5.1 Open Finance Conference & Workshops 2024
Engagements with Banks and E-wallets (February - June 2024)
We begin in February, when a government institution held a Banking Industry briefing led by its CEO and an Assistant Governor, which was attended by 52 banking entities comprising of retail and corporate banks.
The session covered the current pain points as well as the government's approach to Open Finance through a robust three-year timeline towards implementation.
Building on the success of the initial engagement, the CEO conducted a follow-up session with leading e-wallet providers in June. Thirty-five key participants fostering valuable dialogue and collaboration within the growing e-wallet ecosystem.
The key message was to develop an Open Finance ecosystem with a strong focus on enabling customer control over secured data sharing, with its platform design based on a centralized hub model towards powering identified high-impact use cases.
The government's key message is for maximum participation from the financial industry in supporting the Open Finance implementation and will mandate its implementation if deemed necessary.
PEF 1.0 (July 2024)
An inaugural Engagement Forum was hosted, providing a platform to share a three-year product roadmap and explicitly communicate the implementation plan for Open Finance in Malaysia.
During the session, valuable insights into the current challenges associated with financial data sharing were provided. The immense potential of Open Finance in Malaysia was emphasized, driven by the nation's high digital connectivity, widespread digital payment adoption, and significant smartphone penetration – key enablers for successful implementation.
To conclude, a comprehensive overview of the anticipated timelines and key milestones was presented, ensuring all stakeholders are well-informed and aligned on the future roadmap.
ABM Working Session (August 2024)
The August engagement with the Association of Banks in Malaysia (ABM) explored successful Open Finance models in India, South Korea, and Singapore.
Key takeaways emphasized the crucial role of strong regulatory support, high digital adoption, and a clear regulatory framework overseen by a central authority to ensure ecosystem integrity, as highlighted by insights from leading players like ICICI Bank and Finda.
The session also emphasized the importance of avoiding pitfalls such as overly complex regulations and insufficient consumer education, which could hinder Open Finance adoption
Malaysia’s first Open Finance Conference (October 2024)
In October, the inaugural Open Finance Conference and Workshop marked a significant milestone in Malaysia. The event aimed to broaden perspectives on the transformative potential of Open Finance.
The conference began with opening remarks from the CEO and a welcome address from an Assistant Governor. It featured international speakers, including the Chief Architect of a major digital identity program and the Head of Technology for ASEAN at a leading cloud service provider.
A panel discussion on "Open Finance Implementation Journeys across the World" provided valuable insights from global experts. This was followed by a workshop covering key aspects of Open Finance implementation, such as policy objectives, use cases, regulatory governance, and target operating models.
The interactive session shared the vision and target operating model for the Open Finance platform in Malaysia.
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