Sumitomo Mitsui Financial (SMFG) Invests Big in AI and Digital Growth

Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG) is one of the 13 Best Japanese Stocks to Buy According to Hedge Funds. On July 8, Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG) announced the appointment of Mr. Ahmed Jamil Mazhari to lead transformation efforts aimed at speeding up the company’s AI strategy and integration across the group.

In partnership with Mr. Mazhari, Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG) also plans to create a new company in Singapore focused on agentic AI solutions. This new company will first serve the group as “customer zero” before offering its services to other clients and expanding to the broader market.

To support its digital transformation, Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG) has committed an initial IT investment of JPY 800 billion. Out of this, JPY 50 billion has been specifically set aside for generative AI efforts until the next medium-term management plan.

Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG) is a Japanese financial services group and holding company.

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Disclosure: None. This article is originally published at Insider Monkey.