Standard Chartered and Alibaba Group Holding Limited have entered into a strategic partnership, utilizing Alibaba Cloud’s AI technologies to accelerate the pace at which the financial services sector embraces artificial intelligence (AI).

The duo said in a statement on Tuesday that under the memorandum of understanding, Standard Chartered will work with Alibaba Cloud as its strategic partner for AI technologies to enhance operational efficiency and elevate the customer experience.

Leveraging Alibaba Cloud’s intelligent solutions and AI technologies, the collaboration aims to help the Bank elevate its competitive edge.

This includes developing AI-powered customer service and sales intelligence to raise the bar on customer engagement, automating AI-driven risk management and compliance, and upskilling its talents through AI workshops and certifications.

The partnership will also support Alibaba Group’s strategic development globally, with Standard Chartered providing a comprehensive range of banking services that is tailored to meet Alibaba Group’s business needs, from financial support, supply chain financing support, cross border fund management solutions, to deepening the collaboration in financial market.

Both parties will also actively enhance cooperation in the areas of 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,

“I am excited to build on our existing relationship with Alibaba Group – a global leader in AI and other areas including e-commerce and retail – and advance our shared commitment to transformative innovation,” said Bill Winters, Group Chief Executive of Standard Chartered.

“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,” he added.

Meanwhile, Eddie Wu, Chief Executive Officer of Alibaba Group, added that 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,” he added.

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