In the context of strong digital economic growth, the demand for flexible, timely and digital financial services of the people is increasing. The cooperation agreement between F88 and Zalopay will help workers easily access a popular, close form of loan but not yet effectively applying technology. These are loans with collateral such as motorbike/car registration/exorcism papers.
The two sides believe that combining Zalopay's technological strengths and F88's ability to provide financial products and services will create more value for users. This cooperation is expected to expand service capabilities, enhance experience and promote access to digital financial services, especially for unskilled customers.
Increasing access to finance for unskilled workers
According to the agreement, F88's financial services will be displayed on the Zalopay application. After Zalopay users register, F88 will receive and scan information to optimize the file censorship process.
The model of combining Zalopay's digital platform and F88's field service capabilities brings a seamless, efficient experience, especially suitable for unskilled workers, small businesses, or freelancers.
Mr. Phung Anh Tuan, Chairman of the Board of Directors and CEO of F88 affirmed: With the mission of changing financial approaches, helping people have a better life through fast, easy and transparent services, F88 constantly expands and diversifies service delivery channels. In addition to developing a physical store system nationwide, we pay special attention to promoting financial solutions on digital platforms. The cooperation with Zalopay is a strategic step forward, helping F88 optimize the user experience, while contributing to the realization of its mission. We expect this cooperation to open up many long-term development opportunities, together creating sustainable values for customers and the community.
Huge market potential and strategic vision
According to FiinGroup's report, Vietnam currently has about 25 million people in the group that do not meet the conditions for loans from banks or traditional financial companies. In the period of 2019 - 2024, outstanding loans from alternative financial companies, including F88, recorded an average growth rate of 53.3% per year, reflecting a very high demand from people with flexible and timely financial solutions.
In that context, Zalopay - the leading electronic payment platform in Vietnam - accompanying F88 is expected to create a comprehensive, secure, easy-to-use and suitable digital financial experience for the majority of users.
Ms. Le Lan Chi - General Director of Zalopay - shared: "Zalopay aims to popularize financial technology, creating conditions for users to easily access suitable and reliable services. With the advantage of a large user network, we play a bridging role, bringing practical financial solutions closer to the people. Collaborating with an experienced unit like F88 will contribute to improving the user experience, especially customers who do not have many conditions to access traditional financial services.
Expanding the partner ecosystem and promoting the digitalization of customer experience
The cooperation with Military Commercial Joint Stock Bank (MBBank) not only makes F88 more able to reach diverse customer groups but also allows the company to expand its range of financial products to popular customers, including banking agents' services.
Cooperating with units with a strong technology platform and a large number of users such as Zalopay will help F88 reach more different customer segments. On the other hand, affordable workers will also have easier access to alternative financial products and services that are more suitable for them! - Mr. Phung Anh Tuan added.
Combining with Zalopay is part of F88's strategy to bring customer experience and financial services to the digital platform. To date, this strategy has achieved remarkable results, typically the My F88 application being awarded the Mobile App of the Year award by the financial magazine, The Asian Banking and Finance (Singapore). This application helps users quickly, easily and transparently access financial services such as mortgages, loan payments, bill payments, and online re-borrowing without having to go to the transaction office.
