Guardforce AI Expands Partnership with Government Savings Bank in Thailand

Guardforce AI Co., Limited (NASDAQ: GFAI, GFAIW), an integrated security, AI, and Robot-as-a-Service (RaaS) provider, has announced the expansion of its partnership with the Government Savings Bank (GSB) in Thailand. The renewed agreements, which span three years, further strengthen Guardforce AI's leading position in the Thai market and provide a stable revenue stream for the company's future growth and innovation initiatives.

The two three-year multi-million-dollar contracts cover cash center operations and secure logistics services for coins, with Guardforce Cash Solutions Security (Thailand) (GFCS) continuing to provide ATM replenishment, maintenance, and coin services to over 1,000 GSB branches across Thailand, representing over 95% of GSB’s nationwide network. This partnership reinforces Guardforce AI's reputation in secure cash management and supports its expansion into other business sectors, such as robotics.

Guardforce AI's CEO and Chair, Olivia Wang, commented on the partnership, stating, "GSB’s ongoing confidence in Guardforce AI reinforces our reputation in secure cash management and provides a stable revenue stream that supports our future growth and innovation initiatives. With the lifting of pandemic restrictions and recovery of the economy in Thailand, we are confident that both our secured logistics and RaaS business lines are poised for significant growth within Thailand."



The stable revenue stream from the GSB partnership enables Guardforce AI to invest in research and development (R&D) for new technologies and services, including robotics. The company has already initiated the acquisition of eight companies in China's major cities, focusing on robotics and AI technologies. This expansion into robotics is supported by the stable revenue stream from GSB and other long-term clients, allowing Guardforce AI to maintain a strong market position and explore new business sectors.

In conclusion, the expanded partnership with GSB in Thailand contributes to Guardforce AI's long-term growth strategy by providing a stable revenue stream, reinforcing the company's reputation in secure cash management, and supporting its expansion into other business sectors, such as robotics. The stable revenue stream from GSB enables Guardforce AI to invest in R&D, maintain a strong market position, and explore new business sectors, positioning the company well for future growth and innovation.