Leading the global market with its 'K-Finance' initiative, Hyundai Capital strategically expands its operations in Australia and Indonesia.
SEOUL, South Korea, April 19, 2024 /PRNewswire/ -- Hyundai Capital Services announced today that it acquired the Australian Credit License last month to set up Hyundai Capital Australia and finalized the acquisition of PT Paramitra Multifinance in Indonesia.
Hyundai Capital strategically expands its operations in Australia and Indonesia
Hyundai Capital Australia, a captive finance company of Hyundai Motor Group, is set to commence pilot operations in July of this year and is scheduled to launch full-scale operations nationwide from November.
Hyundai Capital Australia aims to strengthen financing options for Australian customers looking to purchase Hyundai Motor Group vehicles. The new entity will offer highly competitive priced financing options, including a 'Guaranteed Future Value' product which offers lower monthly payments by deferring part of vehicle price until the end of agreement.
Furthermore, Hyundai Capital Australia is committed to improving customer experience through seamless digital services. The entity will introduce cutting-edge digital platforms and tools to streamline document screening, reducing the processing time significantly.
Simultaneously, Hyundai Capital Services completed the acquisition of PT Paramitra Multifinance, a specialized credit financial company in Indonesia, to establish an Indonesian entity. Operations in Indonesia are scheduled to commence fully in April of the following year.
The Indonesian financial sector presents significant opportunities for Hyundai Capital Services due to its demographic profile, robust macroeconomics, and rapid economic growth. Also, Hyundai Motor Group's establishment of a regional production and sales base in Indonesia in 2022 aligns with the Group's future mobility strategy.
Partnering with Sinar Mas Group, one of the largest conglomerate in Indonesia, the newly launched entity aims to leverage local expertise to enhance and develop auto financial services in strategic regions of the country. The Indonesian entity will offer a variety of financing options and tailored services for Hyundai Motor Group customers.
In addition, the new Indonesian entity will introduce a dedicated mobile application for dealers to conveniently create quotations and go through credit review process on mobile devices or tablets, along with a digital approval system to streamline processes and significantly reduce processing time.
Mok Jin-won, CEO of Hyundai Capital Services, emphasized the company's focus on marketing and digital excellence in the competitive auto finance market. "Hyundai Capital has developed unique skills and strengthened its capabilities in marketing and digital fields through fierce competition with various financial companies in the auto finance market. We are finalizing the acquisition of financial licenses and business approvals in Australia and Indonesia to deliver cutting-edge financial products and solutions to customers in both regions," adding, "Hyundai Capital will bring a fresh air the 'K-Finance' in the global consumer finance market."
With operations in 14 countries, comprising 17 entities and two branches worldwide, including the United States, Canada, the United Kingdom, Germany, and Brazil, Hyundai Capital Services has shown significant growth, reaching a total of 158 trillion won ($113 billion) in global assets last year. The company aims to further expand its global presence in alignment with Hyundai Motor Group's global mobility strategy.
Hyundai Capital Services
Hyundai Capital, a leading consumer finance company founded in 1993, has been offering financial services tailored to meet the needs of Hyundai, Genesis, and Kia brands globally. Spearheading the globalization of Korea's finance sector, Hyundai Capital, headquartered in Seoul, South Korea, is now active in 14 countries in the Americas, China and Europe and plans further expansion.
CONTACT: Jeonghyun Kim, jeonghyun.kim@hcs.com
