Digital banks in Malaysia (2026): Full comparison
Cherie Foo
Growth Content Manager
Key takeaways
Malaysia has five licensed digital banks: GXBank, Boost Bank, AEON Bank, Ryt Bank, and KAF Digital Bank.
All five operate without physical branches and are regulated by Malaysia's central bank. Deposits are protected by PIDM up to RM250,000 per depositor.
For businesses with international customers or suppliers, Airwallex makes it easier to manage payments and multiple currencies in one place. With Airwallex, you can send transfers to 200+ countries and accept online payments from 180+ countries.
Digital banks in Malaysia are becoming a popular alternative to traditional banks, offering app-first banking, competitive savings rates, and lower fees without the need to visit a branch.
Today, there are five licensed digital banks, each with a different approach to everyday banking. Some focus on rewarding spending, while others prioritise savings, budgeting, or financial inclusion.
This guide compares Malaysia's digital banks, covering their features, fees, and eligibility requirements.
What is a digital bank?
A digital bank operates entirely online: no physical branches, no counters, no queuing. You open an account, make transfers, and manage your money through a mobile app or website, 24 hours a day.
Because digital banks have lower operating costs than traditional banks, they typically charge lower fees and offer competitive savings rates. Most also make account opening fast: in many cases, you can be up and running in minutes using just your MyKad.
In Malaysia, digital banks are licensed and regulated by the country's central bank under the same standards that apply to traditional banks. Deposits held with licensed digital banks are protected by PIDM up to RM250,000 per depositor.
Digital banks vs traditional banks in Malaysia
Feature | Digital bank | Traditional bank |
|---|---|---|
Accessibility | Online and mobile only | Physical branches and online |
Availability | 24/7 | Standard banking hours |
Account opening | Minutes | Days |
Products | Savings accounts, debit cards, selected financing | Full range: current accounts, credit cards, loans, insurance, investments |
Fees | Typically no minimum balance or account fees | May include maintenance fees and minimum balance requirements |
Currency support | Typically MYR only | Other currencies supported |
Customer support | Digital and phone only | In-person, digital, and phone |
Note: Information in this table has been reviewed to be accurate as of 1 Oct 2026.
How Malaysia licences digital banks
Malaysia has two categories of digital bank licences: conventional digital bank licences and Islamic digital bank licences. Here’s a quick overview:
Digital bank licence | Islamic digital bank licence |
|---|---|
For conventional online banks focused on core deposit and lending services. | For Shariah-compliant digital banks offering halal financial products. |
Of the five licensed digital banks, three (GXBank, Boost Bank, and Ryt Bank) hold digital bank licences. AEON Bank and KAF Digital Bank hold Islamic digital bank licences and operate in accordance with Shariah principles.
Fintech providers like Airwallex operate under a different licence.
Airwallex is regulated in Malaysia as a licensed remittance business under the Money Services Business Act 2011, which allows it to process cross-border payments and issue multi-currency accounts with bank-level security.
Malaysia's five licensed digital banks at a glance (2026)
Before diving into each bank, here's an overview you can use to compare them:
| GXBank1 | Boost Bank2 | AEON Bank3 | Ryt Bank4 | KAF Digital Bank5 |
|---|---|---|---|---|---|
Licence type | Digital bank | Digital bank | Islamic digital bank | Digital bank | Islamic digital bank |
Operated by | Grab Holdings and Kuok Group | Axiata and RHB | AEON Group | YTL Digital Bank Berhad | KAF Investment Bank, Carsome, MoneyMatch, Jirnexu, StoreHub |
Personal savings rate | 2% p.a. | Up to 4% p.a. | Up to 3% p.a. | Up to 4% p.a. | Hibah, no fixed rate |
Business account |
|
|
|
|
|
Business rate | 2.50% p.a. | NA | Up to 2.5% p.a. | NA | NA |
Shariah-compliant |
|
|
|
|
|
This information is based on publicly available information accessed on 1 Oct 2026. Information reflects Airwallex's own research and has not been independently verified.
Not sure if these banks are the best choice for you? Airwallex has no setup fees, no monthly fees, and no minimum balance requirements.
1. GXBank
GXBank was Malaysia's first digital bank to commence operations. It is part of the Grab-led GXS Group, with Kuok Group among its Malaysian consortium partners.
GXBank offers personal banking as well as a business account for eligible sole proprietors, with savings, payments and financing managed through its digital platform.
For personal customers, the main Savings Account earns daily interest, while Bonus Pocket offers a higher promotional rate when you commit funds for a selected tenure. For businesses, GX Biz is designed for sole proprietors and includes access to business financing.
Who can apply:
Personal account: Malaysian citizens aged 18 or above with a valid MyKad, subject to GXBank's account-opening requirements.
GX Biz Account: SSM-registered sole proprietorships, with the applicant meeting GXBank's eligibility and verification requirements.
Suited for: Individuals who want a fully digital savings account, and sole proprietors looking for a digital business account with access to financing.
Information in this section is based on GXBank’s official website as of 1 Oct 2026.
2. Boost Bank
Boost Bank is a digital bank backed by Axiata Group and RHB Bank, with a focus on personal banking and SME services.
Its personal offering is geared towards everyday saving and spending, while its SME offering combines business banking with financing.
For personal customers, Boost Bank offers a savings account, Savings Jars for setting aside money towards specific goals, and a debit card.
On the business side, Boost Bank offers a Business Current Account alongside SME financing products such as term loans and revolving credit facilities.
Who can apply:
Personal account: Malaysian citizens aged 18 or above with a valid MyKad, subject to Boost Bank's eligibility requirements.
Business account: Eligible sole proprietorships, partnerships and Sdn Bhd companies, subject to Boost Bank's requirements.
Suited for: Individuals looking for digital savings and everyday banking, and SMEs that want digital business banking alongside access to financing.
Information in this section is based on Boost Bank’s official website as of 1 Oct 2026.
3. AEON Bank
AEON Bank is Malaysia's first Islamic digital bank and operates according to Shariah principles.
It offers both personal and business banking, making it one of the few digital banks in Malaysia with a dedicated business banking proposition.
For personal customers, AEON Bank offers a Savings Account-i, Savings Pots for setting aside money towards specific goals, and other digital banking services through its app.⁵
For businesses, AEON Bank Biz is built around the Business Current Account-i, with digital cash management tools for payments, collections, and multi-user account access.
It has also expanded its business banking offering to include Term Financing-i for longer-term business needs and Working Capital Financing-i for short-term cash flow requirements.
Who can apply:
Personal account: Malaysians aged 18 or above who meet AEON Bank's eligibility requirements.
AEON Bank Biz: Eligible SSM-registered businesses that meet the bank's requirements.
Suited for: Individuals who prefer Islamic digital banking, and businesses looking for Shariah-compliant banking with digital cash management and financing options.
Information in this section is based on AEON Bank’s official website as of 1 Oct 2026.
4. Ryt Bank
Ryt Bank is built around an AI-powered banking experience, with Ryt AI as its main differentiator.
The assistant lets customers carry out everyday banking tasks conversationally, such as making transfers by typing a message or paying bills by uploading a photo, screenshot, or file. Ryt AI is currently available as part of a public beta.
For personal customers, Ryt Bank offers a Savings Account with Save Pockets for setting aside money towards specific goals. It also offers Ryt PayLater and the Ryt Card, which combines debit and credit payment options in one card.
Ryt Bank does not currently list a dedicated business account among its public products.
Who can apply: Malaysian citizens aged 18 and above who meet Ryt Bank's eligibility requirements.
Suited for: Individuals who want an AI-driven banking experience and digital tools for everyday saving, payments and spending.
Information in this section is based on Ryt Bank’s official website as of 1 Oct 2026.
5. KAF Digital Bank
KAF Digital Bank is Malaysia's second Islamic digital bank, led by KAF Investment Bank with consortium partners including Carsome, MoneyMatch, Jirnexu, and StoreHub. It is focused on providing Shariah-compliant digital banking services to Malaysian consumers.
KAF's current personal offering includes a Shariah-compliant Savings Account-i, a virtual Debit Card-i, and DuitNow payments. The Savings Account-i uses a Qard structure, with any hibah given at the bank's discretion rather than as a guaranteed or fixed return.
KAF has also listed business banking as “Akan Datang” (coming soon), but has not published a confirmed launch date or detailed information about the future offering.
Who can apply:
Personal account: Malaysian citizens aged 18 or above with a valid MyKad, Malaysian mobile number, and existing Malaysian bank account.
Suited for: Individuals looking for Shariah-compliant digital banking with savings, payments, and debit card services.
Information in this section is based on KAF’s official website as of 1 Oct 2026.
What to look for in a digital bank in Malaysia
Choosing a digital bank comes down to how well it fits the way you actually use money. Here are the four areas worth evaluating before you open an account.
1. Fee structure
Transaction fees can add up quickly, especially if you make regular transfers or use your debit card frequently. Look beyond the headline savings rate and check for dormant account fees, ATM withdrawal charges, and foreign transaction fees.
Most digital banks in Malaysia charge no monthly maintenance fee, but fees for specific services vary, so always review the Product Disclosure Sheet before signing up.
2. Savings rate and conditions
The headline rate is rarely the full picture. Check whether the maximum rate applies to your full balance or only up to a cap, whether it requires qualifying transactions, and whether it is promotional with an expiry date.
3. Business account availability
If you're opening an account for your business, check whether the bank supports your business structure. Among Malaysia's five licensed digital banks, GXBank, AEON Bank and Boost Bank currently offer dedicated business accounts.
4. Multi-currency and international transfer support
Malaysia's licensed digital banks are focused on MYR; none of them currently offer multi-currency accounts or direct international transfer capabilities.
If your business collects payments from overseas customers, pays foreign suppliers, or operates across multiple markets, you will need a separate solution for cross-border transactions.
This is where a licensed fintech platform like Airwallex becomes relevant. With Airwallex, you can accept online payments in 180+ countries, pay suppliers or contractors in 200+ countries, and hold 20+ currencies.
5. Customer support
Digital banks have no in-person support, so it's worth understanding what's available before you need it. Check whether live chat, phone support, and email are offered, what the support hours are, and how quickly issues are typically resolved.
Most Malaysia digital banks offer in-app live chat as the primary support channel.
Why Malaysia businesses use Airwallex Business Account
Malaysia's five licensed digital banks are a practical option for MYR savings and domestic transactions. But if your business pays overseas suppliers or collects from international customers, you'll need a separate solution.
That’s where Airwallex comes in. Airwallex (Malaysia) Sdn. Bhd. is regulated as a licensed currency exchange and remittance business, an E-Money Issuer, and a registered merchant acquirer. Here’s what you get with Airwallex:
Free local transfers via DuitNow and GIRO
International transfers to 200+ countries. 94% of our transfers are sent via local rails with $0 transfer fees.
Borderless cash (multi-currency cash accounts) in 20+ currencies
Collect payments from customers via 160+ local payment methods in 180+ countries
Expense Management that syncs with Xero, QuickBooks, and NetSuite
Applecrumby, a Malaysia-born baby care brand, is one example.
After switching to Airwallex, it saved around RM100 per international transaction, while its payment gateway costs fell by 0.5%. The company also reported 2–3x faster go-to-market timelines as it expanded into new markets.
“Airwallex has simplified our payment processes across markets, and our team can now focus on driving the business forward." - Winson Lee, Finance Director of Applecrumby at AppleCrumby
Frequently asked questions (FAQs)
Are digital banks in Malaysia safe?
Yes. All five licensed digital banks in Malaysia are regulated by Bank Negara Malaysia and are PIDM member banks. Eligible deposits are protected by PIDM up to RM250,000 per depositor per member bank, subject to the scheme's rules.
Which digital bank in Malaysia has the highest savings rate?
As of 1 Oct 2026, Ryt Bank advertises up to 4.00% p.a. on eligible Save Pocket balances, with the bonus rate unlocked through qualifying transactions. Rates and promotional offers can change from time to time, so check the latest rates and conditions on each bank's official website before opening an account.
Can an Sdn Bhd open a digital bank account in Malaysia?
Yes. Sdn Bhd companies can open business accounts with several licensed digital banks in Malaysia, including AEON Bank, Boost Bank, MariBank, and ANEXT Bank, subject to each bank's eligibility requirements. The available products and features vary by bank and business type.
What is the difference between a digital bank and a fintech platform like Airwallex?
A digital bank is a licensed bank that can accept deposits, while a fintech platform provides financial services under other types of licences. For example, Airwallex is regulated in Malaysia as a licensed currency exchange and remittance business, an e-money issuer, and a registered merchant acquirer; customer funds are safeguarded but are not themselves PIDM-insured deposits.
Do digital banks in Malaysia support DuitNow?
Yes. All five licensed digital banks participate in DuitNow services. Their apps support DuitNow transfers, while specific DuitNow QR and business collection features vary by bank and account type.
How are Islamic digital banks different from conventional digital banks in Malaysia?
AEON Bank and KAF Digital Bank are licensed Islamic digital banks and operate according to Shariah principles. Their products use Islamic structures such as profit-based returns or hibah rather than conventional interest, with product structures overseen for Shariah compliance.
Sources:
https://www.gxbank.my/bizaccount, https://www.gxbank.my/savings-account
https://myboostbank.co/
https://www.aeonbank.com.my/deposit, https://www.aeonbank.com.my/business
https://www.rytbank.my/savings-account
https://www.kafdigitalbank.com.my/
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. This publication is not intended to be relied on for the purpose of making a decision about a financial product and users should verify details independently.
All comparisons and information contained in this publication reflect only Airwallex’s own research using public documentation on the stated dates and have not been independently validated.
Product features, pricing and other details are subject to change. All third-party names, products, and logos are trademarks of their respective owners and are referred to for identification and compatibility purposes only. If you would like to request an update, feel free to contact us at [[email protected]].
Airwallex (Malaysia) Sdn. Bhd., a company incorporated under the laws of Malaysia with company registration number 201801007747 (1269761-X), is regulated as a licensed remittance business under the Money Services Business Act 2011 (Licence number 00743 with an expiry date of 3 August 2028, an E-Money Issuer and a registered merchant acquirer under the Financial Services Act 2013.)
Cherie Foo
Growth Content Manager
Cherie is a Growth Content Manager at Airwallex, where she develops content for businesses in Singapore and across Southeast Asia. She focuses on turning complex topics like cross-border payments, business accounts, and spend management into clear, practical guides that help founders and finance teams make confident decisions.
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