Public Bank Berhad enters into a collaboration with Proton New Energy Technology Sdn Bhd (PRO-NET)

Public Bank Berhad  had formalised a collaboration with Proton New Energy Technology Sdn Bhd (PRO-NET) by entering into a Memorandum of Collaboration (MoC) on 9 August 2023 which aims to provide financing facilities on financial products and services sold by PRO-NET (which was set up to sell new energy powered vehicles like EVs etc), and to embark on digitalization via systems integration with smart Malaysia (PRO-NET's first vehicle dealership in Malaysia) and its authorized dealers.

This collaboration will enable Public Bank to facilitate digitalisation via online submission of hire purchase end-financing applications and Floor Stocking facility through smart customer App and their authorized dealers thus improving the market shares in the EV automotive industry. Basically, this arrangement allows smart Malaysia dealers to have financial instruments available from Public Bank right from the start of sales of smart vehicles here, especially the upcoming smart#1 compact crossover car.

PRO-NET is an exclusive authorised importer and distributor for smart vehicles in Malaysia and Thailand. These strategic appointments are expected to accelerate the sales of the company’s all-new innovative EV. The initial offering for the Malaysian market is the 1ward-winning smart #1, which recently made its debut at Electric Vehicle Expo (EVx) 2023 in Setia City Convention Centre.

Present at the signing ceremony at Menara Public Bank were Tan Sri Dato’ Sri Dr. Tay Ah Lek, Managing Director and Chief Executive Officer and Dato’ Chang Kat Kiam, Deputy Chief Executive Officer of Public Bank, En. Roslan bin Abdullah, Board Member of PRO-NET, Mr. Wang Huaibing, Board Member of PRO-NET, Mr. Zhang Qiang, Chief Executive Officer of PRO-NET, and other Senior Management staff of both companies.

Tan Sri Dato’ Sri Dr. Tay Ah Lek in his speech said “Supporting the growth of the New Energy Vehicles (NEV) has always been a key pillar to our climate agenda. The Bank had mobilised over RM30 billion in domestic NEV financing by the end of 2022, representing approximately 52% of the Bank's total domestic Hire Purchase financing portfolio. To signify the Bank’s commitment, the NEV lending target had now been increased to RM33 billion by 2025.

He added, “There is a compelling opportunity for Public Bank and PRO-NET to foster strong synergies from the onset. Not only will this be win-win in advancing our respective business objectives, it also contributes to another win in our common battle against climate change”.

Mr. Zhang Qiang said, "The advent of New Energy Vehicles (NEVs) signifies a significant departure from traditional products by leveraging EV technology to foster enhanced connectivity and address evolving consumer needs. At the heart of PRO-NET';s mission lies a strong commitment to deliver a seamless digital customer journey in collaboration with esteemed eco-partners, aiming to achieve a smart EV mobility ecosystem. PRO-NET is making remarkable progress in developing a smart Malaysia customers'; App, set to offer an exceptional range of eco- services, including convenient online loan applications and seamless charging information capabilities. Our goal is to ensure transparency on the transaction, enhance efficiency, and speed throughout their journey with the smart"

En. Roslan bin Abdullah said, " collaborating with Public Bank, our aim is to streamline the purchasing process and provide a hassle-free and reshaping customer digital experience. Innovation and customer-centricity are deeply ingrained in PRO-NET and smart's DNA, with a commitment to continually offer premium solutions and co- create a better future with their valued customers";.

He further added, “As the first EV brand to collaborate with Public Bank, smart is leading the way in pioneering atransformation of the banking industry’s digital landscape.”