PETALING JAYA: Public Bank and Carsome have signed a memorandum of understanding (MoU) for business collaborations on car financing.
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 managing director and CEO Tan Sri Tay Ah Lek said 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 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.
“Being a leading financier in the automobile industry, Public Bank’s 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 to extend market acceptance of its platform,” added Tay.
Carsome co-founder & group CEO Eric Cheng said its 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.”
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.
Source: The Sun Daily
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