Guardforce Cash Solutions (Thailand) Company Limited, the secured logistic subsidiary of Guardforce AI has renewed the contract for ATM (automated teller machine) services for Government Savings Bank (GSB), Thailand. The contract is valid for 3years starting from 1st June 2022, and the value of this renewal is worth approximately $19.5Mn.
The agreement requires GFCS to service almost 4,000 units all over Thailand and also to provide end-to-end ATM services which will include maintenance, replenishment, and cleaning services.
Kee Yun Kwan, Chief Operating Officer, Guardforce AI was delighted to inform about the extension of this multi-year ATM servicing contract with Government Savings Banks of Thailand. He further stated that the contract extension symbolizes the firm’s commitment to reliability, competitiveness, and a good reputation in the country. He also stressed that this market possesses significant growth potential in the cash logistics domain due to the secure and cost-effective solutions that Guardforce works on.
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The global cash logistics sector is projected to show growth to $33.28Bn by 2030 against the current trend of $16.83 Bn in 2020. Also, markets reopening after the disastrous Covid-19 impact will fuel the need for secured logistics and the related demand along with it. The tourism industry which was badly impacted across the globe will again benefit from the logistics sector. Kwan also mentioned the future plans in Thailand by executing a commercial rollout of the cash solutions which will reduce the public risk that comes with cash transactions.
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