Maybank Pioneers Comprehensive Financing Solution for Electric and Hybrid Vehicle Owners
Malayan Banking Bhd (Maybank) has taken a significant step in supporting the adoption of electric vehicles (EVs) and hybrids by introducing an integrated automobile financing solution that caters to the specific needs of EV and hybrid customers. This groundbreaking offering covers various aspects of owning such vehicles, including comprehensive financing solutions, insurance and takaful coverage, as well as EV charging privileges.
Maybank’s initiative aligns with its vision to become a regional sustainability leader. The bank is committed to mobilizing RM80 billion in sustainable financing by 2025 and attaining a carbon-neutral position by 2030. By introducing this innovative financing solution, Maybank aims to contribute to the government’s goal of achieving a 38% market share for EVs by 2040, as outlined in the National Energy Policy 2022-2040.
Maybank Islamic, a subsidiary of Maybank, will further support the EV ecosystem by venturing into the EV charging infrastructure landscape. The bank has already installed EV charging stations at prominent locations such as Dataran Maybank, the Kuala Lumpur Golf and Country Club, and Mandarin Oriental Hotel Kuala Lumpur. Additionally, Maybank Islamic plans to install more EV charging stations within the Klang Valley and other states in West Malaysia by December 2024. This expansion aims to strengthen the ecosystem and encourage greater EV and hybrid vehicle usage.
Maybank Islamic’s EV financing membership program, called InCharge, offers attractive benefits to customers. Members can enjoy rebates when utilizing Maybank Islamic’s charging stations and other charging stations through the ParkEasy app. This membership program enhances the convenience and affordability of owning and charging EVs and hybrids.
In addition to financing and charging infrastructure, Maybank’s insurance arm, Etiqa, has introduced comprehensive insurance and takaful coverage for EV home chargers. This coverage is available as a complimentary add-on to the Etiqa private car policy or certificate for newly registered battery-powered electric vehicles or plug-in hybrid electric vehicles. By providing insurance protection for EV home chargers, Etiqa further supports the growing EV ecosystem and ensures peace of mind for EV owners.
Maybank’s introduction of a holistic financing solution for EV and hybrid users marks a significant milestone in promoting sustainable transportation in Malaysia. By addressing the unique needs of EV and hybrid customers and offering comprehensive support, Maybank is playing a crucial role in accelerating the adoption of cleaner and more environmentally friendly vehicles. With its ambitious sustainability targets and commitment to creating a carbon-neutral future, Maybank is leading the way in driving positive change in the automotive industry.
Read Further Here: https://www.thestar.com.my/business/business-news/2023/03/14/maybank-introduces-financing-solution-for-ev-hybrid-users
