Ryt Bank, Malaysia’s first fully AI-powered digital bank, is now here. The bank is backed by YTL Group in partnership with Singapore’s Sea Limited.
At the centre of its services is Ryt AI, a banking assistant built on ILMU, Malaysia’s first homegrown large language model.
It can carry out tasks such as bill payments, fund transfers, and spending insights through natural conversation in Bahasa Malaysia, English and Manglish. Mandarin support is expected to be added by September, but that is only for the app and not Ryt AI.
Ryt AI also explains financial basics in simple terms, aiming to make financial literacy more accessible.
Ryt Bank offers savings accounts with interest of up to 4% per annum, paid daily.
Its PayLater feature provides instant credit of up to RM1,499 with 0 percent interest if repaid within the first month, no documents required, and no late fees.
The Visa-powered Ryt Card allows customers to switch between debit and credit in-app and comes with unlimited 1.2 percent cashback on overseas spending. You can also get a 1.2 percent cashback on DuitNow QR payments, and double cashback with selected partners such as Yes stores if you use Ryt PayLater.
Other benefits include zero foreign transaction and ATM withdrawal fees, an RM8 Shopee voucher, and 20 percent discounts at YTL Hotels restaurants.
The bank is licensed by Bank Negara Malaysia, and deposits are insured by Perbadanan Insurans Deposit Malaysia (PIDM) for up to RM250,000 per depositor.
Security features include biometric login, multi-layer encryption and real-time fraud alerts.
Fintech News Malaysia tested the Ryt Bank app ahead of its launch and found the AI features to be quite promising.
“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,”
said Dato’ Seri Yeoh Seok Hong, Managing Director, YTL Power International.
Featured image: Edited by Fintech News Singapore/Malaysia, based on image by wichayada via Freepik
