Malaysia-based Ryt Bank, the YTL Digital Capital and Sea Limited-backed digital bank, has tapped US-based Provenir, a global solutions provider, to provide its artificial intelligence ( AI ) decisioning platform.

Ryt Bank, which, earlier this year, was one of five fully digital banks granted a digital banking licence by the Malaysian central bank, has touted itself as the first AI-powered lender in the country.

In a statement announcing the development, Provenir says Ryt Bank will use Provenir’s AI decisioning platform to enable faster credit decisions and more personalized customer offers for its consumer lending products. It will also use the platform to make instant loan approvals, as well as to provide surface data insights for personalized loan offers based on AI-driven customer profiling.

“Ryt Bank is taking digital banking to a new level with its AI-first approach,” says Kavinesswaran Karthigasan, Provenir’s Asia-Pacific head, “and we are excited to be a part of its journey.”

The solution provider’s AI decisioning platform, Karthigasan adds, will provide the foundation for the bank “to help reach its business goals via AI-driven decisioning”. In particular, the bank will use the platform to provide “near instant approvals” as well as highly personalized digital interactions through the bank’s app.

As well, the bank, which opened for customer sign-ups earlier in April, says it will soon launch a consumer lending product that aligns with its AI-first approach.

“The challenge was to implement a decisioning infrastructure capable of delivering instant, personalized loan approvals,” the solution provider says, “while ensuring compliance with regulatory standards and risk management best practices.”

Additionally, the bank will use the solution provider to automate compliance checks to meet regulatory requirements “while providing continuous learning models to adapt to changing market dynamics”, and to support fast, accurate decisions to elevate the customer experience.

In addition to Ryt Bank, other licensed digital banks in Malaysia include Shariah-compliant KAF Digital Bank led by a consortium that includes Carsome, MoneyMatch, Jirnexu, StoreHub and KAF Investment Bank; GXBank, a joint venture between Grab Holdings and Singapore Telecommunications; Aeon Bank, a Shariah-compliant digital bank operated by a consortium led by Aeon Group: and Boost Bank, a joint venture between Boost Holdings and RHB Bank.