The Economic Development Board of Bahrain (EDB) and Beehive yesterday announced the launch of Beehive, a debt-based crowdfunding platform in Bahrain which will open up new funding avenues for SME’s 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. The result is a more efficient, streamlined process that gives businesses faster access to lower cost loans and investors better returns on their money and diversified risk. Khalid Hamad, Executive Director of Banking Supervision at the CBB commented “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 SME’s and startups via facilitating the link to the investors for securing the required financing.

Beehive will also create a new route for investors to gain exposure to the growth in the Kingdom’s SMEs, complementing existing platforms such as the Bahrain Investment Market, which is tailored to fast-growing businesses. Craig Moore, Beehive CEO added “We’re delighted to collaborate with EDB to bring the Beehive platform to Bahrain”.

Source Credit: The Daily Tribune
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