News

Saudi-Based Mozn Uses AI To Detect Money Laundering & Fraud

The company combats a wide range of financial crimes using pattern recognition and advanced algorithms.

Published

1 year ago

May 12, 2023

Nour Nasir

Mozn

Saudi Arabia’s Mozn, an AI platform founded by Dr. Mohammed Alhussein, uses advanced artificial intelligence algorithms to detect and prevent financial crimes and increase compliance.

The company’s advanced platform is known as FOCAL. It can sift through masses of financial data using pattern recognition and other advanced techniques to spot fraud and money laundering in real time.

Dr. Alhussein developed the FOCAL platform by studying anti-money-laundering and anti-terrorism legislation and compliance and quickly realized that traditional (often manual) checks and safeguards were too slow to act.

Mozn’s AI technology uses name-matching algorithms uniquely optimized for the Arabic language and reconciles its findings against 1,300 international and regional sanctions. Meanwhile, the system’s anti-fraud functionality detects suspicious patterns by confirming payee identities against the records of destination accounts — a process that is said to reduce investigation times by up to 95%.

Also Read: A Guide To Digital Payment Methods In The Middle East

Although the platform was launched in Saudi Arabia, CEO Dr. Mohammed Alhussein recently announced plans to expand into the UAE, noting that the company’s long-term goal would be to develop operations further across the GCC. “The UAE has been making significant strides in enhancing its AML compliance and combating financial fraud, and Mozn entering UAE market will help accelerate these efforts,” Alhussein stated in a press release. “We are excited to begin this next chapter in Mozn’s growth journey as we enter the broader GCC market through our UAE office”.

Related Topics:Artificial Intelligence FinTech Saudi Arabia

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Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.