Carro, Asia Pacific’s leading online automotive marketplace has set up a S$450 million asset-backed securitisation facility backed by Singapore car loan receivables.
In a statement on Thursday, Carro said the facility is a key step in diversifying its long-term funding sources. It is also the first securitisation of Singapore automotive loan receivables, Carro added.
The facility is structured as a bankruptcy-remote special purpose vehicle, a legally separate company designed to protect the assets from the parent’s insolvency. It buys and securitises auto loan receivables originated by Genie Financial Services, a wholly owned Carro subsidiary.
The structure is approved under Singapore’s Monetary Authority of Singapore (MAS) special purpose vehicle (SPV) regime.
Carro said the deal creates a new asset class for hire-purchase securitisation in Singapore as the loans are secured by vehicles. Singapore’s Certificate of Entitlement system, which licenses vehicle ownership, can give the collateral a floor value and regulatory certainty.
The arrangement can operate as a multi-funder structure, under which lenders can participate through capital markets notes or direct loans on an equal footing within the same vehicle, Carro added.
The company said the transaction includes fraud-risk safeguards and asset-protection measures. It said independent third-party calculation agents will prepare reports, and that automated data controls and a planned API integration will allow real-time performance reporting and monitoring of transaction triggers.
Aaron Tan, Carro’s co-founder and CEO, said the facility shows the strength of the company’s AI-enabled platform, data infrastructure and underwriting, and gives it the financial flexibility to expand across the region.
Ernest Chew, Carro’s CFO, said the company plans to diversify funding through bank loans, block discounting and securitisation.
Carro transacted more than 120,000 new and used vehicles in its 2026 financial year and operates in eight markets.