Standard Chartered and Alibaba Group Holding Limited have announced a strategic partnership aimed at accelerating the adoption of artificial intelligence (AI) within the financial services sector. This collaboration will leverage Alibaba Cloud’s advanced AI technologies to enhance operational efficiency and elevate customer experience for Standard Chartered.
Under the terms of a Memorandum of Understanding (MOU), Standard Chartered will work with Alibaba Cloud as its strategic AI technology partner. The bank intends to utilize Alibaba Cloud’s intelligent solutions and AI technologies to sharpen its competitive edge across various functions. This includes developing AI-powered tools for customer service and sales intelligence to improve customer engagement, automating AI-driven risk management and compliance processes, and upskilling its talent through AI workshops and certifications.
In return, Standard Chartered will provide a comprehensive range of tailored banking services to support Alibaba Group’s strategic development globally. These services will encompass financial support, supply chain financing solutions, cross-border fund management, and deeper collaboration in financial markets. Both parties also plan to actively enhance cooperation in sustainable development and sustainable finance initiatives.
Bill Winters, Group Chief Executive of Standard Chartered, stated, “We are investing heavily in cutting-edge technologies like AI, which are transforming our own business model and reshaping the future of finance. I am excited to build on our existing relationship with Alibaba Group – a global leader in AI and other areas including e-commerce and retail – and advance our shared commitment to transformative innovation.”
Eddie Wu, CEO of Alibaba Group, added, “From education to healthcare and scientific research, AI has already shown its potential to drive transformational change. We are thrilled to partner with Standard Chartered, a global leader in financial services, to shape the transformation in the financial sector. Through this strategic alliance, we will combine Alibaba’s technological expertise with Standard Chartered’s deep industry knowledge to unlock new possibilities.”
This strategic alliance underscores the growing convergence of technology and finance, with both global giants committing to a responsible adoption of AI across the financial ecosystem, prioritizing transparency, fairness, and accountability. The partnership is expected to fuel digital transformation across Asia, where both companies have a significant presence, by aligning their innovation roadmaps and addressing local market needs with AI-driven insights and improved access to digital financial services.
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