HÀ NỘI — F88 has appointed Piyasak Ukritnukun, CEO of Thai financial powerhouse Ngern Tid Lor (NTL), as an independent member of its Board of Directors, marking a key strategic move as the Vietnamese consumer finance firm prepares for its UPCoM listing.

Piyasak is widely known as the architect behind one of Thailand’s largest financial IPOs. Under his leadership, NTL listed on the Stock Exchange of Thailand (SET) in 2021 with an offering valued at US$1.2 billion and a market capitalisation of $2.7 billion at the time — one of the top five largest IPOs in Thai capital market history.

As CEO of NTL since 2013, he helped transform the company into a leading title loan provider, operating nearly 1,700 branches nationwide. By leveraging technology, expanding its branch network and enhancing customer experience, he led the company to scale its loan portfolio from just $50 million in 2009 to over $3 billion in 2024. NTL also rose to become a dominant player in insurance brokerage.

Beyond his role at NTL, he brings a breadth of experience from senior positions across the region, including Chair and Founding Member of the Vehicle Title Loan Association of Thailand, Non-executive Director at Cambodia’s Hattha Kaksekar Limited, and former director at Krungsri Auto and Ayudhya Capital Services.

Bridging global expertise with local insight

F88 sees Piyasak’s appointment as a catalyst for aligning the company with international standards in governance and retail financial services. With more than two decades of experience in consumer and microfinance, his insights are expected to help strengthen F88’s operational model and long-term growth strategy.

Like NTL, F88 began as a pawn service provider before evolving into a technology-enabled alternative finance firm. Today, its core offerings include collateral-based lending, particularly motorcycle and car title loans — products well-suited for a market where 87 per cent of households own at least one motorcycle, according to 2023 data from the Pew Research Center.

 

F88 currently operates nearly 900 outlets across Việt Nam and has expanded into insurance distribution and value-added services. Loans account for 87–90 per cent of its revenue, with insurance contributing the remaining 10–13 per cent. By 2027, the firm targets insurance to make up 30 per cent of total revenue.

Piyasak first visited F88’s Hà Nội headquarters in 2020.

“Despite its modest size at the time, the team had big ambitions. I was impressed by their people-first approach and mission to improve financial inclusion — goals closely aligned with my own,” he recalled.

Since then, F88 has grown rapidly to become one of Việt Nam’s largest alternative finance companies, serving millions of underbanked and self-employed customers.

“I see strong parallels between F88 and NTL, especially in the challenges of building an industry from the ground up,” he said. “I look forward to contributing to this passionate team and meaningful organisation in my new role.”

As an independent board member, he is expected to share valuable experience in risk management, operational structure, and retail finance network development. His success in promoting sustainable customer growth through technology at NTL is seen as a transferable model for F88.

Phùng Anh Tuấn, chairman of F88, said: “Piyasak’s appointment underscores our long-term vision and firm commitment to building a well-governed, sustainable financial organisation. His presence also marks a significant step in enhancing our transparency and governance as we gear up for a planned listing on the Ho Chi Minh City Stock Exchange (HOSE) by 2027.” — BIZHUB