ReNet Japan Group launches auto leasing business in Cambodia
BANGKOK, NNA – Japanese recycling firm ReNet Japan Group Inc. has launched an auto leasing service in Cambodia in a bid to capitalize on the growth in income and the overall economy.
The company has obtained approval from the Ministry of Commerce for the business of Mobility Finance Cambodia Plc., its joint venture with Japan’s SBI Holdings Inc., which is engaged in internet financial services, it said in a statement on Tuesday.
The local unit handles cars, motorcycles, motorized tricycles and agricultural machinery, a spokeswoman told NNA by email the same day.
It aims to offer the lowest level of leasing interest rates in the sector and achieve at least 1,500 leased units per year, the statement said.
Mobility Finance Cambodia utilizes the internet of things technology and automatic GPS tracking systems to conduct credit scoring and identify the locations of vehicles and equipment, it said.
The Aichi-based firm had taken over a local leasing firm, ELIN Leasing Plc., and renamed the local arm, in which it holds a 51 percent stake, with SBI having the remaining 49 percent.
ReNet Japan provides used car sales, microfinance, and microinsurance, as well as auto mechanic training and staffing services with over 400 employees in the Southeast Asian country, according to the statement.
The Japanese group posted an 88.9 percent surge in sales on year to 8.57 billion yen ($78.5 million) in the business year to last September, mostly driven by a rapid growth of business in Cambodia, according to its financial statement.
For business in Cambodia, it saw an over 12-fold increase in operating profit to 518 million yen on sales of 4.48 billion yen, up more than six-fold from a year earlier, the financial statement shows.