Guardforce AI Co Ltd (NASDAQ:GFAI) announced that its subsidiary, Guardforce Cash Solutions Security (GFCS), has secured a five-year contract to operate a consolidated cash center in Chiangmai, Thailand, on behalf of the Bank of Thailand starting at the year-end.
The provider of security, AI and robotic solutions said that GFCS had previously secured multiple five-year contracts to operate similar centers in Ubonratchathani, Phitsanulok, Hadyai, and Khon Kaen over the past three years.
With the addition of the Chiangmai location, GFCS will become the largest operator of consolidated cash centers for the Bank of Thailand, managing five in total accounting for 50% of the bank’s Consolidated Cash Centers.
The five consolidated cash centers cover 44 of the 77 provinces in Thailand and approximately 1,900 ATMs.
Guardforce AI CEO Lei (Olivia) Wang told investors that managing the consolidated cash centers on behalf of the bank not only consolidates its operations in these regions but allows it to upgrade its 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,” Wang said.
“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.”
Guardforce highlighted that it has been actively expanding its retail base in Thailand.
As of the end of May 2024, the company said it served approximately 7,000 retail locations in the country, with the number growing alongside increasing tourism and the opening of new retail stores.
Tuesday's news was welcomed by investors, with Guardforce shares adding almost 3% premarket.