ARB IOT Group Ltd, a Nasdaq-listed indirect wholly owned subsidiary of ARB Bhd, has partnered Potboy Group, Malaysia’s rapidly growing retail operator to launch Malaysia’s first Pick-N-Go machines across selected MRT (Mass Rapid Transit) stations.
In a move poised to usher in the future of retail shopping and technological integration in the country, the player in Internet of Things (IoT) and artificial intelligence (AI)-based technologies anticipates revenues of in excess of RM30 mil in its FY2024 and an estimated RM200 mil over the next three years.
In addition, the partnership will generate recurring maintenance revenue which could drive long-term sustainable recurring revenue for ARB IOT.
“This initiative aligns seamlessly with our digital literacy goals, reducing the digital divide and promoting economic growth through technology,” commented Science Technology & Innovation Minister Chang Lih Kang when unveiling the ARB IOT-Potboy Group partnership today.
“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.”
Meanwhile, ARB IOT Group’s CEO Datuk Seri Larry Liew Kok Leong expects the Pick-N-Go machines to provide consumers with a seamless and efficient shopping experience while 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 ground-breaking system enables the machine to track the selected items accurately,” he enthused.
The initiative will be rolled out in two phases. The first phase aims to establish about 100 units across 18 MRT stations. The target for the subsequent phase is to have 200 machines across 50 locations by end-2023.
Potboy Group will assume the role of machine ownership and operator with ARB IOT Group providing the Pick-N-Go technologies solutions. Moreover, the Potboy Group will provide 100% man-less transactions which embodies the next wave of retail trends.
“The adaptation of Pick-N-Go technology has not merely transformed the man-less kiosks of Potboy Group at MRT stations 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,” envisages Potboy Group’s CEO Eddie Chew.
“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 bil in sales via deploying these technologies.”
Moving forward, ARB IOT Group and Potboy Group will collaborate seamlessly to introduce more innovative shopping experiences to Malaysians by capitalising on the increasing global trend towards automated vending and shopping solutions.
At the close of today’s trading, ARB was up 0.5 sen or 5% to 10.5 sen with 946,800 shares traded, thus valuing the company at RM128 mil. – June 26, 2023
