ThetaRay, an Israeli-based financial technology company, has won the "AML Solution Provider of the Year Award" by Middle East Banking AI & Analytics, a news release said.
The award was announced at the Middle East Banking AI & Analytics Summit in Dubai, UAE May 18-19, according to the news release.
The summit "brought together executives from major Middle Eastern banks, consultants and fintech companies to examine how big data, AI and analytics can impact the financial services sector," ThetaRay said in the release.
"Our true AI-based AML solution allows banks and fintechs to form new relationships, drive revenues and improve customer satisfaction while ensuring their payment network is safe and secure from financial criminals," Mark Gazit, CEO of ThetaRay, said in the release. "We are looking forward to collaborating with financial institutions throughout the Gulf region, Middle East and Asia to build a new network of trust and inclusion in today's growing global financial ecosystem."
This is ThetaRay's second award within a year from UAE financial community. It also won "The Search: Israel" award, a competition for the ADGM Fintech Abu Dhabi event, according to the news release.
"Today's financial criminals use advanced methods including cyber engineered attacks that require an AI-powered risk-based approach. We are proud to receive this award recognizing our solution's ability to keep financial organizations a step ahead in the battle on financial crime," Yaron Hazan, ThetaRay's VP of regulatory affairs said in the release.