Singapore starting to take off
Singapore is currently experiencing some great traction in the Xero ecosystem. A new Add-on payroll partner, SimplePay, is launching their product into Singapore and we are close to launching bank feeds via Yodlee for Singapore banks.
Simplepay makes Payroll easier
SimplePay is a cloud payroll solution company that started out in South Africa and then released its product for neighboring Botswana. It has long recognised the need for country specific payroll solutions. It has a product in development for the UK and has now released its product into Singapore ready for Jan 1 – the start of the Singapore financial year.
While the functionality of payroll is similar worldwide, the different compliance requirements of each country alters the product somewhat. In Singapore’s case, there’s no PAYE, instead a raft of payroll statutory contributions or levies to various funds to calculate.
SimplePay found Inland Revenue Authority of Singapore (IRAS) to be fairly efficient in obtaining the information they need to become compliant, and have now received approval from IRAS for e-submission of employment income. The product has been tested by users while in beta, with some customers using it for their full payroll solution even prior to it going fully live. As a special introductory offer, sign up to SimplePay and enter your chart of accounts before the end of December and you won’t pay anything until February.
Yodlee bank feeds on the horizon
Bank feeds via Yodlee will also become available for many Singapore banks. We have dedicated teams working in both the Xero and Yodlee office to enable bank feeds where direct bank feeds are unavailable. Before this increased co-operation, we had no say as to what banks Yodlee would set up feeds for, but we are now able to request Yodlee feeds based on customer demand.
Enabling Singapore bank feeds is the first big project as a result of this co-operation and they are now at the beta testing stage, due to go live in the New Year.
I encouraged Singapore accounting partners to use the beta feeds, not only to give those partners an edge in their business, but as a way of making sure Yodlee has a lot of test data. Currently Xero is seeing beta data from OCBC Business Banking and DBS. The beta stage of feeds is open to everyone and if you’re Singapore based you can see if your bank is supported by enabling the bank feeds on your bank account. If your bank hasn’t got feeds enabled, ask them to become part of the Xero movement by contacting your account manager or emailing email@example.com.
Based on our other markets, foundation developments like this are critical for gaining traction, so it’s great to see this foothold in Singapore. Here’s to a great 2014!