BNM wants to let Malaysians control how banks share their data starting Jan 1, 2027
The smart, safe way for Malaysians to share their financial data.
Addressing Today’s
Financial Challenges
Even in a digitally connected Malaysia, many face uncertainty when it comes to their finances. Fragmented data and limited visibility make managing money feel complicated for both individuals and institutions. Open Finance Malaysia (OFM) brings these challenges into focus, laying the groundwork for innovative solutions.
How Open Finance Malaysia (OFM)
Makes a Difference
By leveraging shared, secured financial data across the financial ecosystem, OFM enables institutions to create better visibility, stronger trust and more meaningful financial experiences for their customers.
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Powering What Institutions Build Next
With a national framework in place, institutions can turn shared data into real-world applications. Here is how OFM comes to life.
By consolidating financial data, OFM helps customers manage their money with greater clarity. The insights gained also enable institutions to:
- Acquire New Customers
Data-driven insights create experiences that encourage account openings and exploration of other services. - Offer More Relevant Products
Rich financial data allow institutions to recommend products that genuinely meet customer needs. - Strengthen Customer Engagement
A clearer view of finances encourages frequent usage and stronger, long-term relationships.
OFM improves credit underwriting by providing access to verified financial activity. These insights enable institutions to:
- Assess Risk More Effectively
An in-depth look at customers’ financial history helps institutions assess risk accurately and offer the right loans at suitable prices. - Reach Underserved Customers
OFM enables lending to thin-file or underbanked customers based on verified financial activity. - Streamline Processing
Automated, consented financial data reduces manual checks and speeds up loan approvals.
The Partnership Behind OFM
A trusted collaboration underpins OFM, combining PayNet’s reliable digital rails with Bank Negara Malaysia’s (BNM) regulatory
oversight to create a secure and well-governed framework.
oversight to create a secure and well-governed framework.
PayNet builds and operates the system that makes OFM work by:
- Making it easy for industry players to connect and participate
- Setting the rules, standards and infrastructure
- Ensuring security, reliability and uptime
- Acting as a neutral platform that enables innovation
BNM provides the regulatory framework to facilitate OFM by:
- Setting regulatory direction
- Establishing policy and security expectations
- Protecting customers through safeguards and redress
- Aligning OFM with financial inclusion goals
OFM in the News
Stay informed on key announcements and industry developments surrounding OFM.
Additional Resources
OFM Knowledge Centre
Visit PageBNM Exposure Draft
Visit Page