Last updated on December 25, 2025
KUALA LUMPUR: Malaysia has officially launched its first fully AI-powered digital bank with the debut of Ryt Bank, a venture backed by YTL Group in partnership with Singapore’s Sea Limited. The launch marks a milestone in the nation’s financial innovation journey, placing Malaysia at the forefront of AI-driven banking solutions.
At the heart of Ryt Bank’s offering is Ryt AI, a conversational banking assistant powered by ILMU, Malaysia’s first homegrown large language model. Ryt AI is designed to interact naturally in Bahasa Malaysia, English, and Manglish, with Mandarin support expected by September. It can prepare bill payments, initiate fund transfers, provide spending insights, and even explain financial basics in simple terms, making financial literacy more accessible to everyday Malaysians.
Ryt Bank’s savings account offers interest of up to four per cent per annum, credited daily. Its PayLater feature provides instant credit of up to RM1,499 with zero per cent interest if repaid within the first month. No documentation is required to access this facility, and there are no late fees.
The Visa-powered Ryt Card allows customers to switch between debit and credit through the app. It offers unlimited 1.2 per cent cashback on overseas spending, the same cashback rate on DuitNow QR payments, and double cashback with selected partners such as Yes stores when using Ryt PayLater. Other perks include waived foreign transaction and ATM withdrawal fees, a complimentary limited-edition physical Ryt Card, an RM8 Shopee voucher, and 20 per cent discounts at YTL Hotels’ restaurants.
Licensed by Bank Negara Malaysia (BNM) and insured under Perbadanan Insurans Deposit Malaysia (PIDM) for deposits of up to RM250,000 per depositor, Ryt Bank emphasises both innovation and safety. Its app integrates biometric login, multi-layer encryption, and real-time fraud alerts to safeguard users’ financial activities.
Speaking on the significance of the launch, Dato’ Seri Yeoh Seok Hong, Managing Director of YTL Power International, said:
“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.”
Adding to this, Melvin Ooi, CEO of Ryt Bank, confirmed the bank’s public rollout in a LinkedIn post:
“It’s official: Ryt Bank is now live to the public. No more invite codes. Just download and sign up. The response has been overwhelming, even before the public launch, with deposits flowing in and strong buzz around Ryt AI and Ryt PayLater. This is just the beginning.”
