Beehive, is the first peer to peer lending platform to receive DFSA regulation
Beehive has become the first peer to peer lending platform to set up offices in the Dubai International Financial Centre (DIFC) and become officially authorised and regulated by the Dubai Financial Services Authority (DFSA).
The new regulation is a first for the region and could catalyse growth of the fintech industry. Not only will it ensure clear governance for fintech businesses but will also provide added protection and peace of mind for peer to peer retail investors. Its introduction is particularly timely as peer to peer lending, also known as lending based crowdfunding, is becoming an increasingly important route for small and medium enterprises (SMEs) to access finance. Global peer to peer lending is forecast to reach more than USD $300 billion by 2020.
Beehive was launched in Dubai in 2014 by serial entrepreneur, Craig Moore, aided by Rick Pudner, former Group CEO of Emirates NBD.