Standard Chartered has forged a strategic partnership with Alibaba Group, focusing on AI and cloud technology.
Under the terms of the Memorandum of Understanding, Standard Chartered will leverage Alibaba Cloud’s capabilities to enhance customer service through AI-driven solutions, streamline risk management and compliance processes, and provide ongoing AI training for its workforce.
This collaboration will also enable Standard Chartered to deliver a wide array of banking services customized to support Alibaba Group’s operations, including financial assistance, supply chain financing, and management of cross-border funds.
Bill Winters, the Group Chief Executive of Standard Chartered, emphasized the bank’s commitment to investing in advanced technologies such as AI, which are revolutionizing their business model and the finance sector as a whole. He stated, “By integrating Alibaba Group’s technological capabilities with our financial expertise, we aim to unlock the full potential of AI to drive innovation and deliver lasting value to our clients, employees, and communities.”
In March, Standard Chartered initiated the worldwide rollout of a Chat GPT Generative AI tool to thousands of its employees. Additionally, the bank has strengthened its data analytics functions through the appointment of former HSBC executive Yusuf Demiral as the Global Head of AI, and former Monetary Authority of Singapore executive David Hardoon as the Global Head of AI Enablement.