Maybank Launches Malaysia’s First EV Financing Solution

Maybank Group, a Malaysian financial services provider, has launched the country’s first integrated automobile financing solution for electric vehicle (EV) and hybrid customers. The solution aims to offer financing solutions, insurance, takaful coverage, and EV charging privileges to customers owning an EV or hybrid vehicle. Datuk John Chong, the CEO of Maybank community financial services group, said that the launch shows the banking group’s strong commitment to sustainability and its customers’ evolving needs as they become increasingly more environmentally conscious. He also mentioned that Maybank’s initiative supports the Malaysian government’s vision of growing the EV market share to 38% by 2040 through the low-carbon nation aspiration under the National Energy Policy 2022-2040.

The launch is also in line with Maybank’s aspiration to become the sustainability leader in the region by fulfilling its commitments of mobilizing a recently revised target of RM80 billion in sustainable financing to customers by 2025 and achieving a carbon-neutral position by 2030. Maybank Islamic, a subsidiary of Maybank Group, has installed EV charging stations at Dataran Maybank, the Kuala Lumpur Golf & Country Club, and Mandarin Oriental Hotel in Kuala Lumpur. Furthermore, Maybank Islamic is planning to install several more EV charging stations within the Klang Valley and other states in peninsular Malaysia by December 2024 to promote the usage of EV and hybrid cars.

Maybank Islamic’s CEO, Datuk Mohamed Rafique Merican, said that this initiative is part of the bank’s efforts to encourage EV adoption while making more charging stations readily available for the convenience of EV owners. Maybank Islamic also offers its customers various rewards and benefits through its EV financing membership program, InCharge, which provides customers with rebates when utilizing charging stations owned by Maybank Islamic and all other charging stations through the ParkEasy app. The proceeds collected from the usage of the EV charging stations will be allocated to fund identified social impact initiatives.

Maybank recently hosted an EV driving experience event with Auto Bavaria, its first collaboration with a financial institution. The event showcased two new EV models, namely the BMW iX40 Sport, currently available in the market, and the BMW i7, which will debut in Malaysia in the third quarter of 2023. The event also allowed the public to gain more insights into Maybank’s integrated financing solution and the cars’ features and experience demonstrations on charging an EV.

On the insurance front, Etiqa had previously introduced Malaysia’s first insurance and takaful coverage for EV Home Chargers in October last year. The range is a complimentary add-on to the Etiqa private car policy or certificate for newly registered battery-powered electric vehicles (BEV) or plug-in hybrid electric vehicles (PHEV). Alternatively, a standalone coverage for EV home chargers under the all-risk insurance and takaful plan is also available for EV owners who have purchased the EV home wall charger separately from their new motor insurance and takaful.

In conclusion, Maybank’s integrated financing solution for EV and hybrid customers is a timely initiative showcasing its commitment to sustainability and its customers’ evolving needs. Maybank’s efforts to become a sustainability leader in the region and support the Malaysian government’s vision of growing the EV market share are commendable. Maybank Islamic’s initiative to install EV charging stations and offer rewards and benefits to its customers is a step towards encouraging the adoption of EVs in the country. Etiqa’s insurance coverage for EV Home Chargers is also a welcome addition that will further incentivize EV usage in Malaysia. Overall, these initiatives are crucial in promoting a sustainable future for the country.