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.
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