About Financio - Maybank Singapore Partnership

Background

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.

Source: https://www.digitalnewsasia.com/business/maybank-abss-partnership-empower-startups-micro-smes

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 Premium account when they open a Flexibiz or Premierbiz account respectively and signup for the Start Digital Grant. 

All Singapore Maybank account holders will also enjoy renewing their premium membership at a special discounted price of SGD$8/month (RRP: SGD$9.95) after their 18 months free membership. 

Aside from that, this new partnership introduces a new feature - Maybank Bulk Payment & Collection feature (.OBG). With this feature, users can now issue their payments and collections more seamlessly. 

Interested! Here's how you can signup. Click Here

To learn more, visit the following:

1. Flexibiz & Premierbiz info
2. Financio Account FAQ (Maybank SG)