Gulf International Bank continues its partnership with fintench provider, Beehive
Al-Khobar: Gulf International Bank – Saudi Arabia (GIB) today announced that it will continue its partnership with Beehive, a regional fintech pioneer, to provide financing capabilities to support micro, small and medium-sized enterprises (MSMEs) in through the Kingdom of Saudi Arabia.
The strategic partnership, which began in 2020, created and brought to market a new digital finance platform GIB to ensure fast 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 financing, a flexible short-term solution to quickly improve cash flow for up to four months, or term financing for creditworthy MSMEs looking to grow for a financing period of up to up to 36 months. Funding ranges from SAR 100,000 to SAR 3 million, with the platform having facilitated MSMEs in the Kingdom since its launch.
Commenting Khaled Abbas, Head of Wholesale Banking at GIB Group, said, “We are very pleased to announce the continuation of our partnership with Beehive and we plan to further strengthen our capabilities and financing facilities for MSME clients. . It turned out to be a great success. By streamlining access to finance, we have helped companies in this important segment of the market to accelerate their development and, in turn, to strengthen economic growth and the achievement of the objectives of the Kingdom’s Vision 2030.
Peter Tavener, Group CFO and COO of Beehive said, “We are delighted to continue working alongside GIB to provide MSMEs with better access to finance. And are convinced that we can continue to strengthen this essential part of the Saudi economy. We are pleased to see the momentum towards innovation and competition in FinTech created by the Financial Sector Development Program to achieve the 2030 goals.
To find out more or apply, MSMEs can visit: www.gib.com/en/msme.