Saudi Arabia(GIB) said that it will continue its partnership with fintech pioneer Beehive to provide financing capabilities to support micro and small-to-medium enterprises (MSMEs) across the Kingdom.
The strategic partnership, which initially began in 2020, created and brought to market a new digital GIB financing platform to ensure swift and efficient access to finance for this important and fast-growing business segment using Beehive.
The platform is fully digital and includes a sophisticated online decision-making and lending process to provide faster and more accessible financing. The platform provides working capital finance, a flexible short-term solution to quickly improve cash flow for up to four months or term finance for creditworthy MSMEs that wish to expand for a financing period of up to 36 months. Financing starts from SAR100,000 ($26,630) up to SAR3 million, with the platform having facilitated MSMEs in the Kingdom since launch.
Khaled Abbas, Group Wholesale Banking Head of GIB, said: “We are very pleased to announce the continuation of our partnership with Beehive and plans to further strengthen our capabilities and financing facilities targeted towards MSME customers. This has proven to be a great success. By streamlining access to financing, we have supported companies across this important segment of the market to accelerate their development and, in turn, enhance economic growth and the realization of the Kingdom’s Vision 2030 goals.”
Peter Tavener, Group CFO and COO of Beehive said: “We are thrilled to continue working alongside GIB to provide MSMEs with better access to finance. And are confident that we can continue strengthening this essential part of Saudi Arabia’s economy. We are glad to see the drive towards fintech innovation and competition laid out by the Financial Sector Development Program to reach the 2030 objectives
GIB Saudi Arabia provides retail, corporate and institutional customers across Saudi Arabia with a comprehensive offering of banking and financial services covering wholesale banking, asset management, investment banking, and retail banking service via meem by GIB.