Socar Malaysia has announced that it will cease operations on August 31, but its Trevo peer-to-peer (P2P) car-sharing service will continue.
Users can no longer top-up their Socar Wallets from August 15, although they may choose to use it up before the Socar service ends. Any remaining balance may be refunded or transferred to Trevo Wallet.
“The official Socar Wallet refund process will begin from September 1, 2026. We will share the required steps and instructions with you in advance through an official Socar communication channel,” the company said in an email to users.
“New Socar subscription purchases are no longer available. Existing subscriptions will be discontinued as part of the closure process. Any eligible remaining value will be refunded on a prorated basis,” it added.
First launched in 2011 in South Korea’s Jeju Island, Socar arrived in Malaysia in 2018 via a joint-venture with SK Inc, allowing users to rent cars from a fleet through an app. Two years later, SK Inc secured management rights in Socar Mobility Malaysia, and the following year saw Sime Darby and private equity firm EastBridge Partners invest a combined US$55 million in the company, which was then valued at US$213 million.
However, earlier this month, The Korea Economic Daily reported that SK Inc was buying out the entire stake held by financial investors in Socar Mobility Malaysia, allowing them to exit after the unit failed to go public. The transaction reportedly involves a US$6 million (RM24 million) debt swap.
