KUALA LUMPUR: Public Bank Bhd and Carsome signed a memorandum of understanding (MoU) to collaborate on car financing.
With this MoU, Public Bank said it would be able to 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, as well as to extend wholesome financial products/services to Carsome’s customers.
Public Bank managing director/chief executive officer, Tan Sri Tay Ah Lek said Public Bank aimed to offer comprehensive financial services solutions 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,” he said in a statement.
He added that the collaboration enabled Public Bank to interface with Carsome’s online platform to provide an 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.
“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,” said Carsome’s co-founder and group chief executive officer Eric Cheng.
