Guardforce AI Secures Long-Term Partnership and Revenue Base Through 3-year, Multi-Million Dollar Contracts with Government Savings Bank in Thailand
Guardforce AI (NASDAQ: GFAI) has renewed key contracts with the Government Savings Bank (GSB) in Thailand through its subsidiary Guardforce Cash Solutions Security. The partnership includes two three-year multi-million-dollar contracts for cash center operations and secured logistics services for coins.
GFCS currently supports over 1,000 GSB branches across Thailand, representing more than 95% of GSB's nationwide network. Services include ATM replenishment, maintenance, and coin services. GSB operates as a financial institution guaranteed by the Thai government under the Ministry of Finance supervision.
The renewal extends a decades-long relationship between the companies and positions Guardforce AI as Thailand's leading secured logistics provider, ensuring a stable revenue stream for future growth initiatives.
Guardforce AI (NASDAQ: GFAI) ha rinnovato contratti chiave con la Government Savings Bank (GSB) in Thailandia attraverso la sua filiale Guardforce Cash Solutions Security. La partnership comprende due contratti pluriennali multimilionari di tre anni per le operazioni del centro contante e servizi logistici sicuri per le monete.
GFCS attualmente supporta oltre 1.000 filiali GSB in tutta la Thailandia, rappresentando più del 95% della rete nazionale di GSB. I servizi includono il rifornimento degli sportelli ATM, la manutenzione e i servizi monetari. GSB opera come un'istituzione finanziaria garantita dal governo thailandese sotto la supervisione del Ministero delle Finanze.
Il rinnovo estende una relazione decennale tra le aziende e posiziona Guardforce AI come il principale fornitore di logistica sicura in Thailandia, garantendo un flusso di entrate stabile per le future iniziative di crescita.
Guardforce AI (NASDAQ: GFAI) ha renovado contratos clave con el Government Savings Bank (GSB) en Tailandia a través de su filial Guardforce Cash Solutions Security. La asociación incluye dos contratos multimillonarios de tres años para las operaciones del centro de efectivo y servicios logísticos seguros para monedas.
GFCS actualmente apoya más de 1,000 sucursales de GSB en toda Tailandia, representando más del 95% de la red nacional de GSB. Los servicios incluyen el reabastecimiento de cajeros automáticos, mantenimiento y servicios de monedas. GSB opera como una institución financiera garantizada por el gobierno tailandés bajo la supervisión del Ministerio de Finanzas.
La renovación extiende una relación de décadas entre las empresas y posiciona a Guardforce AI como el principal proveedor de logística segura en Tailandia, asegurando un flujo de ingresos estable para futuras iniciativas de crecimiento.
Guardforce AI (NASDAQ: GFAI)는 자회사 Guardforce Cash Solutions Security를 통해 태국의 Government Savings Bank (GSB)와 주요 계약을 갱신했습니다. 파트너십에는 현금 센터 운영 및 동전 보안 물류 서비스에 대한 3년 다년 계약 두 개가 포함되어 있습니다.
GFCS는 현재 태국 전역의 1,000개 GSB 지점 이상을 지원하며, 이는 GSB 전국 네트워크의 95% 이상을 차지합니다. 서비스에는 ATM 보충, 유지 관리 및 동전 서비스가 포함됩니다. GSB는 재무부 감독 하에 태국 정부가 보증하는 금융 기관으로 운영됩니다.
이번 갱신은 두 회사 간의 수십 년에 걸친 관계를 연장하며, Guardforce AI를 태국의 주요 보안 물류 제공업체로 자리매김하게 하여 향후 성장 이니셔티브를 위한 안정적인 수익원을 보장합니다.
Guardforce AI (NASDAQ: GFAI) a renouvelé des contrats clés avec la Government Savings Bank (GSB) en Thaïlande par le biais de sa filiale Guardforce Cash Solutions Security. Le partenariat comprend deux contrats multimillionnaires de trois ans pour les opérations de centre de trésorerie et les services logistiques sécurisés pour les pièces de monnaie.
GFCS soutient actuellement plus de 1 000 succursales GSB à travers la Thaïlande, représentant plus de 95% du réseau national de GSB. Les services incluent le réapprovisionnement des distributeurs automatiques de billets, la maintenance et les services de pièces. GSB fonctionne en tant qu'institution financière garantie par le gouvernement thaïlandais sous la supervision du ministère des Finances.
Le renouvellement prolonge une relation de plusieurs décennies entre les entreprises et positionne Guardforce AI comme le principal fournisseur de logistique sécurisée en Thaïlande, garantissant un flux de revenus stable pour les initiatives de croissance à venir.
Guardforce AI (NASDAQ: GFAI) hat wichtige Verträge mit der Government Savings Bank (GSB) in Thailand über ihre Tochtergesellschaft Guardforce Cash Solutions Security erneuert. Die Partnerschaft umfasst zwei drei Jahre laufende, multimillionenschwere Verträge für den Betrieb von Bargeldzentren und sichere Logistikdienste für Münzen.
GFCS unterstützt derzeit über 1.000 GSB-Filialen in ganz Thailand, was mehr als 95% des nationalen Netzwerks von GSB ausmacht. Zu den Dienstleistungen gehören die Auffüllung von Geldautomaten, Wartung und Münzservices. GSB fungiert als finanzielle Institution, die vom thailändischen Staat unter der Aufsicht des Finanzministeriums garantiert wird.
Die Erneuerung verlängert eine jahrzehntelange Beziehung zwischen den Unternehmen und positioniert Guardforce AI als den führenden Anbieter von sicheren Logistikservices in Thailand, was einen stabilen Einnahmenstrom für zukünftige Wachstumsinitiativen sichert.
- Secured multi-year, multi-million dollar contracts ensuring stable revenue stream
- Services cover 95% of GSB's nationwide network (over 1,000 branches)
- Partnership with government-backed financial institution validates service quality
- Long-term contract renewal indicates strong client retention
- None.
Insights
The renewal of multi-million dollar contracts with Thailand's Government Savings Bank marks a strategic victory for Guardforce AI. Securing a three-year commitment from a government-backed financial institution carries significant implications beyond the immediate revenue impact.
The contract's scope, covering 95% of GSB's nationwide network across 1,000+ branches, establishes GFAI as the dominant secured logistics provider in Thailand. This market penetration creates substantial barriers to entry for competitors, as government contracts typically favor incumbents with proven track records. The renewal also provides essential revenue stability - a important factor for a company with a market cap of
Several key strategic advantages emerge from this partnership:
- Long-term revenue visibility that strengthens GFAI's financial planning and investment capabilities
- Enhanced credibility in pursuing other government and financial institution contracts across Southeast Asia
- Operational scale that enables cost efficiencies and competitive pricing
- Platform for expanding additional services, including AI and Robot-as-a-Service offerings, to an established client base
The timing is particularly advantageous as Thailand's economy continues to digitalize while maintaining significant cash operations. This hybrid environment creates opportunities for GFAI to leverage its traditional secured logistics expertise while gradually introducing innovative technology solutions.
NEW YORK, NY, Jan. 28, 2025 (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 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
“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/GFAIW) 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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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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