Mubasher: The Economic Development Board of Bahrain (EDB) and Beehive announced the launch of Beehive, a debt-based crowdfunding platform, in the kingdom, according to a recent press release.

Beehive Bahrain is expected to open up new funding avenues for small and medium enterprises (SMEs) and boost innovation across Bahrain and region.

Launched in Dubai in 2014, Beehive is the region’s first regulated peer-to-peer lending platform and one of the leading fintech pioneers.

Crowdfunding technology is used in Beehive platform to eliminate the cost and complexity of conventional finance as it connects businesses directly with investors; therefore, results are more efficient to access lower cost loans.

“The license, 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,” executive director of banking supervision at the Central Bank of Bahrain (CBB) Khalid Hamad said.

Beehive CEO Craig Moore noted, “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.”