F88 Business JSC, a Vietnam’s financial services chain, and CIMB Vietnam have established a new strategic partnership to promote financial inclusion to the unserved and underserved sectors of the economy.

A strategic alliance is established by CIMB Bank Vietnam and F88. Photo: F88

The strategic alliance could lead to productive institutional collaborations in financial markets, thereby expanding the array of financial products, and scaling up access of rural households and micro-businesses to financial services. 

Statistics from the General Statistics Office showed, in the third quarter of the year, the country recorded more than 28.2 million people unemployed, or experiencing income reductions because of Covid-19. The situation makes it harder for workers to access bank loans as they fail to prove their financial ability.

 Thomson Fam Siew Kat, CEO of CIMB Vietnam, said the primary aim of this strategic alliance is to improve the flow of credit to the unserved and underserved segment of the economy at an affordable cost. 

 “With F88, we are looking to tap new segments, manage costs, access both parties’ technology and infrastructure, and acquire new skills to provide an expanding array of financial services to wider markets while the global economy is recovering from the pandemic,” Thomson said.

 Phung Anh Tuan, CEO of F88, said: “Through partnering with CIMB Vietnam, we are looking to take another step forward in promoting greater financial inclusion across Vietnam, to digitize financial services and improve the lives of the consumers and businesses they touch.”

 F88 has developed a strong physical network with 500 branches to serve customers nationwide and has achieved significant business growth and financial success since launch.