Standard Chartered and Singapore’s Agency for Science, Technology and Research (A*STAR) have launched a three-year partnership, worth S$15 million ($12 million) to advance artificial intelligence (AI) research and innovation in the financial sector.

In a release on Tuesday, the lender said the collaboration builds on earlier work between the bank’s innovation arm, SC Ventures, and the A*STAR Institute of High Performance Computing (IHPC). The partnership reflects broader efforts to integrate AI technologies into banking operations and enhance digital capabilities across the sector. It will focus on applying advanced AI technologies to banking and financial services.

The initiative includes the establishment of an AI for Banking Innovation Lab, bringing together researchers and technology specialists from both organizations. The setup will enable closer collaboration between A*STAR IHPC scientists and Standard Chartered’s internal data and AI teams.

The partnership will explore areas such as portfolio optimization, fraud detection, and natural language processing. One project currently underway involves developing a natural-language interface that allows relationship managers to query structured databases without coding, with the aim of improving efficiency and productivity. Additional early-stage work includes data-driven approaches to asset valuation and forecasting.

According to the organizations, the initiative is intended to accelerate the development of applied, client-focused AI solutions, with potential for successful projects to evolve into new business models or spin-offs within the financial services industry.

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