Hyundai Capital, Sinarmas, and Shinhan Bank Launch Joint Venture in Indonesia
Hyundai Capital announced on September 23 that its Indonesian subsidiary, Hyundai Capital Indonesia, will begin offering auto financing services to local Hyundai Motor customers.
Hyundai Capital Indonesia is a joint venture established by Hyundai Capital, Indonesia's Sinarmas Group, and Shinhan Bank Indonesia. Under the brand name "Hyundai Finance," it plans to provide financial services to customers purchasing Hyundai vehicles.
Hyundai Capital currently operates 19 subsidiaries in 14 countries, including the United States, the United Kingdom, Germany, and China. Hyundai Capital Indonesia is the company's 13th overseas financial subsidiary, following Hyundai Capital Australia.
Hyundai Capital Indonesia plans to introduce new financial products, such as deferred installment plans and grace period installment plans. The company will focus on differentiated digital financial services.
Hyundai Capital Indonesia will assign financial consultants (CMOs) to all Hyundai Motor dealerships, providing one-on-one customer consultations and optimized financial solutions.
The company also plans to enhance customer convenience by launching the "Customer Direct" service, which allows customers to handle everything from checking car quotes to applying for financing online, without visiting a dealership.
For local dealers, Hyundai Capital Indonesia will offer a dedicated application that enables them to handle vehicle searches, financial quote calculations, and credit application processing in one stop via smartphone or tablet. By introducing a digital auto-approval system, the company aims to improve work efficiency and processing speed.
Jung Hyungjin, CEO of Hyundai Capital, stated, "We will provide safe and convenient financial services for Indonesian customers who wish to purchase Hyundai vehicles," adding, "We plan to work closely with our partners to quickly establish ourselves as a trusted financial company for local customers."
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