Malaysian conglomerate YTL Group, in partnership with Singapore-based technology firm Sea Limited, has launched Ryt Bank, described as the world’s first AI-powered bank.

The fully digital lender is powered by Ryt AI, an always-on banking assistant based on Ilmu, Malaysia's first homegrown large language model. The AI model understands natural conversation – whether Bahasa Malaysia, English, or even Manglish – and can act instantly on everyday banking needs, from reading and paying bills to tracking spending and explaining financial basics in simple terms. Mandarin will be available by September.

Yeoh Seok Hong, managing director of YTL Power International, comments: "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."

Among other features, the digital bank allows customers to send money or transfer funds via DuitNow and pay bills instantly; it offers interest of up to 4% per annum on deposits, paid daily into their account.

Ryt Bank is licensed by Bank Negara Malaysia, with customer money protected by Perpadanan Insurans Deposit Malaysia ( up to 250,000 ringgit, or about US$59,525, per depositor ). It also has advanced security features including biometric login, multi-layered encryption, and real-time fraud alerts.

In addition to Ryt Bank, other licensed digital banks in Malaysia are KAF Digital Bank, a Shariah-compliant digital lender led by a consortium including Carsome, MoneyMatch, Jirnexu, StoreHub and KAF Investment Bank; GXBank, a joint venture between Grab Holdings and Singapore Telecommunications; AEON Bank, a Shariah-compliant digital bank operated by a consortium led by AEON group: and Boost Bank, a JV between Boost Holdings and RHB Bank.