News Summary

Tangerine Bank, a Canadian digital bank owned by Bank of Nova Scotia, has entered into a significant 10-year agreement with Engine by Starling, a UK-based fintech company, to completely overhaul its core digital banking system. The initiative is aimed at enhancing how customers interact with Tangerine’s services, including the opening of accounts, money management, and access to banking tools like chequing, savings, and debit card services. This partnership marks Engine’s first major contract in North America and represents its largest deal to date. Engine, which emerged from the UK’s Starling Bank in 2022, will utilize its cloud-based platform to replace Tangerine’s existing infrastructure, ultimately facilitating the rollout of new products and reducing backend complexity. With new offices in Toronto and New York, Engine’s dedicated team in Toronto will spearhead the implementation of these digital enhancements. Tangerine President and CEO Terri-Lee Weeks noted that this collaboration would aid in delivering a premier, personalized banking experience, while Engine CEO Sam Everington emphasized the global applicability of their technology in supporting digitally-native banks.