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The Silicon Review Asia

Standard Chartered has partnered with Microsoft to drive digital transformation

Standard Chartered has partnered with Microsoft to drive digital transformation

Microsoft and Standard Chartered Bank recently made an announcement that both the companies have signed a three-year strategic deal to drive digital transformation for the bank through the cloud-first strategy. This partnership is a significant milestone in the bank's vision for open banking, next-gen payments, BaaS, and virtual banking a reality. The companies are looking forward to leverage Azure to collaborate and innovate together in real-time payments and open banking to help the bank unravel exciting experiences for the clients. Multicloud approach will be adopted by Standard Chartered as a part of its digital transformation effort. All the core banking services are expected to be cloud-based by 2025, and it will all be subject to regulatory approvals.

All the major enhancements and new software developments from the bank will also adopt a cloud-first principle. Technology is continuing to reshape the banking sector; Standard Chartered has identified that only a cloud-first strategy can help achieve the ambition of making seamless virtual banking a reality. Standard Chartered's Group Chief Information Officer Michael Gorriz stated that for the bank's strategy to meet the client's current demands, the cloud could serve as a cornerstone. He furthermore added that Cloud providers are investing a lot in automation of infrastructure and reliability

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