Ryt Bank has launched in Malaysia as the first digital bank powered by artificial intelligence, offering attractive lending options and a wide range of financial services.
Features of Ryt Bank
Ryt Bank offers interest rates of up to 4% annually and provides instant credit up to RM1,499 ($354.3) without documentation. The bank operates in both Bahasa Malaysia and English, with Mandarin support planned for September 2025. Central to the bank is Ryt AI, an intelligent banking assistant powered by ILMU, Malaysia's first domestically developed large language model.
Comprehensive Financial Services
Ryt Bank consolidates multiple financial services into a single digital platform. Its signature PayLater feature provides instant credit access up to RM1,499 without traditional documentation and no late fee penalties. Cashback rewards are offered for qualifying transactions. Users can conduct transactions through text commands and bill uploads.
Security and Regulatory Framework
Ryt Bank operates under the regulatory oversight of Bank Negara Malaysia and offers protection through Perbadanan Insurans Deposit Malaysia (PIDM), which insures deposits up to RM250,000 ($59,101.8). The bank employs biometric authentication systems and real-time fraud monitoring to secure transactions, with all transactions protected by encryption.
The launch of Ryt Bank represents a significant step for Malaysia into AI-powered financial services, combining local technological innovation with international partnerships, offering competitive interest rates and modern financial conveniences.
