Tokenizing UAE SME credit doesn't fix the hardest part — when a borrower defaults, recovery depends on DIFC arbitration courts, not onchain mechanics. Maple and Goldfinch both ate eight-figure losses here: transparent loan books with no practical recourse when borrowers stopped paying. ZIGChain's rails are the easy part; whether Beehive has real enforcement authority when a Dubai SME folds is what decides if this scales.

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