Xero : 20/10/2021 - Xero partners with Maybank to deliver digital first solutions

MEDIA RELEASE

Xero partners with Maybank to deliver digital first solutions

With Maybank partnership, Xero reafirms its commitment to help SMEs digitalise as the sole

service provider working with all four Start Digital banking partners

Singapore - 20 October, 2021 -Xero, the global small business platform, today announced its partnership with leading ASEAN financial institution, Maybank Singapore (Maybank) to encourage more small- and medium-sized enterprises (SMEs) to adopt cloud-based accounting and sofware services. With this partnership, Xero now has coverage across all four banks who have partnered with the Singapore government for Start Digital, namely DBS, OCBC, Maybank and UOB.

Ofered in collaboration with Enterprise Singapore and Infocomm Media Development Authority (IMDA), the SME Go Digital programme1 eligible SMEs referred through Maybank will be ofered six months' free access to Xero's Starter Business Edition.

The Maybank Start Digitalprogramme allows newly incorporated SMEs or those that are new to digital technology, to get started with foundational digital solutions from five diferent categories - Accounting, Cybersecurity, Human Resource / Payroll, Digital Marketing and Digital Transactions. The programme is part of Maybank's continuous eforts to help develop an SME ecosystem that truly supports SME business customers' needs.

"Through the volatility and uncertainty of the last year and half, digital tools and solutions have been a significant driver in helping SMEs become more resilient and competitive through increased transparency, eficiency and productivity. Start Digital is an important pillar in this shif, supporting businesses at the start of this journey," said Kevin Fitzgerald, Managing Director Asia, Xero.

"We are incredibly excited to be the only service provider in the country working with all Start Digital Bank Partners, especially Maybank, one of the region's leading SME banks, committed to helping SMEs become more eficient, productive and resilient through digitalisation," Fitzgerald added.

Marc Leong, Executive Vice President, Head SME Banking for Maybank Singapore said, "We are at a turning point where adopting new technologies, digitalisation and robotic process automation in SMEs is no longer a 'nice-to-have' but a 'must-have' in order to thrive and scale up. This is in line with Singapore's Smart Nation blueprint. Many SMEs are now aiming to serve clients on a global stage and Maybank is well-positioned to assist them. Our new partnership with Xero ofers our SME clients a wider selection of payroll and accounting sofware services to streamline their accounting process, so that they can focus on growing their business eficiently."

• https://www.imda.gov.sg/programme-listing/smes-go-digital

Xero ofers an ecosystem of more than 1,000 connected apps that support business activities such as cash flow forecasting and management, payroll, inventory management, point-of-sale and more than 300 connections to banks and other financial partners. This ofers businesses a range of customised solutions to help them manage their finances, operations and administration seamlessly with improved accuracy and eficiency.

ENDS

Media Contact

Xero Asia

Peggy Lee

[phone] [e-mail]

About Xero

Xerois a cloud-based accounting sofware platform for small businesses with over 2.7 million subscribers globally. Through Xero, small business owners and their advisors have access to real-time financial data any time, anywhere and on any device. Xero ofers an ecosystem of over 1,000 third-party apps and 300 plus connections to banks and other financial partners. In 2020 and 2021, Xero was included in the Bloomberg Gender-Equality Index and in 2020, Xero was recognised by IDC MarketScapeas a leader in its worldwide SaaS and cloud-enabled small business finance and accounting applications vendor assessment.

About Maybank Singapore

Maybank is among Asia's leading banking groups and South East Asia's fourth largest bank by assets. The Maybank Group has an international network of more than 2,600 branches in 18 countries including all 10 ASEAN countries, with over 42,000 employees serving customers worldwide.

Maybank Singapore is one of the Group's largest overseas operations and a Qualifying Full Bank in Singapore. As at 31 December 2020, the bank's net asset size in Singapore was approximately S$81.5 billion. With strategically located banking branches and over 2,000 employees in Singapore, Maybank is well positioned to provide highly personalised services and locally oriented solutions that will deliver more value to customers. For more information, please visit maybank2u.com.sg.