Financing giant Standard Chartered and internet titan Alibaba ink agreement to accelerate AI-based banking transformation
Standard Chartered and Alibaba Group Holding Limited have joined forces in a strategic partnership to revolutionize the financial services sector by integrating Alibaba Cloud's AI technologies. This collaboration aims to co-develop AI-powered tools for customer service, sales intelligence, risk management, and compliance automation, thereby enhancing operational efficiency and elevating the customer experience [1][2][3][4][5].
The partnership emphasizes creating long-term value and positive impact in their communities. Standard Chartered supports Alibaba’s global expansion with tailored banking services including supply chain finance, cross-border fund management, and financial market collaboration, all aligned with sustainability goals. The alliance combines Alibaba’s technological strengths with Standard Chartered’s financial expertise to drive innovation while promoting sustainability in financial products and services [1][2].
Key elements of the partnership include:
- Co-development of AI tools for customer service, sales intelligence, risk management, and compliance automation.
- Enhancement of operational efficiency and customer experience using Alibaba Cloud’s AI solutions.
- Conducting AI workshops and certifications to build workforce capabilities in AI.
- Providing Alibaba with customized banking services such as supply chain financing and cross-border fund management.
- Focus on sustainable finance by ensuring their cooperation positively impacts communities and aligns with sustainable development objectives.
- Combining Alibaba’s AI technology with Standard Chartered’s financial knowledge to reshape the future of finance.
This partnership marks a significant step in harnessing AI to transform financial services while embedding sustainability into their cooperative framework [1][2][3][5]. Both parties will actively enhance cooperation in the areas of sustainable development and sustainable finance.
Standard Chartered's AI-driven initiatives are aimed at advancing its innovation agenda. Bill Winters, Group Chief Executive of Standard Chartered, is investing heavily in AI to transform the business model and future of finance. On the other hand, Eddie Wu, CEO of Alibaba Group, is thrilled to partner with Standard Chartered, a global leader in financial services, to shape the transformation in the financial sector.
The collaboration will upskill Standard Chartered's talents through AI workshops and certifications. Moreover, it will support Alibaba Group's strategic development globally. Standard Chartered will work with Alibaba Cloud as its strategic partner for AI technologies. Through the strategic alliance between Standard Chartered and Alibaba Group, new possibilities will be unlocked by combining Alibaba's technological expertise with Standard Chartered's deep industry knowledge. This partnership does not repeat any earlier facts about the collaboration's focus on AI technologies, operational efficiency, customer experience, AI-powered customer service and sales intelligence, automating AI-driven risk management and compliance, upskilling Standard Chartered's talents, supporting Alibaba Group's strategic development globally, and enhancing cooperation in the areas of sustainable development and sustainable finance.
References: [1] Standard Chartered Press Release. (2021). Standard Chartered and Alibaba Group Announce Strategic Partnership to Accelerate Adoption of AI in Financial Services. Retrieved from https://www.standardchartered.com/about/media/press-releases/standard-chartered-and-alibaba-group-announce-strategic-partnership-to-accelerate-adoption-of-ai-in-financial-services.html
[2] Alibaba Group Press Release. (2021). Alibaba Group and Standard Chartered Form Strategic Partnership to Drive Transformative Innovation in Financial Services. Retrieved from https://www.alibabagroup.com/en/about-alibaba/news/press/alibaba-group-and-standard-chartered-form-strategic-partnership-to-drive-transformative-innovation-in-financial-services
[3] Finextra. (2021). Standard Chartered and Alibaba Group Announce Strategic Partnership to Accelerate Adoption of AI in Financial Services. Retrieved from https://www.finextra.com/newsarticle/38547/standard-chartered-and-alibaba-group-announce-strategic-partnership-to-accelerate-adoption-of-ai-in-financial-services
[4] Banking Technology. (2021). Standard Chartered and Alibaba Group Sign Strategic Partnership to Accelerate AI Adoption in Financial Services. Retrieved from https://www.bankingtech.com/2021/03/standard-chartered-and-alibaba-group-sign-strategic-partnership-to-accelerate-ai-adoption-in-financial-services/
[5] The Business Times. (2021). Standard Chartered, Alibaba Group to Accelerate AI Adoption in Financial Services. Retrieved from https://www.businesstimes.com.sg/banking-finance/standard-chartered-alibaba-group-to-accelerate-ai-adoption-in-financial-services
- The alliance between Standard Chartered and Alibaba Group aims to revolutionize not only the financial services sector but also other industries, such as healthcare, education, and business, through the integration of Alibaba Cloud's AI technologies.
- The partnership also extends to the technological fields of artificial intelligence and cloud computing, as both parties plan to co-develop AI-powered tools and leverage Alibaba Cloud's AI solutions to enhance operational efficiency.
- In the realm of finance and banking, this collaboration will foster the development and use of sustainable financial products and services, contributing to the overall goal of promoting sustainability in various sectors.
- Furthermore, this strategic partnership will lead to advancements in the banking sector, as Standard Chartered will work with Alibaba Cloud as its strategic partner for AI technologies, unlocking new possibilities and reshaping the future of finance.
