Standard Chartered Forges AI Tech Partnership with Alibaba

• Standard Chartered partners with Alibaba Cloud to enhance AI-driven customer service and efficiency.
• The bank will automate risk management and compliance using Alibaba’s AI technologies.
• Both parties commit to advancing sustainable finance and supporting Alibaba’s global operations.

Standard Chartered and Alibaba Group have entered a strategic partnership to accelerate the bank’s adoption of AI technologies. Through a memorandum of understanding (MoU), the bank will collaborate with Alibaba Cloud, Alibaba Group’s cloud computing arm, to enhance customer experiences and streamline operational efficiency using advanced AI solutions.

The partnership focuses on integrating AI into key areas of Standard Chartered’s operations. The bank aims to develop AI-powered customer service and sales intelligence to elevate client engagement. Additionally, it will leverage AI to automate risk management and compliance processes, ensuring greater accuracy and efficiency. To support this transformation, Standard Chartered will provide AI workshops and certifications to upskill its workforce, fostering a culture of innovation.

Earlier this year, Standard Chartered appointed David Hardoon, former executive at the Monetary Authority of Singapore, as global head of AI enablement to steer its AI strategy. This move underscores the bank’s commitment to harnessing cutting-edge technology to remain competitive in the financial sector.

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In addition to AI collaboration, Standard Chartered will offer tailored banking services to support Alibaba Group’s global operations. These include financial support, supply chain financing, cross-border fund management, and deepened cooperation in financial markets.

The partnership also emphasizes sustainable development, with both organizations committing to advance sustainable finance initiatives to address environmental and social challenges.

The partnership represents an opportunity to take Standard Chartered a long way towards its modernization of services with the help of AI and enhances the bonds between it and Alibaba Group. Through the integration of technology with technological expertise and financial expertise in Alibaba Cloud and Standard Chartered, the collaboration corresponds to introducing innovative solutions that will benefit customers, operational resilience and encourage sustainability.