Standard Chartered to accelerate AI development with Alibaba Cloud

Standard Chartered will work with Alibaba Cloud as its strategic partner for AI technologies to enhance operational efficiency and elevate the customer experience.

Standard Chartered will utilize Alibaba Cloud’s AI technologies to accelerate the pace of AI in the financial services sector. The bank signed a strategic partnership with parent company Alibaba Group Holding Limited which will see both companies working together on development and deployment of AI.

The strategic partnership will see the bank work with Alibaba Cloud specifically on AI technologies to enhance operational efficiency and elevate the customer experience. This includes leveraging Alibaba Cloud’s intelligent solutions and AI technologies, which the bank hopes will give it a competitive edge.

Taking a deeper look at the partnership, Alibaba Cloud will work with the bank to develop AI-powered customer service and sales intelligence, raising the bar on customer engagement, automating AI-driven risk management and compliance. The partnership also includes upskilling talents through AI workshops and certifications.

As Standard Chartered provides a comprehensive range of banking services, the partnership will also support Alibaba Group’s strategic development globally through services by the bank that is tailored to meet Alibaba Group’s business needs. This includes financial support, supply chain financing support, cross border fund management solutions, to deepen the collaboration in financial market. Both parties will also actively enhance cooperation in the areas of sustainable development and sustainable finance.

According to Bill Winters, Group Chief Executive of Standard Chartered, the bank is investing heavily in cutting-edge technologies like AI, which are transforming its 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,” said Winters.

Meanwhile, Eddie Wu, CEO of Alibaba Group commented, “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.”

Wu added that through this strategic alliance, Alibaba’s technological expertise will be combined with Standard Chartered’s deep industry knowledge to unlock new possibilities.