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6.0 Implementation Roadmap

6.0 Implementation Roadmap

Building Malaysia’s Open Finance Future: A Phased 4-Year Plan

The Open Finance Execution Team has outlined a structured, multi-year roadmap to guide the development and implementation of Open Finance in Malaysia. This roadmap emphasizes regulatory alignment, industry collaboration, and technical readiness to support a secure and interoperable data-sharing ecosystem.

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In 2024, efforts were centered around raising industry awareness. A series of engagement sessions with banks, e-wallet providers, and industry associations helped build a common understanding of Open Finance, discuss use cases, surface technical and operational pain points, and align on future expectations. Public events including conferences, workshops, and an innovation-driven Open Finance Hackathon further broadened perspectives and sparked collaboration across the ecosystem.

In 2025, the focus shifts to laying the technical and operational foundation. This includes the development of data structures and standards, technical specifications, operating procedures and an exposure draft issued by the regulator. These elements are essential to ensure interoperability, regulatory compliance, and security in data exchange.

By 2026, the emphasis will be on platform and participant readiness, ensuring that systems, infrastructures, and key stakeholders are technically and operationally prepared for integration and data sharing. Finally, 2027 is expected to mark the phase of mass adoption, where Open Finance capabilities will be widely implemented across the industry, delivering real value to consumers through innovative and secure data-driven services.

 

2025 Open Finance Implementation Roadmap

The 2025 Implementation Roadmap marks a critical step in Malaysia’s journey toward a secure and robust Open Finance ecosystem. This year marks a pivotal transition from concept development to groundwork execution, with multiple workstreams mobilised across the industry. The roadmap ensures regulatory alignment, stakeholder collaboration, and phased rollout across all Open Finance pillars. Key milestones include requirement drops to the industry, followed by requirement locks that formalise input from financial institutions, government bodies, and fintech players into a unified national framework.

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Workstream

Purpose

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Workstream

Purpose

1

Data Structure

  • Standardise financial data structure to ensure accuracy and interoperability across platforms.

  • Define the specific data fields needed to support the use cases. Establish a clear, agreed-upon list of data elements for the framework

2

User Journey

  • Design seamless and secure user flows for onboarding, consent, and transactions.

  • Develop a unified UI/UX guideline and consistent journey that harmonizes the Open Finance experience across all digital platforms, minimizes user confusion and drives satisfaction.

3

Consent Framework

  • Develop a comprehensive consent framework covering the entire process-from secure user authentication to the authorization and ongoing management of consent.

5

Technical Spec

  • Specify ad finalize APIs, security, and tech standards required for seamless integration.

  • Set benchmarks for security, performance, and scalability.

4

Rules & Policy

  • Develop robust operational procedures for Open Finance that ensure accountability and fair participation.

  • Maintain strict standards that align with regulatory requirements and governance rules.

6

Commercial Model

  • Develop a sustainable financial framework (economic model) for Open Finance participation, including cost-sharing and incentives.

In Summary

2025 marks the activation of Malaysia’s Open Finance vision through clarity in requirements, structured industry input, and a commitment to an open, collaborative feedback loop led by the central hub, co-created with the industry.

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