Yes, Linkshare accept malaysian, but I don't like it because once you get approved they will review your site month after month. And they will suspend your account if you do not bring enough traffic to merchant site. It suck! Happen to me once. I never promote merchant from Linkshare anymore.
Here are the list of affiliate networks that accept Malaysian:
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Befree
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ClixGalore
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ClickXchange
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Affiliate Window - UK
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AffiliNet - Germany
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Sharesale
and some others small affiliate networks.
If you want to promote affiliate program from commission junction or clickbank, what you need to do is to get USA mailing address and register using that address.
The cheapest one that I knew is US Global Mail at
http://www.usglobalmail.com/
Jawa