Leading the green charge: RHB Bank paves way for affordable, sustainable vehicle financing

RHB’s Innovative green financing is driving the adoption of electric and hybrid vehicles, making sustainable transportation accessible to all.

In the era where climate consciousness is reshaping industries, RHB Bank (“RHB” or the “Bank”) is carving out a leadership role in the financial sector with its innovative approach to sustainable vehicle financing. As global concerns about climate change intensify, the demand for green alternatives in transportation has surged. RHB is not just responding to this shift; it’s driving it, making eco-friendly vehicle financing more accessible and attractive than ever before.

Transforming the green mobility landscape

The transportation sector, a significant contributor to carbon emissions, is under increasing pressure to adopt sustainable practices. Malaysia’s ambitious goal to achieve carbon neutrality by 2050 is a testament to the country’s commitment to a greener future. In this context, RHB’s innovative green financing solutions are emerging as an important catalyst for change.

In Malaysia, whilst the shift towards electric vehicles (EVs) and hybrids reflects growing environmental consciousness, many prospective owners are stymied by financial barriers. The high upfront costs associated with these vehicles, coupled with limited and sometimes restrictive financing options, have created significant obstacles for those eager to embrace greener transportation. 

Recognising these challenges, RHB has introduced innovative green financing solutions specifically designed to address these concerns. By offering competitive pricing and flexible terms for both EVs and hybrids, RHB is making sustainable vehicle ownership more attainable. These solutions provide the financial support needed to bridge the gap between aspiration and reality, empowering customers to make environmentally responsible choices without the burden of prohibitive costs, thereby bridging the gap in Malaysia’s green mobility market.

Since 2021, RHB has been at the forefront of this transformation, collaborating with leading automotive brands and partners to promote green financing options. The Bank’s strategic initiatives include high-profile events such as the Volvo X RHB Premier Customer Event, the RHB Drive Premium & EV Roadshow, and the Electric Vehicle Expo. These platforms have not only heightened awareness of green financing options but also integrated them into mainstream automotive promotions, thereby expanding their reach.

Redefining affordability in green financing

RHB Bank’s commitment goes beyond mere promotion. The Bank also offers competitive pricing on its green financing plans, demonstrating that environmental responsibility does not have to come at a premium. Through campaigns like the Member Get Member Programme, Preferential Pricing for Electric and Plug-In Hybrid Vehicles, and the Instant Principal Reduction Campaign, RHB has set new benchmarks for affordability in sustainable vehicle financing.

These efforts have yielded remarkable results. The Bank has achieved a 143% success rate against its year-to-date target for green financing, a clear indicator of the growing appetite for eco-friendly vehicle options. By making EVs and hybrids more financially accessible, RHB is not only supporting individual green choices but also contributing to broader environmental goals.

Charging up sustainable mobility

With more people eyeing electric and hybrid vehicles, financial obstacles have often made it hard to go green. High costs and scarce financing options have kept sustainable transportation out of reach for many. But things are starting to change.

In this evolving landscape, RHB is leading the charge by addressing these financial hurdles head-on. Through strategic partnerships and innovative campaigns, RHB is making sustainable vehicles more attainable for everyday drivers. Their approach, which includes competitive pricing and adaptable financing solutions, is not only helping more people afford EVs and hybrids but also driving a significant shift away from traditional fuel-powered cars. This shift is crucial in reducing carbon emissions and fostering a cleaner environment.

The Bank’s efforts have not gone unnoticed. At the recent ESGBusiness Awards 2024, RHB was honoured with the Sustainable Transportation Infrastructure Award - Malaysia, a recognition of its significant contributions to green mobility and sustainability. 

Looking ahead, RHB plans to enhance its green financing offerings further. The Bank is exploring new strategies and deepening collaborations to drive greater adoption of sustainable vehicles. This forward-thinking approach underscores RHB's commitment to promoting green transportation and advancing environmental sustainability.

A vision for a greener future

“As the market evolves and sustainability becomes a key priority, RHB is dedicated to providing innovative green financing solutions,” said Jeffrey Ng Eow Oo, Managing Director of Group Community Banking, RHB Banking Group. “Our mission is to support the transition to eco-friendly vehicles, driving us all towards a cleaner and more sustainable future.”

In a landscape increasingly defined by environmental responsibility, RHB’s pioneering approach to vehicle financing stands out. By making sustainable choices more accessible and affordable, RHB is not just participating in the green revolution — it’s leading it.