Malaysia has officially entered a new era of financial technology with the launch of Ryt Bank, the nation's first AI-powered bank. This innovative platform, backed by YTL Group in partnership with Sea Limited, aims to redefine banking by integrating advanced artificial intelligence with Malaysia's diverse cultural and linguistic landscape.
Ryt Bank distinguishes itself through its core AI-driven functionalities. At the heart of the bank is Ryt AI, an intelligent banking assistant built upon ILMU, Malaysia's first homegrown large language model. Ryt AI is designed to understand and respond to customer queries in natural language, supporting Bahasa Malaysia, English, and Manglish, with Mandarin support expected to be added by September 2025. This multilingual capability ensures accessibility and inclusivity for Malaysia's multicultural communities, providing financial tools in the languages they are most comfortable with.
Ryt AI empowers customers to perform various banking tasks through conversational interfaces. Users can manage their finances, pay bills, transfer funds, and track expenses simply by texting Ryt AI. The AI assistant can also interpret uploaded bills and receipts, automatically filling in payment details and streamlining the payment process. Furthermore, Ryt AI offers simple explanations of financial concepts, enhancing financial literacy among its users.
Ryt Bank provides a range of financial products and services designed to offer convenience and value. These include savings accounts with daily interest accrual of up to 4% per annum, providing a tangible incentive for users to save. The PayLater feature offers instant credit up to RM1,499 with 0% interest for the first month, providing short-term financial flexibility. The Visa-powered Ryt Card functions as both a debit and credit card, offering unlimited 1.2% cashback on overseas spending and other rewards such as Shopee vouchers and discounts at YTL Hotels restaurants.
Security is a paramount concern for Ryt Bank. The bank employs advanced security measures, including biometric login, multi-layer encryption, and real-time fraud monitoring, to protect user data and transactions. Ryt Bank is licensed by Bank Negara Malaysia and deposits are insured by Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000 per depositor, providing an added layer of security and peace of mind.
The launch of Ryt Bank signifies a major step forward in Malaysia's digital transformation journey. By combining homegrown AI technology with an understanding of local values and lifestyles, Ryt Bank aims to set a new standard for banking in Malaysia, one that is inclusive, convenient, and secure. As Dato' Seri Yeoh Seok Hong, Managing Director of YTL Power International, stated, Ryt Bank demonstrates that groundbreaking innovation can be conceived, built, and led within Malaysia, creating a bank that Malaysians can proudly call their own.
