The company has extended the contract as the automated teller machine (ATM) service provider for Government Savings Bank (GSB). The contract starts on June 1, 2022 and is worth approximately USD $19.5 million over a three-year period.  Under the agreement, we will service approximately 4,000 units across Thailand and provide full a full suite of ATM services, including replenishment, maintenance and cleaning services.

“We are delighted to have extended this significant multi-year ATM contract with Government Savings Bank in Thailand. This contract is a further illustration of our competitiveness, reliability, and solid reputation in the industry,” commented, Kee Yun Kwan, Chief Operating Officer at Guardforce AI. “The cash logistic market represents a significant growth opportunity for our cost-effective and secure cash management solutions. Based on a recent report from Allied Market Research, the global cash logistic market is projected to grow from $16.83 billion in 2020 to $33.28 billion by 2030. Additionally, with the easing of COVID-19 restrictions and the revival of the economy, especially tourism, we anticipate that the demand for our secured logistics solutions will continue to increase. We look forward to accelerating the commercial rollout of our cash solutions across Thailand, which play an important role in reducing risks and public exposure of cash transfer.”