AMP Limited (ASX: AMP), established in 1849, is a leading Australian financial services provider, offering banking, wealth management, and retirement solutions. Known for its strong commitment to innovation and customer-centricity, AMP continues to empower Australians to create their financial future. As of 28 January 2025, the bank’s share price is A$1.775, marking an 84.64% return over the past year.
Launch of Numberless Debit Cards for Small Businesses
AMP Bank, in collaboration with Mastercard, has introduced a ground-breaking numberless debit card designed specifically for small businesses in Australia. This innovation removes visible card numbers, offering heightened security and reducing the risk of fraud. The absence of printed card numbers prevents sensitive data from being exposed in physical thefts or unauthorised viewing.
Additionally, small business owners can access their card details securely via the AMP Bank mobile app, which also enables instant activation, blocking, and management of cards. This feature ensures not only enhanced security but also greater control and convenience for users.
Enhanced Security Features in the AMP Bank App
The numberless debit cards are complemented by the new AMP Bank app, which prioritises customer security and ease of use. The app integrates multimodal biometric authentication, including advanced Face ID and fingerprint recognition, ensuring that only authorised users can access their banking information. It also incorporates real-time fraud detection and scam alerts, providing users with instant notifications about suspicious activity. These security measures, combined with the app’s ability to temporarily freeze or block cards, ensure a robust defence against evolving cyber threats and fraud attempts. Additionally, the app’s seamless user interface allows customers to navigate and perform banking tasks effortlessly.
Strategic Collaboration with Mastercard’s Global Network
Through its strategic partnership with Mastercard, AMP Bank ensures that its customers benefit from unparalleled access to a global network of over 150 million merchants and hundreds of thousands of ATMs worldwide. This collaboration not only broadens transactional capabilities for small business owners but also guarantees reliable and secure payment processing, supported by Mastercard’s advanced encryption technologies.
Moreover, customers gain access to Mastercard’s additional security features, such as Zero Liability Protection for unauthorised transactions and fraud monitoring services, enhancing peace of mind. This global partnership also facilitates smoother international transactions, empowering small businesses to operate beyond local boundaries.
Powered by Engine by Starling: A Digital Transformation Initiative
AMP’s new digital platform leverages Engine by Starling, the cutting-edge banking technology that has revolutionised digital-first banking in the UK. This platform integrates seamlessly with business administration tools, including accounting software and payment systems, enabling small business owners to streamline financial management directly from their mobile phones.
The system is designed to reduce administrative burdens, offering features like automated expense tracking, real-time cash flow insights, and tax preparation support. By adopting this technology, AMP is not only simplifying banking for its users but also positioning itself as a leader in digital innovation within the Australian banking sector. Furthermore, the platform’s scalability ensures that as businesses grow, their banking needs can be efficiently managed without disruption.
Financial and Strategic Highlights
AMP reported strong financial results for FY 2023, with an underlying NPAT of A$196M and a statutory NPAT of A$265M, demonstrating steady progress despite a challenging economic climate. This success reflects AMP’s ability to execute its strategic priorities, including disciplined cost management and innovation-driven growth. The company’s robust capital return programme, which has seen $750M distributed to shareholders since 2022, underscores its commitment to maximising shareholder value.
Additionally, AMP’s award-winning MyNorth Lifetime retirement product has set a benchmark in financial innovation, providing customers with unparalleled control and flexibility in managing retirement funds. This, combined with AMP’s digital transformation initiatives, highlights its strategic focus on addressing evolving market demands and fostering long-term stakeholder trust.
Focus on Small Business Empowerment
AMP’s digital-first bank aims to address the unique needs of Australia’s micro and small businesses, which form a critical part of the economy. By integrating tools like accounting software and offering features such as customisable transaction limits, detailed spending insights, and streamlined payroll services, AMP is equipping business owners with the resources needed to operate efficiently. The digital bank’s user-friendly platform simplifies complex financial processes, allowing entrepreneurs to focus on growth and innovation.
Additionally, AMP’s emphasis on scalability ensures that as businesses expand, their financial services can adapt seamlessly to meet increasing demands. This initiative is a testament to AMP’s dedication to fostering resilience and success among small business owners in an ever-changing economic landscape.