Standard Bank Partners Microsoft to Accelerate Digital Transformation in Africaby Fintechnews Africa 18 June 2021
Standard Bank and Microsoft announced a strategic partnership to accelerate its digital transformation.
The bank’s growing investment in the Microsoft Cloud will enable the innovation, efficiencies, and resilience required to respond to market dynamics and customer needs.
This partnership builds on the 30-year relationship between the two companies and involves migrating workloads, applications, and platforms to Microsoft Azure to drive organisational efficiencies, as well as workforce collaboration with Azure, PowerApps, Workplace Analytics and Microsoft Teams.
As part of the partnership, the companies will also establish the African Digital Foundry (The Foundry), a strategic alliance, for Standard Bank and Microsoft to collaborate to co-create unique solutions through new technology to meet the financial needs of Africa’s consumers.
Standard Bank and Microsoft, through the Foundry, will co-create and execute joint go-to-market digital services related to trade, payment, and risk-based (lending and insurance) solutions. They will also develop ecosystems enabling digital trading to facilitate Africa’s growth.
Through the Foundry, the companies aspire to reach 100 million customers in Africa over the next five years.
Additionally, they will bring together their resources and know-how to provide youth with the relevant digital skills needed to secure future-ready jobs and equip Small and Medium Enterprises (SMEs) with digital skills and capabilities so that they can take advantage of the growing shift to digital technologies.
“Investing in the cloud will allow Standard Bank to achieve its strategy to transform from a traditional financial services company into a digital platform company, providing financial services, plus ancillary and associated services.
We have adopted a cloud-first strategy, underpinned by end-to-end security and data-driven insights that will enable transformation with tangible results,”
said Sim Tshabalala, Chief Executive at Standard Bank Group.
“Standard Bank’s cloud-first strategy underlines the growing momentum in financial services to deliver differentiated experiences that today’s customers expect.
As a long-standing technology partner, we are pleased to collaborate with Standard Bank in realizing this strategy and in becoming Africa’s future-first financial services firm through digital skilling-focused initiatives that will expand economic opportunity for young people across Africa.”
said Judson Althoff, Executive Vice President of Worldwide Commercial Business at Microsoft.