Standard Chartered Collaborates With Alibaba To Accelerate AI Adoption In Banking Services

JAKARTA - Standard Chartered (Bank) has entered into a strategic partnership with Alibaba Group, in utilizing Alibaba Cloud's artificial intelligence (AI) technology to accelerate AI adoption in the financial services sector.

Based on the agreed Memorandum of Understanding (MoU), Standard Chartered will cooperate with Alibaba Cloud as a strategic partner in AI technology to improve operational efficiency and strengthen customer experience.

By leveraging Alibaba Cloud's AI solutions and technologies, this collaboration includes the development of AI-based customer service and sales intelligence, AI-based risk management and compliance, as well as improving the capability of internal talent through AI training and certification.

Meanwhile, Standard Chartered will provide a variety of comprehensive banking services and adaptable to Alibaba Group's business needs ranging from financial support, supply chain financing, cross-border fund management solutions, to deepening collaboration in the financial market sector.

"I am excited to expand our collaboration with the Alibaba Group of global leaders in AI, e-commerce, and retail to strengthen our shared commitment to transformative innovation," said Group Chief Executive Standard Chartered, Bill aired.

The two companies agreed to actively increase cooperation in the field of sustainable development and sustainable finance, in line with shared commitments.

Through this strategic alliance, we will combine Alibaba's technological expertise with an in-depth industrial understanding of Standard Chartered to open up new opportunities, Eddie Wu, CEO of Alibaba Group added.