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Standard Chartered and Alibaba in AI technology partnership

Standard Chartered

Standard Chartered and Alibaba Group have entered into a technology partnership aimed at advancing the adoption of artificial intelligence (AI) in financial services.

The memorandum of understanding outlines plans for Standard Chartered to work with Alibaba Cloud as its strategic partner for AI technologies. The bank will use Alibaba Cloud’s AI tools to improve operational efficiency, enhance customer engagement, and develop AI-enabled risk management and compliance systems. The partnership also includes training initiatives to build internal AI capabilities through workshops and certification programmes.

According to the companies, the collaboration will also support Alibaba Group’s business operations globally. Standard Chartered will offer a range of banking services tailored to Alibaba’s needs, including supply chain financing, cross-border fund management, and financial market solutions. Both organisations also plan to expand cooperation in areas such as sustainable development and sustainable finance.

“We are investing heavily in cutting-edge technologies like AI, which are transforming our own business model and reshaping the future of finance,” said Bill Winters, Group Chief Executive of Standard Chartered. “By combining Alibaba Group’s technological expertise 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: “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.”

Standard Chartered and Alibaba have previously collaborated on projects involving online payments and cross-border remittances. The latest agreement marks a broader engagement between the two companies as they seek to develop AI-driven capabilities and expand their focus on sustainable finance.

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