DBS and global small business platform Xero are working together to provide a simpler way to apply for loans and gain access to working capital for small- and medium-sized enterprises (SMEs) in Singapore and Hong Kong.
The collaboration will enable Xero customers the option to share their transactions from Xero’s platform to DBS. In turn, DBS will be able to offer Xero’s customers hyper-personalised credit terms and working capital limits that are tailored to their needs.
According to the DBS SME pulse check survey published in March, over 85% of the SMEs surveyed indicated that ensuring consistent cash flow and managing costs was a key priority for them in 2022.
Joyce Tee, group head of SME banking at DBS says, “Our regular engagement with SMEs has consistently shown that cashflow needs continue to be top of mind for our clients, even as business owners seek new growth opportunities.”
She adds, “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.”
“The expansion of our partnership with DBS is an incredible milestone for Xero in Asia. 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,” says Joseph Lyons, managing director, Australia & Asia at Xero.
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“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,” he adds.
