8 November 2024, Fri |
3:44 AM
Mozn, a prominent force in artificial intelligence technologies based in Saudi Arabia, has garnered global acclaim as it secures its position among the top echelons of the FinTech world for 2023. The prestigious acknowledgment comes from Statista, a renowned statistics firm, which has listed Mozn among the elite Top 200 FinTech Companies worldwide. Notably, Mozn has also clinched a spot in the esteemed Top 25 within the “Digital Business Solutions” category.
Mozn’s flagship creation, the AI-powered platform named FOCAL, is making waves across the financial landscape. With an impressive adoption rate by financial institutions spanning banks, insurers, and fintech companies in emerging markets, FOCAL stands out as a dynamic risk and compliance tool. This technology plays a pivotal role in enhancing risk management, fraud prevention, and upholding crucial Anti-Money Laundering (AML) and Know Your Customer (KYC/KYB) protocols on a global scale.
The appraisal of FinTech prowess was meticulously conducted, delving into a comprehensive evaluation of over 1,500 companies during the period from March to May 2023. The assessment hinged on an intricate system of Key Performance Indicators (KPIs), considering both overarching indicators and segment-specific metrics such as digital payments, neo banking, alternate financing, digital wealth management, and digital financial planning. This holistic approach culminated in the derivation of final scores, positioning Mozn prominently on this prestigious roster.
FOCAL, the brainchild of Mozn, exhibits remarkable prowess in identifying, quantifying, and mitigating risk. Its capabilities extend to thwarting fraudulent activities and ensuring stringent compliance with AML and KYC/KYB regulations on a global stage. Impressively, FOCAL has successfully executed over 1 billion screening checks on beneficiaries to date, empowering clients to streamline efficiency, enhance customer experiences, and fulfill compliance requirements while prudently managing risks.
At the heart of FOCAL’s innovation lies Mozn’s cutting-edge AI engine, augmented by adaptable automation. This potent combination sets an unprecedented industry benchmark, enabling swift, precise, and transparent risk decision-making in both Arabic and Latin alphabet languages. The integration of a customizable rule builder further amplifies FOCAL’s versatility, facilitating effortless out-of-the-box setup and personalized configurations. This approach expedites the implementation of intelligently automated risk-based compliance, enabling organizations to define thresholds and seamlessly green-light, review, or halt requests in line with their individual risk preferences.
As FOCAL continues its evolution, expanding its repertoire of AI-driven capabilities and amassing a growing roster of satisfied clients, Mozn cements its reputation as a trusted ally in delivering impactful risk intelligence and fraud prevention solutions. Dr. Mohammed Alhussein, the Founder and Chief Executive Officer of Mozn, expressed deep gratitude for the distinguished recognition. He emphasized the significance of this achievement as a testament to Mozn’s unwavering dedication to bolstering financial security and compliance through cutting-edge AI, aligning seamlessly with the vision set forth in Saudi Vision 2030. Dr. Alhussein underscored Mozn’s commitment to persistent innovation, pledging to maintain a pioneering stance in technological advancement and ensuring that their solutions remain reliable, effective, and at the forefront of the industry’s evolution.
