KeyBS, a leading technology provider for financial institutions and member of Arabi Holding Group, 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, said a statement.

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 next year.

Qatar's economy is predicted to grow 7.7 per cent next year, which 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, capitalising on the huge investment, financial resources and economic growth in Qatar. - TradeArabia News Service