Announcing our first API bank feed integration in Hong Kong with DBS

posted in Uncategorized

We’re super excited to announce our first API-driven online connection in Hong Kong with DBS. This integration marks the second such solution launched with DBS in the region following the announcement of our partnership with DBS in Singapore in March of this year.

API’s drive the solution with DBS, meaning that small business customers using DBS IDEAL™ – DBS’ online business banking platform – can opt to have their bank transactions sent automatically from DBS into their selected Xero subscription. The small business customer connects and then their business transactions will flow securely and seamlessly into Xero every business day.

Giving HK SMEs back their time back — with powerful insights

A recent survey of 151 small businesses in Hong Kong conducted by Colmar Brunton found that HK SMEs spend an average of 16.5 hours a month manually importing and reconciling their bank statements. In addition, over two-thirds of small businesses (69%) cited manual bank statement reconciliation as a key challenge in managing their operations.

With this in mind, how will the DBS-Xero bank feed solution help HK SMEs?

1. Get your time back

Even if you use an accounting software, manually uploading your business bank statements takes time. If you don’t use an accounting software, comparing your bank statement with your transactions is a nightmare! Picture this: with the DBS-Xero bank feed, your business transactions are sent automatically into Xero every day. They’ll be ready for you to reconcile against the money you received and paid.

2. Understand your business better

With your bank transactions flowing into Xero and daily bank reconciliation, you get an up-to-date and accurate picture of how your business is actually doing.

3. Insights to help your business grow

Understanding your business financials empowers you to make more informed business and investment decisions.

At Xero, our mission is to help small business thrive. With HK SMEs contributing to 47% of the country’s total employment, our regional collaboration with DBS continues to provide innovative solutions to help small businesses succeed and expand regionally and globally.

Garage Society: Making room for regional expansion with Xero and DBS

We are proud to share that Garage Society is one example of a shared DBS and Xero customer in Hong Kong who will benefit from the introduction of direct bank feeds in Hong Kong.

With the growth of startups and larger companies looking to make cost-effective real-estate arrangements, the co-working space market in Hong Kong has boomed. With more than 40 co-working options in the city, the pressure is on for co-working space operators to distinguish themselves from the rest.

“I keep telling myself and my team to always look for ways to reinvent ourselves,’ says Elaine Tsung, founder and CEO of Garage Society Collective. “Keep your eyes wide open to anything; to what your client needs, to what your competition offers, to how the world is changing and to other market situations that might affect your business.’

More than just a co-working space

A former investment banker, Elaine has been immersed in the co-working space industry for more than 7 years. She’s witnessed first-hand the tremendous growth of co-working spaces in Hong Kong. Now with four locations in Hong Kong and two in Cambodia and Thailand, she describes Garage Society as more than just a co-working space, but a community platform. It’s mission is entrenched in three pillars: co-work, co-learn (through their Garage Academy events) and co-invest (their own proprietary fund, Garage Society Investment Partners, invests in startups that focus on lifestyle and social impact).

Having grown the Garage Society co-working spaces to six locations in three countries, Elaine has set her sights on further regional expansion. Two more in the Philippines, one in India and two in Singapore. With such growth in mind for her thriving young business, Elaine shares that who her business banks with is key. “DBS understands our business and are happy to grow with us, and having their support in the countries we’re expanding in is very important”.

Knowing how to run a business is also essential. “Any workspace operator needs to have a good space and a convenient location,” says Elaine. “But more importantly is how you run your business; the software, the people, the team. How we work for them, but at the same time how we work with them.”

How Garage Society forged a special business relationship

When she first started Garage Society, Elaine used Excel to manage the business finances, but the business soon outgrew the interim solution. Enter Adrian Lai, Managing Director of Cornerstone HK, a Xero Gold Partner, who ran his accounting and management consultant firm from a Garage Society space. He suggested Xero to Elaine, and began looking after the business’ books when Elaine needed help. Now, Adrian conducts monthly financial reviews with Elaine and her finance management team, providing valuable advice on business growth. In tandem, his firm continues to run client training sessions out of Garage Society’s workspaces. This unique symbiotic relationship between both business owners has seen them support each other over the years, and witness the growth of each of their businesses.

DBS and Xero

Of the daily business transaction updates from DBS into Xero, Adrian sees a mutual benefit to both small businesses and their advisors. “DBS bank feeds will help our clients because it provides them with more up-to-date data. For advisors, reporting for clients is going to be a more timely process. Information is going to be available for both advisors and the business owners, which will equip our clients with better decision making information.”

To budding entrepreneurs looking to start their own business, Elaine divulges a piece of advice. “Pick something you really love. That’s the only way you’ll have the perseverance in the long-run to run your business successfully.”

Xero direct bank feeds are available free to all DBS business account customers with Xero trials or subscriptions. New Xero customers who connect their DBS business accounts to Xero before 31 Dec 2017 are eligible for 3 months free on Xero. New DBS customers who connect their business accounts with Xero before 31 Dec 2017 are entitled to a three-month waiver on selected DBS IDEAL online banking fees.

For more information, visit www.xero.com/hk/dbs/

The post Announcing our first API bank feed integration in Hong Kong with DBS appeared first on Xero Blog.