The Ministry of Finance (MoF) has approved the issuance of a digital banking license to YTL Digital Bank Berhad, a joint venture between YTL Digital Capital Sdn Bhd and Sea Limited. The next-generation digital bank, operating as Ryt Bank, has received approval to commence operations from 20th of December 2024. The bank will be launched in phases to the public to ensure a smooth rollout.
Welcoming the approval from the regulators, Ryt Bank Chief Executive Officer (CEO) Melvin Ooi said, “Ryt Bank, backed by the formidable strengths of YTL Digital Capital Sdn Bhd and Sea Limited is set to redefine banking in Malaysia. 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”.
Ryt Bank As The First AI-Powered Digital Bank In Malaysia
Ryt Bank is proud to be a bank built by Malaysians, for Malaysians. By empowering exceptional local talent, we have built a next-generation AI-powered platform that simplifies the customer experience – from fast, seamless onboarding to daily transactions – while delivering personalised and collaborative banking through advanced customer behaviour insights.
Ryt AI is a personalised, AI-powered private banker designed to simplify banking services, deliver tailored financial insights, and manage advanced savings strategies. Ryt AI ensures that the unique needs of every customer are met quickly, efficiently, and seamlessly. It is further supported by 24/7 assistance to provide an unparalleled banking experience.
Ryt AI’s advanced fund transfer feature can initiate and complete fund transfers effortlessly using a single text input. This streamlined approach saves time and ensures accessibility for a diverse range of users, supporting multiple languages to meet their needs.
Security and Transparency By Ryt Bank
In addition to innovation, Ryt Bank places security and transparency at its core. Customers benefit from advanced encryption, multi-layer security, biometric face-matching verification, real-time fraud monitoring, and PIDM protection up to RM250,000 for each depositor. Ryt Bank’s services also come with no hidden fees, reflecting the bank’s commitment to honesty and trustworthiness.
By democratising banking and making it more accessible, Ryt Bank serves the country’s ambitions to fully meet the banking needs of the population, about 15% of which remain underserved and underbanked.
The partnership between YTL and Sea brings together two trusted brands that have a global track record, making Ryt Bank well-placed to become a Malaysian banking force. With 70 years of nation-building, YTL has a proven reputation for building the right thing at the right time. Sea, a leading global consumer internet company, leverages technology to improve the lives of consumers and small businesses. Their three core businesses, Garena, Shopee and SeaMoney, lead in digital entertainment, e-commerce, and digital payments/ financial services, respectively.
For more information, visit rytbank.my
*Adapted from Press Release
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