HCM CITY — F88, Việt Nam’s leading alternative financial services provider, has announced a strategic partnership with ZaloPay, one of the country’s top e-wallet platforms, to enhance access to digital financial services for millions of underserved people.

The partnership aims to provide convenient and accessible secured loan services via ZaloPay's digital platform, especially targeting the mass market and informal workers, who remain largely unbanked.

As Việt Nam's digital economy accelerates, the demand for flexible and timely financial solutions through digital platforms is on the rise. F88 and ZaloPay’s collaboration seeks to modernise a familiar form of secured lending – loans backed by motorbike or car – by integrating it into an accessible, user-friendly online system.

Under the agreement, information about F88’s loan services will be featured on the ZaloPay app, allowing its 16 million users to explore and register loan requests online. Once a user submits a request, F88 will verify the information through its system to streamline the approval process.

With nearly 900 branches across the country operating beyond office hours and on weekends, F88 ensures that the verification and disbursement process is fast, transparent and customer-friendly. The integration of ZaloPay’s digital platform and F88’s physical network is expected to deliver a seamless experience for working-class users, small business owners and freelancers.

“Our mission is to redefine financial access for Vietnamese people and improve lives through fast, simple and transparent services,” said F88 Chairman and CEO Phùng Anh Tuấn.

“Aside from expanding our physical store network, we are strongly focused on digital transformation. Partnering with ZaloPay is a strategic move to optimise user experience and drive inclusive growth. We believe this cooperation will create long-term value for customers and the wider community.”

Tapping into a vast underserved market

According to a report by FiinGroup, around 25 million Vietnamese fall outside the eligibility criteria for loans from banks or traditional finance companies. Notably, loans secured by collateral — such as vehicle registration documents — account for nearly 60 per cent of revenue in the alternative lending market.

FiinGroup also reported that from 2019 to 2024, outstanding loans in the alternative lending segment, including players like F88, grew by an average of 53.3 per cent annually, reflecting strong demand for timely and flexible financial solutions.

Against this backdrop, ZaloPay’s involvement is expected to bring added value in the form of a fully digital, secure and intuitive lending journey tailored to the needs of the mass market.

“Our goal is to democratise fintech and make financial services accessible and trustworthy for everyone,” said CEO of ZaloPay Lê Lan Chi. “With our extensive user base, we aim to serve as a bridge to deliver practical financial solutions directly into people’s hands. Working with a seasoned partner like F88 enables us to improve the customer journey, especially for those previously underserved by traditional finance.”

The partnership with ZaloPay follows F88’s recent tie-up with Military Commercial Joint Stock Bank (MB Bank), enabling it to broaden its customer reach and expand its portfolio of mass-market financial services, including agency banking.

“Collaborating with major digital platforms like ZaloPay allows us to connect with a wider customer base, while also offering underserved workers access to the financial products that suit them best,” Tuấn said.

F88’s digital push has already gained recognition, with its mobile app My F88 receiving the 'Mobile App of the Year' award from Asian Banking and Finance magazine in Singapore. The app enables users to access a range of financial services — including secured loans, loan repayments, bill payments and online refinancing — without visiting a branch.

As Việt Nam’s financial landscape becomes increasingly digital, the partnership between F88 and ZaloPay marks a significant step toward more inclusive and technology-driven finance. — VNS