Australian financial services company AMP has launched a new digital bank targeting “under-served small and micro businesses, solopreneurs, side hustlers, and everyday banking customers”.AMP Bank launches for underserved small businesses The new venture, named AMP Bank, is powered by Starling Bank’s Software-as-a-Service (SaaS) technology platform Engine, selected by the Aussie firm in 2023.AMP Bank supports features designed to enhance accounting and cashflow management for merchants, including spending controls, detailed breakdowns, and fee-free international currency conversions.Furthermore, in an attempt to improve security and reduce the risk of fraud, the offering introduces Australia’s first numberless debit cards – a product that Starling itself has not yet implemented, according to a blog post by Engine CEO Sam Everington.Going forward, AMP intends to rollout a “range of new partnerships, features and functionality” that will be “announced and incorporated into the app over the coming months”.In addition to AMP’s digital project, Engine’s platform powers Romania’s digital challenger Salt Bank, which launched last April. Salt Bank uses the same technology to handle payment operations, loan servicing, customer onboarding, financial crime monitoring, and more.
Mer. Feb 12th, 2025
