The Ministry of Finance (MoF) has approved the issuance of a digital banking licence to YTL Digital Bank Berhad, a joint venture between YTL Digital Capital Sdn Bhd and Sea Ltd. The next-generation digital bank, operating as Ryt Bank, received approval to commence operations from 20 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 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 unrivalled customer experience, we will deliver financial services that are meaningful and inclusive, while helping customers achieve their financial goals.”
Ryt Bank is a bank built by Malaysians, for Malaysians. By empowering exceptional local talent, the bank has developed 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, the bank’s personalised, AI-powered virtual assistant, is 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.
The advanced fund transfer feature offered by Ryt AI enables effortless fund transfers through a single text input. This streamlined approach saves time and ensures accessibility for a diverse range of users, supporting multiple languages to cater to various needs.
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 of up to RM250,000 for each depositor. The bank’s services are also free from hidden fees, reflecting its commitment to honesty and trustworthiness.
Democratising Banking for All Malaysians
By democratising banking and making it more accessible, Ryt Bank supports Malaysia’s ambitions to fully meet the banking needs of the population, approximately 15% of whom remain underserved and underbanked.
The partnership between YTL and Sea brings together two trusted brands with a global track record, positioning Ryt Bank as a potential leading force in Malaysian banking.
With 70 years of nation-building, YTL said it has established a proven reputation for creating the right solutions at the right time. Sea, a leading global consumer internet company, leverages technology to improve the lives of consumers and small businesses. Its three core businesses—Garena, Shopee, and SeaMoney—lead in digital entertainment, e-commerce, and digital payments/financial services, respectively.
