Standard Chartered & Alibaba partner to boost AI in finance
Standard Chartered and Alibaba Group have entered into a strategic partnership aimed at accelerating the adoption of artificial intelligence technologies within the financial services sector.
Under the terms of a newly signed Memorandum of Understanding, Standard Chartered will collaborate with Alibaba Cloud as a strategic partner to utilise AI solutions and enhance its operational efficiency. The bank intends to use Alibaba Cloud's technology to improve customer experience and raise its competitive profile in the industry.
The scope of the partnership covers several areas of development, including the creation of AI-powered tools to strengthen customer service and sales intelligence. This focus is designed to increase the quality and scope of customer engagement. In addition, the agreement sets out plans to automate risk management and compliance processes using AI and aims to upskill staff through targeted workshops and certification programmes.
The association is bidirectional, with Standard Chartered also supporting Alibaba Group's global strategic initiatives. The bank will provide a comprehensive suite of banking services tailored to Alibaba Group's evolving business requirements. These services will range from financial and supply chain financing support to cross-border fund management and expanded collaboration in financial markets.
There is also an expressed commitment from both organisations to enhance cooperation in the areas of sustainable development and sustainable finance, building on shared objectives in environmental and social responsibility.
Management perspectives
Bill Winters, Group Chief Executive of Standard Chartered, said: "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 eCommerce 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, Chief Executive Officer of Alibaba Group, stated: "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."
Future opportunities
Standard Chartered's collaboration with Alibaba Group signals continued investment in digital capabilities, as the bank positions itself to navigate a rapidly changing technological landscape. The alliance reflects Standard Chartered's broader ambition to embed digital transformation within its operations.
At the same time, Alibaba Group stands to benefit from customised financial services to optimise its global expansion. These services are expected to support its international supply chain, fund management, and wider financial operations.
The alignment between the two companies is also intended to advance mutual work in sustainable finance, as both organisations continue to explore joint opportunities around sustainability and responsible growth in their respective markets.
