Mozn is a Saudi technology company that leverages AI to innovate and develop products and solutions for the advancement of digital humanity. Reducing financial crime is crucial for fostering a robust financial ecosystem in the region, and Mozn’s FOCAL solutions enable financial institutions to identify fraud and suspicious transactions. The editor conducted an insightful interview with the company’s founder and CEO, Dr. Mohammed Alhussein, regarding Mozn’s AI-powered anti-fraud solutions and their presence at Seamless 2023.

What is your objective for participating in Seamless 2023?

Our objective for being at Seamless 2023 is aligned with our broader objective of establishing a presence in the country. Recently, we launched our operations in the UAE with the introduction of FOCAL, our anti-financial crime solution. Through Seamless 2023, we engage the financial community in a range of conversations about protecting financial institutions in areas such as compliance, risk, and fraud. These fruitful discussions have allowed us to showcase FOCAL’s capabilities, featuring cutting-edge AI technology that helps financial institutions in addressing these challenges.

Could you provide more information about FOCAL and your upcoming solutions?

The financial sector, particularly the banking industry, relies on relationships established on trust. In the past, these relationships thrived in a pre-digital era. Financial institutions had the luxury of time to foster connections with their clients, allowing for careful decision-making when it came to activities like opening accounts or issuing credit cards. However, in today’s fast-paced environment, financial institutions no longer have the luxury of time to make decisions solely based on a client’s identity. Therefore, we equip financial institutions with cutting-edge AI technology that safeguards their assets, as well as their clients’ assets, by combating financial crime, fraud, and compliance issues.

How do you perceive regulation and compliance in the Middle East, and what direction do you see it heading?

The Middle East has made significant progress in terms of regulation and compliance. With the proliferation of financial technology in the region, it has become a hub for commerce. Saudi Arabia has made remarkable progress in this regard as compliance measures continue to evolve. Additionally, we observe similar positive indicators in the UAE, where financial institutions are implementing appropriate procedures.

How does your company relate to cross-border payments in Middle Eastern countries?

The global landscape now demands integration and seamless payments, extending beyond regional boundaries. Our focus is on developing technology that supports secure and efficient transactions. We aim to achieve two primary goals: efficiency and ease of use. People expect quick and secure money transfers, while regulators prioritize ensuring these transactions occur in a safe manner. The market necessitates intelligent technology that addresses both these aspects promptly and securely.

How would you describe your relationships with banks in the region?

Banks are our partners in achieving our shared goal of providing a safe, efficient, digital, and innovative environment that facilitates commerce. We collaborate closely with banks to build an ecosystem that benefits consumers and the community as a whole.

Lastly, as the CEO of this company, what motivates you to keep going?

We have a fantastic team that inspires one another every day. Their dedication is a significant driving force for me. Additionally, the impact we make on our community and families fuels our inspiration. We are committed to leaving a positive mark in this world through the work we do.