SDB and GIB announced the launch of digital lending Platform in partnership with Beehive to finance small and micro 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 platform 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, said: “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, said: “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.”
