Backed by the YTL Group in partnership with SEA Limited, Ryt Bank is licensed by Bank Negara Malaysia (BNM) and protected by Perbadanan Insurans Deposit Malaysia (PIDM).
Ryt, pronounced “right”, embodies banking done right. Its AI-powered systems go beyond digitising legacy processes to deliver intuitive, future-ready solutions that serve customers, communities, and the ever-evolving landscape of financial services.
Hann Yeoh, YTL Power International Berhad’s executive director, said the AI bank, built by Malaysians for Malaysians, reimagines banking through the use of cutting-edge technology to make it faster, smarter and more human-centric.
AI at the core
What sets Ryt Bank apart from other banks is how AI is utilised.
“Most financial institutions claim they use AI, maybe for customer service or some backend tools. We are the first in the world to actually take AI front and centre,” Yeoh said.
He said Ryt Bank’s dedicated app is designed to take away the “drudgery” of banking. Customers can simply snap a photo of any bill or upload a WhatsApp screenshot, and Ryt’s AI will instantly fill out all payment details.
“You just have to press ‘approve’. The app will scan your face, and boom, that’s done. It takes out a lot of the pain points associated with paying bills or bank transactions. It does all the admin work, including keying in account numbers,” said Yeoh.
With advanced technologies in use, opening an account would take less time than brewing a cup of coffee.
Since its launch, ‘Ryt’ has consistently ranked among the top two apps on both the App Store and Google Play, making it one of the highest-rated digital banks in the market.
Security underpins its innovation
Customer security is ensured through triple-factor authentication, including MyKad verification, facial recognition, and transaction re-verification. Deposits are insured by PIDM for up to RM250,000.
“It took the company eight to nine months to go through BNM’s operational readiness review.
“They vetted every single part of the organisation, from risk to compliance to technology,” he said, resulting in a world-class product.
Delivering values besides innovation
Beyond technological novelty, Ryt Bank also provides tangible benefits for its customers.
It offers 4% interest per annum, credited daily at 9am, giving users the certainty of seeing their savings grow every morning.
Other perks include the Ryt Card, a Visa-powered card with 1.2% cashback on overseas spending, and RytPayLater, which provides instant credit up to RM1,499 with cashback on QR payments. Launch promotions include Shopee vouchers and double cashback on Yes 5G bills.
A bank for all Malaysians
Besides pioneering AI in banking, Ryt Bank aims to offer banking services that click with everyone, young or seasoned, right here in Malaysia.
“I have a colleague who used to take his mum to the post office to pay her bills. Now she can just open the app, snap a photo of her TNB bill, and pay it automatically. That’s why we created this technology, to improve lives.”
The App is currently available in Malay, English and Mandarin.
Just after its launch, and in time for the country’s independence day, Ryt also released a Merdeka video produced entirely using AI, working with creative collaborators from Ballsy and Vision Machina, showcasing how the technology can power creativity.
“Our key message is we want to partner with young, talented creators in order to show that new technology can actually make their work much better and bring a whole new dimension,” Yeoh said.
“We’re not replacing jobs in banking. We are showing how AI, used in the right way, can improve banking services.”
The bank recently received the Pikom Digital Excellence Award 2025 for its transformative impact on the nation’s financial sector.
The Ryt Bank app is available for download through the Google Play Store and App Store.
For more information, visit https://www.rytbank.my/