F88 chain stores optimize operating costs with KPMG

The convenient financial store chain F88 and the "big guy" KPMG have just officially signed a cooperation program in which KPMG plays a consulting role to help F88 optimize the operational efficiency of its system of 823 transaction offices nationwide.

The signing ceremony took place at the headquarters of F88 Trading Joint Stock Company in Hanoi on the morning of June 19.

According to the signed content, KPMG will directly review and support F88 in optimizing operating costs. The review and implementation period will start from June 2024 and end on December 31, 2024.

Ms. Hoang Thi Phuong Loan, Chief Operating Officer (COO) of F88, said that the company is in a period of strong development, focusing on building and expanding a network of transaction offices nationwide. However, after a period of "hot" development in the post-Covid-19 period, the cost of operating the transaction office network is accounting for a large proportion of F88's operating expenses (OPEX). Therefore, F88 sets a goal of optimizing the cost of operating the transaction office network, including rental costs, initial repair costs and other costs to operate the network.

Ms. Loan added that optimizing operating costs will help F88 better manage corporate finances, thereby creating conditions to provide financial products and services with more competitive prices to serve customers.

Mr. Tran Duc Vinh, Director of Financial Advisory, KPMG Vietnam and Ms. Tran Mai Thao, CFO of F88 announced the cooperation program between the two parties.

Ms. Luu Bao Lien, Executive Member of KPMG Vietnam, said that F88 is a pioneer in the field of mortgage lending and implementing the Cost Optimization project for "Effective Cost Management". With extensive experience and expertise in the field of financial management consulting, KPMG is committed to accompanying F88 throughout the project implementation process, helping F88 improve cost management efficiency and bring maximum benefits to the company and customers. KPMG believes that the project will achieve many successes, continue to help F88 develop sustainably and consolidate its leading position in the mortgage lending industry in Vietnam.

KPMG is considered one of the "Big Four" in the field of auditing, tax and financial consulting on a global scale, along with PwC, Deloitte and EY. Established in 1870 in the Netherlands, KPMG has now become a "giant" with more than 265,000 employees operating in 143 countries and territories. KPMG officially opened an office in Vietnam in 1994 and to date has more than 8,000 clients including multinational enterprises, state-owned and non-state enterprises, private enterprises... Some of KPMG Vietnam's outstanding clients are Vinamilk, Petrolimex, Standard Chartered, Masan, Binh Minh Plastics, Hoa Phat, Hoa Sen...

For F88, this is not the first time this business has cooperated with Big 4. Previously, since 2021, F88 has officially cooperated with EY in the field of auditing. As a partner of many prestigious domestic and foreign investors such as Mekong Capital, VOI, Granite Oak, Lending Ark Asia, CLSA Capital Partners..., F88 always puts financial transparency and honesty first, becoming the first core value in the five core values ​​of the business.

2023 is considered a "shaky" year for the subprime lending market, so F88's business activities are also somewhat affected. However, in two consecutive quarters, Q4/2023 and Q1/2024, business activities have clearly recovered. Positive business results combined with the ability to mobilize diverse capital, a significant decrease in bad debt ratio in the context of the whole market being quite quiet are the premises for Finn Ratings to decide to maintain the BBB credit rating for F88, but improve the outlook from "Unfavorable" in 2023 to "Stable" in 2024.

Also in June 2024, F88 became an official partner of ACCA Global (Association of Chartered Certified Accountants). This opens up opportunities to improve the quality of financial personnel recruitment and access financial management experience of international businesses for F88. Cooperating with the "big guys" has demonstrated the determination to become a leading personal financial services group, bringing professional and suitable financial solutions to customers.

Also in June 2024, F88 became an official partner of ACCA Global (Association of Chartered Certified Accountants) & ICAEW (Institute of Chartered Accountants in England and Wales). This brings new advantages to F88 in improving the quality of recruitment, training, and human resource development in the field of Finance for F88. Cooperating with the "big guys" has demonstrated the determination to become a leading personal financial services group, bringing professional and suitable financial solutions to customers.

Source: https://baodautu.vn/chuoi-cua-hang-f88-toi-uu-hoa-chi-phi-hoat-dong-voi-kpmg-d218503.html