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

Special 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

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.

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.”

 

 


DCO launches new AI ethics tool to advance responsible technology use

DCO launches new AI ethics tool to advance responsible technology use
Updated 7 sec ago
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DCO launches new AI ethics tool to advance responsible technology use

DCO launches new AI ethics tool to advance responsible technology use
  • DCO AI Ethics Evaluator marks an important milestone in the organization’s efforts to translate its principles for ethical AI into practical action

GENEVA: Saudi Arabia’s Digital Cooperation Organization has launched a pioneering policy tool designed to help governments, businesses and developers ensure artificial intelligence systems are ethically sound and aligned with human rights principles, it was announced on Friday.

Unveiled during the AI for Good Summit 2025 and the WSIS+20 conference in Geneva, the DCO AI Ethics Evaluator marks an important milestone in the organization’s efforts to translate its principles for ethical AI into practical action, it said.

The tool is a self-assessment framework enabling users to identify and mitigate ethical risks associated with AI technologies across six key dimensions.

It provides tailored reports featuring visual profiles and actionable recommendations, aiming to embed ethical considerations at every stage of AI development and deployment.

Speaking at the launch, Omar Saud Al-Omar, Kuwait’s minister of state for communication affairs and current chairman of the DCO Council, described the tool as a resource to help AI stakeholders “align with ethical standards and apply strategies to mitigate human rights impacts.”

He said it drew on extensive research and global consultation to address the growing demand for responsible AI governance.

DCO Secretary-General Deemah Al-Yahya highlighted the urgency of the initiative: “AI without ethics is not progress, it’s a threat. A threat to human dignity, to public trust, and to the very values that bind our societies together.”

She continued: “This is not just another checklist, it is a principled stand, built on best practices and rooted in human rights, to confront algorithmic bias, data exploitation and hidden ethical blind spots in AI.”

Al-Yahya emphasized the evaluator’s wide applicability: “It’s not just for governments, but for anyone building our digital future — developers, regulators, innovators. This is a compass for responsible AI, because ethical standards are no longer optional. They are non-negotiable.”

Alaa Abdulaal, the DCO’s chief of digital economy intelligence, provided a demonstration of the tool at the launch.

“The future of AI will not be shaped by how fast we code, but by the values we choose to encode,” he said.


‘Adopt a Coral’ community restoration initiative unveiled

‘Adopt a Coral’ community restoration initiative unveiled
Updated 11 July 2025
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‘Adopt a Coral’ community restoration initiative unveiled

‘Adopt a Coral’ community restoration initiative unveiled
  • SHAMS has developed the program using proven scientific methods for identifying damaged reef areas
  • The project represents a significant step in Saudi Arabia’s marine conservation efforts

RIYADH: A new environmental initiative aimed at directly involving local communities in coral reef rehabilitation will be launched on Saturday.

The innovative “Adopt a Coral” scheme, by the General Organization for the Conservation of Coral Reefs and Turtles in the Red Sea (SHAMS), will also promote awareness of marine ecosystem preservation.

The project represents a significant step in Saudi Arabia’s marine conservation efforts, supporting Vision 2030 sustainability goals and the Saudi Green Initiative’s mission to prevent ecosystem decline and protect biodiversity.

SHAMS has developed the program using proven scientific methods for identifying damaged reef areas and implementing cutting-edge rehabilitation techniques. The organization’s track record includes successful long-term monitoring systems that measure ecosystem recovery over extended periods.

The initiative offers a range of opportunities for those taking part, from hands-on coral seedling planting to educational workshops addressing major reef threats, including climate change and marine pollution. It particularly targets Saudi Arabia’s diving community as active contributors to reef monitoring and public education efforts.

Central to the program is a symbolic adoption concept, where participants take responsibility for specific coral sections.

Initial implementation will focus on selected Red Sea coastal sites, with gradual expansion planned to maximize both long-term environmental impact and sustainable community involvement.

As environmental pressures mount, “Adopt a Coral” initiative offers a practical model for community-based conservation of the fragile underwater habitats and reflects SHAMS’s broader mission to transform environmental protection into tangible community action.


Ladder of the Holy Kaaba: A symbol of care for the holiest of sites

Ladder of the Holy Kaaba: A symbol of care for the holiest of sites
Updated 11 July 2025
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Ladder of the Holy Kaaba: A symbol of care for the holiest of sites

Ladder of the Holy Kaaba: A symbol of care for the holiest of sites
  • The ladder of the Holy Kaaba represents a unique piece that has witnessed, over the past 25 years, the occasions of washing the Kaaba

Makkah: The ladder of the Holy Kaaba represents a unique piece that has witnessed, over the past 25 years, the occasions of washing the Kaaba and has remained present throughout, reflecting the great care for the holiest site, SPA reports.

The General Authority for the Affairs of the Grand Mosque and the Prophet’s Mosque explained that the ladder, which was brought in 2000, is powered by 24 batteries.

At its top, it includes a platform to illuminate the interior of the Holy Kaaba, along with central air-conditioning vents for cooling the inside of the Kaaba. It also contains three tanks for air-conditioning water, one tank designated for washing the Kaaba, and another for return water.

The General Authority said that it has provided all advanced technologies, including those used in crafting the Kaaba’s ladder, which was made from teak wood, the finest type of wood, with a length of 5.65 meters, a height of 4.80 meters, a width of 1.88 meters, and a weight of 6,500 kg.

According to SPA, this comes as part of the General Authority’s commitment to providing all advanced technologies for the components of the Holy Kaaba, in line with the directives of the leadership.


Visit Saudi, ‘Doraemon’ collaborate on culture at Expo 2025

Visit Saudi, ‘Doraemon’ collaborate on culture at Expo 2025
Updated 11 July 2025
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Visit Saudi, ‘Doraemon’ collaborate on culture at Expo 2025

Visit Saudi, ‘Doraemon’ collaborate on culture at Expo 2025
  • Doraemon character in 40 films, 3,000 TV episodes since 1969
  • Part of Saudi Pavilion’s ‘Wonders of Arabia’ showing tourist sites

OSAKA: Visit Saudi, the brand identity of the Saudi Tourism Authority, is collaborating with the creators of the renowned Japanese anime “Doraemon” at Expo 2025 Osaka, to promote the Kingdom’s culture in a fun and engaging manner.

The collaboration is a part of the Saudi Pavilion’s “Wonders of Arabia” exhibition launched on Thursday, which also celebrates the 70th anniversary of relations between the two nations.

Taking place until July 16, visitors can follow the iconic blue robot cat named Doraemon as he explores the Kingdom’s destinations throughout the exhibition.

A QR code can be scanned to take a quiz on various Saudi destinations. The first 250 guests daily will receive a special “Doraemon” tote bag after completing the experience.

 

 

In a video released by Doraemon’s creators, the character is seen wandering around Saudi Arabia landmarks through his popular pink portal door that allows him to explore any place at any time.

Surrounded by Saudi Arabia’s majestic landscapes, the character searches for his best friend Nobita, who makes a quick appearance. He returns to the Saudi Pavilion at the end of his journey, encouraging people to visit it.

“That was amazing. Come see it for yourself — and don’t forget to collect your limited-edition Doraemon tote bag after the experience,” the character says at the end of the video.

Located inside the Osaka Expo Exhibition Center, the “Wonders of Arabia” exhibition offers workshops, interactive presentations, photobooths, and live demonstrations of Saudi and Japanese calligraphy.

The exhibition is also offering an interactive virtual reality experience simulating Formula 1 races, and highlights of the Esports World Cup currently taking place in Riyadh.

Doraemon has become a cultural icon in Japan since the manga debuted in 1969, appearing in more than 40 feature films and 3,000 TV episodes.

Expo 2025 Osaka began in April and concludes in October.

• This article also appears on Arab News Japan


How AI could make Saudi Arabia’s construction sites safer and more efficient

How AI could make Saudi Arabia’s construction sites safer and more efficient
Updated 11 July 2025
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How AI could make Saudi Arabia’s construction sites safer and more efficient

How AI could make Saudi Arabia’s construction sites safer and more efficient
  • Construction remains one of the most dangerous and under-digitized industries, prompting a growing demand for real-time safety solutions
  • AI-driven tools are increasingly viewed not as job threats but as vital safeguards enhancing judgment, oversight, and worker protection

RIYADH: Across the global construction sector, long considered one of the most resistant to digitization, a quiet revolution is unfolding.

Artificial intelligence is no longer a mere buzzword confined to laboratories and boardrooms. It is increasingly present in the urban fabric, embedded into scaffolding, concrete and command centers.

One company at the heart of this shift is viAct, a Hong Kong-based AI firm co-founded by Gary Ng and Hugo Cheuk. Their aim is to make construction safer, smarter and significantly more productive using a scenario-based AI engine built for complex, high-risk environments.

“Despite being one of the most labor-intensive and hazardous industries, construction remains vastly under-digitized,” Ng told Arab News. “We saw this as an opportunity to bring AI-driven automation and insights to frontline operations.

Unlike conventional surveillance tools that simply record footage, viAct’s platform acts like a digital foreman. It interprets real-time visual data to detect unsafe practices, productivity gaps and anomalies, all without human supervision.

At the core of the platform are intelligent video analytics powered by edge computing. By processing visuals from jobsite cameras and sensors, viAct can flag whether a worker has entered a restricted zone, whether proper personal protective equipment is being worn, or if a crane is operating unsafely.

“This is not just about object detection,” said Ng. “Our AI understands context. It recognizes behaviors — like a worker being too close to the edge without a harness or a truck reversing unsafely — and acts in real time.”

That ability to contextualize data is crucial in megaprojects, where risks multiply with size.

The firm’s technology has already been deployed across East Asia and parts of Europe. Now, the company is eyeing Saudi Arabia and the wider Gulf region, where giga-projects are transforming skylines at record speed.

Ng confirmed viAct is in active discussions to enter the Saudi market.

“Saudi Arabia’s Vision 2030 is deeply aligned with our mission,” he said. “There’s a growing demand for AI in infrastructure — not just for safety, but also for efficiency, environmental compliance, and transparency.

From NEOM and The Line to Qiddiya and Diriyah Gate, Saudi Arabia is leading one of the most ambitious construction booms in the world. These projects involve thousands of workers, advanced logistics and constant oversight.

However, traditional safety audits and manual inspections are no longer sufficient. “With projects of this scale, real-time monitoring is not a luxury — it’s a necessity,” said Ng.

While viAct hasn’t yet launched in the Kingdom, its platform is fully prepared for Arabic localization and regional compliance standards, including Saudi labor laws and Gulf Cooperation Council safety codes.

What sets viAct apart is how seamlessly it integrates with existing infrastructure. Rather than requiring expensive proprietary equipment, the platform works with standard CCTV cameras and can be deployed in both urban and remote sites.

 

“Our system is plug-and-play,” said Ng. “You don’t need to overhaul your entire setup to use AI. That makes it ideal for companies in transition or for phased construction timelines.”

Its use of edge AI, meaning data is processed on site rather than in a distant cloud, allows viAct to deliver insights even in areas with weak internet connectivity. This feature is particularly useful in Saudi Arabia’s more isolated development zones or early-phase sites with minimal setup.

Its software is also highly customizable. For instance, a client building a hospital might prioritize fall detection and material delays, while a contractor working on an airport runway may need to monitor large machinery and perimeter access.

As automation reshapes industries, many worry that people are being replaced by machines. But Ng insists that viAct’s goal is not to eliminate workers — it is to protect them.

“We’re not building robots to take over,” he said. “We’re building tools that enhance human judgment and ensure safety. When a worker is alerted to a risk before an accident occurs, that’s AI doing its best job.”

In fact, many of viAct’s clients report that once site workers understand the system is not spying on them, but rather observing unsafe situations, adoption becomes smoother. Managers gain better oversight and laborers gain peace of mind.

“We see this as a collaboration between human intelligence and artificial intelligence,” Ng said. “Each has strengths. Together, they’re far more effective.”

Gary Ng co-founded viAct, a Hong Kong-based AI firm, with Hugo Cheuk. (Supplied)

Deploying AI in construction also brings ethical questions to the forefront, particularly in projects run by government entities or involving public infrastructure. Ng is upfront about these concerns.

“All our solutions are GDPR-compliant and privacy-first,” he said, referring to the EU’s General Data Protection Regulation, a comprehensive set of rules designed to protect the personal data of individuals.

“We don’t use facial recognition and we don’t track individuals. The focus is purely on safety, compliance and productivity.”

Workers are anonymized in the system, with all data encrypted and stored securely. Dashboards used by contractors and project leads include logs, alerts and safety scores, allowing for clear documentation and accountability without compromising personal privacy.

This is especially important in the Gulf, where projects often involve multinational labor forces and cross-border stakeholders

Looking ahead, viAct plans to double down on its expansion in the Middle East, continue advancing its AI models and advocate for ethical AI deployment in high-risk sectors.

The company is also exploring ways to integrate predictive analytics, allowing clients to foresee and prevent incidents before they occur. This could eventually shift AI’s role from reactive to proactive, forecasting safety breaches, delivery delays or environmental compliance issues in advance.

Ng believes this kind of intelligent foresight will soon become standard across the construction industry.

“It’s not about replacing humans,” he said. “It’s about building a smarter site, one where decisions are faster, risks are fewer, and lives are safer.”

In the age of giga-projects, that is a future Saudi Arabia is already building.

 

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