Guardforce AI Secures Long-Term Partnership and Revenue Base Through 3-year, Multi-Million Dollar Contracts with Government Savings Bank in Thailand
NEW YORK, NY, Jan. 28, 2025 (GLOBE NEWSWIRE) -- Guardforce AI Co., Limited ("Guardforce AI" or the "Company") (NASDAQ:GFAI, GFAIW), GFAIW), an integrated security, AI and Robot-as-a-Service (RaaS) provider, today announced that Guardforce Cash Solutions Security (Thailand) Company Limited ("GFCS"), the secured logistic subsidiary of Guardforce AI, has renewed key contracts with its long-term customer, the Government Savings Bank (GSB) in Thailand. GSB, a state enterprise under the supervision of the Ministry of Finance, operates as a financial institution guaranteed by the Thai government and has been a trusted partner of Guardforce AI for decades.
Under the renewed agreements, GFCS will continue to deliver cash center operations and secured logistics services for coins under two three-year multi-million-dollar contracts. Building on a longstanding relationship, GFCS currently supports over 1,000 GSB branches across Thailand- representing more than 95% of GSB's nationwide network, by providing ATM replenishment, maintenance, and coin services.
"These renewals extend our decade-long relationship with GSB and validate our position as Thailand's premier secured logistics provider," said Kelvin Chu, Managing Director at GFCS. "The continued trust of a government-backed institution highlights the reliability and quality of our services on a national level."
Lei (Olivia) Wang, the Chairwoman and CEO of Guardforce AI, commented, "GSB's ongoing confidence in Guardforce AI not only reinforces our strong reputation in secure cash management, but also provides a stable revenue stream that supports our future growth and innovation initiatives. As Thailand's economy continues to grow, we are well-positioned to meet clients' increasing demand."
About Guardforce AI Co., Ltd.
Guardforce AI Co., Limited (NASDAQ:GFAI) is an integrated solution provider, specializing in security solutions, and focusing on implementing AI and robotics solutions to improve business operational efficiency and sales and marketing process, especially for the retail and travel industry in the Asia Pacific. Drawing upon 42 years' operational experience, established premiere long-term customer base, and sales channels, Guardforce AI has built a robust foundation towards the next level of elevating tailored AI solutions and expanding globally.
For more information, visit www.guardforceai.com Twitter: @Guardforceai.
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Hu Yu
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