What To Know
- Leaders behind the initiative emphasize that this institution is more than just a bank—it is a showcase of Malaysian innovation, built with homegrown AI and cultural values.
- By leveraging a local large language model, ensuring multilingual inclusivity, and aligning with regulatory safeguards, Ryt Bank positions Malaysia as a leader in AI banking innovation.
AI News: A new era of banking in Malaysia
Artificial intelligence is steadily reshaping global finance, and Malaysia has now joined the movement with the launch of Ryt Bank, the country’s first fully AI-powered bank. The project is spearheaded by YTL Group in collaboration with Sea Limited and arrives as a symbolic milestone ahead of Merdeka celebrations. Leaders behind the initiative emphasize that this institution is more than just a bank—it is a showcase of Malaysian innovation, built with homegrown AI and cultural values. In the words of Dato’ Seri Yeoh Seok Hong, Managing Director of YTL Power International, “By combining homegrown AI with the diversity of our people, we’ve created a bank that Malaysians can proudly call their own.” In this Thailand AI News report, it is highlighted how such technology is being harnessed to bring financial services closer to communities.
The Ryt Bank in Malaysia will be first AI-driven bank in the country
Image Credit: AI-Generated
Banking in multiple languages
One of Ryt Bank’s standout features is its accessibility across languages spoken daily in Malaysia. Its mobile application already supports Bahasa Malaysia and English, while Mandarin will be added by September 2025. This multilingual approach aims to make banking more inclusive, bridging gaps between communities and ensuring that digital finance does not exclude those unfamiliar with English-only systems.
At the core of Ryt Bank is Ryt AI, a virtual banking assistant built on ILMU, Malaysia’s first locally developed large language model. Unlike generic AI assistants, Ryt AI understands natural conversations in Bahasa Malaysia, English, or even mixed speech patterns. This allows users to interact with the bank as if chatting with a friend, while still benefitting from enterprise-grade security.
Everyday AI in one app
Ryt Bank is designed to centralize personal finance. Through a single app, users can save, spend, borrow, and manage their payments with the assistance of Ryt AI. The system is conversational and personalized, providing financial guidance alongside everyday transactions.
Key functions include:
-Sending money or paying bills using text chat with DuitNow and JomPAY support
Uploading photos of bills or receipts for immediate payment processing
-Accessing simplified explanations of financial terms and processes
Enjoying layered security with biometric logins, encryption, and instant fraud alerts
-Earning a small welcome reward of up to RM5 for new users testing Ryt AI
Growing savings and flexible credit
To encourage savings, Ryt Bank offers daily-credited interest of up to 4% per year without lock-in requirements. Customers can withdraw funds anytime, providing flexibility often missing from traditional accounts.
For short-term borrowing, the Ryt PayLater feature provides instant credit up to RM1,499 with zero interest if repaid within a month. The model comes without late fees or complex paperwork, while cashback rewards are built into DuitNow QR payments and select partnerships.
The Ryt Card brings further convenience, functioning as both debit and credit depending on user preference. With Visa network support, it works worldwide and removes foreign transaction or local ATM fees. Customers can also enjoy cashback offers and promotions ranging from Shopee vouchers to dining discounts at YTL Hotels.
Licensed and protected under Malaysian law
Ryt Bank operates under the supervision of Bank Negara Malaysia and is insured by PIDM, guaranteeing deposits of up to RM250,000 per customer. These protections, along with advanced fraud detection and encryption, aim to assure customers that AI banking can be both safe and reliable.
A defining moment for Malaysia’s financial future
The launch of Ryt Bank represents more than just a new digital option for Malaysians. It signals a bold step forward in how artificial intelligence can integrate with finance to create services that are both technologically advanced and culturally grounded. By leveraging a local large language model, ensuring multilingual inclusivity, and aligning with regulatory safeguards, Ryt Bank positions Malaysia as a leader in AI banking innovation.
For Malaysians, this could mean more convenient, transparent, and personalized banking experiences, while for the global financial industry, it demonstrates that nations outside traditional tech hubs can pioneer cutting-edge AI solutions. If successful, Ryt Bank could redefine how banks across Southeast Asia approach digital transformation, blending artificial intelligence with local culture and customer needs.
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