KUALA LUMPUR: Ace Market-listed company PUC Founder (MSC) Bhd is collaborating with the Federation for Motor & Credit Company Association of Malaysia (FMC) to explore provision of financing and promote motor credit business.
PUC Founder said its wholly owned subsidiary, Founder Pay Sdn Bhd (FPSB) and FMC has on Tuesday entered into a Memorandum of Understanding (MOU) in relation to the collaboration whereby FPSB is exploring provision of financing to independent car retailers, small car supermarkets and dealers and FMC intends to promote the motor credit business.
FPSB has developed a financing scheme, known as the vehicle stocking advance scheme (VSA Scheme) for utilisation by used vehicle dealers in Malaysia who satisfy criteria set by FPSB, as working capital.
FMC is a trade association established to safeguard the interest of car dealers and credit providers. It also helps to promote motor trade and its related credit and insurance businesses in Malaysia. FMC has approximately 3,200 registered and active members from a total of 4,500 used car dealers nationwide.
The MoU is for 12 months from the date of signing the MoU.
“We are also excited to announce that we have obtained the money lending license approved by the Ministry of Urban Wellbeing, Housing and Local Government.
“It is one big leap for us moving forward in the financial service segment. Through the VSA Scheme, we hope to further expand the business segment and generate more income for the group,” PUC group CEO Hiew Wai Yoon said in a statement.
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