MAYBANK Singapore on Nov 2 announced a partnership with Asian Business Software Solutions (ABSS) to empower startups 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% 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 startups 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.
What's in it for me?
This is perhaps the more crucial question for most. With this partnership, business owners will be provided with Financio's Forever Free or Premium account when they open a Flexibiz or Premierbiz account respectively.
Premierbiz account holders will also enjoy renewing their premium membership at a special discounted price of SGD$6/month (RRP: SGD$9.95) after their 1 year free membership. All Flexibiz account holders also have the option to upgrade their Forever Free account to Financio premium for SGD$8/month.
Aside from that, this new partnership introduces a new feature - Maybank manual reconcilation. With this feature, users can now reconcile their payments and collections more seamlessly.
To learn more, visit the following:
- Eligibility for Flexibiz & Premierbiz
- Flexibiz & Premierbiz info
- Financio - Maybank (SG) FAQ
- Financio Account FAQ (Maybank SG)