UOB the First Bank in Singapore to Launch a Virtual Marketplace for SMEs

Harnesses cloudBuy’s e-commerce technology to help SMEs manage costs better

United Overseas Bank (Limited) (UOB) announced that it has signed an agreement with cloudBuy, a global provider of cloud-based e-commerce and business-tobusiness (B2B) solutions, to create a virtual marketplace for the Bank’s small- and medium-sized enterprise (SME) customers. This marks the first time that a bank in Singapore will create a B2B marketplace.

UOB’s B2B marketplace will be launched in Singapore in the first quarter of 2017. It will provide the Bank’s SME customers with a one-stop shop to view and to purchase online a wide range of business essentials, such as travel, stationery, general insurance as well as courier and logistics services. A key benefit of this marketplace is the cost savings which SMEs will be able to enjoy from bulk-purchase deals negotiated by the Bank with suppliers.

UOB data shows that the number of the Bank’s SME customers buying goods and services online has grown by more than 30 per cent over the past three years. Two in five UOB business credit card customers are now making their business purchases online.

Mr Mervyn Koh, Managing Director and Head of Business Banking Singapore, UOB, said that SMEs’ growing digital-savviness and their desire for convenience have contributed to the increasing popularity of B2B e-commerce.

streamline buying processes. The fact that cloudBuy solutions have PCI DSS (Level 1) payment security accreditation1 , the highest used in the payments industry, is really important to provide a trustworthy environment for buyers and sellers to come together.”

About United Overseas Bank

United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions.