- 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.
AMP Bank and Salt Bank tap Starling’s Engine platform for digital banking offerings
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