism in Malaysia}}
[[File:SouthBeach Curve.JPG|thumb|South Beach at [[Perhentian Islands|Perhentian Besar]]]]
Tourism is a huge sector of the Malaysian economy, with 20.14 million tourists generating RM71.3 billion (US$15.5 billion) in tourist receipts in 2023,<ref>{{Cite web |title=Malaysia Tourism Statistics |url=https://data.tourism.gov.my/ |access-date=2024-10-21 |website=data.tourism.gov.my}}</ref><ref>{{Cite web |title=Malaysia Tourism Key Performance Indicators 2023 |url=https://www.tourism.gov.my/files/uploads/Malaysia-Tourism-Key-Performance-Indicators-2023.pdf}}</ref> Total tourist receipts increased by 9% when compared to the 2013 figure of RM65.4 billion (US$20 billion).<ref>http://dtxtq4w60xqpw.cloudfront.net/sites/all/files/pdf/malaysia_country_report_2014.pdf{{dead link|date=April 2018 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

Malaysia is ranked 14th of the most visited country in the world in 2024 at 26.1 million tourists.<ref>{{Cite web |title=Most Visited Countries 2024 |url=https://www.datapandas.org/ranking/most-visited-countries |access-date=2024-10-21 |website=www.datapandas.org |language=en}}</ref>

Malaysia is rich with diverse natural attractions which become an asset to the country's tourism industry. This was recognised by the World Travel & Tourism Council (WTTC), who declared Malaysia as "a destination full of unrealised potential" with the main strength as the availability of a vast range of diverse attractions to suit all tastes relatively affordable prices and; largely unspoilt destination.<ref>{{cite web | url=https://www.academia.edu/1421294 | title=Tourism Industry In Malaysia The Experience and Challenge | last1=Suratman | first1=Robiah | access-date=5 April 2015 | archive-date=3 October 2021 | archive-url=https://web.archive.org/web/20211003101035/https://www.academia.edu/1421294 | url-status=live }}{{self-published inline|date=June 2021}}</ref>

Malaysia's top tourist destinations are the [[Mulu Caves]], [[Perhentian Islands]], [[Langkawi]], [[Petronas Towers]] and [[Mount Kinabalu]].<ref>{{cite web | url=http://www.touropia.com/tourist-attractions-in-malaysia/ | title=Tourupia | access-date=5 April 2015 | archive-date=8 April 2015 | archive-url=https://web.archive.org/web/20150408051200/http://www.touropia.com/tourist-attractions-in-malaysia/ | url-status=live }}</ref>

==== Medical tourism ====
{{See also|Medical tourism in Malaysia}}
[[File:Tuaran Sabah Malaysia Tuaran-Hospital-06.jpg|thumb|Tuaran Hospital in [[Sabah]]]]
Medical tourism is a significant sector of Malaysia's economy, with around 850,000 individuals travelling to Malaysia specifically for medical treatments alone in 2022, contributing RM1.3 billion (US$295 million) in revenue to the economy.<ref>{{Cite web |title=Healthcare Traveller Statistics |url=https://www.mhtc.org.my/statistics/ |access-date=2024-10-21 |website=Malaysia Healthcare Travel Council (MHTC) |language=en-US}}</ref> This is down from pre-pandemic numbers of 1.2 million individuals and a total contribution of RM1.7 billion (US$416 million) but the Malaysia Healthcare Travel Council (MHTC) already expects the figures to surpass by 2024, with an expected revenue of RM2.4 billion (US$558 million).<ref>{{Cite web |title=Attracting more medical tourists to Malaysia |url=https://www.thestar.com.my/lifestyle/travel/2024/02/16/attracting-more-medical-tourists-to-malaysia |access-date=2024-10-21 |website=The Star |date=16 February 2024 |language=en}}</ref>

Malaysia is reputed as one of the most preferred medical tourism destinations with modern private healthcare facilities and highly efficient medical professionals.<ref name="Wong et al 2014">{{cite journal |last1=Wong |first1=Kee Mun |last2=Velasamy |first2=Peramarajan |last3=Tengku Arshad |first3=Tengku Nuraina |title=Medical Tourism Destination SWOT Analysis: A Case Study of Malaysia, Thailand, Singapore and India |journal=SHS Web of Conferences |date=2014 |volume=12 |pages=01037 |doi=10.1051/shsconf/20141201037 |doi-access=free }}</ref> In 2014, Malaysia was ranked the world's best destination for medical tourism by the [[Andrew Henderson (Nomad Capitalist)|Nomad Capitalist]].<ref>{{cite web | url=http://nomadcapitalist.com/2014/01/05/top-5-best-countries-medical-tourism/ | title=NomadCapitalist | date=5 January 2014 | access-date=7 April 2015 | archive-date=19 April 2015 | archive-url=https://web.archive.org/web/20150419095626/http://nomadcapitalist.com/2014/01/05/top-5-best-countries-medical-tourism/ | url-status=live }}</ref> Malaysia was also included in the top 10 medical tourism destinations list by CNBC.<ref>{{cite web | url=https://www.cnbc.com/2014/03/12/top-destinations-for-health-tourism.html | title=CNBC | website=[[CNBC]] | date=14 March 2014 | access-date=7 April 2015 | archive-date=15 April 2015 | archive-url=https://web.archive.org/web/20150415190041/http://www.cnbc.com/id/101487998/page/7 | url-status=live }}</ref>

In 2014, Prince Court Medical Centre, a Malaysian hospital, was ranked the world's best hospital for medical tourists by MTQUA.<ref>{{cite web | url=http://www.mtqua.org/media-center/prince-court-named-top-10-worlds-best-hospitals-2014/ | title=MTQUA | access-date=7 April 2015 | archive-date=14 April 2015 | archive-url=https://web.archive.org/web/20150414094241/http://www.mtqua.org/media-center/prince-court-named-top-10-worlds-best-hospitals-2014/ | url-status=dead }}</ref> MHTC announced that two Malaysian Hospitals were recognised in the Newsweek & Statista's World's Best Hospitals 2024, [[Gleneagles Hospital Kuala Lumpur|Gleneagles Kuala Lumpur]] and [[Sunway Medical Centre]].

===Oil and gas===
[[File:E8664-Pattaya-Sukhumvit-Road.jpg|thumb|[[Petronas]] petrol station in [[Thailand]]]]
Malaysia has a vibrant [[oil and gas industry]]. The national oil company, [[Petronas]] was ranked 216th in the [[Fortune 500]] list in 2022, generating revenue of over RM171 billion (US$36.5 billion) and possessing total assets of over RM798 billion (US$169 billion) in the first half of 2024.<ref>{{Cite web |title=Reports {{!}} PETRONAS Global |url=https://www.petronas.com/media/reports |access-date=2024-10-21 |website=www.petronas.com}}</ref> Petronas accounted for more than 20% of the Malaysian government's revenue from 2018 to 2023. The Malaysian government has been actively cutting down on its reliance of petroleum with an expected contribution of approximately RM32 billion (around US$7 billion) from Petronas and RM64 billion (US$13.9 billion) from petroleum-derived revenues, with the latter figure down from RM69.8 billion (US$15.2 billion).<ref>{{Cite web |url=https://www.malaymail.com/news/malaysia/2023/10/12/malaysia-further-reduces-dependency-on-petronas-dividends-in-2024-to-grow-non-petroleum-based-revenue/95900 |title=Malaysia further reduces dependency on Petronas dividends in 2024 to grow non-petroleum based revenue |access-date=2024-10-21 |website=www.malaymail.com}}</ref>

Petronas is also the custodian of oil and gas reserves for Malaysia. Hence, all oil and gas activities are regulated by Petronas. Malaysia encourages foreign oil company participation through production sharing contracts, in which significant amount of oil will be given away to the foreign oil company until it reaches a production milestone. Currently, many major oil companies such as [[ExxonMobil]], [[Royal Dutch Shell]], [[Nippon Oil]], and [[Murphy Oil]] are involved in such contracts.<ref>{{cite news| title=Petronas Corporate Milestones 1974–2002| author=Petronas| access-date=28 June 2008| url=http://www.petronas.com.my/internet/corp/centralrep2.nsf/0ddc209ca3aa90e848256e9900178727/ebe8f95b4e4b83db48256a9900456959?OpenDocument| archive-url=https://web.archive.org/web/20110716191531/http://www.petronas.com.my/internet/corp/centralrep2.nsf/0ddc209ca3aa90e848256e9900178727/ebe8f95b4e4b83db48256a9900456959?OpenDocument| archive-date=16 July 2011| url-status=dead| df=dmy-all}}</ref> As a result, 40% of oil fields in Malaysia are developed.<ref>{{cite news| title=Oil and Gas opportunity in Malaysia| url=http://www.malaysiamission.com/team.php?id=19| author=Malaysia Trade Mission to US| access-date=27 June 2008| year=2005| archive-date=10 August 2007| archive-url=https://web.archive.org/web/20070810135254/http://malaysiamission.com/team.php?id=19| url-status=dead}}</ref>

There are over 3,500 oil and gas (O&G) businesses in Malaysia comprising international oil companies, independents, services and manufacturing companies that support the needs of the O&G value chain both domestically and regionally. Many major global machinery & equipment (M&E) manufacturers have set up bases in Malaysia to complement home-grown M&E companies, while other Malaysian oil and gas companies are focused on key strategic segments such as marine, drilling, engineering, fabrication, offshore installation and operations and maintenance (O&M).