Cloud accounting firm Xero ties up with DBS to help SMEs access capital
DBS Bank is teaming up with global cloud accounting platform Xero to help small and medium-sized enterprises (SMEs) better manage their cash flows and access capital.
DBS and Xero yesterday said the partnership is centred on several aspects, including aligning their technology platforms to enable SMEs to make payments and apply for loans seamlessly.
DBS will connect the accounts of SME customers to Xero's online accounting software, allowing customers to access a consolidated, real-time view of their financial accounts at any time.
Integrating the data on one portal will allow business owners to make smarter investment and management decisions, said DBS and Xero in a joint statement. They aim to make the service available this year and will also collaborate to make business-to-business payments easier. The aim is to allow a DBS and Xero customer to access capital more efficiently, the companies said.
SMEs can also allow banks to access their real-time financial data, and this may help remove much of the administrative burden for the firms when they apply for loans.
Ms Joyce Tee, group head of SME banking at DBS, said the partnership will help SME clients make better business decisions by making cash flow management transparent and simple.