Malaysia Launches Ryt Bank, a First-of-its-Kind AI-Powered Bank

Artificial intelligence is rapidly reshaping the financial landscape, and Malaysia is now joining the fray. Enter Ryt Bank, a new venture touting itself as the nation’s first fully AI-powered bank.

Backed by Malaysian conglomerate YTL Group in partnership with Singaporean tech giant Sea Limited, Ryt Bank aims to disrupt the traditional banking model with its AI-driven platform. “Ryt Bank demonstrates that groundbreaking innovation can be imagined, built, and led right here in Malaysia,” stated Dato’ Seri Yeoh Seok Hong, Managing Director of YTL Power International, ahead of the country’s Merdeka celebrations. “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.”

Banking Tailored for Malaysians

Central to Ryt Bank’s strategy is linguistic inclusivity. The bank’s mobile app currently supports Bahasa Malaysia and English, with Mandarin integration slated for September 2025. This multilingual approach directly addresses a key barrier to financial inclusion, making services more accessible and user-friendly for a diverse population.

At the heart of Ryt Bank lies Ryt AI, a digital assistant powered by ILMU, Malaysia’s first locally-developed large language model. Ryt AI is designed to understand nuanced conversations – whether in Bahasa Malaysia, English, or a combination of both – and execute requests with speed and precision.

This AI assistant can handle a range of tasks, from paying bills and tracking spending to providing clear explanations of complex financial concepts. The aim is to seamlessly integrate convenience with cultural understanding, all while maintaining robust security protocols.

The All-in-One AI Banking App

Ryt Bank consolidates various financial activities into a single, user-friendly platform. Customers can leverage the app for saving, spending, borrowing, and bill payment, with Ryt AI streamlining the process through conversational interactions and personalized insights.

Personal banking with Ryt AI:

• Send money or pay bills through text chat, using services like DuitNow and JomPAY.
• Easily upload bill or receipt snapshots for immediate payment processing.
• Access informative guides and simplified financial explanations as needed.
• All transactions are encrypted and rigorously verified to ensure maximum security.
• New users are eligible for a limited-time launch reward of up to RM5 upon trying Ryt AI.

Growing money:

• Earn competitive interest rates of up to 4% per annum, with daily crediting.
• Enjoy unrestricted access to funds with no lock-in periods.

Ryt PayLater:

• Access instant credit lines of up to RM1,499.
• Benefit from 0% interest on repayments made within one month.
• Avoid late payment fees and complex paperwork.
• Earn cashback rewards on DuitNow QR payments and unlock exclusive partner deals.

Ryt Card:

• Seamlessly switch between debit and credit card functionalities within the app.
• Enjoy global acceptance through the Visa network.
• Eliminate foreign transaction fees and ATM withdrawal fees within Malaysia.
• Receive cashback on purchases and access exclusive partner benefits, including Shopee vouchers and dining discounts at YTL Hotels.

Operating Under Regulatory Scrutiny

Ryt Bank operates under the regulatory oversight of Bank Negara Malaysia and is covered by PIDM, ensuring deposit protection up to RM250,000 per customer. The bank employs a multi-layered security approach, incorporating biometric authentication, advanced encryption techniques, and real-time fraud detection alerts.

A Catalyst for Malaysia’s Financial Sector

The launch of Ryt Bank underscores the transformative potential of AI in reimagining traditional banking services. By prioritizing accessibility through local language support, cultivating a culturally attuned AI assistant, and adhering to stringent regulatory standards, Ryt Bank aims to reshape the financial landscape and drive innovation within Malaysia’s banking sector.