HÀ NỘI – F88 Investment Joint Stock Company (F88) on August 8 officially listed over 8.26 million shares for trading on the UPCoM platform.

With a reference price of VNĐ634,900 (US$24) per share on its first trading day, F88 now holds the highest market price among all listed companies across Việt Nam’s three stock exchanges, marking the beginning of a new chapter in its journey to standardise corporate governance and tap into the domestic capital market.

This milestone marks the first time a pawnbroking enterprise in Việt Nam has been publicly listed and traded on the stock exchange. Beyond a significant step toward transparency, F88’s listing sets a new operational benchmark for the legal pawn sector in particular and the alternative finance industry in general – a sector that has long faced negative perceptions and limited access to capital.

Earlier, on May 6, 2025, F88 was officially recognised by the State Securities Commission as a public company and deemed eligible to register for share trading in accordance with legal regulations. At the time of listing, F88’s charter capital stood at over VNĐ82.6 billion, corresponding to more than 8.26 million outstanding shares. The company has also received approval to issue bonus shares from share premium reserves at a ratio of 1,200 per cent, which will increase its charter capital to over VNĐ1.1 trillion. This is an internal capital restructuring activity that does not dilute shareholder equity and is aimed at preparing for the company’s next phase of growth, aligned with its operational scale.

“The official listing on UPCoM is not only a development milestone for F88 but also a pioneering move, introducing a new standard of transparency for Việt Nam’s alternative finance industry. This is a crucial step in enhancing our ability to access public capital, serving our long-term business goals. F88 clearly understands that entering the capital market is not just about transparency and regulatory oversight – it also serves as a financial catalyst to help us scale, upgrade operations, and get closer to our future target of listing on HOSE,” said Phùng Anh Tuấn, Chairman of the Board of Directors at F88.

According to a special report published by FiinGroup in June 2025, Việt Nam’s pawnbroking market had an estimated outstanding loan balance of VNĐ200 trillion (approximately $8 billion) in 2024. Of this, “new-generation” pawn enterprises like F88 currently hold about 3.2 per cent market share, indicating substantial room for future growth. Another notable trend is that while the number of traditional pawnshops is declining, new-generation pawn outlets – which integrate technology, centralised management, and diverse services – are expanding rapidly.

To date, F88 operates 888 stores across 34 provinces and cities, accounting for around 70 per cent of all new-generation pawn outlets in Việt Nam. The company aims to reach 1,000 transaction points by 2026 and expand to 2,000 stores by 2030. In addition to secured lending, F88 is also accelerating its growth in microinsurance and agent banking services. Through its strategic partnership with Military Commercial Joint Stock Bank (MBBank), F88 is gradually developing a model of “modern financial transaction offices” that provide essential services such as customer identification, deposits/withdrawals, fund transfers, loan referrals, and collection/payment services.

F88 is also rapidly pushing digital transformation through its MyF88 platform – a mobile application that recorded over 105,000 online loan customers just two months after launch. By 2026, the company targets having 80 per cent of transactions conducted digitally, aiming to optimize operational efficiency and enhance customer experience.

For 2025, F88 has set a revenue growth target of 33 per cent. In the first half of the year, the company recorded VND1.74 trillion in revenue, up 30 per cent year-on-year. Of this, revenue from lending activities reached VND1.5 trillion, growing 28 per cent. Insurance and other services generated VND199.6 billion and VND6 billion respectively, increasing by 45 and 360 per cent thanks to broader product coverage and effective cross-selling. Total disbursement value reached VND7.1 trillion, up 36 per cent over the same period, while the net write-off ratio (net charge-offs to average outstanding loans) remained at 2.35 per cent. These results brought the company VND321 billion in pre-tax profit – more than triple the figure from the same period last year.

Backed by a sustainable operating platform, transparent financials, and a clear digitalization strategy, F88 is steadily strengthening its governance capabilities, refining capital structure, and standardising operations to meet public company standards. The official UPCoM listing represents not only a transformation in capital structure but also reaffirms F88’s pioneering role in shaping a transparent, regulated, and legally compliant alternative finance market where the public can access trustworthy and civilised financial services.

About F88: Founded in 2013, F88 is a pioneering enterprise in Vietnam’s alternative finance sector, serving customer segments underserved by traditional banks. With a mission to expand access to legal, transparent, and convenient financial services, F88 has steadily developed a modern financial agency model that integrates three core services: secured lending, microinsurance, and basic banking services. Over its development journey, F88 has successfully raised capital from reputable institutional investors such as Mekong Capital, Vietnam Oman Investment, and Granite Oak – enabling the company to grow in both capital and operational scale. As of 2025, F88 operates a network of 888 transaction points in 34 provinces and cities, making it the largest distribution network in Việt Nam’s alternative finance sector. F88 has earned recognition through a series of prestigious domestic and international awards, including being named a top workplace in Asia by Great Place to Work. It is also the first and only alternative finance company in Việt Nam to receive the Gold-level Client Protection Certificate (CPC) – the world’s first standard for protecting financial service users. In April 2025, FiinRatings announced it had upgraded F88’s credit rating outlook from “Stable” to “Positive,” citing strong improvements in asset quality and the company’s continuously strengthened market leadership position.