HSBC Malaysia has provided its first Asset-Based Lending (ABL) facility worth USD15 million to CARSOME Certified Sdn Bhd to finance the purchase of refurbished vehicles for retail customers, marking a milestone in supporting Malaysia’s thriving used car market.
CARSOME Certified, an operating entity under Southeast Asia’s largest integrated car e-commerce platform, refurbishes up to 2,000 vehicles monthly at its state-of-the-art facility in Klang. The financing from HSBC is set to boost CARSOME Certified’s growth and further enhance its operations in Malaysia.
Asset-Based Lending is a financing facility that enables businesses to secure funding against receivables or inventory on a revolving or term basis. With a flexible loan-to-value ratio tied to specific assets, drawdowns are closely monitored in line with business performance and asset growth, ensuring enhanced liquidity and scalability.
Eric Cheng, Co-founder, Chairman and Group Chief Executive Officer of CARSOME, said the partnership with HSBC Malaysia strengthens its mission to make car ownership more accessible.
“The used car ecosystem is a robust one with multiple touchpoints in the ownership journey including buying, selling, media, refurbishment, and financing. As Southeast Asia’s largest integrated car e-commerce platform, we are delighted to partner with HSBC Malaysia. There is a growing preference for affordable alternatives, and this funding will enable us to scale and expand our CARSOME Certified business, ultimately helping make vehicle ownership more accessible for Malaysians.”
Christina Cheah, Head of Global Corporates and International Mid-Markets at HSBC Malaysia, highlighted the opportunity in the region’s used car market.
“According to an industry report, the Southeast Asian used car market size is projected to reach USD96.12 billion by 2030 at a CAGR of 6.65% between 2025 and 2030. We see the used car market as one that provides accessible vehicle ownership, particularly for lower- and middle-income Malaysians or first-time buyers. Owning a car enhances job mobility and productivity, while also reducing automotive waste by slowing down scrappage rates,” she said.
Cheah added that the bespoke ABL financing solution designed for CARSOME Certified provides flexible funding tied to cash-flow-generating assets and real-time monitoring of the company’s vehicle fleet.
“Our facility provides CARSOME Certified with enhanced liquidity to expand its operations and offer Malaysians a wider range of affordable, refurbished cars.”
HSBC’s support underscores its commitment to driving the growth of tech-based businesses and the new economy, positioning CARSOME Certified to scale its operations and further elevate Malaysia’s used car industry.