Sumitomo Mitsui Financial Group (SMFG) has appointed Ahmed Mazhari as the Groupwide Executive Adviser for AI Transformation and announced the launch of a new AI venture in Singapore. This initiative aims to position SMFG at the forefront of enterprise AI innovation within the financial services sector.
The new venture, led by Mazhari, will focus on developing enterprise-grade AI agents for complex business environments. This move is part of SMFG’s broader JPY800b investment into digital transformation, with JPY 50 billion specifically allocated towards generative AI. The venture will operate under a dual-engine model, driving internal transformation across the SMBC Group and scaling externally with commercial offerings.
Mazhari, who has held leadership roles at GE Capital, Genpact, and Microsoft, will spearhead initiatives supported by the Group Management Committee. “This shift is designed to redefine how SMBC Group contributes to customers and society by enabling efficiency whilst delivering more personalised, meaningful, and human experiences,” the company stated.
The agentic AI venture will initially serve SMBC Group as “customer zero” before expanding to the broader market. The startup aims to attract top global AI talent and rapidly develop solutions at scale. This dual-engine model combines the scale and regulatory expertise of a global bank with the innovation and engineering depth of a purpose-built AI startup.
The appointment of Mazhari and the launch of the AI venture underscore SMFG’s commitment to becoming an “AI-leading Financial Institution,” embedding AI across its operations and offering these capabilities to customers and the broader ecosystem.
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