Standard Chartered and China's Alibaba Group have established a strategic partnership aimed at accelerating the bank's AI adoption.

Through a newly signed memorandum of understanding (MoU), Standard Chartered will work with Alibaba Cloud, Alibaba Group's cloud computing entity, to leverage its AI technologies to upgrade customer experience and enhance operational efficiency.

According to Standard Chartered, the collaboration will see the bank work towards "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".

Earlier this year, Standard Chartered appointed former Monetary Authority of Singapore executive David Hardoon as global head of AI enablement to guide the firm's AI technology strategy.

Standard Chartered says it will also provide 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 markets".

Additionally, both organisations have agreed to bolster cooperation in sustainable development and sustainable finance initiatives.

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