AMP’s digital bank for SMBs goes live with Starling’s Engine

By Gloria Methri

Australia’s AMP Limited has officially launched its new digital bank, designed to cater to the transactional needs of small businesses and personal banking customers. This marks a significant milestone in AMP’s digital transformation journey, following its earlier announcement of a strategic partnership with Engine by Starling, the SaaS subsidiary of UK’s Starling Bank.

Built on Engine’s next-generation cloud-based technology platform, AMP’s new digital banking division offers transaction and savings accounts tailored for small businesses, particularly sole traders and businesses with up to 20 employees. The bank delivers seamless financial management through a mobile-first experience, allowing users to manage their accounts efficiently on the go.

The project required an investment of approximately $60 million across FY24 and FY25, absorbed within AMP’s current controllable cost targets, with $40 million capitalised.

Sam Everington, CEO of Engine by Starling, commented on the launch, “AMP is bringing true innovation to the Australian market by launching a modern, digital-first banking experience. Their focus on providing a seamless and intuitive solution for small businesses and personal customers is exactly why we built Engine—to empower banks to deliver better experiences at scale.”

With this launch, AMP takes a bold step towards reshaping business and personal banking in Australia, leveraging cutting-edge SaaS technology to drive efficiency, accessibility, and convenience.