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Saudi Arabia’s Mozn partners with Google Cloud to combat financial crime


In a bid to reduce financial crime globally, Saudi tech company Mozn has signed an agreement with Google Cloud on the sidelines of the LEAP 2024 conference in Riyadh. 

The deal will bring the company’s product “FOCAL” to the global stage, allowing financial institutions worldwide to utilize it, Mohammed Al-Hussein, the company’s CEO, told Arab News in an interview. The news reported by Arab News.



FOCAL is an artificial intelligence-powered anti-financial crime product that helps financial institutions combat fund-related crime, he explained.


“We’re proud that FOCAL right now is with a lot of financial institutions in Saudi and also outside of Saudi,” the executive said. 


He outlined that financial crime is causing more than $200 billion in losses to the global economy, underscoring the need to reduce that number to benefit economies in the region and beyond. 


Al-Hussein said: “Definitely helping reduce those numbers is extremely beneficial to all economies, whether it’s in the Middle East or across the globe. So what we’re doing, what we’re focusing on is how can we actually help reduce those numbers by providing software that can enable financial institutions and economies at large to prosper by reducing and limiting the impact of financial crisis.”


He added: “So now FOCAL, a Saudi product, is available across the globe through Google Cloud to where financial institutions across the globe can benefit from FOCAL to combat financial crime. So it’s this partnership focused on providing protection.”


Highlighting the growing prominence of the cloud and the need to protect it, the CEO outlined that many of the major players in the tech field are eager to use the cloud, saying: “Whether it’s Google, Amazon, Oracle or other cloud providers, they’re extremely excited to use cloud providers.”


The company is now looking to enable those cloud providers by making available AI software that can enhance the experience and attend to customers’ needs, whether in the financial sector or another division, he noted. 


Al-Hussein said: “There is a lot of applications right now where we’re seeing already AI being very, very useful, for example, processing insurance claims. This is a process that takes a lot of time from a lot of people. That’s painful for customers, for hospitals, for insurance companies to make sure that decisions are being made reliably and also efficiently. 


He added: “But right now, you know, AI is being adopted in such process to where we’re actually gaining benefits from that.”


The CEO concluded by highlighting the “tremendous opportunities” that AI allows for, especially on the enterprise level, saying: “If we look at, for example, a lot of processes that are that have historically been manually driven processes that involved a lot of experts opinions in order to drive that process. AI is enabling us right now to automate a lot of that processes.”


FOCAL Anti-Fraud


FOCAL Anti-Fraud can confirm the identity of payees automatically by checking data input against the destination account’s records. The product combats fraud by combining a wealth of datapoints to score Fraud risk and then compare the derived score against custom risk appetite thresholds. The innovative new product automatically selects the best next action based on their assessed legitimacy, thereby minimizing impact for the customers of financial institutions. To date, FOCAL has been able to successfully complete more than 1 billion security and identity checks for its clients, detect hundreds of millions in Saudi Riyals worth of fraud and money laundering crimes in Saudi Arabia, in the past few months only. FOCAL has also been able to monitor more than 3 Million customers and SAR 8 Billion worth of transactions – providing financial institutions the ease of mind needed to grow and innovate and secure digital finance for humanity.


FOCAL Anti-Fraud’s sophisticated design means it can expose fraudulent activity through the application of deep AI network analysis to identify devices, Geo/IP addresses, and other attributes commonly used in the detection of criminal activity. The platform’s reporting system instantly flags suspicious activity and integrates it into the Fraud Score to strengthen ongoing protections.


“Banks, fintech providers, insurance companies and brokers, and indeed any industry that finds itself in the crosshairs of fraudsters will welcome the announcement of FOCAL Anti-Fraud,” said Dr. Mohammed Alhussein, Founder and CEO of Mozn. “At Mozn, we not only address the challenges of today; we look out for what is ahead to ensure that the hurdles of this year and the next are no barrier to economic innovators both inside the kingdom and across the region. FOCAL Anti-Fraud penalises fraudsters, not consumers, and delivers rapid time-to-value by empowering better decisions. Mozn will continue to fight financial fraudsters with our state-of-the-art AI-powered products and solutions so that businesses can improve their risk management and enhance protection for themselves and their customers.”


Mozn’s Anti-Fraud product will run as part of its wider FOCAL suite that is rapidly bolstering the region’s fight against money-laundering. FOCAL’s AML product screens customers using advanced name-matching algorithms designed specifically for Arabic- and Latin-text characters and compares them against more than 1,300 up-to-date global and local sanctions and PEP lists.


About Mozn

Mozn is a Saudi technology company that harnesses the power of Artificial Intelligence to innovate and build Products and Solutions for the advancement of digital humanity. SOLUTIONS by Mozn provides tailored Artificial Intelligence solutions to solve unique challenges and digitally transform organizations while FOCAL by Mozn is the leading AI-powered financial crime prevention suite. 



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