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cloudBuy signs agreement with United Overseas Bank (“UOB”) to support accelerating growth into Asia region
Oct 13, 2016
cloudBuy, the global provider of cloud-based eCommerce marketplaces and B2B buyer and supplier solutions, is pleased to announce that it has signed an agreement with UOB a leading bank in Asia, for its marketplace technology to power a new online marketplace for UOB customers.
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cloudBuy signs agreement with United Overseas Bank (“UOB”) to support accelerating growth into Asia region

Oct 13, 2016

 

cloudBuy plc

("cloudBuy" or the "Company")

cloudBuy signs agreement with United Overseas Bank (“UOB”) to support accelerating growth into Asia region

cloudBuy, the global provider of cloud-based eCommerce marketplaces and B2B buyer and supplier solutions, is pleased to announce that it has signed an agreement with UOB a leading bank in Asia, for its marketplace technology to power a new online marketplace for UOB customers.

This strategic relationship will leverage cloudBuy’s marketplace technology to provide a secure, eCommerce environment for B2B transactions with a B2C-style online shopping experience.

Revenue for cloudBuy will be a combination of implementation services, SaaS licence and transaction based revenue. The initial contract term is 5 years. Some revenue from this contract will be recognised in 2016 but it is not expected that this revenue will change market expectations for the year.

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.

“As Singapore’s largest SME bank, UOB has a deep understanding of the needs of these businesses. Through this new virtual marketplace, our customers will be able to enjoy good bargains with collective bulk purchases. This will help them to address the challenge of rising business costs. As 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 numerous and separate price quotations,” said Mr Koh

Lyn Duncan cloudBuy CEO said:

“cloudBuy is really pleased to be kicking off this exciting project with UOB. The fact that cloudBuy solutions have PCI DSS 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”.

For further information, please contact:

 

cloudBuy plc

 

David Gibbon, CFO

 

Tel: 0118 963 7000

 

 

Arden Partners plc – NOMAD and broker

Tel: 020 7614 5900

James Felix / Patrick Caulfield

 

 

 

Alma PR

 

Josh Royston / Hilary Buchanan

Tel: 020 8004 4218

About cloudBuy plc

cloudBuy, (AIM: CBUY), provides cloud solutions for buyers and sellers – and brings them together to trade securely and ethically via an increasing number of public eMarketplaces and private purchasing portals around the world, powered by cloudBuy technology. cloudBuy solutions for buyers help B2B purchasers understand and control their spend, to reduce costs and increase value. Our cloudSell solutions enable sellers of all sizes, from startups to corporates, reach new customers and grow their business.

cloudBuy’s technology platform powers web sites, public marketplaces and private purchasing portals that enable all types of online interactions and relationships including, citizen and business to government; consumer to business; and business to business.

For more information, visit: www.cloudbuy.com .

About UOB

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. UOB is rated among the world’s top banks: Aa1 by Moody’s and AA- by Standard & Poor’s and Fitch Ratings respectively.

In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia and Thailand, as well as branches and representative offices. 

For more information, visit: www.uobgroup.com  

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