At the forefront of this movement is "Muzn," a Saudi company that leverages artificial intelligence to fight financial cybercrimes through its notable platforms, "Focal" and "Usus."

Fighting Financial Crimes

"Focal" is an AI-driven platform dedicated to battling financial cybercrimes. It provides innovative solutions bolstered by the latest and most powerful AI technologies to shield institutions and their clients from suspicious activities and financial risks. Malik Al-Yousef, COO and co-founder of "Muzn," explained to "Al Sharq Al Awsat" in Riyadh that "Focal" stands out for its ability to assist financial institutions by offering software that enables decision-making across all customer touchpoints. The platform's AI engine delves into the patterns and behaviors of fraudsters, thereby fostering a safer ecosystem.

The Staggering Cost of Fraud

The global financial cost of cybercrimes is estimated to reach approximately $6 trillion annually, according to "Cybersecurity Ventures" in 2023. These crimes impose a substantial burden on nations' economies by affecting companies, individuals, and governments through data theft, information system breaches, and electronic extortion. The fight against these crimes is estimated to cost around $200 billion. In this context, Malik Al-Yousef highlights the indispensable role of "Focal" in combating financial crimes. "Muzn" has already demonstrated significant success with "Focal," securing over 10 million financial transactions instantaneously and safeguarding access to financial institutions' infrastructure.

"Muzn" is committed to staying abreast of AI advancements by innovating products and solutions that drive digital evolution, cater to institutions' unique needs, and minimize risks. Thus, it introduced another platform named "Usus," which is a specialized Large Language Model (LLM) designed to navigate the complexities of Arabic data for decision-making. Al-Yousef describes "Usus" as the most accurate Arabic language model in the market, designed to empower financial institutions and governments to effectively utilize Arabic data.

With capabilities ranging from institutional research to chat applications, "Usus" is a tailored solution akin to "Chat GPT" but specifically developed for Arabic, addressing a significant gap in the AI landscape.

Facts and Figures

- The Middle East, with Saudi Arabia taking the lion's share of profits, is expected to benefit from $320 billion in global gains from AI by 2030, according to "PwC".

- Al-Yousef emphasizes the unique position of "Muzn's" technology, promising it to be a blend of profound AI research and expert field experience to develop solutions from scratch.

- The AI's contribution to the Middle East's economy is projected to be $135.2 billion by 2030, according to "PwC".

Gulf countries, led by Saudi Arabia, demonstrate a keen understanding and commitment to incorporating AI into their future visions. Initiatives like "Saudi Vision 2030" and the "National Strategy for Artificial Intelligence" lay the groundwork for a future rich in AI-driven innovations. Through various advancements in Arabic AI, "Muzn" paves the way for a digital future that is safer, more connected, and inclusive, with a commitment to regional empowerment and innovation.