Digital Banks in Malaysia (2026): Full Comparison

Key takeaways

• Malaysia has five licensed digital banks: GXBank, Boost Bank, AEON Bank, Ryt Bank, and KAF Digital Bank. By the end of 2025, they had collectively served 2.4 million customers and held RM4.2 billion in deposits.¹

• 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.²

• If your business needs to collect payments from overseas, pay foreign suppliers, or hold multiple currencies, you may need a specialised cross-border payments platform alongside your digital bank. Airwallex is one option for businesses with these requirements.

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.²

Digital banks vs traditional banks in Malaysia

Note: Information in this table has been reviewed to be accurate as of 8 July 2026.

How Malaysia licences digital banks

Malaysia's central bank has issued two types of digital banking licences:

Of the five licensed digital banks, three (GXBank, Boost Bank, and Ryt Bank) hold conventional 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:

Note: Information in this table has been reviewed to be accurate as of 8 July 2026.

Not sure if these banks are the best choice for you? Airwallex has no setup fees, no monthly fees, and no minimum balance requirements. Learn more about our Global Accounts or sign up for free.

1. GXBank

GXBank, backed by Grab Holdings and the Kuok Group, was the first digital bank to launch in Malaysia. It offers both personal and business banking, and is available to Malaysian residents aged 18 and above.

For personal customers, GXBank's main savings account earns daily interest. For higher returns, the Bonus Pocket offers a promotional rate on fixed-term placements.³

For businesses, GXBank Biz is currently the only digital bank in Malaysia with a fully live business account open to the general public. It earns daily interest with no monthly fees, no minimum balance, and no transaction charges.³

Who can apply:

• Malaysian residents aged 18 and above with a valid MyKad.

• For the Biz Account, applicants must be SSM-registered sole proprietors with a valid BRN and a recent bank statement from another bank. Partnerships, Sdn Bhds, and LLPs are not currently eligible.³

Suited for: Individuals who want daily interest with no fees, and sole proprietors looking for a zero-fee business account with access to a credit line, without visiting a branch.

Information stated above is accurate as of 8 July 2026.

2. Boost Bank

Boost Bank focuses primarily on personal savings and SME financing.

For personal customers, it offers a savings account with daily interest, savings jars for goal-based saving, and a debit card. Its Special Jars feature unlocks a higher promotional rate for customers who spend with eligible partners.⁴

On the business side, Boost Bank offers SME financing, but does not currently offer a dedicated business current account. If you're looking for a day-to-day operating account for your business, Boost Bank does not fill that role at this stage.⁴

Who can apply:

• Malaysian citizens and residents aged 18 and above with a valid MyKad.

• Business owners seeking SME financing can check current eligibility requirements at myboostbank.co.⁴

Suited for: Individuals who want a straightforward savings account with daily interest, and SME owners who need access to term financing or revolving credit.

Information stated above is accurate as of 8 July 2026.

3. AEON Bank

AEON Bank is Malaysia's first Islamic digital bank, operating under Shariah principles. It serves both personal and business customers, and all its products are structured as profit rates and profit-sharing arrangements rather than conventional interest.

For personal customers, AEON Bank offers a Savings Account-i with a base profit rate, plus Savings Pots for goal-based saving at a higher promotional rate.

For businesses, AEON Bank Biz offers a Business Current Account-i with a competitive promotional profit rate, integrated cash management tools including DuitNow and RENTAS, multi-user access controls, and bulk payment functionality.

As of July 2026, AEON Bank Biz has also added Term Financing-i and Working Capital Financing-i for businesses that need growth capital or short-term cash flow support.⁵ Financing under both products is structured on the Shariah principle of Murabahah via Tawarruq, with no collateral required and no hidden charges.⁵

Who can apply:

• Malaysian residents aged 18 and above with a valid MyKad for personal banking.

• For AEON Bank Biz, the business must be SSM-registered and Shariah-compliant, with all directors and authorised users being Malaysian citizens who are not US tax residents.⁵

Suited for: Individuals who prefer Islamic banking, and Shariah-compliant businesses looking for a digital business account with cash management tools and access to financing.

Information stated above is accurate as of 8 July 2026.

4. Ryt Bank

Ryt Bank, operated by YTL Digital Bank Berhad, is built around an AI-powered banking experience. Its core differentiator is Ryt AI, an intelligent assistant that understands Bahasa Malaysia, English, and Manglish.

Through Ryt AI, customers can make transfers and pay bills by typing a message or snapping a photo of a bill, without navigating menus manually.⁶

For personal customers, Ryt Bank offers a Save Pockets feature that earns daily interest on balances.⁶ Ryt Bank also offers Ryt PayLater, a buy-now-pay-later credit facility for everyday purchases, and a combined debit and credit Ryt Card with cashback on overseas spend.⁶

Ryt Bank does not currently offer a dedicated business account.

Who can apply: Malaysian residents aged 18 and above with a valid MyKad.

Suited for: Individuals who want AI-assisted banking, daily interest on savings, and a combined debit and credit card.

Information stated above is accurate as of 8 July 2026.

5. KAF Digital Bank

KAF Digital Bank is Malaysia's second Islamic digital bank, backed by KAF Investment Bank alongside partners including Carsome, MoneyMatch, Jirnexu, and StoreHub. It launched its personal savings account in August 2025 and is focused on financial inclusion for underserved communities and small businesses.⁷

KAF's personal product currently includes a Shariah-compliant savings account (Akaun Simpanan-i) with hibah returns, a virtual Debit Card-i, and DuitNow QR payment support. Note that hibah is discretionary; unlike a fixed interest rate, it is not guaranteed and can vary.⁷

KAF Digital Bank has listed a business account as “coming soon”. No launch date or product details have been published at the time of writing.⁷

Who can apply: Malaysian residents aged 18 and above with a valid MyKad.

Suited for: Individuals seeking a Shariah-compliant digital bank, particularly those connected to the KAF partner ecosystem — including Carsome customers, StoreHub merchants, and MoneyMatch users.

Information stated above is accurate as of 8 July 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 entity type. Currently, only GXBank and AEON Bank Biz offer dedicated business accounts among Malaysia's five licensed digital banks, and both have eligibility restrictions.

GXBank Biz is limited to SSM-registered sole proprietors. AEON Bank Biz is open to Shariah-compliant businesses registered with SSM.

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's Business Account becomes relevant: it is built specifically for businesses that need to move money across borders without the cost and friction of traditional banking.

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 businesses with international needs use Airwallex

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 is regulated in Malaysia as a licensed remittance business under the Money Services Business Act 2011, helping businesses manage international payments alongside their local banking. Here’s what you get with Airwallex:

• Global Accounts in 20+ currencies with local bank details in markets like the US, UK, Australia, and the EU

• Send payments to vendors or suppliers in 200+ countries. 94% of transfers are sent via local rails with no SWIFT fees.

• Collect payments from customers via 160+ local payment methods in 180+ countries

• Expense Management that syncs with Xero, QuickBooks, and NetSuite

Saturday Club, a Singaporean fashion company, saved up to 99% on transaction fees after switching to Airwallex:⁸

Frequently asked questions (FAQs)

Are digital banks in Malaysia safe?

Yes, if they are licensed by Malaysia's central bank. All five digital banks in Malaysia — GXBank, Boost Bank, AEON Bank, Ryt Bank, and KAF Digital Bank — are licensed and regulated to the same standards as traditional banks. Deposits held with any of the five are protected by PIDM up to RM250,000 per depositor.²

Which digital bank in Malaysia has the highest savings rate?

The answer depends on conditions. Ryt Bank and Boost Bank both advertise rates of up to 4% p.a. and 3.3% p.a. respectively, but maximum rates require qualifying transactions or eligible partner spend. GXBank's Bonus Pocket offers up to 4% p.a. on fixed-term placements. AEON Bank's Savings Pot rate of 3% p.a. is promotional and ends 31 August 2026. Always check the current rate and conditions on each bank's official website before deciding.

Can an Sdn Bhd open a digital bank account in Malaysia?

Not through any of the five licensed digital banks currently. GXBank Biz is limited to sole proprietors, AEON Bank Biz requires Shariah-compliant businesses and is currently focused on the AEON ecosystem, and the remaining three digital banks do not offer business accounts at this stage. Sdn Bhds can apply through traditional banks or licensed fintech platforms like Airwallex, which accepts a wide range of entity types and offers a fully online application.

What is the difference between a digital bank and a fintech platform like Airwallex?

A licensed digital bank holds a full banking licence, which means it can accept deposits covered by PIDM and offer credit facilities like loans. A licensed fintech platform like Airwallex is regulated as a remittance business — it can process payments and offer multi-currency accounts, but deposits are not covered by PIDM and it does not offer lending. For most businesses, the practical difference is that digital banks are better for MYR savings and domestic transactions, while fintech platforms are better for cross-border payments and multi-currency needs.

Do digital banks in Malaysia support DuitNow?

Yes. All five licensed digital banks support DuitNow transfers for sending and receiving MYR. GXBank and AEON Bank Biz also support DuitNow QR for business collections.

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

Islamic digital banks — AEON Bank and KAF Digital Bank — operate under Shariah law. They structure returns as profit rates or hibah rather than conventional interest, and they do not serve businesses involved in alcohol, gambling, tobacco, or other non-Shariah compliant activities. Their products are reviewed by a Shariah board for religious compliance, making them the appropriate choice for Muslim customers and businesses that prioritise faith-based banking.

Sources:

1. https://www.bnm.gov.my/bnm-annual-report

2. https://www.pidm.gov.my/en

3. https://gxbank.my/bizaccount and https://gxbank.my/

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

5. https://www.aeonbank.com.my/business and https://www.aeonbank.com.my/deposit?id=homepage-deposit

6. https://www.rytbank.my/savings-account and https://rytbank.my/documents/ryt-card/Product-Disclosure-Sheet-en.pdf

7. https://www.kafdigitalbank.com.my/

8. https://www.airwallex.com/my/case-studies/saturday-club