Maybank Signs MOU to Finance Customers’ BYD Electric Vehicle Purchases

PHNOM PENH: Maybank Cambodia, one of the leading financial institutions in Cambodia, has signed a memorandum of understanding with Kheav Auto Co., Ltd. to provide financing for customers buying electric vehicles from BYD. The MOU signing ceremony was held at the BYD showroom on Preah Monivong Boulevard on March 29, 2024.

According to a Maybank press release, the strategic collaboration between the two companies to provide special financing for electric vehicles aims to make it more affordable and convenient for consumers in Cambodia to switch to electric vehicles, which offer environmental benefits. Under the partnership, customers can purchase brand-new BYD vehicles with a down payment of just 30% and finance the remaining amount through Maybank.

In addition, customers interested in BYD vehicles can benefit from Maybank’s special financing programme for electric vehicle loans, available from now until September 2024, in response to growing local demand. During the promotional period, customers can enjoy an interest rate of just 9% per year, lower than rates for petrol or diesel vehicle loans. Loan terms are flexible, with a repayment period of up to 7 years.

Roth Sophorn, Chief Executive Officer and Country Head of Maybank Cambodia, highlighted the bank’s commitment to sustainability, saying: “At Maybank, sustainability is not just a word that we repeat; it is one of the core pillars of our strategy and what we are putting into practice now. In fact, we have a specific strategy focused on increasing green financing in line with our ongoing commitment. In 2023, Maybank Cambodia provided approximately US$46.19 million in sustainable financing, reflecting its active contribution to initiatives that support environmental, social and governance (ESG) principles.”

He added: “As a private-sector institution, we fully support and contribute to the Cambodian government’s strategic plan to promote the growth of electric vehicle use in Cambodia, seeing it as an important step towards a brighter, greener future. Our role as a financial institution is to ensure that the transition to the electric vehicle era is accessible and seamless.”

Oknha Lim Kok Long, Chief Executive Officer of Kheav Auto Co., Ltd., expressed optimism that the partnership would boost adoption of BYD vehicles in Cambodia. He said: “We are very pleased with this partnership and believe it will drive positive change in Cambodia’s automotive sector, particularly by bringing positive environmental benefits.”

He added: “By offering customers special and flexible financing options, we hope to encourage more Cambodians to embrace vehicles that are better for the environment, while also making them more affordable.”