In Vietnam, pawnbroking is often seen as a sensitive, poorly regulated service with inherent risks. In 2013, when the first F88 store opened, many were skeptical, viewing it as "licensed loan sharking" that exploited the vulnerabilities of low-income workers, small traders, and those without access to traditional banks.

"We faced these prejudices from the very beginning. But instead of avoiding them, F88 chose to prove itself through a transparent model, valuing customers and creating real value, aiming to provide a new kind of pawn service," an F88 representative said.

F88's first branch. Photo: F88

F88's first branch. Photo: F88

To change these perceptions, the company focused on transparency, locating its stores on main streets and allowing customers to retain possession of their pawned items. The representative explained that F88 emphasizes building an internal culture based on four core values: kindness, integrity, innovation, and agility. These values have become the guiding principles for all business operations, from recruitment and staff training to service delivery and customer care.

The company established a dedicated customer service department, built a professional and friendly team, largely comprised of women, and implemented standardized service protocols across all branches.

"Competitors can copy business models or products, but they cannot replicate culture - the factor that ensures a company's longevity," Nguyen Cong Niem, F88's deputy general director, emphasized.

Digital transformation and branch expansion

For sustainable development, the company chose a long-term approach: collaborating with banks like MBBank and CIMB to build a financial services ecosystem.

Simultaneously, the company focused on modernization and digital transformation across its entire system. It built a smart operations center connecting data from nearly 900 stores; applied AI to optimize operations and monitor performance; standardized consulting and automated debt reminders; implemented biometric identification processes; managed data through the system; and developed the My F88 mobile app.

After 12 years, F88 has built a system of nearly 900 stores nationwide. Photo: F88

After 12 years, F88 has built a system of nearly 900 stores nationwide. Photo: F88

After eight months, My F88 had 218,000 registered customers, over 280,000 electronic contracts, and nearly 777 billion VND disbursed through the app. The company aims to have 80% of transactions conducted digitally by 2026.

These innovation efforts helped raise the company's customer satisfaction (CSAT) score to 91%, its Net Promoter Score (NPS) to 77%, and its customer return rate to 50%.

Nguyen Hung, a factory worker in Bac Ninh, initially hesitated to use pawn services, fearing unfair valuations and hidden fees. However, his perspective changed after using F88's services.

"I was surprised that at F88, all fees were clearly stated, and the staff carefully explained the interest rates and principal amounts, which made me feel secure," Hung shared.

F88 staff advising a small business owner. Photo: F88

F88 staff advising a small business owner. Photo: F88

According to Fiin Group, at the end of 2023, Vietnam had about 23,000 traditional pawn shops, mostly small and informal. Meanwhile, the "new generation" pawnbrokers like F88 only had about 1,200 establishments but are expanding due to their transparency, standardized processes, and technological capabilities.

Experts believe that in the national financial strategy, banks remain the "gateway" for those with stable incomes. However, for low-income workers to access safe capital, models like F88 serve as a necessary bridge.

After over 10 years, from its first store, F88 has expanded to a network of nearly 900 branches nationwide. In 2025, the company marked a significant milestone with its listing on the UPCoM stock exchange, affirming that the "new generation pawn shop" model can operate transparently and sustainably.

"The positive figures show that while prejudices cannot be erased overnight, the transparent and professional approach has begun to win over customers. We believe that if we do things right and deliver real value, perceptions will gradually change," the company representative emphasized.

Minh Ngoc