Ryt Bank, the newest digital bank in Malaysia, is officially launching on 26 August 2025, marking a major step forward for the country’s AI-powered banking sector. Backed by YTL Digital Capital Sdn Bhd and Sea Limited, the bank aims to redefine mobile banking, online banking, and personal finance apps with a blend of artificial intelligence, security, and user-centric design.
As part of its launch promotion, Ryt Bank will waive its 2% foreign transaction fee until 30 September 2025. Currently, the bank imposes no service charges or monthly fees for its digital banking services. The default DuitNow and QR daily transfer limit is RM5,000, which can be increased up to RM50,000 through the app.
High-Interest Savings & Early Access
Ryt Bank offers 3% per annum interest for its Savings Account, credited daily. The waiting list is now open for early users via the Ryt Bank app on iOS and Android. Onboarding is designed to be quick—around two minutes—with Ryt AI assisting throughout the process.
The Ryt AI Experience: Malaysia’s First AI-Native Bank
The biggest highlight is Ryt AI, a conversational, AI-powered assistant embedded into the banking experience. With Ryt AI, users can:
- Perform transactions by simply snapping a photo or sending a screenshot of payment details.
- Use natural-language commands like “Pay Sarah RM50 for dinner” instead of navigating menus.
- Get real-time insights into spending and saving habits.
- Access 24/7 multilingual support for both personal banking and SME banking needs.
According to Episode Six CEO & Co-Founder John Mitchell:
“We’re proud to be the technology powering Ryt Bank’s cards infrastructure. Ryt Bank’s bold vision aligns with our commitment to helping digital-first banks move faster, serve better, and lead confidently in a dynamic market.”
Launch Timeline & Accessibility
- 20 Dec 2024 – Ryt Bank received its digital banking licence from Bank Negara Malaysia.
- April 2025 – Ryt Bank app became available for download with a waiting list system.
- 26 Aug 2025 – Official public launch event.
- Sept 2025 – Full rollout across Malaysia.
At the ASEAN AI Malaysia Summit 2025, Ryt Bank showcased its AI-driven capabilities, reinforcing its goal to serve both urban and rural communities, including the 15% of Malaysians who are underbanked or underserved.
Security, Transparency, and Trust
Security is a core pillar of Ryt Bank:
- PIDM-insured deposits up to RM250,000.
- Advanced encryption and biometric verification (Face ID match).
- Real-time fraud monitoring and alerts.
- No hidden fees policy.
These safeguards, along with regulatory oversight from Bank Negara Malaysia, ensure that customers can confidently use Ryt Bank for both personal and business banking.
Ryt Bank vs Other Digital Banks in Malaysia
Malaysia’s digital banking scene includes GXBank, Boost Bank, and AEON Bank. While these offer competitive savings rates and mobile features, Ryt Bank stands out with:
- AI-native capabilities like contextual screenshot transactions.
- Conversational banking that feels like chatting with a personal assistant.
- Seamless foreign transaction fee waiver during its launch campaign.
How to Open a Ryt Bank Account
- Download the Ryt Bank app from App Store or Google Play.
- Join the waiting list with your mobile number and/or email.
- Complete quick KYC verification—onboarding typically takes under two minutes.
Why Ryt Bank Matters for Malaysia’s Fintech Growth
Credit: BUSINESS TIME
According to BNM Governor Datuk Seri Abdul Rasheed Ghaffour, Malaysia’s digital banking journey is progressing well, with strong potential to serve previously unbanked segments. Ryt Bank, with its AI-driven ecosystem, plays a crucial role in this vision—combining fintech innovation with financial inclusivity to meet the needs of both individuals and SMEs.
Ryt Bank Review – Google Play Store
The reviews for Ryt Bank reveal a mix of positive and negative feedback. Users appreciate the simple setup process and the AI chat feature, with some finding it useful for online banking tasks. However, several issues are highlighted, particularly with the app’s design, which some users find outdated or unappealing. There are also complaints about the app’s performance, especially with the AI, which users feel is slow and inaccurate, particularly in tasks like splitting bills and snapping receipts. Despite the promising features, users suggest improvements in both functionality and design to enhance the overall user experience.
Ryt Bank FAQ (2025)
What is Ryt Bank?
Ryt Bank is Malaysia’s first AI-powered digital bank. It offers banking services through a mobile app, providing a seamless experience for account management, transactions, and financial tracking. It is a joint venture between YTL Digital Capital Sdn Bhd and Sea Limited. The bank is licensed and regulated by Bank Negara Malaysia, and deposits are insured by PIDM up to RM250,000 per depositor.
Who can open a Ryt Bank account?
To open a Ryt Bank account, you must meet the following eligibility criteria:
- Be a Malaysian citizen aged 18 or older.
- Possess a valid MyKad.
- Have a Malaysian-registered mobile number.
- Not already have a Ryt Bank savings account.
- Have an existing bank account for the initial RM1 transfer during verification.
How do I sign up for Ryt Bank?
To sign up, download the Ryt Bank app from the Apple App Store or Google Play Store. The sign-up process takes about two minutes and includes electronic Know Your Customer (eKYC) verification using your MyKad and a selfie. Once verified, you can immediately start using the app and enjoy Ryt Bank’s services.
Is Ryt Bank safe?
Ryt Bank is a fully licensed digital bank under the supervision of Bank Negara Malaysia. It employs enhanced security features such as biometric face-matching, multi-factor authentication, and real-time fraud monitoring. Additionally, deposits are protected by Perbadanan Insurans Deposit Malaysia (PIDM) for up to RM250,000 per depositor, ensuring a high level of security for users.
What is Ryt AI?
Ryt AI is an AI-powered assistant designed to make banking tasks easier. It allows users to conduct transactions, pay bills, and manage finances using conversational text commands or by uploading a photo or screenshot of a bill. Ryt AI aims to streamline everyday banking and bring a new level of convenience to users.
What can Ryt AI do?
Ryt AI can assist with various banking tasks, including:
- Making transfers via DuitNow to bank accounts, mobile numbers, or MyKad numbers.
- Paying bills by uploading a photo of the bill.
- Tracking spending and explaining financial terms.
What are the limitations of Ryt AI?
Although Ryt AI is highly functional, it is still in its Beta phase and has certain limitations. For instance:
- It currently does not support paying bills via JomPAY through image upload.
- Ryt AI may not always recognize recipient details from personal DuitNow QR code images.
What if Ryt AI does not work?
If Ryt AI fails to understand a request or is unavailable, you can contact Ryt Bank’s customer support through the in-app live chat, email, or helpline. The support team is available to assist with any issues or inquiries you may have.
What are the interest rates for Ryt Bank savings accounts?
Ryt Bank offers a base interest rate of 3.00% per annum (p.a.) on savings, credited daily. As part of a promotion until November 30, 2025, users can earn an additional 1% bonus rate on deposits of up to RM20,000 in the “Save Pockets” feature, bringing the total interest rate to 4.00% p.a. This bonus interest rate is available on a first-come, first-served basis.
Is the bonus interest guaranteed?
The bonus interest rate for “Save Pockets” is part of a limited-time promotion, and it is offered on a first-come, first-served basis. Once the total deposits reach a certain limit or the promotion expires, the bonus interest will no longer be available.
What is the Ryt Card?
The Ryt Card is a Visa-powered debit and credit card that can be used for both debit and credit purchases. You can switch between debit and credit modes instantly within the Ryt Bank app, offering flexibility for different types of transactions.
Are there any card fees?
- The issuance fee for the physical debit card is waived for new customers until September 30, 2025.
- Ryt Bank also waives the RM1 interbank ATM withdrawal fee until September 30, 2025.
- Foreign transaction fees are waived until September 30, 2025.
How does Ryt PayLater work?
Ryt PayLater offers instant credit up to RM1,499. Repayment within the first month is interest-free. For longer repayment plans (3 to 12 months), an interest rate starting from 8.87% per annum (p.a.) applies.
Can I earn cashback with the Ryt Card?
Yes, you can earn unlimited 1.2% cashback on overseas spending until November 30, 2025. Additional cashback offers include 1.2% on DuitNow QR payments made using Ryt PayLater and double cashback at selected partners.
How do I contact customer support?
Ryt Bank offers multiple ways to contact customer support:
Can foreigners open a Ryt Bank account?
- In-App: Use the live chat function, available 24/7.
- Email: You can email support at support@rytbank.my.
- Phone: Call +603-5115 5115 between 8 a.m. and 8 p.m. daily for assistance.
At present, Ryt Bank accounts are available to Malaysian citizens only. There is no support for foreigner account registration as of August 2025.
What is the Ryt Card’s cashback program?
Ryt Card users can earn 1.2% cashback on overseas spending. Additionally, cashback is offered on DuitNow QR payments made with Ryt PayLater and double cashback at selected partner merchants. These promotions run until November 30, 2025.
How does the Ryt AI work for bill payments?
Ryt AI simplifies the bill payment process by allowing users to upload a photo or screenshot of their bills, which the AI then processes. While it can handle many bill payments, it does not yet support JomPAY payments through image upload.
What are the savings options offered by Ryt Bank?
Ryt Bank’s savings accounts earn a base rate of 3.00% p.a., credited daily. The “Save Pockets” feature, part of a promotional offer, provides an additional 1% interest on savings up to RM20,000, resulting in a 4.00% p.a. return during the promotional period.
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