Carro and SY Holdings enter into strategic partnership to support Carro's expansion with tech-driven financing solutions

PRNewswire
Singapore, August 21: Carro, Asia Pacific's largest and fastest-growing online used car platform, has signed a Memorandum of Understanding with fintech platform SY Holdings, entering a strategic partnership that will support Carro's expansion plans through tech-enabled financing solutions.
* Hong Kong-listed SY Holdings to provide cross-border financing solutions for Carro, powered by artificial intelligence, predictive analytics and secure API-based integration
* The strategic partnership will also explore supply-chain AI capabilities to enhance risk controls and operational efficiency for Carro
SY Holdings is a Hong Kong-listed digital intelligence technology company with a focus on AI and industry supply chains. This strategic partnership will leverage artificial intelligence, predictive analytics and API-based integrations that will optimise efficiency, accelerate funding cycles and intensify scalability while maintaining governance and compliance.
"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 and explore new propositions like Brand New cars," says Aaron Tan, co-founder and CEO of Carro. "This strategic partnership will give us access to bespoke, AI driven financing solutions that will not only help align disbursements across our ecosystem in multiple markets, but also optimise the financing supply chain process."
At the same time, SY Holdings will be able to tap into Carro's deep experience and expertise with New Energy Vehicles (NEV) across Asia Pacific.
"Carro's commitment in AI and NEV, coupled with its recent launch of its Zeekr dealership, resonates strongly with us ," says Kenny Ng, Head of International Partnerships at SY Holdings. "This partnership will see us working closely to integrate systems that will handle dealership, procurement and settlement cases within the NEV space, as well as explore supply chain AI capabilities that will include anomaly detections, smart pricing algorithms, real-time data synchronisation and automated reconciliation."
Carro is Asia Pacific's largest and most trusted online automotive marketplace, with a decade's worth of experience in buying and selling used cars whilst leveraging proprietary technologies, artificial intelligence and data analytics. The unicorn start up has grown its retail marketplace to an in-house ecosystem powerhouse encompassing Carro Care (aftersales), Genie Financing Services (financing), and Coverro (insurance), building a hub of excellence and quality for all aspects of car ownership.
About SY Holdings
SY Holdings Group Limited (Stock Code: 6069.HK) is the first "AI + Industrial Supply Chain" digital intelligence technology company listed on the Main Board of the Hong Kong Stock Exchange. Recognized by CNBC and Forbes as a leading global fintech innovator, the Group has been included in MSCI, Hang Seng, FTSE and Stock Connect indices, reflecting broad market recognition. Through its proprietary SY Cloud Platform, SY deploys AI Agents that automatically analyse procurement opportunities, match orders, and connect SMEs with funding partners in real time, enabling them to secure growth opportunities with greater efficiency. Operating under a "transaction-focused, asset-light" model, SY strengthens industrial ecosystems and data connectivity across infrastructure, healthcare, commodities, e-commerce, and robotics. As of June 30, 2025, the Group has established partnerships with more than 10 large core enterprises and over 180 funding institutions, facilitating order procurement and financing services exceeding USD 38 billion for over 19,000 SMEs, while continuing to advance digital transformation and inclusive growth for SMEs worldwide.

About Carro
Founded in 2015, Carro is Asia Pacific's largest online used car marketplace. By offering a trustworthy and transparent experience, Carro transforms the traditional way of buying and selling cars through proprietary pricing algorithms, AI-enabled capabilities, and innovative technological solutions. Carro most recently expanded its product line to include Brand New cars in Singapore and Malaysia, offering customers even more options.
Headquartered in Singapore, the unicorn startup has raised over S$700 million from Softbank Vision Fund and several sovereign funds. It recorded its best ever full-year positive EBITDA of S$43 million in FY2024. Together with its subsidiaries and business lines, Carro is supported by more than 5,000 employees across Asia Pacific:
* Carro, Asia Pacific's largest online used marketplace with a strong key presence in Singapore, Malaysia, Indonesia and Thailand, Japan, Taiwan region, and Hong Kong SAR
* Carro Care Powered by Jardine & Cycle, Carro's in-house refurbishment and after-sales servicing capabilities
* Genie Financial Services, a next-generation fintech automotive financing provider in Singapore, Malaysia, Indonesia and Thailand
* MPM Rent, leading mobility solutions company in Indonesia specialising in leasing / fleet financing transportation services
* Innorithm, a next-generation fleet management solutions company leveraging state-of-the art IoT and machine learning
* Kaidee, Thailand's largest online shopping and classifieds platform
For more information, please visit: www.carro.co.
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