KUALA LUMPUR, 13 October 2025: Ryt Bank, a new digital bank backed by the YTL Group and SEA Limited, has launched in Malaysia as the world’s first banking institution to place Artificial Intelligence (AI) at the core of all its operations. Licensed by Bank Negara Malaysia (BNM) and deposits insured by PIDM up to RM250,000, Ryt Bank utilizes AI to automate routine transactions, aiming to eliminate the “drudgery” of traditional banking.

This “banking done right” approach differentiates Ryt from competitors who typically use AI for basic customer service. “We are the first in the world to actually take AI front and center,” said Hann Yeoh, Executive Director of YTL Power International Berhad.

Ryt Bank is built for speed and human-centricity, allowing users to open an account faster than brewing a cup of coffee. Its dedicated mobile application uses AI to simplify transactions dramatically:

Effortless Bill Pay: Customers can snap a photo of any bill or upload a WhatsApp screenshot, and the app’s AI instantly populates all payment details and key-in account numbers, requiring only a final approval and facial recognition scan from the user.

Beyond technological novelty, the bank offers highly competitive financial benefits to its customers:

Daily Interest: Ryt Bank offers a 4% interest per annum, which is credited to accounts daily at 9 a.m.
Cashback: The Visa-powered Ryt Card provides 1.2% cashback on overseas spending, alongside RytPayLater instant credit up to RM1,499.

Ryt ensures robust customer security through a triple-factor authentication system, incorporating MyKad verification, facial recognition, and transaction re-verification. The bank’s commitment to security and compliance was rigorously vetted by BNM over an eight-to-nine-month operational readiness review.

Since its launch, Ryt Bank has quickly proven its market success, consistently ranking among the top two apps on both the Apple App Store and Google Play. Having recently received the Pikom Digital Excellence Award 2025, the bank emphasizes that its technology is designed to improve lives and partner with creators, not replace banking jobs, by demonstrating how AI can enhance financial services.