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Mozn has announced its expansion plans in the GCC region with the launch of its services in the UAE.

by Swati Gupta

May 11, 2023 23

Saudi Arabia’s Mozn, a market leader in enterprise artificial intelligence technologies, has announced its regional expansion plans, taking the company into the AI, finance, and fintech markets of the UAE and the GCC.

The announcement was made at the Dubai Fintech Summit, where Mozn’s senior executives spoke about the need for AML/CFT (anti-money-laundering and combatting the financing of terrorism) and fraud-prevention technologies. Mozn’s expansion into the GCC market through its UAE office will see it provide regulatory compliance and anti-fraud solutions powered by advanced AI.

The company’s expansion plans are aimed at financial institutions such as banks, digital banks, fintech, and other large financial organisations. These solutions will make it easier to see the whole board and identify suspicious behaviour patterns in real time, helping institutions to protect themselves and their customers from fraud.

Mozn has already established itself as a market leader in enterprise artificial intelligence technologies in Saudi Arabia, and its expansion into the UAE and the wider GCC region is a major milestone for the company. The move is part of Mozn’s broader strategy to become a global leader in AI-powered regulatory compliance and fraud prevention solutions.

According to Mozn’s CEO, Dr. Ahmad Altheneyan, “We are thrilled to be expanding our services into the UAE and the wider GCC region. Our goal is to provide advanced AI-powered solutions that can help financial institutions to better protect themselves and their customers from fraud and other financial crimes. We believe that our technology can make a significant difference in this space, and we look forward to working with our customers in the UAE and the wider GCC to help them achieve their compliance and fraud-prevention goals.”

The UAE is a major financial hub in the region, and the demand for advanced AI-powered regulatory compliance and fraud prevention solutions is growing rapidly. With its expertise in enterprise AI and its track record of delivering innovative solutions, Mozn is well-positioned to take advantage of this opportunity and become a key player in the UAE’s financial services market.

Mozn’s expansion into the UAE and the wider GCC region is also a significant step forward for Saudi Arabia’s tech industry. The kingdom has been investing heavily in technology and innovation in recent years, with the goal of diversifying its economy and reducing its dependence on oil revenues. Mozn’s success in the region is a testament to the strength and potential of the Saudi tech industry, and it is likely to inspire other Saudi tech companies to follow in its footsteps and expand into new markets.

In addition to its anti-fraud and AML/CFT solutions, Mozn also offers a range of other AI-powered products and services, including chatbots, speech recognition, natural language processing, and predictive analytics. These solutions are designed to help businesses automate their operations and improve their decision-making processes, enabling them to achieve greater efficiency and competitiveness in their respective markets.

The UAE and the wider GCC region have become increasingly important markets for AI and fintech companies in recent years, as governments and businesses seek to harness the power of these technologies to drive growth and innovation. According to a recent report by KPMG, the UAE’s fintech market is expected to reach $2.5 billion by 2022, with the GCC region as a whole set to become a major player in the global fintech landscape.

Overall, Mozn’s expansion into the UAE and the wider GCC region is a positive development for the region’s financial services industry, as it will provide institutions with access to advanced AI-powered regulatory compliance and fraud prevention solutions. It is also a significant milestone for Saudi Arabia’s tech industry, as it demonstrates the potential of the kingdom’s rapidly-growing tech sector.