DBS, Xero simplifies SMEs loan application with data-sharing partnership
Xero customers now has the option of sharing their transaction records to DBS.
DBS has deepened its partnership with Xero to simplify the loan application process by giving Xero customers in Singapore and Hong Kong the option of sharing their transaction records from the digital platform to DBS.
This will reportedly allow the bank to offer small and medium enterprises (SMEs) more hyper-personalized credit terms and working capital limits tailored to their needs.
The deepened partnership between the companies–which began in 2017–follows after the DBS SME Pulse Check Survey found that over 85% of SMEs indicate ensuring consistent cash flow and managing costs as a key business priority in 2022.
DBS and Xero began their partnership in 2017 with a bank feed integration to give SMEs greater visibility and control over their finances with automatic bank updates.
Xero is also a key partner of the bank’s DBS Start Digital Package, which is designed to help SMEs kickstart their digital transformation journey.
To date, close to 400 SMEs in Singapore have tapped on Xero’s all-in-one solution to digitalise their accounting function through the DBS Start Digital Package, according to the bank.