Ryt Bank – the first bank in the world built entirely on artificial intelligence technologies – has officially started operations in Malaysia. The project was implemented by the Malaysian YTL group in partnership with the Singaporean Sea Limited. This is reported by PR Newswire.
The financial institution positions itself as a national technological innovation created specifically for Malaysians, taking into account local culture and language characteristics. The basis of the bank’s work was its own AI system Ryt AI, which functions on the basis of ILMU — the first major language model developed in Malaysia.
“Ryt Bank demonstrates that ground-breaking innovations can be imagined, created and implemented right here in Malaysia. By combining homegrown AI with the values and diversity of our people, we have created a bank that Malaysians can be proud to call their own – a bank that speaks our languages, understands our culture and sets a new standard for how banking should be perceived, said Dato’ Seri Yeo Sok Hong, Director of YTL Power International.
The virtual assistant understands natural language, including Malay, English and even the local Manglish dialect. The system is able to read and pay bills, track expenses, and provide simple financial advice, while all transactions undergo multi-level verification and encryption.
Among the bank’s key capabilities:
- Ryt AI – personalized recommendations, bill payments via DuitNow and JomPAY, and financial literacy training.
- Ryt PayLater is an instant loan with zero interest in the first month and up to 2X cashback.
- Ryt Card – cashback of up to 1.2% abroad, no fees for cross-border transactions and cash withdrawals at ATMs throughout the country.
Ryt Bank has received a full license from the Central Bank of Malaysia. Customer deposits are protected by a government insurance system up to RM250,000 per depositor. To protect data, the bank uses biometric authentication, multi-level encryption and a real-time fraud detection system.
