Malaysia Launches Ryt Bank

Malaysia Launches Ryt Bank: The World’s First AI-Powered Bank Revolutionizing Digital Banking

Malaysia recently marked a significant milestone in the banking industry with the official launch of Ryt Bank, heralded as the world’s first AI-powered bank developed by Malaysians for Malaysians. This innovative institution combines cutting-edge artificial intelligence (AI) technology with comprehensive digital banking services to provide an inclusive, personalized, and seamless banking experience.

Pioneering AI Integration in Banking

At the heart of Ryt Bank is “Ryt AI,” an intelligent banking assistant powered by ILMU, Malaysia’s first domestically developed large language model. Ryt AI supports natural language interactions in Bahasa Malaysia, English, and Manglish, with Mandarin support forthcoming. It can perform a variety of banking tasks such as bill payments, funds transfer, and provide real-time financial insights, greatly simplifying user interactions and enhancing financial literacy.

This AI-driven platform adapts to individual customer preferences and behaviors, offering a highly personalized banking experience. Users can perform transactions via simple text commands, access financial education resources, and receive 24/7 assistance, all within a secure and user-friendly environment.

Innovative Features and Services

Ryt Bank offers competitive savings interest rates of up to 4% per annum, paid daily. Its standout feature includes “Ryt PayLater,” a credit facility enabling customers instant access to credit up to RM1,499 without documentation, interest-free for the first month, and without late fees. Customers also benefit from cashback rewards on specific transactions.

Additionally, the Ryt Card integrates debit and credit functionality with global Visa acceptance, providing benefits like unlimited cashback on overseas spending, zero foreign transaction and ATM withdrawal fees, and discounts at partner merchants.

Security and Regulatory Compliance

Ryt Bank operates under the regulation of Bank Negara Malaysia and is protected by the Perbadanan Insurans Deposit Malaysia (PIDM), insuring deposits up to RM250,000 per depositor. The bank employs advanced security protocols, including biometric verification, encrypted transactions, and real-time fraud monitoring, ensuring customer data and funds remain secure.

Driving Financial Inclusion and Innovation

Led by YTL Group in partnership with Sea Limited, Ryt Bank embodies Malaysia’s aspiration to lead in financial technology innovation. As Dato’ Seri Yeoh Seok Hong, Managing Director of YTL Power International, stated, “Ryt Bank illustrates that revolutionary innovation can be conceived, constructed, and guided right here in Malaysia. By merging locally developed AI with our cultural diversity, we have created a bank Malaysians can be proud of.”

The launch of Ryt Bank exemplifies the transformative power of AI in banking, making financial services more accessible, efficient, and tailored to the needs of diverse users. It sets a new benchmark for digital banking not just in Malaysia but globally.