Standard Chartered has signed an AI and cloud deal with Albibaba Group.
According to the Memorandum of Understanding, Standard Chartered will work with Alibaba Cloud as its strategic partner for AI technologies.
Utilising Alibaba Cloud’s technologies, the collaboration is aimed at developing AI-powered customer service and sales intelligence for customer engagement, automating AI-driven risk management and compliance, and upskilling its staff with AI workshops and certifications.
As part of the deal, Standard Chartered will provide a comprehensive range of banking services tailored to meet Alibaba Group’s business needs, from financial support, supply chain financing support, and cross border fund management.
Bill Winters, group chief executive of Standard Chartered, says: “We are investing heavily in cutting-edge technologies like AI, which are transforming our own business model and reshaping the future of finance. 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.”
Standard Chartered in March began the rollout of a Chat GPT Generative AI tool to tens of thousands of employees around the world and in June bolstered its data analytics capabilities with the appointment of former HSBC executive Yusuf Demiral as global head of AI. This followed the appointment in April of former Monetary Authority of Singapore executive David Hardoon as global head of artificial intelligence enablement.