Maybank-ABSS join hands in productivity push for 50,000 micro SMEs with cloud-based accounting software

Maybank-ABSS join hands in productivity push
for

50,000 micro SMEs with cloud-based accounting
software

First partnership in Singapore to bolster the
underserved micro SME segment with innovative solutions that boost
productivity, expand capabilities and strengthen cash flows 

SINGAPORE, 2 November 2017 – Maybank Singapore today
announced a partnership with Asian Business Software Solutions (ABSS)
to empower start-ups and micro SMEs in Singapore with Financio, a new and
affordable cloud-based accounting solution that will boost productivity, drive
collaboration and help businesses stay on top of their finances.

According to SPRING Singapore, 80% of SMEs are
micro-businesses, which typically do not have access or the means to digital
tools. In fact, only 64%[1] of SMEs have made some form of
technological change or adaptation in their business models.

Maybank has also observed that 58% of its SME
customers manage their business’ accounting without professional accounting
help, based on a poll that the bank conducted last year. Many of the micro SMEs
and start-ups still rely on manual record-keeping or Excel spreadsheets, which
may impede their growth as most banks would require financial statements for
their credit underwriting. However, 96% indicated that they would consider
changing business processes and adopt cloud-based solutions, for better record
keeping and increased productivity.

With this partnership, Maybank’s SME customers
will gain access to ABSS’ cloud-based
and automated accounting software, Financio, which does not require any accounting knowledge to
operate. This will be especially helpful to small business owners who need
cost-effective and automated accounting solutions.

Users can track sales, purchases and
miscellaneous transactions through a simplified dashboard, and automatically
generate financial reports and tax records or forward transactions to
recipients via email and inventory tracking. Payments can be facilitated
conveniently via Maybank’s Business Internet Banking, allowing companies to
better comply with accounting standards and improve their long-term credit
worthiness, as well as enjoy ease of record keeping for tax filing purposes. Through ‘Financio
Connect’, businesses are also able to network, collaborate, share documents on
the platform to further boost their market reach. 

Paul Conway, Chief Executive Officer, ABSS said: “We are delighted to work with Maybank Singapore to
support the underserved micro SME community. These companies face challenges
such as limited access to capital and manpower shortages, as well as mounting
pressure to sustain and grow both domestically and globally. Our strategic
partnership delivers an unabridged offering that will enable micro SMEs to save
time and money, and focus on delivering value for their customers.” 

19 Degree Pte Ltd, a
Singapore based firm specialising in aircon installation and services has
subscribed to Financio’s premium service to manage their financials. Howard
Tiong of 19 Degree said: “As a small business, our
accounting practice starts and ends with a basic Excel spreadsheet. However, as
our business growth started to accelerate, we realised that we could not keep
up with this rigorous process manually. Financio has allowed us to streamline
our annual filing requirements for IRAS in 2016 which can take up to 250 hours,
to just under 60 hours, effectively saving 190 man hours, or 76% of the time
spent.”

“In addition, a marked trait for Financio is
its affordability – it has given us cost-savings of over 98% or S$6,500 a year,
which would be spent on hiring a freelance accountant and deploying a different
but more expensive accounting software for SMEs. Financio is also able to offer
our CEO an overview of our financials at a glance and on the go, and he can now
focus his efforts on customers and expanding the business,” added Tiong.

New software adds to slew of Maybank
innovative solutions targeted at the SME segment

The cost-effective online accounting software
is the latest service being offered to one of Maybank’s key customer segments
in Singapore.

“We started our SME business in 2014, which
has remained an integral part of our retail business. We have seen growth of
30% per year in terms of our customer base/accounts and revenue contribution from this portfolio in FY2016.” said Alvin Lee, Head, Community
Financial Services, Maybank Singapore. “In line with the ambitions of
our customers to grow through digitalisation and regional expansion, we believe
this partnership is timely and relevant for entrepreneurs who are constantly improving their
operating and business models to enhance their competitiveness and
productivity.”

In addition, Maybank Singapore and ABSS will
be launching a series of workshops tailored for micro SMEs, covering diverse
topics such as financial management, data security, regulatory compliance
updates and creating best practices for small business owners which they can
bring back for their own business.

ABSS fully believes in the opportunity for micro
SMEs to drive growth in local economies, and is looking to gain 50,000 Financio
users in Singapore over the next 12 months.

“Micro SMEs are the economic drivers and job
creators in Singapore. We want to ensure they understand how to perform
data-driven decisions on financial management and optimise their business
operations in this digital economy,” concluded Conway.

Business owners can find out more or sign up
at www.financio.co/singapore/maybank.

[1] SBF National Business Survey
2016/17