In order to continue helping micro and small-to-medium enterprises (MSMEs) throughout the Kingdom of Saudi Arabia, Gulf International Bank – Saudi Arabia (GIB) today announced that it will continue its cooperation with Beehive, a pioneer in regional fintech.
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 cashflow 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 up to SAR3 million, with the platform having facilitated MSMEs in the Kingdom since launch.
Commenting 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 realisation of the Kingdom’s Vision 2030 goals.”
“We are happy to continue working alongside GIB to provide MSMEs with better access to funding,” stated Peter Tavener, Group CFO and COO of Beehive. And we are certain that we can keep advancing this crucial facet of Saudi Arabia’s economy. We are pleased to see the Financial Sector Development Program’s emphasis on fintech innovation and competition as a means of achieving the 2030 goals.
