London\u2019s Standard Chartered has formed a strategic partnership with Alibaba Group to accelerate the use of artificial intelligence across the financial services sector. The collaboration follows a period of positive financial results for the bank.<\/p>\n\n\n\n
The agreement will see the international banking group work with Alibaba Cloud, the digital technology arm of the China-based Alibaba Group, to embed AI tools throughout its operations. This includes AI-powered customer service and sales intelligence, automated risk and compliance systems, and dedicated upskilling initiatives such as AI workshops and certification programmes for staff.<\/p>\n\n\n\n
In return, Standard Chartered will support Alibaba\u2019s international expansion by providing a full suite of financial services, including cross-border fund management, supply chain finance, and enhanced collaboration in global markets.<\/p>\n\n\n\n
The partnership announcement comes as Standard Chartered reports promising second-quarter results, driven by a surge in its wealth management and markets divisions. Income from global markets climbed 47% year-on-year on a constant currency basis to over \u00a3912 million ($1.2 billion), while wealth solutions rose 20% to reach \u00a3563.92 million ($742 million). This momentum pushed the FTSE 100 constituent\u2019s total operating income up 14% to \u00a34.18 billion ($5.5 billion) for the quarter.<\/p>\n\n\n\n
Profit before tax for the company, which is listed in both London and Hong Kong, grew significantly\u2014up 48% to \u00a31.75 billion ($2.3 billion)\u2014helping to lift half-year profits to \u00a33.33 billion ($4.38 billion), which hugely outpaced analyst forecasts of \u00a32.91 billion ($3.83 billion).<\/p>\n\n\n\n
The firm\u2019s share price currently stands at 1,355p, its highest point since 2013 and a stark increase on the 985p it was at at the start of 2025. The banking giant\u2019s market capitalisation is now closing in on a staggering \u00a332 billion.<\/p>\n\n\n\n
Regarding the partnership, Bill Winters, chief executive of Standard Chartered, said: \u201cWe 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 \u2013 a global leader in AI and other areas including e-commerce and retail \u2013 and advance our shared commitment to transformative innovation. By combining Alibaba Group\u2019s 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.\u201d<\/p>\n\n\n\n
Eddie Wu, CEO of Alibaba Group, added: \u201cFrom 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\u2019s technological expertise with Standard Chartered\u2019s deep industry knowledge to unlock new possibilities.\u201d<\/p>\n\n\n\n