YTL-Sea consortium’s digital bank gets approval to operate in Malaysia
It will operate under the name Ryt Bank
[KUALA LUMPUR] The digital bank jointly owned by YTL Digital Capital and Singapore’s Sea, has secured approval from Malaysia’s Ministry of Finance to commence operations, starting from Dec 20, 2024.
YTL Digital Bank, the joint venture company between YTL Digital Capital and Sea, said the bank will be operating under the name Ryt Bank, and this will be Malaysia’s first AI-powered digital bank.
“Ryt Bank is set to launch in phases to the public over the next few months,” said YTL Digital Bank in a statement on Tuesday (Jan 14).
The YTL-Sea joint venture was among five successful candidates that obtained digital banking licences approved by the Ministry of Finance, as announced by Bank Negara Malaysia in April 2022.
Ryt Bank chief executive officer Melvin Ooi described the establishment of Ryt Bank as a transformative step for Malaysia’s banking sector.
“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,” he said in the statement.
The bank emphasises its local roots and cutting-edge technology, aiming to empower Malaysians with a next-generation, AI-driven platform. Features include fast onboarding, seamless daily transactions, and personalised banking services powered by advanced customer behaviour insights.
Another key feature of Ryt Bank is an AI-powered personal banking assistant designed to simplify banking services, which is able to deliver tailored financial insight and manage advanced savings strategies.
Its capabilities include initiating and completing fund transfers using natural language input, with multilingual support to cater to Malaysia’s diverse population.
With this announcement, Ryt Bank will be joining the other five digital bank licensees in Malaysia which have either launched their services or obtained approval to start operations.
On Jan 13, The consortium led by KAF Investment Bank announced its regulatory approval for the digital bank, while the other three digital banks have started operations.
Grab’s GXBank was the first to launch its operations in November 2023, followed by AEON Bank in May 2024, and Boost Bank, a collaboration between Axiata Group and RHB Bank, which commenced operations in June 2024.
