Malaysia has announced the launch of Ryt Bank, an AI-powered bank that provides its customers with financial inclusion and optimised experiences.
Following this announcement, through the process of combining AI with the values and diversity of customers, the bank was developed in order to optimise the experience of clients and users in an ever-evolving market.
Led by YTL Group in partnership with Sea Limited, Ryt Bank aims to make banking inclusive and to ensure that Malaysian customers can access its services with ease in their own language. In addition, this multilingual approach is set to bridge cultures and communities, as well as make money management accessible, personal, and intuitive, so every feature feels familiar and secure.
More information on the Ryt Bank launch
According to the official press release, Ryt Bank was built with Ryt AI at its core, representing an always-on banking assistant powered by ILMU, Malaysia's large language model. Ryt AI was developed in order to understand natural conversation (including Bahasa Malaysia and English), having the possibility to act instantly on everyday banking needs. From reading and paying bills to tracking spending and explaining financial basics in simple terms, Ryt AI aims to provide convenience, cultural fluency, and enterprise-grade security.
In addition, Ryt Bank brings multiple services in one place: from saving and earning daily interest to getting instant access, the platform aims to give customers the needed tools to manage, grow, and access their money. The bank also allows clients to grow their money (having the possibility to earn interest up to 4% p.a., paid daily into their account), access credit for their everyday needs with Ryt PayLater, as well as switch between debit and credit instantly in the app, and benefit from global acceptance powered by Visa.
Ryt Bank is licensed by Bank Negara Malaysia, with customers’ money being protected by PIDM. Included in its security features are biometric login, multi-layered encryption, and real-time fraud alerts.
