Abu dhabi: G42, the Abu Dhabi-based technology group, and Banco Santander, S.A. (Santander), the Madrid-based global banking group, have signed a Memorandum of Understanding (MoU) establishing a framework for strategic cooperation in artificial intelligence.
According to Emirates News Agency, the MoU sets out a structure for the parties to evaluate and develop joint initiatives across initial workstreams, including AI-enabled advisory and savings solutions for banking customers and a banking intelligence layer spanning Santander's global operation. The collaboration is structured as a co-development partnership, combining Santander's banking scale, customer relationships, and regulatory expertise with G42's artificial intelligence, cloud, and infrastructure capabilities.
Two G42 companies, Inception, G42's agentic AI company, and Presight, a leader in applied AI for intelligent systems, are expected to play a central role in joint development. Their contributions will be defined as workstream progress and formalized in separate definitive agreements.
Santander Chief Data and AI Officer, Ricardo Martn Manj³n, expressed that the agreement reflects Santander's conviction that artificial intelligence will be foundational to the future of banking. Ali Al Amine, Chief Commercial Officer at G42 International, emphasized that G42 was built on the principle that consequential AI must be built deliberately by institutions that own the strategic direction of the technology.
Ashish Koshy, CEO of Inception, noted that the partnership is unprecedented as they are building AI with Santander rather than selling it. Thomas Pramotedham, CEO of Presight, highlighted the collaboration's potential to bring advanced banking experiences to all customers, setting a global benchmark for AI innovation in financial services.
The parties plan to progress each workstream through dedicated governance. Any commercially binding arrangements will be subject to necessary approvals and compliance with applicable internal governance, legal, and regulatory obligations, including transparency and data protection requirements.
