Southeast Asian integrated car e-commerce platform Carsome, has entered a partnership with Aspirasi, the micro-financing and micro-insurance provider under Axiata Digital, to offer data-backed digital financing solutions to used car dealers in Malaysia.
The collaboration aims to provide hassle-free and seamless financing solutions to used car dealers who are now eligible for financing of up to 80 percent of its transaction value.
The underwriting process, based on Carsome’s data in credit scoring, pricing, and structured financing, requires minimal documentation which they said willl shorten approval and disbursement turnaround time.
According to Carsome Co-founder and Group CEO Eric Cheng, the financing solution empowers used car dealers through financial inclusion, and is estimated to benefit at least 2,500 used car dealers on Carsome’s platform.
Since 2019, Aspirasi has been providing digital financial support to micro-enterprises, as well as small and medium enterprises (SMEs) in the region.
Aspirasi joins Carsome’s other financing partners such as Funding Societies and CIMB Bank in offering various financing solutions to Carsome dealers, in line with Carsome’s efforts in creating an end-to-end integrated online used car ecosystem.
Besides financing solutions, Carsome has also invested more than RM10 million in Malaysia to help used car dealers through a variety of programmes.
“Aspirasi’s financing scheme, coupled with our data capabilities, will see the enhancement of used car dealers’ financing needs in a viable manner.
We are confident that this will be the most convenient solution for dealers who want to expand their business with ease and speed through Carsome’s platform,”
said Cheng.
