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Xero and UOB: launching our first direct bank feeds in Asia

Posted 3 years ago in Xero news by Alex Campbell
Posted by Alex Campbell

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.

12 comments

Sharan Balani
August 3, 2016 at 7.48 pm

Here’s hoping other banks will quickly follow suit. Especially in other South East Asian Countries (Indonesia please!)

Mel T
August 4, 2016 at 5.25 pm

Yes – Indonesia please! – I just set up a client from AU with Indo Bali business not realising we will need to import statements 🙁

Brad F
September 14, 2016 at 3.49 am

Another vote for Indonesia as we have three accounts using Xero in Indonesia and manual import is painful. Yikes! Keep up the good work and let’s hope for good things in Indo.

Alex Campbell
September 22, 2016 at 7.43 pm

@ George – thanks for the support! We look forward to sharing more exciting announcements across the region very soon.

Lyon
August 13, 2016 at 8.12 pm

When will support for DBS corporate accounts arrive?

Alex Campbell
September 22, 2016 at 7.44 pm

@ Lyon – We’re speaking with DBS to bring direct bank feeds to our Singapore customers and partners, and will let you know when there’s any news on that front.

Brad
January 17, 2017 at 4.51 pm

Hi Alex – Any updates on this? Cheers.

Ben
September 15, 2016 at 7.52 pm

Hi there will UOB Thailand corporate customers be able to enjoy direct feeds also?

Alex Campbell
September 22, 2016 at 7.44 pm

@ Ben – At the moment UOB direct bank feeds are only available in Singapore, but we are speaking with UOB about how we can extend direct bank feeds to other countries in the region over time, including Thailand.

Alex Campbell
September 22, 2016 at 7.42 pm

@ Sharan Mel & Brad – thanks for posting. We have plans to work with banks in Indonesia and hope to announce a partnership very soon. When we do, we’ll certainly announce it here on our blog.

Francis Teo
November 24, 2016 at 12.13 am

Your UOB feeds are rubbish. They don’t state the amount of the foreign currency transactions for debit card transactions and we would have to go and find out the exact transaction amount in foreign currency in order to reconcile in Xero.

It actually takes LESS time to import a CSV from DBS manually.

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