Digital banks and e-payments in Malaysia, explained
Compare Malaysia’s digital banks, learn DuitNow and e-wallets, and fix common app and transfer problems in a few minutes.
Start with the job you need to do
See the five digital banks
Licence type, who they serve, and how they differ from an e-wallet.
Understand DuitNow
Fees, the RM50,000 scheme cap, and how a transfer actually moves.
Check PIDM coverage
What is protected, what is not, and why a wallet is not a deposit.
Fix a payment problem
Pending DuitNow, a frozen wallet, a failed eKYC or an app update.
If you want a side-by-side look at rates and conditions, use the comparison page — it is the only place we put a full rates table.
The five licensed digital banks
| Bank | Legal name | Licence | Guide |
|---|---|---|---|
| GX Bank | GX Bank Berhad | Conventional digital bank | GX Bank guide |
| Boost Bank | Boost Bank Berhad | Conventional digital bank | Boost Bank guide |
| Ryt Bank | YTL Digital Bank Berhad | Conventional digital bank | Ryt Bank guide |
| AEON Bank | AEON Bank (M) Berhad | Islamic digital bank | AEON Bank guide |
| KAF Digital Bank | KAF Digital Bank Berhad | Islamic digital bank | KAF Digital Bank guide |
Source: Bank Negara Malaysia’s 29 April 2022 licence announcement and the BNM Financial Sector Participants Directory (digital-bank tag).
Headline rates often come with a cap, a tenure or a spending condition. We explain those conditions on each hub and on the comparison page, rather than repeating a “best rate” slogan here.
How a DuitNow transfer actually moves
DuitNow is a PayNet scheme for transfers and QR payments, not a separate bank you log into. You send from your own bank or e-wallet app, PayNet routes the payment, and the recipient’s bank or e-wallet credits the money.
The scheme has a documented cap — we walk through fees, IDs and that cap on the DuitNow guide. If a transfer is stuck, start with the official status in the sending app, not a second payment.
Banks, e-wallets and investment products are different
A licensed digital bank holds deposits. If it is a PIDM member, eligible deposits are protected up to RM250,000 per depositor per bank.
An e-wallet (for example Touch ’n Go eWallet or Maybank MAE) is built for payments. PIDM’s 6 February 2026 explainer states that e-wallets are not protected by PIDM. Keep only what you need for spending in a wallet.
Some wallet apps also offer investment features, such as Touch ’n Go GO+. Those are not bank deposits. Read the official product page before you treat a return figure as a savings rate.
Common problems we cover
If a transfer is stuck, an account is locked, or an app asks you to update, start with the official status in the app, then use a Fix page. We do not host login forms or unofficial installers.
DuitNow failed or pending
What official statuses mean, and when to contact the sending provider.
TNG refund or suspension
Where to raise a refund, and what to do if an account is held.
MAE app update
Update the app from the App Store or Google Play.
eKYC, device binding, frozen accounts
Start with the bank that holds the account, then BNMLINK if needed.
A quick comparison preview
Rates and conditions belong in one place, so they stay consistent. This preview is the licence picture only — open the comparison page for the full table and the conditions attached to each headline rate.
| Bank | Licence | PIDM member | Full guide |
|---|---|---|---|
| GX Bank | Conventional | Yes | Open guide |
| Boost Bank | Conventional | Yes | Open guide |
| Ryt Bank | Conventional | Yes | Open guide |
| AEON Bank | Islamic | Yes | Open guide |
| KAF Digital Bank | Islamic | Yes | Open guide |