Under an agreement signed on 30/7, F88's financial services, such as secured loans using motorbikes or cars as collateral, will be integrated into the Zalopay app. Users can explore and apply for loans directly within the app. F88's system will receive, scan, and process information to expedite approval and disbursement.

With nearly 900 transaction points nationwide, operating beyond regular business hours and on weekends, F88 ensures that the entire verification and disbursement process is handled quickly, transparently, and flexibly. The model combines Zalopay's online platform with F88's direct service network to create a seamless experience for customers, especially general laborers, small business owners, and freelancers.

Representatives of the two companies signing the partnership agreement on 30/7. Photo: F88

Representatives of the two companies signing the partnership agreement on 30/7. Photo: F88

This partnership comes as Vietnam has around 25 million people who don't meet the lending requirements of traditional banks or financial companies. Asset-backed loans account for almost 60% of the alternative lending market's revenue, according to a FiinGroup report. From 2019 to 2024, outstanding loans from alternative financial companies saw an average annual growth of 53.3%, reflecting the high demand for flexible financial solutions.

Le Lan Chi, general director of Zalopay, hopes the collaboration with F88 will help people access suitable and reliable financial services, aiming to democratize financial technology.

Phung Anh Tuan, chairman and CEO of F88, stated that this is part of the company's financial service digitization strategy.

"Besides our physical store network, F88 is focusing on developing digital channels to provide transparent and convenient financial experiences. We expect Zalopay, with its robust technology and large user base, will bridge the gap, helping F88 reach new customer segments," he said.

Previously, F88 partnered with Military Commercial Joint Stock Bank (MB) to expand its partner ecosystem and develop financial products for everyday customers, including banking agency services.

F88 comprises a chain of nearly 900 stores across the country. Photo: F88

F88 comprises a chain of nearly 900 stores across the country. Photo: F88

F88 is an alternative financial services chain in Vietnam, providing secured loans, bill payments, insurance, and money transfers. From a pawn shop model, F88 has transitioned to a technology-integrated microfinance system. The company's My F88 app was recognized as "Mobile App of the Year" by The Asian Banking and Finance magazine (Singapore). This platform allows users to conduct financial transactions such as secured loans, bill payments, and online re-loans without visiting a branch.

Zalopay is a payment platform developed by Zion Joint Stock Company and licensed by the State Bank of Vietnam. The platform currently serves over 16 million users, integrates over 100 financial and payment features and products, and connects with over 52,000 partners and 81,000 payment acceptance points nationwide.

Minh Ngoc