Top 10 facts about Malaysia

CONTENTS
1. Geography and population in Malaysia
2. State language in Malaysia
3. Currency in Malaysia
4. Internet in Malaysia
5. Economic development in Malaysia
6. Job in Malaysia
7. Working days and holidays in Malaysia
8. Malaysian mentality
9. Advertising in Malaysia
10. Cryptocurrency in Malaysia

1. Geography and population in Malaysia

Malaysia is a country in Southeast Asia, occupying part of the Malacca Peninsula and the island of Kalimantan. 60% of the population are Malays, who, according to the country's legislation, have special privileges in business, education and public service.

Time zone UTC: +08:00.

GENERAL INFORMATION ABOUT MALAYSIA

Area: 350,000km²
Population: 28 million
Capital: Kuala Lumpur
International Direct Dial Code: +60
Top-level domain/ TLD: .my
Spoken language: Malay

2. Official language in Malaysia

Malay is the official language in Malaysia, Brunei (the official name is Brunei Malay). In 1972, a unified writing system based on the Latin alphabet was introduced and the spelling rules were brought together. Malay (self-name: Bahasa Melayu) is one of the Austronesian languages (Malay-Polynesian branch, western "sub-branch"). In 1970-1990, the name Malaysian was also used in Malaysia.

3. Currency in Malaysia

Ringgit (Malay. Ringgit, literally: jagged) - the national currency of Malaysia, consists of 100 sen. All banknotes have a portrait of the first supreme ruler of Malaysia, Abdul Rahman, on the obverse.

1 RM *Malaysian ringgit = $0.24

4. Internet in Malaysia

Things are doing well in Malaysia with mobile communications and the Internet. Mobile internet is inexpensive and quality 4G coverage is available in many parts of the country.

Leading e-commerce spheres in the first positions: sale of air tickets, insurance, clothing and accessories. The least sought-after categories are: pets, cars and bicycles, maternity products, movies and music, sporting goods.
A portrait of a typical online shopper in Malaysia: female (51%), 26–35 years old, selects a product at night, prefers bank transfer.
Malaysia has a developed business environment, where everything is mainly based on small and medium-sized businesses (97% of enterprises). Local authorities are the main focus of support for this sector. Today 70% of these types of companies do not have websites, 72% do not have online commerce tools, although 48% plan to do so.
The global Asian trend is the replacement of the traditional and widespread use of smartphones (both real and feature phones) by the mobile Internet.

5. Economic development in Malaysia

Malaysia's economy is the 3rd largest in Southeast Asia and the 38th largest economy in the world. Labor productivity in Malaysia is significantly higher than in neighboring Thailand, Indonesia, the Philippines or Vietnam due to the high density of industries employing specialists with higher education. In addition to agricultural industries in Malaysia, the industry of electrical appliances and products is developing rapidly. According to the 2017 Global Competitiveness Report, Malaysia's economy is the 23rd most competitive country in the world between 2017 and 2018.

Despite the government's policy to increase per capita income to develop the high-income country by 2020, wages growth in Malaysia has been very slow, lagging behind the OECD standard.

The sectoral structure of GDP is an important factor. In Malaysia, agriculture accounts for 7.3% of GDP, industry - 33.5%, and services - 59.1% of GDP. The population of the country is "scattered" in the spheres of production in direct proportion to the higher data: industry - 27%, agriculture + forestry + fishing industry - 16%, tourism and local trade - 17%, services - 15%, government (authorities) - 10%, construction - 9%.

The main industries in Malaysia are electrical appliances, electronics and computers. The country successfully occupies a leading position in the production of household air conditioners and microcircuits. Malaysia is home to the manufacturing facilities of international companies such as Intel, AMD, Freescale Semiconductor, ASE, Infineon, STMicroelectronics, Texas Instruments, Fairchild Semiconductor, Renesas, X-Fab and major Malaysian companies such as Green Packet, Silterra, Globetronics, Unisem and Inari, which have contributed to the sustainable growth of the semiconductor industry in Malaysia. Today, there are more than 50 semiconductor companies in Malaysia.

6. Job in Malaysia

The minimum wage in Malaysia is €215. This is approximately MYR 1,016. The average salary is €500 (MYR 2,365). An engineer in this country receives from €2,000 per month (as of February 2021).

Average salary by profession/ €:

Dancer - €960
Engineer - €2000
Programmer - €750
Babysitter - €8-10 per hour
Waiter - €650

7. Working days and holidays in Malaysia

Days off - Saturday, Sunday, in some states - Friday.

All Muslim holidays and a number of local ones are also non-working days.

The main list of events significant for the country:

January 1st - New Year
January 19-20 - Hari Raya-Aidelfitri
January 24 - Thaipusam
February 1st - Day of Federal Territories
February 8-9 - Chinese New Year
March 25 - Easter
March 28 - Hari Raya Haji
May 1st – Labor Day
May 21st - Vesak
June 4 - King's Birthday
June 22nd - Night of Destiny Nuzul-Al-Quran
June 26 - Birthday of the Prophet
July 6 - Hari Raya Puasa (end of Ramadan)
July 7 - Hari Raya Puasa and Georgetown City Day
August 31st - Merdeka Day or Independence Day
September 12 - Hari Raya Hajj
September 16 - Day of Malaysia
October 2nd - Aval Muharram
October 29 - Deepavali Day
December 11 - Birthday of Sultan Selangor
December 12 - Birthday of the Prophet Mohammed
December 25 – Christmas

8. Malaysian mentality

Malaysians of all nationalities are strongly family oriented and have a strong respect for family and community values. When meeting a Malaysian, you may get the impression that he wants to make you a member of his family or friend’s circle. This feeling of love, shown not only to relatives, is a characteristic feature of Malaysians. They may even call you by their common kinship terms “brother,” “sister,” “aunt,” “uncle.” Malaysians love their children very much, devote a lot of time to them, pampering and indulging in everything. In turn, Malaysians will certainly take an interest in your marital status, asking a lot of questions, especially if you have children.

Social harmony is highly valued in Malaysia, therefore the inhabitants of this country are distinguished by a sense of solidarity, the ability to subordinate personal interests to public needs. Collaboration and participation in public life is very common here. Malaysians love to hold various meetings with the aim of making a collective decision that takes into account the interests of all.

9. Advertising in Malaysia

There is a widespread Asian trend towards hyper-engagement in social media. Malaysians are no exception. 62% of Internet users in the country use social networks every day and spend 4.5 hours there.

The country is dominated by the mobile Internet. It determines the specifics of content consumption: 74% of users play games, and this segment is actively growing. The mobile advertising market is also developing.
Armpits should not be shown on TV channels and in all other media: Malaysia is a Muslim state with strict laws prohibiting the display of intimate parts of the body, which include armpits. In addition, advertising of contraceptives, as well as the services of doctors and lawyers is not allowed on TV.

10. Cryptocurrency in Malaysia

The Malaysian Securities Commission's (SC) Advisory Board has announced that the cryptocurrency industry has gigantic potential. However, while the adoption of legislation on the legalization of the crypto sphere is hampered by an incomplete understanding of the features of the new asset class.
Chairman of the Sharia Advisory Council Daud Bakar, during his speech at the Fintech Conference 2020 in Kuala Lumpur, noted that at the moment, only 2% of Malaysians know enough about cryptocurrency to transact with such instruments. People can already buy and sell tokens, but it is necessary that such instruments be backed by real assets.
Up to 60% of the population of Malaysia is Muslim, therefore the Sharia Advisory Council under SC has a lot of power and can influence the policy of the authorities. The Binance crypto exchange operates in the local market, but it still has not received the appropriate permission from the regulators.
In order to open a digital asset trading platform in Malaysia, it is necessary to register as a licensed service provider in the market, according to the provisions in the RMO Guidelines. The launch of an ICO company in Malaysia has its own characteristics. Among them, authorization as the initial exchange operator (IEO operator) in order to be eligible to place digital tokens on the crypto platform. It should be borne in mind that applications from those wishing to obtain an IEO operator license in Malaysia (that is, a cryptoasset custodian license) were accepted until February 15, 2021. If you want to carry out custody services for digital assets, you need to apply for registration as a custodian of cryptoassets in Malaysia.

Entrepreneurs who decide to open a crypto company in Singapore can use blockchain technology. In turn, after the implementation of the digital exchange, DBS will also be able to use blockchain technology to provide a more reliable regulated market in which cryptocurrencies can be traded. On such a platform, it will be possible to:
- It is assumed that the crypto exchanger from DBS will exchange in the following currencies SGD, USD, HKD, JPY. Some of the most common virtual currencies that will fall under the exchange are: BTC, ETH, XRP.
- Provide depository services. This will ensure that safe custody services are carried out.

Singapore's main stock exchange, Singapore Exchange Limited (SGX), is expected to receive a 10% stake in the digital exchange from DBS. The Singapore cryptocurrency exchange from DBS Bank Limited is expected to launch in the first quarter of 2021.