Public Bank has entered into a partnership with Carsome, made official through a Memorandum of Understanding (MoU).
According to a statement, the collaboration will see the bank provide stock-financing and end-financing arrangements for the vehicles to its member Car Dealers and individual purchasers who have won the bids through Carsome online platform. The partnership will also extend wholesome financial products/services to Carsome’s customers.
Managing Director and CEO of Public Bank, Tan Sri Tay Ah Lek said that this collaboration will aim 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.
Additionally, Carsome’s co-founder and Group CEO, Eric Cheng said the platform was thrilled to be working with Public Bank to offer financing solutions to its customers and dealer-partners.
“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.”