SMFG taps Ahmed Mazhari to lead Singapore AI venture launch
Sumitomo Mitsui Financial Group has named Ahmed Mazhari as Groupwide Executive Advisor for AI Transformation and will establish a new agentic AI venture based in Singapore.
New appointment
Ahmed Mazhari will undertake the role of Executive Advisor for AI Transformation at SMFG, leading efforts to accelerate AI strategy across the group. According to SMFG, Mazhari will spearhead transformation initiatives supported by the Group Management Committee and an internal AI team.
Mr. Mazhari has over 20 years of experience in global leadership roles at companies including GE Capital, Genpact, and Microsoft. He was a founding member of Genpact, where he led the business from its initial phases to a public listing on the New York Stock Exchange. He also served at Microsoft Asia, overseeing business operations in the APAC region and establishing the AI solutions delivery framework.
AI venture launch
SMFG will establish a new agentic AI solutions company in Singapore, led by Mazhari. The venture will initially serve SMBC Group as its first customer, then expand its services to other enterprises. This initiative forms part of the group's JPY 800 billion (approximately USD $5.1 billion) investment in digital transformation, with JPY 50 billion (approximately USD $320 million) specifically allocated to generative AI until its next medium-term management plan.
The new venture will develop and deploy enterprise-grade AI agents designed to operate autonomously in complex business environments. The company aims to attract top global AI talent and rapidly develop scalable solutions.
"SMFG will launch a new agentic AI venture headquartered in Singapore, led by Mr. Mazhari, to build and deploy enterprise-grade AI agents for complex business environments. This initiative is part of a broader JPY 800 billion investment into SMFG's digital transformation, including JPY 50 billion specifically allocated toward generative AI. The venture will operate under a dual-engine model driving internal transformation across SMBC Group and scaling externally with commercial offerings for the market."
This dual-engine approach allows SMFG to both transform internal operations and offer commercial AI solutions to clients, leveraging the resources and regulatory expertise of a global bank with the development pace of a technology startup.
AI integration objectives
SMFG stated that the financial services industry is undergoing substantial transformation due to the rise of generative AI and intelligent systems. The company has articulated a vision to become an "AI-leading Financial Institution" by embedding generative AI throughout its operations, from back-office functions to customer-facing interactions.
"This shift is designed to redefine how SMBC Group contributes to customers and society by enabling efficiency while delivering more personalized, meaningful, and human experiences. The long-term goal is to embed AI across the SMBC Group and eventually provide these AI capabilities as services to its customers and the broader ecosystem."
Internal initiatives to be led by Mazhari include establishing global AI transformation projects across Tokyo, Singapore, and other hubs; building up AI talent and internal capability; and modernising SMBC's digital infrastructure to enable real-time, group-wide AI-powered workflows.
Plans also include embedding autonomous, agentic AI systems into SMFG's core business and operating model. For clients, the new Singapore-based venture will tailor AI solutions for complex enterprise needs, with an initial focus on SMBC Group before extending services to the wider market.
Group background and wider strategy
SMFG's existing foundational programmes such as SMBC-GAI and AI-CEO have laid groundwork for its current transformation plan. The total investment allocated for generative AI will run through the current and next medium-term management plan.
By taking this dual approach—internal change and external commercialisation—SMFG intends to combine its sector expertise with new technological capabilities. The group's stated ambition is to create a future-ready financial institution leveraging AI at its core.
