Oman’s CMA issues license for ‘Beehive Fintech’ the first Peer-to-Peer crowdfunding platform

CMA
CMA

Muscat: The Capital Market Authority (CMA) issued a decision licensing the second crowdfunding platform for ‘Beehive Fintech’ Company for a period of three years, which is a specialized company that provides its financing services through peer financing, as this company obtained a license for the same activity in the UAE and Saudi Arabia, with its headquarters in Dubai.

Crowdfunding platforms are among the most important innovative financing tools within modern financial technologies that have enabled entrepreneurs and micro, small and medium enterprises to access more appropriate financing mechanisms. Funding methods through crowdfunding platforms are divided into four ways represented by donating without return, participating in the capital, or financing by rewarding a token gift, product or service for the financing party, and the fourth method is peer financing provided by Beehive Fintech Company. It is the financing of the project as a loan through the issuance of traditional (transferable or tradable) investment notices.

With regard to crowdfunding platforms, the authority has entered a new development stage represented in allowing financing products based on modern financial technologies (Fintech) and issuing the regulations governing the work of these platforms, which comes in implementation of the national priorities led by Oman Vision 2040 in the context of the government’s efforts to facilitate business and economic recovery the legislation regulating this type of financing tools is sufficiently flexible, as well as exempting companies wishing to engage in this activity from licensing fees until the beginning of January next year 2023, with the aim of supporting and stimulating the establishment of the largest possible number of national crowdfunding platforms of all kinds. various projects, and attract global crowdfunding platforms to the Sultanate of Oman, with the aim of supporting and supporting entrepreneurs, and enabling the transformation of innovative research and development results into projects capable of growth and enhancing the gross domestic product.

Crowdfunding platforms also allow attracting financiers and investors from inside and outside the Sultanate, and obtaining financing through the platform will be limited to companies and commercial projects only, not individuals, knowing that it will allow individuals and institutions to enter as financiers and investors in projects presented through those platforms. According to the limits and requirements set by the organizing regulations.

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