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March 1, 2024

UAE’s Noqodi selects London-based Napier for AML solutions

Noqodi, the leading Digital Wallet and Payment Solution based in the United Arab Emirates (UAE), has selected Napier, the London-based financial crime compliance RegTech, as the anti-money laundering (AML) platform.

Napier will be providing its Transaction Monitoring, Client Screening, Client Risk Assessment and Client Activity Review solutions to noqodi, in order to further strengthen its commitment to supporting the government’s initiative to a secure, cashless, digital economy. 

Napier’s solutions will equip noqodi with:

  • A sandbox environment to finetune and optimize screening configurations.
  • API enabled, real-time and batch screening, supporting transliteration of 22 languages, AI fuzzy matching and secondary scoring capabilities.
  • Real-time graphical analysis of customer behavior to analyze anomalies.
  • Configurable dashboards with no-code rule building and AI insights for efficient decision-making.

According to reports, the Middle East region is going into a tremendous period of digital payment adoption, with a 44 percent increase in digital payment volumes from small and medium enterprises (SMEs) in UAE alone in 2022. Noqodi supports this through its digital payment solution, which provides a unified and fully automated payments platform to send and receive money, integrated with partner merchants, banks and various government services for seamless transfers, and now bolstered by NextGen monitoring and screening from Napier. 

Mr. Syed Zain Khalid, Risk and Compliance Manager at noqodi reiterated that, “Partnering with Napier has given us the autonomy to configure and scale our payments platform securely in this exciting period of growth for the company. We look forward to the positive impact this partnership will have on strengthening our risk management framework, streamlining our compliance processes, and setting new benchmarks for industry best practices.” 

Mr. Greg Watson, Chief Executive Officer at Napier stated that “noqodi is changing the face of digital payments for the UAE. We’re proud to deliver our real-time, NextGen compliance solutions to support this and set a new standard of compliance excellence in UAE’s financial landscape.”