Bank Negara Malaysia (BNM) is preparing to overhaul how financial institutions report data, with automated submissions expected to begin in late 2028.
The multi-year initiative, known as Project STREAM (Statistical Reporting Modernisation), will shift reporting away from manual templates towards an API-enabled system.
BNM recently brought together 60 representatives from financial institutions for its fourth Industry Working Group meeting to discuss implementation priorities, timelines and industry readiness.
The first phase will focus on deposits, payments and derivatives, with entity profiles also identified as a priority during the meeting.
BNM Wants to Cut Down on Repetitive Data Submissions
According to BNM’s Quarterly Bulletin for the second quarter of 2026, financial institutions often submit similar information across multiple datasets, relying heavily on web-based interfaces and Excel templates.
Much of the data is also submitted in aggregated form at fixed intervals, limiting the central bank’s access to timely and detailed information.
Project STREAM aims to address these issues by collecting data once for multiple uses and establishing consistent reporting standards.
BNM currently gathers regulatory and statistical information from banks, insurers, takaful operators and payment system providers through its Integrated Statistical System, which has been in use since 2012.
The changes are expected to improve data quality, enable faster publication of detailed public data and support better peer benchmarking.
They could also facilitate future data-sharing initiatives such as Open Finance.
Financial Institutions Face Hurdles Ahead of the Rollout
While the industry has generally expressed support for Project STREAM, financial institutions have raised concerns about infrastructure upgrades, staff capabilities and the feasibility of implementation timelines.
Future phases will expand data collection to other areas, including cash balance of payments, credit and compliance reporting.
BNM plans to continue working with industry representatives to address these challenges as the project progresses.
Featured image: Edited by Fintech News Malaysia, based on image by Magnific
