Singapore — Carro, an online used car marketplace based in Singapore, recently signed a Memorandum of Understanding (MoU) with Hong Kong-listed fintech firm SY Holdings to develop financing solutions that support its regional expansion.
The partnership will integrate artificial intelligence, predictive analytics, and API-based systems to streamline operations, accelerate funding cycles, and enhance scalability while maintaining compliance and governance standards.
SY Holdings will also work with Carro in areas related to New Energy Vehicles (NEVs), exploring applications such as dealership integration, procurement, settlement, anomaly detection, smart pricing, real-time data synchronisation, and automated reconciliation.
“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,” Aaron Tan, co-founder and CEO of Carro said.
He further explained how the strategic partnership provides Carro with access to bespoke, AI driven financing solutions that will optimise the company’s financing supply chain process.
Carro operates across multiple markets, operates across Singapore, Malaysia, Thailand, Indonesia, and the Philippines offering user services to used and new car retail, financing, insurance, aftersales, and fleet management.
SY Holdings specialises in AI-driven industrial supply chain solutions through its proprietary SY Cloud Platform. The company connects small and medium-sized enterprises (SMEs) with funding partners in real time.
Kenny Ng, head of international partnerships at SY Holdings explained how the partnership will see both companies working closely to integrate systems that will handle dealership, procurement and settlement cases within the NEV space.
“We will also explore supply chain AI capabilities that will include anomaly detections, smart pricing algorithms, real-time data synchronisation and automated reconciliation,” Kenny said.
