Kuala Lumpur: The Ministry of Finance (MoF) has approved the issuance of a digital banking licence to YTL Digital Bank Bhd, a joint venture between YTL Digital Capital Sdn Bhd and Sea Ltd. The next-generation digital bank, operating as Ryt Bank, has received approval to commence operations as of December 20, 2024.

According to BERNAMA News Agency, YTL Digital Bank announced that the bank will be launched in phases to the public to ensure a smooth rollout. Ryt Bank’s chief executive officer, Melvin Ooi, stated that Ryt Bank, backed by the strengths of YTL Digital Capital and Sea Ltd, is set to redefine banking in Malaysia.

Ooi emphasized that by harnessing the power of artificial intelligence (AI) to provide a customer experience, Ryt Bank aims to deliver financial services that are meaningful and inclusive, helping customers achieve their financial goals. Ryt AI, the bank’s AI-powered private banker, is designed to simplify banking services, deliver tailored financial insights, and manage advanced savings strategies.

Ryt AI ensures that customers’ unique needs are met quickly, efficiently, and seamlessly. It is further supported by 24/7 assistance to provide a banking experience.