Maybank introduces financing solution for EV, hybrid users

Maybank introduces financing solution for EV, hybrid users
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KUALA LUMPUR (March 14): Malayan Banking Bhd (Maybank) has introduced a first-of-its-kind integrated automobile financing solution for electric vehicle (EV) and hybrid customers covering various aspects of owning such a vehicle.

This includes holistic financing solutions, insurance and takaful coverage and EV charging privileges.

In a statement, the bank said this is in line with its aspiration to become the sustainability leader in the region by fulfilling its commitment to mobilise a recently revised target of RM80 billion in sustainable financing by 2025 and to achieve a carbon-neutral position by 2030.

Community financial services group chief executive officer (CEO) Datuk John Chong said apart from that, the group’s initiative is also to support the government’s vision to grow the EV market share to 38% by 2040 through the low-carbon nation aspiration under the National Energy Policy 2022-2040.

Meanwhile, Maybank Islamic will become the country’s first financial provider to embark on the EV charging infrastructure landscape, having installed EV charging stations at Dataran Maybank, the Kuala Lumpur Golf and Country Club and Mandarin Oriental Hotel Kuala Lumpur.

It is also targeting to install several more EV charging stations within the Klang Valley and other states in West Malaysia by December 2024 to help strengthen the ecosystem to promote EV and hybrid usage.

Maybank Islamic CEO Datuk Mohamed Rafique Merican said the EV financing membership programme InCharge offers rebates when utilising charging stations owned by Maybank Islamic and all other charging stations via the ParkEasy app.

On the insurance front, Etiqa also introduced insurance and takaful coverage for EV home chargers in October last year.

The 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.