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Open Finance Malaysia (OFM) is a BNM-backed national framework operated by PayNet that enables secure, consent-based sharing of customer financial data between Data Providers and Data Consumers via standardised APIs. Finexus offers a purpose-built SaaS platform, the Finexus Open Finance Platform that enables banks and financial institutions to fulfil both Data Provider and Data Consumer obligations under OFM, covering consent management, API connectivity, data quality, billing, compliance monitoring, and dispute management, all in a single hosted environment.

The OFM Operational Procedures took effect in July 2026. Given the 9-month Stage 3 implementation window and 3-month go-live obligation post-approval, early engagement with a technology partner is strongly recommended. Finexus has completed end-to-end architecture and is ready to begin implementation immediately. 

Yes. The Finexus Open Finance Platform runs on Finexus's private data centres as a cloud SaaS model, fully compliant with BNM RMiT CTRAG requirements. It's PCI-DSS Level 1 certified, encrypts data at rest with AES-256 and in transit, and gives each bank a dedicated, single-tenant instance with its own segregated database, meeting the Appendix J information security controls under the OFM Operational Procedures, including multi-factor authentication, access controls, audit logging, vulnerability management, and anti-malware.

In most cases, no. The Finexus Open Finance Platform sits as a middleware layer between your existing host systems and the PayNet OFM platform. It ingests source data from your existing repositories in whatever format they already produce, then handles field mapping, data harmonisation, and API formatting, absorbing the complexity of OFM's technical specifications so your core banking environment needs little to no change.

You can engage Finexus by submitting an RFP, RFI, or RFQ, and we'll respond with a tailored proposal covering scope, timeline, pricing, and SLAs. If you're still evaluating, we can also arrange an early technical working session to assess your architecture and data readiness first.

Given that OFM Operational Procedures took effect in July 2026 and pilot onboarding is already underway, the recommended next step is to reach out now, so your institution can meet PayNet's 9 month timeline and avoid non compliance penalties.