Carro turns Singapore car loans into a US$350M funding pipeline in a regional first
In Singapore, a car is less a vehicle than a ten-year licence wrapped in steel. Carro now wants institutional money to treat that licence as collateral. The Singapore-headquartered automotive marketplace has set up a S$450 million (about US$350 million) asset-backed securitisation facility backed by Singapore car loan receivables. In a statement on Thursday, Carro called […] The post Carro turns…
Singapore's Carro has created a S$350 million (US$350 million) asset-backed securitisation facility using car loan receivables as collateral. This is a first for the Southeast Asian automotive market. Carro, a Singapore-headquartered marketplace, has set up a special purpose vehicle (SPV) to protect the assets even if the parent company faces trouble.
The structure is approved under Singapore's Monetary Authority's SPV regime. The COE system, which licenses vehicle ownership, provides collateral with a floor value and regulatory certainty in Singapore's car market. The facility can run as a multi-funder structure, allowing banks and bond investors to participate. Carro's co-founder and CEO, Aaron Tan, highlights the strength of the company's AI-enabled platform, data infrastructure, and underwriting capabilities.
The deal also positions Carro to diversify funding through bank loans, block discounting, and securitisation, aiming to expand across the region.
Written by urgent.news from e27's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
