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)
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Updated 01 November 2024
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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.




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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.

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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.”
 

 


Sand and Fun Saudi aviation show soars to new heights

Updated 14 sec ago
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Sand and Fun Saudi aviation show soars to new heights

  • Highlight in the Saudi aviation calendar was inaugurated by Riyadh Gov. Prince Faisal bin Bandar alongside Prince Sultan bin Salman
  • Capt. Farris Muneer: We have day and night shows featuring breathtaking aerobatics, fireworks and music, creating an exhilarating atmosphere for all attendees

RIYADH: An aviation show in Riyadh is captivating audiences through stunning aerobatic displays and a vast lineup of aircraft.

Sand and Fun 2024 is running from Nov. 19-23 at Thumamah Airport in the Saudi capital, and is targeting 100,000 visitors this year, organizers say.

The highlight in the Saudi aviation calendar was inaugurated by Riyadh Gov. Prince Faisal bin Bandar alongside Prince Sultan bin Salman, the founder and chairman of the Saudi Aviation Club.

Prince Sultan expressed his gratitude to King Salman and Crown Prince Mohammed bin Salman for their support in advancing various fields, particularly aviation.

He said that hosting the show reflects Saudi Arabia’s strategic expansion within the aviation industry, highlighting the Saudi Aviation Club’s dedication to enhancing the Kingdom’s position both regionally and globally in line with Saudi Vision 2030.

They were joined by notable figures such as Abdulaziz bin Abdullah Al-Duailej, chairman of the General Authority of Civil Aviation, senior officials, ambassadors and aviation enthusiasts from around the world.

Ahmed Al-Fahaid, a board member and general adviser for the Saudi Aviation Club, highlighted the scale of this year’s show, including more than 100 aircraft and an array of companies and public sector representatives.

“We are targeting more than 100,000 visitors this year, and we have seen a strong interest from schools, with more than 250 participating in various activities,” he said.

The show aims to showcase aviation innovations and inspire the next generation of professionals in the industry.

Sand and Fun features several key attractions, including an expansive exhibition area where businesses can connect, network and showcase their capabilities.

Capt. Farris Muneer, a board member and chairman adviser at the Saudi Aviation Club, highlighted the event’s expansion to a five-day show.

He said that it showcases the “exceptional capabilities” of the Saudi Air Force and various government aviation units, along with international airshow teams.

“We have day and night shows featuring breathtaking aerobatics, fireworks and music, creating an exhilarating atmosphere for all attendees.”

The show also serves as a platform for education, with workshops designed to inspire youth and children to consider careers in aviation.

It coincides with the 118th General Conference of the Federation Aeronautique Internationale, which gathers delegates from 90 countries for critical discussions about the future of general aviation.

Visitors at Sand and Fun can engage with a variety of interactive exhibits and experiences, including virtual paragliding and rocket-building workshops.

Families and children are encouraged to explore the Avitainment Zone, which combines education and entertainment to spark curiosity about aviation.

One of the standout features of the show is the static display area, which allows attendees to view advanced military and civilian aircraft up close.

Contributions from the Ministry of Defense, National Guard and other key organizations provide a unique opportunity for visitors to appreciate the technology behind aircraft.

With more than 100 exhibitors participating, the event is expected to be largest aviation show in the Kingdom’s history.

Exhibits showcase cutting-edge aviation technologies such as 3D printing, flight simulators, drone demonstrations and laser shows.

Highlights include the SkyVentures aerial show, featuring more than 15 international aeorbatic teams. Notable performances by celebrated teams, including the Saudi Falcons and Poland’s Phoenix Paramotors Display Team, promise to mesmerize attendees.


Prince Faisal bin Mishaal sponsors opening of QISR International Surgical Conference

Updated 21 November 2024
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Prince Faisal bin Mishaal sponsors opening of QISR International Surgical Conference

  • Conference, aimed at showcasing the latest surgical advancements, is being held at the King Khalid Cultural Center and will continue for three days

BURAIDAH: Qassim Gov. Prince Faisal bin Mishaal has sponsored the opening ceremony of the 2024 Qassim International Surgical Conference, under the theme “Revolutionizing Surgery with Technology.”

The event, aimed at showcasing the latest surgical advancements, is at the King Khalid Cultural Center and will continue for three days.

During the ceremony, Prince Faisal emphasized the importance of such conferences in harnessing modern technology to advance health care services, particularly in surgery, which has witnessed remarkable progress thanks to technological innovations.


Health minister begins official visit to Greece

Updated 21 November 2024
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Health minister begins official visit to Greece

  • Fahd bin Abdurrahman Al-Jalajel met with Greek counterpart Adonis Georgiadis
  • Al-Jalajel: Visit exemplifies the strong Saudi-Greek relations, enhances cooperation in mutual areas of interest and paves the way for future partnerships in healthcare innovation

RIYADH: Saudi Minister of Health Fahd bin Abdurrahman Al-Jalajel began his official visit to the Hellenic Republic on Thursday.

He will hold meetings with his Greek counterpart, Adonis Georgiadis, and pharmaceutical industry leaders.

The visit includes tours of Greek pharmaceutical facilities, aimed at exploring collaboration opportunities in drug research, development and local drug manufacturing.

“This visit exemplifies the strong Saudi-Greek relations, enhances cooperation in mutual areas of interest and paves the way for future partnerships in healthcare innovation,” Al-Jalajel said, highlighting the visit’s strategic importance for the healthcare sectors of both countries.

During the visit, Al-Jalajel will evaluate various healthcare initiatives, focusing on emergency response systems, telemedicine platforms and virtual healthcare solutions.

It aligns with Saudi Arabia’s Vision 2030 healthcare transformation goals, seeking to leverage international expertise to enhance service efficiency. Key areas of potential collaboration include virtual medicine, emergency services, digital health and enhancing healthcare services in tourist islands.


Museums Commission signs deal with National Center for Palms and Dates

Updated 21 November 2024
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Museums Commission signs deal with National Center for Palms and Dates

  • It aims to highlight the Kingdom’s cultural and historical identity

RIYADH: Saudi Arabia’s Museums Commission signed a memorandum of understanding with the National Center for Palms and Dates on Thursday during the International Dates Conference and Exhibition at the Roshan Front in Riyadh.

The MoU, signed by the director general of partnerships and business development at the commission, Khaled Baasiri, and the CEO of the center, Dr. Mohammed Al-Nuwairan, aims to highlight the Kingdom’s cultural and historical identity and enhance integration between government agencies to achieve the strategic objectives of Saudi Vision 2030. It aims to harness joint capabilities and expertise to develop the palm and dates sector, enhance its cultural value, and contribute to strengthening the national economy, in an effort to achieve fruitful cooperation between the two parties.

The agreement came within the framework of the two organizations’ efforts to provide an enriching cultural, educational and tourism environment for the community.

Al-Nuwairan said that the partnership aimed to achieve key goals that served the interests of both sectors alike.

“Through this cooperation, we seek to raise the heritage and cultural value of dates globally, as well as achieve promising economic income,” he said.

Al-Nuwairan said that there was a clear mechanism that had been agreed on with the commission. This included developing cultural and educational programs and interactive workshops inside museums and schools, with the aim of educating students and the public about the stages of palm cultivation, processing dates and linking them to the environmental heritage of the Kingdom.

Baasiri said that the commission was working on designing integrated cultural paths, including visits to historical farms, establishing a museum specializing in palm trees and dates, and holding exhibitions that told the story of palm trees and dates in the Kingdom.

“Palm trees and dates are of great importance in our Arab culture, as they are a symbol of authenticity and generosity, and this importance has made them an essential element of the museum narrative, whether in public or specialized museums,” he said.

Baasiri said that the commission would work to expand cooperation with intersecting government agencies and to learn about community desires from different parties, which contributed to diversifying cultural presentation methods and innovating smart display methods that contributed to achieving common strategic goals.

The move is part of making museums vital places that preserve heritage and present it in ways that contribute to enhancing knowledge and awareness among local and international visitors.


The road to COP16: synergy among conventions paves the way for Riyadh

Updated 21 November 2024
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The road to COP16: synergy among conventions paves the way for Riyadh

  • Khaled Al-Abdulkader: Land degradation impacts agricultural systems, soil fertility, and climate stability
  • Al-Abdulkader: If you invest $1 in land restoration, the returns can reach up to $30

BAKU: As the world looks ahead to COP16 in Riyadh, a clear message is emerging from discussions at COP29 in Baku: addressing global challenges requires breaking down silos between conventions on land, climate, and biodiversity. These three pillars are deeply interconnected, and their integration is essential for building a sustainable future.

The importance of land degradation is a recurring theme, with experts pointing to its role as both a symptom and a driver of broader environmental crises.

Land degradation not only diminishes biodiversity but also reduces agricultural productivity and undermines climate resilience, leading to an estimated $10 trillion in annual economic losses, according to the Economics of Land Degradation Initiative.

COP16 aims to position land rehabilitation at the forefront of global environmental policy by emphasizing its cross-cutting role in achieving sustainable development goals.

The intersection of land, climate, and biodiversity

In an interview with Arab News, Khaled Al-Abdulkader, CEO of Saudi Arabia’s National Center for Vegetation Cover Development, underlined the significance of restoring degraded lands as a cornerstone of integrated environmental action.

“Land degradation impacts agricultural systems, soil fertility, and climate stability. Restoring land not only enhances biodiversity and carbon sequestration but also offers significant economic benefits, creating opportunities for local communities,” he said.

Al-Abdulkader highlighted how Saudi Arabia is implementing initiatives that directly align with the objectives of the UN’s three major conventions: the UN Convention to Combat Desertification, the Convention on Biological Diversity, and the UN Framework Convention on Climate Change.

Projects such as mangrove restoration and ecosystem rehabilitation illustrate how land restoration can simultaneously support biodiversity, reduce carbon emissions, and provide financial returns.

“If you invest $1 in land restoration, the returns can reach up to $30. This demonstrates how land-based solutions can address not only environmental challenges but also economic and social priorities,” he added.

Nature-based solutions: a transformative investment

A panel discussion at the Saudi Pavilion during COP29 also shed light on the potential of nature-based solutions in tackling land degradation and its associated impacts. These involve human interventions that emphasize existing facets of healthy ecosystems.

Astrid Schomaker, executive secretary of the Convention on Biological Diversity, stressed that sustainable land use and rethinking agricultural practices are critical. “Nature-based solutions, when implemented with societal and environmental safeguards, yield outstanding returns. They represent a transformative investment for both ecosystems and communities,” she remarked.

Schomaker called for agriculture to shift towards more sustainable practices, recognizing its dual role as a contributor to and a victim of environmental degradation. This aligns with the broader push for nature-based solutions that can mitigate climate change, conserve biodiversity, and ensure food security, all while fostering economic resilience.

Saudi Arabia’s role on the global stage

As the host of COP16 in December, Saudi Arabia is poised to bring innovative frameworks to the table. Al-Abdulkader noted that the Riyadh conference will feature groundbreaking initiatives, including the introduction of thematic days focused on land, agricultural systems, innovation, and people.

The Kingdom has already demonstrated its leadership through its commitment to restoring vegetation cover and promoting sustainable land use. Such efforts align with Saudi Vision 2030, which prioritizes environmental sustainability alongside economic diversification.

The need for global synergy

COP16 in Riyadh will serve as a platform to enhance collaboration across borders, ensuring that land degradation, biodiversity loss, and climate action are addressed in tandem.

“We need to foster more synergy among the conventions,” Al-Abdulkader emphasized. “This includes not just technical cooperation but also mobilizing financial resources, improving institutional capacities, and ensuring that every stakeholder — from governments to local communities — is involved.”

The call for enhanced cooperation was echoed by Manual Pulgar-Vidal, former president of COP20, who emphasized the need for actionable targets that integrate the efforts of all three conventions. “The Riyadh conference will be an opportunity to launch a comprehensive action agenda that ensures land restoration remains a global priority,” he said.

The road ahead

With the road to COP16 now clearly mapped out, the focus is on uniting nations, organizations, and individuals to address the challenges of land degradation and its ripple effects. The discussions at COP29 have laid the groundwork for a future where land restoration is recognized not only as an environmental necessity but also as an economic opportunity.

The Riyadh conference promises to be a milestone in global environmental cooperation, with the potential to set new standards for integrating land, biodiversity, and climate objectives.