Advance Finance was established in 1974 under the name of Eastern Finance and Securities (ETFS). In September 1997, ETFS was taken over by Peregrine Group and changed its name to Peregrine Finance and Securities (PGFS). After the financial crisis, in July 1999, Lehman Brothers, through a holding company structure, purchased a 99% stake in PGFS and the name of PGFS was later changed to Global Thai Finance and Securities (GTFS). The Thai managements of Lehman Brothers have initiated a management buyout (MBO) of Global Thai Finance (GTF) on March 10, 2004 and GTF's name has subsequently been changed to Advance Finance Co., Ltd. The Company was transformed into Advance Finance Public Company Limited (“AF”) on May 26, 2004 with current registered and paid-up capital of 650 million Baht.

On June 28, 2005, International Factors (Singapore) Ltd (“IFS”), the limited company established under the laws of Singapore and also listed on the Stock Exchange of Singapore, operating credit businesses such as factoring, leasing and other various types of credit facilities, has bought 10% of the Company's paid-up shares.