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Daily Markup #630: Carsome makes car ownership more accessible with new digital banking license, and more from this week

Credit: TechNode Global

Licensed to make a difference

  • Carsome is Southeast Asia’s largest integrated car e-commerce platform, so it may have been surprising news to hear that the 500-backed company is part of a consortium that won a digital banking license in Malaysia.
  • Why? As it turns out, financing services have always been on the team’s radar as they aim to enhance the used car ecosystem and car ownership experience for their customers — all through better and more inclusive financing.
  • This isn’t Carsome’s first foray into digital banking; the company has collaborations with several banks, providing financial solutions to its member dealers and purchasers.
  • So, what does this new license really mean? Carsome foresees greater financial access can be provided to Malaysians in their car ownership journey through innovative digital banking solutions. They’ll now be able to expand their offerings through Carsome Capital to serve more in their communities. 
  • And how will it benefit everyone else? They will provide more people, particularly the underserved and unserved segments of the market, with greater access to loans, and assistance with loan applications through a seamless and easy-to-understand process. 
  • While automotive loans are not new, Carsome’s entry into banking brings increased convenience, accessibility to credit, competitive costs, and a higher rate of loan approval compared to traditional banks.
  • “Our end goal has always been promoting financial inclusivity from the perspective of vehicle ownership. Expanding similar products and services to other markets is in our pipeline as we are committed to strengthening the used car ecosystem in the Southeast Asia region,” Chief of Staff Aaron Kee said.
  • Read the full story on TechNode Global.

Stories you may have missed this week:

  • Khailee Ng’s unexpected path to becoming a venture capitalist at 500 Global and insights on what’s next for SE Asia’s ecosystem
  • Headquarters and SerMorpheus join the 500 community; raise US$5M and US$2.5M for better Web3 finances and a more inclusive internet
  • Transcelestial opens world’s largest commercial lasercomm production factory to bring millions of people online annually
  • Thinkfluencer, coder, entrepreneur, and investor Khailee Ng is Tatler Asia’s Most Influential 2022 Honouree
  • SEPPURE and Virtualtech Frontier (VTF) were named finalists in the TechNode Global ORIGIN Innovation Awards in the categories of Future Proofing Heros and Pandemic Growth Warriors respectively.
  • Easyship partnered with e-commerce inventory management platform SkuVault to provide retailers with streamlined picking, packing, and shipping to buyers around the world.
  • Founders Alvin Ea and Sebastian Shen of Haulio share their plans to be the go-to digital platform for container haulage.

Ching Yee Ho