Standard Chartered and Europe-based venture builder KI group have signed a memorandum of understanding (MOU) to cooperate in exploring and developing solutions that will support the growing needs of B2B marketplaces among corporate clients.

The collaboration will combine Standard Chartered’s expertise in innovative banking services and extensive market presence with KI group’s strong track record and network in e-commerce platforms and marketplaces.

The 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.

While the majority of leading B2B companies now offer e-commerce capabilities, proper growth and acceleration in this space is still largely untapped. Although 67% of B2B deals take place in digital channels, about 66% of the buyers are dissatisfied with their online purchasing experience, according to a recent survey.

“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,” says KI group chief executive officer Steffen Braun.

Philip Panaino, global head of cash management at Standard Chartered, adds: “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. Not only will this enhance our corporate clients’ ability to participate more actively in today’s fast-changing economy, it will also help expand their reach to even more customers around the world.”