Standard Chartered Plc (SCBFF.PK,STAC.L,STAN.L) said on Tuesday that it has entered into a partnership with Alibaba Group Holding Ltd. (BABA) to accelerate the usage of Artificial Intelligence or AI in the financial sector by using Alibaba Cloud's technologies.
As per the terms of the agreement, Alibaba Cloud will become Standard Charterer's key AI partner. The Bank will leverage Alibaba's AI solutions to boost operational efficiency, automate risk and compliance, and enhance customer service through AI-powered tools. Talent development is also a focus, with AI workshops and certifications being planned for bank employees, Standard Chartered added.
In return, Standard Chartered will support Alibaba's global growth with tailored banking services, including financial support, supply chain financing, and cross-border fund management.
Commenting on the agreement, Bill Winters, Group Chief Executive, Standard Chartered, said: "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."
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