Switch from pawn chain to utility financial chain, launching ‘2 in 1’ Debit and Credit cards, aiming for billion USD capitalization
“What do people think about the multi-function card F88. With F88 card, you can deposit, withdraw, transfer money, make online and offline payments between banks, in addition, limit from F88 is available when you need it. Full of colors according to your preferences, gender“, Tuan PAT (Phung Anh Tuan) – CEO of the pawn chain F88 – share on personal page.
According to leaked information, this card belongs to Visa Debit type, a cooperation between F88 and International Bank CIMB – strategic partner of F88 announced late last year.
The Visa Debit Card is an international Visa-branded debit card that can be used globally. The features of Visa Debit card include withdrawal, online payment, payment via POS, the limitation compared to Credit card is that it cannot “buy first, pay later” with a certain credit limit.
However, according to Mr. Tuan, F88’s upcoming card is a 2-in-1 card, with features of both Debit and Credit cards, available from F88 when needed. This card is released in 4 prominent colors Black, Pink, Yellow, and Blue (green similar to F88’s brand color).
Recently, F88 said that it aims to IPO with a valuation of 1 billion USD by 2024. To realize this goal, F88 has embarked on transforming the company model from a mortgage lending chain system to a vision. becoming the chain of financial convenience stores with the widest coverage in Vietnam. In addition to supporting the provision of small loans to customers who are mortgaged by means of transport such as motorbikes, cars, motorbike registration, car registration, etc., F88 also provides convenient financial services. supporting services such as insurance, electricity and water bill collection service, internet, e-wallet deposit and withdrawal, and goods transfer via Lazada…
Accordingly, consumers can go to any F88 transaction point to pay electricity and water bills, internet or buy insurance from civil liability for motorbikes and cars to hospital insurance, health care … without having to use fast loan service.
CEO F88 Phung Anh Tuan said: “The multi-service model in one destination will be the main goal that F88 will build in the near future. We hope to expand financial facilities so that anyone in need can use services at F88, not just lending money, helping F88 fulfill the company’s mission of changing change the financial approach to help people have a better life with fast, easy and transparent services.
In addition to individual stores, the F88 chain will continue to expand its network through partnerships with retailers and technology companies. At the end of 2021, F88 has cooperated with Mobile World Investment Joint Stock Company (MWG) to lend cash with a loan product package of no more than 10 million VND to be tested in Ho Chi Minh City area.
After 5 years of development, bringing the number of stores from 10 to more than 500 stores, F88 plans to increase its coverage to 800 stores nationwide by 2022. Transforming the model from a mortgage lending chain to a service chain Convenient finance will help F88 quickly increase its customer base in addition to traditional services.
By Business and Marketing
at Blogtuan.info – Source: cafebiz.vn – Read the original article here
