Chief architect of many billion-dollar IPO deals joins F88

“Chief Architect” of Billion Dollar IPO

In 2021, NTL - one of the three largest title lending businesses in Thailand - successfully listed on the SET, creating a memorable milestone for the financial industry in the land of golden pagodas. With an initial public offering (IPO) of 1.2 billion USD, and a market capitalization at that time of 2.7 billion USD, NTL marked the largest IPO in the financial industry and one of the five largest IPOs on the Thai stock market up to that time.

Piyasak Ukritnukun - new independent member of F88's Board of Directors

Behind that success is CEO Piyasak Ukritnukun. Holding the position of CEO of NTL since 2013, Mr. Piyasak has gradually eliminated the inherent prejudices in the Thai microfinance industry. Under his leadership, NTL has expanded its branch network widely and combined technology applications in all processes, optimizing efficiency and customer experience. Currently, NTL is operating nearly 1,700 financial stores across Thailand. NTL's main product is loans using motorbike and car registration, because this is a popular means of transportation in Thailand, with 87% of households owning at least 1 motorbike, according to 2023 statistics from the Pew Research Center. Ngern Tid Lor's loan portfolio has skyrocketed from $50 million (in 2009) to over $3 billion by 2024, and it is also a leader in the insurance brokerage industry.

Mr. Piyasak’s experience is not only accumulated at NTL. Over the years, he has also held many other jobs that can bring him more valuable perspectives and experiences. Specifically, he was the Chairman and Founding Member of the Vehicle Title Loan Association of Thailand, Non-Executive Director of Hattha Kaksekar (one of the leading companies in the Cambodian microfinance market in microcredit and financial inclusion), Director of Krungsri Auto and Ayudhya Capital Services, etc.

When the experience of an international financial veteran is combined with local understanding

With over 20 years of experience in the field of consumer and micro finance, Mr. Piyasak is expected to be an important catalyst to help F88 break through and integrate more deeply into international financial standards.

F88 expects international financial veteran Piyasak to help the company integrate deeply into international financial standards.

Like NTL, F88's starting point also started from pawn services, followed by technology integration. Currently, F88 participates in the market with its main product being mortgage loans (mostly loans using motorbike and car registration). According to data from the Pew Research Center, the percentage of households owning at least 1 motorbike in Vietnam is 87%. If calculated by population size, the Vietnamese market is larger than Thailand. In addition, F88 has also expanded its insurance segment and developed some additional value-added services. F88's revenue structure mainly comes from lending with a proportion of 87-90%, the insurance segment contributes 10-13% of revenue. It is expected that by 2027, the insurance segment will account for 30% of F88's revenue.

In fact, F88 is not a strange business to Mr. Piyasak. He said he visited F88's headquarters in Hanoi for the first time in 2020.

“Despite their small size at the time, they had big dreams – and of course faced every imaginable challenge of a young organisation. I was impressed by their ambition and people-centric approach, not to mention how they aligned with my personal goal of driving financial improvement,” Piyasak recalls.

Also since 2020, F88 has achieved a very rapid growth rate and has become one of the largest companies in Vietnam in the alternative finance sector, with a scale of nearly 900 stores across the country and serving millions of customers. This is truly a suitable business for Mr. Piyasak to take advantage of his practical and in-depth experience in the international market.

“I see many parallels with TIDLOR’s journey, especially the challenges of pioneering an under-understood industry while striving to create lasting positive impact. I look forward to continuing to add value to this dedicated team and this meaningful organization in my new role,” he shared.

As an independent member of the Board of Directors, Mr. Piyasak is expected to bring practical lessons in risk management, operational structure, and microfinance retail network development. These experiences will become strategic assets to help improve the management efficiency and sustainable development of F88. The mindset of sustainable customer development, using technology as a foundation to expand access to financial services are the core values that he successfully applied at NTL and will now be flexibly transferred to F88.

Mr. Phung Anh Tuan, Chairman of F88's Board of Directors, shared: "Mr. Piyasak's official joining of the Board of Directors demonstrates F88's long-term vision and strong commitment to building a standard financial institution and sustainable development. This event also marks a strategic step forward for F88 in its journey to improve the Company's transparency and governance efficiency, preparing a solid foundation for its listing on HOSE in 2027."

Source: https://baodautu.vn/kien-truc-su-truong-nhieu-thuong-vu-ipo-ty-usd-gia-nhap-f88-d342672.html