Mozn, a market leader in enterprise AI technologies, today announced it has entered a collaborative partnership with the Saudi Credit Bureau (SIMAH), to bolster the Kingdom's financial sector and ensure that the ambitions of Vision 2030 are not hampered by the rise in financial crime. The partnership was formalized in a memorandum of understanding (MOU) in a special signing ceremony on 29 May. The MoU reflected a joint commitment by Mozn and SIMAH to build and nurture a robust, safe, secure financial ecosystem in the Kingdom of Saudi Arabia. Collaboration will focus on areas such as KYC (know your customer), credit assessment, and fraud prevention. "Saudi Arabia's Vision 2030 calls for the building of a better society – a prosperous society – in which all citizens and residents of our nation can work, live, and conduct commerce in peace," said Dr. Mohammed Alhussein, Founder and CEO of Mozn, at the signing ceremony. "Today, Mozn and SIMAH join forces against bad actors who would disrupt this progress. Our commitment is to support the innovators working to develop the financial industry in the kingdom of Saudi Arabia, in line with Vision 2030. Together, Mozn and SIMAH are a formidable force – our partnership will allow access to credit to a wider population (SME's and Individuals) while ensuring responsible lending by providing companies with AI powered tools to make calculated/informed decisions. We anticipate that this partnership will empower financial institutions throughout the country to enhance their KYC processes, improve credit assessment accuracy, and strengthen the fight against fraudsters.`` Mozn's mission is to counter financial fraudsters through the power of its AI-powered solutions. It helps institutions with financial crime prevention, credit assessment, innovation, KYC, and safety of clients. Mozn's FOCAL – the AI-powered risk and compliance platform - plays a significant role in the region's fight against financial crime and is bolstering compliance across the sector. FOCAL AML screens and monitors customers and their transactions using advanced name-matching algorithms that are uniquely optimized for Arabic language and names and reconciles them against more than 1,300 automatically updated global and local sanctions and PEP lists to help satisfy AML and KYC/KYB requirements. FOCAL Anti-fraud proactively identifies suspicious patterns and prevents criminals from defrauding organisations and their clients by confirming the identity of payees automatically by checking data input against the destination account's records. FOCAL combines a wealth of datapoints to score risk (for both fraud and money laundering) that automates a custom next action based on the highly configurable rules and the organization's own risk appetite. Clients using FOCAL are making better informed strategic decisions, getting compliant fast and staying that way as well as increasing team efficiency and reducing investigation time by up to 95%. Working with SIMAH, Mozn believes its offerings will be further strengthened and that together the organizations can leverage their expertise to create a more secure financial ecosystem.
