Ryt Bank has begun rolling out access to its app and is now accepting users on its waiting list, according to SoyaCincau.
Developed by YTL Digital Bank Berhad with backing from Sea Group, Ryt Bank describes itself as Malaysia’s first AI-powered digital bank.
While the full service has yet to officially launch, the app is already available on both the Apple App Store and Google Play Store.
The digital-only bank is promising a quick and seamless onboarding experience, with account sign-up said to take as little as two minutes.
To join the waiting list, users must download the app and provide their mobile phone number and email address.
At launch, Ryt Bank customers can expect to earn 3% per annum interest on their savings account, similar to the introductory rate previously offered by GXBank.
The interest is based on the day’s end balance and the prevailing interest rate, calculated daily and credited the following day.
There’s no cap on the account balance eligible for interest, and earnings are credited as long as the amount meets a minimum of RM0.01.
Transactions on Ryt Bank will initially be limited to DuitNow QR payments, with no mention of a physical debit card at this stage.
A default daily transfer limit of RM5,000 applies for DuitNow and QR transactions, but this can be increased to RM50,000 via the app.
The bank also highlights that it does not charge any fees for its core digital services and is a member of PIDM, which insures deposits of up to RM250,000 per depositor.
A standout feature is Ryt AI, the bank’s integrated digital assistant inspired by ChatGPT.
It is designed to streamline banking tasks, including generating fund transfers directly from screenshot images.
Ryt AI is also expected to provide real-time insights, 24/7 support, and support for multiple languages.
It includes security features such as encryption, multi-layer security, biometric facial verification, and real-time fraud monitoring.
Featured image credit: Edited from Ryt Bank
