Keeping up the pace of dealmaking in the face of its hand-off to Pacific Century CyberWorks, Cable &
Wireless HKT and Oracle Corp. Tuesday formed a
Web-based, China-targeted B2B alliance.
Oracle (ORCL)
calls the project the first global multi-industry exchange, as well as the
first for the Chinese audience. Commercial operations are expected to roll
out in June.
The platform will be based on Oracle’s template and will leverage
complementary solutions from Cable & Wireless HKT. Cable & Wireless HKT
Integrated ebusiness Solutions will also be part of the launch group,
channeling its procurement process through the new marketplace.
Norman Yuen, deputy chief executive and chief financial officer of Cable & Wireless HKT, said
the company will invest more than HK$400 million ($51 million) into the
B2B venture over the next three years.
“Both Cable & Wireless HKT and Oracle share a progressive understanding of
the magnitude and speed of change that ebusiness will have on this region,”
said P.W. Pong, regional managing director for Oracle’s greater China
region.
“We anticipate that the venture we are announcing today will
transform the way Business-to-Business procurement is done in the Greater
China region.”
According to Gartner Group, B2B e-commerce transactions in the Asia/Pacific
will be valued at $995.8 billion by 2004.