BNM to phase in API-based reporting from late 2028
Project Stream will replace the central bank’s existing statistical system, with deposits, payments and derivatives covered in the initial phase.
Bank Negara Malaysia (BNM) is preparing to replace manual reporting by financial institutions with automated data submissions, with initial collection expected in late 2028. The change will use application programming interfaces (APIs), according to its 2Q 2026 Quarterly Bulletin.
The initiative, named Project Stream or Statistical Reporting Modernisation, will replace the Integrated Statistical System (ISS), which BNM has used since 2012. It covers banks and payment system providers, alongside insurance companies and Takaful operators, shifting their submissions from templates to machine-readable data.
BNM said discussions with institutions and data users had highlighted duplicated submissions, substantial manual compilation and limitations in the detail and timeliness of information. Existing processes rely heavily on Excel templates and web interfaces, while institutions report similar information across different datasets.
The new approach aims to collect information once wherever practicable and make detailed data usable for several purposes. BNM said automation and standardised models would cut manual work and allow quicker collection at greater scale. Subsequent phases will include credit and compliance reporting, with data definitions reviewed at each stage.
BNM said consultations showed general industry support, although institutions had raised concerns about infrastructure changes, implementation capabilities and whether the timetable was feasible. It plans to address those issues with industry participants, including through its Industry Working Group, whose members include BNM, reporting institutions and industry associations.
