Alibaba Group and Standard Chartered Bank Form Strategic Partnership on Technology and Growth
Standard Chartered and Alibaba Group have announced a strategic partnership that aims to accelerate the adoption of Artificial Intelligence (AI) in the financial services sector. The collaboration will see both parties upskilling their talents through AI workshops and certifications, and integrating Alibaba Cloud's advanced AI technologies into Standard Chartered's financial services.
In a statement, Bill Winters, Group Chief Executive of Standard Chartered, expressed his excitement about building on the existing relationship with Alibaba Group to advance their shared commitment to transformative innovation. He stated that the partnership aims to harness the full potential of AI technologies to advance on Standard Chartered's innovation agenda while creating long-term value for clients, colleagues, and communities.
Eddie Wu, CEO of Alibaba Group, echoed Winters' sentiments, expressing enthusiasm about partnering with Standard Chartered to shape the transformation in the financial sector. Wu mentioned that AI has already shown its potential to drive transformational change in various sectors, including education, healthcare, and scientific research.
Under the partnership, Standard Chartered and Alibaba Group will collaborate to develop AI-powered customer service systems, AI-driven sales intelligence, automated risk management, and compliance solutions. Alibaba Cloud's intelligent solutions and AI technologies will serve as the technological backbone of this strategic partnership, enabling Standard Chartered to elevate customer engagement through intelligent systems and streamline internal processes via automation in risk and compliance areas.
In exchange, Standard Chartered will provide a comprehensive range of banking services tailored to Alibaba's business needs, including financial support, supply chain financing, and cross-border fund management. Both firms also emphasize cooperation in sustainable finance initiatives.
Through this strategic alliance, Alibaba and Standard Chartered will combine their technological expertise and deep industry knowledge to unlock new possibilities. Eddie Wu stated that, through this partnership, they will work together to create a more intelligent, efficient, and sustainable financial ecosystem.
The partnership is expected to enhance operational efficiency and elevate the customer experience, and both parties will actively enhance cooperation in the areas of sustainable development and sustainable finance. Standard Chartered will work with Alibaba Cloud as its strategic partner for AI technologies, signifying a significant step forward in the bank's digital transformation journey.
This collaboration marks a significant milestone in the adoption of AI in the financial services sector, and it is expected to set a precedent for other financial institutions to follow suit. The partnership will support Alibaba Group's strategic development globally, and it is expected to create new opportunities for both parties to grow and innovate in the rapidly evolving digital landscape.
References: 1. Standard Chartered partners with Alibaba Group to harness AI in financial services 2. Standard Chartered and Alibaba Group sign strategic technology and growth partnership 3. Standard Chartered, Alibaba sign deal to AI-upgrade financial services 4. Alibaba and Standard Chartered partner to accelerate AI adoption in banking sector
- The partnership between Standard Chartered and Alibaba Group aims to enhance compliance and risk management in the financial sector through the integration of Alibaba Cloud's advanced AI technologies.
- The strategic alliance is anticipated to advance the finance business by developing AI-powered solutions like AI-driven sales intelligence and automated risk management and compliance systems.
- As a part of the collaboration, Standard Chartered will leverage Alibaba Cloud's technological backbone to streamline internal processes in risk and compliance areas, thereby optimizing finance and business operations via artificial-intelligence.
