DRB-Hicom invests in auto fintech startup Genie Malaysia

SHAH ALAM: DRB-Hicom subsidiary Edaran Otomobil Nasional Berhad (EON) has made a strategic investment in auto fintech startup Genie Malaysia.

Financial details of the deal were not disclosed.

Genie Malaysia, set up in 2021, boasts an outstanding loan book of nearly RM600 million with a non-performing loan (NPL) ratio of less than 2%. It is a subsidiary of online used car platform Carro, which is based in Singapore.

Genie Malaysia CEO Simon Chan said the company is tapping into a market of underserved and unbanked car buyers who are unable to secure traditional bank financing.

The investment meets DRB-Hicom's goal of enhancing its automotive distribution eco-system. It also opens up cross-selling opportunities for DRB-Hicom within myTukar's dealer network, which consists of over 2,600 dealers nationwide.