DigitalCFO Newsroom | 22 October 2021
With Maybank partnership, Xero reaffirms its commitment to help SMEs digitalise as the sole service provider working with all four Start Digital banking partners
Photo from Xero.com
Xero, the global small business platform, today announced its partnership with leading ASEAN financial institution, Maybank Singapore (Maybank) to encourage more small- and medium-sized enterprises (SMEs) to adopt cloud-based accounting and software services. With this partnership, Xero now has coverage across all four banks who have partnered with the Singapore government for Start Digital, namely DBS, OCBC, Maybank and UOB.
Offered in collaboration with Enterprise Singapore and Infocomm Media Development Authority (IMDA), the SME Go Digital programme will provide eligible SMEs referred through Maybank with six months’ free access to Xero’s Starter Business Edition.
The Maybank Start Digital programme allows newly incorporated SMEs or those that are new to digital technology, to get started with foundational digital solutions from five different categories – Accounting, Cybersecurity, Human Resource / Payroll, Digital Marketing and Digital Transactions. The programme is part of Maybank’s continuous efforts to help develop an SME ecosystem that truly supports SME business customers’ needs.
“Through the volatility and uncertainty of the last year and half, digital tools and solutions have been a significant driver in helping SMEs become more resilient and competitive through increased transparency, efficiency and productivity. Start Digital is an important pillar in this shift, supporting businesses at the start of this journey,” said Kevin Fitzgerald, Managing Director Asia, Xero.
“We are incredibly excited to be the only service provider in the country working with all Start Digital Bank Partners, especially Maybank, one of the region’s leading SME banks, committed to helping SMEs become more efficient, productive and resilient through digitalisation,” Fitzgerald added.
Marc Leong, Executive Vice President, Head SME Banking for Maybank Singapore said, “We are at a turning point where adopting new technologies, digitalisation and robotic process automation in SMEs is no longer a ‘nice-to-have’ but a ‘must-have’ in order to thrive and scale up. This is in line with Singapore’s Smart Nation blueprint. Many SMEs are now aiming to serve clients on a global stage and Maybank is well-positioned to assist them. Our new partnership with Xero offers our SME clients a wider selection of payroll and accounting software services to streamline their accounting process, so that they can focus on growing their business efficiently.”
Xero offers an ecosystem of more than 1,000 connected apps that support business activities such as cash flow forecasting and management, payroll, inventory management, point-of-sale and more than 300 connections to banks and other financial partners. This offers businesses a range of customised solutions to help them manage their finances, operations and administration seamlessly with improved accuracy and efficiency.
Xero is a cloud-based accounting software platform for small businesses with over 2.7 million subscribers globally. Through Xero, small business owners and their advisors have access to real-time financial data anytime, anywhere and on any device. Xero offers an ecosystem of over 1,000 third-party apps and 300 plus connections to banks and other financial partners. In 2020 and 2021, Xero was included in the Bloomberg Gender-Equality Index and in 2020, Xero was recognised by IDC MarketScape as a leader in its worldwide SaaS and cloud-enabled small business finance and accounting applications vendor assessment.
About Maybank Singapore
Maybank is among Asia’s leading banking groups and South East Asia’s fourth largest bank by assets. The Maybank Group has an international network of more than 2,600 branches in 18 countries including all 10 ASEAN countries, with over 42,000 employees serving customers worldwide.
Maybank Singapore is one of the Group’s largest overseas operations and a Qualifying Full Bank in Singapore. As at 31 December 2020, the bank’s net asset size in Singapore was approximately S$81.5 billion. With strategically located banking branches and over 2,000 employees in Singapore, Maybank is well positioned to provide highly personalised services and locally oriented solutions that will deliver more value to customers. For more information, please visit maybank2u.com.sg.