Riyadh: Qarar, a wholly owned subsidiary of SIMAH and the Middle East’s prominent data analytics and credit decisioning company, and Biz2X, a global fintech technology and financing provider with an established presence in the USA, India and Australia and over $10 billion USD funded through its Biz2X digital lending platform, today announced a strategic joint venture that aims to revolutionize the landscape of SME lending in Saudi Arabia.The primary objective of the partnership agreement is to bridge the financing gap faced by SMEs. Qarar and Biz2X are creating the largest SME lending platform in Saudi Arabia with a streamlined digital experience that empowers SME borrowers and lenders to transact seamlessly. Lenders will also have the ability through the platform to create their own lending marketplaces, further enhancing their financial offerings to the SME sector. The companies invite lenders to contact them for early access to the platform.The joint venture will be a major contributor to the Saudi Vision 2030 and is aligned to the Kingdom’s goal to significantly expand the SME sector to 22% of GDP, a substantial increase from its current contribution of 9% of GDP. Historically, up to 57% of SME financing requests were declined annually by commercial banks, which have been reluctant to issue loans to SMEs at scale.Leveraging the award-winning Biz2X technology, the new platform will transform the SME lending process to fix this financing gap. Biz2X equips lenders with the necessary tools and resources to offer tailored and competitive SME loan solutions, resulting in faster and easier access to finance. The Qarar-Biz2X partnership enhances the overall efficiency of the SME lending market, benefiting both borrowers and lenders alike.Zaid Kamhawi, CEO of Qarar, expressed his enthusiasm for the collaboration, stating, "We are excited to partner with Biz2X to support the development of the SME sector in Saudi Arabia. This partnership knits together our combined technical expertise, established international success, and on-the-ground market presence. Together, we are offering a powerful and proven platform that will help transform the SME lending market in Saudi Arabia. We applaud the Saudi Vision 2030 and are delighted to be contributing to the ambitious fintech initiatives throughout the Kingdom."Rohit Arora, CEO of Biz2X, added, "Our partnership with Qarar reflects the financing expertise and advanced technology that the Biz2X® platform delivers. By bringing our technology and expertise to lenders in Saudi Arabia we are fulfilling our mission to make SME lending more accessible and efficient for businesses everywhere, fostering economic growth and prosperity."The companies will showcase the Biz2X platform exclusively at Seamless Saudi Arabia in Riyadh from 4 – 5 September 2023. We invite lenders to visit the SIMAH stand S30 to experience the technology firsthand.

Dubai: e& enterprise, part of e&, announced the signing of a binding agreement to acquire a majority stake in Beehive, MENA’s leading peer-to-peer digital platform to tap into opportunities in the Small and Medium Enterprise (SME) lending market.Beehive, founded in 2014, leads the crowdfunding platform space in the UAE, with operations in KSA and Oman. It connects creditworthy SMEs seeking finance with investors, both private and institutional, offering conventional as well as Sharia compliant loans. The company recently reached the milestone of facilitating over AED 1.5 billion worth of loans.With this acquisition, e& enterprise will be able to provide an innovative lending solution to address the $250 billion SME credit gap1 across the GCC region combining its strong brand positioning with a Fintech platform. This also marks the next step in e& enterprise’s expansion as the move demonstrates its commitment of opening new avenues of growth across the UAE and in the region, while enabling Beehive to scale its business and expand its offerings.The acquisition is in-line with UAE’s National Agenda for Entrepreneurship which aims to establish the country to become an entrepreneurial nation by 2031.Salvador Anglada, CEO, e& enterprise commented: “The acquisition of Beehive’s digital lending platform marks the second step in e& enterprise’s journey in the Fintech space, after the launch of UAE Trade Connect in 2021. SMEs are important drivers of the economy and there is a need more than ever to support their unique financing needs. With Beehive, we have the right technological innovation to accelerate on our agenda in the UAE and beyond.”Craig Moore, Beehive’s Founder & CEO added “This strategic alignment presents a huge opportunity to increase and accelerate financing to SMEs across the region. The market leading brand, reach and vision of e& and e& enterprise allows Beehive to drive more innovation and collaboration into the market. As one of the very first regional Fintech’s, this is a validation of the Beehive team’s incredible effort over the last 9 years and reflects the vibrancy and success of the UAE’s start up ecosystem.”Traditional lending to SME’s is paper-intensive and relies on collateral and guarantees. Fintechs and alternative lenders have recently stepped into this space introducing advancements such as one-time KYC, fast onboarding, and use of data-driven credit scoring. The regulatory structure is also evolving rapidly in the region, fostering a conducive environment for both liquidity providers and borrowers.

Biban, Saudi Arabia’s largest start-up, SME, and entrepreneurship conference, takes place between March 9 and March 13, 2023, at the Riyadh Front Exhibition & Conference Center.Biban held its first edition in 2017, and is organized by Monsha’at, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia.This year, international audiences will benefit from more highlights than ever before, with the forum strongly positioned to foster tangible opportunities.Biban 2023 will host the Global Finals of the Entrepreneurship World Cup (EWC), one of the biggest and most diverse start-up pitch competitions and support programs of its kind. Since its inception, over 400,000 entrepreneurs from 200 countries have registered. This year, the finalists will compete for up to $1 million in cash prizes.At Biban 2023, international guests can network and collaborate with government authorities, entrepreneurs, and investors - from the Kingdom and beyond. Additionally, the forum provides access to growing markets, including E-Commerce, FinTech, F&B, and others.Attendees can also learn about the support - financial and other kinds - that are available to foreigners starting a business in Saudi Arabia.Making up the engaging themed areas at the forum are nine “Doors”, which include:Start-up Door: Featuring incubators, business accelerators and start-upsEnablement Door: Hosting agencies that enable entrepreneurial business ownersFunding Door: Providing start-ups and SMEs with information on where to secure funding and how to overcome financial challengesGrowth Door: Educating SME owners on areas that help grow their businesses - marketing, strategy, innovation, and much moreBiban 2023 also welcomes a roster of over 350 speakers from the Kingdom and across the world, which include:HE Lee Young: Minister of SMEs and Start-ups, Republic of KoreaSteve Chen: CTO and Co-Founder of YouTubeJeff Hoffman: Chairman of the Board, Global Entrepreneurship Network (GEN)Chris Barton: Founder and Creator of ShazamSaudi Arabia is emerging as a key player in the global start-up scene. The Global Entrepreneurship Monitor’s (GEM) 2022 National Entrepreneurship Context Index reported that the Kingdom is now the second-best economy in the world to start a business, reflecting a rapidly advancing start-up ecosystem, and a wealth of business opportunities for local and international entrepreneurs.