Malaysian lender Malayan Banking Bhd (Maybank) and clean energy firm Gentari have on Monday announced a significant step towards a more sustainable future with the signing of a memorandum of understanding (MOU) to explore collaboration in green mobility and renewable energy solutions.
This marks Gentari’s first collaboration with a financial institution, signifying an aligned commitment with Maybank to drive sustainable solutions adoption in the market, the duo said in a statement.
According to the statement, the collaboration will further strengthen Maybank’s sustainability goals, aiming to achieve a carbon neutral position of emissions by 2030 as well as a net zero carbon equivalent position by 2050.
As at December 2023, Maybank has surpassed its sustainable financing targets, mobilizing MYR 34 billion ($7.26 billion) for the year, well ahead its 2023 target of MYR 16 billion ($3.42 billion), with a cumulative achievement of over MYR 68 billion ($14.52 billion), against the targeted MYR 80 billion ($17.09 billion) by 2025.
Syed Ahmad Taufik Albar, Group Chief Executive Officer of Maybank Community Financial Services, emphasized the bank’s commitment to becoming the sustainability leader in Southeast Asia, driven by sustainable financing and acting as a crucial agent for low-carbon initiatives.
He highlighted Maybank’s focus on delivering value-based solutions grounded in sustainable and ethical principles, while meeting the market’s growing demand for eco-conscious practices.
“We offer comprehensive solutions in green mobility and renewable energy,
“Embracing our purpose to humanizing financial services, we support our customers with a complete ecosystem: best-in-class, value-based offerings that is both within and beyond traditional banking,” he added.
According to the statement, the strategic partnership marks a significant milestone, harnessing Gentari’s well-established expertise in the green mobility and renewable energy sector, and underscoring Maybank’s commitment to championing sustainable practices and innovative solutions.
With Gentari as the clean energy solutions partner in this visionary journey towards environmental stewardship and innovation, Maybank is setting the initiative in motion through the installation of charging points for electric vehicles (EV) and hybrid vehicles at its network of premises and branches nationwide, beginning with ten strategically chosen locations.
Having the widest network of DC fast chargers in Malaysia, Gentari offers electric vehicle (EV) and hybrid vehicle owners in Malaysia access to over 335 charging points, including more than 100 DC fast chargers which enables rapid charging for EV and Hybrid vehicles.
Through this collaboration, Maybank Islamic’s InCharge pre-credits will be extended to include Gentari’s charging stations, giving more access and benefits for customers.
Maybank Islamic InCharge is an EV pre-credit incentive program for EV and Hybrid vehicle owners with Maybank Islamic Auto financing with credits useable at selected charging stations.
Meanwhile, Maybank small and medium-sized enterprise (SME) customers will have access to consultancy and advisory services facilitation with Gentari as the clean energy industry expert in Maybank’s myimpact SME Hub.
Other areas of collaboration include cross-branding and marketing efforts of the entire suite of Maybank product offerings including financing, insurance and takaful, card partnerships and others; leveraging on Maybank’s financial offerings and digital platforms with Gentari’s expertise and facilities.
“A just energy transition requires diverse stakeholders to come together to make clean energy more accessible, sustainable and affordable,
“This collaboration unites Maybank’s suite of financing and insurance solutions with Gentari’s green mobility and renewable energy offerings, marking the collaboration between like-minded partners who are dedicated to making the shift towards a sustainable lifestyle attainable,” said Shah Yang Razalli, Deputy Chief Executive Officer of Gentari and Chief Executive Officer of Gentari Green Mobility.
According to the statement, the partnership also aims to create greater awareness and more opportunities for individuals and businesses to make a positive impact through sustainable choices and contribute meaningfully for a better tomorrow.