Public Bank ties with PRO-NET, bolster presence in NEV industry

The bank commits NEV lending to reach RM33b by 2025.

Public Bank and Proton New Energy Technology Sdn Bhd (PRO-NET) joined forces through 9 August to provide financing facilities.

The partnership aims to offer comprehensive financial products and services, facilitate digitalisation through smart Malaysia and authorised dealers, and enhance market presence in the electric vehicle (EV) automotive sector.

The collaboration empowers Public Bank to streamline digital processes, including online submission of hire purchase end-financing applications and Floor Stocking facility through a dedicated customer app.

This initiative seeks to boost market share within the electronic vehicles (EV) industry.

“Supporting the growth of the New Energy Vehicles (NEV) has always been a key pillar to our climate agenda. The bank had mobilised over RM30b in domestic NEV financing by the end of 2022, representing approximately 52% of the bank’s total domestic Hire Purchase financing portfolio.” Tan Sri Dato’ Sri Dr. Tay Ah Lek said.

ALSO READ: Malaysia’s Public Bank extended $2.6b 'affordable home' loans in 2022

He also shared that the bank’s target in NEV lending has increased to RM33b by 2025.

PRO-NET holds exclusive rights to import and distribute smart vehicles in Malaysia and Thailand.

The initial flagship model, smart #1, garnered significant attention at the Electric Vehicle Expo (EVx) 2023 in Setia City Convention Centre, generating buzz among local enthusiasts and sparking discussions on social media.

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