Guardforce AI (GFAI) Stock: Why The Price Jumped Today

By Amit Chowdhry ● Nov 30, 2021
  • The stock price of Guardforce AI Co Ltd (NASDAQ: GFAI) increased by over 13% during intraday trading today. This is why it happened.

The stock price of Guardforce AI Co Ltd (NASDAQ: GFAI) increased by over 13% during intraday trading today. Investors are responding positively to Guardforce AI Co., Limited announcing today that Guardforce Cash Solutions Security (Thailand) Company Limited, the operating subsidiary of Guardforce AI, has been selected to operate a Consolidated Cash Center (CCC) for Hadyai CCC.

This decision was jointly made by the Thai Bankers’ Association, representatives of financial institutions, and the Bank of Thailand. Hadyai CCC located in the south is a newly built facility that was completed in 2021 and is the only CCC that the Bank of Thailand maintains in the deep southern region of Thailand. This CCC covers 7 provinces in total including Songkhla, Trang, Satun, Phatthalung, Yala, Pattani and Narathiwat. And the city of Hadyai is close to the southern border with Malaysia and is the largest city of Songkhla Province, which is the third-largest metropolitan area in the country.

Earlier this year, GFCS was also selected to operate the CCC for a period of 5 years in the Khon Kaen province of Thailand. And the Khon Kaen CCC is the largest CCC in the northeast of the country.

KEY QUOTE:

“We are delighted that we have been selected to operate this facility. This is a milestone for us and we will continue providing the best service to our clients and customers. Winning this bid is further evidence that we are increasing our creditability with the Thai government while also increasing our market-leading position in the cash center outsourcing market.”

— Kee Yun Kwan, the Chief Operating Officer at Guardforce AI

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.