A year ago I shared a blog post announcing Xero’s launch in Singapore. Additionally I outlined the opportunity we saw to change the way small businesses do business in Asia. Now on our one year anniversary I thought it would be a good time to reflect back on the progress we’ve made. I also want to look ahead to how we plan to continue championing small businesses across this most dynamic region.
One year in
Our mission remains constant: we are committed to fundamentally rewiring Asia’s small business economy to help small businesses to thrive. Over the past year, Xero has made great progress in building the global ecosystem that powers this mission. We’ve brought together small business owners, accounting and bookkeeping practices, banks, and more than 500 third party applications that integrate with Xero. Furthermore we’ve brought the best of this ecosystem to Asia and we’ll continue to build on these foundations over the coming years.
As part of our mission to empower small businesses in Asia, we have teamed up with leading local banks across the region. This includes HSBC in Hong Kong, DBS and UOB in Singapore, and CIMB in Malaysia. We’re proud to offer our small business clients access to direct bank feeds. These direct bank feeds allow SME’s financial information to feed directly into their Xero platform. This enables them to manage their bank reconciliation activity daily and see their cash flow in real time.
We’ve had the opportunity to work with some amazing small businesses across the region. In Hong Kong we support Sleeep,the capsule hotel blending design & technology to promote sustainability; in Singapore FitLion, a leading sports nutrition super e-store with a focus on customer service. Finally in Malaysia we have the organic farm and farm-to-table restaurant A Little Farm on the Hill. These are just three examples of innovative and forward thinking, local small businesses that have embraced Xero to drive their growth in their local markets and beyond.
Empowering small business owners through cloud-driven initiatives like bank feeds is at the core of what we do. In fact, this was the theme of our Xero Roadshows earlier this year in Hong Kong and Singapore. We welcomed over 800 small businesses, accountants and partners to listen to an amazing line-up of speakers. Our inspirational CEO and Founder Rod Drury, and industry and tech leaders like Paypal and Amazon Web Services engaged our audience during the events. They discussed the future of accounting for traditional practices and small businesses, and how they can fully leverage fintech and cloud technology to spur efficiency and productivity even further.
Our team is driving us forward
We’ve experienced unparalleled growth for a new entrant to market, and we couldn’t have done this without our amazing team. We have gone from a team of 2 people in Singapore to nearly 20 in the last 12 months. We’ve also opened our very own Asia headquarters on Singapore’s chic Amoy Street.
With a primary focus on supporting SMEs in Singapore, Hong Kong and Malaysia we now have dedicated team members covering these markets where Xero is going mainstream in a big way. We also see significant opportunity elsewhere in the market and already have clients across the region. From Myanmar to Laos to Papua New Guinea, Xero is changing the way small businesses do business.
We’ve hit the ground running this year and our team is in place to support our continued growth. We are excited to bring Xero to many more small businesses and accountants and as a result rewire Asia’s small business economy along the way.