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Singapore starting to take off

Posted 5 years ago in Xero news by Johnny MacAvoy
Posted by Johnny MacAvoy

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

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!


December 17, 2013 at 4.49 pm

Good to hear about Xero gaining traction in Singapore. I hope Xero is also pursuing market in Indonesia. There is a huge opportunity there because of the population and strong internet penetration.

December 31, 2013 at 8.35 pm

I agree with Samson. I hope Xero is looking into expanding in Indonesia.

January 2, 2014 at 7.10 am

SG Bank feeds are great news. We currently do this manually with our DBS Corporate IDEAL exports. I don’t think DBS Corporate bank accounts are supported or part of this beta? I see only DBS (SG) which appears to be requesting for DBS for Personal account login and pin.

Johnny MacAvoy
January 10, 2014 at 11.03 am

We’re not actively targeting Indonesia at the moment but we’re seeing more activity from local partners so the word is spreading. In the meantime, the doors are always open to new partners from any geography.

Lyon, this particular version of the feed wasn’t in the initial builds. We can look to get it added in the next wave of new builds. Worth noting that we don’t typically build too many commercial banking or corporate banking feeds as most of customers would only have personal or small business accounts.

January 13, 2014 at 9.45 pm

Thanks Johnny.

We’re a small business entity and what we’re using is essentially for SMEs. I can’t think of any small business or private limited entity using their personal banking accounts. Needless to say we appreciate support for this soon! it’s not a deal-breaker for us since manual imports work quite fine.

January 28, 2014 at 4.16 pm


Small businesses don’t use personal accounts in Singapore. Even a sole proprietorship generally uses a small business bank account, specifically for the business. I need the DBS Business Banking Feed, I hope you can get that up soon as it will save us a lot of time.


January 28, 2014 at 7.36 pm

Super disappointed to know that Xero still doesn’t support automatic feed for DBS business accounts. Not even in the list of Beta Feeds. Been waiting for YEARS since Xero launched. Guess it’s not going to happen.

February 2, 2014 at 7.09 am

It has passed January already. Has Yodlee launched its bank feeds for Singapore yet? I can’t seem to connect to OCBC bank.

Johnny MacAvoy
February 7, 2014 at 4.07 pm

Thanks for the feedback everyone. Please submit your bank feed requests to and we’ll investigate what we can do to help out.

@Scott Not yet. Hang in there – it’ll come shortly!

March 20, 2014 at 1.54 am

I am really frustrated that a very large and business friendly bank like OCBC doesn’t yet have data feeds. The whole point of Xero is time saving and removal of data entry staff. Here I am doing data entry because Xero can’t get a data feed from OCBC. Why?
It’s not that hard and you are dealing with a first world country that is using cutting edge technology daily.

April 10, 2014 at 1.52 am

Still frustrated with lack of OCBC data feed.
Beginning to wonder if data feed in Singapore is just a con.
At this rate it would have been more efficient to use MYOB or Banklink.

Johnny MacAvoy
April 15, 2014 at 4.53 pm

While we were very happy to see our first Singapore payroll add-on partner SimplePay successfully launch their product to market, we’ve found that setting up bank feeds in Singapore has been a lengthier task than we anticipated. We’re working with our in-market partners to help accelerate the process. I know this delay is frustrating but please hang in there, we’re doing what we can to get them sorted.

Michael B
May 5, 2014 at 3.36 pm

Very happy to hear about the import for OCBC. I have been doing manual imports to date, which is a bit painful.

Can I check that the feed is being built for OCBC Business (SG) – not OCBC personal accounts. As per the comments above regarding DBS, it is not possible for an SME to use a personal bank account in Singapore.

I do understand you said iut was taking longer than expected …. is there an ETA? Where do we look/sign up to be notified of progress/release dates?

July 21, 2014 at 11.28 am

Can Xero comment on the sbr article raised by Michael F?

When is the feed expected to be ready?
Feeling the pressure with all the noise about PIC and productivity when a massive chunk of staff time is spend doing…DATA ENTRY and not once but MULTIPLE TIMES OF DATA ENTRY why?

No data feed and cannot connect directly to the banks

Sometimes I cannot believe that the Singapore bank feed issue is still around after over a decade since adoption by other countries.

September 5, 2014 at 12.08 am

Further to Josh’s comment, I concur that DBS business accounts are more important than personal accounts for Xero users. This needs to be addressed ASAP.

Matt Vickers
September 10, 2014 at 12.44 pm

Hi all – Yodlee is still in the process of developing support for some of these banks. We appreciate everyone’s help thus far.

October 7, 2014 at 4.12 pm

Can you please supply an ETA on the OCBC bank feed.
A date would be appricited instead of “coming soon”
or if this is not happening a straight answer of NO would also be appreciated so other options can be looked at.

Andrea Silvers Xero
October 14, 2014 at 11.05 am

Hi Lee – Yodlee have finished the OCBC Personal Credit Card feed, and this is up and running in Xero.
They’re still working on feeds for personal and business bank accounts, and we can’t provide a timeframe at this stage.

Anne-Laure Bouhadef
October 24, 2014 at 1.57 am

Hello , Are feeds available for DBS at this date ? I must admit that converting DBS data in CSV is proving a struggle… DBS online banking services do not give you a right away answer when calling…

Joe Blogs
October 27, 2014 at 1.49 am

We use Xero for our startup and are prepared to change banks in order to gain access to bank feeds. Which banks in Singapore, if any, provide feeds now? If none, and you had to guess, which bank is the most likely to be first to release it? Or is it impossible to say, because MAS is holding everything up?

Mark Tobin
January 4, 2015 at 6.00 pm

Hi Xero

Can you please provide an update on where this project is at? The first fanfare post was over a year ago now and from reading the posts it look like it is still not off the ground. Can you please advise if you are also actively engaged with UOB Business banking? Also what exactly is causing the holdup? is it regulatory or technical?

Matt Vickers
January 9, 2015 at 11.51 am

Hi @Mark, the issues are primarily technical. Most of the Singapore banks use some form of multi-factor authentication which complicates the work Yodlee has to do to build support. The banks are not assisting at all. The best way to help is to regularly attempt to refresh the feeds within Xero.

January 14, 2015 at 10.41 pm

Hi, I am comparing accounting apps at this moment. Does Xero generate a financial report which is compliant with Singapore accounting standard (so that it can be submitted to ACRA without much of adjustment)? I appreciate your response.

Johnny MacAvoy
January 15, 2015 at 2.07 pm

Hi Waki, our Sales Tax Report is regionally agnostic (generic). You’d need to manipulate the formatting prior to making a submission to ACRA. No plans to address this just yet but doesn’t seem to be a major task. I’d suggest heading into Xero and exporting the Sales Tax Report and comparing with ACRA requirements or contacting a local Xero Partner who’ll do it for you (head to > ‘More’ > ‘Find Accountants & Bookkeepers’).

Brent Angus
January 27, 2015 at 4.21 pm

juat setting up the accounts and it said DBS SG was supported, however it doesn’t work the MFA token gives us 8 digits and the entry only allows for 6.
I had assumed this was up and running because it said the feed was there, but it appears not….
any update appreciated

March 3, 2015 at 9.42 pm

hi after reading abve comments and replies the only way is to manually export the csv bank statement then upload into xero for recon is that correct?

can we add more than one bank account uinder xero?

Gordon Ng
October 7, 2015 at 10.19 pm

Hi all,

I understand the bank feed can troublesome, but uploading .csv seems to be the best way now. It’s not much of a hassle, though bank feed will be the best, but we have to wait for MAS to approve this and it’s taking a while due to Singapore’s take on financial security.

In the meanwhile, you can get Accountants who are Xero Channel Partners to help you with this.,103.85094909999998&place=Singapore

If you are looking for a well-integrated Payroll platform with Xero, Talenox ( is one of the only Payroll and HR platform where you can sign up and start trying out for 30 days without the need of meeting a sale representative.

Our channel partners have switched over from other platforms due to Talenox’s ease-to-use and we help to empower Accountants, Payroll and HR outsourcing partners by improving their efficiency so that they can service more clients, focus on higher value services and grow their bottom line.

P.S. I’m the co-founder of Talenox and do feel free to get in touch with us if you need help with Singapore Payroll. 🙂

Yu Saksen
September 6, 2017 at 1.20 am

anything on OCBC Business Banking, please?

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