KUALA LUMPUR, 26th JUNE 2023 – ARB IOT Group Ltd (“ARB IOT” or “Group”), a Nasdaq-listed company and a player in the Internet of Things (IoT) and AI-based technologies, has announced an unprecedented partnership with Potboy Group, Malaysia's rapidly growing retail operator to launch Malaysia’s first 'Pick-N-Go' machines across selected MRT stations, a move that ushers in the future of retail shopping and technological integration in the country.
ARB IOT Group anticipates revenues of approximately RM30 million in FY2024 and an estimated RM200 million for the next three years. In addition, the partnership will generate recurring maintenance revenue for ARB IOT, which could drive long-term sustainable recurring revenue for the Group.
YB Chang Lih Kang, Minister of Science Technology & Innovation Malaysia stated, "The convergence of technology and convenience is transforming how we live, work, and interact. Today’s launching marks a significant milestone in revolutionising the retail industry through advanced IoT and AI technology.
This initiative aligns seamlessly with our digital literacy goals, reducing the digital divide and promoting economic growth through technology. We commend ARB IOT Group and all parties involved for their commitment to innovation and digital transformation. We are proud to witness local enterprises harnessing the power of IoT, demonstrating the capabilities of our nation's industry."
ARB IOT Group Ltd’s CEO Dato’ Sri Larry Liew Kok Leong, said: “The Pick-N-Go machines will provide consumers with a seamless and efficient shopping experience, demonstrating the immense potential of automation in everyday life. With a simple scan, customers can retrieve products, and upon closing the door, payment is automatically deducted. This groundbreaking system enables the machine to track the selected items accurately."
The initiative will roll out in two phases. The first phase aims to establish approximately 100 units across 18 MRT stations. The target for the subsequent phase is to have 200 machines across 50 locations by the end of this year.
Potboy Group will assume the role of machine ownership and operator, with ARB IOT Group providing the Pick-N-Go technologies solutions. Potboy Group will provide 100% manless transactions, embodying the next wave of retail trends. This revolutionary Pick-N-Go technology guarantees customers efficient, convenient, and safe shopping experiences.
"Leverage on our Nasdaq-listed entity’s technology is at the forefront of IoT and AI innovation. Our technology's manless transactions and operational ease are game-changers in the retail industry. We are thrilled to see our solutions substantially benefit Potboy Group and its customers,” Dato’ Sri Larry added.
Eddie Chew, CEO of Potboy Group, said, "The adaptation of Pick-N-Go technology has not merely transformed the manless kiosks of Potboy Group at MRT stations (PotboyGO) into a high-speed self-service kiosk, but the AI-backing technology is sophisticated enough to ease our operation planning and significantly reduce operating costs. Furthermore, FMCG Principals can leverage this technology to market their products to their desired consumers better."
"We are looking forward to bringing this convenience to all MRT stations and other high-traffic infrastructures such as airports, bus depots, universities, and hospitals. We aim to achieve approximately RM1.0 billion in sales via deploying these technologies." Chew added.
Moving forward, ARB IOT Group and Potboy Group will collaborate seamlessly to introduce more innovative shopping experiences to Malaysian and capitalise on the increasing global trend towards automated vending and shopping solutions.