Malaysia's Ryt Bank: AI-Powered Finance That Speaks to the Nation

Malaysia has launched Ryt Bank, a digital bank powered by artificial intelligence, positioning it as the first of its kind to be developed locally. The bank, a joint initiative between YTL Group and Sea Limited, was introduced ahead of Malaysia's Merdeka celebrations and is designed to reflect the country’s cultural and linguistic diversity. Ryt Bank leverages ILMU, Malaysia's first homegrown large language model, to power Ryt AI—an intelligent banking assistant capable of understanding and responding to natural language queries in Bahasa Malaysia, English, and even Manglish. This AI-driven approach aims to enhance user experience by enabling seamless bill payments, financial tracking, and personalized financial education, all while maintaining enterprise-grade security protocols [1].

The bank’s digital platform is multilingual, supporting Bahasa Malaysia and English upon launch, with Mandarin support expected by September 2025. This strategic move aims to bridge cultural and linguistic divides, ensuring financial services are inclusive and accessible to a broader segment of the population. Ryt Bank also provides a personalized banking experience through Ryt AI, which adapts to user preferences and behaviors. Users can interact with the AI via text to send money, pay bills, or receive financial guidance in a conversational tone, making the process intuitive and user-friendly [2].

One of Ryt Bank’s most attractive features is its competitive interest rate. The bank is offering a daily interest rate of up to 4% per annum for its Savings Account, credited daily, with no lock-in requirements. This promotional rate is available for deposits up to RM20,000 in the "Save Pockets" feature, which is valid until 30 November 2025. In addition, users who utilize the Ryt PayLater facility for DuitNow QR payments can earn 1.2% cashback, with a maximum of RM5.00 per month. The bank also offers 0% interest for the first month on repayments, making it a flexible and attractive alternative for users seeking short-term credit [3].

Ryt Bank also introduces a "Buy Now, Pay Later" (BNPL) option through its Ryt PayLater feature. This service provides customers with a credit limit of up to RM1,499, which can be activated instantly without requiring any documents. If paid in full within the first month, users are not charged interest. However, for longer repayment periods, interest rates range from 8.87% to 26.80% p.a., depending on the chosen term. Notably, the bank does not impose late fees but does report delinquencies to credit bureaus. This model aims to promote financial flexibility while maintaining responsible lending practices [4].

Security is a core component of Ryt Bank’s offerings. The bank is licensed by Bank Negara Malaysia and protected by Perbadanan Insurans Deposit Malaysia (PIDM), which safeguards deposits up to RM250,000 per depositor. Ryt Bank employs advanced security measures such as biometric login, multi-factor authentication, and real-time fraud alerts to protect user accounts. Additionally, each account is limited to one mobile device to enhance security further. These measures are aligned with regulatory requirements and aim to build trust in the digital banking ecosystem [5].

Ryt Bank is part of a growing trend of AI-driven financial services in Southeast Asia, with Malaysia positioning itself as a hub for innovation in this sector. The bank’s launch reflects a broader shift in the financial industry toward more personalized, accessible, and technologically integrated banking solutions. As AI continues to transform financial services, Ryt Bank’s integration of local language support and AI-powered assistance may set a precedent for how digital banks can better serve diverse populations while maintaining regulatory and security standards [6].

Source:

[1] Malaysia Launches Ryt Bank -- The World's First AI-Powered... (https://finance.yahoo.com/news/malaysia-launches-ryt-bank-worlds-031000260.html)

[2] Malaysia launches Ryt Bank, its first AI-powered bank (https://www.artificialintelligence-news.com/news/malaysia-launches-ryt-bank-its-first-ai-powered-bank/)

[3] AI-powered Ryt Bank debuts in Malaysia (https://finance.yahoo.com/news/ai-powered-ryt-bank-debuts-124004425.html)

[4] Ryt PayLater: Ryt Bank's BNPL feature, interest from 0% p.a. (https://soyacincau.com/2025/08/25/ryt-bank-paylater-bnpl-duitnow-qr-digital-bank/)

[5] Ryt Bank: Malaysia's AI-powered Digital Bank is now Live (https://soyacincau.com/2025/08/25/ryt-bank-official-launch-ai-digital-bank-malaysia/)

[6] YTL, SEA launch Ryt Bank, world's first AI-powered bank (https://www.thestar.com.my/business/business-news/2025/08/25/ytl-sea-launch-ryt-bank-world039s-first-ai-powered-bank)