Ryt Bank, claimed as the “first AI-powered bank” in Malaysia, has recently been granted approval to begin operations by the Ministry of Finance. The institution is owned by YTL Digital Bank Berhad, a joint venture between YTL Digital Capital Sdn Bhd and Sea Limited.
Ryt Bank Begins Operations
The two companies behind this joint effort are big names: YTL covers many industries in Malaysia, ranging from construction to telecommunications (Yes 5G), while Sea Limited operates several regional services such as Shopee, Garena, and has established several financial institutions in other ASEAN regions.
The bank says it will be utilizing “next-generation AI-powered platform that simplifies the customer experience,” while delivering “personalized and collaborative” experiences through behavioral insights. A big part of that comes in the form of Ryt AI, which serves as a virtual banker to help user perform specific tasks through text prompts (in multiple languages). The interface should be familiar to you if you ever used other AI chatbots like ChatGPT, and here you’ll be given several suggestions to kick things off.
As with other licensed financial institutions in the country, deposits are protected with PIDM coverage of up to RM250,000 per depositor. “By democratizing 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 company said in its press release.
Pokdepinion: I do have reservations when it comes to AI, but let’s see how this concept works out.
