KUALA LUMPUR (Oct 15): Bank Negara Malaysia (BNM) will start collecting data from banks, insurers and payment firms automatically through application programming interfaces (APIs) in late 2028, replacing the reporting system it has used since 2012.

Under Project Stream, or Statistical Reporting Modernisation, reporting entities (REs), which include banks, insurance companies, Takaful operators and payment system providers, will move from manual, template-based reporting to automated, machine-readable submissions, the central bank said in its 2Q 2026 Quarterly Bulletin.

BNM said the project will build robust and interoperable data systems that will enable a more data-driven, AI-ready and innovative financial sector through broader data sharing and initiatives such as Open Finance.

The central bank said that with the financial sector experiencing rapid digital transformation, marked by rising data volumes and growing demand for granular analytics, Project Stream will replace its Integrated Statistical System (ISS), which has served BNM since 2012.

Implementation will be phased gradually. Collection for the first phase, covering deposits, payments and derivatives data, is expected to begin late 2028.

Under the Central Bank of Malaysia Act 2009, BNM holds a statutory mandate to safeguard monetary and financial stability. Discharging this mandate requires timely access to high-quality data.

Through engagements with REs and data users, BNM has identified three recurring challenges under the current framework, the first being duplicate reporting as REs submit similar data across multiple datasets with varying dimensions.

Second, manual effort remains significant, with compilation relying heavily on web-based interfaces and Excel templates. Third, aggregated and periodic reporting constrains BNM’s ability to access the more timely and granular information needed to support evolving analytical and decision-making needs.

Taking these into account, Project Stream will streamline reporting by collecting data once, as far as practicable, to eliminate duplication across requirements. It will also modernise collection through automated API-based submissions of machine-readable data, as well as future-proof the framework by collecting granular data that serves as a single source of truth for multiple downstream uses, thus reducing the need for ad hoc data requests.

Standardised data models and API-driven automation will reduce or eliminate manual reporting, the bulletin added, allowing data to be collected at greater scale and speed.

Higher-quality submissions from REs will enable BNM to publish faster and more granular open data, which will benefit not only the public at large, but also REs themselves through better peer benchmarking and analytics.

“It is worth noting that REs will gain the most if they apply these principles across their internal systems, rather than only at the point of submission to BNM,” the bulletin read.

Following the initial phase in late 2028 covering deposits, payments and derivatives, future phases will expand to domains such as cash balance of payments and credit, as well as compliance reporting.

Each phase will feature a review to harmonise data definitions and collect granular data to build outputs from a common data foundation, thus minimising REs’ reporting burden.

“Importantly, BNM views Project Stream as a shared journey — it can only succeed through productive collaboration with the financial industry. In that spirit, Project Stream has, since the very beginning, been anchored by the Industry Working Group (IWG) comprising BNM, REs and industry associations,” the bulletin read.

“This forum enables BNM and REs to jointly fine-tune key details and pressure points, before finalised requirements are communicated to CEOs and heads of reporting.”

Consultations to date indicate that the industry is generally ready for and supportive of the proposed direction. REs have raised practical considerations, including the operational impact of the required infrastructure upgrades, the capacity development needed to implement automated reporting and the feasibility of the proposed timeline, the bulletin read.

BNM said it is committed to addressing these considerations collaboratively as the project progresses.

“Project Stream is more than a regulatory exercise — it is a collaborative path to a more data-driven and innovative financial ecosystem,” the bulletin said. “Beyond modernising reporting processes, the initiative will strengthen BNM and the industry’s analytical capabilities, support data-driven policymaking and improve all BNM’s data sharing initiatives.

“BNM will continue to engage REs closely through each phase of implementation, ensuring the transition remains well-informed, inclusive and aligned with industry readiness.”