Ryt Bank, a joint venture between YTL Digital Capital Sdn Bhd and Sea Limited, has received its digital banking license and is set to commence operations on December 20th, 2024. Described as Malaysia's first AI-Powered Digital Bank, Ryt Bank aims to redefine banking with a customer-centric approach powered by artificial intelligence (AI). The bank will be launched in phases to ensure a smooth rollout. Ryt Bank's core offering is its Ryt AI chatbot, a ChatGPT-style AI-powered private banker designed to simplify banking services, deliver personalized financial insights, and manage advanced savings strategies. The bank emphasizes accessibility, security, transparency, and affordability, promising a seamless and innovative banking experience for Malaysians.
joint venture has received their digital bank ing licence and they have also been given the green light to commence operations from 20th December 2024.
Ryt Bank 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 to provide an unequalled customer experience, we will deliver financial services that are meaningful and inclusive while helping customers achieve their financial goals”.
The digital bank wants to democratise banking to make it more accessible and to serve the country’s ambition to fully meet the banking needs of the population. It said that 15% of the population remains underserved and underbanked. The core of the product is its Ryt AI chatbot which appears to be a ChatGPT-style AI-powered private banker that is designed to help simplify banking services, deliver tailored financial insights and manage advanced savings strategies. As shown in the promo video, you can command Ryt AI to perform normal day to day banking transactions such as fund transfers with a simple text prompt.Ryt AI is claimed to be intelligent enough to handle attachments to help you save time.
AI Digital Bank Ryt Bank Malaysia Fintech
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