On March 15, 2023, Malayan Banking Bhd, also known as Maybank, introduced a financing solution for electric vehicle (EV) and hybrid users in Kuala Lumpur, aiming to provide comprehensive financing options, insurance, and takaful protection, as well as access to EV charging stations, in line with its goal of being the region’s sustainability leader by 2025 and achieving a carbon-neutral position by 2030.
introduction to maybank’s ev financing solution
Maybank’s new financing solution is designed to address all facets of owning an EV or hybrid vehicle for consumers, covering comprehensive financing options, insurance, and takaful protection, as well as access to EV charging stations. According to Datuk John Chong, CEO of Community Financial Services Group, the group’s initiative is to help the government’s goal of increasing the EV market share to 38% by 2040, as outlined in the National Energy Policy 2022-2040’s low carbon nation aim. Maybank’s move is also consistent with its goal of mobilizing RM80 billion in sustainable finance by 2025 and achieving a carbon-neutral position by 2030.
maybank’s ev charging infrastructure
In addition to the financing solution, Maybank Islamic has constructed EV charging stations at several locations, including Dataran Maybank, the Kuala Lumpur Golf & Country Club, and Mandarin Oriental Hotel Kuala Lumpur, making it the first financial institution in the nation to enter the EV charging infrastructure environment. By December 2024, Maybank Islamic hopes to have added a number of EV charging stations throughout the Klang Valley and other West Malaysian states, strengthening the ecosystem that encourages the use of EVs and hybrid vehicles. Datuk Mohd Rafique Merican, CEO of Maybank Islamic, stated that the InCharge EV finance membership program gives discounts when using Maybank Islamic-owned charging stations as well as all other charging stations via the ParkEasy app.
insurance and takaful coverage for ev users
Maybank’s insurance arm, Etiqa, has also unveiled insurance and takaful coverage for EV home chargers, which was launched in October 2022. For newly registered battery-powered electric vehicles or plug-in hybrid electric vehicles, the coverage is offered as a free add-on to the Etiqa private car insurance or certificate. This move is expected to provide additional protection and peace of mind for EV users, who can now enjoy comprehensive coverage for their vehicles and home chargers.
maybank’s commitment to sustainability
Maybank’s introduction of the EV financing solution and charging infrastructure is a significant step towards achieving its sustainability goals. As a major financial institution in Malaysia, Maybank’s commitment to sustainability is expected to have a positive impact on the environment and the economy. According to Datuk John Chong, Maybank’s initiative is not only good for the environment, but also makes business sense, as it helps to reduce carbon emissions and promote the use of clean energy. Maybank’s move is also expected to encourage other financial institutions to follow suit and invest in sustainable finance and infrastructure.
As the demand for EVs and hybrid vehicles continues to grow, Maybank’s financing solution and charging infrastructure are expected to play a significant role in promoting the adoption of clean energy vehicles in Malaysia. With its commitment to sustainability and its comprehensive financing solution, Maybank is well-positioned to support the growth of the EV market in Malaysia and contribute to a more sustainable future. The introduction of the EV financing solution and charging infrastructure is a significant step towards achieving Maybank’s sustainability goals, and it is expected to have a positive impact on the environment and the economy. Maybank’s move is also expected to encourage other financial institutions to invest in sustainable finance and infrastructure, promoting a cleaner and more sustainable future for all.
