Malaysia has launched Ryt Bank, its AI-powered digital bank, offering interest rates of up to 4% per annum.

Spearheaded by YTL Group in collaboration with Sea Limited, the bank aims to integrate advanced AI with the cultural and linguistic diversity of Malaysia.

Ryt Bank currently offers services in Bahasa Malaysia and English, with plans to add Mandarin by September this year.

Central to Ryt Bank’s operations is Ryt AI, an intelligent banking assistant developed using ILMU, Malaysia’s first domestically produced large language model.

Ryt AI is capable of understanding and responding to natural language queries in various forms.

This allows users to manage their banking needs seamlessly, from bill payments to financial education, all while maintaining a secure environment, stated the bank.

YTL Power International managing director Dato’ Seri Yeoh Seok Hong said: “Ryt Bank demonstrates that groundbreaking innovation can be imagined, built, and led right here in Malaysia.

“By combining homegrown AI with the values and diversity of our people, we’ve created a bank that Malaysians can proudly call their own – one that speaks our languages, understands our culture, and sets a new standard for how banking should feel.”

Ryt Bank consolidates various financial services, enabling users to save, earn interest, and access credit.

The bank’s offerings include personalised banking experiences through Ryt AI, which tailors interactions based on individual preferences and habits.

Users can engage in transactions via text, upload bills for payment, and access financial literacy resources presented in a relatable manner. The bank also promotes security through encrypted transactions and verification processes.

Additionally, the Ryt PayLater feature provides instant credit of up to RM1,499 ($354.3) without the need for documentation or late fees, along with cashback incentives for certain transactions.

The Ryt Card, which allows users to switch between debit and credit options, offers global acceptance through Visa and various rewards, including cashback on overseas spending.

Ryt Bank operates under the regulatory framework of Bank Negara Malaysia and is protected by the Perbadanan Insurans Deposit Malaysia (PIDM), which safeguards deposits up to RM250,000 ($59,101.8) per depositor.

The bank emphasises advanced security measures, including biometric logins and real-time fraud alerts.