Malaysia’s YTL Group and Singapore-based tech firm SEA Ltd have launched Ryt Bank, touted as the world’s first artificial intelligence-powered bank created by Malaysians for local users, as the companies bet on a multilingual, digital-first future for financial services.
The partners said in a statement on Monday that Ryt Bank aims to blend advanced artificial intelligence (AI) capabilities with Malaysian cultural and linguistic diversity.
“Ryt Bank demonstrates that groundbreaking innovation can be imagined, built, and led right here in Malaysia,
“By combining homegrown AI with the values and diversity of our people, we’ve created a bank that Malaysians can proudly call their own – one that speaks our languages, understands our culture, and sets a new standard for how banking should feel,” said Yeoh Seok Hong, Managing Director, YTL Power International.
The app is available in Bahasa Malaysia and English, with Mandarin support expected by September 2025.
The bank said the move aims to “bridge cultures and communities” by allowing customers to manage money in their preferred language.
At the core of the service is Ryt AI, a virtual assistant powered by ILMU, Malaysia’s first homegrown large language model.
Ryt AI can handle natural language inputs – including Manglish – and perform tasks such as bill payments, fund transfers, spending tracking, and explaining financial terms in simple language.
Customers can pay bills via JomPAY, transfer money using DuitNow, and upload utility receipts through the app.
The bank also offers savings accounts with daily interest of up to 4 percent per annum and instant credit options.
Ryt Bank’s Visa-powered card also allows users to switch between debit and credit functions in-app, with zero foreign transaction and ATM withdrawal fees nationwide, the company said.
The digital lender is licensed by Bank Negara Malaysia, with deposits insured by Perbadanan Insurans Deposit Malaysia (PIDM) for up to MYR 250,000 ($59,524) per depositor.
Security features include biometric login, multi-layer encryption and real-time fraud alerts.
Ryt Bank is positioning the product as a local innovation for Malaysian consumers.
The app is available for download on the Apple App Store and Google Play.