Standard Chartered and Europe-based venture builder KI group have signed a Memorandum of Understanding (MoU) to co-operate in exploring and developing solutions that will support the growing needs of B2B marketplaces among corporate clients.
While the majority of leading B2B companies now offer e-commerce capabilities – with the pandemic being a major driver of this change – proper growth and acceleration in this space is still largely untapped. Although 67% of the B2B buyer journey take place in digital channels, about 66% of these buyers are dissatisfied with their online purchasing experience.
The MoU combines the complementary strength of Standard Chartered’s expertise in innovative banking services and extensive market presence, as well as KI group’s strong track record and network in e-commerce platforms and marketplaces. Both parties will tap into each other’s experience and capabilities in developing B2B marketplace solutions for their clients, in addition to screening and potentially bringing in other providers to offer a complete suite of marketplace infrastructure solutions.
Steffen Braun, CEO of KI group, emphasises the potential of the partnership with Standard Chartered. “KI group has built a solid reputation assisting leading corporations in Europe, the Middle East, and Africa in establishing and implementing effective B2B marketplaces,” he said. “Our successful collaboration with Standard Chartered on a recent online B2B marketplace showcases the value of our combined efforts. By joining forces, we can offer a unique end-to-end solution that ensures our clients’ digital sales solutions are future-proof, encompassing all aspects, including financial services. Current and future clients can trust that their digital sales and financial strategies are evolving with the same level of innovation and attention to detail as the rest of their business.”
Karin Flinspach, Regional Head of Transaction Banking, Europe & Americas at Standard Chartered said: “We are excited to further our B2B marketplace ambition through this MoU with KI group, building on our existing working relationship in the development of an online B2B marketplace for used commercial vehicles. We are well placed to connect our UK and European clients to our global network and as global trade increasingly takes place online, such partnerships with best-in-class providers allow us to offer our clients a holistic solution that goes beyond banking to build a successful online marketplace, enhancing our corporate clients’ ability to participate more actively in today’s fast-changing economy.”