Guardforce AI's GFCS Renews Contracts with Thailand's Government Savings Bank.

Guardforce AI Co. announced that its subsidiary, Guardforce Cash Solutions Security (Thailand), has renewed contracts with the Government Savings Bank in Thailand. The multi-million-dollar agreements are for three years and include cash center operations and secured logistics services for coins. GFCS currently supports over 1,000 GSB branches nationwide, representing 95% of the bank's network.

Introduction:
Guardforce AI Co., Ltd. (GFAI), a leading integrated security, AI, and Robot-as-a-Service (RaaS) provider, recently announced the renewal of key contracts with the Government Savings Bank (GSB) in Thailand. The three-year multi-million-dollar agreements extend GFAI's relationship with GSB, one of its long-term clients, and reinforce the company's position as a premier secured logistics provider in the country.

Background:
GSB, a state enterprise under the supervision of the Ministry of Finance, is a financial institution guaranteed by the Thai government. With over 1,000 branches nationwide, GSB represents a significant portion of the country's financial infrastructure. GFAI has been a trusted partner of GSB for decades, providing cash center operations and secured logistics services for coins under previous contracts.

Contract Renewals:
Under the renewed agreements, GFAI's subsidiary, Guardforce Cash Solutions Security (Thailand) Company Limited (GFCS), will continue to deliver cash center operations and secured logistics services for coins to GSB. These services are crucial for maintaining the bank's operations, as they ensure the secure transportation and handling of cash and coins. GFCS currently supports over 1,000 GSB branches, representing more than 95% of the bank's nationwide network.

Impact on Guardforce AI:
The renewals of these contracts not only validate GFAI's position as Thailand's premier secured logistics provider but also provide a stable revenue stream that supports the company's future growth and innovation initiatives. With Thailand's economy continuing to grow, GFAI is well-positioned to meet clients' increasing demand for secure and efficient logistics solutions.

Conclusion:
The renewal of contracts between GFAI and GSB is a testament to the long-standing relationship between the two companies and the trust that GSB places in GFAI's services. As Thailand's economy grows, GFAI is poised to continue providing innovative and reliable logistics solutions to its clients.

[1] Guardforce AI Secures Long-Term Partnership and Revenue Base Through 3-year, Multi-Million-Dollar Contracts with Government Savings Bank in Thailand. GlobeNewswire. January 28, 2025. https://www.globenewswire.com/news-release/2025/01/28/3016306/0/en/Guardforce-AI-Secures-Long-Term-Partnership-and-Revenue-Base-Through-3-year-Multi-Million-Dollar-Contracts-with-Government-Savings-Bank-in-Thailand.html