SGMW Multifinance Indonesia Secured Sustainable and Continuous Green Facility from HSBC Indonesia

Photo: Doc. SGMW Multifinance Indonesia

JAKARTA - PT SGMW Multifinance Indonesia receive additional IDR 300 billion Green Loan facility from PT Bank HSBC Indonesia (HSBC Indonesia) to further support to PT SGMW Multi Finance’s sustainable growth and expansion in Indonesia.

The agreement certificate was signed by Alan Wang - CEO of PT SGMW Multifinance, Francois de Maricourt - CEO of HSBC Indonesia and Riko Tasmaya – Managing Director of HSBC Indonesia, and was witness by both parties representative such as Charles Kho - Head of Multinational & International Business Banking of HSBC Indonesia, David Kurniawan - SVP MNC Lead of HSBC Indonesia, Noel Krisnandar Yahja - CFO of PT SGMW Multifinance, etc.

PT SGMW Multifinance Indonesia is the captive financial arm of SAIC automotive brands in Indonesia and Wuling Motors that provides financial solution for Wuling and Morris Garage (MG) Brand and dealers including multipurpose financing, investment financing and working capital financing for retail customers. The strong shareholders of PT SGMW Multifinance are SAIC Motor, PT SGMW Motor Indonesia, General Motor Financial Inc and PT Sinarmas Multiartha Tbk, which has invested IDR 600 billion in the initial stage.

“Since 2019, when we started our journey in Indonesia, HSBC Indonesia is one of the first banks that showed their support toward us. During difficult times in Pandemic COVID until today, HSBC Indonesia was always there for us and provided their full support. Today, they strengthen their support for our EV business line, which shows their trust and confidence in our growth as Indonesia’s automotive financing company. I believe our relationship and journey with HSBC Indonesia will continue to be stronger and beneficial for both companies,” said Alan Wang.

“Indonesia has seen a promising growth of EV adoption in the past couple of years,” said Riko Tasmaya, Managing Director Wholesale Banking, PT Bank HSBC Indonesia.

“While the penetration stood at less than 2 percent in 2023, our research indicated that EV adoption can reach 25 percent by 2030. As such, we are excited to support PT SMI to grow in Indonesia as one of the important enablers in the development of EV ecosystem in the country.”