KUALA LUMPUR: Public Bank Bhd and Carsome have signed a memorandum of understanding (MoU) for a car financing collaboration.

       Under the MoU, the bank will provide stock-financing and end-financing arrangements for the vehicles to its member car dealers and individual purchasers who have won the bids through Carsome online platform as well as to extend wholesome financial products and services to Carsome’s customers, Public Bank said in a statement yesterday.

       Public Bank managing director and chief executive officer Tan Sri Tay Ah Lek said the collaboration aimed at offering comprehensive financial services solution namely PB current account, PB enterprise, cash management and credit card merchant service with preferential terms to Carsome and its member car dealers.

       “This collaboration will enable Public Bank to interface with Carsome’s online platform to provide a more efficient and seamless vehicle financing delivery system, thus further reducing processing time as well as minimising physical documentation for the financing of successful bidding of vehicles.

       “Through this partnership, Public Bank is confident to further improve our market share in the vehicle financing segment,” he said.

       Carsome co-founder and group chief executive officer Eric Cheng said the company’s vision has always been to create an end-to-end integrated online used vehicle ecosystem. — Bernama