London’s Standard Chartered has struck a strategic partnership with Alibaba Group to accelerate the adoption of AI across the financial services sector, amid recent positive financial results.
The collaboration will see the international banking group work with Alibaba Cloud, the digital technology arm of China-headquartered Alibaba Group, to embed AI tools across its operations.
This includes AI-powered customer service and sales intelligence, automated risk and compliance systems, as well as dedicated upskilling initiatives such as AI workshops and certification programmes for staff.
At the same time, the bank will support Alibaba’s international expansion with a full suite of financial services, including cross-border fund management, supply chain finance and enhanced collaboration in global markets.
The partnership announcement comes as Standard Chartered posts promising second-quarter results, buoyed 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 $1.2bn, while wealth solutions rose 20% to reach $742m.
This momentum pushed the FTSE 100 constituent’s total operating income up 14% to $5.5bn for the quarter.
Profit before tax for the company listed in both London and Hong Kong grew significantly – up 48% to $2.3bn – helping lift half-year profits to $4.38bn, hugely outpacing analyst forecasts of $3.83bn.
The firm’s share price currently sits at 1,355p – the highest it has been since 2013 and a stark increase on the 985p it sat at at the start of 2025.
The banking giant’s market cap is now closing in on a staggering £32bn.
“We are investing heavily in cutting-edge technologies like AI, which are transforming our own business model and reshaping the future of finance,” said Bill Winters, chief executive of Standard Chartered, in regards to the partnership.
“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.
“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.”
Eddie Wu, CEO of Alibaba Group, added: “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.”
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