KAF digital bank operations approved by BNM and MOF!

https://www.sinchew.com.my/news/20250113/finance/6217572

Ready for alpha stage testing soon!

https://fintechnews.my/47600/digital-bankin...f-digital-bank/

KAF official press release: https://www.kaf.com.my/Portals/0/KIB/Announ...%20Approval.pdf

This post has been edited by TOS2: Jan 13 2025, 11:09 PM

Alright, Ryt going online soon, the last of the 5 digital banks.

https://www.lowyat.net/2025/340918/ytl-laun...d-digital-bank/

https://www.linkedin.com/posts/rytbankmy_ry...=member_android

This post has been edited by TOS2: Jan 14 2025, 10:18 PM

Yep, with scammers calling you every now and then, and 5-6 digit deposits at stake, surely old uncles and aunties won't touch this.

But if we play round up trick and given the limited promotion period of a couple of months, the risk might be worth taking. (Banks don't give you 5% forever. We know their tactics too well with GX Bank and BoostBank.)

If the long-run rate stays at 2% with 10 saving pockets ala GX Bank, the most scammers can get out of you is 1003.75-1006.50, depending on whether it's calendar year or leap year.

I hope the AI part can be made optional or turned off though, that way we can reduce the chance of scams and/or unauthorized withdrawals.

Progress:

KAF Digital Bank and Ryt Bank Now Covered Under PIDM’s Deposit Insurance
Depositors are covered up to RM250,000 per depositor per member bank.

https://fintechnews.my/48052/digital-bankin...a/pidm-kaf-ryt/

Ryt bank will likely start business on the 27th? https://www.rytbank.my/general-terms-and-co...erms-conditions

We know for now saving pockets will be available, all daily interests. The maximum amount of saving pockets, interest rates for main account and saving pockets are not yet known.

This post has been edited by TOS2: Mar 10 2025, 09:29 AM

There is no thread for Ryt. Last time the one kena complained is the KAF digital bank thread.

Ryt about to go online tomorrow...

https://www.rytbank.my/

Already can see how the registration page looks like in the homepage link (scroll to bottom).

Still no idea what rates will they give...

The preparation seems very good, a lot more well-prepared than other digital banks. T&C all up liao. Looking forward to this one.

This post has been edited by TOS2: Mar 26 2025, 09:17 PM

AHA you found it!

3% p.a. it is

Accountant's eye still the sharpest!

Lai liao lai liao!

Yeaaaa!

Gonna check for steadiness first, if IT as terrible as BoostBank, yet customer service not as good as Rize, then jialat.

You open lah.. All info online liao. App interface, rates, charges etc. all available.

Later people report me again...

Same observation.

Either typo, or internal decision not yet finalized...

You know, those startups. Move fast to break things...

More likely typo, since yesterday they say up to 3% p.a.

KAF and Ryt bank Android app now available on Play Store.

Cannot register official account, only waitlist available.

This post has been edited by TOS2: Apr 2 2025, 10:54 AM

Maximum 10 saving pockets for Ryt, according to Help & Support page.

Each one 3% p.a., plus main account, that would mean magic number of 0.005*365/0.03 = 60.84 * 11 = 669.24 MYR deposit for Ryt when they are up and running.

https://support.rytbank.my/portal/en/kb/art...ntain-at-a-time

DuitNow QR also appears in the Help & Support page, so likely will roll out at the same time during the app launch.

No mention of cards though... no debit card... no credit card.

This post has been edited by TOS2: Apr 29 2025, 09:11 PM

Already end of May and still no sign of Ryt Bank.

Most recent FB post says it will take longer than expected. Probably AI model failed to deliver as expected...

Time to create a separate thread for Ryt Bank.

For those having issue with auto flash light while doing e-KYC, use something opque to block your phone camera's flash light while taking the picture of your IC.

New topic created: https://forum.lowyat.net/topic/5536266

This post has been edited by TOS2: Aug 18 2025, 04:18 PM

https://www.sinchew.com.my/news/20250930/finance/6909238

English report: https://theedgemalaysia.com/node/772113

https://www.nst.com.my/business/corporate/2...ears-break-even