Police inspect scandal-hit F88 transaction points in Soc Trang province

By Trang Nguyen
Tue, March 14, 2023 | 1:58 pm GMT+7

The Soc Trang provincial police conducted inspections at all 11 transaction points of Vietnamese financial services company F88 on Monday.

According to Colonel Phan Van Ung, deputy director of Soc Trang police, the spot inspections were part of a plan to ensure legal regulations were being observed at the company.

In the Mekong Delta province, F88 has 11 transaction points, of which three are in Soc Trang town and eight in the districts of My Xuyen, Chau Thanh, Nga Nam, My Tu, Vinh Chau, Thanh Tri and Ke Sach.

Soc Trang is the second locality where F88 has faced inspections.

Soc Trang Police inspect an F88 transaction point in the Mekong Delta province, southern Vietnam. Photo courtesy of Zing magazine.

Soc Trang Police inspect an F88 transaction point in the Mekong Delta province, southern Vietnam. Photo courtesy of Zing magazine.

Last week, Ho Chi Minh City police searched the headquarters of F88 in Go Vap district on suspicion of property appropriation. The F88 headquarters is located on the seventh and eighth floors of an office building at No. 238-240-242 Nguyen Oanh street.

According to a municipal police source, F88, which operates a large-scale lending system, has been accused of threatening borrowers and property appropriation.

In response to the charges, an F88 representative issued a statement saying that authorities were looking into the actions of a single employee.

F88 currently has 800 transaction points, 2,000 employees and is aiming to expand to 1,000 transaction points in all 63 provinces and cities across Vietnam, according to information posted on its website.

On March 2, the company announced it had raised a series C investment of $50 million led by Vietnam-Oman Investment Fund and Mekong Enterprise Fund IV to further expand its distribution network nationwide and its digital business ahead of an initial public offering (IPO) planned for next year.

“The capital will serve to complete three projects: upgrading information technology systems, expanding points of sale, and improving the quality of human resources,” said F88 chairman and CEO Phung Anh Tuan.

In 2022, F88 received $70 million in international loans, with $60 million from the Hong Kong-headquartered CLSA Capital Partners and $10 million from the London-based Lendable.

It has also partnered with international banks like CIMB Vietnam and Kasikornbank, one of the three largest banks in Thailand, to distribute comprehensive financial products in Vietnam, including mortgages.

F88 has achieved an average annual growth rate in loan balance and total revenue of more than 200%, the firm said, adding it is eyeing an IPO next year if its market capitalization can reach $1 billion.

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