Industrial and Commercial Bank of China (Malaysia) Berhad

What Industrial and Commercial Bank of China (Malaysia) Berhad does

Industrial and Commercial Bank of China (Malaysia) Berhad is a wholly-owned subsidiary of Industrial and Commercial Bank of China Limited (ICBC) and operates as a Bank Negara Malaysia-licensed bank headquartered in Kuala Lumpur. Founded in 2010, the bank serves individual retail customers, small and medium enterprises, and corporate clients across Malaysia through four physical branches in Kuala Lumpur, Kuching, Johor Bahru, and Labuan, supplemented by Mobile Banking applications (iOS, Android, Huawei AppGallery), Personal Internet Banking (Banking@Home brand), and Corporate Internet Banking platforms secured by proprietary USB-Shield hardware tokens developed in-house by ICBC since 2003.

The product portfolio spans personal banking (deposits in RM/USD/CNY, mortgage loans, UnionPay dual-currency and Visa credit cards, debit cards, wealth management, unit trust distribution via Manulife, bancassurance via Generali, and physical precious metals) and corporate banking (trade services including Letters of Credit and Documentary Collection, credit facilities, global payments and cash management, treasury products and derivatives, investment banking, and SME loans). Digital and payment capabilities integrate with Malaysia's national infrastructure — JomPAY for bill payments, DuitNow and DuitNow QR for instant transfers up to RM50,000/day, Interbank GIRO — as well as global card networks (UnionPay, Visa) and mobile wallets (Huawei Pay).

Revenue is generated through net interest income on lending and deposits, transaction fees (cross-border remittances at RM2 commission plus RM30 cable charge), trade finance fees, credit card interchange and annual fees, and distribution commissions from bancassurance and unit trust partnerships. The bank's principal competitive positioning rests on its parent ICBC's global brand strength, dedicated RMB/CNY clearing expertise for China-Malaysia cross-border trade, and UnionPay network reach spanning over 100 countries. As of the input data, the subsidiary operates with 26 employees, indicating a lean operating model that relies heavily on digital channels and parent-group infrastructure rather than large-scale local staffing.

Name

Industrial and Commercial Bank of China (Malaysia) Berhad

Legal name

Industrial and Commercial Bank of China (Malaysia) Berhad

Website

https://malaysia.icbc.com.cn

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Industrial and Commercial Bank of China (Malaysia) Berhad is a BNM-licensed Malaysian bank and wholly-owned subsidiary of ICBC Limited, serving retail, SME, and corporate clients through four branches and digital banking channels with a focus on China-Malaysia cross-border RMB trade.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Credit Card Issuing (52221), Investment Banking and Securities Intermediation (52315)

SIC

National Commercial Banks (6021), Miscellaneous Business Credit Institution (6159)

akta.pro industry

PRIMARYFSABAIAD

Account & Balance Services (Operating accounts, statements, eBAM)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Transaction Banking (Cash Management & Treasury Services)

SECONDARYFSAMAIAL

Trade & Invoice Payments (Cross-Border B2B)

Financial & Insurance/Payments & Transaction Processing/Cross-Border Payments & Remittances

Keywords

• Commercial banking services
• Retail banking products
• Trade finance services
• Wealth management solutions
• Cross-border RMB services

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales, Others

Revenue model

1. Interest Income: Traditional banking interest income from lending activities including home loans, term loans, overdrafts, revolving credit facilities, and SME loans. Interest rates include Base Lending Rate of 6.45% and Base Rate of 3.52% (effective 16/07/2025).
2. Deposit Interest: Interest paid to depositors on savings accounts, current accounts, and fixed deposits in multiple currencies (RM, USD, CNY). Fixed deposit rates range from 2.65% to 2.95% for RM depending on tenure.
3. Transaction and Service Fees: Fees from cross-border remittances (RM2 commission + RM30 cable charge), cheque processing, trade finance services, and other banking transactions.
4. Corporate Banking Services: Fees from corporate internet banking services, credit facilities, trade services (Letter of Credit, Documentary Collection, Bank Guarantee), treasury products, and investment banking.
5. Credit Card Revenue: Annual fees (waived with minimum spending requirements), transaction fees, and interchange from credit card operations including UnionPay Dual Currency and VISA credit cards.
6. Unit Trust Distribution: Distribution of unit trust products through branch network with dedicated wealth advisors, earning distribution fees from fund managers.
7. Bancassurance Revenue: Distribution of insurance products including life, travel, personal accident, and business insurance through bancassurance partnerships with Generali Insurance Berhad.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels3 records

Core offering

Industrial and Commercial Bank of China (Malaysia) Berhad is a licensed commercial bank operating as a wholly-owned subsidiary of ICBC Limited, providing personal and corporate banking services through four branches and digital channels. Its offering spans deposits, mortgage loans, credit/debit cards, wealth management, trade finance, treasury products, investment banking, and SME lending, with specialized expertise in China-Malaysia cross-border RMB settlement and UnionPay-based dual currency cards.

Product overview

Industrial and Commercial Bank of China (Malaysia) Berhad operates as a wholly-owned subsidiary of ICBC Limited, offering a comprehensive suite of banking products through multiple delivery channels. The product portfolio spans three core areas: Personal Banking (deposits, credit cards, mortgage loans, wealth management, unit trusts, insurance, and physical precious metals), Corporate Banking (trade services, credit facilities, global payments & cash management, treasury products, investment banking, and SME loans), and Digital Banking (Mobile Banking, Personal Internet Banking branded as Banking@Home, and Corporate Internet Banking). Security is enhanced through USB-Shield hardware tokens. The bank integrates with national payment infrastructure including JomPAY, DuitNow, and DuitNow QR, as well as card networks (UnionPay, Visa) and mobile payment platforms (Huawei Pay). Insurance and unit trust products are distributed through partnerships with Generali and Manulife respectively.

Differentiator

Problem solved

Functional benefit

Brands

• Huawei Pay: Mobile payment service launched by Huawei in cooperation with ICBC and UnionPay in Malaysia, allowing NFC-enabled phone payments
• Banking@Home

Products and services

• Deposit Accounts
• ICBC Mortgage Loan
• ICBC UnionPay Dual Currency Credit Card
• ICBC Visa Credit Card
• ICBC UnionPay Debit Card
• ICBC Physical Precious Metals (Gold Products)
• ICBC Malaysia Wealth Management
• ICBC Bancassurance Products
• ICBC Malaysia Unit Trust Services
• Trade Services
• Credit Facility
• Global Payments & Cash Management
• Treasury Products & Services
• Investment Banking
• SME Loan
• Feature Business (RMB Services)
• ICBC Mobile Banking
• Personal Internet Banking (Banking@Home)
• Corporate Internet Banking
• USB-Shield
• Auto Balance Conversion

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature3 records

Partnerships

Seven partnerships are on record, tiered core.

• Generali Insurance BerhadcoreChannel Partner/ Reseller/ DistributorGenerali Insurance Berhad is a licensed insurance company providing bancassurance products distributed through ICBC Malaysia's branch network. Products include life insurance, travel insurance, personal accident insurance (GENERALI SmartPA Enhanced, GENERALI Secure Enhanced Plus, GENERALI Level Term Assurance), business insurance (GENERALI Business Advantage Plus, GENERALI SMART SME Plus), and travel insurance (Generali Smart Traveller Enhanced).
• Manulife Investment ManagementcoreChannel Partner/ Reseller/ DistributorManulife Investment distributes unit trust products through ICBC Malaysia's branch network and wealth advisors. Funds available include Manulife Investment U.S. Equity Fund, Manulife Investment Asia-Pacific REIT Fund, Manulife Dragon Growth Fund, and Manulife Asia Total Return Bond Fund.
• UnionPay InternationalcoreTechnology or IntegrationICBC Malaysia issues UnionPay-branded credit cards (UnionPay Dual Currency Credit Card) and debit cards. UnionPay is China's only organization for CNY settlements on the Chinese Mainland with acceptance at over 2 million merchants, 3 million POS terminals, and nearly 300,000 ATMs across China, plus over 100 countries globally.
• HuaweicoreTechnology or IntegrationHuawei Pay mobile payment service launched in cooperation with ICBC and UnionPay in Malaysia. Allows ICBC cardholders with NFC-capable Huawei phones to make contactless payments at merchants accepting UnionPay contactless payments.
• PayNet (DuitNow)coreTechnology or IntegrationDuitNow is Malaysia's national QR payment standard established by PayNet under Bank Negara Malaysia's Interoperable Credit Transfer Framework. Enables instant fund transfers using mobile number, NRIC, passport, or business registration number. ICBC Mobile Banking integrates DuitNow for payments and fund transfers up to RM50,000/day.
• JomPAYcoreTechnology or IntegrationNational bill payment scheme supported by banks in Malaysia. ICBC Internet Banking and Mobile Banking enable customers to pay bills from savings, current, or credit card accounts. JomPAY service is free for customers making bill payments.
• Perbadanan Insurans Deposit Malaysia (PIDM)coreOthersPIDM is Malaysia's deposit insurance corporation that provides protection for depositors against the loss of their deposits. ICBC Malaysia is a member of PIDM with deposits protected up to RM250,000 per depositor.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Public Bank Berhad: Leading Malaysian retail and SME bank with extensive domestic branch coverage. Sets the standard for consumer banking efficiency against which ICBC Malaysia's smaller footprint must compete.
• CIMB Bank Berhad: One of Malaysia's largest universal banks with strong ASEAN footprint. Competes across retail, SME and corporate banking, including cross-border ASEAN trade flows where ICBC Malaysia also targets.
• Maybank Berhad: Malaysia's largest domestic bank by assets and branch network. Dominant incumbent across retail deposits, mortgages, SME and corporate banking — sets the competitive benchmark ICBC Malaysia must beat for local market share.

Direct peers

• Agricultural Bank of China (Malaysia): Another Big-Four Chinese state-owned bank operating in Malaysia. Closest direct analogue as a fellow Chinese-bank subsidiary serving Chinese corporates and the China-Malaysia trade corridor.
• Standard Chartered Bank Malaysia Berhad: International bank with strong Asian trade-finance and cross-border payments franchise. Competes for the same Chinese-corporate, RMB-settlement and emerging-markets trade-finance mandates in Malaysia.
• HSBC Bank Malaysia Berhad: Global universal bank with deep Malaysian presence competing directly for trade finance, FX, corporate cash management and wealth management — including the China-related trade corridors where ICBC Malaysia also operates.
• China Construction Bank (Malaysia) Berhad: Malaysian subsidiary of CCB, one of China's "Big Four" state-owned banks. Overlaps on corporate banking, trade finance and Chinese-corporate relationship management in Malaysia, with similar product suites tailored to China-Malaysia flows.
• Bank of China (Malaysia) Berhad: Malaysian subsidiary of Bank of China, another major Chinese state-owned commercial bank. Offers the same China-Malaysia cross-border RMB, trade finance, and dual-currency card proposition, competing head-to-head for the same Chinese-corporate, expatriate and bilateral-trade customer base.

Regional players

• OCBC Bank Malaysia Berhad: Singapore-headquartered regional bank with Malaysian franchise. Competes for cross-border ASEAN trade, SME banking and wealth management with a stronger Singapore-China corridor franchise than the typical local Malaysian bank.
• United Overseas Bank (UOB) Malaysia: Singapore-based regional bank with Malaysian presence post-CIMB-Asian-retail integration. Competes for corporate banking, regional trade finance and wealth management across ASEAN.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/industrial-and-commercial-bank-of-china-malaysia-berhad

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Industrial and Commercial Bank of China (Malaysia) Berhad