AMP partnered with Starling Bank’s technology subsidiary, Engine by Starling (Engine), in November 2023. Under the agreement, AMP will leverage Engine’s cloud-based banking platform to launch its new digital bank.

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Summary

AMP partnered with Starling Bank’s technology subsidiary, Engine by Starling (Engine), in November 2023. Under the agreement, AMP will leverage Engine’s cloud-based banking platform to launch its new digital bank, focusing on providing banking solutions for SMEs in Australia.

AMP is venturing into SME markets with a fully-fledged digital bank as part of its banking strategy

AMP is a financial services group operating in Australia and New Zealand, with assets under management and administration of AUD134.5bn (approximately $89m) as of June 2023 (1H23). AMP conducts banking operations through its subsidiary AMP Bank, which primarily serves retail customers with residential mortgages, deposits, and transaction banking services. As of June 2023 (1H23), the bank reported a residential mortgage book of AUD24.3bn (approximately $16.1m). As part of the next phase of its banking strategy, AMP plans to launch a new digital bank in 1Q25 by targeting an underserved and growing segment of the market, small businesses, with the goal of diversifying revenue, increasing profitability, and reducing funding risk in the medium term (three to five years).

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