Ryt Bank is now opening a waitlist for users as it prepares to offer its services to the public. The digital-only bank has also made its app available on Google Play Store and Apple App Store ahead of launch.
Ryt Bank is developed by YTL Digital Capital Sdn Bhd in collaboration with Sea Ltd and claims to be the first AI-powered bank in Malaysia. The bank promises a simplified banking experience through the use of their Ryt AI.
A notable feature is the chatbot interface. The user can interact with the AI assistant and instruct it to perform tasks such as transferring funds. The AI assistant is also capable of directly using screenshot images to create fund transfers. Ryt Bank offers an interest rate of 3% per annum. The interest is calculated daily based on the end of day balance. The bank also offers PIDM protection up to RM250,000 for each depositor. Other security features include multi-factor authentication with facial verification technology, and real-time monitoring to detect unusual account activity.
So far, no official launch date for Ryt Bank has been confirmed, but users who want to join the waitlist can download the app and register with their phone number. Malaysians aged 18 years and above are eligible to open an account.
Ryt Bank is not the only digital bank set to launch in the country. KAF Digital Bank, a shariah-compliant option, has also recently published their mobile app.
