Sensedia, Incore Seal MoU to Spark the Next Wave of Open Banking in Malaysia

Open banking has gained strong momentum worldwide, and Malaysia has also started to follow this path in recent years. With its promise of secure data sharing, greater transparency, and innovative new offerings, open banking has the potential to reshape financial services for Malaysians.

Turning this vision into reality requires both regulatory clarity and strong technology—something that is now reinforced by a Memorandum of Understanding (MoU) between Sensedia and Incore, signed at the Malaysia Open Banking Summit. This milestone opens the door for Sensedia’s API Gateway and expertise to drive progress in Malaysia, building on Bank Negara Malaysia’s latest directives on API security and standardisation. Both companies are confident that this collaboration will help local financial institutions and businesses move forward with a secure, API-first strategy.

Sensedia’s more than 15 years of experience in digital transformation, open banking, and API governance, combined with its expanding global footprint, has made the company a trusted partner for organisations that need to navigate the complexities of a connected digital future.

This collaboration positions Incore as the local gateway to Sensedia’s API expertise. Acting as a reseller and support partner, Incore will guide Malaysian organisations in adoption, training, and implementation, lowering the barriers for them to adopt world-class API technology and laying the foundation for stronger digital ecosystems across the country.

Alan Tan, Managing Director of Incore, noted that the uptake of open banking in Malaysia has been gradually increasing in recent years. He sees this as an opportunity for traditional banks, as open banking can complement their existing roles and enable them to deliver more accessible and convenient services to their customers.

At the same time, he acknowledged the challenges that come with such a young framework, particularly around regulation. Both banks and regulators are still learning and observing how other countries have implemented open banking can provide valuable insights. “That’s where Sensedia brings real value,” he said. “By sharing their international experience, we hope the central bank can gain valuable insights to shape decisions and frameworks that will drive the future of open banking locally.”

Lisa Arthur, Senior Vice President at Sensedia USA and APAC, added that open banking is best understood as an ongoing journey, rather than a final destination. “When banks put the customer at the centre, it becomes a driver of growth, and not just compliance,” she explained. Lisa highlighted how Sensedia and Incore are bringing practical examples to Malaysia, not only to address common fears, but also to show how open banking can serve as a real source of competitive advantage.

“We’ve found in Incore a partner with deep expertise in security and identity. Combined with our strength in open banking, this creates a strong foundation for the future of open finance in Malaysia,” she added.

The MoU was signed against the backdrop of the Malaysia Open Banking Summit, which took place on 20 and 21 August at the Concorde Hotel Kuala Lumpur. The summit explored everything from API strategies and regulatory compliance readiness to global journeys in countries such as Brazil, Colombia, Chile, the US, and the UK.