15 Feb Israeli cyber security firm ThetaRay seals first Emirati contract with Mashreqbank
Israel cyber technology firm ThetaRay has sealed a deal to support secure banking with Emirati bank Mashreqbank.
ThetaRay will license their financial crime detection tool to monitor transactions whilst also avoiding risk.
Scott Ramsay, Group Head of Compliance at Mashreqbank, said ThetaRay’s technology “allows banks to effectively thwart financial crime risks in the increasingly complex space of cross-border payments.”
This is the first time ThetaRay has a direct licensing agreement with a bank from the United Arab Emirates. ThetaRay uses artificial intelligence to identify financial cyber threats such as fraud or money laundering so quick action can be taken to stop suspicious transactions.
Dubai-headquartered Mashreq said the solution allowed banks like themselves to “effectively thwart financial crime risks in the increasingly complex space of cross-border payments.”
The move comes as the Middle East’s financial hub, the UAE, clamps down with even stricter and tighter financial regulations.
ThetaRay’s Chief Executive Mark Gazit said he hoped the Mashreq deal would pave the way for more contracts in the UAE and other Arab countries. Israel and the UAE in 2020 established ties under a US brokered deal that expanded to Bahrain, Morocco and Sudan.