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 partnership 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.
“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,” said DBS group head of SME banking Joyce Tee.
“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 Xero Australia & Asia managing director Joseph Lyons.
East and Partners