F88 officially becomes a public company, paving the way for UPCOM listing

An F88 pawn shop in Hà Nội. F88 is now eligible to become the first alternative financial services provider to move towards a listing on Việt Nam's stock market. — Photo courtesy of F88 HÀ NỘI — F88 Investment Joint Stock Company (F88) on Tuesday was officially recognised as a public company, marking a major milestone in its growth and bringing the firm closer to its long-term goal of being listed on the stock exchange.This transition signals a new chapter in the company's sustainable development, underpinned by higher standards of corporate governance and transparency.The State Securities Commission (SSC) confirmed that F88 has fulfilled the requirements to become a public company in accordance with the Securities Law. Per regulations, companies recognised as public must register for UPCOM trading within 30 days. With this approval, F88 shares are now eligible to trade as the first alternative financial services provider on the UPCOM platform, targeting unbanked customers and moving towards a listing on Hồ Chí Minh City Stock Exchange (HOSE).Alternative finance refers to financial services offered outside the traditional banking and finance system, such as peer-to-peer lending and microfinance."Becoming a public company is a critical milestone in our development roadmap as we move towards UPCOM registration," said Phùng Anh Tuấn, founder and chairman of F88. "It affirms our ongoing efforts to improve transparency and standardise corporate governance in line with international benchmarks. This also sets a strong foundation for our future listing on the Hồ Chí Minh Stock Exchange (HOSE), as we strive to create long-term value for both our mass-market customers and shareholders."Tuấn said that this milestone not only reflects the company's internal progress but also represents the growing recognition of Việt Nam’s alternative finance sector, as F88’s business model has successfully met the stringent criteria set by the SSC and is now poised to be welcomed by public investors.Backed by reputable foreign investors including Mekong Capital, Việt Nam Oman Investment (a joint venture between the Government of Oman’s State General Reserve Fund and Việt Nam’s State Capital Investment Corporation) and Granite Oak, F88 has expanded to nearly 900 branches nationwide since its founding in 2013.The company’s core business is centred on inclusive financial services — offering loans, insurance and banking products to individuals who have limited access to traditional financial institutions.In the first quarter of 2025, F88 disbursed over VNĐ3.28 trillion (US$128 million), a 25 per cent year-on-year increase. Revenue rose by 21.5 per cent while pre-tax profit surged by 204.1 per cent compared to the same period last year.F88 aims to become a leading retail financial group in Việt Nam, reshaping how the population accesses financial services. The company envisions a future where every Vietnamese citizen can engage with formal, transparent financial products that support a better quality of life.“To realise that vision, we must attract more capital from investors and financial institutions by adopting higher standards in governance, operations and finance,” Tuấn said. “Becoming a public company and listing on the stock exchange is a key step toward achieving that goal.”In addition to its long-term partners, F88 is currently working with new domestic and international lenders to diversify its funding sources in 2025. The company has also rolled out detailed strategies for each business segment, aligned with its broader strategic vision and sustainability goals.F88 plans to leverage technology to digitise operations, streamline service delivery and ensure safe, efficient handling of millions of transactions. This year, the company targets revenue growth of over 40 per cent and aims to increase its customer base by more than 30 per cent.Founded in 2013, F88 is Việt Nam’s leading retail finance chain in the alternative finance sector, focusing on inclusive financial services such as lending, insurance distribution and banking products. The company primarily serves customers who lack access to conventional banking and credit services. As of early May 2025, F88 operates 888 branches across the country.F88 has gained widespread recognition for its performance and workplace culture, including being named one of Asia's Best Workplaces by Great Place to Work. It is also the first and only alternative finance company in Việt Nam to receive the Client Protection Certificate — a global standard for safeguarding financial consumers.In April 2025, local credit rating agency FiinRatings upgraded F88’s credit outlook from “Stable” to “Positive”, citing improvements in asset quality and the company’s continued market leadership.