Sydney-based financial services firm AMP Limited has partnered with Engine by Starling, the SaaS subsidiary of the UK neobank, for the launch of a new digital banking app.

The new AMP platform is designed specifically for the transaction needs of small and micro businesses, solo entrepreneurs, self-employed and everyday banking customers, offering a range of mobile digital banking services to enable a simpler everyday banking experience.

AMP says that traditional business banking solutions in Australia have typically focused on the needs of larger businesses, leaving small business owners with a banking experience that doesn’t suit their needs – adding to, rather than easing, their administrative burden.

According to data from the firm, close to 90 per cent or approximately 2.4 million of Australian businesses are either self-employed or employ 1-4 people, while the majority of businesses in Australia have turnover of less than $200,000 annually.

Around 640,000 of Australian businesses have turnover of less than $50,000 annually.

The app, which can be downloaded from the Google App or Google Play stores, provides Australia's first number-less debit cards and security features and technologies, including identity verification via video selfie.

For added security, customers can also hide and reveal their account balance on screen by touching a button. It also enables the creation of virtual ‘sub-accounts’ to facilitate the management of tax payments, payroll and other financial obligations.

Sean O’Malley, AMP Bank group executive commented on the move: “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.”

The application is free to download and does not include international currency conversion fees for corporate and personal accounts.

---