Riyadh - Sharikat Mubasher: Saudi Arabia actively integrated artificial intelligence (AI) into the financial sector to foster innovation, efficiency, and digital transformation, in alignment with the ambitious Vision 2030.

Malik Alyousef, Co-founder and COO of Mozn, a Saudi leader in enterprise AI technologies, stated that the Focal product helps reduce the risk of fraud by more than 80% and boost compliance with laws and regulations.

Focal, the AI-powered product to prevent financial crime, enables users to develop risk management strategies and accelerate customer verification processes by 85%, Alyousef said in an interview with Asharq Business.

The official further noted that the financial sector is a fertile ground for AI applications, clarifying that AI contributes to enhancing customers’ experience.

Focal provides tailored compliance solutions across several industries including banks, fintech, financing and lending, and insurance.

Mozn aims to empower organizations in making critical decisions through world-class software as a service (SaaS) products built on cutting-edge R&D and intelligence engines.