The Economic Development Board of Bahrain (EDB) and Dubai-based Beehive has announced the launch a debt-based crowdfunding platform in Bahrain.
Beehive in Bahrain aims to open up new funding avenues for small and medium-sized enterprises (SMEs) and help drive innovation across the Kingdom and region.
Beehive, launched in Dubai in 2014, is MENA’s first regulated peer to peer lending platform and one of the region’s leading fintech pioneers. It uses innovative crowdfunding technology to eliminate the cost and complexity of conventional finance by connecting businesses directly with investors.
Last week, it announced it had secured new funding worth $4 million to support expansion plans across the GCC and South East Asia.
Khalid Hamad, executive director of Banking Supervision at the CBB, said: “We welcome Beehive’s decision for selecting Bahrain to establish the first financing-based crowdfunding platform operator, which is a step forward in promoting the SMEs and start-ups via facilitating the link to the investors for securing the required financing.
"The licence, which is the first of its kind in the kingdom, is a reflection of the CBB’s continuous efforts in providing an optimal mix of policies and products to improve the quality and competitiveness of services in the financial sector.”
Craig Moore, Beehive CEO, added: “We’re delighted to collaborate with EDB to bring the Beehive platform to Bahrain, offering pioneering businesses fast, affordable alternative finance. Our mission aligns with the kingdom’s vision and strategy to assist the growth of SMEs, supporting them through improved access to finance, which is crucial to their development and success.”
Beehive’s launch in Bahrain follows new regulation issued by the Central Bank of Bahrain in 2017 to enable both conventional and Shari’a compliant financing-based crowdfunding for small and medium sized businesses.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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