Open Finance Malaysia (OFM) allows you to securely share selected financial information between participating banks and organisations, with your consent.
What is Open Finance Malaysia (OFM)?
Open Finance Malaysia (OFM) is a national initiative that enables a more connected and inclusive financial ecosystem for Malaysians. OFM allows you to securely share selected financial information between participating banks and organisations, with your consent. For example, you may choose to share financial information held by one organisation with another when using services such as financial planning or applying for credit.
How can OFM benefit me?
OFM can make it easier for you to use financial information held across different organisations. Depending on the service, this could help you view financial information from different accounts together or support applications for financial products without manually providing financial documents through email or messaging applications.
Is there a fee for using OFM?
No. There is no charge for linking your accounts or sharing your financial information through OFM.
How do I link an account through OFM?
When using an OFM-enabled service:
- Start from the app or service you want to use and select the option to link an account.
- Select the bank or organisation where your account is held.
- Review what information will be shared, why it is needed and how long it will be shared.
- You will be directed to the official app or website of the organisation holding your account.
- Verify your identity using its usual authentication method, such as biometrics, PIN or another supported method.
- Review the request and provide your consent.
- Once completed, the selected financial information can be securely shared with the service you selected.
What types of accounts can be linked?
Currently, only eligible individual or retail accounts denominated in Malaysian Ringgit (MYR) can be linked. Depending on the account and service, this may include Current Accounts, Savings Accounts, Credit Card Accounts, Hire Purchase Accounts and Mortgage Accounts. Other account types, such as joint accounts, business accounts, closed accounts and foreign currency accounts, are currently not supported.
Important Information
Open Finance Malaysia services, participating organisations, supported account types, data-sharing periods and available use cases may vary from time to time. You will be shown the relevant information before you provide consent to share your financial information.
Please ensure that you only access OFM services through the official websites and applications of participating organisations.
Frequently Asked Questions (FAQs)
Click here to refer the Frequently Asked Questions
