Advances Malaysia’s goal of addressing the underserved & underbanked
Ryt AI simplifies banking with tailored insights, saving tips & 24/7 support
The Ministry of Finance (MoF) has approved the issuance of a digital banking license to YTL Digital Bank Berhad, a joint venture between YTL Digital Capital Sdn Bhd and Sea Limited. The next-generation digital bank, operating as Ryt Bank, has been authorised to commence operations from 20 December 2024, with a phased public rollout to ensure a smooth launch.
Welcoming the approval, Ryt Bank CEO Melvin Ooi said, “Ryt Bank, backed by YTL Digital Capital Sdn Bhd and Sea Limited, is set to redefine banking in Malaysia. By harnessing artificial intelligence (AI) to deliver an unparalleled customer experience, we aim to provide meaningful and inclusive financial services, helping customers achieve their financial goals.”
“Ryt Bank is a bank built by Malaysians, for Malaysians. By empowering local talent, we have developed a next-generation AI-powered platform that simplifies the customer experience – from fast, seamless onboarding to daily transactions – while delivering personalised and collaborative banking through advanced customer behaviour insights,” he added.
At the heart of Ryt Bank is Ryt AI, an AI-powered private banker designed to simplify banking services, deliver tailored financial insights, and manage advanced savings strategies. It provides quick, efficient, and seamless solutions for every customer’s unique needs, complemented by 24/7 support for an exceptional banking experience.
Ryt AI’s advanced fund transfer feature enables effortless transactions through a single text input, saving time and ensuring accessibility for a diverse range of users. The system also supports multiple languages to cater to Malaysia’s multicultural population.
In addition to its innovative approach, Ryt Bank prioritises security and transparency. Customers benefit from advanced encryption, multi-layer security, biometric face-matching verification, real-time fraud monitoring, and PIDM protection of up to US$56,000 (RM250,000) per depositor. The bank’s no-hidden-fees policy underscores its commitment to trust and honesty.
By democratising banking and enhancing accessibility, Ryt Bank aligns with Malaysia’s goal of fully addressing the needs of the underserved and underbanked, which currently make up about 15% of the population.
The partnership between YTL and Sea brings together two trusted brands with global track records. YTL’s 70 years of nation-building experience ensures it delivers the right solutions at the right time. Sea, a leading global consumer internet company, leverages its expertise across digital entertainment (Garena), e-commerce (Shopee), and financial services (SeaMoney) to create impactful innovations.
Ryt Bank is shaping a next-generation banking experience that prioritises innovation, customer-centricity, and positive impact. The bank will be available to the public in the coming months. For updates, visit their LinkedIn page.
YTL gets green light to commence operations for Ryt Bank
