ASIA BUSINESS OUTLOOK9SEPTEMBERNEWSROOMRYT BANK LAUNCHES AS MALAYSIA'S FIRST AI-POWERED DIGITAL BANKVynn Capital has continued its focus on Southeast Asia's mobility and supply chain industries with a new investment in Indonesian last-mile logistics startup Blitz.The round also included participation by previous backer Itera-tive Capital and new investors, such as Balaji Srinivasan, previous Andreessen Horowitz general partner, ex-PayPal executive Rajesh Venkatesh, and Vinner Ventures. They bring to an impact-oriented investor base featuring ADB Ventures, Peak XV, FiveFortyAlpha, and BonBillo Fund."Blitz is addressing a core challenge for Southeast Asian businesses- how to scale logistics quickly without the cost of owning infrastructure. Their business model enables brands to fulfill increasing delivery expectations with speed, reliability, and sustainability. With our doubling down on mobility and supply chain thesis, Blitz is a commercially focused operator poised to revolutionize how businesses transport goods throughout the region." explained Victor Chua, Founding & Managing Partner at Vynn Capital.Blitz's asset-light and tech-first model allows same-day and instant deliveries without needing businesses to own their fleets. With an increasing number of gig couriers, the company provides integrated white-label delivery and logistics management under clients' brands.The startup has shown frugal growth, tripling revenue in 2024 and reducing its burn rate by more than 70 percent. "The first phase of growth is over. Now, our priority is disciplined scaling. That is, optimizing what works and eliminating what doesn't," said Blitz CEO Saivya Chauhan.Blitz will use this investment to step up nationwide expansion while intensifying its emphasis on efficiency, quality clients, and scalable operations. Malaysia's digital banking scene has reached a new chapter with the introduction of Ryt Bank, a fully licensed bank fueled by Ryt AI, an intelligent assistant developed upon ILMU, the country's first indigenous large language model."Ryt Bank proves that revolutionary innovation can be conceived, developed, and driven right here in Malaysia. Through the union of indigenous AI with our country's values and diversity of people, we've produced a bank Malaysians can be proud to call their own, one that communicates our languages, understands our culture, and raises the bar for what banking must feel like." commented Dato' Seri Yeoh Seok Hong, Managing Director of YTL Power International.Inclusive and multilingual, Ryt Bank currently offers Bahasa Malaysia and English, with Mandarin to follow by September 2025. Its assistant, powered by AI, is able to comprehend natural language in Bahasa, English, and Manglish, among others, allowing users to pay bills, transfer funds using DuitNow, monitor expenditure, and learn basic finance in plain language.Subscribers can also enjoy as much as 4 percent p.a. daily interest on savings, instant PayLater credit worth up to RM1,499, and the Ryt Car that enjoys international Visa acceptance, no transaction fees, unlimited 1.2 percent cashback abroad, and special rewards with Shopee and YTL Hotels, among other partners.Licensed by Bank Negara Malaysia and covered under PIDM, Ryt Bank focuses on, such as biometric login and live fraud alerts. The app can now be downloaded from the App Store and Google Play. VYNN CAPITAL BACKS BLITZ TO SCALE SUSTAINABLE LOGISTICS IN INDONESIAKey highlights:· Vynn Capital leads funding in Blitz to strengthen SEA logistics· Blitz tripled revenue in 2024 while cutting burn rate by 70 percent· Funding to fuel nationwide expansion with focus on efficiencyKey highlights:· Ryt Bank debuts as Malaysia's first fully licensed AI-powered digital bank· Multilingual app with Ryt AI enables natural banking in Bahasa, English, and Manglish· Offers 4 percent daily interest, instant PayLater credit, and global Visa card perks
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