Standard Chartered Bank has partnered with Microsoft to help it become a cloud-first bank.
The pair have signed a three-year strategic partnership.
Microsoft will “accelerate the bank’s digital transformation”.
Azure will be StanChart’s cloud platform and the companies will look to innovate in open banking and real-time payments.
What does this mean?
Standard chartered will aims to make many applications cloud-based by 2025, including core banking and trading, virtual banking and banking-as-a-service. The bank feels cloud technology will make banking simpler, faster and more convenient.