Thailand's Ministry of Tourism and Sports said the victims' medical expenses will be reimbursed up to a maximum of 500,000 baht, Bernama reported.
They will also receive 50,000 baht each for emotional distress.
Permanent Secretary of the ministry Natreeya Taweewong reaffirmed its commitment to offering the best possible care and assistance to the victims until they can safely return home, The Star reported.
Both victims' conditions have significantly improved, with the female tourist now able to communicate through writing.
Although the victims' families wish to transfer them back to Malaysia for further treatment, doctors have advised against travel at this time.
The patients will therefore continue receiving treatment in Thailand.
The assault occurred around 10 p.m. on Aug. 7, when the two victims, 26-year-old Ong Yik Leong and 27-year-old Gan Xiao Zhen, were sitting on the steps of the mall.
The assailant approached them from behind, poured paint thinner over them from a plastic bottle, and set them alight.
The tourists reportedly fled after being doused, but the suspect chased them down and set them on fire.
Members of the public intervened, and the suspect was detained at the scene. He was handed over to the authorities and is currently in custody at a police station.
Police said the suspect had recently been dismissed from his job as a security guard and was reportedly experiencing stress related to his unemployment.