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Malaysia is boosting its digital transformation by launching its first fully AI-powered banking service. This initiative, which comes just before Merdeka, shows the country’s commitment to using advanced local technology to serve its citizens and enhance its global digital standing.
YTL Group and SEA Ltd have launched Ryt Bank, the world’s first artificial intelligence (AI)-powered bank, combining advanced technology with Malaysia’s values, languages and lifestyles.
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YTL Power International managing director Datuk Seri Yeoh Seok Hong said Ryt Bank showed that transformative innovation could be conceived, built and led in Malaysia.
“By combining homegrown AI with the values and diversity of our people, we have created a bank Malaysians can proudly call their own – one that speaks our languages, understands our culture and sets a new standard for how banking should feel,” he said in a statement.
This innovation features an AI system based on Malaysia’s first homegrown large language model. It can naturally understand conversations in Bahasa Malaysia, English, and Manglish, ensuring intuitive interactions. It will also support more languages, including Mandarin later this year, making banking accessible nationwide. This multilingual approach supports Malaysia’s aim to use digitalization for unifying diverse communities and providing services to all.
The government emphasizes digital inclusion and innovation that represent national identity. By integrating cultural understanding into financial services, the platform makes technology accessible and user-friendly. This connects high-tech advancements with everyday use, addressing a common issue in digital services.
The platform meets real needs by combining payments, savings, and credit into one system. Users can easily transfer money with DuitNow, pay bills through JomPAY, and make payments by taking photos of receipts or utility bills. It also includes financial literacy features that explain savings and basic concepts in simple language, assisting households and small businesses in managing their finances confidently.
The platform uses AI to help users budget, track spending trends, and make better financial choices. It offers personalized recommendations based on user behavior, making financial management proactive. Educational resources, interactive tutorials, and gamified challenges enhance user engagement, especially with younger, tech-savvy individuals. These initiatives boost personal financial stability and contribute to economic empowerment and equal tech access.
Savings accounts provide up to 4% annual interest with no lock-in periods, catering to both short-term needs and long-term goals. User can access credit instantly without paperwork, fees, or high-interest rates. Cashback rewards and partnerships enhance everyday digital spending. These features align with national initiatives to promote cashless payments and responsible credit access.
A digital card offers users global access, enabling instant switching between debit and credit functions with no foreign transaction or ATM withdrawal fees. Cashback for international spending and local promotions improve its appeal. This platform supports Malaysia’s goal of creating world-class digital infrastructure.
Security is a priority, with Bank Negara Malaysia licensing and PIDM protection for deposits up to RM250,000. Features like biometric login, encryption, and fraud alerts show a dedication to customer trust and digital finance. This approach aligns with Malaysia’s goal of a secure digital financial sector.
The launch is part of Malaysia’s digitalization roadmap. National policies like the Malaysia Digital Economy Blueprint (MyDIGITAL) show the government’s dedication to promoting innovation and ensuring fair access to financial services.
