© Reuters.
LONDON – Starling Bank’s proprietary banking platform, Engine, is spearheading a global expansion of the UK’s acclaimed digital banking model. In recent developments, Australia’s AMP (OTC:) Bank and Romania’s Salt Bank are adopting Engine’s Banking-as-a-Service (BaaS) to power their digital transformation efforts.
In Romania, Salt Bank, which operates under the Banca Transilvania Financial Group, is in the midst of a digital overhaul. The bank is set to introduce a range of robust services that include financial crime prevention capabilities, all built upon Engine’s innovative technology. CEO Gabriela Nistor is leading Salt Bank through this transformative phase, aiming to disrupt the Romanian market with app-based services and unsecured lending product management.
The Australian market is also witnessing a similar embrace of digital banking advancements. AMP Bank, under CEO Alexis George, is devising an app-based service targeting small businesses and sole traders. With a capitalization goal of $40 million out of the desired $60 million investment, this initiative is slated for launch in the first quarter of 2025. Like its Romanian counterpart, AMP Bank aims to incorporate digital onboarding and financial crime monitoring features into its service offerings.
Both banks’ integration of Engine’s BaaS platform marks a significant milestone in Starling Bank’s international reach. Since March 2022, Engine has been extending its services across the globe, providing comprehensive loan servicing features to financial institutions. This latest move by AMP and Salt Banks underscores the growing trend among traditional financial institutions to adapt to the evolving needs of the digital economy.
Engine’s technology was developed entirely in-house by Starling Bank, reflecting the institution’s commitment to innovation in the financial sector. CEO Sam Everington highlighted Starling’s role in shaping the future of global finance through Engine’s deployment across various markets.
With plans for further expansion into the Asia-Pacific region, Engine by Starling is set to continue its trajectory as a key driver in the worldwide adoption of digital banking services.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Read the full article here