Best Digital Banks in Malaysia comparison 2025

In April 2022, it was announced that Malaysia would start to issue digital banking licenses, initially creating 5 digital banks in Malaysia with new products and services for customers. Fast forward a couple of years and these banks are now establishing themselves in their own niches - so which is the best digital bank in Malaysia for your needs?

Read this guide to the digital banking scene in Malaysia to help you decide. Plus, as Malaysian digital banks usually only let you hold MYR, we’ll also touch on another multicurrency alternative - Wise. The Wise account isn't technically a bank account but does offer account and card services in 40+ currencies, and is licensed under the laws of Malaysia by the Bank Negara Malaysia. More on that later.

What is a digital bank?

So - what is digital banking? The first digital bank in Malaysia is only a couple of years old, so you may not be so familiar with how digital banking works.

In short, digital banks are banks without a physical branch network. Instead, services are offered online and through an app, usually with a card for easy payments and withdrawals. In Malaysia digital banks are pretty new, so the accounts and services available may be a little more limited than what you’ll find from a major bank with a physical network. For example, you can usually only hold MYR in your account, and you may not be able to send or receive payments in foreign currencies. Digital bank accounts in Malaysia may also only be available for Malaysian citizens who are also residents of Malaysia - not for expats or Malaysians working overseas.

Digital banks may offer slightly different features to physical banks though - which can include extras like reward earning opportunities and good interest or profit rates. As their overheads are lower than a bank with a branch network, they may be able to offer lower fees and higher returns for customers, while still being a profitable business which can invest in growth.

Digital banking is a rapidly developing market in Malaysia and the world over, so it’s well worth getting to know what’s out there to see if any of these providers might suit you. Read on for more about the best digital bank in Malaysia for different services and customer needs.

Digital Bank vs Traditional Bank

Whether a digital bank or a regular bank with a physical branch network will work best for you depends on your personal preferences and how you like to transact. If you manage your money online and with your phone anyway, a digital bank account could mean lower fees. However, if you prefer a face to face service and need to pay in cash often, a traditional bank might be better for you. Here’s a quick side by side comparison:

Best digital banks in Malaysia

This guide on the best digital banks in Malaysia covers the 3 first banks to launch - GXBank¹, Boost² and AEON³, as well as the most recent launches - KAF Digital Bank⁸ and Ryt Bank⁹. All 5 hold banking licenses from the Bank Negara Malaysia, which means they can offer a wide range of services. At the time of writing these banks are relatively new, which means additional services and products are likely to be added to their portfolio over time.

Here’s a quick head to head comparison, with a little more detail about each coming up later:

*Details correct at time of writing - 23 May 2025

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GXBank

GXBank is one of the first digital banks in Malaysia, already used by over 750,000 customers. You can get a deposit and savings account, debit card, and access to a credit line which you can draw on when you need it.

GXBank has personal deposit accounts which pay interest, as well as a linked debit card. GXBank’s fee policy is intended to keep costs for customers extremely low, so there are pretty much no fees to worry about with either the account or card product - including no foreign transaction fee to pay when you spend overseas.

Account interest rates are variable but sit at 2% at the time of writing. There’s also a flexible credit option which allows you to apply for a credit line which you can use when you need a little extra cash, to repay at a later stage.

Boost

Boost is the Malaysian digital bank which was created through a partnership between Axiata and RHB, offering account and card services for personal customers, plus some business services

Boost accounts are available for Malaysian citizens who are also resident in Malaysia, with no minimum deposit needed. You can get a Boost physical or virtual card linked to your savings account which makes it more convenient to transact from your account. Accounts have very few fees to pay, but it's worth knowing that some ATM fees apply, plus foreign transaction costs which can be due to both the bank and the card network.

You can earn rewards known as Boost Stars as you transact. Plus accounts have lots of easy ways to make local payments through the Boost e-wallet.

AEON

AEON is the first Islamic digital bank in Malaysia, offering deposit and savings accounts with a linked debit card, all with Shariah compliant features

AEON is one of the new Malaysian digital banks, and one of only a couple of Islamic banks to be handed a license as yet. You can currently open an AEON account only if you’re a Malaysian citizen with a valid MyKad. There’s no maximum deposit amount for the deposit account, but you must have at least 20 MYR in your account at any time for it to remain open.

Products available at the time of writing include a deposit account which comes with an optional linked Shariah compliant debit card. The options available from AEON are likely to increase over time so it’s worth keeping an eye on their offering if you’re looking for something different.

KAF Digital Bank

KAF Digital Bank has recently launched and offers secure, Shariah-compliant, and customer-focused digital banking solutions. At the time of research, the bank is in its initial phase and accounts are available by invitation only.

Because KAF Digital Bank is at a very early stage in its development, many details about its account and card features and fees are not publicly disclosed. However, the bank promises integrated financial literacy tools and a frictionless banking experience which is delivered through the KAF app.

Backed by the KAF Group of Companies which already offers a range of financial products and services in Malaysia, KAF Digital Bank is set to complete its full roll out once the initial invite only phase is over. At this point, invited users are contributing to the development of the KAF app, and will help to drive improvements. Keep an eye out to see when the full launch is available to the public.

Ryt Bank

Ryt Bank has savings accounts and payment services for Malaysian citizens. There’s no advertised debit card with this account, but instead you can access your funds to spend with DuitNow Transfers and QR Payments.

Ryt Bank offers a fast and easy onboarding process, with a savings account that you can open in the app. Create up to 10 pots to keep your savings goals separate from each other, with 3% interest available on all pots. There are basically no fees on this account, and although there’s no debit card provided you can still instantly access your money to send locally with DuitNow, and to spend using QR payments.

Ryt Bank has been set up by YTL Digital Capital Sdn Bhd, with Sea Limited as a key shareholder. This means it’s a very well backed bank, with extensive experience within the operating team. The bank has a focus on using AI to drive technological advancements and create a simple banking experience for Malaysians.

Hold 40+ currencies with a Wise account and spend in 150+ countries with the Wise card

Looking for an account that can let you hold and spend multiple currencies on top of MYR? Check out Wise.

The Wise account is an easy way to hold and exchange 40+ currencies, including MYR, USD, GBP, and more. All you need to do is create a free account to get started.

With Wise, you can exchange currencies at the mid-market rate each time, with low, transparent conversion fees from 0.77% and absolutely no markups. Plus, you can order a linked Wise card for convenient spending without any foreign transaction fees, and up to 2 free ATM withdrawals to the value of 1,000 MYR when you're overseas. You'll even get 8+ local account details to get paid conveniently to your Wise account in MYR and a selection of other major global currencies.

Sending money or making payments abroad? Wise also offers fast, low cost transfers to 140+ countries - you can track your transfer in your account and your recipient will also be notified when a transfer reaches them.

While Malaysia digital banks have their respective perks, cut out hidden fees and charges when managing multiple currencies, sending money abroad, or spending in foreign currencies.

🚀 Get started with Wise

1. GXBank
2. Boost
3. Aeon
4. Boost product disclosure
5. Boost FAQ - card fees
6. Aeon deposit account product disclosure
7. Aeon debit card product disclosure
8. KAF Bank app
9. Ryt Bank
10. KAF FAQ
11. Ryt Bank fees
12. Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.