DBS and Xero join forces to revolutionise how SMEs manage capital


First-of-its-kind collaboration in Asia will provide SMEs with real-time access to their financial data and insights to make efficient business decisions


SINGAPORE,09 March 2017 -

DBS Bank and Xero, a leading global cloud accounting platform, announced a strategic partnership to transform the way SMEs in Singapore manage their financials and access capital. The partnership is centred on several aspects including aligning both parties’ technology platforms to ultimately enable SMEs to make payments and apply for loans seamlessly, transforming how SMEs manage cash flow and access capital.

The first step in the partnership is connecting SMEs’ bank accounts with Xero’s online accounting software. This will allow SME customers to access in real-time, a consolidated view of their financial accounts, including cash in the bank, from any device, anytime in the day.  The integration in data on one portal will enable business owners to make smarter investment and management decisions. This seamless connection is the first-of-its-kind in Asia and will be available in 2017.

Another aspect of the collaboration will see DBS and Xero working together, capitalising on APIs, to make business-to-business payments easier. Ultimately, the aim is to enable a DBS-Xero customer to access capital more efficiently.  With the partnership, SMEs can grant banks access to their real-time financial data, which will provide a richer financial picture of their business. The integration aims to remove much of the administrative burden for SMEs when they 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. 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,” said Joyce Tee, Group Head of SME Banking, DBS.

“Xero is in the unique and privileged position of being able to understand our subscribers’ needs to grow and thrive,” said Rod Drury, CEO and Founder of Xero.  “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.”

“At Xero, we are passionate about helping SMEs to be successful and we are excited to partner with DBS as the world’s leading digital bank,” said Alex Campbell, Managing Director of Xero Asia. “Bank feeds lay the foundation of the financial web, which comprises a network of trusted organisations sharing financial data securely with the purpose of making doing business easier for SMEs. It enables small business owners, working in the cloud, to do their bank reconciliations on their mobile phone while travelling into work, or capture a daily view of their cash flow - thus, ending the monthly stress of catch-up when consolidated bank statements come through. As simple as this sounds, it fundamentally changes how a business can operate – anytime, from any device with insights - to help them make decisions on the fly,” said Campbell.

Deepening the relationships between small businesses and major enterprises like DBS is part of Xero’s vision to enable small businesses to thrive through better tools, information and connections. 

For more information:

DBS Bank
Grace Ngoh/Gwen Lee /

The Hoffman Agency Singapore
For Xero Asia
Rasheed Abu Bakar/Vylvianne Devajothi
+65 6361 0250

About DBS
DBS 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 eight consecutive years from 2009 to 2016.

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.

About Xero
Xero is a beautiful, easy ­to ­use online accounting software for small businesses and their advisors. The company has over 862,000 subscribers in more than 180 countries. Xero boasts more than 500 third-­party apps, and was ranked No. 1 by Forbes as the World's Most Innovative Growth Company two years running.

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About the Financial Web
Built on top of Xero’s industry-leading open APIs and two-way authentication with global banks and financial services, the financial web digitally connects the services businesses use their accounting system of record, transforming the software from a reconciliation and data entry point, to a fully functioning small business platform.


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