Financial News
AI – The value architect for Banking
By: Vishal Khurana, Senior Vice President Middle East & Africa, BUSINESSNEXT
This article does not discuss the potential of Artificial Intelligence (AI). I think much water has flown under that bridge, and the consensus worldwide vouch for its colossal power. Rightly put across via an estimate, the potential impact of AI for the Middle East amounts to US$320 billion by 2030! The UAE government also recognizes AI as one of the key tools to achieve its objectives of the UAE Centennial 2071.
UAE has witnessed a fintech revolution of sorts propelled by the digital revolution over the last decade. AI is being leveraged across the back end to the front end of the banking tech stack for various use cases, some more mature than others. Chatbots, biometrics, anti-fraud & risk assessment, complex legal and compliance workflows, credit underwriting, intelligent contracts infrastructure, and KYC.
Practical AI use-cases
AI can be used to build a sustainable, real-time, hyper-personalized, and structured banking ecosystem. Talking of specifics, from delivering augmented analytics on customer data, enabling automation, and building intelligent customer 360 for hyper-personalization, AI can be used for fraud monitoring and real-time issue resolution!
• Facilitating hyper-automation for loan or credits decision to deliver efficiency with minimum to zero errors, compliance risks, and quicker decisions.
It can help eliminate the risk of duplicate data entry, prepopulate customer information from multiple systems seamlessly, assist in accurate information capture, and speed up the identity verification process. Beyond this, it can cull out specific customer patterns to evaluate creditworthiness and customer lifetime value and also alerts if there is a probability of default!
AI/ML models can power intelligent, customizable journeys and lending workflows, and enable hyper-automation through robotic process automation (RPA) for speeding up operations, reducing operating risks, and keeping cost to serve within tight limits.
• Transformative customer experience vows to be the key differentiator amongst enterprises across. For customers, convenience and quick redressal are given, however a wow service goes beyond this. Tailored financial products or services that match their financial goal, Voice stimulated banking service for efficiency, a completely digitized documentation process, auto-filling and data extraction with OCR capabilities, 24X7 omnichannel access to the banking services etc are fast-turning benchmarks. Banks delight customers with speed, transparency, payment flexibility, and convenience.
• Avoiding risks but boosting instant decisions via AI-driven models that enable banks with automated underwriting and faster disbursals. The model analyses the risk in each customer transaction, thereby giving a holistic risk profile, translating into wider coverage and inclusion. Hyper automation automates identify verification and its validation. Smart, configurable business rule engines backed by automated underwriting allow for disbursals in minutes.
Getting Ready for The Autonomous Banking
In the digital-first world, AI is only set to chart newer benchmarks for banking, an era of Autonomous banking – a ‘Zero Ops Model’ where BFSI delivers services with no human intervention and in real-time! These banking services would have to be intelligently automated by reassembling, rearranging, and reorienting banking tech stacks to design customer journeys and better anticipate customer needs intelligently. The suitable suite of composable tools can enable a robust zero-ops model and reinvent customer expectations!
While this is a futuristic idea, the evolving infrastructure capabilities and adoption of innovative and disruptive technology aided by a progressive fiscal environment at the helm in UAE can be a reality very soon!
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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