Thai CEO of top microfinance company becomes F88’s senior advisor

Friday, May 07, 2021 08:56

Piyasak Ukritnukun, Managing Director of Ngern Tid Lor Public Company Limited will become F88's senior advisor. — Photo

Piyasak Ukritnukun, Managing Director of Ngern Tid Lor Public Company Limited (NTL) – one of the top three largest microfinance companies in Thailand, will become Ha Noi-based pawn shop chain F88’s senior advisor and an independent member of the company's board of directors.

With experience as a CEO in the field of microfinance in Thailand, Piyasak is expected to help F88 accelerate to achieve its goal of becoming one of the leading group providing personal financial services in Viet Nam.

An F88 representatives said the company and NTL have many similarities. This is why having Piyasak in the role of a senior advisor is expected to help F88 develop as NTL did in Thailand, looking toward a successful IPO with a valuation of US$1 billion in 2023.

“Both companies operate as collateral loan providers with a chain model. The main customers are people with low incomes, who are financially unable or find it difficult to access loans from banks or finance companies,” he added.

F88 is planning to launch an IPO by 2023, when the number of transaction offices reaches 1,000 nationwide. In addition, with its customer-centric strategy, F88 has promoted digital transformation and technology application in customer experience enhancement and risk management, mobile application development and approaching customers in multi-channel methods.

In 2020, its outstanding loans grew by 230 per cent compared to 2019 while its revenue increased by 220 per cent. F88 now has nearly 2,000 staff and a growth rate of 200 per cent annually.

NTL is operating as a chain of financial stores spread across Thailand. Founded in 1980, the company was acquired by Ayudhya Bank of Thailand in 2009. Over 30 years of development, NTL has gradually dominated the Thai microfinance loan market with 1,076 transaction offices.

Recently, NTL submitted an IPO application at the Stock Exchange of Thailand. NTL aims to raise $1 billion through a public offering with a market capitalisation of $2.5 billion. — VNS

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