• Home
• /
• Tech
• /
• Business

AI adoption widening in the region

UAE's digital strategies help boost innovation, official says

The current state of AI adoption and innovation in the UAE and the region is highly promising and rapidly evolving. The UAE has been proactive in embracing AI technologies across various sectors, with initiatives like UAE’s strategy for artificial intelligence driving innovation and adoption, a senior official said.

“From our perspective, this evolving landscape presents several strategic opportunities for businesses, as AI adoption allows businesses to automate repetitive tasks, optimize processes, and allocate resources more efficiently, leading to increased productivity and cost savings. It will also help businesses to gain deeper insights from vast amounts of data, facilitating data-driven decision-making and strategic planning,” Malik Alyousef, co-founder & chief operating officer, Mozn, a AI company, told Khaleej Times in an interview on the sidelines of the Dubai Fintech Summit.

Alyousef stressed the importance of taking part in events like the Fintech Summit. “Being present at events like these is significant because it highlights our role and contribution to the fintech industry across the region. It also provides an invaluable opportunity to raise awareness about the implementation of AI, network with industry experts, connect with potential partners, and explore collaborations that can drive further expansion and innovation,” he said.

Mozn showcased its cutting-edge offering FOCAL at the summit. The AI-powered platform is designed to redefine fraud prevention and compliance across the financial industry.

FOCAL utilizes advanced AI algorithms to analyze vast amounts of financial and non-financial data in real time, detecting patterns and anomalies associated with money laundering and fraud. “By automating compliance processes, continuously monitoring transactions, and providing actionable insights, FOCAL enables financial institutions to prevent illicit activities, maintain regulatory compliance, and safeguard assets. This contributes to economic growth by ensuring the integrity of the digital financial system, fostering trust among stakeholders, and promoting a conducive environment for sustainable development,” Alyousef said.

Mozn’s cutting-edge innovations are pivotal in reshaping and influencing the finance sector across the UAE and the broader region, Alyousef said. “Our AI-powered offerings, particularly FOCAL, have revolutionized fraud prevention and compliance measures, providing financial institutions with unprecedented capabilities to detect and mitigate risks proactively. By leveraging advanced algorithms and real-time data analysis, FOCAL not only enhances security but also reduces operational costs and regulatory burdens,” he added.