Singapore – Consumer bank DBS has expanded its partnership with global small business platform Xero to simplify the loan application process and increase access to working capital for SMEs in Singapore and Hong Kong.
The expanded partnership will see both companies availing Xero customers of the option to share their transactional records from Xero’s platform with DBS, and by doing so, customers will be able to present a more holistic picture of their cash flow which in turn enables the bank to offer SMEs hyper-personalised credit terms and working capital limits tailored to their needs.
DBS and Xero began their partnership in 2017 with a bank feed integration to give SMEs greater visibility and control over their finances with automatic bank updates. Xero is also a key partner of the bank’s DBS Start Digital Package, which is designed to help SMEs kickstart their digital transformation journey.
Joyce Tee, DBS’ group head of SME banking, noted that their regular engagement with SMEs has consistently shown that cash flow needs continue to be top of mind for their clients, even as business owners seek new growth opportunities.
“We will continue to integrate our touchpoints seamlessly into the customer journey, so as to offer our SMEs more intelligent and intuitive lending solutions. DBS has been sharpening our digital lending capabilities by leveraging ecosystem partnerships and advanced data analytics to roll out solutions that are hyper-personalised to each business’ needs. DBS is pleased to take our long-standing partnership with Xero to the next level as we double down on our commitment to helping SMEs accelerate their growth,” said Tee.
Meanwhile, Joseph Lyons, Xero’s managing director for Australia and Asia, shared that digital tools and solutions have been a significant driver in empowering SMEs to become more resilient and competitive, but working capital is the lifeblood of small businesses everywhere.
“With DBS – our first banking partner in Singapore to offer API integrated bank feeds – we are excited to extend new offerings to our shared customers through SME financing. We look forward to continuing our work to further support SMEs with their financing needs, particularly in ensuring small businesses have the support they need to thrive,” said Lyons.
