F88, a Vietnamese financial services company, announced the appointment as it prepares for its upcoming listing on the UPCoM stock exchange. Piyasak will leverage his expertise in operational structuring, risk management, and retail network expansion within Vietnam's microfinance sector, areas he oversaw at Ngern Tid Lor (NTL).

Piyasak Ukritnukun, CEO of Thailand's Ngern Tid Lor, has been appointed as an independent board member of F88. Photo: Huyen Trang

Piyasak Ukritnukun, CEO of Thailand's Ngern Tid Lor, has been appointed as an independent board member of F88. Photo: Huyen Trang

F88's chairman, Phung Anh Tuan, stated that Piyasak's appointment is a strategic move to strengthen corporate governance in preparation for listing on the Ho Chi Minh Stock Exchange (HoSE) in 2027.

"F88 needs individuals who have navigated periods of rapid growth while maintaining operational discipline," Tuan said. "NTL's experience in risk management, network expansion, and technology integration will be invaluable to F88 in the coming phase."

With over 20 years of experience in consumer finance, Piyasak is expected to help F88 refine its microfinance retail model, expand its reach, and improve access for individuals with small capital needs often overlooked by traditional banks.

In 2021, under Piyasak's leadership, NTL executed Thailand's largest financial sector IPO, raising 1.2 billion USD and achieving a market capitalization of 2.7 billion USD on the Stock Exchange of Thailand (SET). NTL specializes in vehicle title loans, a common form of microfinance in Thailand where 87% of households own at least one motorbike.

Beyond his role at NTL, Piyasak has been involved with organizations like Krungsri Auto, Ayudhya Capital Services, and Hattha Kaksekar (Cambodia). He also co-founded the Thailand Vehicle Title Loan Association.

This year, F88 aims to raise over 700 billion VND (approximately 27 million USD) through bond issuance. Major investors in F88 include Mekong Capital, Vietnam Oman Investment, and Granite Oak.

Transitioning from a pawn shop model, F88 has evolved into a technology-integrated microfinance system operating nearly 900 stores nationwide. The company primarily provides loans secured by motorbike and car titles, mirroring the prevalent vehicle ownership in Thailand.

Currently, F88's revenue primarily comes from lending (87-90%), with insurance contributing 10-13%. The company aims to increase insurance revenue to 30% by 2027.

Thi Ha