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Financial B2B e-marketplace to be launched

A group of influential Middle Eastern banks has teamed up with KPMG Consulting to work on developing a B2B e-marketplace offering integrated financial services.

A consortium of leading Gulf banks is developing a regional business-to-business e-marketplace offering integrated financial services serving the Middle East and North Africa.

The members of the consortium include such regional banking heavyweights as Arab Bank, Citibank of the UAE, National bank of Kuwait, Saudi American Bank, National Bank of Dubai and Egypt’s Commercial International Bank.

“These banks are leaders in their domestic markets and have strong relationships with most of the major corporate entities within their respective countries,” said Simon Clements, general manager, e-business, National Bank of Kuwait. “The creation of the marketplace will reinforce the banks’ relationship with corporate customers by helping them realise the benefits of e-commerce. The key difference is the region’s ability to co-operate rather than compete in old marketplaces. This bodes well for the future of the economy.”

KPMG Consulting has also been selected to provide business and technical advice on several aspects of this initiative, including the business planning, technology solutions and assessing investment requirements.

“The work we are doing with the consortium represents the nature of the work that KPMG Consulting is carrying out in this space,” said David Jarett, partner responsible for financial sector exchanges, KPMG London. “We are focusing on exchanges, as they will be a major part of the business scene as they launch, consolidate and mature. We are perfectly delighted to be involved in this opportunity.”