New Joint Venture to Offer Online Financial Products

Hewlett Packard (HP) has joined with the Bahwans of Oman to set up an "e-supermarket" at Dubai Internet City, The Gulf News reported Sunday. 

The yet-to-be-named venture between Bahwan CyberTek and Hewlett Packard is believed to have arranged with six leading money exchange houses and three commercial banks in Dubai to facilitate e-remittances under a system in which one can make fund transfers from his own home, the daily said. 

According to the paper, the company, which is launching the services simultaneously in Dubai and Oman, plans to extend them to the other Gulf states. The company will act as an application service provider (ASP) for exchange houses, banks and financial institutions. The project will comprise two phases, the first of which is likely to be completed in six months. 

The company plans to work with insurance companies, stockbrokers, mortgage specialists and mutual funds. Services include funds transfer and remittances, online stock trading, Internet banking (as an ASP), electronic bill payments, charity channels, real estate investments, loans and advances, insurance product sales, mutual funds and cross-selling of banking products and services – Albawaba.com