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Engine to provide complete digital banking platform for 2+ million Tangerine clients in Canada

TORONTO and LONDON, Nov. 4, 2025 /PRNewswire/ — Tangerine Bank (Canada’s award-winning digital bank and wholly-owned subsidiary of Scotiabank, one of the “Big 5” banks in Canada with assets of approximately $1.4 trillion) and Engine by Starling (the Starling Group’s banking Software-as-a-Service (SaaS) business) today announced an agreement to deliver a next-generation banking platform for more than 2 million Tangerine clients in Canada.

Under the terms of the 10-year agreement, Tangerine will upgrade its core digital banking system to Engine’s cloud-native banking platform, enabling the digital bank to supercharge its client experience and embark on an ambitious new phase of growth.

With Engine’s SaaS platform, Tangerine’s clients will experience best in class digital onboarding, chequing accounts, instant access savings, overdrafts, debit cards and smart money management features such as card controls and spending insights, delivered through an intuitive mobile app. Behind the scenes, Engine’s end-to-end platform will provide a simplified account view and consolidate the capabilities and support tools Tangerine needs to reduce operational cost and complexity for employees.

Tangerine becomes Engine’s first North American client after the British firm announced offices in New York and Toronto earlier this year. Born of the UK’s Starling Bank in 2022, the company currently supports Salt Bank in Romania and AMP Bank GO in Australia.

Terri-Lee Weeks, President and CEO of Tangerine, said: “Tangerine chose Engine to help build the future of banking services for our clients – delivering a premier banking experience with intuitive, personalized features that evolve with client needs. Engine’s modern core banking system uniquely provides an end-to-end platform on which Tangerine can innovate quickly and continuously, reducing the time-to-market for new products and features, and delivering world-class experiences for our clients – all while staying true to the client-first design that Tangerine is known for in Canada.”

Sam Everington, CEO of Engine by Starling, added: “Engine’s technology and operating model is a tried and tested blueprint for building market-leading digitally-native banks. It is a true fintech success story as we see our software enabling ambitious, innovative and customer-centric banks all over the world. This agreement with Tangerine is a major milestone and the largest deal we have signed to date, showing just how scalable and adaptable Engine is.”

This announcement follows Engine’s expansion into the North American market to support its global growth and to develop new capabilities. Tangerine will benefit from a dedicated Engine team in Toronto consisting of product, delivery and technical specialists, who will now collaborate to deliver a refreshed suite of digital features and services.

About Tangerine Bank:

Tangerine is one of Canada’s leading digital banks, empowering over two million clients to reach their goals and move their finances forward. Known for a simple-to-use digital and mobile experience, Tangerine offers everyday banking products without any complicated hoops to jump through. From saving and spending to investing and borrowing, Tangerine’s products are designed to meet the unique needs of Canadians. Tangerine’s commitment to putting clients first has earned the bank recognition as the #1 Bank in Canada by Forbes in 2025 and the most awarded midsize Bank by the J.D. Power Canada Retail Banking Satisfaction Study for 14 consecutive years as of 2025**. Tangerine Bank was launched as ING DIRECT Canada in 1997. In 2012, Tangerine was acquired by Scotiabank and operates independently as a wholly owned subsidiary. Tangerine is a registered trademark of The Bank of Nova Scotia, used under license.

For more information, visit tangerine.ca or connect with us on social on Instagram, LinkedIn, or TikTok.

About Engine by Starling
Engine by Starling is a SaaS technology provider with the goal of bringing its modern banking platform to banks around the world. The Engine platform, built to power Starling in the UK, is modular, API-based, cloud-native and a proven technology at scale.

For further information about Engine by Starling, please visit: enginebystarling.com

About Starling Group
Starling Group includes Starling Bank, the fully licensed and regulated UK bank, Engine by Starling, a Software-as-a-Service (SaaS) provider, and Fleet Mortgages, a specialist Buy-to-Let mortgage lender. Headquartered in London, the Group has offices in Cardiff, Manchester and Southampton.

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By Joseph Adinolfi and Frances Yue

The pioneering cryptocurrency is on the cusp of a bear market, data shows

Bitcoin is down nearly 20% from its record high of $126,272.76 in early October.

Bitcoin prices retreated below $100,000 for the first time since June on Tuesday, bringing the pioneering cryptocurrency to the cusp of a bear market, Dow Jones Market Data showed.

The largest cryptocurrency (BTCUSD) briefly traded as low as $99,982 before recouping some losses and bouncing back to $101,269, according to FactSet data. It was down 19.8% from its record high of $126,272.76 on Oct. 6, but still up 8.5% year to date. An index or asset is considered to be in a bear market after a drop of 20% or more from a recent high.

Bitcoin was off by more than 5% on the day in recent trading, leaving it on track for its biggest one-day drop since April 3, Dow Jones Market Data showed.

The selloff in cryptocurrencies like bitcoin has coincided with a loss in altitude for other popular momentum trades. Gold (GC00), small-caps and quantum-computing stocks like Rigetti Computing Inc. (RGTI) were also coming under pressure on Tuesday.

“People are in the gold trade, people are in the uranium trade, people are in the quantum computing trade, people are in the small-cap trade,” said Ram Ahluwalia, chief investment officer at Lumida Wealth. “They’re all rising and falling together.”

Ahluwalia said that while bitcoin is technically on the cusp of a bear market, veteran crypto investors have endured much larger drawdowns over the years. “For people who are seasoned in this asset class, this isn’t a big deal. I think this is just a shakeout.”

The roots of the selloff can be traced back to the October Federal Reserve meeting, he said. The central bank announced an interest-rate cut on Oct. 29, its second this year. But during the press conference that followed, Fed Chair Jerome Powell expressed some uncertainty about another reduction in December. This has been bad news for bitcoin, Ahluwalia explained, since lower rates typically help juice speculative assets like cryptocurrencies.

Katie Stockton, founder and managing partner at Fairlead Strategies, pointed out earlier this week that bitcoin had broken below its 200-day moving average, suggesting that there could be more downside ahead in the near term. Her technical analysis suggested that the next reliable support level for bitcoin would be around $94,200.

If bitcoin continues to trade at or around its current price, it would mark its lowest 4 p.m. level since June 22, when it traded at $98,923.77. The crypto was on track for its worst three-day stretch since Oct. 11, a period when it fell by 9.9%.

-Joseph Adinolfi -Frances Yue

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

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  11-04-25 1538ET
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