Bank Negara Malaysia, Malaysia’s central bank, had come out with a policy document titled ‘Publishing Open Data using Open API’ recently, suggesting the standards for open APIs that banks should adopt. The document has also elaborated on the security standards of these APIs and the governance processes of third-party service providers to ensure that banking data is shared safely and responsibly. The central bank had said that banks in the country are encouraged to share certain banking information with third-party service providers through open APIs, but this is voluntary only.
FTIG TO SUPPORT INNOVATIONS
The central bank had in 2016 set up a Financial Technology Enabler Group (FTEG) to support innovations in the banking sector. The FTEG is responsible for formulating and enhancing regulatory policies related to the adoption of new technology in financial services in the country. It had in mid-2017 launched a Fintech Regulatory Sandbox framework to allow the testing of applicable technology, including open banking.
Banking experts in the country are of the view that open banking initiatives will gain traction soon.
Denne historien er fra August 2021-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra August 2021-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Finance gears up for festivities
BFSI companies are charging their online and omnichannel strategies with personalized festive deals this season:
Non-cash transactions can touch a phenomenal level by 2028
Capgemini Research Institute’s World Payments Report 2025 highlights the era of account-to-account an instant payments:
The Confluence of Artificial Intelligence and Cybersecurity: AI as the Game Changer
In an increasingly interconnected world, safeguarding our digital assets has become paramount. Enter the dynamic duo: Cyber security and Artificial Intelligence (AI).
A new trinity in digital lending space
Three platforms in the lending space are poised to change the way lenders offer credit and borrowers access funds in India:
Finance gears up for festivities
BFSI companies are charging their online and omnichannel strategies with personalized festive deals this season:
Small MFI, International Engagements
Mitrata Inclusive Financial Services in the midst of transformation growth
MFIs: Big Impact Big Changes,
Even as MFIs are fueling economic growth for the underprivileged, what is interesting is that they are transforming themselves in areas like HR, technology, funding, leadership, collections, and more. Banking Frontiers presents the initiatives and initiatives at 9 such organizations:
Climate Risk Forum for CROS
Excerpts from a discussion on shaping the future of climate change resilience in India:
Seamless Supply Chain Finance
Deep insights emerge from this fireside chat at NBFC's Tomorrow Conclave.
Star Health sees strong demand from the IT sector
Biju Menon, Chief Business Officer at Star Health Insurance, looks at the evolution of employee health insurance from multiple perspectives: