Follow us on Whatsapp for the latest updates Follow us on Telegram for the latest updates

Malaysia’s first AI-powered bank launches on 18 Aug

Ryt Bank, Malaysia’s first AI-powered digital bank, which also claims to be the world’s first AI-powered bank for payments, is opening its doors to the public on Monday (18 Aug).

However, this launch will be limited to the first batch of people on its waiting list, who had received this announcement via email, according to Oriental Daily.

“Hello! Get ready to be one of the first to use Ryt Bank! Ryt Bank is the world’s first AI-powered bank, proudly built by Malaysians for Malaysians,” the notification reportedly read.

Malaysian tech news site SoyaCincau previously reported that the bank would be launching on 26 Aug.

Pay bills & transfer fund through AI chatbot

Ryt Bank was established by YTL Digital Capital Sdn Bhd, with the Singaporean consumer internet company Sea Limited as its major shareholder.

Source: SoyaCincau

Its key feature, Ryt AI, allows for easy bill payments and fund transfers by sharing a photo or screenshot with the chatbot instead of fiddling through the app for various buttons.

Users can also simply type “Transfer RM100 to [account number]” and it will prepare a fund transfer subject to their approval.

Source: SoyaCincau

However, Ryt AI’s function is still limited as it is still in its Beta phase, SoyaCincau revealed in an article on 12 Aug 2025.

For instance, it is currently unable to process a fund transfer if a user sends a photo of the QR code. Instead, the user has to click the code through the homescreen.

AI-powered digital bank garners mixed reactions

Ryt Bank’s upcoming launch has garnered mixed reactions from netizens.

Some said they didn’t care that the bank is AI-powered and will sign up for the digital bank as long as the deposit rate is good.

Translation: Whatever AI or not AI, I only care about the deposit rate. Source: Facebook

Others, however, worried that an error by AI could end up costing them their money.

Translation: AI says nobody works for banks loh? Will you wait for someone’s bank transfer to press 50 thousand and then AI runs a 100 thousand bank loss?Source: Facebook

Several users also expressed dislike for AI customer service representatives, adding that they still prefer traditional banks because they want actual people to help them resolve any problems that may arise.

Translation: There is no use for such a bank. When you get stuck with technology, you have no way to cry for help. You call the hotline and no one answers your call. Like e wallet for help. He said you have the right to say.Source: Facebook

Also read: MS Explains: How Generative AI’s shocking energy & water use is hurting the planet

MS Explains: How Generative AI’s shocking energy & water use is hurting the planet

Have news you must share? Get in touch with us via email at news@mustsharenews.com.