UK-based digital challenger bank Starling has announced its plans to launch its Engine Banking-as-a-Service platform in the Asia Pacific market. Following the announcement, an official of Starling mentioned that the Asian bank the financial institution is partnering with is set to use its software and suite of services in order to launch small and medium-sized accounts, rather than to provide customers with personal banking solutions.

Starling Bank declined to offer information on the bank or the country where the collaboration will take place, respecting the confidentiality terms of the arrangement. Engine represents the Banking-as-a-Service platform that Startling launched in March 2022. It was designed as an all-in-one system that enables financial institutions and banks to develop their digital banking solutions (including saving, loans, mortgages, or checking accounts).

Starling Bank will use its Engine core banking platform as a launchpad for its international expansion and development. The bank plans to license its technology and services to lenders, in order to give them the possibility to launch their own digital-only banking brands from scratch. According to the information provided to CNBC, this announcement follows Starling’s focus on further expanding into Europe with the use of Engine, with the intention to launch with a banking license from the Irish central bank.

This original plan was dumped by Starling in order to focus on international expansion through its software tool instead. Starling Bank’s strategy of development In July 2023, the digital bank announced its partnership with intelligent compliance technology company Napier in order to improve the manner in which the financial institution fights against financial crime. Napier was chosen by Starling as the anti-money laundering (AML) and counter-terrorism financing (CTF) technology platform.

Following the partnership, Napier was set to offer its Transaction Screening services from the Napier Continuum platform to the bank for assisting it with the delivery of its fast technology, as well as secure and fair solutions. Earlier in February 2023, Starling Bank launched a one-year saver tool for its small and medium-sized enterprise customers, with a 2,5% fixed interest rate over the period of one year. The product could be used on balances of GBP 2,000 or more.

The new feature was embedded within the bank’s application, and account holders were enabled to transfer funds while using the app or online. The deposits to the fixed saver program were secured for a year, with the accrued interest being paid out at the end of the period. The fixed term was developed to begin on the day the funds of the client were deposited.

Customers had 14 days from the initial opening date to close the Business Fixes Saver. .