Latest news with #DigitalBank
Malay Mail
2 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
Yahoo
21-07-2025
- Business
- Yahoo
Revolut to create 400 new jobs as Paris HQ leads hopes towards French banking licence
Digital bank Revolut is set to create over 400 jobs in Western Europe as it works to build a new headquarters in Paris, the firm told Euronews. The new roles will be created across France, Spain, Ireland, Germany, and Portugal, and will encompass risk management, compliance and other key functions. At least 200 of the roles will be based in France, with the aim of solidifying France as a key operational hub, with more than 1,500 dedicated staff by 2029. Founded in 2015 in London, Revolut began as a fintech offering easy money transfers, currency exchange and a no-fee travel card. The company now has a banking licence in the UK and more than 60 million customers worldwide. As part of their growth plan in Western Europe, Revolut has said it is looking to submit an application for a banking licence in France to further strengthen the position of its new French headquarters. Building a Western Europe hub Following the recent appointment of Béatrice Cossa-Dumurgier as Western Europe CEO, Revolut is launching a major recruitment drive across the region. This comes in addition to its Lithuanian headquarters, which will continue to serve other European markets. Once the French HQ is fully established, the neobank plans to transition some 600 of its existing staff in customer support, credit and product roles. The scale-up will come in stages, with 80 new hires expected in the first year and all 400 in place by 2029. By the end of the decade 1,500 employees will be dedicated to Revolut's French banking entity. Related Win for the crypto industry: US passed the first major bill to regulate digital assets Revolut set to offer mobile plans in Germany and the UK this year Revolut is set to invest around €1 billion in France over the next three years. This commitment shows the company's confidence in not only the regulatory landscape and business environment in Europe but also Paris' status as a rising financial centre and its own future as a fully licensed bank. Speaking on the expansion plans, Cossa-Dumurgier said: 'Western Europe is home to a massive pool of talent, and we intend to make the most of it — attracting top professionals eager to shape the future of banking and build the next generation of financial services.' Since its inception, the company has already grown to a staff of 13,000 globally, and its career appeal is only increasing, with over 1.6 million people applying to join Revolut's workforce in 2024. Revolut founder and CEO Nik Storonsky recently reaffirmed his commitment to a fully flexible working model, allowing employees to choose between working remotely or from the office. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arab News
07-07-2025
- Business
- Arab News
STC Bank named Kingdom's ‘best digital bank'
STC Bank has been awarded the title of the 'Best Digital Bank in Saudi Arabia' at the second edition of the Best in Business Awards, organized by Inc. Arabia Magazine in Riyadh. STC Bank started off as a wallet in 2018 and serviced 14 million users before it launched as a full-fledged bank earlier this year. It saw 2 million users shift from its earlier wallet version to its banking version in just three months, witnessing unmatched customer loyalty. STC Bank's broader mission since its incorporation has been to build a banking experience that is not only digital and efficient, but also rooted in the behaviors, needs and expectations of Saudi society, and it is through such innovations that it continues to shape the future of financial interaction in Saudi Arabia for a large number of the Kingdom's tech-savvy and young population. Today, users across Saudi Arabia are used to the ease that STC Bank has brought about with it and the solutions innovated by the bank continue to see its popularity rise among corporate and retail banking customers across various segments of Saudi society. The Best in Business awards saw its inaugural edition last year in Dubai before it moved to Riyadh this year. Organized by Inc. Arabia Magazine, a platform that is highly regarded by more than 150 million of its readers who are founders and entrepreneurs across the GCC, the awards highlight and recognize the most successful companies in each field.
The Independent
23-06-2025
- Business
- The Independent
The new current account that offers cashback and 7 per cent savings interest
Digital bank Zopa has officially entered the current account market with the launch of its new offering, "Biscuit," promising customers high interest rates and cashback rewards. The move sees the online lender aiming to disrupt traditional banking by offering 2 per cent interest on current account balances and a linked savings account boasting a 7.10 per cent rate. The "Biscuit" account provides a 2.00 per cent AER (annual equivalent rate) on balances held within the current account itself. Beyond interest, customers can also benefit from a 2.00 per cent cashback on household bills, applicable to up to £1,500 of direct debits annually. The account is linked to a regular saver option, allowing customers to earn a substantial 7.10 per cent interest on deposits of up to £300 per month. After a 12-month period, this regular savings account transitions into an easy access savings account, currently offering a 3.50 per cent rate. Zopa Bank has confirmed that customers will then have the flexibility to open another regular saver to continue benefiting from the higher rate. Merve Ferrero, chief strategy officer at Zopa Bank, shared the strategic intent behind the new product, stating that "Biscuit aims to deliver great value across everyday spending and saving." A survey commissioned by Zopa indicated that nearly a quarter (24 per cent) of people chase cashback offers while nearly a fifth (19 per cent) have multiple bank accounts and financial products in a bid to find value, sidestep fees or to be rewarded for their loyalty. A third (33 per cent) of people surveyed said they prefer the bulk of their bills and significant outgoings to leave their account on or close to payday, so they know how much money they have left to spend. One in eight (12 per cent) people have some 'no spend' days during the week and more than a third (37 per cent) use mobile banking to stay on top of their finances. The research was carried out by OnePoll, among 2,000 people across Britain who are in employment, in June. Rachel Springall, a finance expert at said: 'It is exciting to see another challenger bank launch a current account into the fray for consumers hoping to make their money work harder for them. Digital banks are offering some lucrative benefits and are a refreshing alternative to the major higher street banks. 'The perks of traditional current accounts do tend to vary depending on how a customer uses it.' She said the Zopa account 'may be suited to consumers who don't want the hassle of opening a variety of accounts to cover different needs'. Ms Springall said it is vital that customers work out how much they will fully earn from any account.
Khaleej Times
01-04-2025
- Business
- Khaleej Times
Rise of super apps: Can the UAE build its own WeChat for finance?
The global financial technology landscape is undergoing a significant transformation, with super apps emerging as powerful digital ecosystems that seamlessly integrate payments, banking, e-commerce, and mobility services. While China's WeChat Pay and Alipay have dominated this space in Asia, and GrabPay and GoTo have gained traction in Southeast Asia, the UAE is now positioning itself as a leading fintech hub with platforms such as Careem Pay, Noon Pay, and YAP leading innovation. According to Chris Skinner, a global fintech expert and author of Digital Bank, said: 'A Super-App is an app ecosystem that allows everyone to put functionality onto the app, enriching its capabilities. The term has emerged from China, where WeChat became one of the first Super-Apps. it is one app to rule them all.' As the UAE's fintech ecosystem evolves, the question arises: Can the country develop its own financial super app, on par with global giants like WeChat Pay? With platforms like Careem Pay and Noon Pay making strides in financial technology, the UAE is on the path to creating an all-encompassing financial ecosystem. However, achieving the level of integration and market penetration that WeChat and Alipay have mastered requires a combination of technological innovation, regulatory alignment, and consumer adoption. 'Apart from many other features of WeChat, one of its key advantages is the widespread acceptance across various merchants and establishments in China and beyond. From small street vendors to large retailers, WeChat Pay has become a ubiquitous payment method, offering users a convenient and cashless way to transact. WeChat Pay also offers several features and functionalities to enhance the user experience and ensure security including fingerprint or facial recognition authentication, transaction notifications, and encryption technologies to protect users' financial information,' says Thibault Alcorani, Co-Founder and CEO at DFC Studio, China. One of the leading contenders in the UAE's race towards a financial super app is Careem Pay, which is already reshaping digital payments and remittances in the region. Beyond remittances, Careem Pay is also integrating subscription-based financial benefits through Careem Plus, where users can enjoy zero-fee remittances and exclusive discounts on financial services. While talking to BTR, Mohammad El Saadi, VP of Careem Pay, said the company's vision is to provide seamless financial solutions that integrate with users' daily lives. 'At Careem, we focus on solving our customers' biggest pain points by building products that simplify their daily life. We started with ride-hailing and expanded into food delivery, groceries, and payments, making Careem an 'Everything App'. With Careem Pay, we are taking this vision further creating a financial ecosystem that empowers users to send money, pay bills, and conduct transactions effortlessly,' he explains. Careem Pay's success has been driven by its approach to financial inclusivity. The platform started with peer-to-peer (P2P) payments and bill payments before expanding into cross-border remittances, addressing one of the most critical financial needs of the UAE's expatriate population. 'The UAE is home to millions of expats who send money back to their families regularly. Traditional remittance services are expensive and slow. Careem Pay enables instant transfers to over 30 corridors, including India, Pakistan, the UK, and Europe. Our rates are 50% lower than banks, and some transactions are completed in as little as 11 seconds,' El Saadi adds. 'We are not just enabling transactions; we are building a holistic financial ecosystem that simplifies life for millions. Careem Pay has successfully tackled key pain points such as affordability, transparency, and speed, making digital payments more accessible to a wide customer base,' said El Saad. Transforming the Global Financial Landscape A super app is a platform that consolidates multiple services — including digital payments — into a single ecosystem. Unlike standalone fintech applications, super apps enhance user engagement and retention by providing seamless access to diverse financial services without requiring users to switch between different platforms. China's WeChat Pay and Alipay have set the benchmark for financial super apps by integrating digital wallets, investment tools, and payment solutions into social media and e-commerce ecosystem with Southeast Asia following the suit with GrabPay and GoTo, embedding financial services within ride-hailing, food delivery, and online shopping apps. Consequently, these apps became the need of people by offering everything at one platform. As one of the UAE's most promising fintech players, Careem Pay is at the forefront of the super app evolution. Originally launched to streamline ride-hailing payments, Careem Pay has rapidly expanded into a comprehensive financial platform offering P2P Money Transfers, Utility and Bill Payments and Cross-Border Remittances. Currently, Careem Pay facilitates transfers to over 30 international corridors, including India, Pakistan, the UK, and Europe. With Egypt as the latest addition, some transactions are processed in as little as 11 seconds. 'We are continuously improving our services, from streamlining cross-border transactions to integrating AI-driven financial tools. Our goal is to create a financial ecosystem that empowers millions of users,' El Saadi. Strengthening the Digital Finance Ecosystem While Careem Pay dominates mobility-linked fintech, Noon Pay and YAP are also making significant contributions to the UAE's financial super app ecosystem: Noon Pay is seamlessly integrating with the Noon e-commerce ecosystem, allowing users to make digital payments for shopping, utility bills, and in-store transactions. YAP, a digital-only financial platform, offers multi-currency wallets, AI-driven budgeting tools, and personalised banking experiences, targeting a growing market of mobile-first banking customers. According to some fintech experts it is believed that the UAE doesn't need to replicate WeChat; it needs to develop its own financial super app tailored to regional market dynamics. Careem Pay, Noon Pay, and YAP are creating an interconnected ecosystem that enhances digital payments and banking services. Opportunities in Developing a Super App While the UAE's fintech sector is expanding rapidly, several challenges like Ecosystem Fragmentation, Regulatory Compliance, and User Trust and Adoption must be addressed. However, the opportunities include: AI-Driven Financial Services: UAE fintechs are integrating AI-powered fraud detection, predictive analytics, and automated financial management tools. Open Finance & API Integrations: Government-backed initiatives supporting API-based financial services will enhance fintech-banking collaborations. Strategic Partnerships: Collaborations between super apps, banks, telecom operators, and retail ecosystems will drive adoption and scalability. A Defining Moment for the UAE's Fintech Future The UAE is making significant progress toward building a WeChat-style financial super app, with platforms like Careem Pay, Noon Pay, and YAP at the helm of innovation. With advanced fintech infrastructure, regulatory support, and a digital-first population, the UAE is poised to become a global leader in financial super apps. As El Saadi concludes: 'The future of fintech in the UAE is bright. Our goal is to go beyond payments and create an all-encompassing financial ecosystem that serves the evolving needs of our customers.' With a strong regulatory framework, high digital adoption rates, and a thriving fintech sector, the UAE is well-positioned to develop an integrated financial super app that enhances both consumer experience and economic growth. The UAE is on track to redefine digital finance and payments in the region and beyond with continuous technological advancements and strategic investments. Key Drivers of the UAE's Financial Super App Evolution Several factors contribute to the UAE's growing potential in developing a super app: Rapid Fintech Innovation and Digital Payments Growth: The UAE's fintech sector is projected to grow at an annual rate of 15%, fueled by mobile-first financial solutions, digital banking services, and AI-driven financial tools. Careem Pay, Noon Pay, and YAP are pioneering innovations in digital wallets, instant remittances, and real-time payments. The UAE-based fintech companies are leveraging AI to enhance fraud detection, personalise user experiences, and automate financial planning. Changing Consumer Habits and Digital Payment Preferences: UAE consumers are increasingly opting for mobile-first payment solutions, with digital wallets now being the preferred method for online transactions. The demand for seamless, one-click payments, instant remittances, and integrated financial services is shaping fintech strategies in the region. Contactless and digital payments now account for over 75% of all transactions in the UAE, signaling a shift toward a cashless economy. Strong Regulatory Support and Open Banking Initiatives: The UAE Central Bank's open finance framework is driving interoperability between fintech firms and traditional banks, fostering an environment where super apps can thrive. Regulatory initiatives such as fintech sandboxes and digital banking licenses are enabling startups and established players to experiment with innovative financial solutions. Dubai and Abu Dhabi's financial free zones - Dubai International Financial Centre and Abu Dhabi Global Market — are accelerating fintech investments and collaborations.
