PETALING JAYA: CIMB Bank Bhd and CIMB Islamic Bank Bhd have introduced a suite of electric vehicle (EV) financial solutions, including financing, insurance protection and others, to drive the adoption of EV in Malaysia.
Group consumer and digital banking CEO Effendy Shahul Hamid said that through this market offering, the bank is able to make the customer’s EV ownership journey accessible and convenient.
“We will continue to offer innovative sustainable finance solutions that encourage Malaysians to consider a more sustainable lifestyle, as we work together towards achieving the country’s Net Zero ambitions,“ Effendy said in a statement today.
The bank anticipates substantial growth in demand for EV financing, due to the growing availability of EV models and infrastructure in the market, coupled with the extension of Malaysia’s EV tax incentives and exemption.
Meanwhile, CIMB recorded year-on-year green vehicle financing growth of 350% in 2022, and it intends to accelerate growth in the segment as part of its sustainable finance commitment.
It also aims to mobilise RM60 billion in green, social, sustainable impact products and services across its markets by 2024.