The collaboration is aimed at giving small businesses more control over their financial data in a secure environment, providing more reliable and timely information into their cashflow and daily bank reconciliation activities.
Customers will be able to have their bank transactions appear automatically in the Xero online ledger every day, eliminating the need for manual entry or importation of transactions.
HSBC regional head of global liquidity cash management for Asia-Pacific Kee Joo Wong said the company has been working with Xero to build a financial web for small businesses to help them save time when dealing with their finances, and this latest initiative builds on this partnership.
“As a champion of small businesses, we are continually looking to work with partners that can benefit our customers as they expand and develop their businesses,” he said.
“Our collaboration with Xero started in the UK, where we have witnessed a profound transformation for small businesses. Expanding with Xero into Asia is a natural next step for us.”
“We are delighted to be working with HSBC in the leading global business and financial hubs of Singapore and Hong Kong,” Xero CEO and founder Rod Drury added.
“Servicing thousands of small businesses, HSBC, together with Xero, can connect small businesses to the financial services they need to run their business.”