The Silicon Valley folklore is true: from humble beginnings, big things grow. When we opened our first Xero Asia office in Singapore back in March, it was just one person (me) sitting in a tiny room at a coworking space on Hong Kong Street.
Today, we have a team of 10 awesome people in our Singapore office driving Xero’s growth across the region and we’re launching an integration with one of Southeast Asia’s leading financial institutions, UOB.
Whenever I stepped out of that first office on Hong Kong Street, I would look up and see the UOB building towering over the Singapore skyline. UOB was founded in 1935 and has since become a pillar of Singapore’s society and economy, long recognised as an innovator in Asia’s financial landscape. Like Xero, UOB is passionate about helping small businesses grow and prosper.
Our first bank feeds in Asia
With this symbolic backdrop in mind, I am incredibly excited today to announce Xero’s first bank feed integration with UOB, bringing direct bank feeds to small businesses in Singapore for the very first time.
This means the small business customers who bank with UOB in Singapore can now seamlessly integrate their bank accounts with Xero and have their bank transactions sent automatically from UOB to Xero every day through a secure connection.
The reason this is so exciting is that it can change the way small businesses run their finances: instead of manually downloading a bank statement at the end of the month and doing a reconciliation, the statement is automatically imported into Xero daily. With a quick reconciliation in the morning that can be done on your phone, your Xero accounts are always up to date.
Managing your finances in real-time
Moving from a backward-looking accounting model to near real-time accounting means that our small business owners can manage their business’s cash flow from Xero, allowing them to see which customers have paid their bills overnight, which customer need to be chased for payment, and which bills from suppliers they need to pay.
Xero has seen the benefits that these direct bank feeds have brought to hundreds of thousands of our customers in New Zealand, Australia, the UK, and the US. Based on these insights, we know that small businesses live or die on cash flow and direct bank feeds put them back in control. This allows them to make the informed decisions about how best to manage their working capital every day.
We are incredibly excited to be bringing this innovation to small businesses in Singapore, and I am sure this is only the beginning of great things to come in our integration with UOB.
For more on UOB bank feeds please check out http://xero.com/uob.