Maybank introduces financing solution for EV, hybrid users

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has unveiled a groundbreaking integrated auto finance solution that addresses all facets of owning an electric vehicle (EV) or hybrid for consumers.

This covers comprehensive financing options, insurance and takaful protection, and access to EV charging stations.

The bank stated that this is consistent with its goal of being the region’s sustainability leader by mobilizing the recently updated objective of RM80 billion in sustainable finance by 2025 and attaining a carbon-neutral position by 2030.

Apart from that, Community Financial Services Group CEO Datuk John Chong stated that the group’s initiative is to help the government’s goal of increasing the EV market share to 38% by 2040.

through the National Energy Policy 2022–2040’s low carbon nation aim.

In the meantime, Maybank Islamic has constructed EV charging stations at Dataran Maybank, the Kuala Lumpur Golf & Country Club, and Mandarin Oriental Hotel Kuala Lumpur, making it the first financial institution in the nation to enter the EV charging infrastructure environment.

By December 2024, it hopes to have added a number of EV charging stations throughout the Klang Valley and other West Malaysian states, strengthening the ecosystem that encourages the use of EVs and hybrid vehicles.

The CEO of Maybank Islamic, Datuk Mohd Rafique Merican, stated that the InCharge EV finance membership program gives discounts when using Maybank Islamic-owned charging stations as well as all other charging stations via the ParkEasy app.

In October of last year, Etiqa also unveiled insurance and takaful coverage for EV home chargers.

For newly registered battery-powered electric vehicles or plug-in hybrid electric vehicles, the coverage is offered as a free add-on to the Etiqa private car insurance or certificate.

Merry Gel Sigui

A multimedia journalist focused on producing articles about controversial global issues specifically on business, economy, politics, and technology. A strong believer in freedom of the press and exposing the wrong. only through engagement and communications can we as humans evolve. An accredited member of a leading local broadcast media organization.