Loan application

DBS and Xero Simplify SMB Loan Application Through Data Sharing Partnership

Staff reporter

, Singapore

Xero customers now have the option to share their transaction records with DBS.

DBS has deepened its partnership with Xero to simplify the loan application process by giving Xero customers in Singapore and Hong Kong the ability to share their transaction records from the digital platform to DBS.

This would allow the bank to offer small and medium-sized enterprises (SMEs) more personalized credit terms and working capital limits tailored to their needs.

The deep partnership between the companies – which began in 2017 – follows the DBS SME Pulse Check Survey which found that more than 85% of SMEs say smooth cash flow and cost management are a priority key business in 2022.

DBS and Xero began their partnership in 2017 with a bank feed integration to give SMBs greater visibility and control over their finances with automatic bank updates.

Xero is also a key partner in the bank’s DBS Start digital package, designed to help SMEs kick-start their digital transformation journey.

To date, nearly 400 SMEs in Singapore have used Xero’s all-in-one solution to digitize their accounting function through the DBS Start Digital Package, according to the bank.

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