On Tuesday, AI and Robot-as-a-Service (RaaS) provider Guardforce AI Co (NASDAQ:GFAI) announced that Guardforce Cash Solutions Security (Thailand) (GFCS), the logistic subsidiary of Guardforce AI has renewed key contracts with its long-time customer, the Government Savings Bank (GSB) in Thailand.

GSB, a state enterprise under the supervision of the Ministry of Finance, operates as a financial institution guaranteed by the Thai government and has been a partner of Guardforce AI for decades.

Under the renewed agreements, GFCS will continue to deliver cash center operations and secure logistics services for coins under two three-year multi-million-dollar contracts.

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GFCS provides ATM replenishment, maintenance, and coin services to over 1,000 GSB branches across Thailand, representing over 95% of GSB’s nationwide network.

Guardforce AI CEO and Chair Lei (Olivia) Wang flagged GSB’s ongoing confidence in Guardforce AI reinforces the latter’s reputation in secure cash management and provides a stable revenue stream that supports its future growth and innovation initiatives. Wang finds Guardforce AI well-positioned to meet the increasing demand for secure logistics solutions in Thailand.

Price Action: GFAI stock closed lower by 12.0% at $1.62 on Monday.

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This article EXCLUSIVE: Guardforce AI Expands Partnership with Government Savings Bank in Thailand originally appeared on Benzinga.com

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