Malaysia first AI bank - Ryt Bank Launches 18 August 2025

 Key Takeaways

• Ryt Bank launches on 18 August 2025 as Malaysia’s first fully AI-powered digital bank.
• Account opening takes 2 minutes, with free debit cards and virtual card access.
• Users can pay bills and transfer funds by uploading photos or typing natural commands.
• Interest rate is 3.00% p.a., credited daily, with no ATM or forex fees until 30 Sept 2025.
• The Ryt AI assistant is in Beta and currently has functional limits, like limited QR support.

Ryt Bank will open its digital doors to selected users on 18 August 2025, positioning itself as Malaysia’s first truly AI-powered bank. This exclusive rollout is limited to those who joined the early waitlist.

Built by YTL Digital Capital and backed by Singapore’s Sea Limited, Ryt Bank is one of the five licensed digital banks in Malaysia. 

It claims not just national first-mover status, but global recognition as the first AI bank focused specifically on automating payment processes.

How Does Ryt Bank Work?

AI replaces menus with smart prompts and image-based recognition, streamlining both personal and business finance.

Ryt Bank introduces an integrated AI assistant named “Ryt AI,” designed to simplify everyday banking tasks for individuals and SMEs alike. Instead of navigating traditional app menus, users can:

• Upload a screenshot or photo of a bill or tax invoice to initiate payment instantly.
• Type commands such as “Transfer RM100 to MBB 1234567” to trigger fund transfers.
• Use mobile numbers or MyKad for DuitNow transfers, useful for payroll or supplier settlements.

Currently, Ryt AI does not support JomPay, and QR code scanning via image upload is not yet functional. These features, once rolled out, could also support corporate expense tracking, audit compliance, and automated reconciliation of payments.

How to Sign up a Ryt Bank Account

You can open an account in just two minutes, including eKYC.

The registration process is easy and hassle free. Users only need to:

1. Download the Ryt Bank app or visit the official site.
2. Submit eKYC verification (MyKad or passport).
3. Activate their virtual Visa debit card instantly.

While waiting for the physical card (also free), users can spend via the virtual card and make QR payments through DuitNow.

What Fees and Benefits Come With Ryt Bank?

Ryt Bank’s current perks are aggressive to attract early adopters.

These incentives, especially the interest rate and zero-fee model, are calibrated to compete directly with both e-wallets and legacy banks.

Who Is Behind Ryt Bank?

It’s a joint venture between YTL and Sea Limited.

• YTL Power brings infrastructure, local influence, and banking license compliance.
• Sea Limited, known for Shopee and SeaMoney, supplies tech innovation and digital infrastructure.

The Ministry of Finance approved Ryt Bank’s license in December 2024, and after eight months of internal testing and AI refinement, the bank is now going public in phases.

What Are Malaysians Saying About Ryt AI?

Reactions of Ryt Bank are fairly mixed: interest rates attract, but AI reliability was a major concern.

Several early users have praised the competitive 3% interest rate, stating they’d switch regardless of the AI branding. However, other users expressed concerns over AI potentially making high-value mistakes:

“Whatever AI or not AI, I only care about the deposit rate.”

“Will you wait for someone’s RM50K transfer to go RM100K because of AI error?”

Others voiced frustration with tech-based banking when customer service is replaced by bots:

“When the system hangs, there’s no one to help you. The hotline doesn’t work.”

These reactions suggest that while the tech appeal is high and AI is the new hot thing, AI-powered services is still seen as a novel and unreliable substitute for human customer support.

How Does Ryt Bank Compare to Other Digital Banks in Malaysia?

It enters a five-way race among licensed digital banks.

1. Ryt Bank

• Launch: 18 August 2025, backed by YTL Corporation + Sea Group (Shopee)
• Platform: Fully AI-powered with assistant “Ryt AI”
• Interest Rate: 3% p.a., credited daily
• Card: Free Visa debit card (physical + virtual, limited edition option)
• Fees: No ATM, forex, or withdrawal fees until 30 Sept 2025
• Features: AI-driven payments via photos/screenshots + natural text commands
• Limitations: JomPay not supported; QR scan via image still in Beta

Best For: Tech-savvy users, underserved communities, AI-first adopters.

2. GXBank

• Launch: 2023, backed by Grab Holdings Inc. + Kuok Group
• Platform: Fully digital via Grab app
• Interest Rate: 2% on savings, credited daily
• Card: GX Debit Card with cashback; no FX fee, free ATM withdrawals
• Loans: GX FlexiCredit (pre-approved credit line)
• SME Tools: GX Biz Banking with daily interest + easy onboarding

Best For: GrabPay users, micro-businesses, digital-first professionals

3. AEON Bank

• Launch: 2024, Malaysia’s first fully Shariah-compliant digital bank
• Backed By: AEON Financial Services Japan + AEON Credit Malaysia
• Profit Rate: 0.88%–3% depending on account tier
• Card: Debit Card-i (Shariah compliant), RM12 issuance fee
• Deposit: Minimum RM20; fees for dormancy/early closure
• Compliance: Licensed under Islamic Financial Services Act 2013

Best For: Halal-focused savers, students, retirees, conservative users

4. Boost Bank

• Launch: June 2024, joint venture Axiata Group + RHB Banking Group
• Platform: Integrated into Boost app, gamified savings
• Interest Rate: 3% standard; up to 3.5% via Savings Jars
• Card: Boost Debit Card (physical/virtual), RM8 annual fee
• Fees: 1.25% FX fee + Mastercard markup; ATM RM1–RM10
• Loans: SME financing via Boost Biz Portal

Best For: App-savvy users, gig workers, digital natives

5. KAF Digital Bank

• Launch: In testing (mid-2025), licensed by BNM
• Led By: KAF Investment Bank + partners Carsome, MoneyMatch, StoreHub
• Profit Rate: 3% on savings (announced)
• Platform: Shariah-compliant, in-app management + QR payments
• Card: Islamic debit card (citizens only)
• Loans: Not yet available at launch

Best For: Shariah-conscious users, SMEs, eCommerce platforms

Should You Try Ryt Bank in 2025?

If you’re comfortable with AI and want high returns, Ryt Bank offers a great choice. But we do suggest a “wait and see” approach after the initial launch and see what others have to say.

For users who value speed, convenience, and interest yield, Ryt Bank is shaping up to be a serious contender. But it is still in its Beta stage, and its limitations in customer service or payment processing may be a dealbreaker for more risk-averse customers.

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