SINGAPORE and REDMOND, Wash. — Aug. 11, 2020 — Commonplace Chartered Financial institution and Microsoft Corp. on Tuesday introduced a three-year strategic partnership to speed up the financial institution’s digital transformation via a cloud-first technique. This partnership marks a big milestone for Commonplace Chartered in making its imaginative and prescient for digital banking, next-generation funds, open banking and banking-as-a-service a actuality. Leveraging Azure as a most well-liked cloud platform, the businesses can even co-innovate in open banking and real-time funds to assist the financial institution unlock new banking experiences for shoppers.

Embarking on a cloud-first technique

As a part of its digital transformation, Commonplace Chartered will undertake a multicloud strategy, the place important functions, together with its core banking and buying and selling programs and new digital ventures reminiscent of digital banking and banking-as-a-service, will likely be cloud-based by 2025, topic to regulatory approvals. The financial institution can even undertake a cloud-first precept for all new software program developments and main enhancements.

As know-how reshapes the banking business, Commonplace Chartered acknowledges {that a} cloud-first technique is vital to the financial institution’s ambition to make banking easier, quicker and extra handy. By being digital-first, the financial institution will have the ability to meet the demand for seamless banking nearly anytime, anyplace, and make banking extra accessible to folks throughout its community.

Michael Gorriz, Group Chief Info Officer of Commonplace Chartered, mentioned, “Cloud is a cornerstone of Standard Chartered’s strategy to meet the present and future banking needs of our clients. Cloud providers have invested massively in the reliability and automation of infrastructure and platforms. Using cloud services improves our ability to be agile and innovative, while increasing our operational efficiency and resilience. As disruption in the financial industry continues, we can focus on client benefits by deploying our solutions quicker and allowing for faster integration of new business models and partners. To realize our digital ambitions, Standard Chartered has chosen Microsoft as a strategic partner and this partnership marks a major milestone for the bank in adopting a cloud-first approach.”

Bhupendra Warathe, Chief Know-how Officer, Cloud Transformation at Commonplace Chartered, added “The pandemic has shone a spotlight on the need for businesses and banks to be resilient from a risk mitigation, cost and security perspective. With the increasing trend of an always-on digital economy, commercial and consumer clients are looking for applications and services that empower them to do online banking from anywhere, flexibly and efficiently. The speed and scale of continuous innovation offered by Azure allows us to innovate with the latest AI services to meet evolving client needs. We can pilot new apps in one market and scale them rapidly across others. This is especially important for a bank with a footprint as broad and diverse as ours.”

Commonplace Chartered will undertake Microsoft Azure as a most well-liked cloud platform to satisfy the financial institution’s want for resilient information facilities and cloud providers and addressing clients’ safety, privateness and compliance necessities throughout the financial institution’s world footprint.

The primary set of capabilities to maneuver to Microsoft Azure will likely be Commonplace Chartered’s commerce finance programs, permitting for seamless cross-border commerce for the financial institution’s company and institutional shoppers.

The partnership can even advance the financial institution’s digital office transformation with Microsoft 365 and Microsoft Groups offering fashionable productiveness and collaboration instruments to Commonplace Chartered’s 84,000 workers throughout its 60 markets.

Co-innovating the way forward for banking

Commonplace Chartered can even use Microsoft Azure synthetic intelligence (AI) and information analytics capabilities to boost and automate banking processes in addition to ship hyper- personalization of its shopper merchandise and experiences. Co-innovation in open banking software programming interface (API) and Web-of-Issues-based, real-time funds can even assist the financial institution unlock new banking experiences for shoppers. Invoice Borden, Company Vice President of Worldwide Monetary Providers at Microsoft, mentioned, “Cloud computing is an enabler for financial institutions to modernize their infrastructure and systems, to gain the agility they need to respond to competitive pressures, regulatory environments and customer demand. We are committed to helping Standard Chartered Bank in its ongoing digital transformation journey as it strives to address evolving customer needs and build the next generation of banking experiences.”

Addressing the social wants of communities within the rising markets

Commonplace Chartered strives to grasp the evolving wants of its communities and be an enabler for change. As part of the strategic partnership, the financial institution and Microsoft will discover sustainable finance and enterprise initiatives to broaden sustainability throughout the business.

About Commonplace Chartered Financial institution

We’re a number one worldwide banking group, with a presence in 60 of the world’s most dynamic markets, and serving shoppers in an extra 85. Our goal is to drive commerce and prosperity via our distinctive variety, and our heritage and values are expressed in our model promise, Right here for good.

Commonplace Chartered PLC is listed on the London and Hong Kong Inventory Exchanges.

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About Microsoft

Microsoft (Nasdaq “MSFT” @microsoft) allows digital transformation for the period of an clever cloud and an clever edge. Its mission is to empower each individual and each group on the planet to attain extra.

For extra info, please contact:

Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777, rrt@weworldwide.com

Julie Gibson, Commonplace Chartered, julie.gibson@sc.com

Notice to editors: For extra info, information and views from Microsoft, please go to the Microsoft Information Heart at http://news.microsoft.com. Internet hyperlinks, phone numbers and titles have been appropriate at time of publication, however might have modified. For extra help, journalists and analysts might contact Microsoft’s Speedy Response Group or different acceptable contacts listed at https://news.microsoft.com/microsoft-public-relations-contacts.





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