Riyadh, Kingdom of Saudi Arabia, July 2020:
The Minister of Human Resources and Social Development, HE Ahmed bin Sulaiman Al-Rajhi, has launched a digital financing platform for micro and small enterprises in Saudi Arabia during a virtual meeting attended by the Chairman of Gulf International Bank – Saudi Arabia (GIB), Abdulla bin Mohammed Al-Zamil, the CEO of Social Development Bank (SDB), Ibrahim bin Hamad Al- Rashid, the Group CEO of GIB, Abdulaziz Bin Abdulrahman Al-Helaissi, and the Group CEO and founder of Beehive fintech company, Mr. Craig Moore. This new digital financing platform has been created through was the result of a strategic cooperation between SDB and GIB, which aims to ensure swift and efficient access to finance for micro and small enterprises in Saudi Arabia, using Beehive modern financial technology solutions.
This initiative, a first partnership of its kind between a Fintech and a Bank in the region, enables micro and small enterprises to access finance through an innovative fintech solution, which uses a sophisticated decision making and lending process to provide faster and more accessible. A fully digitalized way of accessing finance empowers business owners to expand and contribute to the economic growth in the Kingdom, enhancing financial inclusion and facilitating finance for entrepreneurs in line with the goals of Vision 2030. The platform will provide micro and small enterprises a new and convenient way to access finance starting from SAR100,000 up to SAR3 million, utilizing GIB’s banking infrastructure.
SDB’s CEO, Ibrahim bin Hamad Al- Rashid, cited that the initiative combines support for the micro and small enterprises sector with financial inclusion for those currently underserved by the conventional financing sector. This strategic cooperation aims to contribute to achieving the goals of Vision 2030 for the Kingdom, the most prominent of which are increasing the contribution of micro and small enterprises to the local economy and enabling financial institutions to support private sector growth.
Mr. Al-Rashid asserted that supporting such platforms will contribute to enhancing the Saudi Financial Services sectors strategy to expand and accelerate financing for micro and small enterprises, particularly for this innovative segment. It also supports innovative financial solutions to help local businesses access funds for expansion, and therefore make a positive impact on the local economy.
SDB continues to adopt new and innovative practices and financial technologies; a practice that will aid in creating and sustaining a solid, supportive infrastructure for emerging and small enterprises in the Kingdom.
Abdulaziz Bin Abdulrahman Al-Helaissi, Group CEO of GIB, expressed his pride in launching this initiative, which culminates in the fruitful cooperation between GIB and SDB in supporting an important and vital sector. He noted the importance of the partnership with Beehive as the first partnership of its kind in the Kingdom between a bank and a fintech to provide a new digital lending platform offering innovative financial solutions.
Mr. Al-Helaissi stressed GIB’s role in supporting digital transformation as one of the goals of Vision 2030, “GIB continues to provide new digital banking solutions to customers across the Kingdom, having pioneered the establishment of the first digital retail banking proposition (Meem) in Saudi Arabia.”
Mr. Al-Helaissi valued the pivotal role of the Saudi Arabian Monetary Authority (SAMA) in supporting the banking sector and strengthening its’ efforts towards digital transformation in all of its’ businesses and initiatives.
Craig Moore, Beehive CEO, commented: “Saudi Arabia is currently a hotbed for fintech innovation and has a booming untapped MSME economy, making it an obvious destination for a digital lending product for micro and small enterprises.”
About Beehive KSA:
Beehive KSA, part of the global Beehive fintech group, is a digital platform providing smarter finance solutions to businesses and financial institutions. Combining financial market experience with technology innovation, we accelerate efficiency and functionality to deliver new financial solutions to market.
