Ryt Bank hits 1.2M users. Paylater on Card and Invest coming soon

Ryt Bank says it has surpassed 1.2 million users in just over seven months since its launch in August 2025, positioning itself as one of the fastest-growing digital banks in Malaysia.

According to the digital bank backed by YTL Power International and Sea Limited, it has processed over 25 million transactions to date, with monthly volumes increasing more than 35 times since launch.

The platform also reports tens of thousands of daily active users transacting across payments, transfers and everyday spending. Bill payments have increased more than tenfold in recent months, while card usage continues to scale as more users rely on the Ryt Card for daily spending.

Ryt Bank added that nearly half of its users have engaged with Ryt AI, including those aged 50 and above. Ryt AI which is developed in partnership with YTL AI Labs and built using Ilmu, enables customers to complete tasks such as transfer and bill payments through a simple and intuitive interactions. It adds that users who use the feature return to the app at nearly twice the rate compared to those who do not.

Ryt Bank also offers Ryt PayLater, which provides instant credit of up to RM1,499. The bank says its PayLater usage is largely focused on essential spending such as groceries, petrol and bills, indicating that customers are using it for short-term cash flow management rather than discretionary purchases.

The bank adds that a significant majority of its users come from underserved and unserved segments, aligning with its stated focus on expanding access to essential financial tools.

Ryt Bank Interim CEO, Wilson Soon said, “Reaching 1.2 million users in just over seven months is a significant milestone for us. More importantly, it reflects how quickly Malaysians are embracing a different way of banking, one that is simpler, more intuitive, and built around everyday needs.”

He added, “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. At the same time, we remain focused on supporting broader national priorities around financial inclusion, by making everyday banking tools more accessible, intuitive and useful for all Malaysians, particularly those who have been underserved by traditional banking.”

Building on its current services, Ryt Bank says it will roll out Ryt PayLater on Card in the coming weeks, allowing users to choose to pay now or later using a single card. It is also introducing Ryt Invest, which enables users to start investing directly within the app.

The bank says these additions reflect a broader shift from enabling transactions to supporting how users manage and grow their money.

At the moment, Ryt Bank is still offering interest of up to 4.00% p.a. via Save Pockets and customers can enjoy 1.2% unlimited cashback for overseas spending.