Carro, Asia Pacific’s largest online used car platform, has entered a strategic partnership with Hong Kong-listed SY Holdings to bolster its expansion plans using technology-driven financing solutions. The collaboration, formalised through a Memorandum of Understanding, will see SY Holdings provide cross-border financing solutions powered by artificial intelligence (AI) predictive analytics and secure API-based integration.
The partnership aims to optimise efficiency, accelerate funding cycles, and enhance scalability whilst maintaining governance and compliance. Aaron Tan, co-founder and CEO of Carro, expressed enthusiasm about the collaboration, stating, “We’re excited to work with new partners like SY Holdings that can move quickly together with us as we expand into even more markets.”
SY Holdings, a digital intelligence technology company, will leverage Carro’s expertise in New Energy Vehicles (NEV) across the Asia Pacific. Kenny Ng, Head of International Partnerships at SY Holdings, noted, “This partnership will see us working closely to integrate systems that will handle dealership procurement and settlement cases within the NEV space.”
Carro, founded in 2015, has grown into a comprehensive automotive marketplace, offering services such as Carro Care, Genie Financing Services, and Coverro insurance. The company recently expanded its product line to include brand new cars in Singapore and Malaysia. Headquartered in Singapore, Carro has raised over $700 million and recorded a positive EBITDA of $43m in FY2024.
SY Holdings, recognised by CNBC and Forbes as a leading global fintech innovator, has facilitated financing services exceeding $38b for over 19,000 SMEs as of June 2025. The partnership with Carro is expected to further advance digital transformation and inclusive growth for SMEs worldwide.
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