In Malaysia, product aggregators have to obtain banking product information, including those on SME financing and credit cards, through either screen scraping or entering into exclusive agreements with the financial institution. Through standardized APIs, third parties including fintech companies are able to develop solutions which target retail and SME customers.
In cognizance of this, the Open API Implementation Group ("Implementation Group") has developed the API specifications which include all relevant artefacts for SME financing and card product information. The Implementation Group welcomes comments on the draft API specifications, after which the final version is targeted to be released tentatively in Q4 2018.
Established in March 2018, the Implementation Group comprise of representatives from the banking industry, selected fintech firms, the Bank as well as relevant stakeholders. The member institutions' details are provided under 'Working Group' below.
This describes the details of the card, including the name, type and whether it is a shariah-compliant product.
The requirements on applicants applying for the product such as applicant’s nationality, minimum annual income, residency and employment status.
The product offering covers the benefits and features of the product. For example, the product’s benefits may include cashback, shopping and dining privileges. The product may also have certain features such as contactless payment.
The fees and charges involved in maintaining the card, including the annual interest rate, withdrawal fee and replacement fee.
This describes the documents to be submitted when applying for the card, based on:
- Category of applicant (Malaysian, non-malaysian)
- Applicant's residency status
Documents are categorized into:
- Identification documentations (e.g. identity card, passport)
- Income statements (e.g. payslip, EA Form)
- Others (e.g. bank statement)
This describes the promotions offered when using such card. Such promotions are seasonal and offered within a specified time period/condition/events.
Members of the Open API Implementation Group are:
- Malayan Banking Berhad
- OCBC Bank (Malaysia) Berhad
- Bank Islam Malaysia Berhad
- Citibank Berhad
- Hong Leong Bank Berhad
- Public Bank Berhad
- RinggitPlus
- iMoney
- Credit Guarantee Corporation Bhd
Any enquiries on the above API specifications can be directed to openapi@bnm.gov.my