CloudBuy to create online marketplace for Singapore's UOB bank

CloudBuy, the cloud-based ecommerce software supplier, has agreed a five-year deal with United Overseas Bank to develop a new online marketplace for the Asian bank’s customers.

The AIM-listed company said it would provide an ecommerce environment for business-to-business (B2B) transactions with a business-to-consumer (B2C) style online shopping experience for Singapore's largest SME-focused bank.

Revenue for the company would come from implementation services, the software as a service licence and transaction based sales, while some revenue will be recognised this year it is not expected to change market expectations for the year.

CloudBuy’s chief executive, Lyn Duncan said: "The fact that CloudBuy solutions has payment card industry data security standard level 1 payment security accreditation, the highest level used in the payments industry, is really important to provide a trustworthy environment for buyers and sellers to come together. This is a model that will be attractive to other banks globally".

Mervyn Koh, managing director and head of business banking Singapore at UOB, said the virtual marketplace would make it easier for customers to get good bargains with collective bulk purchases and address the challenge of rising business costs.

“As the business to business marketplace will showcase products and services from different suppliers, small to medium enterprises will also be able to make purchases online conveniently without having to request numerous and separate price quotations."

Shares in CloudBuy were up 7.14% to 5.62p at 1016 BST.