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UAE bank chooses ThetaRay transaction monitoring solution

Updated: Feb 16

Mashreq Bank contract marks expansion of ThetaRay AI-driven solution into Middle East


Mark Gazit, President & CEO of ThetaRay. Photo courtesy company
Mark Gazit, President & CEO of ThetaRay. Photo courtesy company

Mashreq Bank of the UAE will start implementing ThetaRay’s AI-driven anti-money laundering (AML) solution for safe and secure cross-border payment transfers. According to ThetaRay, its solution allows banks and fintechs to reduce total cost of ownership (TCO), expand revenues, improve customer service, and speed ROI from months to only days.


The COVID-19 era has triggered an upsurge in the volume of cross-border payments, a market that is expected to grow from $37.15 trillion in 2020 to $39.9 trillion by 2026. This market is a prime target for financial crimes such as money laundering, theft and fraud.


ThetaRay’s AML solution is in line with the trend to establish UAE as a global financial center that connects the Middle East and Africa to the rest of the world. Mashreq Bank will use it to facilitate its growth safely, and provide services to more countries and customers.


“ThetaRay’s technology, underpinned by advanced machine-learning based models complementing rules, sets the foundation for next generation transaction monitoring,” said Scott Ramsay, Group Head of Compliance and Bank MLRO of Mashreq Bank. “By combining speed and agility with efficiency, it allows banks to effectively thwart financial crime risks in the increasingly complex space of cross-border payments.”


The collaboration between ThetaRay and the bank came to fruition thanks to the 2000 Abraham Accords that normalized relations between Israel and the UAE, Bahrain, Sudan, and Morocco.


“Mashreq Bank is our first customer in the UAE,” said Mark Gazit, President & CEO of ThetaRay. “We look forward to accelerating collaboration with additional financial institutions in the UAE and the entire Middle East, as part of the continued expansion of ThetaRay’s global reach.”


ThetaRay President and CEO Mark Gazit will speak at Cybertech Global Tel Aviv, which will be held (in person!) between March 1–3, 2022. For additional information, please visit the event's official website.

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