Ryt Bank, the digital bank backed by YTL Power International and Sea Limited, has announced a new alternative for users to activate their accounts.
It’s now the first digital bank in Malaysia to allow account activation and initial funding through physical ATMs and bank branches.
Bypassing the online banking requirement
While opening a digital bank account is done entirely via a smartphone, the final activation step traditionally requires an initial deposit transferred from an existing bank account via online banking. This creates an immediate barrier to entry for individuals who do not use or have access to online banking facilities.
Through its participation in the Interbank GIRO (IBG) network, Ryt Bank has expanded its activation pathways.
Customers can now complete the standard electronic Know Your Customer (eKYC) process on the Ryt Bank mobile app and subsequently fund their new accounts by performing a transfer at a traditional ATM or over the counter at a physical bank branch.
Regarding the initial funding amount, Ryt Bank does not specify a fixed minimum for offline transfers.
According to its FAQ, the required transfer amount will depend on the cash denominations supported by the selected ATM or branch channel. The bank states that accounts will be activated within one working day once the funds are successfully received.
Meeting customers where they are
The introduction of offline activation pathways is aimed at driving broader financial inclusion across the country.
Ryt Bank Interim CEO Wilson Soon noted that for many Malaysians, daily financial transactions are still heavily reliant on physical branches or ATMs. By offering an alternative activation route, the digital bank is lowering the barrier for users taking their first step into digital financial services.
Instead of expecting all customers to adopt a strict digital-only process from the start, the bank is integrating traditional offline funding methods to cater to specific demographics.
This approach addresses the core mandate of Malaysian digital banks to serve unbanked and underbanked communities by accommodating their current banking habits rather than forcing an immediate shift to external online banking platforms.
