YTL Digital Bank Berhad, a joint venture between YTL Digital Capital Sdn Bhd and Sea Limited, has received approval from Malaysia’s Ministry of Finance to operate its next-generation digital bank, Ryt Bank.

Ryt Bank, has received approval to commence operations from 20th of December 2024.

The bank will use AI to streamline processes, enhance customer experience, and offer features like encryption, biometric verification, and real-time fraud monitoring.

Additionally, it will provide PIDM protection of up to 250,000 ringgit (US$55,000) for customer deposits.

Ryt Bank intends to serve Malaysia’s 15% underserved and underbanked population.

Specific details regarding launch phases or timelines beyond the initial rollout have not yet been disclosed.