AMP’s small business-focused digital-only bank has made its public launch this week as scheduled, the group has announced, debuting an Australian-first capability.

The hotly anticipated small and microbusiness (including, AMP notes, ‘solopreneurs’ and ‘side hustlers’) specialist bank, available as an app via the Apple App and Google Play stores, made its ‘soft launch’ last October, completing internal testing over this time.

The bank is built on Engine by Starling’s banking-as-a-service (BaaS) platform, hand picked by AMP in 2023 – the same platform powering one the UK’s biggest independent digital-only banks, Starling.

“We searched the world to source the very best in banking technology to create what we’re confident will be Australia’s premier mobile digital banking experience,” said AMP Bank group executive Sean O’Malley.

AMP boasts that its new bank “provides everyday banking customers with a leading technology experience that moves with them, while coexisting seamlessly with small business banking needs”.

“The new mobile app is designed to integrate seamlessly with small business management software to make accounting, cashflow management and tax time easy,” AMP says.

Among the bank’s unique offerings include anti-fraud features, including “Australia’s first” numberless debit cards for small business (a feature yet to be introduced by Starling itself) and selfie-style video identity verification, as well as 24/7 human contact centre support (available via both phone and live chat), and a “one-stop-shop” interface to manage personal and business accounts within the app.

As well, customers will gain access to new money and cashflow management features, including Starling’s ‘Spaces’, enabling users to create virtual ‘sub-accounts’, facilitating management of tax payments, payroll and other financial obligations.

“We are thrilled to launch our brand-new digital bank – purpose designed and built from the ground up to transform the banking experience for Australia’s millions of micro, side hustlers and small business owners, and everyday banking customers,” O’Malley said.

“We’ve loaded the new app with the very latest tech and innovations to provide business owners with the latest in cyber, fraud and scam protection, and the capability to integrate leading small business software solutions.”

O’Malley added: “Our ambition is to help small business owners – sole traders, side hustlers and other small businesses – seamlessly run and administer their business from the convenience of their mobile phone.

Moving forward, users can expect a “range of new partnerships, features, and functionality”, AMP says, to be announced and incorporated into the new bank “in coming months”.