DRB-Hicom, through its Edaran Otomobil Nasional (EON) subsidiary, has made a strategic investment in Genie Malaysia, a subsidiary of Carro, the region’s largest and most profitable online used car platform. The companies said the partnership would combine DRB-Hicom’s vast experience in the automotive sector with Carro’s proprietary tech-enabled platform to redefine auto financing in Malaysia.
Genie Malaysia is part of Genie Financial Services, a next-generation fintech automotive financing provider with operations in Singapore, Malaysia and Thailand. Established in 2021, Genie Malaysia has in the short period successfully built a loan book of nearly RM600 million, comprising a highly diverse loan portfolio.
“Following our investment in Carro, parent company of used car platform myTukar in 2021, we are excited to deepen this strategic partnership, and are confident that the synergy between our two parties will unlock unprecedented opportunities that will benefit our customers and drive mutual success,” said EON CEO and DRB-Hicom head of automotive distribution Akkbar Danial. He added that the combined experience of both companies would allow the partnership to navigate and innovate in the new technological landscape.
The investment is aligned with DRB-Hicom’s move to enhance its automotive distribution eco-system. The collaboration is also set to unlock valuable cross-selling opportunities for DRB-Hicom within myTukar’s dealer network, which is made up of over 2,600 dealers nationwide.
“Fintech is an integral part of our digital used car eco-system, and DRB-Hicom’s strategic investment is a huge validation of Genie Malaysia’s differentiating business model. We are delighted to strengthen our partnership with DRB-Hicom, which has invested in Carro since 2021,” said Carro co-founder and group CEO Aaron Tan
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