Xero, the global small business platform, 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. 
 
The SME Go Digital programme, launched in collaboration with Enterprise Singapore and the Infocomm Media Development Authority (IMDA), will provide eligible SMEs referred by Maybank with six months of free access to Xero's Starter Business Edition.
 
The Maybank Start Digital programme enables newly incorporated SMEs or those 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 ongoing efforts to help develop a SME ecosystem that truly supports the needs of SME business customers.
 
“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.