CMA License Beehive as Second Crowdfunding Platform

The Capital Market Authority has issued a decision licensing Beehive Technologies as crowdfunding platform for three years. Beehive is Peer to Peer Financing firm licensed for the same activity in the kingdom of Saudi Arabia and the United Arab Emirates and is based in Dubai.

Crowdfunding platform are innovative financing tools employing finteck to allow entrepreneurs and micro, small and medium enterprises access to financing. There are four types of crowdfunding platforms namely donations, equity, reward or peer to peer financing, the latter is applied by Beehive through issuance of investment notes (convertible and negotiable).

CMA issued the regulation for crowdfunding as part of the national priorities of the Oman Vision 2040 and the rules are flexible enough and exempted the licensees from the fees until January 2023.

Crowdfunding platforms furnish access for financiers and investors from inside and outside the Sultanate through the platforms. Financing is restricted to commercial enterprises not individuals who are allowed only as investors and financiers for the projects offered in the platform according to the terms and conditions stipulated in the regulation.