Abu Dhabi-based global technology group G42 and Banco Santander, one of the world’s largest banking and financial groups, headquartered in Spain, have signed a Memorandum of Understanding (MoU) to establish a framework for strategic collaboration in artificial intelligence (AI).
The MoU outlines a mechanism for evaluating and developing joint initiatives across several initial work streams, including AI-powered savings and banking advisory solutions for banking clients, and the creation of a banking intelligence ecosystem covering Santander’s global operations.
G42 subsidiaries Inception, an AI assistant company, and Presight, a global AI applications company for intelligent systems, are expected to play a pivotal role in the joint development efforts.
The specific contributions of each will be defined as the work streams progress and formalized through definitive agreements. Ricardo Martín Manjón, Chief Data and AI Officer at Santander, said, “Through this partnership, we intend to build a sustainable ecosystem, grounded in compliance from the earliest design phases.” Ali Al-Amin, Chief Commercial Officer at G42 International, said, “We believe that the most impactful AI applications are not built through off-the-shelf solutions or by outsourcing their development, but rather through strategic partnerships that combine long-term vision with deep technical expertise, and our collaboration with Santander embodies this approach.”