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Ahead of our Hong Kong Roadshow, today we’re excited to announce our collaboration with one of the world’s largest banking and financial services organisations, HSBC.
The collaboration, which is available from today, deepens our presence in the region. This enables thousands of small businesses that bank with HSBC in Hong Kong and Singapore to connect their bank accounts with Xero.
The technology driving this integration lets eligible customers have their HSBC bank transactions appear automatically in the Xero online ledger every day through a secure, robust connection.
The work we’ll do with HSBC will give small businesses more control over their financial data in a secure environment. This will let them better manage their daily bank reconciliation activities and understand cash flow in real-time.
Financial services and the small business market
While massive in aggregate, the small business market is highly fragmented. As a result, servicing it is both costly and high risk for financial institutions. However, big business and technology companies are increasingly realising it’s a market brimming with opportunity.
Right now, the global small business economy is being digitally rewired to accommodate for shifts in technology, consumer expectations, and labour pools. The agile nature of technology companies is bringing about change in the traditional banking sector. More than ever, small business customers have a choice of which financial services institutions they have a banking relationship with.
For some time, many have thought tech companies would eat the financial services sector. But what’s actually happening is many top tier institutions are finding common ground with their tech counterparts. Tech companies are forging strategic partnerships to help bring banks closer to their customers.
Today’s alignment between Xero and HSBC exemplifies how technology companies and banks can collaborate so the customer wins.
Growing our relationship to help build the financial web
HSBC’s integration with Xero in Singapore and Hong Kong builds on the already successful collaboration between the two organisations originally developed in the UK.
HSBC joins the ranks of more than 110 financial institutions around the world who have integrated with Xero to build a financial web that saves small businesses time and administration when dealing with their finances.
Kee Joo Wong, Regional Head of Global Liquidity Cash Management, Asia Pacific at HSBC said, “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. Our collaboration with Xero started in the UK, where we have since witnessed a profound transformation for small businesses. Expanding with Xero into Asia is a natural next step for us.
One of our Hong Kong partners explained how the partnership represents a huge opportunity to shift traditional thinking for accounting firms and their clients.
“Looking ahead, this is an exciting catalyst that will hopefully trigger a new era of doing smart business in our city,” said Adrian Lai, Managing Director of Cornerstone Management Group.
Through partnerships with top tier financial institutions, Xero continues to fan the flame under the engine room of our global economies.
The post Announcing a new collaboration with HSBC Hong Kong and Singapore appeared first on Xero Blog.
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