Ha Noi-based pawn shop chain F88 and Mirae Asset Prevoir Life Insurance Company Ltd (MAP Life) on Wednesday in Ha Noi signed a co-operation agreement to distribute life insurance products.

F88’s shops will be the exclusive distribution channel for MAP Life. The co-oepration aims to take advantages of each side’s strengths to help customers reduce financial pressure.

Speaking at the signing ceremony, Phùng Anh Tuan, F88’s chairman cum general director, said they had always put customers at the centre in developing the first financial convenience store chain in Viet Nam.

MAP Life’s chairman cum general director Khamsaya Soukhavong said they would accompany F88 to provide comprehensive financial solutions to meet the diversified demands of customers.

Founded in 2013, F88 pioneered the commercialisation of pawn services in Viet Nam. The company currently provides loans on diverse assets such as cars, motorcycles, mobile phones, laptops and jewellery. After receiving investment from Mekong Enterprise Fund III Ltd (MEF III), managed by private equity firm Mekong Capital and Granite Oak, F88 had 50 stores nationwide and total loan disbursement of around VND1 trillion (US$43 million) in 2018.

MAP Life has been a pioneer in implementing bancassurance in Viet Nam’s insurance market since 2005. — VNS