Sunday, 20 June 2021

Xero integrates with UOB to unlock potential of Singapore small businesses

Singapore -- Xero announced an integration with UOB, one of Southeast Asia’s leading banks, to allow small businesses that bank with UOB in Singapore to connect their bank accounts with their Xero subscription.

Xero and UOB are both passionate about helping small businesses in Singapore thrive and this integration is a big step toward solving one of the biggest challenges that small businesses in Singapore face: managing their cashflow.

With this integration, small business customers who bank with UOB will be able to integrate their bank accounts with Xero and choose to have their bank transactions sent automatically from UOB to Xero every day through a secure connection.

This empowers small businesses to manage their cashflow from within Xero, allowing them to check which customers have paid their bills overnight, and which bills from suppliers they need to pay. This will save small businesses the time and inconvenience of having to manually download statements and import them into their Xero subscription.

The integration with UOB is the latest for Xero of more than 80 financial institution integrations around the world to build a financial web that saves small businesses time and administration when dealing with their finances. Many of the world’s leading banks and financial institutions now share this vision, and are connecting to Xero’s cloud platform to offer small businesses the financial services they need in a cost-effective, scalable and intelligent manner that provides a true view of their business clients’ financial state.

Xero and UOB’s integration will provide a huge boost to the thousands of small businesses who already use Xero in Singapore, and set the standard going forward.

Xero and UOB look forward to continuing to work together to bring to market new innovations in the future in pursuit of our shared commitment to help small businesses in Singapore to succeed and thrive.

Comments on the news

Alex Campbell, Managing Director for Xero Asia says, “We are delighted to partner with UOB to help make life easier for small businesses in Singapore and connect them to the financial services they need to grow and thrive.”

“At Xero, we have seen how valuable innovations like our banking integrations have been to our more than 700,000 subscribers around the world. We’re proud to be working with UOB, as the first bank to integrate with Xero in Asia, to bring these innovations to markets such as Singapore where small businesses play an important role in the national economy.”

“The financial web enables banks and customers to meet and exchange information digitally, to speed timely access to financial services, while providing greater confidence in underlying data. This integration with UOB enables Singapore small businesses that use Xero to readily connect their bank account to Xero and unlock the power of the financial web. We believe this can fundamentally rewire how small businesses operate, lighting a fire under the engine room of our economies.”

United Overseas Bank’s Country Head of Business Banking Singapore, Mervyn Koh says, “As the cost of business increases and competition becomes more intense, productivity enhancements have become a priority for small businesses to achieve sustainable growth. Through an integration with Xero, UOB’s customers will be the first in the market to harness the efficiency of Xero’s latest productivity software to help them save time, cut costs, and make better use of their resources.”

Re-disseminated by The Asian Banker