Latest news with #AseanAISummit
Malay Mail
3 days ago
- Business
- Malay Mail
First look at Ryt Bank, Malaysia's first digital bank powered by AI
KUALA LUMPUR, Aug 12 — Malaysia's newest Digital Bank, Ryt Bank, is launching very soon but they are now offering early access during the Asean AI Malaysia Summit 2025. Although this digital bank is the last among the 5 licensees to roll out to the public, the YTL Group x Sea Limited joint venture is banking on AI as its key differentiator. Since April, the public can join their waitlist by downloading the Ryt Bank app which is available on both the Apple App Store and Google Play Store. If you can't wait to give it a try, you can get on board instantly at the YTL AI Labs booth in MITEC on 12th and 13th August 2025. Ryt Bank offers instant onboarding in just two minutes Being a digital-first offering, the sign up process for Ryt Bank is instant and you can get onboarded in about 2 minutes inclusive of the eKYC (electronic Know Your Customer) process. Here's what the digital bank has to offer based on our early access. At the moment, Ryt Bank offers a Savings account and a Visa Debit Card. They are also offering a limited edition Ryt Card which looks pretty sleek and we are told there are different designs on the way. While waiting for the debit card to arrive, you can start spending using the virtual card using the details within the app. For merchants that don't accept card payments, it also supports DuitNow QR too. The physical debit card has an issuance fee of RM12 but it is currently waived until September 30, 2025. As you would expect from a digital bank, you can manage your card spending limits, transaction type and even freeze the card directly from the Ryt Bank app itself. Ryt Bank is currently offering 3.00 per cent p.a. interest for its Savings Account and the interest is credited to your account daily. In fact, when you make a deposit, it will even provide an indicative daily earnings based on the 3 per cent p.a. rate. In terms of fees, they are currently waiving the RM1 domestic cash withdrawal fees via MEPS ATM until September 30, 2025. If you plan on using the card outside of Malaysia, there's an overseas cash withdrawal fee of RM12 and there's also a foreign transaction fee of 2 per cent on the transacted amount with foreign merchants on top of Visa's exchange rates. By default, there's a daily card withdrawal and spending limit of RM3,000 but these limits can be increased to RM10,000. Ryt AI is a game-changer The biggest highlight of Ryt Bank is its Ryt AI that's powered by ILMU. With AI, users are able to make fund transfers and bill payments by simply snapping a photo or sending a screenshot. Through better contextual understanding, fund transfers can be done quickly without fiddling through manual drop down menus and text fields. For example, you can just say 'Transfer RM100 to MBB XXXXXXX', and it will automatically prepare a fund transfer of RM100 to the specified Maybank account. The transaction will only proceed if you hit the confirm button. It's the same thing as well for Duitnow transfers to phone numbers or Mykad number. A simple text or screenshot of a message is all it takes to prepare the required fund transfer. However, the feature to pay bills through Ryt AI isn't ready just yet. When we took a photo of the bill, it notified us that JomPay isn't supported but it can proceed if the bill has bank transfer details. Similarly, when we share a picture of personal DuitNow QR code, Ryt AI couldn't recognise the recipient details from the QR code. So for now, you'll need to scan the DuitNow QR from the home screen. It is worth pointing out that Ryt AI is still in Beta, and we reckon these teething issues would be sorted over time. From what we are seeing right now, Ryt Bank looks promising as it offers a unique digital banking experience that's never seen before. The onboarding process is seamless and the app itself looks polished ahead of its public release. With Ryt AI integration, we can imagine a seamless and clutter free experience even after Ryt Bank adds more products and services to its app. Just tell it what you want to do and it will prepare the necessary in a clean and sleek interface. This is something other traditional banks should take note of if they want to stay ahead of the game. — SoyaCincau
The Star
14-05-2025
- Business
- The Star
Malaysia plans Asean-focused AI trust framework
Digital Minister Gobind Singh Deo. PETALING JAYA: Malaysia is developing a national artificial intelligence (AI) trust framework tailored to its societal needs, with plans to eventually expand the initiative across the Asean region, says Digital Minister Gobind Singh Deo. He said the National AI Office has been tasked with looking into the framework and that work is currently in progress, involving engagements with industry, academia, civil society, as well as various ministries and agencies. 'Eventually, the framework must grow broader than this. Hence, we are also looking at how we can engage our regional partners and how we can build this kind of ecosystem. 'We are hosting the Asean AI Summit in August. During the summit, we propose to raise these issues and talk about how we can develop a framework that will be able to assist Asean to build an AI safety ecosystem moving forward,' he told the media on the sidelines of PwC Malaysia's AI Leadership Conference 2025. 'Now, the question is how can the country craft its own policy, and then escalate it to the Asean level to see whether we can find a mechanism by which all of us can work together. At the end of the day, there are concerns about how we can ensure that systems are safe and trusted. 'This is something that not only needs to be discussed at the national level, but also beyond that. This is what we hope to achieve moving towards the event in August.' Gobind said Malaysia calls for stronger Asean collaboration to develop common principles and interoperable frameworks for trusted AI and ethical data governance. 'In a region as dynamic and diverse as ours, alignment is not just strategic; it is essential. We believe Malaysia can serve as a testbed for innovation, a regional convener, and a trusted partner in co-developing the governance models that will shape the digital future of South-East Asia,' he said. The minister added that prosperity now hinges on how effectively nations convert raw data into trusted, actionable intelligence – from predictive healthcare and personalised education to automated logistics and intelligent agriculture. 'Trust is what gives data its mobility – and mobility gives data its value. Around the world, nations are embedding trust into the architecture of their digital economies. Gobind said Malaysia is in the early stages of charting its own path, carefully reviewing global models while developing a framework rooted in national values, socio-economic context and regional priorities. 'Our aim is (to create) a distinctly Malaysian trust framework – grounded in public legitimacy, adaptable in regulation, and interoperable across borders.'
