Guardforce AI Co Ltd (NASDAQ:GFAI) announced that its secured logistic subsidiary, Guardforce Cash Solutions Security (Thailand) Company Limited (GFCS), has been awarded a five-year contract by the Bank of Thailand to manage its Consolidated Cash Centers (CCCs) in the cities of Ubonratchathani and Phitsanulok in the Southeast Asian nation.
The contract represents an expansion of its current services provided to the Bank of Thailand, the global security solutions provider said.
"This contract award is meaningful to us as it validates the quality of services we provide our clients, who are the foundation for our business growth, not only in secured logistics, but also in robotics and information security,” said Olivia Wang, chairwoman and CEO of Guardforce AI, in a statement.
“We look forward to working with the Bank of Thailand in accelerating the consolidation process for secure logistics services in Thailand," she added.
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Guardforce AI said the contract for the Ubonratchathani CCC is expected to begin in November 2022 and the contract for the Pitsanulok CCC a month later.
GFCS will manage some 500 ATM locations in six provinces in Ubonratchathani and about 600 ATM locations in 13 provinces in Pitsanulok. Currently, the Bank of Thailand has ten CCCs across the country, and GFCS will now operate four of the CCCs across the country, covering 31 of Thailand's 76 provinces, it noted.
"For the past 40 years, we have been committed to providing the best services to our customers. This Bank of Thailand contract further validates our solid track record, reliability, and reputation in the industry. For years, banks have been using both their own CCC centers, as well as third-party cash centers like ours for their cash-in-transit operations,” said Guardforce AI COO Kee Yun Kwan.
"We were selected based on our high standards for security and operational efficiency, which is aligned with the government's long-term plan to consolidate all resources in this industry for greater efficiency and lower costs," he added.
“By managing Bank of Thailand's CCCs on its behalf, we're playing a key role in consolidating business operations across the region, and also upgrading our facilities without additional investment. As one of the major players in this industry in Thailand, we're proud to contribute to the government's long-term economic plan to increase the efficiency of its cash flow," he concluded.
Guardforce AI is a global integrated security solutions provider that is focused on developing robotic solutions and information security services that complement its well-established secured logistics business. With more than 40 years of professional experience, Guardforce AI is a trusted brand name that protects and transports high-value assets belonging to public and private sector organizations. Guardforce AI develops and provides innovative technologies and services that enhance safety and protection.
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