F88 secures first-ever funding from Taiwan (China) financial powerhouse

F88 secures first-ever funding from Taiwan (China) financial powerhouse

The one-year loan was disbursed in early November through Chailease International Financial Services, the group’s Singapore-based subsidiary.

The deal marks a major milestone for F88, which until now had primarily sourced foreign capital from investment funds rather than banks or other financial institutions. — Photo courtesy of F88

F88 has secured a strategic loan from Chailease Holding, one of Taiwan (China)’s leading financial groups, marking a significant step in the company’s effort to tap into one of Asia’s largest capital markets.

The one-year loan was disbursed in early November through Chailease International Financial Services, the group’s Singapore-based subsidiary. 

“F88 will use the funding to accelerate digital transformation and expand its business operations, in line with commitments made to our partner,” a company representative said.

The deal marks a major milestone for F88, which until now had primarily sourced foreign capital from investment funds rather than banks or other financial institutions. The successful cooperation with Chailease Holding signals growing confidence from major financial institutions in F88’s business model and its position in Việt Nam’s fast-growing alternative lending market. 

For its part, Chailease Holding said it believes in the potential and market position that F88 has built over the years.

According to FiinRatings, the only credit rating agency in Việt Nam receiving technical support from both the Asian Development Bank and S&P Global Ratings, which owns more than 43 per cent of FiinRatings, F88 currently holds a number of advantages in mobilising capital.

FiinRatings noted that F88 has developed a diversified funding structure. In addition to bond issuance, the company has secured multiple loans from foreign funds. 

In May, F88 received a US$30 million loan from Lendable, raising its total funding from the London-based financial institution to nearly $70 million. The company had previously raised trillions of đồng from funds including Puma Asia, the Indo-Pacific Liquidity Facility and Lion Asia.

FiinRatings also highlighted the company’s leading position in the alternative lending market, supported by strong profitability and solid asset quality. 

In October, the agency upgraded F88’s credit rating from BBB- to BBB with a Stable outlook. It assessed the company’s business profile as Adequate, its capital and profitability as Good, and its funding and liquidity as Good. FiinRatings has been rating F88 since October 2021. 

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