Compare the top 5 best digital banks in Malaysia (2026)

Key takeaways

• Traditional business banks in Malaysia often charge high fees and have limited operating hours for transfers — digital banks aim to address these challenges with 24/7 access and lower costs.

• Malaysia’s digital banks have rolled out SME offerings such as business accounts and financing, but most of them remain MYR-focused with limited multi-currency and cross-border capabilities.

• Airwallex lets you pay out to 120+ countries with $0 SWIFT fees, providing comprehensive global payment capabilities for businesses with international operations.

Traditional business banking in Malaysia comes with familiar frustrations: RM200+ annual fees, hidden fees, 4pm cutoff times and expensive international transfers. Digital banks aim to widen financial access and address these issues with 24/7 access and lower fees. But as the digital banking market matures, do digital banks in Malaysia actually deliver better value for your business?

Here, we review Malaysia's five licensed digital banks and show which ones work for your business, helping you find the best digital bank for your needs. For companies operating internationally, the Airwallex Global Account stands out compared to both conventional and digital banking options. Its ability to let you pay out to 120+ countries with $0 SWIFT fees and the fact that it’s regulated by Bank Negara Malaysia makes it an effective solution for cross-border transactions.

What is a digital bank?

Digital banks, or virtual banks represent a new era of banking, providing services completely through mobile apps and websites. These institutions operate entirely online, with no physical locations or ATM networks.

Digital banks make banking simpler and more affordable. You can access everything 24/7 from your phone or computer, so you don’t need to schedule your day around banking hours.

Beyond convenience, digital banks charge lower fees, helping you save money. With user-friendly features ranging from spending insights to automated payments and instant alerts, these banks make money management more straightforward than their traditional counterparts.

Digital bank vs traditional banks in Malaysia for businesses

Here's how digital banks compare with traditional banks:

Note: The information in this table has been reviewed to be accurate as of 8 January 2026

How Bank Negara Malaysia (BNM) licences digital banks

Bank Negara Malaysia granted digital banking licences to five companies. By 2026, Malaysia’s digital banking landscape includes GXBank, Boost Bank, AEON Bank, Ryt Bank, and KAF Digital Bank. Two of these institutions – Ryt Bank and KAF Digital Bank – provide Islamic digital banking services in accordance with Shariah principles.¹

Here are the key differences between a digital bank license and an Islamic digital bank license: 

Fintech providers like Airwallex don't hold a banking licence, but we're regulated by Bank Negara Malaysia as a Money Services Businesss (MSB) Class B licensee. This licence lets you transfer cross-border payments with bank-level security and no hidden fees, whether you're paying overseas suppliers or receiving customers’ payments.

The top 5 best digital banks in Malaysia in 2026

Malaysia currently has five licensed digital banks. They were all officially awarded their licences by Bank Negara Malaysia (BNM) on 29 April 2022, and subsequently commenced operations after completing a rigorous operational readiness review: 

• GXBank

• AEON

• Boost Bank

• Ryt Bank

• KAF Digital Bank

Before we go into the details, here’s an overview that you can use to compare each digital bank: 

Note: The information in this table has been reviewed to be accurate as of 8 January 2026

Top 4 features to look for in digital banks and alternatives

Selecting a digital bank account that fits your business type and size saves you time, money and effort as your business grows. Here are the key features to look out for.

1. Fee structure and pricing

Transaction fees might seem minor, but they add up quickly when you make regular transfers. Traditional banks often charge account setup fees, minimum balance penalties, and inflated foreign exchange margins. Digital banks generally have lower fees since they have lower overhead costs than brick-and-mortar institutions. For businesses seeking even better value, modern solutions like Airwallex offer transparent pricing with no monthly maintenance charges.

Here are the key fees to keep in mind:

• Account maintenance fees: fees for keeping your account open

• Transaction fees: charges for sending or receiving money

• Withdrawal fees: charges for transferring money from your bank account

• Currency exchange fees: markups when converting from MYR to other currencies

• Minimum balance requirements: the amount you need in your account to avoid extra fees

2. User experience

Your digital bank's app is your main way to manage money, so it needs to work well. Look for easy navigation, budgeting tools, real-time transaction updates, automatic expense tracking, and smooth connections with tools like Xero or QuickBooks.

On top of that, some banking apps streamline tasks by linking related activities – for example, pairing payment approvals with expense tracking, or setting recurring transfers with automated spending caps. The best banking platforms eliminate unnecessary navigation steps that make money management difficult.

3. Multi-currency and international transfer support

Digital banks in Malaysia typically focus on ringgit transactions and domestic banking needs. If you operate in multiple markets, and need to pay in multiple currencies or pay outside Malaysia, consider a multi-currency account from a traditional bank.

Better yet, consider Airwallex's Business Account with its $0 SWIFT transfers to 120+ countries. We serve global businesses looking for control, speed, and worldwide reach. With Airwallex, you can streamline your operations – from customer payments in China to transactions with European distributors and local ringgit management – all in one platform. There’s no need to juggle three different banking relationships in order to make international transactions. 

4. Customer support availability

Digital banks don’t have in-person support, so make sure you’re comfortable with their customer support. Look out for features like live chat, phone support, or email, and consider these factors:

• Response times: How fast will they resolve issues?

• Support quality: Can agents resolve issues immediately or lay out clear steps to fix problems?

• Availability: Do they provide support hours for urgent issues during weekends and public holidays?

• Self-service capabilities: Are their FAQ section and in-app troubleshooting guide robust enough for you to solve issues on your own?

Top 5 digital banks in Malaysia: Key features (and fees)

1. GXBank

GXBank’s Business Banking is open to Malaysian sole proprietors, and it offers in‑app onboarding and daily interest. While it was piloted with Grab merchant‑partners, it has now expanded to serve sole proprietors in general. If you run a company or partnership and not a sole proprietorship, make sure to check whether its business account fits your goals.

Note: The information in this table has been reviewed to be accurate as of 8 January 2026 

2. Boost Bank

Boost Bank primarily differentiates itself with dedicated SME financing products (Term Loans and Revolving Credit). It also offers basic banking services like savings accounts and debit cards, which are used by both individuals and small business owners, but it doesn't currently offer a traditional corporate current account for larger companies.

3. AEON Bank

AEON Bank is Malaysia's first Islamic digital bank. It offers Shariah-compliant business accounts for solopreneurs and SMEs registered with Suruhanjaya Syarikat Malaysia (SSM). Its core product is the Business Current Account-i, which offers a competitive profit rate with no minimum balance required. It also offers integrated cash management features (DuitNow and RENTAS) for streamlined payroll and vendor payments.

4. Ryt Bank

Ryt Bank, established by YTL Digital Capital with Sea Limited as a major shareholder, is backed by strong funding and has an experienced team in Malaysia's digital banking sector. Its core offering for entrepreneurs is an AI-enhanced digital banking platform featuring the conversational Ryt AI assistant. Ryt offers a high-interest Savings Account (up to 4% p.a.) and the Ryt Card (a combined debit/credit facility). For immediate funding, it provides a fast, instant credit product called Ryt PayLater, which is ideal for small business cash flow needs.

5. KAF Digital Bank

KAF Digital Bank is backed by KAF Investment Bank and partners including Carsome, MoneyMatch, Jirnexu, and StoreHub. KAF's specialisation is a Shariah-compliant digital ecosystem focused on financial inclusion for underserved communities and small businesses. Its current products include the Akaun Simpanan-i (Savings Account-i) with competitive Hibah returns, a virtual Debit Card-i, and core payment services (DuitNow QR). Their long-term strategy is to use partners to introduce integrated embedded financing solutions like auto financing and micro-investment tools.

Why you should consider a fintech service provider like Airwallex

Digital banks in Malaysia offer lower fees and 24/7 banking. While these banks offer basic business accounts and financing for SMEs, they don't provide the comprehensive multi-currency management or direct international payment rails required to scale a business internationally.

That's where the Airwallex Business Account comes in. As a licensed money services business regulated by Bank Negara Malaysia, Airwallex ensures bank-level security and regulatory protection while delivering what digital banks can't. Unlike digital banks which limit you to domestic transactions within Malaysia, our Business Account opens up global possibilities. You can collect funds like a local in 70+ countries, send money to 120+ countries without SWIFT fees, and make worldwide payments, all from a single platform.

With Airwallex, you eliminate the stress of managing cross-border payments and save on FX fees, as proven by Singaporean fashion company Saturday Club. After switching to Airwallex, Saturday Club saved up to 99% on transaction fees:

Frequently asked questions (FAQs)

Are digital banks in Malaysia safe?

Digital banks in Malaysia meet the same strict safety standards as traditional banks. Both digital and traditional banks are licensed and regulated by Bank Negara Malaysia (BNM), with security measures like encryption and real time fraud monitoring. Your money is protected whether you choose a traditional bank, digital bank, or a regulated fintech provider like Airwallex.

Can I integrate my digital bank account with my accounting, invoicing, and other business software?

Integrating your digital bank account with your business software starts with choosing a provider that supports the right software integrations. While not all digital banks offer this, many fintech companies like Airwallex provide direct integrations that connect your bank account with platforms like Xero. This lets you automate reconciliation, invoicing, and reporting, giving you a clear view of your finances.

How are Islamic digital banks different from conventional digital banks in Malaysia?

Islamic digital banks like AEON Bank and KAF Digital Bank follow Shariah law principles. Instead of interest charges, they structure financing through profit-sharing and lease arrangements. In line with religious guidelines, these banks avoid partnerships with businesses dealing in alcohol, gambling, or pork products. Their Shariah boards review products and services for religious alignment, making banking accessible to Muslim business owners who prioritise faith-based practices.

Sources:

• https://www.bnm.gov.my/-/digital-bank-5-licences

• https://gxbank.my/business

• https://myboostbank.co/savings-account

• https://www.rytbank.my/savings-account

• https://www.gxbank.my/savings-account

• https://gxbank.my/docs/business/GX-Biz-Account-and-FlexiLoan-T%26C-%28Dec2024%29.pdf

• https://myboostbank.co/

• https://myboostbank.co/sites/default/files/2024-08/Boost%20Bank%20PDS%20-%20Digital%20Savings%20Account.pdf

• https://myboostbank.co/sites/default/files/2024-08/Boost%20Bank%20Debit%20Card%20Product%20Disclosure%20Sheet.pdf

• https://soyacincau.com/2025/08/25/ryt-bank-official-launch-ai-digital-bank-malaysia/

• https://rytbank.my/documents/ryt-card/Product-Disclosure-Sheet-en.pdf

• https://kaf.helpjuice.com/en_US/activate-your-savings-account-i-

• https://soyacincau.com/2025/08/10/kaf-digital-bank-malaysia-second-islamic-digital-bank-now-live/

• https://kaf.helpjuice.com/en_US/kaf_sadcpdss_en_latest

This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Malaysia) Sdn Bhd is licensed in Malaysia as a MSB Class B (remittance business only) licensee and is regulated by Bank Negara Malaysia (licence number 00318).