DBS bank has formed a partnership with Xero -a cloud accounting platform- to help SMEs in Singapore better manage their financials and access capital.
DBS will first connect bank accounts of its SME customers to Xero's online accounting software so that they have real-time access and a consolidated view of their finances from any devices at any time and from anywhere. The service will be available this year, according to a joint press release.
DBS and Xero will also work together to capitalise on application programming interfaces (APIs) to ease business-to-business (B2B) payments. Since the partnership enables SMEs to provide banks access to their real-time financial data, banks will have a richer financial picture of the business. This eliminates most of the administration hassle when SMEs apply for bank loans.
"With this strategic partnership, we are empowering our SME clients to make better business decisions by making cash flow management transparent and simple," said Joyce Tee, Group Head of SME Banking, DBS.
"In addition, as the bank will have better access to the SMEs' financial data, the application process for bank loans will be further streamlined and simplified. This ties back to our vision of reimagining banking to make banking joyful," she added.
"We're delighted to connect SMEs and a leading local financial institution like DBS. DBS, together with Xero, has the potential to connect more small businesses to the financial services they need and empower them to run their businesses even more efficiently," said Rod Drury, CEO and Founder of Xero.
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