Standard Chartered and Alibaba Group have announced a strategic partnership focused on the development and implementation of artificial intelligence (AI) technologies in the financial services sector. The agreement will see Standard Chartered collaborate with Alibaba Cloud, Alibaba Group’s cloud computing arm, to improve operational efficiency and enhance customer experience through AI-driven solutions.
Under the terms of the Memorandum of Understanding, Standard Chartered will use Alibaba Cloud’s AI capabilities as its strategic partner for technology. The collaboration aims to introduce AI-powered customer service and sales intelligence tools to improve engagement with clients. Additionally, it will automate risk management and compliance processes using AI, while also providing training opportunities such as workshops and certifications for employees to develop their skills in this area.
The partnership is not limited to technological advancements. Standard Chartered will offer a range of banking services tailored to support Alibaba Group’s global business activities. These include financial support, supply chain financing, cross-border fund management solutions, and expanded cooperation in financial markets. Both companies have also committed to strengthening their work together on sustainable development initiatives and sustainable finance.
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. 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, said: “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.”
Alibaba Group describes its mission as making it easy for businesses everywhere by building future infrastructure for commerce.