KUALA LUMPUR (Jan 14): The digital bank jointly owned by YTL Power International Bhd (KL:YTLPOWR) and Singapore-based Sea Ltd has received approval from the Ministry of Finance (MOF) to commence operations, effective Dec 20, 2024.

The bank, operating under the name Ryt Bank, will be launched in phases to the public to ensure a smooth rollout, according to a statement on Tuesday.

The YTL Power-Sea joint venture was one of five successful applicants that had secured digital bank licences approved by the MOF, Bank Negara Malaysia (BNM) announced in April 2022.

“By harnessing the power of artificial intelligence (AI) to provide an unequalled customer experience, we will deliver financial services that are meaningful and inclusive while helping customers achieve their financial goals,” said Ryt Bank CEO Melvin Ooi.

The digital bank is supplemented by a personalised AI-powered private banker Ryt AI, which Ryt Bank said 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 statement added.

The digital bank also features an “advanced fund transfer feature” which allows for complete fund transfers via a "single text input".

“This streamlined approach saves time and ensures accessibility for a diverse range of users, supporting multiple languages to meet their needs,” said the statement.

Ryt Bank is parked under YTL Digital Bank Bhd, the joint-venture company formerly known as Sea Capital Services Bhd.

Based on Companies Commission Malaysia records dated Dec 11, 2024, YTL Digital Bank is 49.99% owned by SeaMoney Holding MY Ltd, 40.02% by YTL Digital Capital Sdn Bhd and 9.99% by Datuk Syed Budriz Putra Jamalullail, a member of both the Selangor and Perlis royal households.

With this latest news, all five digital bank licensees have either launched or received approval to commence operations.

The KAF Investment Bank Bhd-led consortium announced its digital bank’s regulatory approval for operations on Monday, while the other three had launched their digital banks earlier.

Grab-led GXBank was launched in November 2023, followed by AEON Bank (M) Bhd in May 2024 and Axiata Group Bhd (KL:AXIATA)-RHB Bank Bhd's (KL:RHBBANK) Boost Bank in June the same year.

Shares in YTL Power ended 19 sen or 4.75% lower at RM3.81, valuing the company at RM31.5 billion.