Maybank Offers Financing, Insurance Coverage for EV and Hybrid Customers
by Fintech News Malaysia March 15, 2023Maybank has launched an integrated automobile financing solution for Electric Vehicle (EV) and Hybrid customers covering various aspects including financing solutions, insurance and takaful coverage as well as EV charging privileges.
On the insurance front, Etiqa had previously introduced an 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.
Maybank had recently revised its target of RM80 billion in sustainable financing to customers by 2025 as well as achieving a carbon neutral position by 2030.
Dato’ John Chong
Dato’ John Chong, Maybank Community Financial Services Group CEO said.
“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.”
Meanwhile, Maybank Islamic claims to be 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.
Maybank Islamic is also targeting to install several more EV charging stations within the Klang Valley and other states in peninsular Malaysia by December 2024.
Furthermore, customers will receive various rewards and benefits from Maybank Islamic’s EV financing membership programme, InCharge, which provides customers with rebates when utilising charging stations owned by Maybank Islamic and all other charging stations through the ParkEasy app.
Full listing of EV charging ports can be viewed on the ParkEasy app.
Dato’ Mohamed Rafique Merican
CEO of Maybank Islamic, Dato’ Mohamed Rafique Merican said,
“Our ultimate goal is to create a positive impact to the environment and society, and in line with the Group’s mission to Humanise Financial Services, Maybank Islamic will allocate proceeds collected from the usage of the EV charging stations to fund identified social impact initiatives.”
