Open finance guide
Open finance in Malaysia: what banks need to know
What open finance is, why access to data isn’t enough on its own, and how to prepare your bank to turn shared data into better products.
The basics
What is open finance?
Open finance lets customers choose to share their financial data, such as account transactions, with other banks and licensed providers, securely and with their consent.
Instead of asking for PDF statements, a lender could receive a customer’s transaction history directly. A bank could see a customer’s full financial picture across institutions and offer more relevant products.
The challenge
Access to data isn’t the same as insight
Shared transaction data arrives raw: cryptic descriptions, codes and amounts. Before a bank can build anything useful, every transaction needs to be understood.
What arrives
What you need. Sample data for illustration.
Opportunities
What banks can build with open finance
Faster, fairer lending
Assess income and affordability from real transactions, including for customers with thin credit files.
Personal finance features
Show customers their spending across all their accounts, not just yours.
Relevant offers
Recommend products based on what customers actually do with their money.
Smoother onboarding
Fewer documents to upload, fewer manual checks, faster approvals.
Getting ready
Four steps to prepare
1
Pick your use cases
Decide what you want to build first, such as lending, personal finance or onboarding.
2
Get your data ready
Make sure your systems can receive and store transaction data at scale.
3
Make data usable
Enrich raw transactions with merchants, categories and entities so they can power products.
4
Build consent and trust
Design clear consent flows and strong data protection from day one.
Start today
You don’t have to wait for open finance
Finory works with both bank statements and open banking data. Banks can build and test their use cases on statements today, then switch to shared data when it’s available, with the same structured output.
Explore transaction enrichment →Bank statements
Available today
Open finance data
When available
Finory engine
Parsing, enrichment and assessment
The same structured data for your products
Open finance: frequently asked questions
What is the difference between open banking and open finance?
Open banking usually covers bank account data. Open finance extends customer-consented data sharing to other financial products, such as cards, loans, investments and insurance.
How can Malaysian banks prepare for open finance?
Banks can prepare by choosing their first use cases, making sure their systems can receive transaction data at scale, enriching raw transactions so they can power products, and designing clear consent flows with strong data protection.
How can Finory help a bank prepare for open finance?
Finory enriches and analyzes transaction data from bank statements today, and from shared open finance data when it becomes available, with the same structured output. Banks can build and test their use cases now.
Plan your open finance roadmap with us
Talk to us about the use cases you want to build, and how to start with the data you have today.
Book a demo