Saudi Arabia's AI powerhouse Mozn, a market leader in enterprise AI technologies, has signed a memorandum of understanding with Bayan Credit Bureau, headquartered in Riyadh. This collaboration aims to bolster the accessibility to financing for SMEs and enhance the Kingdom of Saudi Arabia's overall financial inclusion efforts. This partnership aligns strongly with the objectives outlined in the Financial Sector Development Program of Vision 2030, and marks a significant stride towards fostering private sector growth and bolstering SME financing in the Kingdom. The MoU was signed in the presence of Dr. Mohammed Alhussain, CEO and Founder of Mozn, and Eng. Mohammad Bamogaddam, CEO of Bayan. This pivotal collaboration reflects their mutual dedication and aligns perfectly with Vision 2030's drive for a more resilient financial sector. "This partnership between Mozn and Bayan is ultimately aimed at supporting the development of the financial industry in Saudi Arabia, in line with Saudi Vision 2030," said Eng. Mohammad Bamogaddam, CEO of Bayan Credit Bureau. "Our joint pledge to the business community is absolute: we aim to further enable financial institutions in their mission to support private sector growth." "The Kingdom of Saudi Arabia has emerged as a regional hub for SMEs, experiencing a substantial increase in their number, which has more than doubled to 1.14 million in 2022 since the initiation of the Vision 2030 program," said Dr. Mohammed Alhussein, CEO and Founder of Mozn. "This MoU emphasizes our steadfast dedication to bolstering private sector expansion through financial inclusion, alongside facilitating financial support for SMEs. Both Mozn and Bayan are exceptionally positioned to steer organizations on this path. Utilizing our core strengths, we have formed a compelling alliance that is geared towards fostering growth within a secure financial framework." Mozn is leading the movement to strengthen the financial industry throughout the Kingdom, and spearheading this change is FOCAL by Mozn, which excels in identifying, measuring, and mitigating risk. FOCAL has crossed over 2 billion checks to empower clients to improve customer experience efficiency and achieve compliance while taking a risk-based approach. This dedication to excellence was celebrated by FOCAL's recent recognition as one of the Top 200 FinTech Companies globally and one of the Top 25 in the "Digital Business Solutions" award by the prestigious Statista and CNBC.
