With the signing of a Memorandum of Collaboration (MoC) on August 9, 2023, Public Bank Berhad formally joined forces with Proton New Energy Technology Sdn Bhd (Pro-Net) to offer financing options for wholesome financial products and services and to start the digitalisation process by integrating with smart Malaysia and its authorised dealers.
Through this partnership, Public Bank will be able to connect with and assist digitalisation through online hire purchase, end-financing application submission, floor stocking through smart client apps, and their authorised dealers, increasing market shares in the EV vehicle sector.
The Bank had mobilized over RM30 billion in domestic NEV financing by the end of 2022, representing approximately 52% of the Bank’s total domestic Hire Purchase financing portfolio. To signify the Bank’s commitment, the NEV lending target had now been increased to RM33 billion by 2025.
A Memorandum of Collaboration (MoC) was signed by Public Bank Berhad and Perodua Sales Sdn Bhd (Perodua) to provide financing options for Perodua authorised dealers to extend holistic financial products and services.
Through online hire purchase end-financing application submission, including uploading of essential application documents and tracking of application status, Public Bank will be able to simplify loan applications thanks to its partnership with Perodua.
In October last year, BMW Group Financial Services Malaysia pledged, on behalf of their customers, to donate RM100 to the BMW Safety 360° subsidy programme for every contract funded via its online financing platform (BMW Engage). The total amount raised was over RM20,000, which the company, a subsidiary of BMW Group Malaysia, contributed to the subsidy programme
“We are pleased to announce that we will be able to subsidize over 300 more child car seats for families in need, from donations raised on our platform in the last three months. We are especially grateful to our customers who have played a key role in contributing to this fundraising initiative. Although there is less travel during this period, we want to continue accelerating the adoption of child safety seats to ensure children are safe on the road when travelling is allowed again,” said Tobias Eismann, MD of BMW Group Financial Services Malaysia.
First introduced in December 2019, the BMW Safety 360° subsidy programme received over 25,000 applications from parents in the B40 income group – signalling an urgency for such seats to be available in Malaysia, more so in view of the imposition of mandatory usage.
One of the recipients of the subsidised child seats being advised on the proper installation and placing of the child.
In the first phase, recipients were selected based on their qualification for the B40 income group. This is mainly determined with a monthly household income of below RM3,000. The second phase serves to work with the remaining list of registrants from the first phase, to equip as many of the eligible registrants as possible with child safety seats.
Other supporters of the programme
The programme also gained support from Shopee who came on-board as the Exclusive E-Commerce Partner; baby and children goods brands, KU.KU Duckbill and Otomo; educational toys and games distributor, Mideer; food storage sealing solutions provider, Ankou as well as car performance parts and accessories provider, Kakimotor.
Each child car seat is made available with a RM50 subsidy and a RM13 delivery subsidy, in addition to a discounted price from Safe ‘n Sound that is exclusive for recipients of the subsidy programme. As such, recipients of the subsidy programme will receive a unique Shopee voucher worth RM113 which can be applied upon checkout at its dedicated microsite.
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A shared responsibility
“Despite the delay on the ruling for child car seat enforcement, BMW Group Malaysia continues in our effort to promote the adoption of child car seats via the BMW Safety 360° Programme. We believe this is a shared responsibility not just amongst our partners, but the parents and the community around them as well, that can help ensure the highest level of safety on the road – even if travelling is restricted in the current climate,” said Sashi Ambi, Head of Corporate Communications at BMW Group Malaysia, adding that registrations for the subsidy programme closed in December 2019.
“We hope more individuals, partners and companies will reach out to us to make more contributions to the programme. Only then will we be able to open registrations for a new batch of families in the B40 income group,” he said.
MyTukar, a used car trading platform in Malaysia has teamed up with Supply Chain Financing and P2P platform, CapBay, to offer an integrated financing programme for used car dealers. Known as the MyTukar Dynamic Dealership Programme, it is a dealership financial services programme which can provide hassle-free financing for dealerships in Malaysia, with total financing of up to RM300 million.
CapBay has strong technological expertise in executing end-to-end digitization and automation of financing processes. This enables the online car bidding platform to effectively drive its Dealer Management System. In turn, MyTukar can support used car dealers with a comprehensive financial ecosystem.
“We are pleased to introduce MyTukar Dynamic Dealership Programme, our new dealership financial services to support our 1,900 nationwide authorised dealers with a convenient and integrated purchasing experience. We believe that this programme will further strengthen our dealership ecosystem while supporting our authorised dealers’ used car business through this challenging time,” said Fong Hon Sum, CEO of MyTukar.com Malaysia.
He added: “Our priority at this point of time is to support our authorised dealers in reducing financial impact and business risks. Through MyTukar.com, we aim to simplify the process of selling pre-owned cars through digitalisation and to serve our customers with better transparency through an efficient online Car Selling platform.”
One-stop solution for financing
The MyTukar Dynamic Dealership Programme is a comprehensive financial services facility that provides authorised dealers with an effective and convenient ‘one-stop-solution’ to operate and grow their dealership business.
Mr. Fong, who has experience in the used car business, explained that with the addition of CapBay’s broad range of financial facilities to the programme, authorised dealers will receive a RM100,000 pre-approved revolving credit line to purchase cars from MyTukar’s platform. “Up to RM500,000 revolving facilities for inventory management, trade financing, and working capital is available. This enables MyTukar’s authorised dealerships to better manage their cash flow by giving a higher margin of finance for all drawdowns,” he said.
Speed up recovery of used car market
On CapBay’s part, their motivation through this initiative is to help kickstart and speed up the recovery of the used vehicle market. “We are delighted that our financial solutions are able to offer support within minutes to pre-approved car dealers who are facing cashflow pressure through these uncertain times and also present them with an opportunity to grow their dealership,” said Ang Xing Xian, co-founder of CapBay.
The revolving facilities enable MyTukar’s authorised dealers to procure vehicles and list them on the company’s online car bidding platform to fetch a higher price for their inventories. The new programme offers hassle-free financing within seconds to further complement the car purchasing experience on the platform. Dealers can pay for the financing margin balance using this facility. In other words, authorised dealers can receive short-term financing without cash outlay for purchases and free up cash flow for other investments or business opportunities.
