Standard Chartered and Alibaba Group have entered into a strategic partnership to accelerate the adoption of artificial intelligence (AI) in financial services.
Under the agreement, Standard Chartered will work with Alibaba Cloud as its strategic AI technology partner to improve operational efficiency and customer engagement.
The bank aims to adopt AI-powered tools for customer service, sales intelligence, risk management, and compliance, while also offering staff training through workshops and certifications.
The partnership will also support Alibaba Group’s global operations.
Standard Chartered will provide a range of tailored banking services, including financial support, supply chain financing, cross-border fund management, and financial market solutions.
Both companies also plan to deepen collaboration in sustainable development and sustainable finance.
Bill Winters, Group Chief Executive of Standard Chartered, said,
“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.
By combining Alibaba Group’s technological prowess with our financial expertise, we look to harness the full potential of AI technologies to advance on our innovation agenda while also creating long-term value for our clients, colleagues, and communities.”
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.”
