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3 RegTech companies reducing compliance burden in MENA

By Delisha Fernandes

November 20, 2023

  • Amani AI
  • AML
  • Azakaw

RegTech, Germany, Financial institutions, compliance, regulatory

RegTech, or regulatory technology, is a rapidly emerging industry helping financial institutions automate and streamline their compliance processes. The Middle East and North Africa (MENA) region is home to a rapidly growing financial sector, with banks and other financial institutions facing an increasingly complex regulatory landscape.

Regulators worldwide are racing to keep up with developing frameworks and procedures to combat the growing concern for transparency and accountability, especially when fighting Money Laundering activities. RegTech companies help reduce the compliance burden on financial institutions and free up resources to focus on other business areas.

Here are 3 RegTech companies reducing compliance burden in MENA:

Azakaw is a UAE-based Next-generation, comprehensive, modular, AI-enabled cloud-based platform that helps turn compliance into a competitive edge and a tool for enhancing profitability. The platform offer fund compliance, transaction surveillance, the conduct of business compliance, audit management, complaint management, and risk management.

Amani AI is the first RegTech company to be granted a License in the DIFC. The company provides a comprehensive suite of tools to streamline your onboarding process, from Identity Verification and Age Verification to KYC & AML compliance, Video Onboarding, Biometric Login, Right to Work and Rent checks, Driver Registration, Delivery Verification, and protection for High Risk Transactions.

Moltazim is a Saudi-based  RegTech Compliance solution that combine all rules and regulation and Government Agencies in one Platform to build Regulatory Awareness. The platform help leading each business to related regulation through cloud-native architecture in which will lead each entity to its related regulation using its activity mentioned in the commercial registration. Moltazim is providing an easy path towards regulatory compliance by mapping – simplifying and automation compliance process to make regulations to be understandable and measurable.

Also read: Risk Management Systems and Suppliers Report Q2 2024

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