Standard Chartered and Alibaba Group announced Tuesday that they have entered into a strategic partnership to accelerate the adoption of artificial intelligence (AI) in the financial services sector.
Standard Chartered and Alibaba Announce Technology and Growth Partnership
Under a memorandum of understanding, the UK-based bank will collaborate with Alibaba Cloud as its strategic partner for AI technologies, aiming to boost operational efficiency and enhance customer experience.
The agreement will see the two firms co-develop AI-powered tools for customer service, sales intelligence, risk management, and compliance automation, while also promoting talent development through AI workshops and certifications.
Standard Chartered will support Alibaba’s global growth with tailored banking services including supply chain finance, cross-border fund management, and financial market collaboration.
The partnership is also expected to support Alibaba Group’s strategic development, with Standard Chartered providing a range of banking services tailored to meet the company’s business needs.
“We are investing heavily in cutting-edge technologies like AI, which are transforming our own business model and reshaping the future of finance,” said Bill Winters, Group Chief Executive of Standard Chartered. “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.”
Alibaba Group CEO Eddie Wu added: “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.”
