Hong Leong Finance has been awarded Best Automobile Financing Product in Asia Pacific at The Asian Banker International Excellence in Retail Financial Services Awards 2025. The award recognises its transformative digital platform, leadership in electric vehicle (EV) financing and commitment to sustainable innovation. Revolutionising automobile financing with digital innovation Hong Leong Finance has redefined automobile financing through its advanced application programming interface (API)-driven platform, directly addressing inefficiencies in traditional, paper-based loan processes. The integration of 18 secure APIs enables seamless digital submissions from both car dealers and customers, automates workflows, reduces manual errors, and dramatically accelerates approval times. Ang Tang Chor, president of Hong Leong Finance, shared how the platform was fully developed in-house and was designed to “transform the automobile financing experience for both car dealers and customers.” By eliminating cumbersome manual processes, the solution simplifies vehicle loan applications with faster, more secure workflows and real-time processing. This strategic digital shift resulted in a remarkable increase in the number of vehicles financed between 2023 and 2024, all while maintaining a lean team. The platform’s unmatched productivity highlights Hong Leong Finance’s focus on operational excellence and customer-centric innovation. Driving sustainability through EV financing leadership Beyond operational efficiency, Hong Leong Finance’s leadership in EV financing plays a pivotal role in advancing Singapore’s sustainability ambitions. By promoting financing solutions for cleaner energy vehicles, Hong Leong Finance directly supports the national goal of achieving 100% cleaner energy vehicles by 2040. Ang highlighted a more than 300% surge in new EV loan volumes in 2024, attributing this growth to a purposeful alignment with Singapore’s green mobility goals. He noted that digitalisation had enabled the firm to scale sustainably while contributing meaningfully to environmental outcomes. The platform’s digital-first model also contributes to environmental sustainability by significantly reducing paper usage, reinforcing Hong Leong Finance’s commitment to responsible, future-ready business practices. Strengthening partnerships and ecosystem integration The seamless integration of Hong Leong Finance’s platform has strengthened partnerships with Singapore’s top car dealers, enhancing the ecosystem experience for all stakeholders. “Your trust and collaboration have truly made the journey possible,” said Ang, addressing strategic partners like Porsche and Trans Eurokars. The collaborative development model has reinforced ecosystem resilience while expanding service quality for end users. This approach to addressing core operational challenges while improving digital convenience has helped position Hong Leong Finance as a trusted, technology-driven financing partner. Expanding digital transformation through HLF Digital The momentum from its vehicle financing platform success now paves the way for the launch of HLF Digital, its next-generation mobile app that delivers seamless access to financial services anytime, anywhere. Ang described HLF Digital as the “next frontier” of the company’s transformation journey. He outlined a vision for an intuitive, omnichannel platform that delivers both digital convenience and personal service. The app will provide “a comprehensive suite of financial services at their fingertips,” including account opening, fund transfers, and fixed deposit placements. “We are excited about the possibilities that lie ahead as we continue to push the boundaries of what digital transformation can achieve,” he said. Setting a new benchmark in the industry Hong Leong Finance’s pioneering strategy showcases a rare blend of operational excellence, environmental responsibility, and customer-focused innovation. Its success in boosting productivity, supporting sustainability, and strengthening industry ties sets a new benchmark for automobile financing across Asia Pacific. Through strategic foresight and a bold commitment to transformation, Hong Leong Finance continues to shape a smarter, greener future for vehicle financing.
