AMP Bank and Salt Bank tap Starling’s Engine platform for digital banking offerings
- Adoption of BaaS Technology:
- Australia’s AMP Bank and Romania’s Salt Bank adopt Starling Bank’s Banking-as-a-Service (BaaS) technology platform Engine.
- Global Expansion:
- Starling Bank’s BaaS platform, Engine, launched as a subsidiary in March 2022, extends its services globally, with ambitions to launch in the Asia-Pacific (APAC) region.
- Core Technology Utilization:
- Engine allows banks and financial institutions to build their own banking propositions using Starling’s core technology.
- AMP Bank’s Digital Offering:
- AMP Bank in Sydney, Australia, adopts BaaS to build a digital banking offering, scheduled for launch in Q1 2025.
- Seeks $60 million in investment, with $40 million to be capitalized, targeting an under-served market segment.
- Salt Bank’s Plans:
- Salt Bank in Romania, part of Banca Transilvania Financial Group, plans to use Engine to power its retail banking offering, pending National Bank of Romania’s approval.
- Aiming to disrupt the Romanian banking market, plans to go live next year with app-based services.
- Platform Applications:
- Both banks will leverage BaaS for digital onboarding, savings accounts, payments processing, and management of unsecured lending products.
- Comprehensive Capabilities:
- Engine platform enables monitoring of financial crime, as well as managing payment operations, loan servicing, and collections.
- Ambitious Goals:
- AMP and Salt Bank express ambitions to reshape their banking portfolios and disrupt their respective markets with the adoption of Starling Bank’s BaaS technology.
