DBS and Xero, a worldwide small business platform, are collaborating to make it easier for SMEs in Singapore and Hong Kong to apply for loans and access working capital.
Customers of Xero will be able to share transactions from Xero’s platform with DBS as a result of the partnership while DBS will be able to provide Xero customers with hyper-personalized credit terms and working capital limitations based on their specific needs.
According to the DBS SME pulse check study released in March, over 85 percent of SMEs respondents said that maintaining steady cash flow and cost management would be a top priority in 2022.
Joyce Tee, group head of SME banking at DBS said, “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 added: “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,” said Joseph Lyons, managing director, Australia & Asia at Xero.
“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.”