Financial News
The Balancing Act of Financial Organizations to Compete in a Technology-Driven World
Written by: Ricardo Ferreira, EMEA Field CISO, Fortinet
Digital acceleration is impacting how we work, live, and consume services. In addition, the digital evolution of Financial Services Organizations (FSOs) raises essential questions about the future of banking. One looming concern is how FSOs will compete against fintechs, including addressing the need for innovation to improve customer experience.
Adapt to changing times
The top three strategic areas outlined in the IDC Infobrief, sponsored by Fortinet, “Accelerating Transformation Through Cybersecurity in Financial Services,” highlight the core priorities for financial institutions: Trust, Security, and Resilience. So, the question is, how can FSOs lead and win through innovation while ensuring that risks do not overwhelm a traditionally risk-averse industry?
Many FSOs have begun adopting new digital business models to help them thrive in a digital-first economy. These include prioritizing investments in key areas such as data-driven security, legacy modernization, and personalized and contextual customer experiences. But for these business models to work, they will need to rely on data, analytics, and cloud platforms.
So, when we ask, “what does success look like for the future-ready bank?” we see three major themes:
- Automation and cost reduction: Automation, managed services, and cloud platforms will enable FSOs to innovate faster. Automation allows business units to integrate with the rest of the organization, build self-service, and reduce manual labor costs, such as adopting Robotic Process Automation and artificial intelligence-powered chatbots to deal with insurance claims. In investment banking, robot advisors use machine learning-powered algorithms to help retail investors make better decisions. Thanks to cloud platforms and managed services, these new products and services are economically feasible because they shift traditional CapEx to activities that create more value.
- Customer intelligence and centricity: New platforms provide data and analytics for anticipating customer needs and hyper-personalizing the customer journey. Customer data, such as investment patterns, can guide a robot advisor to recommend portfolio choices aligned to customer preference. Similarly, natural language processing can help an AI system quickly assess a customer’s issue to redirect them to the nearest branch or get the appropriate representative involved.
- New value propositions: Open banking was a massive change for banks, helping them realize the power of APIs. Building Banking as a Service (BaaS) has allowed them to develop new services and create stronger partnerships.
But what about the customer experience?
Who is not irked when reminded of their first troubled mobile banking experience, with terrible UX and lack of integration? It’s why, when some fintechs launched their online mobile banking, it was a beacon of light in a dark room. A real-world security example that everyone might remember was the usage of biometrics for accessing online mobile banking. Big brands took a long time to adopt it, and while it might seem trivial from a UX perspective, it’s leaps and bounds towards progress.
Today, traditional brands regularly launch products that emulate offerings from nimbler fintech organizations. The lesson is clear: to gain a competitive advantage, banks must focus on creating a fast, intuitive, and seamless customer experience.
Are clouds grey in banking?
These business models require the accelerated consumption of new platforms, such as cloud computing. Financial organizations must understand they can create differentiated value and increase competitiveness by using the cloud to increase their speed of innovation and accelerate the go-to-market of new services and products.
Cloud platforms also serve as a bridge to modernize financial organization workloads. CIOs want to migrate workloads cohesively while ensuring the capabilities from their on-prem solutions are still available. Major Cloud Service Providers (CSPs) have jumped at the opportunity to integrate their environments into the same control plane.
Yes, but isn’t that risky?
Regulators have flagged the concentration risk. For example, the Bank of England has highlighted it in their stability reports. The latest Financial Conduct Authority (FCA) PS21/3 rules address third-party risk and operational resilience. And the European Union has gone a big step beyond with its Digital Operational Resilience Act (DORA).
All these activities and proposals are designed to address these concerns. The European Systemic Risk Board has flagged cyber as a systemic risk to the European financial system due to the increase in cyberattacks—especially in the financial industry, which is 300 times more likely to be the target of cyberattacks. The International Monetary Fund (IMF) emphasizes that cyber events propagate risk through the entire financial system via three broad transmission channels: risk concentration, risk contagion, and erosion of confidence.
That is why cybersecurity is a priority as part of the EU’s “Europe fit for the digital decade” policy program. Programs such as EU-HYBNET, ACCORDION, and DORA for financial services ensure Europe works as a single entity by harmonizing requirements to increase resilience and protect citizens.
What can financial organizations do about it?
To start, security needs to be woven into transformation efforts to ensure that innovation and transformation are conducted securely. For this to work, security must be included from a project’s inception, not as a bolt-on after a project and its services are launched.
What about protecting financial assets?
55% of European financial organizations already use some form of zero-trust strategy for their authorization and authentication. Zero-trust shifts the traditional paradigm from the implicit trust for users and resources inside a static, network-based perimeter to an authentication model that focuses on users, assets, and resources. Zero-trust requires authentication and authorization to be performed every time access is granted to a specific resource.
How do we address the ‘weakest link’ problem?
While people are an organization’s most critical asset, they are also the primary source of data breaches and network compromise. Organizations must be prepared for a loss of control if their workforce is not educated on cyber awareness. Some large financial organizations have created partnerships with e-learning portals and vendors to provide tailored courses using nudges and financial instruments to reskill the workforce with new technologies. Similarly, financial organizations must plan to mitigate the rampant cybersecurity skills shortage, which will impact 90% of organizations by 2025, resulting in delays in the transformational journey.
What can we do?
Digital acceleration is essential for competing in today’s financial marketplace. However, it doesn’t come without risk. First, ensure employees are trained and reskilled in the organization’s technologies. Second, share data with industry peers to learn best practices and identify potential issues. Transaction Monitoring Netherlands (TMNL) is an excellent example of transaction data sharing to mitigate Anti-Money Laundering (AML).
Finally, work with vendors and partners committed to cross-vendor openness and integration. When vendors work together across the threat landscape, the sum of their products is greater than the individual parts, deepening your level of cyber protection.
Financial
MOZN’s AI-Powered FOCAL Platform Earns Recognition in Forrester Financial Crime Landscape
MOZN, a leading enterprise AI company, today announced that it has been named among notable vendors in Forrester’s Financial Crime Management Solutions Landscape Q1 2026 report. This inclusion marks a significant milestone for MOZN and reinforces its position among global innovators.
The Forrester report, which lists 42 vendors, provides financial institutions with an overview of notable vendors and the key market dynamics shaping the rapidly evolving financial crime management (FCM) market, including fraud and anti-money laundering (AML) solutions.
MOZN was listed in the report with a geographic focus on Europe, the Middle East, and Africa (EMEA) and the Asia-Pacific (APAC) regions, and an industry focus on financial services, government, and insurance. The recognition underscores the company’s sustained investment in AI-driven innovation and its focus on delivering scalable, future-ready financial crime solutions tailored to high-growth and complex regulatory markets.
At the center of this recognition is FOCAL, MOZN’s end-to-end financial crime management platform. Built on a unified FRAML (Fraud + AML) architecture, FOCAL leverages agentic AI to automate data integration, accelerate risk-scoring, and streamline alert triage, enhancing investigator productivity while preserving human judgment. The platform offers flexible deployment options, allowing organizations to modernize their operations in a way that aligns with their technical and regulatory needs.
“MOZN’s inclusion in Forrester’s report reflects the progress we have made in building technology that truly transforms how institutions combat financial crime,” said Dr. Mohammed Alhussein, Founder and CEO of MOZN. “As Saudi Arabia designates 2026 as the Year of Artificial Intelligence, it reinforces the Kingdom’s ambition to lead in shaping the future of AI globally. At MOZN, we are proud to contribute to this vision by engineering AI-native platforms that make financial crime prevention more proactive, precise, and effective. This milestone reflects both the momentum of our mission and the growing global relevance of technology built in the region.”
By combining deep regional expertise with global technology standards, MOZN continues to advance its purpose of empowering organizations with intelligence that matters. The company remains committed to delivering AI-native solutions purpose-built for the world’s most regulated and knowledge-intensive sectors, enabling institutions to operate with greater clarity, confidence, and control. As demand for advanced AI-driven capabilities accelerates worldwide, MOZN is expanding its global footprint, supporting organizations as they navigate an increasingly complex financial crime landscape.
Financial
EARLY ELIGIBILITY ASSESSMENT AND PRE-APPROVAL CRITICAL UNDER UAE R&D TAX CREDIT RULES

The UAE Ministry of Finance has issued Ministerial Decision No. 24 of 2026, setting out the detailed implementation rules for the country’s first-ever Research and Development (R&D) Tax Credit regime under the Corporate Tax framework. Effective for Tax Periods commencing on or after 1 January 2026, the decision establishes a progressive, tiered credit structure with rates of 15%, 35% and 50%, linked to both the level of qualifying R&D expenditure and the number of R&D staff employed. The maximum qualifying expenditure is capped at AED 5 million per entity or Tax Group per year.
“The R&D Tax Credit is a landmark development, but it is not a simple year-end adjustment. The dual-threshold design means this is as much a workforce planning exercise as a tax planning one. Businesses need to understand that pre-approval from the Council is mandatory before any credit can be claimed – this is a precondition, not an administrative formality. Companies that begin mapping their R&D activities against the Frascati Manual criteria, quantifying qualifying expenditure and building their documentation framework now will be in the strongest position when it comes time to file,” said Nimish Goel, Leader Middle East, Dhruva, Ryan LLC Affiliate.
The move represents one of the clearest signals yet that the UAE intends its tax framework to actively incentivise innovation, influence capital allocation and support the country’s long-term economic diversification going well beyond revenue collection and international alignment. For businesses operating in manufacturing, technology, engineering, healthcare, food and beverage, agriculture, and other innovation-led sectors, the key consideration is whether internal systems are equipped to capture the benefit.
The credit operates on a dual-threshold basis that is unlike most international R&D incentive regimes. To access each tier, a business must satisfy both a minimum qualifying expenditure level and a minimum average R&D headcount. The first AED 1 million of qualifying spend attracts a 15% credit, requiring at least two R&D staff. The portion between AED 1 to 2 million qualifies at 35%, requiring at least six staff. Spend between AED 2 to 5 million qualifies at 50%, requiring at least fourteen staff. If the headcount threshold is not met, the credit rate drops to the highest tier where both conditions are satisfied, creating material cliff-edge effects that make workforce planning an integral part of tax planning for the first time in the UAE.
Qualifying R&D activities must meet five criteria drawn from the OECD Frascati Manual; they must be novel, creative, uncertain in outcome, systematic, and transferable or reproducible. Activities in social sciences, humanities and the arts are excluded, and only R&D conducted within the UAE qualifies. Qualifying expenditure falls into three categories: staff costs (which receive a 30% overhead uplift), consumable costs, and subcontracting fees paid to UAE-based contractors. Intra-group transactions are consistently excluded from qualifying expenditure, a design choice that will require groups with centralised R&D functions to review their cost allocation and transfer pricing arrangements carefully.
The decision also introduces a mandatory pre-approval process administered by the Council, ongoing compliance reporting obligations, and a seven-year record-keeping requirement for technical documentation covering R&D objectives, methodologies, experiments and findings. These requirements signal that the UAE authorities expect robust, contemporaneous evidence of qualifying activities, not retrospective assembly at the time of filing.
Commenting on the development, Justin Arnesen, Principal, Practice Leader, Europe & Asia Pacific Innovation Funding, Ryan, said, “Ryan’s global experience in R&D tax credits shows that the difference between a policy announcement and a commercial outcome lies in the rigour of eligibility analysis, documentation and claims management. We have helped UK businesses receive over AED 2.5 billion in innovation funding through R&D Tax credits. These outcomes were driven by disciplined processes, not just the existence of a credit. This initiative not only aligns with global best practices but also sends a clear signal to multinational organisations and emerging enterprises that the UAE is serious about fostering a knowledge and innovation-based economy.”
Implications for Multinational Groups under Pillar Two
For multinational groups within the scope of the UAE’s Domestic Minimum Top-up Tax (DMTT), the R&D Tax Credit adds an important layer to Effective Tax Rate (ETR) modelling. Because the credit is non-refundable, it is likely to be treated as a reduction of covered taxes under the Global Anti-Base Erosion (GloBE) rules rather than as a Qualified Refundable Tax Credit, a distinction that can lower the jurisdictional ETR rather than improve it. For groups operating at or near the 15% minimum rate, this means the credit could paradoxically increase Top-up Tax exposure even as it reduces Corporate Tax liability.
However, the decision provides a mechanism for unutilised credits to offset top-up tax directly through the Domestic Group structure, which partially mitigates this effect. Multinationals should model the net impact across both Corporate Tax and top-up tax before claiming, and factor in the five-year claw-back provision that applies if the entity’s status changes – including becoming a qualifying free zone person or redomiciling outside the UAE.
For businesses with cross-border operations, the commercial value of the R&D Tax Credit extends beyond the direct tax saving. The credit’s treatment in the group’s wider international tax profile, including its classification under tax treaties, its interaction with Pillar Two ETR calculations, and its impact on transfer pricing for cost contribution arrangements will require integrated advisory across multiple disciplines. Groups conducting joint R&D through cost contribution arrangements should note that only the arm’s length share of contributions attributable to UAE-based R&D qualifies, adding a transfer pricing dimension to credit planning. The Ministerial Decision applies to Tax Periods and Fiscal Years commencing on or after 1st January 2026.
“The UAE has built a thoughtful, well-structured framework with clear international lineage – the Frascati Manual criteria, the tiered incentive design, the Pillar Two integration. Early investment in activity mapping, expenditure tracking and documentation is likely to determine the extent to which businesses can access and sustain benefits under the regime,” concluded Nimish.
Financial
BITCOIN STRUGGLES TO BREAK $74,000 RESISTANCE AS ETF INFLOWS RISE

Bitcoin edged higher last week, gaining 11%, yet it continues to struggle to convincingly break through the $74,000 resistance level, according to Simon Peters, crypto analyst at eToro.
US bitcoin spot ETFs recorded $763 million in net inflows over the past week, helping to push prices higher. Strategy, the largest bitcoin treasury company by total holdings, also disclosed another significant purchase of 17,994 bitcoin for approximately $1.28 billion.
Looking ahead, the Federal Reserve meeting this week could prove pivotal in determining whether bitcoin breaks above the $74,000 level or experiences a correction. While markets had previously anticipated a dovish pivot, a sudden spike in oil prices due to the ongoing conflict in the Middle East may prompt the Fed to reconsider its outlook.
“The consensus is for the Fed to hold rates on Wednesday, but if Chairman Powell signals in his press conference that the central bank is prepared to raise rates should oil prices remain elevated or continue rising, this could trigger a sell-off in cryptoasset prices,” said Peters.
The meeting will also see the release of the Federal Reserve’s latest “dot plot”, offering insights into where each Federal Open Market Committee participant believes interest rates should be by the end of the year, next year and over the longer term.
AI tokens surge amid Nvidia comments
Among the biggest movers in the crypto market over the past week were AI-related tokens TAO and FET, both rising 47% as investors rotated into the sector following bullish remarks about artificial intelligence by Nvidia CEO Jensen Huang.
Ahead of Nvidia’s GTC AI conference this week, Huang described AI as “essential infrastructure”, stating that every company and nation will build and use it.
These comments have renewed interest in on-chain, decentralised AI networks, pushing tokens such as TAO and FET higher.
Mastercard launches crypto partner program
Mastercard has launched its Mastercard Crypto Partner Program, a new global initiative bringing together more than 85 companies across the crypto ecosystem, including exchanges, stablecoin issuers and blockchain development teams.
The program aims to foster dialogue and collaboration as the crypto sector continues to mature. Participants will work with Mastercard teams to combine the speed and programmability of blockchain technology with Mastercard’s merchant network spanning more than 210 countries.
The initiative builds on Mastercard’s existing digital asset activities, including its Start Path blockchain track, Engage platform and Crypto Card program.
Bitcoin reaches 20 million supply milestone
Bitcoin reached a historic milestone last week when the 20 millionth bitcoin was mined, marking the issuance of more than 95% of the cryptocurrency’s total capped supply of 21 million coins.
The milestone was reached on 10 March at block height 931200, 17 years after the network first launched. Due to Bitcoin’s halving schedule, the remaining one million coins are expected to take approximately another 114 years to be mined, with the final bitcoin projected to enter circulation around the year 2140.
Crossing the 20 million milestone again highlights Bitcoin’s scarcity dynamics. With demand continuing to outpace the new supply issued daily by miners and many holders unwilling to sell at current prices, the market could be positioned for a significant move higher over the coming months and years.
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