Standard Chartered and Alibaba have officially entered into the strategic partnership to drive the adoption of artificial intelligence (AI) in the financial sector.
The prime motive of this alliance is to enhance digital innovation and subsequently to improve consumer experiences through the AI technologies.
Meanwhile, the partnership will support consumer engagement, automate AI driven techniques, and scale the talent through the development of AI workshops and certifications.
This partnership will support Alibaba Group’s global development by providing a comprehensive range of banking services tailored to its business needs and supply chain, thereby strengthening their presence in financial markets.
The Chief Executive Officer (CEO) of Standard Chartered, Bill Winters, said, “We are investing heavily in cutting-edge technologies such as 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 eCommerce and retail – and advance our shared commitment to transformative innovation.”
“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.” Winters added.
In addition, the CEO of Alibaba said, “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.”
He further stated, “Through this strategic alliance, we will combine Alibaba’s technological expertise with Standard Chartered’s deep industry knowledge to unlock new possibilities.”
Meanwhile, Generative AI (Gen AI) is rapidly progressing towards the financial service industry in Hong Kong, with 75% of the institutions having already implemented at least one Gen AI use case. Conversely, others are currently going through piloting and design phases, ultimately exploring potential investment in such areas.
The ratio is expected to be raised to 87% within the next few years, but certain challenges regarding privacy issues still exists at the moment.
Nevertheless, if Gen AI models become more efficient and its technology grows supported by the active regulatory engagement, we can definitely expect a remarkable increase in its adoption over time.
To achieve successful outcomes, careful navigation of the regulatory landscape is required to shape the entire financial sector.
