Estimated reading time: 7 minutes
Choosing the right Malaysia digital bank isn’t as easy as it sounds. With five licensed options under Bank Negara Malaysia, each claiming to be “the best,” it can get confusing fast.
So, I’ve tested all five licensed digital banks myself, and in this blog I’m breaking down what makes each one different (at least features that I think worth shouting out), who’s giving the best rates, and which one actually deserves space on your home screen.
TABLE OF CONTENTS
RYT Bank
Backed by YTL Group (Malaysia’s infrastructure giant) and Sea Limited (yes, the Shopee people), Ryt Bank enters the market with strong support.
Savings Rate
- Collect 5 stamps to unlock 4.0% p.a.
- Each stamp: RM10+ via Ryt Card or JomPAY
- 4.0% p.a. on first RM20,000 (3% after)
- Daily payout, no lock-in
The 4% promo rate runs until 31 March 2026. Save Pockets aren’t spendable directly, but you can move money back to your main account instantly!
Travel Perks
If you travel often, Ryt Bank really stands out. The 1.2% unlimited cashback on overseas in-store spending already beats many other cards, and in our test, it even came out cheaper than Wise before cashback. Add zero FX fees on top, and the savings stack up fast.
Here’s a quick breakdown:
| Ryt Bank | Wise | |
| Transaction amount | 250,000 IDR | |
| Charged to card | RM63.11 | RM63.68 |
| 1.2% cash back | RM0.75 | – |
| Final amount | RM62.36 | RM63.68 |
With cashback applied, you effectively pay RM62.36, a clear advantage.
And beyond FX perks, you also get 20% off at selected YTL Hotels’ restaurants and Starhill eateries, which is a nice bonus if you dine around KL.
Ryt AI
Ryt AI is another pretty cool feature. Just snap a photo of handwritten bank details or your bill, and it automatically reads the info and fills in the exact amount for you. No manual typing needed.
Note: Ryt Bank operates under a conventional digital bank license and isn’t Shariah compliant – Something to keep in mind if that matters to you.
GX Bank
GX Bank is another strong name in Malaysia’s digital banking industry. Backed by Grab, Singtel and Kuok Brothers, it carries a mix of tech, telco and financial expertise. And because of that Grab backing, you’ve probably already noticed GX Bank showing up inside the Grab app, which is convenient for anyone already in the ecosystem.
Savings Rate
- Main account: 2% p.a.
- Bonus pocket: 3.18% p.a. (minimum deposit of RM500, cap at RM50,000)
- Payouts: Daily
- Lock-in: None
Overseas Spending Perks
GX Bank offers 1% unlimited cashback on overseas transactions. Spend RM1,000 and you’ll get RM10 back, and during the campaign period (until 6 May 2026), all foreign transaction fees are waived. This makes it useful not just for travel, but for subscriptions billed in foreign currencies, like ChatGPT or Bloomberg.
Micro-insurance
GX Bank also lets you buy simple protection plans such as travel, accident and even cyber-fraud coverage directly in the app through its partnership with Zurich. It works a lot like TNG eWallet or MAE, but everything is just a few taps away with no agents involved.
Boost Bank
Boost Bank is Malaysia’s first homegrown digital bank, launched in January 2024. Backed by Axiata Group, the same people behind CelcomDigi and RHB Bank, which gives a solid foundation and credibility.
Savings Rate
- Savings account: 2.5% p.a.
- Special Savings Jar: Up to 3.3% p.a. (subject to promotional terms and a fixed campaign period)
Gamifies savings
Boost Bank makes saving a bit more fun. You can complete small missions to earn Boost Stars, which can be redeemed for BoostUP rewards like Pop Mart blind boxes or dining vouchers.
Google Wallet
Boost Bank is currently the only Malaysian digital bank that supports Google Wallet. Just add your physical Boost debit card key in the details, and you’re good to go.
Aeon
AEON Bank is Malaysia’s first fully Shariah-compliant digital bank. It’s backed by AEON Financial Service Japan and AEON Credit Malaysia, the same AEON brand behind the malls and supermarkets we already know.
Profit & Hibah Rates
- Savings Account-i：0.25% p.a.
- Saving Pot: 3% p.a. (until end of November 2025)
- Hibah payouts: monthly
Lifestyle perks
You can earn AEON Points with every debit card spend (about 4% cashback) and you get two hours of free parking at AEON malls. AEON Bank frequently partners with brands like ZUS and Tealive too, campaigns which some of you might enjoy. AEON Bank also works with brands like ZUS and Tealive on various campaigns that might interest you.
KAF
KAF is another Islamic digital bank focused mainly on savings. However, in terms of user experience, it’s probably the weakest contender among the options.
KAF Profit & Hibah Rates
- First RM2000: 5% p.a.
- Above RM2000: 3% p.a.
- Hibah payouts: Weekly
What’s Lacking
KAF Digital Bank is probably the quietest among the five. It’s also the only digital bank that has not launched a physical card and BNPL/loan feature at the time of writing. So, if you’re chasing higher interest or more advanced features (and Shariah Compliance is not mandatory for you), then, other digital banks might be a better fit.
Digital banks comparison
Info as of 26 September 2025
Final Thoughts
At the end of the day, the best digital bank is the one that feels effortless from the start. For me, that was Ryt Bank. The signup took just minutes, and the app is fast, clean, and intuitive. The others have their strengths, but Ryt Bank still feels like the most complete experience overall.
If you prefer a video version of this article, I have made a video covering the exact same thing – do check it out here!
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