Ryt Bank is Changing How Malaysia Banks with AI – Forever

By The Malketeer

Malaysia’s digital banking scene has just gained a bold new player.

Ryt Bank – a joint venture between YTL Group and Sea Limited – is stepping into the spotlight with a promise to do things differently.

While it may be the last of the five digital bank licensees to roll out to the public, it is banking on one big advantage: the power of AI.

And from what we’ve seen, that’s not just a marketing slogan – it’s a clear point of difference.

A Digital Bank That Feels Different

The first taste of Ryt Bank came at the ASEAN AI Malaysia Summit 2025, where early adopters could sign up instantly at the YTL AI Labs booth.

Instant is no exaggeration – onboarding takes just two minutes, complete with electronic Know Your Customer (eKYC) verification.

For those who prefer to do it on their own time, the Ryt Bank app is available on the Apple App Store and Google Play Store, with a waitlist already running since April.

This digital-first approach is evident from the start – polished app design, quick onboarding, and the promise of managing your money without stepping into a branch.

Sleek Cards, Smarter Payments

At launch, Ryt Bank keeps it simple with a Savings account and a Visa Debit Card.

But even here, it adds a touch of flair – offering a limited edition Ryt Card with more designs on the way.

While waiting for the physical card, customers can spend immediately using a virtual card in the app.

For merchants who don’t accept cards, DuitNow QR is also supported.

In-app controls allow you to set spending limits, manage transaction types, or freeze your card instantly.

For now, the physical debit card issuance fee of RM12 is waived until 30 September 2025.

Domestic ATM withdrawal fees (normally RM1) are also waived until that date.

The savings account offers an attractive 3.00% p.a. interest, credited daily – a small but thoughtful detail that shows Ryt Bank understands the value of instant gratification.

Ryt AI: Banking Powered by Conversation

The real game-changer is Ryt AI – an artificial intelligence engine powered by ILMU that turns everyday language and images into banking actions.

Want to transfer RM100 to a friend?

Just type or say, “Transfer RM100 to MBB XXXXXXX.”

Want to pay someone using DuitNow?

Send a screenshot of the payment request and Ryt AI will prepare the transaction. All you have to do is confirm.

It’s banking without the endless dropdown menus, account number typing, or page-hopping.

It’s also a sign that Ryt Bank is thinking ahead – envisioning a future where you simply tell your bank what you want, and it does the rest.

While still in Beta, the feature already feels futuristic.

Some functions, like JomPay bill payments or reading QR codes from screenshots, aren’t fully ready.

But the promise is there – and once refined, this could be a defining advantage over both traditional and digital banking rivals.

Designed for a Seamless Future

The launch of Ryt Bank comes at a time when consumers are increasingly expecting their financial services to be as intuitive as their favourite apps.

Traditional banks have dabbled in AI chatbots and virtual assistants, but Ryt Bank has made AI its core engine from day one.

The interface is deliberately clutter-free.

The experience is built to anticipate needs rather than simply respond to them.

Because it’s starting from scratch, there’s no baggage of legacy systems or outdated processes to slow it down.

Why This Matters for the Industry

The entry of Ryt Bank is more than just another product launch – it’s a signal to Malaysia’s banking industry that the future will be defined by user experience, not just interest rates or branch networks.

With its AI-first approach, Ryt Bank is showing how technology can remove friction from everyday banking.

Instead of navigating complex menus, customers interact naturally – through text, voice, or even images.

If it delivers on its promises and continues to expand its product range, Ryt Bank could set a new benchmark for what Malaysians expect from their banks.

For established players, it’s a reminder: speed, simplicity, and smart technology are no longer optional – they’re the standard.

Ryt Bank might be the last of Malaysia’s new digital banks to launch, but it has entered with a clear and confident identity.

By putting AI at the heart of its offering, it’s not just chasing the digital banking trend – it’s shaping it.

For customers, this could mean a future where banking is as simple as sending a text.

For the industry, it means the race is on to match – or outdo – the Ryt experience.

For now, Ryt Bank has the advantage.

It’s new, it’s different, and it’s promising a banking journey that feels refreshingly effortless.