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Israeli high-tech firm ThetaRay will offer a financial crime-detection tool that monitors transactions for the Emirati bank Mashreq, the companies announced on Monday.
This is ThetaRay’s first licensing agreement with a bank from the United Arab Emirates, said chief executive Mark Gazit, according to Reuters.
The Israeli company uses artificial intelligence to identify cyber financial threats such as fraud and money-laundering.
“It’s almost like a scanning machine,” Gazit told Reuters.
He added that he hoped the deal would lead to more in the UAE and other Gulf states and Arab countries.
Dubai-based Mashreq had previously paid fines for violating U.S. sanctions. The UAE is seeking to increase banking regulations.