Carro taps into HSBC Asean Growth Fund


PETALING JAYA: Asia-Pacific’s largest online used car marketplace Carro has become HSBC’s first client to tap into its US$1bil Asean Growth Fund.

The fund, which was launched in March 2024, aims to support leading high-growth champions in the region with working capital needed to grow its asset base.

Operating in seven countries, Carro chief executive officer Aaron Tan said its fintech business that leverages on proprietary data-driven lending has been growing prudently with a loan book exceeding S$500mil and non-performing loan below 0.5%.

“Securing this landmark financing from HSBC is a huge validation of our digital ecosystem-led business model. This enables us to serve the underserved consumer segment even better,” he said.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

Ringgit surges: Economic reforms, potential us rate cut propel currency to be Asia's second best performer
US producer prices rise moderately in June
MRL confirms ECRL partnership plans with CCCC remain unchanged
Tafi Industries wins RM207.5mil contract for Setia Alam development
Minetech bags RM4.05mil contract for Banting Industrial City project
Redtone Digital acquires 7.12% stake in Theta Edge for RM13.93mil
Ringgit gains ground vs US dollar amidst improved sentiment
BNPL credit exposure stands at RM1.42bil in 1Q
Astaka launches Phase 3 of One Bukit Senyum with RM600mil GDV
Uzma explores hydrocarbon fuel deal in Papua New Guinea

Others Also Read