TLDR: Malaysia has launched Ryt Bank, the nation’s first fully AI-powered digital bank, developed by YTL Group in partnership with Sea Limited. Powered by the homegrown large language model ILMU, Ryt Bank offers a multilingual banking experience with an intelligent AI assistant, Ryt AI, designed to simplify financial tasks and promote inclusivity.
Malaysia has marked a significant milestone in its digital transformation journey with the launch of Ryt Bank, heralded as the nation’s first fully AI-powered digital banking service. Spearheaded by the YTL Group in collaboration with Sea Limited, the bank commenced operations just ahead of Merdeka, positioning itself as a groundbreaking innovation built by Malaysians for Malaysians.
At the core of Ryt Bank’s innovative offerings is Ryt AI, an intelligent banking assistant powered by ILMU, Malaysia’s first homegrown large language model. This advanced AI enables customers to engage in natural conversations in multiple languages, including Bahasa Malaysia, English, and even Manglish, to perform various banking tasks. Mandarin support is slated to be added by September 2025, ensuring broad accessibility across Malaysia’s diverse linguistic landscape.
Dato’ Seri Yeoh Seok Hong, Managing Director of YTL Power International, emphasized the bank’s commitment to local innovation and cultural understanding. “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,” he stated.
Ryt AI simplifies everyday banking by allowing users to pay bills, track expenses, and even learn financial basics through intuitive conversations. The platform is designed to offer both convenience and enterprise-grade security, with all transactions verified and encrypted.
Beyond its AI-driven interface, Ryt Bank offers a suite of competitive financial products. These include daily interest on savings of up to 4% per annum with no lock-ins, and instant credit through Ryt PayLater, providing up to RM1,499 interest-free for the first month. Customers also benefit from the all-in-one Ryt Card, which functions as both a debit and credit card, offering perks such as unlimited 1.2% cashback on overseas transactions and zero foreign transaction fees.
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Licensed by Bank Negara Malaysia and with deposits protected by PIDM, Ryt Bank aims to redefine personal banking in Malaysia by combining robust security with a seamless user experience. The bank is available for download on the App Store and Google Play, with an initial rollout to selected users who joined the early waitlist.
