SMFG to Launch AI Venture in Singapore
Tokyo-based SMFG will launch a new agentic artificial intelligence venture in Singapore as part of its digital transformation strategy.
Sumitomo Mitsui Financial Group will establish a new agentic artificial intelligence (AI) solutions company in Singapore, according to a statement. It will focus on developing enterprise agentic AI solutions and support their implementation for corporate clients, serving its banking unit, SMBC Group, as «customer zero» before expanding to the broader market.
The AI startup will be formed in partnership with Ahmed Jamil Mazhari who has been appointed as executive advisor for AI transformation. Supported by the group management committee and powered by a dedicated internal AI team, he will be responsible for AI transformation initiatives across Tokyo, Singapore and other key hubs; build a future-ready AI talent force and develop internal AI proficiency; and modernize SMBC's digital infrastructure.
Mazhari has 20 years of experience in global leadership roles at organizations including GE Capital, Genpact and Microsoft.
Tech Ambitions
According to SMBC, it has a «clear vision» to become an «AI-leading financial institution» by reforming its core business and using generative AI across the board, from internal to customer-facing operations.
The bank has committed an initial IT investment of 800 billion Japanese yen ($5.5 billion) to accelerate its digital transformation with 50 billion yen allocated specifically toward generative AI until the next medium-term management plan.
