PRESSR: AlRajhi Bank partners with Mozn to harness AI in the fiight against fraud
ALRAJHI 1120.SA | 106.60 | +1.14% |
Dubai, UAE – Mozn, a regional leader in enterprise AI technologies, has entered into a strategic agreement with AlRajhi Bank, aimed at supporting the bank’s efforts in combating financial fraud through Mozn’s AI-driven financial crime prevention platform, FOCAL.
Saudi Arabia’s economic transformation is accelerating, and digital finance now stands as a key driver of the Kingdom’s pursuit of economic excellence. In 2024, electronic payments made up 79% of all retail transactions, up from 70% in 2023, with 12.6 billion non-cash payments processed across Saudi Arabia. This strategic pivot, underpinned by advanced digital infrastructure, highlights the Kingdom’s commitment to building a strong digital economy.
Amid this rapid digital shift, FOCAL by Mozn offers capabilities that are essential in this landscape, empowering organizations to detect and prevent financial crime faster than ever before, and generating real-time, actionable risk intelligence. By deploying FOCAL, AlRajhi Bank strengthens its customer protection, regulatory alignment, and digital growth strategy, demonstrating a forward-looking commitment to innovation in a rapidly evolving financial landscape.
“Innovation in financial services is transforming Saudi Arabia’s economy, but it also brings unprecedented risk,” said Dr. Mohammed Alhussein, Founder and CEO at Mozn. “At Mozn, we’re redefining fraud prevention with AI-powered solutions like FOCAL, that reimagine how financial institutions safeguard trust. Our collaboration with AlRajhi Bank reflects the power of strategic partnerships in driving innovation and resilience. Together, we’re setting new benchmarks for security in Saudi Arabia’s financial ecosystem”.
The collaboration reflects Mozn’s leadership in AI-driven financial crime prevention, aligned with AlRajhi Bank’s commitment to secure, customer-centric innovation. Together, the organizations are helping to advance Saudi Arabia’s position as a global hub for trusted, technology-led financial services.
About Mozn:
Mozn is a Saudi technology company committed to advancing digital humanity through the harnessing of artificial intelligence to build enterprise AI-powered products – FOCAL, the end-to-end Financial Crime Prevention platform and OSOS, the leading Gen AI platform for the enterprise. Mozn is at the forefront of technological innovation, striving to redefine the limits of what is possible in the digital age.
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