Ryt Bank has exceeded 1.2 million users just over seven months after its launch in August 2025, the lender said in a release on Tuesday.

The growth is one of the fastest growth rates among digital banks in Malaysia, according to Ryt Bank, a next-generation AI-powered digital bank backed by YTL Power International Berhad, in partnership with Sea Limited.

The milestone reflects rapid customer adoption and increasing engagement, as more users turn to the platform for everyday financial services. Since launch, the bank has processed more than 25 million transactions, with monthly volumes growing more than 35 times. Daily activity has also risen, with tens of thousands of users regularly making payments, transfers, and purchases.

Usage across services has expanded significantly in recent months. Bill payments have increased more than tenfold, while card usage continues to grow as more customers rely on the Ryt Card for routine spending such as shopping and dining.

A key driver of engagement has been Ryt AI, developed in partnership with YTL AI Labs and built on Ilmu, a Malaysian sovereign AI model. The feature allows users to perform tasks such as transfers and bill payments through simple interactions. Nearly half of the bank’s users have engaged with the AI tool, with adoption observed across all age groups, including those aged 50 and above.

The bank’s PayLater feature has also contributed to user growth, offering instant credit of up to MYR1,499 ($380) for everyday expenses such as groceries, fuel, and bills. Usage patterns indicate that customers primarily rely on the feature for essential spending rather than discretionary purchases.

Ryt Bank said a significant proportion of its customer base comes from underserved or unserved segments, aligning with its focus on expanding access to financial services. The platform is being used for daily financial management, from payments to short-term credit, supporting broader financial inclusion efforts.

Ryt Bank interim CEO Wilson Soon said the growth reflects a shift in how Malaysians are adopting digital banking, emphasizing usability and everyday relevance. He added that the bank remains focused on improving accessibility and delivering practical financial tools, particularly for those underserved by traditional banking systems.