Standard Chartered and Alibaba Group have formed a partnership to help the financial services industry use artificial intelligence (AI) more quickly. They will use Alibaba Cloud’s AI technology to make this happen.
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.
Using smart tools and AI technology from Alibaba Cloud, this partnership will help Standard Chartered become more competitive.
They plan to improve customer service and sales by using AI, make risk management and compliance tasks more automatic, and train their staff through AI workshops and certifications.
The partnership will also help Alibaba Group grow around the world. Standard Chartered will offer banking services tailored to Alibaba’s needs, including financial support, supply chain financing, and cross-border money management. They also plan to work more closely in financial markets.
Both companies will also work together on projects that support sustainability and green 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 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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