Swansenreport

Here’s a closer look at Ryt Bank, hailed as the world’s first AI-powered bank—built in Malaysia for Malaysians:

 

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What Is Ryt Bank?

 

Ryt Bank is Malaysia’s pioneering AI-powered digital bank, launched through a joint venture between YTL Digital Capital (part of YTL Group) and Sea Limited. It officially began operations on December 20, 2024, following approval from Malaysia’s Ministry of Finance and Bank Negara Malaysia .

 

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Why It’s Notable

 

1. “World’s First AI-Powered Bank”

 

Ryt Bank claims to be the first banking institution in the world whose operations are fundamentally centered on AI-driven interactions, going beyond just chatbots or assistant overlays .

 

2. Homegrown AI: Ryt AI Powered by ILMU

 

At its core is Ryt AI, a virtual assistant built on ILMU, Malaysia’s first indigenous large language model. This positions the bank as a genuinely local innovation, not just a tech import .

 

3. Multilingual & Culture-Aware

 

Ryt AI understands natural-language prompts in English, Bahasa Malaysia, and even Manglish (Malaysian English slang). Mandarin support is due by September 2025, aiming for inclusive financial services across linguistic preferences .

 

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Key Capabilities & Features

 • Conversational Banking: You can perform tasks via simple language like “Pay RM50 to @Sue,” “Show me recent transactions,” or “Scan this bill and pay”—all through natural text inputs and photo uploads .

 • Smart Payments: Ryt AI can handle bill payments via JomPAY, fund transfers via DuitNow, and even extract payment details from uploaded images like receipts or WhatsApp screenshots .

 • Savings & Interest: Users can open savings accounts earning up to 4% per annum, credited daily. Special launch rates apply—e.g. 4% on “Save Pockets” for limited-time deposits up to RM20,000 .

 • PayLater Feature: Offers instant credit up to RM1,499 with 0% interest for one month, or payments stretched over 3–12 months at around 8.87% p.a. Cashback perks also apply for qualifying purchases .

 • Physical + Virtual Cards: Users receive a free limited-edition Visa card, with both physical and virtual card numbers. Virtual cards can be used independently (e.g., if you need to freeze the physical card) .

 • Ryt Card Perks: The Visa card enables both debit/credit use, zero foreign transaction and ATM fees, and unlimited 1.2% cashback on overseas spending. Users also enjoy partner rewards like Shopee vouchers and dining deals .

 

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Security & Trust

 • Regulatory Licensing: Ryt Bank is licensed by Bank Negara Malaysia.

 • Deposit Protection: Covered by PIDM (Perbadanan Insurans Deposit Malaysia) up to RM250,000 per depositor .

 • Security Features: Includes biometric face recognition, multi-layer encryption, real-time fraud monitoring, and device locking (one device per account) .

 

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The Big Picture: Why Ryt Bank Matters

 1. Local Innovation: Built on a Malaysian LLM and cultural dynamics, Ryt Bank sets a precedent for regionally-rooted AI financial services .

 2. Conversational Convenience: Banking becomes as simple as texting—no complex menus, just direct, intuitive prompts and image processing.

 3. Financial Inclusion: Multilingual support caters to Malaysia’s diverse communities while quick sign-up (2 minutes via eKYC) lowers barriers to access .

 4. Technology-Driven Trust: While centered on innovation, Ryt Bank couples advanced AI with strong security, regulatory compliance, and deposit insurance.

 

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In Summary

 

Ryt Bank isn’t just another digital bank—it represents a transformative shift: first-of-its-kind AI-banking, powered by local LLM technology, designed for everyday Malaysian users. From seamless chat-based operations and multilingual assistance to integrated savings, credit, and rewards—all under robust security—not only does it reimagine convenience but also builds trust through transparency and inclusion.