Open Banking Excellence

Pioneering Malaysia's Open Banking revolution with full Bank Negara Malaysia compliance, cutting-edge security, and innovative financial solutions.

Malaysia's Open Banking Journey

Following Bank Negara Malaysia's strategic roadmap for financial innovation and inclusion.

2018

Foundation Exploration

Bank Negara Malaysia begins exploring Open Banking concepts and their potential implications for the Malaysian financial sector, establishing the groundwork for future innovation.

2020

Policy Framework Release

BNM releases the comprehensive Open Banking Policy Framework, outlining regulatory guidelines and expectations for banks and third-party service providers in the ecosystem.

2021

Sandbox Launch

BNM launches the Open Banking Sandbox, providing a controlled environment for banks and fintech companies to experiment with innovative products and services.

2022

API Implementation

Mandatory implementation of Open Banking APIs begins, allowing authorized third-party providers to access customer data and offer value-added financial services securely.

2023

Market Adoption

Fintech companies like Curlec and Soft Space begin shifting towards Open Banking concepts, with Razorpay launching International Payment Gateway developed for Malaysian market.

2024

Enhanced Framework

BNM issues new Fintech Sandbox Framework with expanded scope, enabling more comprehensive testing of API-based innovations including digital identity and alternative credit models.

2025

Innovation Acceleration

WealthAura launches as pioneering Open Banking + e-CNY super app, demonstrating the maturity and potential of Malaysia's Open Banking ecosystem for global financial innovation.

2027

Full Ecosystem

Complete Open Banking ecosystem maturity with comprehensive financial data sharing, payment initiation services, and cross-border integration capabilities across ASEAN region.

Bank-Grade Security

Your financial data is protected by the same security standards used by major banks, plus additional innovations for the digital age.

End-to-End Encryption

AES-256 encryption for all data in transit and at rest, ensuring maximum security for your financial information.

Multi-Factor Authentication

Biometric authentication, SMS verification, and device-based security for comprehensive account protection.

Regulatory Compliance

Full compliance with Bank Negara Malaysia security guidelines and international financial security standards.

Real-Time Monitoring

24/7 fraud detection and prevention systems with instant alerts for any suspicious activity.

Data Privacy

Strict adherence to PDPA 2010 with transparent data usage policies and user-controlled permissions.

Secure APIs

OAuth 2.0 authentication with granular permissions and comprehensive audit logging for all API access.

Security Whitepaper

Download our comprehensive security whitepaper to understand how we protect your financial data and maintain regulatory compliance.

Comprehensive Security Analysis

Our 45-page security whitepaper covers architecture, compliance, risk management, and best practices for Open Banking implementation in Malaysia.

Security Architecture & Implementation
BNM Compliance & Regulatory Framework
Risk Management & Mitigation
Data Privacy & Protection Standards
Download Whitepaper (PDF)

Updated: January 2025 | 45 pages | 2.3 MB

Frequently Asked Questions

Get answers to common questions about Open Banking, security, and WealthAura's compliance.

Open Banking is a system that allows third-party financial service providers to access financial data from banks and other institutions through secure APIs. This enables innovative services like account aggregation, payment initiation, and personalized financial advice while maintaining strict security and privacy standards.
Yes, Open Banking is designed with security as a top priority. All data sharing requires your explicit consent, uses bank-grade encryption, and is regulated by Bank Negara Malaysia. You maintain full control over what data is shared and can revoke access at any time.
WealthAura is fully licensed by Bank Negara Malaysia and complies with the Financial Services Act 2013, Islamic Financial Services Act 2013, Personal Data Protection Act 2010, and all relevant Securities Commission guidelines. We also maintain Shariah compliance certification.
We employ multiple layers of security including end-to-end encryption, multi-factor authentication, real-time fraud monitoring, and regular security audits. Our systems are continuously monitored for suspicious activity, and we work closely with cybersecurity experts to maintain the highest security standards.
Absolutely. You have complete control over your data. You must explicitly grant permission for any data sharing, and you can view, manage, or revoke these permissions at any time through your WealthAura dashboard. We provide granular control over what specific data is shared with each service.
While we maintain the highest security standards, we have comprehensive incident response procedures in place. In the unlikely event of a breach, we would immediately notify affected users and regulatory authorities, implement containment measures, and provide support to affected customers as required by law.
Our APIs use OAuth 2.0 authentication with granular permissions, comprehensive audit logging, and rate limiting. All API communications are encrypted, and we implement strict access controls and regular security testing to ensure API endpoints remain secure.
Yes, our Open Banking services are available to all Malaysian citizens and residents with valid identification. We support multiple languages (English, Malay, Chinese) and are designed to be inclusive and accessible to users across all demographics and financial backgrounds.

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