##ivating a thriving open finance and open data ecosystem. one where we have many open finance participants – be it financial services providers or third - party providers, which include app developers – compete and collaborate to create ingenuous products and services which talk to and share data with each other – of course, with the customer's consent. we believe that the richer pooling of customer data will power data - driven innovations, which include products and services that better serve the needs of customers. it is for this reason that bank negara malaysia will help shape participation rules of the ecosystem, which include, to if 2 / 3 bis - central bankers'speeches necessary, formally mandate the participation of financial institutions in the platform, or to allow non - fi third - party providers access to the platform. in closing, my hope is that by providing consumers greater control over their own financial data, open finance will ignite new, data - driven innovations, opening up solutions that uplift the lives and livelihoods of customers. with that, i wish everyone a productive conference ahead. thank you. 3 / 3 bis - central bankers'speeches

suhaimi ali : opening remarks - open finance conference and workshop opening remarks by mr suhaimi ali, assistant governor of the central bank of malaysia ( bank negara malaysia ), at the open finance conference and workshop, kuala lumpur, 29 october 2024. * * * it is a pleasure to be here today at the open finance conference and workshop. today's event is an important milestone in our open finance journey, as we seek to turn into reality the vision and aspiration we have to advance the development of an open data ecosystem for the financial sector as set out in the financial sector blueprint 2022 - 2026. open finance, and more broadly, open data, is an important priority for us given the realities of our operating environment and the world we live in today. as more transactions move to the digital sphere, so does data. with this, there is growing recognition of the criticality of key infrastructures that store, share or synthesise these data which are the foundation for realising a digital economy. open finance can help support this by giving customers the right to exercise control over their personal data and establishing a trusted, secure and structured environment to do so. the open finance conference and workshop today is also timely following recent passage of the personal data protection ( amendment ) bill 2024 in parliament. the pdpa amendment act introduces, among others, the right to data portability. both customers and the financial sector stand to benefit from open finance. by providing the tools for customers to exercise control over their personal data through a customer - permissioned, trusted, secure and structured environment, we believe that this can in turn lead to new product possibilities and solutions. these include datadriven innovations that promote greater financial inclusion and empower consumers to make better - informed decisions about their finances. this is a vast opportunity for financial institutions and other players, such as fintech companies, to serve. indeed, we believe that open finance will allow the industry to stay ahead in an increasingly competitive and fast - moving world in meeting the expectations of consumers for more transparent and innovative solutions that fill their needs. with this in mind, bank negara malaysia is encouraged that paynet has stepped up to drive the development and implementation of the infrastructures and common technical standards for open finance. bank negara malaysia will also work closely with paynet and the industry in delivering the intended vision for open finance by putting in place an enabling regulatory environment that will support the financial sector's state of readiness for open