DBS Hong Kong and Xero launch first-of-its-kind innovative cloud accounting solution to transform how SMEs manage finances

1This landmark collaboration will save small business owners in Hong Kong a significant amount of time by allowing them to easily connect their DBS business bank accounts to Xero, so that their transaction data can flow securely and automatically into Xero each day. In less than a day, business owners will get a reliable, up-to-date view of their financial position in Xero, empowering them to make more informed business and investment decisions, without the hassle and costly mistakes caused by outdated cash flow balances and human error.A survey of 151 small businesses in Hong Kong conducted by Colmar Burton in October 2017 found that:

On average, Hong Kong’s small business owners spend an average of 16.5 hours a month manually importing and reconciling their bank statements

Of these, almost a third (32%) spend between 20 and 50 hours a month manually reconciling

Over two-thirds of small businesses (69%) cited manual bank statement reconciliation as a key challenge in managing their operations

Of these, 19% cited this as the single biggest financial challenge facing their business

The online integration is the first of its kind in Hong Kong and follows the announcement of a regional partnership between DBS and Xero in March this year. DBS worked closely with Xero to build a completely seamless online experience that eliminates the need for SMEs to spend time doing manual data entry or importing bank transactions. SME customers using DBS IDEALTM, DBS’ online business banking platform, can opt to have their bank transactions imported automatically into their nominated Xero subscription every day, with bank feeds available the following
day. Unlike other banks in the region with direct bank feed integration with Xero, which use a manual paper-based setup for bank feeds (can take up to 10 days for processing), the DBS integration has quickly become the gold standard to empower SMEs to use their data in meaningful ways.Alex Cheung, Managing Director and Head of Institutional Banking Group, at DBS Bank (Hong Kong) Limited, said, “DBS has been at the forefront of providing digital solutions to our SME customers. This collaboration is one of the first in an exciting series of digital solutions we are working with Xero to bring true efficiency gains and new insights to our SME customers. As a leader in SME banking, DBS Hong Kong understands the needs of SME customers. We offer customised and innovative solutions to support SMEs for sustainable growth.”Joyce Tee, DBS Group Head of SME Banking, said, “We have made it a priority to reimagine banking, seamlessly interweave banking into a customer’s everyday life by being part of their eco-system and provide SMEs with business management tools to help them grow their business. By enabling SMEs to manage their finances in a much more efficient manner, we hope that they can better manage their business and make more informed decisions.”Soh Fern Boey, Managing Director and Head of Global Transaction Services, at DBS Bank (Hong Kong) Limited, said, “The collaboration between DBS IDEALTM and Xero’s cloud accounting platform is a great example of how we are leveraging technology to create a more intuitive, efficient and seamless banking experience for SME customers. There is no need to line up at bank counters or submit paper forms to sign up, as a one-time online registration is all that is needed. Account information will be available within 24 hours in Xero’s secured cloud environment, providing a consolidated financial position for decisive business planning.”Alex Campbell, Xero’s Managing Director for Asia, said, “As one of the world’s recognised leading digital banks, DBS is a natural partner for Xero to collaborate with to develop game-changing solutions for the financial management challenges that small businesses face every day. The launch of direct bank feeds is a foundational first step to further innovative, technology solutions from Xero and DBS for Hong Kong’s small businesses."DBS-Xero direct bank feeds are available free to all DBS business account customers who are Xero subscribers. New Xero customers who connect their DBS business accounts to Xero will get 3 months’ free subscription. New DBS customers who connect their business accounts with Xero will enjoy DBS IDEALTM monthly service fee waivers and online banking telegraphic transfer transactions fee waivers for 3 months.For more information and offer details, please visit www.dbs.com.hk/xero_e or www.xero.com/hk/dbs/ Photo CaptionPhoto 1: (from the left) Soh Fern Boey, Managing Director and Head of Global Transaction Services, at DBS Bank (Hong Kong) Limited, Alex Cheung, Managing Director and Head of Institutional Banking Group, at DBS Bank (Hong Kong) Limited, Alex Campbell, Xero’s Managing Director for Asia and Joyce Tee, DBS Group Head of SME Banking, announced the launch of first-of-its-kind innovative cloud accounting solution.

Photo 1: (from the left) Soh Fern Boey, Managing Director and Head of Global Transaction Services, at DBS Bank (Hong Kong) Limited, Alex Cheung, Managing Director and Head of Institutional Banking Group, at DBS Bank (Hong Kong) Limited, Alex Campbell, Xero’s Managing Director for Asia and Joyce Tee, DBS Group Head of SME Banking, announced the launch of first-of-its-kind innovative cloud accounting solution.

About DBS
DBS - Living, Breathing AsiaDBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings, is among the highest in the world.

DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank” by Euromoney. The bank has also been recognised for its leadership in the region, having been named “Asia’s Best Bank” by several publications including The Banker, Global Finance, IFR Asia and Euromoney since 2012. In addition, the bank has been named “Safest Bank in Asia” by Global Finance for nine consecutive years from 2009 to 2017.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of its 22,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com .About XeroXero is beautiful, easy-to-use online accounting software for small businesses and their advisors. The company has over one million subscribers in more than 180 countries. Xero seamlessly integrates with more than 500 apps. It was ranked No. 1 by Forbes as the World's Most Innovative Growth Company. in both 2014 and 2015, won Technology Provider of the Year for the British Small Business Awards while Canstar Blue rated Xero Australia’s best accounting software in 2015 and 2016.