How AI and fintech are redefining the banking landscape in Saudi Arabia

Earlier this year, MOZN was recognized as one of the Top 250 FinTech Companies globally by CNBC and Statista. (Supplied)
Short Url
Updated 01 November 2024
Follow

How AI and fintech are redefining the banking landscape in Saudi Arabia

  • Generative AI in banking is enabling personalized services, predictive analytics, and faster customer support
  • Saudi fintech leader MOZN is driving the financial AI transformation through its platforms FOCAL and OSOS

RIYADH: The financial industry is undergoing a seismic transformation, with artificial intelligence and fintech reshaping everything from regulatory compliance and customer experience to counter-fraud measures.

Across the globe, banks are adopting generative AI and machine learning to drive innovation, reduce costs, and enhance security. Saudi Arabia is emerging as a key player, with local tech companies like Mozn spearheading change.

Speaking to Arab News, Mohammed Alhussein, Mozn’s founder and CEO, highlighted the “enormous improvements in how financial institutions offer their services to customers” over the last decade.

“There are more products that reach more people. Those products are better, faster, and are being offered online,” he said. At the same time, however, the growth of online banking services has also “opened the door for fraudsters.”

Banks are rapidly integrating AI for a host of benefits, including predictive analytics, automated compliance, and fraud detection.

A key driver is the need for real-time, data-driven insights. The ability of AI to analyze vast amounts of data quickly is transforming how banks assess risk, manage assets, and engage with customers.

For instance, AI has enabled high-speed trading and personalized customer services by leveraging machine learning to identify individual preferences and optimize service offerings.




Shutterstock illustration image

AI’s predictive capabilities also allow for better risk assessment, making it easier for banks to anticipate and mitigate potential financial risks.

Generative AI is also playing a significant role in areas like customer service and product development.

In the banking sector, it powers “intelligent banking” systems that enhance customer experience by summarizing customer conversations and improving support agent responses.

It also assists advisers in retrieving essential product information quickly, thereby reducing the response time and elevating service quality for clients.

Furthermore, AI-driven tools are automating compliance processes, making it easier for banks to adhere to evolving regulatory standards, potentially saving financial institutions from costly penalties and reputational damage.

DID YOUKNOW?

• Saudi fintech leader Mozn has driven financial AI transformation through its platforms FOCAL and OSOS.

• Generative AI in banking is enabling personalized services, predictive analytics, and faster customer support.

• Banks leverage AI-driven fraud detection systems, identifying transactional anomalies in real time.

• Mozn was recently listed among the Top 250 Fintech Companies globally by CNBC and Statista.

With online banking services expanding, banks face an increased risk of fraud. AI is essential in developing sophisticated fraud detection systems that can identify anomalies in real time.

For example, fintech platforms now monitor large volumes of transaction data to identify potentially fraudulent activity instantaneously, helping mitigate risks before they escalate.

“Everything is digital. This means that financial institutions must now make identity-related decisions in real-time,” said Alhussein. “AI is really good at identifying anomalous behavior analysis patterns and doing it really quickly.”




Mozn founder and CEO Mohammed Alhussein highlighted the “enormous improvements in how financial institutions offer their services to customers” over the last decade. (AN photo/by Abdulrahman bin Shalhoub)

Advanced AI-driven compliance systems are also evolving. These systems are designed to constantly adapt to regulatory changes and identify emerging threats.

The automation of regulatory compliance processes allows banks to operate more efficiently, focusing on growth without compromising security.

Such systems are critical in Saudi Arabia, where financial institutions are expanding their services rapidly to keep up with the country’s Vision 2030 goals of a diversified, innovation-driven economy.

Mozn’s flagship compliance platform, FOCAL, is a prime example of AI in action, tailored to combat financial fraud through a unique blend of real-time identity verification and anomaly detection.




Mozn announced its FOCAL Anti-Fraud product at Saudi Arabia's LEAP 2023 tech conference at Riyadh Front Expo Center. (Supplied)

FOCAL actively screens and analyzes both customer and transactional data, immediately flagging suspicious activity that may indicate fraud or compliance breaches.

“We work with the financial sector specifically on one challenge, which is navigating and protecting against the risks of financial fraud,” said Alhussein.

“FOCAL is an AI-powered risk and compliance platform that financial institutions use to help protect their assets and their customers’ assets.”

Mozn has also developed OSOS, a generative AI platform specifically designed for Arabic language users.




MOZN's generative AI platform Osos is specifically designed for Arabic language users. (Supplied)

As Arabic content on the web grows, OSOS provides a culturally relevant solution, handling Arabic linguistic nuances and serving enterprises across the region.

Equipped with anti-hallucination features, OSOS minimizes bias and enhances accuracy by training on a diverse, balanced dataset. This feature is crucial as it ensures outputs are relevant and reliable, which is especially important for business and regulatory contexts.

“In developing OSOS, two of the main cornerstones of the values we are adding are minimizing both bias and hallucinations,” said Alhussein.

“OSOS has performed exceptionally well in different benchmarks that we’ve tested, and we’re very optimistic about where this is going.”

Mozn’s advancements have not gone unnoticed. The company was recently listed among the Top 250 Fintech Companies globally by CNBC and Statista — a testament to its influence in the fintech industry.

Opinion

This section contains relevant reference points, placed in (Opinion field)

This achievement underscores the company’s success not only in technology but also in meeting the specific needs of financial institutions in the region.

By achieving a 350 percent increase in customer acquisition since 2022, Mozn exemplifies the upward trajectory of Saudi fintech.




Mozn office in Riyadh. (AN photo/by Abdulrahman bin Shalhoub)

Its success reflects a broader regional trend of fintech growth, as countries in the Middle East and North Africa increasingly embrace digital transformation in banking, and advances in AI across all sectors and industries.

“The future of AI in Saudi Arabia is extremely exciting,” said Alhussein.

“We’re incredibly fortunate to be a company born in Saudi Arabia and to witness the amazing transformation happening in the country, specifically regarding technology and artificial intelligence.”
 

 


Multidisciplinary art residency captures spirit of Jeddah’s Al-Balad

Updated 01 February 2025
Follow

Multidisciplinary art residency captures spirit of Jeddah’s Al-Balad

  • Bait Shouaib Residency brings together diverse creatives to reflect on ‘movement’ in historic district

JEDDAH: Athr Foundation’s Bait Shouaib Arts Residency in Al-Balad district brought together a filmmaker, curator and two artists, fostering interdisciplinary collaboration over an eight-week program.

The Moving Narratives cycle explored the theme of movement through diverse lenses and transformed the historic Bait Shouaib into an active participant in the creative process.

The exhibition, which was open last month as part of this year’s Islamic Arts Biennale, welcomed visitors to witness interpretations of Jeddah’s cultural and historical essence through contemporary art.

Hayfa Algwaiz created a site-specific mobile installation in Bait Shouaib’s stairwell, or minwar. (Supplied)

Residency director and senior program manager at Athr Foundation, Ibrahim Romman, highlighted the program’s impact and told Arab News: “Each resident’s exploration of ‘movement’ became an invitation to reflect on how stories, spaces and identities shift and intersect.

“Together, their work offered a richly layered response to the theme, presenting interdisciplinary perspectives that bridged the historical with the contemporary.”

Sudanese artist Rund Alarabi has created a poetic video installation bridging the cultural and architectural legacies of the port cities of Jeddah and Suakin, Sudan.

Vietnamese curator Nhat Q. Vo centered his project around Al-Shafi’i Mosque. (Supplied)

Her project delves into the undocumented and intangible aspects of collective memory. She told Arab News: “Living between Frankfurt, Khartoum and Jeddah has fed my practice with various materials and unraveled new ways of misunderstanding. This has led me to question what I consider to be given and rethink my understanding of global and local consensus.”

Featuring sensory elements such as soundscapes composed of everyday cooking utensils, her installation forges an intimate connection to cultural memory. “Sound and moving images act as vessels that challenge our understanding of reality. They highlight overlooked aspects of our existence by infiltrating beyond our preconceived assumptions,” she said.

Filmmaker Nada Al-Mojadedi drew inspiration from Hejazi folklore to craft an immersive narrative that seamlessly blends performance, textiles and moving images. Her dual-room installation transformed her studio into a theatrical set, inviting visitors to journey through time.

Sudanese artist Rund Alarabi’s video installation bridged the architectural legacies of the port cities of Jeddah and Suakin, Sudan. (Supplied)

Al-Mojadedi explained: “I wanted to blur the lines between performer and observer, offering an intimate reflection on identity and memory.”

Speaking about her approach to the theme, she added: “For me, movement transcends the physical; it embodies the unseen — a constant, evolving force of imagination, a ‘quantum dance’ through time and space. This concept guided my exploration of Hejazi folklore, where I intertwined heritage with newly crafted urban legends.

“Immersing myself in Al-Balad’s vibrant life and stories, and inspired by my connection to Bait Shouaib and a visiting butterfly, I created Haleema, a Hejazi urban legend inspired by the untold stories of women who once lived in these spaces.”

Reflecting on her creative process, Al-Mojadedi said: “My work layers the personal with the performative, reimagining space as both a site of storytelling and an active participant in the narrative. Being part of this residency was an enriching experience that allowed us to delve into the dynamic cultural tapestry of Al-Balad and contribute our individual narratives to its enduring story.”

Similarly, another artist, Nhat Q. Vo, a Vietnamese curator and cultural worker, explored the transient histories of Jeddah’s migrant worker communities, centering his project around Al-Shafi’i Mosque, a hub of cultural exchange.

“When I arrived in Al-Balad, I was drawn to its physical environment and the untold stories of the laborers who sustain Historic Jeddah. At first, the language barrier made it difficult to connect, but my discovery of Al-Shafi’i Mosque changed everything.

“The sight of people gathering for iftar, united by faith despite their differences, inspired me to represent their stories through their shared rituals rather than words.”

Speaking about how architecture informed his creative approach, he said: “Architecture became a vessel for these narratives, a place where diverse communities converge. Using over 70 meters of fabric to replace the plastic sufra at the mosque, I allowed the material to absorb the traces of shared meals and human connection.

“The fabric, marked by food crumbs, oil stains and creases, became a tangible record of collective memory. For me, the real inspiration comes from the people whose lives and routines shape the rich tapestry of these spaces.”

Riyadh-based artist and architect, Hayfa Algwaiz, has created a site-specific mobile installation in Bait Shouaib’s stairwell, or minwar, exploring the interplay between movement, space and architectural elements.

Activating the stairwell as a dynamic participant in her narrative, she said: “The subtle movement of the mobile mirrored the ephemeral qualities of light, air and transition experienced in Al-Balad. By focusing on a single element, I was able to honor the historic significance of the space while introducing contemporary artistic interpretations.”

Elaborating on her approach, she said: “As an artist and architect, I strive to bridge the past and the present by focusing on elements that connect them, such as the framed openings in historic structures like Bait Shouaib. These openings, adorned with intricate ornamentation, are constants that I deconstruct and reconstruct to reflect our contemporary times.

“In Saudi Arabia’s rapidly changing urban landscape, I aim to spark a dialogue around what should be preserved and what can evolve. By reinterpreting traditional materials, spatial layouts and ornamentation into modern expressions, I hope to honor our cultural identity while embracing the future.”

Animated by natural airflow, her installation reflects the residency’s ethos of bridging tradition with innovation.

“Architecture has the potential to transform into a living, breathing entity, and I sought to capture that essence,” she said.

 


Saudi ambassador meets member of Mauritius National Assembly

Updated 01 February 2025
Follow

Saudi ambassador meets member of Mauritius National Assembly

  • They discussed bilateral relations and ways to enhance them, as well as other topics of common interest

PORT LOUIS: Saudi Ambassador to Mauritius Fayez bin Meshal Al-Temyat recently met with Rubna Daureeawo, member of the Mauritius National Assembly​, according to a post on the Saudi embassy’s account on X.

During the meeting, they discussed bilateral relations and ways to enhance them, as well as other topics of common interest.

In a separate meeting, Al-Temyat met with Shirin Aumeeruddy-Cziffra, speaker of the national assembly, and discussed relations between Saudi Arabia and Mauritius and ways to strengthen them.

 


Makkah hosts 10th international military Qur’an contest

Updated 01 February 2025
Follow

Makkah hosts 10th international military Qur’an contest

  • 179 participants from 32 Islamic countries to compete, promote moderate Islamic values

MAKKAH: The 10th International Military Qur’an Memorization Competition launched on Saturday in Makkah, attracting 179 participants from 32 countries.

Organized by the General Administration of Religious Affairs of the Armed Forces under the patronage of Defense Minister Prince Khalid bin Salman, the event promotes the significance of the Qur’an, encourages its memorization, and highlights Saudi Arabia’s role in serving Islam’s holy book and as the custodian of Islam’s holiest sites.

The competition features six categories: full Qur’an memorization; 20-part, 10-part, five-part, and three-part memorization; and a special category for recitation and tajweed (proper pronunciation).

Parallel activities include a Qur’anic forum for religious affairs directors and imams, showcasing Saudi Arabia’s efforts in Qur’an printing, translation, and distribution.

The forum also discusses the Qur’an’s moral values, the Kingdom’s contributions through its ministries, and the impact of tajweed on understanding the Qur’an.

Additionally, the General Administration of Religious Affairs offers training programs for religious affairs personnel across the armed forces, focusing on Qur’anic teaching methods and enhancing the skills of instructors and competition judges.

Maj. Gen. Mesfer Al-Issa, director of the General Administration of Religious Affairs and competition supervisor, described the event as a significant initiative to honor the Qur’an.

Al-Issa emphasized the Kingdom’s commitment to hosting this event, reflecting the leadership’s dedication to serving the Qur’an.

In an interview with Arab News, he highlighted the event’s profound impact on participants, especially as it takes place in the holy cities of Makkah and Madinah.

Al-Issa said that the Qur’an guides soldiers, shaping their character and values, and encouraging psychological, behavioral, and spiritual stability.

Soldiers grounded in the Qur’an and Sunnah are more balanced and resilient, contributing to the development of morally and spiritually strong armed forces, he said.

The 14-day event will include 10 days in Makkah before moving to Madinah for four days, where participants will visit the Prophet’s Mosque and other Islamic landmarks.

Judges, including imams from the Two Holy Mosques and Qur’anic scholars, use an advanced electronic evaluation system called “Insaf” (Fairness) for transparent scoring.

Contestants receive immediate feedback on memorization, pronunciation, tajweed, and error rates.

Al-Issa said that soldiers are selected through year-long national competitions to identify top military memorizers.

The competition also serves as a platform for military personnel from Islamic nations to promote moderate Islamic values and a proper understanding of the Qur’an through scientific forums.

Al-Issa said that the competition strengthens the Qur’an’s role in Islamic armed forces, supporting efforts to memorize, recite, and reflect on its teachings.

This helps build a generation of soldiers rooted in Islamic knowledge and guided by noble values, he added.


Eltiqa dazzles Kingdom’s capital with Saudi, Brazilian performance arts

Updated 01 February 2025
Follow

Eltiqa dazzles Kingdom’s capital with Saudi, Brazilian performance arts

  • Event organized by Royal Institute of Traditional Arts and held under patronage of Minister of Culture Prince Badr bin Abdullah bin Farhan
  • Featured Saudi and Brazilian traditional performances

RIYADH: Highlighting the shared artistic heritage of Saudi Arabia and Brazil, Eltiqa once again captured hearts in the Kingdom’s capital this weekend.

Organized by the Royal Institute of Traditional Arts, and held under the patronage of Minister of Culture Prince Badr bin Abdullah bin Farhan, the event featured Saudi and Brazilian traditional performances and arts at the King Fahd Cultural Center.

“I wanted to see the mix (of cultures) that they have done between Saudi and Brazilian culture,” said Abdulaziz Al-Ansari, one of the visitors at Eltiqa. “It’s honestly amazing. I didn’t even 1 percent imagine it would be this good.”

The event highlighted the harmony between the two countries through five performances from each side and a combined dance performance that merged the traditional arts of Saudi Arabia and Brazil.

Asma Al-Sayyari, a social media influencer and visitor, described the event as “magical.” She added: “What I liked the most was they brought 100 percent Saudi culture, 100 percent Brazilian culture, then they mixed the two very beautifully.”

The cultural center also displayed a collaborative artwork titled “Harmony” by a Saudi artist and a Brazilian artist, as well as 15 cultural events such as movement activities, art pieces, and workshops to connect people and introduce the visual arts of both countries.

“Extraordinary … I salute Saudi Arabia and I salute the Brazilian people,” said Samar Abdullah, a Saudi model and visitor at Eltiqa.

Eltiqa is one of many Wrth initiatives that aims to promote global cultural exchange between the Kingdom and other countries, as well as create a platform to link traditional arts locally and internationally.

Through such events, the center hopes to present Saudi Arabia’s traditional arts as part of Saudi Vision 2030’s objective to preserve and enhance cultural heritage.

“You can’t imagine how full I am with beautiful energy. I feel very, very good,” said Yusha Al-Sayyari, another visitor.


Umrah guests laud Saudi efforts to preserve holy sites

Updated 01 February 2025
Follow

Umrah guests laud Saudi efforts to preserve holy sites

JEDDAH: The third group of guests from the Custodian of the Two Holy Mosques Program for Umrah and Visit, organized by the Ministry of Islamic Affairs, visited the King Abdulaziz Complex for the Holy Kaaba kiswa.

They toured the facility and learned about the kiswa’s production process and raw materials, the Saudi Press Agency reported.

The guests also visited the Revelation Exhibition in the Hira Cultural District, where they explored the story of the Qur’an’s revelation.

The group includes 250 Umrah performers from 18 African countries, the SPA reported.

Guests praised Saudi Arabia’s efforts to preserve historical sites in Makkah and Madinah, and highlighted projects that recreate the Prophet Muhammad’s journey, enriching visitors’ connections to his life.

They acknowledged development projects enhancing the experience for Umrah performers, pilgrims and visitors, according to the SPA.