Pawn shop chain F88 has opened its 100th office in Vietnam, completing its target for 2019 set at the end of 2018 when it received a second round of investment from foreign fund Granite Oak.

This is a major effort by F88 in expanding its network quickly while still selecting the best locations. It has opened nearly 50 offices on major roads in 19 districts in Ho Chi Minh City in just the last 7 months.

2019 marked a remarkable phase of development for F88. It has 49 offices in key cities and provinces in the north such as Hanoi, Bac Ninh, Bac Giang, Hai Phong, Thanh Hoa, and Vinh Phuc, and 51 offices in Ho Chi Minh City. It also expects to disburse VND1.837 trillion ($78.8 million) this year, an increase of nearly VND1 trillion ($43 million) compared to 2018.

Mr. Phung Anh Tuan, Chairman and CEO of F88, said it always brings the best financial services to consumers when they cannot access capital from banks or financial companies. “We therefore work towards overcoming the challenges to open offices quickly,” he added. “The early completion of the goal of 100 offices is motivation for F88 to reach 130 by the end of 2019 and realize its vision of 300 by 2020.”

F88’s offices are gradually becoming “financial convenience stores”. In addition to its core service of collateralized loans, F88 also cooperates with financial institutions such as Mirae Asset Prevoir, Payoo, and MoMo to provide financial utilities. Customers visiting F88 can easily take out life insurance, health insurance, and motor vehicle insurance and pay internet and phone bills by installments or cash transfer.

F88 is also actively investing in its technology network to conduct asset valuations and risk management in the best possible manner. It currently uses an ERP system and business intelligence (BI) to have information transmitted immediately and accurately and focuses on key measurement indicators to support and make business decisions.

It recently issued corporate bonds totaling VND100 billion ($4.3 million) after just two weeks of being offered. The non-convertible bonds have a term of two years, a fixed interest rate, and are paid in Vietnam dong (VND). Buyers were primarily reputable large domestic institutions and some individual investors.

The bond issuance was advised on by the Bao Viet Securities JSC (BVSC), a leader in issuing and managing risk in Vietnam’s financial market.