1.2 Million Malaysians Have Signed Up To Ryt Bank In Under A Year

Malaysia’s newest digital bank is having quite the run. Ryt Bank, the AI-powered, app-only bank backed by YTL Power International and Sea Ltd (the same group that backs Shopee), has crossed 1.2 million users in just over seven months since its launch in August 2025, putting it among the fastest-growing digital banks in the country.

To put that into perspective: that’s roughly the population of Kuala Lumpur, all signed up to a bank that didn’t exist a year ago.

More Than Just Sign-Ups

The numbers suggest users aren’t just downloading the app and forgetting about it. According to Bernama, Ryt Bank has processed over 25 million transactions, with monthly volumes increasing more than 35 times since launch.

People are using it for the everyday stuff, payments, transfers, and everyday spending, while bill payments have increased more than tenfold in recent months, and card usage continues to scale, with more users relying on their Ryt Card for shopping, dining, and groceries.

In other words, the Ryt Card is making its way into wallets at the mamak, the grocery checkout, and the petrol pump.

The AI Assistant Catching On Even With The Aunties And Uncles

Ryt Bank’s headline feature is Ryt AI, an in-app assistant that lets users handle banking tasks, transfers, bill payments, and more, through simple, conversational prompts. It’s developed in partnership with YTL AI Labs and built on Ilmu, Malaysia’s sovereign AI model, which means a homegrown AI is quietly powering a chunk of the country’s everyday banking.

And it’s not just the tech-savvy crowd using it. Nearly half of all Ryt Bank users have engaged with Ryt AI. Adoption spans all age groups, including users aged 50 and above, a sign that the conversational approach is working for Malaysians who might find traditional banking apps a bit overwhelming.

The stickiness is telling, too. Users who engage with Ryt AI return to the app at nearly twice the rate of those who do not.

What’s Coming Next

Ryt isn’t stopping at day-to-day banking. The company said it is extending its offering beyond everyday transactions, with the rollout of Ryt PayLater on Card in the coming weeks, allowing users to choose to pay now or later with a single card, alongside Ryt Invest, which enables users to begin investing directly within the app.

That positions Ryt as a one-stop shop for spending, borrowing, and investing, all from the same app.

Interim chief executive officer Wilson Soon framed the milestone in user-behaviour terms rather than headline numbers: “What matters most is how customers are using Ryt Bank in their daily lives, not just signing up, but coming back to spend, save, and manage their money,” he said.

For a bank with no branches, no queue numbers, and no paperwork, 1.2 million Malaysians seem to think that’s a pretty good deal.