Dubai-based Now Money appoints ThetaRay to ward off financial crimes

Mobile banking solution provider Now Money and ThetaRay, a provider of AI-powered transaction monitoring technology, have collaborated to integrate latter’s cloud-based anti-money laundering (AML) solution to help prevent financial crimes on the fintech’s platform.

Now Money selected ThetaRay’s Sonar AML solution to stay a step ahead of financial crime by uncovering both known and unknown money-laundering crimes, as well as preventing attempts to violate sanctions in real-time, a statement said.

The agreement highlights ThetaRay’s expansion into GCC financial institutions.

“There is a huge opportunity in the Gulf to provide mobile banking services and financial education to millions of people who are unbanked or underserved,” said Noel Connolly, CEO of Now Money. “Our mission is to create a world where everyone has instant and equal access to financial services they can, and want, to use. ThetaRay’s AI technology using advanced machine learning will enable NOW Money to process unlimited volumes of transactions, expand business into high-risk areas, and gain trust of financial partners and regulators worldwide.”

“We are honoured to partner with GCC fintech leader Now Money to create trust in the fast-changing digital financial world and make the world a better place by eliminating financial injustice against migrant workers,” said Mark Gazit, CEO of ThetaRay.

Meanwhile, founded in 2016, Now Money provides mobile banking services for workers of all income levels.

Using its mobile banking app, customers can top up their mobile phones locally and internationally, use a contactless Visa card to make online and card payments, and transfer money to their families overseas at low exchange rates.

Read: CBUAE issues anti-money laundering guidelines related to ‘politically exposed persons’