UAE-based fintech platform Beehive, announced that it has received Dubai Financial Services Authority (DFSA) regulation and official authorization. The fintech business has also set up its offices in the Dubai International Financial Centre (DIFC).
The new regulation by DFSA catalyzes growth of the fintech industry and ensures clear governance for fintech businesses. It also offers added protection and peace of mind for peer to peer retail investors.
“We're delighted to be regulated by the DFSA. This regulation reinforces Beehive as one of the fintech leaders in the region and we feel this greatly expands the opportunity to further help SMEs and the wider economy,” Craig Moore, Beehive Founder and CEO, said.
The regulation marks as another important step towards the UAE's vision of becoming a fintech hub, attracting talented financial innovators and entrepreneurs. The regulation follows the recent launch of the FinTech Hive accelerator program in DIFC that will pioneer financial technologies.
The new regulation comes on par as peer to peer lending, is becoming an increasingly important for small and medium enterprises (SMEs) to access finance.
“I'd like to welcome Beehive to the DIFC. Their presence reinforces how the DIFC is leading the way in the region for innovation and developing the fintech sector. We are sure that Beehive will prosper here, thanks to our unrivalled ecosystem and world class regulation,” Salmaan Jaffery, Chief Business Development Officer for the DIFC Authority, commented.
Beehive's decision to set up offices in DIFC comes as a result of the new regulatory framework and the DIFC Authority's focus on building a flourishing fintech ecosystem.
