Ryt Bank, launched on August 25, 2025, is Malaysia’s first AI-powered digital bank. Built by Malaysians, it blends homegrown AI with multilingual support to deliver a secure, inclusive, and modern banking experience.
Malaysia marked a significant milestone in its financial sector with the launch of Ryt Bank, heralded as the world’s first AI-powered digital bank crafted by Malaysians for Malaysians. This innovative venture, a collaboration between YTL Group and Sea Limited, integrates cutting-edge artificial intelligence with Malaysia’s cultural and linguistic diversity to redefine the banking experience. Launched just before Merdeka, Ryt Bank represents a bold step toward a digital future, combining technological prowess with a deep understanding of local needs. This article explores the technical, operational, and cultural dimensions of Ryt Bank, providing a comprehensive overview of its features, security measures, and potential impact on Malaysia’s financial landscape.
The Vision Behind Ryt Bank
Ryt Bank emerges from a partnership between YTL Group, a Malaysian conglomerate with 70 years of expertise in infrastructure and development, and Sea Limited, a Singapore-based global consumer internet company known for its digital platforms like Shopee and SeaMoney. This collaboration leverages YTL’s local influence and Sea’s technological innovation to create a banking platform that is both inclusive and forward-thinking. Dato’ Seri Yeoh Seok Hong, Managing Director of YTL Power International, emphasized the bank’s mission: “Ryt Bank demonstrates that groundbreaking innovation can be imagined, built, and led right here in Malaysia. By combining homegrown AI with the values and diversity of our people, we’ve created a bank that Malaysians can proudly call their own – one that speaks our languages, understands our culture, and sets a new standard for how banking should feel.”
The bank’s vision is rooted in addressing the financial needs of Malaysia’s diverse population, particularly the 15% of the population that remains underserved by traditional banking services. By harnessing AI, Ryt Bank aims to simplify transactions, enhance accessibility, and foster financial inclusion across communities. The bank’s licensing by Bank Negara Malaysia and deposit protection by Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000 per depositor underscore its commitment to regulatory compliance and customer trust.
Ryt AI: The Heart of the Banking Experience
At the core of Ryt Bank’s operations is Ryt AI, an intelligent banking assistant powered by ILMU, Malaysia’s first homegrown large language model. ILMU enables Ryt AI to understand and respond to natural conversation in Bahasa Malaysia, English, and even Manglish, a colloquial blend of languages commonly used in Malaysia. Mandarin support for the app is slated for release by September 2025, further enhancing accessibility. This multilingual capability ensures that users can interact with the bank in their preferred language, making financial services more approachable for diverse communities.
Ryt AI is designed to handle a wide range of banking tasks through conversational interfaces. Users can send money, pay bills, track spending, and access financial education resources with simple text commands or by uploading images. For example, a user can snap a photo of a utility bill, and Ryt AI will process the payment via JomPAY, which supports over 20,000 billers. Alternatively, users can type instructions like “Transfer RM100 to Maybank account XXXXXXX,” and Ryt AI will prepare the transaction for confirmation. This streamlined approach eliminates the need for navigating complex menus, making banking intuitive and efficient.
The AI assistant also provides real-time spending insights and explains financial concepts in plain language, promoting financial literacy. For instance, users can access savings guides or learn about interest calculations in terms that resonate with everyday Malaysian speech. Despite its advanced capabilities, Ryt AI is still in its beta phase, with some limitations, such as incomplete support for QR code payments and certain JomPAY transactions. These features are expected to improve as the bank refines its technology.
Comprehensive Financial Services in One App
Ryt Bank consolidates multiple financial services into a single, user-friendly mobile application available on the Apple App Store and Google Play Store. The app supports a range of functions, including savings, payments, credit access, and card management, all enhanced by Ryt AI’s conversational interface. Below is a detailed breakdown of the bank’s offerings:
Personal Banking with Ryt AI
Fund Transfers and Bill Payments: Users can send money via DuitNow or pay bills through JomPAY using natural text commands or by uploading bills and receipts. The process is designed to be seamless, with transactions prepared instantly and executed upon user confirmation.
Financial Education: Ryt AI provides accessible guides on savings, budgeting, and financial basics, tailored to the Malaysian context. This feature aims to empower users with the knowledge to manage their finances effectively.
Launch Incentive: New users who engage with Ryt AI can claim a launch reward of up to RM5, encouraging early adoption and interaction with the AI assistant.
Savings Accounts
Competitive Interest Rates: Ryt Bank offers savings accounts with interest rates of up to 4% per annum, credited daily. This high-yield structure supports both short-term needs and long-term financial goals.
No Lock-In Period: Funds can be withdrawn at any time without penalties, providing flexibility for users.
Ryt PayLater
Instant Credit Access: Users can access up to RM1,499 in instant credit without documentation. If repaid within one month, the credit incurs 0% interest, and there are no late fees.
Cashback Rewards: Payments made via DuitNow QR offer 1.2% cashback, with double rewards at participating partners like Yes stores. An eligibility check applies to ensure responsible lending.
Ryt Card
Versatile Card Options: The Ryt Card, powered by Visa, allows users to switch between debit and credit modes within the app. It is accepted globally and comes with a sleek, limited-edition design.
Cost-Free Transactions: Until September 30, 2025, the card has no issuance fee (typically RM12), no foreign transaction fees, and no ATM withdrawal fees nationwide.
Rewards and Incentives: Users earn unlimited 1.2% cashback on overseas spending, plus exclusive offers such as RM8 Shopee vouchers and 20% dining discounts at YTL Hotels.
These features are designed to integrate seamlessly, providing a cohesive banking experience that prioritizes convenience, flexibility, and user engagement. The app’s onboarding process is notably swift, with account opening and electronic Know Your Customer (eKYC) verification completed in approximately two minutes.
Security and Regulatory Compliance
Security is a cornerstone of Ryt Bank’s operations, reflecting its commitment to building trust in a digital-first environment. The bank employs advanced security measures, including:
Biometric Login: Facial recognition and other biometric verification methods ensure secure access to the app.
Multi-Layered Encryption: All transactions and data exchanges are encrypted to protect user information.
Real-Time Fraud Monitoring: The system actively detects and alerts users to potential fraudulent activities, enhancing safety.
Ryt Bank is fully licensed by Bank Negara Malaysia, ensuring compliance with national financial regulations. Additionally, deposits are insured by PIDM up to RM250,000 per depositor, providing a safety net for customers. The bank’s no-hidden-fee policy further reinforces its commitment to transparency, addressing common pain points in traditional banking.
Addressing Malaysia’s Financial Inclusion Gap
Malaysia’s financial sector has seen growing adoption of AI and machine learning, with a 2021 Bank Negara Malaysia survey indicating that financial service providers are increasingly using these technologies for customer analytics, digital onboarding, and eKYC processes. Ryt Bank builds on this trend by targeting the 15% of Malaysians who remain underserved by traditional banking services. Its AI-driven approach simplifies access to financial products, particularly for communities that may face language or technological barriers.
The bank’s multilingual interface and culturally attuned AI assistant make it accessible to a broad demographic, from tech-savvy urban users to underserved rural populations. By offering instant credit, competitive interest rates, and fee-free transactions, Ryt Bank aims to attract early adopters while addressing the needs of those who have been excluded from mainstream financial services.
A Symbol of Malaysian Innovation
Ryt Bank is more than a financial institution; it is a testament to Malaysia’s growing technological capabilities. By developing ILMU and integrating it into a banking platform, YTL Group and Sea Limited have showcased Malaysia’s ability to innovate on a global stage. The bank’s launch aligns with broader national ambitions to position Malaysia as a hub for AI and digital innovation in Southeast Asia, as evidenced by initiatives like Huawei’s commitment to training 30,000 Malaysian AI professionals.
CEO Melvin Ooi emphasized the bank’s customer-centric approach: “By harnessing the power of AI to provide an unparalleled customer experience, we aim to deliver financial services that are meaningful and inclusive while helping customers achieve their financial goals.” This focus on accessibility, security, and cultural relevance positions Ryt Bank as a potential leader in Malaysia’s digital banking sector.
Ryt Bank’s launch marks a pivotal moment for Malaysia’s financial industry, introducing a new era of AI-powered banking. By combining ILMU’s advanced language processing with a comprehensive suite of financial services, Ryt Bank offers a seamless, inclusive, and secure banking experience tailored to Malaysia’s diverse population. Its competitive interest rates, instant credit options, and innovative Ryt Card set a high standard for digital banking, while its commitment to security and regulatory compliance builds trust among users. As Malaysia continues to embrace AI and digital transformation, Ryt Bank stands as a beacon of innovation, poised to reshape how Malaysians manage their financial lives.
