bank. If a depositor has several accounts in one bank, the balance of all depositor's accounts will be cumulated to calculate the amount of deposit insured. Japan Deposit Insurance Corporation of Japan, founded in 1971 and based in Tokyo, oversees this function for institutes other than agricultural and fishery co-operative. The insurance protects up to 10 million Yen per depositor per financial institution. For the agricultural and fishery co-operative (Norinchukin), the oversees this. Malaysia Malaysia introduced its Deposit Insurance System in September 2005. Malaysia Deposit Insurance Corporation (MDIC) (Malay: Perbadanan Insurans Deposit Malaysia (PIDM)) is a statutory body formed under the Malaysia Deposit Insurance Corporation Act (Akta Perbadanan Insurans Deposit Malaysia). All commercial and Islamic banks, including foreign banks operating in Malaysia, are compulsory member institutions of PIDM. The maximum coverage limit is RM250,000 per depositor per member institution. Islamic accounts, joint accounts, trust accounts and accounts of sole proprietorships, partnerships or persons carrying on professional practices are separately insured up to the RM250,000 limit. PIDM is also mandated to provide incentives for sound risk management in the financial system, as well as promote and contribute to the stability of the financial system. For more information about MDIC, visit MDIC's website at http://www.pidm.gov.my Mongolia During the 2007 global financial crises, Mongolia extended blanket guarantee to protect all bank deposits. At the time the guarantee coverage was 1.7 times higher than the state budget of the country. On 10 January 2013, the Parliament of Mongolia adopted the Law on Insurance for Bank Deposits that establishes a mandatory insurance scheme for the protection of bank monetary deposits. Philippines Deposits in the Philippines up to is covered by the Philippine Deposit Insurance Corporation (PDIC). It was raised from the previous insurance coverage of PHP250,000. Singapore Deposits in Singapore is covered by the Singapore Deposit Insurance Corporation [SDIC] up to a maximum of $75,000 per bank or finance company for each individual depositor. South Korea South Korea covers bank deposits by Korea Deposit Insurance Corporation (KDIC) to maximum of 50 million wons per bank per each individual. KDIC, founded in 1996 just before the East Asian financial crisis of 1997, proved its effectiveness through the crisis and gradually upgraded its capacity over the years. Deposits made to credit unions of South Korea are not covered by KDIC, but the Korean Federation of Credit Cooperatives (KFCC) and the National Credit Union Federation of Korea (NCUFK)