Malaysia’s Ryt Bank, a fully digital bank backed by YTL Digital Capital and Sea Limited, is finally ready to accept customers after receiving its digital banking licence at the start of the year.

The AI-powered lender, one of five that were granted licences after the central bank and the Ministry of Finance opened applications in 2022, is now accepting sign-ups to its waiting list. Ryt Bank has also made its mobile app available for download for both Android and Apple users. 

To entice users to sign up, Ryt Bank will be offering a 3% per annum interest rate for savings accounts once it formally launches. Interest will be calculated based on a user’s end balance of the day, as well as the prevailing interest rate, which will be calculated daily and credited the following day.

On its website, Ryt Bank promises users a seamless sign-up process, which can be completed in two minutes. Helmed by chief executive officer Melvin Ooi, the bank features an AI-powered chat and image function that can complete tasks such as peer-to-peer fund transfers and understand both English and Malay commands. It also offers “advanced biometric face-matching verification” and real-time fraud monitoring. 

Ryt Bank’s parent companies include YTL Digital Capital, the digital banking arm of YTL group, a conglomerate with interests in infrastructure, telecommunication and power generation, and Sea Limited, a global e-commerce internet company, whose core businesses include Garena, Shopee and SeaMoney.

Malaysia is the latest Southeast Asian economy to embrace fully digital banking, with a distinct banking licensing regime for lenders that have no brick-and-mortar branches and offer primarily digital services and products.

In addition to Ryt Bank, other licensed digital banks in Malaysia include Shariah-compliant KAF Digital Bank led by a consortium including Carsome, MoneyMatch, Jirnexu, StoreHub and KAF Investment Bank; GXBank, a joint venture between Grab Holdings and Singapore Telecommunications; AEON Bank, a Shariah-compliant digital bank operated by a consortium led by AEON group: and Boost Bank, a JV between Boost Holdings and RHB Bank.