Malaysia’s First AI-Powered Digital Bank Ryt Bank Launches With Singapore Tech Backing And 4% Daily Interest

Malaysia Steps Into The Future With Launch Of Ryt Bank, The World’s First AI-Powered Digital Bank

Malaysia has introduced Ryt Bank, a fully digital lender described as the world’s first AI-powered bank.

The initiative is spearheaded by YTL Group together with Singapore-based technology firm Sea Limited.

Central to its offering is Ryt AI, a banking assistant built on Ilmu, Malaysia’s first locally developed large language model.

Unlike traditional banking apps, Ryt AI can hold natural conversations in Bahasa Malaysia, English, and Manglish, allowing users to manage transactions through simple dialogue.

Mandarin support is expected by September, though initially limited to the app interface.

The AI assistant goes beyond payments and transfers by providing insights into spending patterns and even breaking down financial basics in plain language.

Source: Fintech Malaysia

The goal, according to its creators, is to make banking intuitive and financial literacy more accessible to a wider audience.

Savings, Paylater And Cashback Rewards

Ryt Bank offers interest of up to 4% per annum on savings, credited daily into accounts.

Customers can also access PayLater credit of up to RM1,499 with zero interest if cleared within the first month.

Unlike conventional credit services, no documents are required and no late fees are charged.

The bank has also rolled out the Visa-backed Ryt Card, which lets customers switch between debit and credit in-app.

Source: SoyaCincau.com

Overseas purchases earn unlimited 1.2% cashback, with the same rate applied to DuitNow QR transactions.

Certain partnerships double the cashback reward, including purchases at Yes stores when using PayLater.

Extras such as zero foreign transaction fees, free ATM withdrawals, and dining discounts at YTL Hotels aim to further attract customers.

Source: SoyaCincau.com

Licensed And Secure Under Malaysia’s Watch

Ryt Bank operates under a licence from Bank Negara Malaysia, ensuring compliance with regulatory standards.

Deposits are covered by Perbadanan Insurans Deposit Malaysia (PIDM) for up to RM250,000 per customer.

Security is reinforced with biometric logins, multiple layers of encryption, and real-time fraud detection alerts.

Dato’ Seri Yeoh Seok Hong, managing director of YTL Power International, said the launch reflects Malaysia’s ability to lead in innovation:

“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.”

How Ryt Bank Stands Against Rivals

Malaysia’s digital banking space is becoming increasingly competitive.

Ryt Bank joins a growing line-up of licensed players that includes GXBank, a Grab and Singtel venture; Boost Bank, partnered with RHB Bank; AEON Bank, focused on Shariah-compliant services; and KAF Digital Bank, backed by Carsome and KAF Investment Bank.

Each offers its own mix of incentives, from Shariah products to lifestyle perks, but Ryt Bank differentiates itself by placing AI at the centre of the customer experience.

Source: SoyaCincau.com

Will AI Be Enough To Win Trust In Banking?

Coinlive believes Ryt Bank brings Malaysia into uncharted territory, blending homegrown AI with financial services in a way that challenges traditional banking models. But novelty alone may not secure its future.

Consumers may hesitate to trust an AI assistant with sensitive financial decisions, especially when rivals backed by Grab, AEON, and RHB already have strong brand recognition.

Ryt Bank’s survival will hinge on whether it can prove its AI is not just useful but reliable, secure, and able to build long-term customer confidence in a crowded market.