CARSOME recently made headlines for lending 50 cars for a month to victims of the gas pipeline fire in Putra Heights.
Now, this first-of-its-kind partnership in Malaysia aims to ease car financing, particularly for underserved buyers and used car dealers. It is particularly designed to serve Malaysians who may not have access to traditional financing – such as gig workers, microbusiness owners, and customers with non-conventional credit histories – while also supporting the thousands of used-car dealers that make up the country’s automotive backbone.
The collaboration, marked by a signing ceremony today at the CARSOME PJ Automall, seals an agreement first announced in February. Under the deal, JACCS acquires a 49% stake in CARSOME Capital – the financing arm of CARSOME – while the platform retains majority ownership of 51%.
“This partnership with JACCS is a significant step towards expanding access to auto financing in Malaysia,” said CARSOME co-founder and group CEO Eric Cheng.
“We’re focused on delivering structured and transparent solutions to address market gaps, especially for customers who are traditionally overlooked by financial institutions.”
According to him, 80% of Malaysians purchase cars through financing. “In the market today, Malaysia’s financing accessibility is not at its very best yet,” he noted.
“By leveraging technology and introducing more flexible financing options, we aim to make car ownership a priority for more people.”
With this injection of expertise from JACCS, which is part of the Mitsubishi UFJ Financial Group, CARSOME is poised to deepen its reach in Malaysia’s used-car financing space.
“Beyond financial solutions, this partnership also reflects the confidence that JACCS has in our business model,” Cheng added.
The ceremony was attended by key dignitaries including deputy investment, trade and industry minister Liew Chin Tong, and ambassador of Japan to Malaysia Shikata Noriyuki.
Also present were Selangor investment, trade and mobility committee chairman Ng Sze Han, and MUFG Bank Malaysia CEO Motohide Okuda.
JACCS president and chief operating officer Ryo Murakami expressed optimism about the long-term potential of working alongside CARSOME. “We have expanded our business into five Asean countries, with Malaysian being the fifth nation,” he said.
“We look forward to driving business growth and contributing to Malaysia’s economic development. This partnership also opens the door to further collaboration across Southeast Asia.”
The tie-up is expected to roll out a suite of targeted financial products developed through months of collaboration between both parties.
Key offerings include streamlined loan approval and processing systems; new financing structures for wholesale inventory purchases; empowering dealers with greater liquidity and flexibility; and enhanced credit-assessment models.
While the current focus is on Malaysia, both CARSOME and JACCS have hinted at ambitions to eventually scale their financing solutions across Southeast Asia.
And with Malaysia’s used-car market continuing to evolve – spurred by growing demand, digital transformation, and shifting buyer behaviours – this partnership could mark a pivotal shift in how auto financing is offered – making it more accessible, inclusive, and efficient.