Guardforce AI Awarded a 5-Year Contract by Bank of Thailand to Manage Consolidated Cash Centers in Two Major Cities
NEW YORK, NY, Sept. 19, 2022 (GLOBE NEWSWIRE) -- Guardforce AI Co., Limited (“Guardforce AI” or the “Company”) (NASDAQ:GFAI, GFAIW), an integrated security solutions provider, announced today that Guardforce Cash Solutions Security (Thailand) Company Limited ("GFCS"), the secured logistic subsidiary of Guardforce AI, was awarded a 5-year contract by the Bank of Thailand to manage its Consolidated Cash Centers (CCCs) in the city of Ubonratchathani and the city Phitsanulok in Thailand. The contract represents an expansion of its current services provided to the Bank of Thailand. The Ubonratchathani CCC’s service covers 6 provinces and Phisanulok covers 13 provinces.
In connection with the contract, GFCS will manage approximately 500 ATM locations in Ubonratchathani and approximately 600 ATM locations in Pitsanulok. Currently, the Bank of Thailand has ten CCCs across the country, and GFCS will now operate four of its CCC centers across the country, covering 31 of Thailand’s 76 provinces. The contract for the Ubonratchathani CCC is expected to begin in November 2022 and the contract for the Pitsanulok CCC is expected to begin in December 2022.
“For the past 40 years, we have been committed to providing the best services to our customers,” commented, Kee Yun Kwan, Chief Operating Officer at Guardforce AI. “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. 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. 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 o the government’s long-term economic plan to increase the efficiency of its cash flow.”
Olivia Wang, Chairwoman and Chief Executive Officer of Guardforce AI, added, “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. We look forward to working with the Bank of Thailand in accelerating the consolidation process for secure logistics services in Thailand.”
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