KeyBS, a leading technology provider for financial institutions and member of Arabi Holding Group KSC, has entered into a franchise agreement with KBS Qatar. As part of this contract KBS Qatar will be the exclusive franchisee for KeyKIOSK and KeyPOS in Qatar, and will install 100 KeyKIOSK and 500 POS within the first year.
Making the announcement, Mr Ibrahim Darraz, Managing Director, KeyBS, said, “This agreement is in keeping with our expansion strategy in the GCC. Qatar is a very significant market for us and we are delighted to partner with KBS Qatar that is well placed to drive our growth in this key market. Qatar, like the rest of the GCC, is witnessing strong demand from consumers for automated and digital payment solutions. This has necessitated banks, exchange houses and other financial institutes to swiftly respond to this growing demand thus creating unprecedented opportunities for a company like ours. Industry research shows that over the next five years more than two-thirds of customers are like to be self-directed.”
KeyBS has already installed 25 kiosk machines in Qatar, and it expects to reach 75 machines in the country by April, 2015. Qatar’s economy is predicted to grow 7.7 per cent in 2015. It will be the country’s fastest expansion since 2011 and an acceleration from 6.3 per cent estimated for this year. The Qatari banking sector has been one of the stellar performers in the GCC, capitalizing on the huge investment, financial resources and economic growth in Qatar.
Continuing its expansion, KeyBS recently hit a new milestone reaching 565 locations all over GCC covering UAE, Qatar, Bahrain and KSA. Across its network, the company offers more than 15 services in 10 different languages. Comparing 2014 results with 2013, KeyBS’ turnover increased by 800 per cent while the number of its transactions rose by 1250 per cent. The company is looking to reach around 880 locations in the emirates and GCC by first half of 2015.
KeyBS has quickly established itself as a highly reputed and reliable company in the lucrative GCC market aggressively capitalizing on the region’s growing demand for technology and automated payment solutions. KeyBS provides advanced automated, kiosk, point of sale (POS), Web Portal and Mobile Technology systems and services for remittance transactions and bill payments as well as customized software and hardware tailored to boost productivity and efficiency that in turn help cut down costs. With its seamless and secure solutions, it has been at the forefront technological advancements sweeping the banking and finance industry.