KeyBS eyes up to 8 per cent of UAE’s total remittance outflow valued at USD 9.5 billion

Launches KeyKiosk-KeyRemit, an automated remittance channel to fast track money transfer and enhance security of transactions 

June 3, 2012

KeyBS, a newly-launched payment solutions technology company, has announced the launch of the KeyKiosk-KeyRemit, an automated remittance channel that allows customers to remit money all over the world by simply using a self-service touch screen machine. KeyBS further announced that as part of the initial phase of the roll out of this remittance channel, it has partnered with the leading exchange house Al Bader Exchange to install the kiosk at all their branches. This move also takes KeyBS a step closer to its goal of capturing between five to eight per cent of the UAE’s total remittance outflow – which is currently valued at USD 9.5 billion – in the next two years.

KeyBS also revealed that it is currently engaged in negotiations with most of the major remittance players operating in the UAE, targeting the implementation of 60 kiosks in different exchange houses, over the next six months. The KeyKiosk significantly speeds up processing time as transactions are completed within 2-3 minutes, while enhancing the security of transactions by issuing a receipt with a reference number. Further, the SMS notification system that alerts customers once the money has been transferred enhances the security of transactions.

Ibrahim Darraz, Managing Director, KeyBS, said: “Our mission is to introduce practical and cost-effective technology solutions that boost business performance and ultimately benefit the public through more efficient financial services. In light of the UAE’s sizeable expatriate population, KeyBS has developed the KeyKiosk in response to a growing demand for more secure and less time-consuming remittance services. The KeyKiosk offers unprecedented versatility to facilitate both cash and cashless transactions, allowing exchange houses and other business institutions to accommodate more clients and further expand their customer base. The launch of this cutting-edge solution in the UAE is an important step in our goal to capture between five to eight per cent of the country’s total remittance outflow in the next two years, while adding momentum to our growth plans across the Middle East.”

Adel Al Khoury, Managing Director Al Bader Exchange, said: “Technology continues to redefine the way we serve our customers and we are confident that our strategic partnership with KeyBS will enable us to keep pace with the latest technology innovations in the delivery of premium remittance services. The KeyKiosk-KeyRemit is certainly an ideal solution that caters to the growing demand of our customers for faster and more efficient remittance transactions. Al Bader Exchange is looking to capture 200,000 of the total automated remittance transactions within the first year of installation as we expect the KeyKiosk-KeyRemit to serve as an important tool in our continuing efforts to satisfy the needs of our customers.”

“The interactive, user-friendly automated remittance system is easy to install and customize for various exchange houses. It is completely reliable and can be used for both cash and cashless transactions. Customers use the self-service machines to enter their registered card number, choose the beneficiaries and the amount and currency, and then take a token. The transaction is then completed by paying through debit or prepaid card at the self-service machine or by cash at the counter,” said Sara Kobayaa, Director of Sales & Marketing Business Unit, KeyBS.

Other key features of the automated remittance system are 24/7 service capability and its multi-language screens. It also delivers significant benefits to exchange houses through paperless transactions, more secure transactions and Disaster Control Procedures, accelerated remittance procedures, full web management system control and monitoring and electronically enabled KYC (Know Your Customer) solution.

KeyBS has also announced that it has recently opened an office in Beirut, Lebanon, sustaining the company’s ongoing expansion program across key markets in the Middle East.

Founded in 2012, KeyBS is a member of Arabi Holding Group, one of the leading companies in Kuwait. One of its sister companies, Workers Equity Holding, has been a pioneering payroll service provider in Dubai since 2004. KeyBS envisions its emergence as a leading payment solutions provider in the Middle East. The company’s target markets include the service, government, commercial and industrial sectors as well as special segments such as airports and free zones.