Maybank has rolled out what it calls Malaysia’s first integrated financing package for buyers of electric and hybrid vehicles, bundling the loan itself with insurance or takaful cover and privileges across the country’s charging network.
Datuk John Chong, who heads the group’s Community Financial Services arm, called the offering timely and tied it to the bank’s sustainability commitments. “Apart from that, our initiative also supports the government’s vision of growing the EV market share to 38 per cent by 2040 through the low carbon nation aspiration under the National Energy Policy 2022-2040,” he said in a statement. The launch folds into a group target, recently revised, of RM80 billion for sustainable finance by 2025, alongside the group’s aim of reaching a carbon-neutral position by 2030.
On the timeline, the charging infrastructure is already standing. Maybank Islamic says it is the country’s first financial provider to enter that landscape, with stations already running at Dataran Maybank, at the Kuala Lumpur Golf & Country Club, and at the Mandarin Oriental hotel in Kuala Lumpur, and several more planned across the Klang Valley and other peninsular states by December 2024.
“Our ultimate goal is to create a positive impact to the environment and society, and in line with the Group’s mission to Humanise Financial Services, Maybank Islamic will allocate proceeds collected from the usage of the EV charging stations to fund identified social impact initiatives.” That is Datuk Mohamed Rafique Merican, the chief executive of Maybank Islamic, which also runs InCharge, a financing membership programme handing rebates to drivers who charge at its stations, or at any other charger, through the ParkEasy app.
The record shows the insurance side moving in parallel. Etiqa, the group’s insurer, introduced cover for EV home chargers in October of the previous year: a complimentary add-on to a private car policy for newly registered battery-electric or plug-in hybrid vehicles, or a standalone all-risk plan for owners who bought their wall charger separately.
Maybank has also been staging the sales pitch. With Auto Bavaria, its first such collaboration with a financial institution, it hosted a driving event showing off the BMW iX40 Sport, already on the market, and the BMW i7, due to reach Malaysia in the third quarter of 2023, complete with charging demonstrations. The bundle is the point: one counter now sells the car loan, the cover and, in effect, the plug.
Sources
- Maybank Offers Financing, Insurance Coverage for EV and Hybrid Customers – Fintech News Malaysia
- Maybank introduces Malaysia's first auto financing solution for EV, hybrid cars | KLSE Screener
