Ryt Bank, the AI-powered digital bank by YTL and Sea, has revealed more details of its upcoming digital banking service. If you’re interested to be one of the first to sign up, the Ryt Bank app is now available and you can join the waiting list.
Being a digital bank, Ryt Bank promises instant signup within 2 minutes. However, at the time of writing, Ryt Bank isn’t officially open to public yet but users can join the waiting list by downloading the Ryt Bank app which is available on both the Apple App Store and Google Play Store, and leave their mobile phone number and email.
From the looks of it, Ryt Bank doesn’t have a physical Debit Card yet but customers can spend via QR payments through DuitNow QR.
Based on what they have shared online, Ryt Bank is offering 3% p.a. interest for its savings account which is similar to GXBank during its initial launch.
According to the FAQ, the interest is calculated and paid daily and it is based on the Day’s end balance and prevailing interest rate. The interest will be credited to your Savings Account on the following day if it meets the minimum of RM0.01 when rounded to the nearest two decimal places. It is mentioned that there’s no maximum balance where your interest can be accrued on.
So far Ryt Bank imposes no fees or service charges for its digital banking services. However, there’s a default DuitNow and QR daily transfer limit of RM5,000, which can be increased up to RM50,000 through the app.
For greater peace of mind, Ryt Bank is also a member of PIDM, which provides protection up to RM250,000 for each depositor.
As teased earlier, one of the key highlights of Ryt Bank is a “ChatGPT-style” private banker called Ryt AI to simplify banking tasks. This includes the ability to prepare a fund transfer transaction based on a screenshot image.
Ryt AI is said to be developed to ensure accessibility and it will support multiple languages to meet various needs. To ensure security and transparency, Ryt AI says its customers will benefit from advanced encryption, multi-layer security, biometric face-matching verification and real-time fraud monitoring.
Thanks Swee Huatz for the tip!
