Ryt Bank: Malaysia’s first AI-powered digital bank officially launched to the public

Ryt Bank, Malaysia’s fifth digital bank is finally launched to the public and it claims to be the world’s first AI-powered bank for payments. Ryt Bank is among the five digital bank licence holders approved by Bank Negara Malaysia and it is joint venture between YTL Group and Sea Limited.

Ryt Bank is also a member of PIDM which offers protection up to RM250,000 for each depositor. For enhanced security, each account can only be accessed via one mobile device and they also offer multi-factor authentication and real-time monitoring.

The digital bank had a limited public early release two weeks ago which requires uses to obtain an invite code to sign up. With today’s launch, Ryt Bank is now officially open to the public with no referral or invite codes required.

How to sign up for Ryt Bank?

Ryt Bank is open to all Malaysian citizens with a MyKad aged 18 years old and above. However, users are required to have an existing bank account under their name as part of the verification process.

To sign up, just download the Ryt Bank app which is available on the Apple App Store and Google Play Store.

The sign up process takes approximately 2 minutes and it requires users to snap a photo of their MyKad and take a selfie as part of the electronic Know Your Customer (eKYC) verification process. The other verification process including email and also minimum RM1 bank transfer from an existing bank is to be completed after sign up.

What can you do with Ryt Bank?

From day one, Ryt Bank offers a Savings Account that supports DuitNow QR payment. Users can also request for a Limited Edition Ryt Visa Debit Card for free and it will be shipped to your mailing address. While waiting for the card to arrive, users can start spending via DuitNow QR or with the virtual debit card.

For the first time for a Digital Bank in Malaysia, they are offering a separate virtual card number for customers. This means, you can use a different virtual card number for your online transactions and subscriptions, which is different from your physical debit card. For example if your physical card is lost or missing, you can freeze your physical card, while your virtual card remains available.

Ryt Bank offers separate Physical and Virtual card numbers

By default, both cards are spending from your Ryt Main account. It would be interesting if Ryt Bank in the future could allow users to create a sub-account to limit spending on either cards.

Ryt AI allows you to make transfers and payments with text, photo and screenshot attachments

One of the major highlights is Ryt AI, an AI-powered chat assistant that helps you simplify payments and bank transfer. For example, to make a payment, you can use a simple text prompt such as “Pay XXX RM100 to MBB 514XXXXXXX” and Ryt AI will prepare the payment for you.

You can even attach a screenshot or image from WhatsApp or snap a photo of your bill to make a bill payment.

JomPay bill payment is finally enabled and you can pay a bill in just a few steps by snapping a photo of your bill via Ryt AI. All payment or transfers prepared by Ryt AI will require users to confirm in order to authorise the payment. Despite Ryt AI being labelled as Beta, it still does a pretty good job in handling fund transfers and bill payments.

Ryt PayLater offers credit line up to RM1,499 with instant activation

Ryt Bank also offers Ryt PayLater, a Buy Now Pay Later feature which provides a credit line of up to RM1,499. They offer 0% interest if you settle it in one month. Alternatively, you can also stretch your repayment over 3 to 12 months with interest rate from 8.87% p.a.

Ryt Bank’s current promo

Ryt Bank currently offers 3.00% p.a. interest rate for its Savings Account. As part of its limited-time launch promo, the digital bank offers 4.00% p.a. interest if you keep your money in the Save Pockets. For this promo, users can enjoy the 4.00% p.a. interest rate for deposits up to RM20,000 in the Save Pocket and it is offered until 30th November 2025.

The interest is calculated and credited to your account on a daily basis.

If you’re travelling overseas, Ryt Bank is offering unlimited 1.2% cashback for overseas spending until 30th November 2025. The cashback may take up to 14 business days to credit after successful settlement and it excludes ineligible transactions such as wallet or stored value top-ups, gambling, lottery, quasi-cash transactions and online/phone transactions.

To encourage users to use the AI assistant, users can earn RM1 reward when you pay or transfer a minimum of RM10 via Ryt AI. Each user can earn up to RM5 with this Ryt AI campaign.

Under the rewards section, Ryt Bank is also having other promos. This includes RM8 off voucher on Shopee, 10% off KLIA Ekspress and KLIA Transit Standard tickets, free upsize at Koppiku and 20% off at participating restaurants.