KUALA LUMPUR (Aug 25): YTL Power International Bhd (KL:YTLPOWR) and Singapore’s Sea Ltd announced on Monday the launch of their digital bank in Malaysia, the last entrant in the highly competitive industry.

Operating as Ryt Bank, the lender is marketing itself as the world’s first to be powered by artificial intelligence (AI), according to a statement. The bank claims that its always-on assistant understands natural conversation and can act instantly on everyday banking services.

“By combining home-grown AI with the values and diversity of our people, we have 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,” said YTL Power managing director Datuk Seri Yeoh Seok Hong.

Ryt Bank would the last of five digital banks licensed by Bank Negara Malaysia (BNM) to officially launch their service to the public. KAF Digital Bank, another fully online bank operated by a consortium comprising KAF Investment Bank Bhd and four technology companies, started earlier this month.

AEON Bank, which billed itself as Malaysia’s first Islamic digital bank, launched its service in May. Boost Bank, largely controlled by Axiata Group Bhd (KL:AXIATA) and RHB Bank Bhd (KL:RHBBANK), came online in June 2024.

GX Bank was the first of the five to start their service back in November 2023. BNM announced the five digital bank licences as approved by the minister of finance back in April 2022.