23 December 2024
Kuala Lumpur: CIMB Group Holdings Berhad (“CIMB” or the “Group”) and clean energy solutions provider Gentari Sdn Bhd (“Gentari”) via Gentari Green Mobility Sdn Bhd have entered into a strategic Memorandum of Understanding (“MoU”) to drive green mobility and value chain decarbonisation across ASEAN. Through this collaboration, CIMB and Gentari will offer a range of value-added services to encourage the adoption of electric vehicles (“EV”) in Malaysia. In addition, CIMB will deliver targeted financing solutions to Gentari’s customers, facilitating their decarbonisation efforts and fostering low carbon practices within the sector, supporting national and regional climate ambitions.
Gurdip Singh Sidhu, Chief Executive Officer of CIMB Malaysia and CIMB Bank Berhad said, “CIMB is pleased to be partnering with Gentari in driving green mobility solutions and value chain decarbonisation as part of our shared commitment to a just transition in the region. This partnership signifies a major milestone in CIMB’s broader commitment to achieving Net Zero by 2050, while emphasising our dedication to environmental stewardship at all levels, which include empowering individual customers to make greener choices and supporting SMEs in their decarbonisation efforts."
“With CIMB’s strong foundation in sustainable finance, we believe we can offer solutions that not only drive the clean energy transition but also create real, measurable impact. Together, we will work towards practical and scalable initiatives that help tackle climate challenges, while supporting national and regional sustainability agendas,” he added.
Gentari operates the largest licensed direct current (“DC”) charging network in Malaysia, with over 175 DC charging points (“CPs”) out of close to 1,000 charging points across Malaysia, Thailand, and India. Additionally, it has deployed over 3,600 electric vehicles through its Vehicle-as-a-Service (“VaaS”) offerings across the region. Through the Gentari Go app, users can access a network of over 5,000 roaming chargers across the region via partnerships with various charging point operators. Gentari is currently offering selected CIMB customers 50% off at EV charging stations in Malaysia via Gentari Go from now until 15 January 2025. The promotion is valid for transactions of RM30 or more, up to 5 times per customer or a total of 7,500 cumulative transactions.
Shah Yang Razalli, Deputy CEO of Gentari and CEO of Gentari Green Mobility remarked, “This collaboration with CIMB is a significant step towards Gentari’s goal of becoming a leading green mobility partner in Asia Pacific, enabling us to expand our network of stakeholders to make EV adoption more affordable and accessible. At the same time, CIMB's targeted financing solutions not only enable Gentari’s partners to implement decarbonisation measures at scale but are also an opportunity for businesses to optimise their green energy ecosystem potential via the Gentari Go platform."
CIMB will play a pivotal role in advancing sustainability adoption among small and medium sized enterprises (“SMEs”) within Gentari’s value chain, providing growth-oriented, green banking solutions that enable these businesses to scale faster, contributing to the national target of 10,000 public EV charging stations by 2030.
To further strengthen support across Gentari’s value chain, vendors will gain access to CIMB’s SMEBizReady value-based financing for capital expenditure, working capital as well as funding requirements for automation and digitalisation initiatives. In addition, they can leverage CIMB’s GreenBizReady™ programme for capacity building, and gain access to complimentary tools and incentives such as sustainability-linked financing rebates of up to 0.5%.
CIMB is committed to providing clients with a broad range of sustainable finance solutions as guided by the Group’s Green, Social, Sustainable Impact Products and Services (“GSSIPS”) framework, an internal taxonomy set by the Group to deliver impactful sustainable finance. Last year, the Group tripled its sustainable finance target to RM100 billion by 2024, a substantial increase from its RM30 billion target previously announced in 2021. To date, the Group has surpassed its RM100 billion target ahead of schedule.
More promotions and offerings will be introduced in the near future, offering customers who own EV cars greater benefits and rewards. For more information, please visit www.cimb.com.my/ev.
