Guardforce AI Secures 5-Year Contract to Operate Consolidated Cash Center in Thailand, Enhancing Comprehensive Service Capabilities Along with AI Solutions for Retail Clients
Guardforce AI has announced that its subsidiary, Guardforce Cash Solutions Security (Thailand), secured a 5-year contract to operate a Consolidated Cash Center (CCC) in Chiangmai for the Bank of Thailand (BOT). This contract, beginning at the end of 2024, makes GFCS the largest CCC operator for BOT, covering 50% of BOT's CCCs and extending services to 44 provinces and about 1,900 ATMs. CEO Lei (Olivia) Wang highlighted that this contract enhances operational efficiency and allows facility upgrades without additional investments. Guardforce AI aims to expand its retail base in Thailand, currently serving around 7,000 retail locations.
- Secured a 5-year contract to operate a CCC in Chiangmai for BOT.
- GFCS becomes the largest CCC operator for BOT, managing 50% of BOT's CCCs.
- Service range expanded to 44 provinces and 1,900 ATMs.
- Contract validates high service standards and operational efficiency.
- Ability to upgrade facilities without additional investments.
- Expanding retail base in Thailand, serving around 7,000 locations.
- None.
Insights
Guardforce AI's recent contract win to operate a Consolidated Cash Center (CCC) in Chiangmai is a noteworthy development for the company. This contract expands their operational footprint within Thailand, enabling them to manage 50% of the Bank of Thailand's CCCs. For retail investors, it is important to recognize the strategic value in this. By managing these centers, Guardforce AI solidifies its market position and showcases operational excellence. This can enhance market confidence and potentially attract more clients, both within and outside the banking sector.
Moreover, the company's ability to secure such contracts validates its service standards and operational efficiency. This can lead to greater customer loyalty and open up opportunities to upsell its AI and robotics solutions to existing and new clients.
From a financial perspective, this 5-year contract represents a stable and predictable revenue stream for Guardforce AI. Such long-term contracts can reduce revenue volatility and provide financial stability. This is particularly advantageous for a company in the tech and security sector, where revenues can fluctuate based on project-based income.
Additionally, by consolidating operations in existing regions without additional investments, the company demonstrates a commitment to cost efficiency, which could have a positive impact on their profit margins. Investors should monitor how this contract affects the financial statements in subsequent quarters for tangible benefits.
The integration of Guardforce AI's cash solutions with its AI and robotics capabilities presents a unique value proposition. The ability to offer comprehensive, integrated services enhances operational efficiency and security for their clients. This blend of traditional security services with cutting-edge technology can differentiate Guardforce AI in a competitive market, potentially leading to higher client retention and new business opportunities.
Additionally, the emphasis on upgrading facilities without additional investments highlights the company's approach to leveraging existing assets efficiently while driving technological innovation.
New York, NY, June 25, 2024 (GLOBE NEWSWIRE) -- Guardforce AI Co., Limited (“Guardforce AI” or the “Company”) (NASDAQ: GFAI, GFAIW), an integrated security, AI and Robot-as-a-Service (RaaS) provider, today announced Guardforce Cash Solutions Security (Thailand) Company (“GFCS”), a subsidiary of Guardforce AI, has successfully secured a 5-year contract to operate Consolidated Cash Center (“CCC”) in Chiangmai on behalf of the Bank of Thailand (“BOT”), commencing at the end of 2024.
Prior to winning the contract in Chiangmai, GFCS had already secured multiple 5-year contracts to operate CCCs in Ubonratchathani, Phitsanulok, Hadyai, and Khon Kaen over the past three years. With the addition of Chiangmai CCC, GFCS will become the largest CCC operator on behalf of BOT, managing five CCCs in total, which accounts for
Lei (Olivia) Wang, Chairwoman and Chief Executive Officer at Guardforce AI, commented, “Managing the CCCs on behalf of the BOT not only consolidates our operations in these regions but also allows us to upgrade our facilities without additional investments. Securing this contract not only provides validation for our high service standards for security and operational efficiency, but it also expands our ability to serve retail customers more effectively. Furthermore, our robust service foundation and diverse offerings align seamlessly with our AI and robotics solutions, enabling us to deliver more comprehensive and integrated services to our retail clients.”
As a strategic goal for 2024, Guardforce AI has been actively expanding its retail base in Thailand. At the end of May 2024, Guardforce AI served approximately 7,000 retail locations nationwide, many of which have been long-term customers. This number continues to grow alongside increasing tourism and the opening of new retail stores.
About Guardforce AI Co., Ltd.
Guardforce AI Co., Limited (NASDAQ: GFAI/GFAIW) is a global integrated solution provider, focusing on security solutions (since 1982) and AI & robotic solutions (since 2020). Drawing upon its extensive experience in the security industry, spanning over 41 years, along with an established premiere long-term customer base, and robust sales channels, Guardforce AI has embarked on a transformative journey towards becoming a total AI solution provider. While firmly rooted in the Asia Pacific region, Guardforce AI also expanded its global presence in the U.S. For more information, visit www.guardforceai.com Twitter: @Guardforceai
Safe Harbor Statement
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Investor Relations:
David Waldman or Natalya Rudman
Crescendo Communications, LLC
Email: gfai@crescendo-ir.com
Tel: 212-671-1020
Guardforce AI Corporate Communications
Hu Yu
Email: yu.hu@guardforceai.com
FAQ
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