The Ministry of Finance (MoF) Malaysia has approved the issuance of a digital banking license to YTL Digital Bank Berhad, a joint venture between YTL Digital Capital Sdn Bhd and Sea Limited. The next-generation digital bank, operating as Ryt Bank, has been authorised to commence operations from 20 December 2024.

Welcoming the approval from the regulators, Ryt Bank Chief Executive Officer (CEO) Melvin Ooi said, “Ryt Bank, backed by the formidable strengths of YTL Digital Capital Sdn Bhd and Sea Limited is set to redefine banking in Malaysia. By harnessing the power of artificial intelligence (AI) to provide an unequalled customer experience, we will deliver financial services that are meaningful and inclusive while helping customers achieve their financial goals”.

Ryt Bank is a local bank built for Malaysians. Its next-generation AI-powered platform, Ryt AI simplifies customer experience with 24/7 assistance from seamless onboarding to daily transactions while delivering personalised and collaborative banking through advanced customer behaviour insights.

Ryt AI’s advanced fund transfer feature can initiate and complete fund transfers using a single text input. This streamlined approach saves time and ensures accessibility for a diverse range of users, supporting multiple languages to meet their needs.

In addition to innovation, Ryt Bank places security and transparency at its core. Customers benefit from advanced encryption, multi-layer security, biometric face-matching verification, real-time fraud monitoring, and PIDM protection up to RM250,000 for each depositor. Ryt bank will be launched in phases to the public.