Standard Chartered, Microsoft partner for cloud-based acceleration

The bank will adopt a multi-cloud approach in its core banking and trading systems.

Standard Chartered and Microsoft have announced a three-year partnership for the bank’s digital acceleration through a cloud-first strategy, according to an announcement.

The bank will adopt a multi-cloud approach, where significant applications, including its core banking and trading systems and new digital ventures such as virtual banking and banking-as-a-service, will be cloud-based by 2025.

Standard Chartered will adopt Microsoft Azure as a cloud platform to meet the need for resilient data centers and cloud services and address security, privacy and compliance requirements. The first set of capabilities to move to Microsoft Azure will be Standard Chartered’s trade finance systems, allowing for seamless cross-border trade for the bank’s corporate and institutional clients.

Standard Chartered will also use Microsoft Azure’s AI and data analytics capabilities to enhance and automate banking processes as well as deliver hyper personalization of its client products.

The bank will also adopt Microsoft 365 and Microsoft Teams to ensure productivity and collaboration tools to 84,000 employees across its 60 markets, and a cloud-first principle for all new software developments and major enhancements.