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The launch of this marketplace is part of an agreement with cloudBuy, a global provider of cloud-based e-commerce and B2B solutions

United Overseas Bank (UOB) has partnered with cloud-based e-commerce and B2B solutions provider cloudBuy to launch a marketplace for SMEs.

This B2B marketplace, which will be launched in the first quarter of 2017, will allow UOB’s SME customers to purchase business services and tools such as stationary, travel, general insurance as well as courier and logistics services.

SMEs also stand to benefit from bulk purchase discounts negotiated between the bank and the suppliers.

Currently, two in five UOB business credit card customers are already making business purchases online, so this new marketplace will help to streamline and simplify this process.

“The B2B marketplace will showcase products and services from different suppliers, SMEs will also be able to make purchases online conveniently without having to request for numerous and separate price quotations,” said Mervyn Koh, Managing Director and Head of Business Banking Singapore, UOB, in an official press statement.

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Image Credit: UOB

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