Strategic cooperation between F88 and ZaloPay, who benefits?

F88 and ZaloPay officially sign strategic cooperation agreement.

On July 30th, F88 and ZaloPay officially signed a strategic cooperation agreement, through which information about F88's alternative loan services with collateral will be displayed on the ZaloPay application, making it easy for customers to apply for loans without having to visit an F88 branch.

Overall, the biggest beneficiaries of this cooperation agreement are ZaloPay customers, especially ordinary workers, specifically unskilled laborers and freelancers, who cannot meet the loan requirements of traditional credit institutions.

Currently, ZaloPay has 16 million customers, making it one of the three largest online payment platforms in Vietnam. Meanwhile, F88 is the largest chain of affordable finance stores with nearly 900 stores nationwide, having provided millions of loans secured by motorbike and car registrations to its main customer base: ordinary workers. However, questions remain about what else F88 and ZaloPay gain from this strategic partnership?

It's easy to see that F88 has the opportunity to reach millions of customers on a digital platform. This was confirmed by Mr. Phung Anh Tuan, Chairman and CEO of F88, at the signing ceremony: “With the mission of changing the way people access finance, helping them live better lives through fast, easy, and transparent services, F88 is constantly expanding and diversifying its service delivery channels. Besides developing a nationwide network of physical stores, F88 places special emphasis on promoting financial solutions on digital platforms. The cooperation with Zalopay is a strategic step, helping F88 optimize user experience and contribute to realizing its mission.”

Users benefit from the collaboration between F88 and ZaloPay.

According to expert analysis, F88's lending model using motorcycle and car registration as collateral is more difficult to digitally transform compared to unsecured lending offered by traditional credit institutions. However, F88 has also developed a strategy to bring customer experience and financial services to its own digital platform.

Accordingly, many digital solutions for loan application help customers save time and effort when borrowing for the first time and for subsequent loans. Customers with a good credit history according to F88's scoring system can borrow online through the My F88 application. This digital strategy is considered to have created a competitive advantage for F88 in the affordable finance and alternative finance market, and the cooperation with ZaloPay is a strong highlight in the implementation of that strategy.

With ZaloPay, they expect that the collaboration with F88 will create a comprehensive, secure, user-friendly, and accessible digital financial experience for the vast majority of users, as shared by Ms. Le Lan Chi - General Director, at the signing ceremony: “ZaloPay aims to democratize financial technology, making it easier for users to access suitable and reliable services. With the advantage of a large user network, we act as a bridge, bringing practical financial solutions closer to the people.”

"Collaborating with an experienced entity like F88 will contribute to enhancing the user experience, especially for customer groups who do not have many opportunities to access traditional financial services." According to experts, enhancing customer experience is only one of ZaloPay's goals. They believe that when a payment intermediary platform with the advantages of being easily accessible, user-friendly, and widely used, combined with a loan system that ensures speed, ease, and transparency, that is when the first building blocks are laid to create a comprehensive financial platform. This is ZaloPay's long-term goal, not only in its partnership with F88 but also in its collaborations with all other partners.

In the context of a rapidly growing digital economy , the demand for flexible, timely, and digitally-based financial services is increasing, making this strategic partnership beneficial to all three parties: customers, F88, and ZaloPay.

Source: https://baodautu.vn/hop-tac-chien-strateg-giua-f88-va-zalopay-ai-la-nguoi-huong-loi-d345392.html