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Despite falling in Friday's semi-final match against to China’s Li Jun Hui- Liu Yu Chen, they still have a chance at the bronze medal in Saturday's playoff match against Indonesia. If the duo are successful, the duo would bag Malaysia's first medal at the Tokyo Games.
The Federation had by far its best Olympic medal haul at the 2016 Rio de Janeiro Olympics, with four silvers and a bronze from three sports.
As focus turns to the shuttlers' prospects for glory, here's a look back at some of Malaysia's top Olympic medal winners.
Lee Chong Wei (Badminton)
Perhaps the most famous Malaysian Olympian, Lee Chong Wei was ranked the world number one for 349 weeks – including a 199-week streak from August 2008 to June 2012.
He is also the only Malaysian shuttler who has held the number one ranking for more than a year.
The sixth Malaysian to have medaled at the Olympics, Lee is also the most successful one, bagging a total of three medals – a silver each for the men's singles in Beijing in 2008, in London in 2012 and in Rio in 2016.
The badminton great was forced to retire in 2019 due to the after-effects of nose cancer.
A heartwarming tribute to his wife on his Instagram account later that year touched many Malaysians as they wished Lee and his family health and happiness.

Pandalela Rinong (Diving)
A mainstay for the Malaysia national diving team for much of the last decade, Pandalela has gone from strength to strength at the Olympics.
She won a bronze medal in the women's 10m platform competition at the 2012 London Games – the first Malaysian female athlete to medal, and the first Malaysian to do so in a sport other than badminton.
At the Rio Games in 2016, she teamed up with Cheong Jun Hoong to land the silver medal in the women's synchronised 10m platform event.
She also clinched a gold medal at this year's World Championships in the women's 10m platform event.
However, the first of her two medalling chances at Tokyo ended in crushing disappointment, when she and Leong Mun Yee finished last in the field of eight in the women's synchronised 10m platform competition on Tuesday (27 July).
Pandelela has another shot at a podium place next Wednesday (4 August), when she will compete in the women's individual 10m platform event.
Chan Peng Soon/Goh Liu Ying (Badminton)
The veteran mixed doubles pair have been winning trophies and medals for Malaysia for more than a decade, and were at their peak when they clinched a silver medal in Rio in 2016.
However, the shuttlers' recent form has been patchy, and they have not won a title on the badminton tour circuit since the 2019 New Zealand Open.
With the Olympic mixed doubles field stacked with top-tiered duos, Chan and Goh faced a tough battle to replicate their success five years ago.
On Monday, they lost 21-13, 21-19 to China's Wang Yi Lyu and Huang Dong Ping but didn't go down easily, serving up some smashes so fierce that their opponents had to dodge to avoid being hit by the shuttlecock.
Azizulhasni Awang (Cycling)
The first Malaysian cyclist to win an Olympic medal, Azizulhasni followed up his bronze-medal effort in the men's keirin event at the 2016 Rio Games with a stunning gold medal in the same event at the 2017 World Championships in Hong Kong.
It was the first time a Malaysian wore the coveted rainbow jersey – given to the reigning world champion in a cycling discipline.
He won his first World Championship medal in 2009, and was also named Malaysian Sportsman of the Year in 2009 and 2010.
In Tokyo, Azizulhasni, whose nickname is "The Pocket Rocketman" due to his small stature, will again be taking part in the men's keirin, a race in which track cyclists sprint for victory following a speed-controlled start behind a pacer.
He will also participate in the men's sprint for another shot at a medal.