F88 optimises operational costs with KPMG

June 25, 2024 | 17:20
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The F88 convenience financial store chain and accounting giant KPMG have signed a deal to optimise the efficiency of F88's 823 nationwide transaction offices.
F88 optimises operational costs with KPMG

The signing ceremony took place at the headquarters of F88 Business JSC in Hanoi on June 19. According to the agreement, KPMG will directly review and support F88 in implementing operational cost optimisation. The review and implementation period will start in June and conclude on December 31.

Hoang Thi Phuong Loan, COO of F88, stated, "The company is currently in a phase of strong development, focusing on building and expanding its network of transaction offices nationwide. However, after a period of 'hot' development post-Covid 19, the operating costs of the network of transaction offices are occupying a significant proportion of F88's operating expenses (OPEX). Therefore, F88 aims to optimise the operating costs of its network of transaction offices, including rental costs, initial repair costs, and other expenses necessary for network operations."

She added that optimising operational costs will help F88 manage corporate finances better, thereby providing more competitively priced financial products and services for customers.

Luu Bao Lien, executive member of KPMG Vietnam, said, "F88 is a pioneering company in the pawn loan sector and is implementing the cost optimisation project to 'effectively manage costs. With extensive experience and expertise in financial management consulting, KPMG is committed to accompanying F88 throughout the project implementation process, contributing to helping F88 improve cost management efficiency and bringing maximum benefits to the company and its customers. KPMG believes the project will achieve many successes, continuing to help F88 develop sustainably and strengthen its leading position in the pawn loan sector in Vietnam."

KPMG is considered one of the "Big Four" in the global audit, tax, and financial consulting industry, alongside PwC, Deloitte, and EY. Established in 1870 in the Netherlands, KPMG has become a giant with over 265,000 employees operating in 143 countries and territories. KPMG officially opened its office in Vietnam in 1994 and has since had over 8,000 clients, including multinational corporations, state-owned enterprises, and private companies. Some prominent clients of KPMG Vietnam include Vinamilk, Petrolimex, Standard Chartered, Masan, Binh Minh Plastics, Hoa Phat, and Hoa Sen.

For F88, this is not the first time the company has cooperated with a "big four" firm. In 2021, F88 partnered with EY in the audit sector. As a partner of many reputable domestic and foreign investors such as Mekong Capital, VOI, Granite Oak, Lending Ark Asia, and CLSA Capital Partners, F88 always prioritises transparency and honesty in financial matters, making it the first core value among the company's five core values.

2023 was considered a turbulent year for the subprime lending market, so F88's business activities were somewhat affected. However, in two consecutive quarters, the fourth quarter of 2023 and the first quarter of 2024, business activities showed a clear recovery.

Positive business results, along with diverse capital mobilisation capabilities and a significantly reduced bad debt ratio amidst a relatively quiet market, were the basis for Finn Ratings to decide to maintain F88's BBB- credit rating but upgrade the outlook from “unfavourable” in 2023 to “stable” in 2024.

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The credit rating agency Fiin Ratings has upgraded F88's development outlook to "Stable" thanks to F88's impressive turnaround.

By Thanh Van

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