Beehive, DDS partnership fuels $1b in digital SME funding
The platforms Direct Debit System (DDS), the fintech platform for automated collections, licensed by the UAE Central Bank, is celebrating its one-year partnership with Beehive,the first peer-to-peer lending platform in the Mena region to be regulated by the DFSA.
The milestone comes as Beehive surpasses $1 billion in SME financing across the GCC. The year of collaboration has enabled Beehive to execute collections and repayments in a paperless, secure, and instantly reconcilable environment, by replacing legacy cheque-based processes with DDS's fully digital direct debit solution, powered by UAE PASS.
'Reaching the $1 billion milestone is a testament to Beehive's commitment to fueling SME growth in this country,' said Vivek Harikrishnan, Head of Product & COO at DDS. 'Our direct debit integration eliminates the delays and risks inherent in manual cheque handling, meaning no more lost cheques, no more uncertainty over collection timing or signature mismatch. Beehive's finance team now enjoys end-to-end visibility, IBAN validation, the ability to postpone and retry collections digitally, automated notifications, and same-day reconciliation, so they can focus entirely on supporting SMEs in the UAE to scale their business.' Since integrating DDS's API-driven direct debit technology, Beehive has achieved a number of milestones to streamline processes.
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