Bank Negara to issue open finance draft soon, eyes policy rollout next year, says governor

AI Summary

Bank Negara Malaysia (BNM) will release an Exposure Draft on Open Finance and finalize the policy by 2024, with phased rollout depending on readiness. Governor Datuk Seri Abdul Rasheed Ghaffour highlighted BNM's interest in tokenization, particularly for real assets, focusing on economic benefits. A discussion paper on asset tokenization will outline BNM's approach, guidance, and safeguards. BNM emphasizes ensuring tokenization adds value to the economy, supports economic activity transparently, and protects users. This follows a Discussion Paper on AI, reflecting BNM's focus on future-ready systems with secure digital identity, data governance, cybersecurity, and responsible innovation.