Beehive and Direct Debit System partnership fuels $1 Bbillion in digital SME funding - Middle East Business News and Information
Direct Debit System (DDS), the fintech platform for automated collections, licensed by 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 USD 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 USD 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. The platform has gone paperless, meaning the entire loan disbursement and repayment cycles are now handled electronically, cutting out physical paperwork and courier delays. Operational hassle has been reduced with automated mandate management and UAE PASS authorization, removing the need for manual signature hunting, drastically lowering back-office overheads. The reconciliation process has also been accelerated, with real-time transaction reporting and instant settlement data shortening reconciliation times from days to hours.
Reflecting on the collaboration, Jason Stewart, Head of Partnerships and Products at Beehive, stated, 'At Beehive, we've always believed that SME finance should be fast, secure, and frictionless. Our partnership with DDS has allowed us to digitize and streamline a core part of that journey, collections and repayments.'
———-
About Direct Debit System
Direct Debit System is the UAE's first Central Bank–licensed platform offering digital, paperless direct-debit collections from bank accounts and credit cards. The solution automates recurring payments for school fees, rents, memberships, loan repayments and more—replacing cheques, unnecessary credit card charges and manual follow-ups with secure and bank -bank direct settlement process that simplify cash-flow management for businesses of all sizes. The Direct Debit solution is now widely used by education institutions, real estate firms, service industries as well as most of the leading alternative lending platforms. Find out more at https://www.directdebit.ae/
About Beehive
Founded in 2014, Beehive is the first peer-to-peer lending platform in the MENA region to be regulated by the DFSA. Headquartered in Dubai, Beehive connects businesses seeking finance with investors willing to support their growth, offering a faster, more affordable funding option for SMEs. Through technology and a commitment to supporting regional businesses, Beehive has become a trusted partner for SMEs across the GCC. Learn more at https://www.beehive.ae/
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mid East Info
2 days ago
- Mid East Info
Abu Dhabi Fund for Development Finances Strategic Housing Project in Somaliland - Middle East Business News and Information
The project includes comprehensive infrastructure and essential services to support 1,500 residents. Al Suwaidi: This project underscores our enduring commitment to advancing sustainable development in our partner countries. Aw-Ali Abdi: We deeply appreciate the UAE's exceptional and continuous support for Somaliland's development. Abu Dhabi, United Arab Emirates – May 2025: Abu Dhabi Fund for Development (ADFD) has announced the inauguration of a comprehensive social housing project in the city of Berbera, Somaliland. The project, valued at AED 27.5 million (approximately USD 7.5 million), underscores the UAE's long-standing commitment to promoting sustainable development in Somaliland. It includes the construction of 300 residential units designed across three housing categories, to accommodate diverse family needs. It also involves the development of critical infrastructure, including potable water systems, sewage and stormwater drainage networks, internal roads, landscaped green spaces, and facilities providing essential services. This transformative project is part of ADFD's broader development efforts aimed at enhancing quality of life and ensuring access to safe and dignified housing. It also aligns with the United Nations Sustainable Development Goal 11, which aims to: 'Make cities and human settlements inclusive, safe, resilient, and sustainable' by 2030. The inauguration ceremony was led by H.E. Mohamed Aw-Ali Abdi, Vice-President of the Republic of Somaliland, with the participation of H.E. Dr. Abdullah AlNaqbi, Director of the UAE Trade Office in Somaliland, alongside senior officials from both governments. H.E. Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development, said: 'This project is a continuation of ADFD's mission to support sustainable development across partner countries. Providing adequate housing is a cornerstone of community stability and economic advancement. We are proud to collaborate with the Government of Somaliland on this vital initiative, which not only provides quality homes for approximately 1,500 individuals, but also generates new job opportunities and stimulates local economic activity. Together, these efforts will drive long-term social and economic benefits, contributing meaningfully to the region's growth and resilience.' Speaking at the inauguration, H.E. Mohamed Aw-Ali Abdi, Vice-President of the Republic of Somaliland expressed sincere gratitude to ADFD and the UAE for their consistent development support. He emphasized that the project represents a strategic step toward improving living conditions in Berbera, by offering well-designed, integrated housing that enables hundreds of families to settle in a safe and dignified environment. He added that the benefits of the project extend beyond housing, encompassing infrastructure development, improved access to essential services, and job creation, all of which support local economic growth and reinforce the sustainability of the city's development. ADFD continues to play a key role in advancing Somaliland's development agenda through the management of a UAE government grant totalling AED 330 million. This funding supports a suite of strategic projects, including the AED 262 million restoration of the vital Berbera–Hargeisa highway, as well as initiatives in the energy and transport sectors, all designed to strengthen infrastructure and accelerate sustainable, long-term growth across the region.
See - Sada Elbalad
2 days ago
- See - Sada Elbalad
Remittances from Egyptians Abroad Surge 70% to $32.8 Billion
Taarek Refaat Press Statement During the period July/May of FY 2024/25, remittances from Egyptians working abroad recorded a significant leap. The remittances rose by 69.6%, reaching about $32.8 billion (compared to around $19.4 billion during the same period a year earlier). Likewise, remittances increased during the period January/May 2025 by 59% YoY to record around USD 15.8 billion (compared to about $9.9 billion). On a monthly basis, remittances in May 2025 rose by 24.2% YoY to register about $3.4 billion, representing the highest level of inflows ever recorded in May (compared to around $2.7 billion). read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks
Mid East Info
2 days ago
- Mid East Info
Wio Invest surpasses USD 1 billion in Assets Under Administration - Middle East Business News and Information
More than USD 4 billion in order volume year-to-date as digitally native investors embrace accessible, seamless trading • From tech stocks to index funds, customers are embracing AI-powered tools and long-term investing habits. Abu Dhabi, UAE –July 2025 – Wio Invest – a leading UAE investment platform owned by ADQ – has reached a major milestone, surpassing USD 1 billion in Assets Under Administration (AUA) in under two years of operations. This achievement positions it among the fastest-growing digital investment platforms globally, on par with leading neobrokers at similar stages in their journey. Wio Invest has evolved to meet the changing needs of a new generation of investors. Starting with capabilities like access to US markets, the platform has expanded to now include UAE markets, virtual assets, and wealth management portfolios – consistently adapting to customer demand and quickly establishing itself as a safe, local platform for building long-term wealth. 'This latest milestone reflects our commitment to reimagining everyday investing, and we've worked hard to build a platform that makes it simpler, smarter, and more accessible for everyone,' said Gaurav Ganwani, Deputy General Manager at Wio Securities LLC. 'We are passionate about empowering individuals to build long-term wealth through intuitive investment solutions, with a core focus on instant access. Through Wio Invest's integration with Wio Personal, users can open an account in minutes, invest directly from the app, and benefit from the instant settlement of sell orders. The fact that so many customers stay engaged and continue to invest with us speaks volumes – and we're continuously refining the journey to make it as seamless as possible.' Wio Invest has seen more than USD 4 billion in order volume year-to-date, driven by a new wave of investors who are more digitally native, financially curious, and focused on building their futures. Among the most popular investment themes, users have shown strong interest in US tech stocks such as NVIDIA and Tesla, while in the crypto space, Bitcoin (BTC), Ethereum (ETH), and XRP remain favourites, as well as companies such as MicroStrategy (MSTR) that are heavily invested in the crypto space. The platform has also seen solid growth in its recurring orders feature, with index funds emerging as a top choice, reflecting a growing appetite for consistent, long-term investing. The platform's latest capability is Wio Wealth managed portfolios, designed to support more passive investors and help them achieve more of their financial goals. With zero fees until 31 December 2025 and the flexibility to withdraw at any time without penalties, Wio Wealth makes investing even simpler and more accessible. With strong engagement, growing demand, and an expanding suite of features, Wio Invest is well positioned to shape the future of investing in the region. The platform remains focused on delivering intuitive, customer-first tools that empower individuals to invest with confidence and build long-term financial wellbeing.
