As Malaysia embarks on electric mobility in a big way, Maybank has become the first bank to introduce an integrated automobile financing solution for Electric vehicles (EV) and Hybrid covering various aspects of owning these vehicles including insurance and takaful coverage as well as EV charging privileges.
This is in line with the Group’s aspiration to become the sustainability leader in the region by fulfilling its commitments of mobilising a recently revised target of RM80 billion in sustainable financing to customers by 2025 as well as achieving a carbon neutral position by 2030.
Maybank Community Financial Services Group CEO, Dato’ John Chong said that this offering is timely and showcases the Group’s strong commitment to sustainability and at the same time catering to the evolving needs of customers as they become increasingly more environmentally conscious.
“Apart from that, our initiative is also in support of the 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,” said Dato’ John.
Maybank Islamic meanwhile, 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 & Country Club and Mandarin Oriental Hotel in Kuala Lumpur respectively. In addition to this, it is targeting to install several more EV charging stations within the Klang Valley and other states in peninsular Malaysia by December 2024 to help further strengthen the ecosystem and promote the usage of EV and Hybrid cars.
On the insurance front, Etiqa had previously introduced Malaysia’s first 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 (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.
