Beehive is the first peer to peer lending platform to set up offices in the Dubai International Financial Center and becoming authorized and regulated by the Dubai Financial Services Authority. This new regulation is the first for the region and it is an important one because it signals some future growth for the fintech industry in this region of the world. The regulation will provide clear governance for fintech businesses, added protection and peace of mind as peer to peer lending is becoming an increasingly important avenue for small to medium business in the region to get funding. The UAE has been embracing fintech as the wave of the future to help their region grow. Their regulation has allowed them to grow their fintech industry and follows up the recent launch of the FinTech Hive accelerator program in the Dubai International Finance Center that will allow them to grow their fintech industry and help others get funding to finance the region’s growing economy. This will really get the region’s economy going and allow small businesses to take off.
Article link: http://finance.yahoo.com/news/fintech-business-beehive-first-peer-040000553.html