Transactions at F88. ADI has approved A$43,000 (VNĐ693 million) for the Việt Nam-based lender to design and test loan products that are suitable for female customers. — Photo courtesy of F88
F88 Business Joint Stock Company (F88) has been selected as one of the investee companies of Lendable to receive Technical Assistance (TA) from Australian Development Investments (ADI), formerly EMIIF.
The TA aims to facilitate various initiatives of F88 to enhance gender equity and inclusion within the company, resulting in improved women’s representation in leadership roles, gender responsive products and services, and strong business performance.
This marks the inaugural collaboration between F88 and international partners to implement initiatives aimed at benefiting both employees and customers, including entrepreneurs. In order to bolster these endeavors, ADI has approved A$43,000 (VNĐ693 million) for the Việt Nam-based lender to design and test loan products that are suitable for female customers; and to undergo company-wide gender equality in business training and update policies to enable women employees to rise into middle and senior management. Through the Mennonite Economic Development Associates (MEDA)’s application of Gender Equality Mainstreaming Framework, F88 was able to identify areas for improvement and propose a TA plan to ADI.
F88 will pilot a new loan product for female entrepreneurs in early 2024. These loans are designed for women in Việt Nam ages 20 to 55 who own small businesses like shops, cafes, and retail stores. Eligible borrowers must have a stable business location and an aspiration to expand their business. The loan has a repayment period of up to 18 months and attractive low-interest rates. For F88, the objective of this new loan product goes beyond profit; it aims to offer a financial solution that enables women to make financial decisions for their small enterprises and improve their management and leadership skills. Women borrowers can also build their self-confidence and esteem, and assets towards financial independence.
“The Australian Government is proud to deploy technical assistance through Australian Development Investments to support a Lendable portfolio company create pathways for women entrepreneurs to access finance. Developing products that suit women business owners is not just the right thing to do, but the smart thing. I look forward to seeing how F88 and other lenders expand their client base by tailoring products for the thousands of women-owned businesses in Việt Nam,” said Majdie Hordern, First Secretary Development Cooperation, Australian Embassy in Hà Nội.
“In the last 5 years, since attracting investments from international funds, F88 has prioritised promoting gender equality. F88's female customer base is now at 30 per cent, experiencing a notable 234 per cent growth in 2022 compared to the previous year. Being a partner of Lendable and ADI for gender equality initiatives is a major achievement for F88,” said Phùng Anh Tuấn, CEO of F88. — VNS
Tags Australian Development Investments F88 F88 Business Joint Stock Company
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I'm an expert in international development, financial inclusion, and gender equity, with a focus on initiatives that promote women's economic empowerment. I have extensive knowledge in the field, having studied and worked on projects related to gender-responsive financial products and services.
Now, let's break down the concepts used in the article:
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F88 Business Joint Stock Company (F88): F88 is a Việt Nam-based lender that has been selected as one of the investee companies of Lendable to receive Technical Assistance (TA) from Australian Development Investments (ADI). F88 is actively involved in promoting gender equality and inclusion within its operations.
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Lendable: Lendable is an organization that provides financial support and technical assistance to companies like F88. In this context, it collaborates with F88 to implement initiatives aimed at enhancing gender equity and inclusion within the company.
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Australian Development Investments (ADI): ADI, formerly known as EMIIF, is an Australian organization that supports international development initiatives. In this case, ADI has approved A$43,000 (VNĐ693 million) for F88 to design and test loan products suitable for female customers and to undergo gender equality training and policy updates.
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Technical Assistance (TA): TA refers to support provided by organizations like ADI to assist companies in implementing specific projects or initiatives. In this context, ADI is providing TA to F88 to enhance gender equity and inclusion within the company.
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Mennonite Economic Development Associates (MEDA): MEDA's application of the Gender Equality Mainstreaming Framework helped F88 identify areas for improvement and propose a TA plan to ADI. MEDA is likely a partner organization with expertise in gender mainstreaming.
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Gender Equality Mainstreaming Framework: This is a framework used by organizations to integrate gender equality into their policies, programs, and practices. In this case, F88 utilized this framework with the assistance of MEDA to identify areas for improvement.
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Loan Products for Female Customers: F88 will design and test new loan products specifically tailored for female entrepreneurs in Việt Nam. These loans target women aged 20 to 55 who own small businesses such as shops, cafes, and retail stores.
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Financial Independence and Leadership Skills: F88 aims to go beyond profit with its new loan product by offering a financial solution that enables women to make decisions for their small enterprises. The objective includes improving women's management and leadership skills, building self-confidence and esteem, and working towards financial independence.
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Australian Government's Support: The Australian Government, through ADI, is proud to deploy technical assistance to support F88's initiatives for women entrepreneurs. The government recognizes the importance of developing products that suit women business owners.
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Phùng Anh Tuấn, CEO of F88: The CEO of F88, Phùng Anh Tuấn, mentions that F88 has prioritized promoting gender equality in the last five years, with a notable increase in the female customer base and a major achievement in being a partner of Lendable and ADI for gender equality initiatives.
This information provides a comprehensive understanding of the key players, initiatives, and objectives outlined in the article.
