Carsome and Public Bank sign MoU for car financing collaboration

Malaysian lender Public Bank said Friday the bank and Carsome has officially signed a Memorandum of Understanding (MoU) for greater business collaborations.

With this MoU, the bank will be able to provide stock-financing and end-financing arrangement for the vehicles to its member Car Dealers and individual purchasers who have won the bids through Carsome online platform, as well as to extend wholesome financial products/services to Carsome’s customers, Public Bank said in a statement.

According to Public Bank Managing Director and Chief Executive Officer Tay Ah Lek, Public Bank through this collaboration aims to offer comprehensive financial services solution namely PB Current Account, PB Enterprise, Cash Management and Credit Card Merchant Service with preferential terms to Carsome and its member Car Dealers.

“This synergistic collaboration is in line with Bank Negara Malaysia’s initiatives to accelerate the digitalisation of financial services, which include supporting the overall development of a dynamic fintech ecosystem in Malaysia. This collaboration will enable Public Bank to interface with Carsome’s online platform to provide a more efficient and seamless vehicle financing delivery system, thus further reducing processing time as well as minimising physical documentation for the financing of successful bidding of vehicles. Through this collaboration, Public Bank is confident to further improve our market share in the vehicle financing segment,” Tay said.

“Being a leading financier in the automobile industry, Public Bank’s strong infrastructure will bring mutual benefits to this new relationship with Carsome. And Carsome will be able to leverage on our wide network of branches and HP Centres which are stronglysupported by the trust in our PB Brand to extend market acceptance of its platform,” he added.

Public Bank also said it is committed to support Malaysia’s transformation to digitalisation and will continue to initiate new or improve existing efforts in the future.

“We are thrilled to be working with Public Bank, an established banking institution in Malaysia to offer financing solutions to our customers and dealer-partners. Our vision has always been to create an end-to-end integrated online used vehicle ecosystem; our partnership with Public Bank brings us one step closer to that, as we are able to give more financing options to our customers and dealer-partners when they transact with us,” said Eric Cheng, Carsome Co-Founder and Group Chief Executive Officer.

Carsome is Southeast Asia’s largest car e-commerce platform with operations across Malaysia, Indonesia, Thailand and Singapore. The company provides end-to-end solutions to consumers and car dealers, from car inspection to ownership transfer to financing, promising a service that is trusted, convenient and efficient.

Listed on the Malaysian Stock Exchange, Public Bank is a bank based in Malaysia, offering financial services in Malaysia as well as the Asia-Pacific region.

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