{"id":12852,"date":"2019-05-28T06:36:46","date_gmt":"2019-05-28T06:36:46","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=12852"},"modified":"2019-05-28T06:36:46","modified_gmt":"2019-05-28T06:36:46","slug":"new-open-api-to-usher-malaysian-fintech-into-a-new-era","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/new-open-api-to-usher-malaysian-fintech-into-a-new-era\/","title":{"rendered":"New open API to usher Malaysian FinTech into a new era"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Bank Negara Malaysia has released a proposed guideline for open APIs in Malaysia and is currently seeking feedback from the public. Three areas of focus for the open APIs have been established as: automobile insurance, credit cards and SME financing. The main goals of this initiative are to improve access to finance (especially for SMEs), liberalize automobile insurance and equalize the playing field for FinTech companies to push innovation into the financial sector.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The introduction of open APIs would help break banks\u2019 monopoly on consumer data and give more power to consumers to decide what services they find valuable. While some experts are concerned that such a move will severely hinder banks and their ability to effectively work with consumers, others believe this could lead to a new era of innovation in Malaysia\u2019s financial sector.<\/span><\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-12852 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor (August 2023)'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-august-2023\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2023\/08\/7ad99343-f644-aabb-b767-6259099e82fd1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-17279\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-17279'>\n\t\t\t\tBFC FinTech Monitor (August 2023)\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='New data privacy regulations changing \u201cbusiness as usual\u201d'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/new-data-privacy-regulations-changing-business-as-usual\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/10\/new-data-privacy-regulations-changing-business-as-usual-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-11169\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-11169'>\n\t\t\t\tNew data privacy regulations changing \u201cbusiness as usual\u201d\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='IMF head: cryptocurrencies not a threat to central banks'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/imf-head-cryptocurrencies-not-a-threat-to-central-banks\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/12\/1507029067_7510594329_f7kmmvllxB-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-7384\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-7384'>\n\t\t\t\tIMF head: cryptocurrencies not a threat to central banks\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Bank Negara Malaysia has released a proposed guideline for open APIs in Malaysia and is currently seeking feedback from the public. Three areas of focus for the open APIs have been established as: automobile insurance, credit cards and SME financing. The main goals of this initiative are to improve access to finance (especially for SMEs), &hellip;<\/p>\n","protected":false},"author":5,"featured_media":12885,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,435],"tags":[287,75,141,335],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/12852"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=12852"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/12852\/revisions"}],"predecessor-version":[{"id":12853,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/12852\/revisions\/12853"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/12885"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=12852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=12852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=12852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}