5 digital banks in Malaysia compared 2026
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Digital banks are a new type of bank in Malaysia. They allow you to manage your entire account online without ever needing to set foot in a branch.
As of 2026, the Bank Negara Malaysia (BNM) has awarded five digital banking licences:
- GX Bank
- Ryt Bank
- Aeon Bank
- KAF Digital Bank
- Boost Bank
At present, these digital banks only serve Malaysian residents aged 18 or older who hold a valid MyKad ID. As a result, Singaporeans (and even Malaysian expats living abroad) will find it difficult to open an account with any of these providers.
Luckily, you can still send, hold and receive funds in MYR using alternative digital solutions like WorldFirst’s World Account.
In this guide, we share the details of Malaysia’s five digital banks, including eligibility criteria, fees and features of each bank.
We also compare each digital bank to our World Account, which can be used in place of a traditional bank account to hold, send and receive funds in MYR and 20+ other global currencies.
It’s free to sign up from anywhere in the world, and you don’t need to be a Malaysian citizen in order to open an account with us.
In this article:
- Why using WorldFirst is simpler, faster and more cost-effective than opening a traditional bank account
- How to open a World Account online for free
- 4 best digital banks in Malaysia compared
Ready to start holding, sending and receiving funds in MYR? Sign up for a World Account today.
Why using WorldFirst is simpler, faster and more cost-effective than opening a traditional bank account
WorldFirst is a digital payments platform. We enable Singaporeans to open a MYR business account easily, without being a Malaysian resident or requiring a MyKad (Malaysian National Identity Card).
While we’re not a bank, we are licenced by both the Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore. Since 2004, over 1.5 million customers have sent more than US$500 billion across the world through our platform.
With our multi-currency World Account, you can hold MYR alongside balances in SGD, USD and 20+ other global currencies at no cost. It’s completely free to sign up online, and we don’t charge account opening fees, monthly fees or fees for receiving payments.
Please note that the WorldFirst MYR currency account is only available to businesses registered in Singapore, not for clients domiciled in the UK, EEA or ANZ.
Here’s what you get when you sign up for a World Account:
Power your global growth with one account
Get local currency accounts, fast payments and competitive FX – all in one place.
Hold funds in MYR, SGD and 20+ other currencies to avoid paying currency conversion fees
WorldFirst allows you to set up a MYR local account within minutes, where you can hold Malaysian ringgits alongside balances in SGD, USD and 20+ other global currencies.
Unlike with most Malaysian banks, you won’t be forced to auto-convert your global funds into your home currency, allowing you to pay local suppliers, staff or tax authorities without international transfer fees.
For example, when you receive a payment in MYR, you can hold it in your World Account for as long as you like with no charge. Then, when you make a payment to a Malaysian payee, it’ll pull from your existing MYR balance. This way, you don’t need to convert currency, meaning you won’t be forced to pay FX fees either.
Even if you do need to convert currency, our foreign exchange markups are low and transparent. Our standard exchange rate markup is capped at 0.6% for major currencies.
It’s also free to transfer funds between two World Accounts, which is helpful if your payee already uses WorldFirst.
Start selling on Malaysian marketplaces with local MYR account details
Most Malaysian e-commerce platforms expect you to have a local settlement account to receive funds, and they’ll likely reject you without one. Even using a Singaporean bank account requires international, cross-border transfers and may be unsupported by local platforms.
Luckily, the World Account provides you with local account details, including SWIFT codes and BICs that can be used in place of traditional Malaysian bank details. This removes one of the biggest barriers to entry for foreign e-commerce sellers.
You can integrate your World Account directly with 130+ marketplace platforms, meaning withdrawals from each marketplace can be settled into your MYR receiving account on the same business day.
To further streamline your operations, you can also integrate with third-party accounting software like Xero or NetSuite.
Read more: What to know about scaling an international business in Malaysia
Create up to 25 World Cards and earn up to 1.2% cashback on your spending
WorldFirst allows you to create up to 25 World Cards (including 10 physical cards) to help you manage your everyday spending. Keep your expenses separate by assigning cards to individual budgets, vendors, teams or even specific currencies, and set unique spending limits for each.
Your cards are protected by advanced security measures like 2FA, though if you suspect a card has been compromised, you can always freeze, delete and reissue it with a new set of card details.
Additionally, when you spend with a World Card, you’re able to earn up to 1.2% cashback on all purchases. Unlike other providers or banks, we don’t limit you to certain vendors or spending categories, and your cashback earning potential is uncapped.
Read more: How to choose a virtual debit card for international payments
How to open a World Account online for free
To start holding ringgits with WorldFirst, you’ll need to sign up for a World Account. Here’s how to sign up:
- Head to our World Account signup portal and enter your personal details
- Fill in your account information and verify your identity with a passport or driver’s licence
- Upload your business documents, including shareholder IDs, company ownership documents, proof of address and proof of source of documents
- Once you click ‘Submit’, you’ll receive an acceptance email (usually within 48 hours)
Then, to open a local MYR currency account:
- From your World Account dashboard, click ‘Shortcuts’ and then ‘Manage accounts’
- Click the ‘Add a new receiving account’ button on the top right of your screen
- Choose MYR as your currency and give your account a nickname, then click ‘Confirm’.
- Your local MYR account will be created instantly
Read more: How to open a foreign currency account: A guide for Singaporean businesses
5 best digital banks in Malaysia compared
Here’s a one-to-one comparison of Malaysia’s digital banks to WorldFirst’s World Account. As a reminder, you can only open the following digital bank accounts as an 18+ Malaysian resident with a valid MyKad:
| WorldFirst | GXBank1 | RYT Bank2 | Aeon Bank3 | KAF Digital Bank4 | Boost Bank5 | |
|---|---|---|---|---|---|---|
| Best for | SMEs and sole traders that make frequent overseas transfers | Individuals and small businesses that need fast access to credit lines | Individuals looking for high-yield savings accounts and an AI-assisted platform | Individuals looking for tailored, Islamic-focused financial tools and high-yield savings | Individuals looking for tailored, Islamic-focused financial tools and high-yield savings | Individuals looking for high-yield savings accounts |
| Opening requirements | Any registered business is able to apply for free | Must hold a Malaysian ID card. Must also be aged 18 or above | Must hold a Malaysian ID card. Must also be aged 18 or above | Must hold a Malaysian ID card. Must also be aged 18 or above | Must possess a MyKad, have a registered Malaysian mobile number, and own an existing bank account with another Malaysian bank.4a | Must hold a Malaysian ID card. Must also be aged 18 or above |
| Multi-currency support | Send payments in 100+ currencies. Hold and receive balances in 20+ currencies, including MYR, SGD, CNH and USD | MYR only | MYR only | MYR only | MYR only | MYR only |
| Interest rate | Interest not offered | 2.50% - 4% daily interest p.a (varies by account type) | Earn up to 3% daily interest p.a (variable) | 0.25% p.a. Money in savings pots earns 3% until 31.06.26 3b | Not clearly stated on their website | 2.5% p.a. with a special offer to increase to 4%. |
| Pricing | Free to open and maintain. It’s free to receive payments, and sending fees are low and transparent: Local transfers in SGD are free, and local transfers in MYR and 9+ other currencies cost just US$1. |
GX accounts are free to maintain. Spending with a GX card incurs no foreign transaction fees, even when spending overseas. |
Free to open and maintain. Card payments come with a 1.2% foreign transaction fee.2a |
There’s an RM8 annual service fee (only applicable if you haven’t been charged for card issuance in that year).3c Foreign currency card payments come with a 2% fee. |
Free to open and maintain. Charge of RM20 if you close the account within three months.4b Overseas card transactions cost 1.2% + other fees charged by Visa. There’s also a RM12 annual card fee. |
Free to open and maintain, though there's a charge of RM10 per year if your account is inactive for 12 months. Purchases on your debit card are subject to a 1.25% markup + fees charged by Mastercard.5a |
| Debit card | Create up to 25 virtual or physical cards (physical cards capped at 10) | At least one physical card per account1a | At least one physical card and one virtual card per account2b | At least one physical card per account3a | At least one physical card and one virtual card per account4c | At least one physical and one virtual card per account |
| Cashback | Unlimited 1.2% cashback | Unlimited 1% cashback | Unlimited 1.2% on overseas spending | Earn up to RM30 cashback, capped at RM10 per customer per month | Not clearly stated on their website | Up to 2% cashback5b |
| Islamic banking | Not offered | Not offered1b | Not offered | Offers Shari’ah compliant accounts | Offers Shari’ah compliant accounts | Offers Shari’ah compliant accounts |
Disclaimer: All information presented in this table has been sourced from provider websites and is accurate at the time of writing (April 2026). However, providers may update their offerings, and details may change over time.
1. GX Bank
Backed by Grab Holdings Limited, GX Bank1 is Malaysia’s first bank to receive a digital bank license. It provides banking services for underserved communities with limited or no prior access to financing, such as low-income earners or ultra-small businesses.
Through the GX Bank app, businesses can apply for a credit line of up to RM150,000 and receive it within minutes. Once approved, financial products like personal loans (FlexiCredit) and business funds (FlexiLoan) are disbursed instantly into your GX Account. However, it’s worth noting that these loans have an effective interest rate of 6.45% per annum.1c
GX Bank offers interest rates of 2.50% per annum for business accounts (SSM registered sole proprietorships), and 4% interest for personal bankers, both paid daily.
Read more: How to send money abroad (+ how to avoid hidden costs)
2. RYT Bank
Launched by YTL Digital Capital Sdn Bhd in 2025, Ryt Bank2 is the world’s first AI-powered digital bank.
When you sign up, you’ll receive a RYT debit card at no cost, and your first ATM withdrawal each calendar month is fee-free.2a You can create one physical card and one virtual card per account – though it does cost RM12 to create or replace a card. You can earn unlimited 1.2% cashback on international spending, though you’re restricted to a default withdrawal and spending limit of RM3,000 per day.
Ryt Bank is an appealing choice for those seeking a high-yield savings account since it offers up to 3% daily interest p.a. It also provides BNPL options, although these can carry effective interest rates as high as 31.72%.2a
Read more: What’s the best way to do an international money transfer?
3. Aeon Bank
Aeon Bank3 is an Islamic digital bank that’s best for individuals looking for tailored, Islamic-focused financial tools and high-yield savings accounts.
Once you open an account, you can create a physical debit card and earn up to RM30 in cashback rewards – capped at RM10 per customer per month. Because all Aeon Bank products are Shari’ah compliant, your card will block you from spending at certain merchants, such as those that sell alcohol or non-halal food.
With Aeon, you can make instant Duitnow transfers to anyone via mobile number, MyKad or account number. It’s also possible to scan a QR code and make a payment directly to any bank or eWallet.
Aeon Bank lets you create up to 20 savings pots, with any balances stored within these pots benefitting from a promotional interest rate of 3% per annum. After 31 May 2026, this rate will be reduced to 0.25%.3b
4. KAF Digital Bank
KAF Digital Bank4 is a licensed digital bank under the Islamic Financial Services Act of Malaysia, best suited to personal users looking for tailored, Islamic-focused financial tools.
The KAF DB Shari-ah savings account has a monthly transaction limit of RM20,000, and a daily transaction limit of RM5,000.4b However, they currently only offer personal accounts (with business options coming soon), and exact interest rates aren’t clearly stated on their website.
Upon account activation, you’ll receive a virtual debit card which you can use for day-to-day spending. KAF DB has removed card numbers, CVV, and expiry dates from the physical card, which makes the card useless to anyone but you. All sensitive data stays secure in your KAF DB app, and you can only access your funds through biometric authentication and a unique 6-digit PIN that you set yourself.4c
Read more: What’s the cheapest international money transfer method?
5. Boost Bank
Boost Bank5 is best suited to personal users and micro-entrepreneurs (MSMEs) looking for accessible banking and high-interest savings accounts.
With Boost, you can earn up to 4% per year in interest from saving pots (called ‘Special Jars’), though you also need to spend at eligible partners monthly via the Boost app to keep your Special Jars active. If you don’t want to open a Special Jar, you can still earn 2.5% p.a. daily interest on your Savings Account – all you have to do is deposit RM1.
There are no account charges for a Boost digital bank account other than ‘dormant account’ charges, which cost RM10 per year, and a 1.25% markup when you spend with your Boost Bank Debit Card.5a
For businesses, you can take out either a fixed-term loan or a revolving credit loan, both with a maximum financing amount of RM1,500,000 and disbursement as fast as two working days.
Read more: 6 best SME bank accounts in Singapore (2026 comparison)
Sign up for a World Account and start holding Malaysian ringgits within minutes
In this article, we’ve compared all five Malaysian digital banks, which are well suited to personal users and SMEs looking for high-yield savings and easy-access lending.
However, these digital bank accounts are only available to Malaysian citizens or residents with a valid MyKad. That’s why we’ve also shared fintech alternatives like WorldFirst’s World Account, which helps you send and receive ringgits like a local.
For instance, with a World Account you can:
- Hold funds in MYR, SGD, and 20+ other currencies
- Benefit from low and transparent conversion fees
- Create local account details and start selling on Malaysian marketplaces
- Create up to 25 World Cards to budget your expenditure
It’s free to sign up from anywhere in the world, and you don’t need to be a Malaysian citizen in order to open an account with us.
Ready to start sending, holding and receiving MYR with WorldFirst? Sign up for a World Account for free today.
Joan Poon leads marketing across Southeast Asia at WorldFirst, driving growth and brand leadership in key markets including Singapore, Malaysia and the Philippines.
Joan Poon
Author
Head of Marketing SEA, WorldFirst Singapore
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