Open Banking in Malaysia

Bank Negara Malaysia (BNM) published its Open Banking Policy Document in 2019, establishing the regulatory framework for open banking development. The implementation involves Paynet (Malaysia's national payments network) developing and operating the Open API infrastructure.

Malaysia's approach leverages its existing digital payment infrastructure, including DuitNow (an instant payment and QR payment system), to support open banking services. Major banks including Maybank, CIMB, Public Bank, and RHB are participating in API development.

Malaysia's high internet penetration (96%), growing digital economy, and BNM's progressive regulatory approach (including digital banking licenses) create favorable conditions. The framework aims to drive innovation in financial services while supporting financial inclusion goals, particularly for underserved communities.