Understanding the Market | STANCHART rises over 3% after signing a strategic cooperation memorandum with Alibaba to accelerate the deep integration of financial services and AI technology

Standard Chartered Group rose over 3%, as of the time of writing, up 3.69% to HKD 146.2, with a trading volume of HKD 61.1567 million. On the news front, on July 29, Standard Chartered Group officially signed a strategic cooperation memorandum ("Memorandum") with Alibaba, leveraging Alibaba Cloud's artificial intelligence technology to accelerate the deep integration of financial services and artificial intelligence technology. According to the Memorandum, Standard Chartered Group will use Alibaba Cloud as a strategic partner in the field of artificial intelligence, further enhancing its industry competitiveness by improving operational efficiency and customer experience. Standard Chartered Group plans to focus on developing AI-driven customer service and sales recommendations, AI-led risk management and compliance automation, and enhancing the AI skills of the Standard Chartered team through workshops and certification collaborations using Alibaba Cloud's AI technology and solutions