CapBay Partners with Sleek EV to Drive Sustainable Growth and Innovation
- Sleek EV’s dedication to achieving zero carbon emissions through cutting-edge electric bike technology was spotlighted underscoring its commitment to sustainability.
- CapBay’s collaboration with Sleek EV directly contributes to several United Nations Sustainable Development Goals.
- This Initiative is pivotal for enabling Sleek EV to scale production to 6,000 units this year by providing essential working capital.
KUALA LUMPUR, 17 MAY 2024 – CapBay, a leading fintech specialising in supply chain finance, proudly announces its strategic partnership with Sleek EV, a prominent smart electric motorcycle and battery swapping network provider in Thailand. The partnership was unveiled on 14 May 2024 at Sleek EV’s Mission Zero event, attended by over 300 participants, including 80 authorised dealers.
This collaboration aims to bolster Sleek EV’s production capabilities and promote sustainable transportation through CapBay’s innovative financing solutions. Specifically, CapBay offers Sleek EV a tailored dealer financing program to optimise cash flow for distributors, facilitating the acquisition and support of authorised dealerships. This initiative is pivotal in enabling Sleek EV to scale production to 6,000 units this year by providing essential working capital.
The partnership underscores CapBay’s commitment to Environmental, Social, and Governance (ESG) principles, aligning with its dedication to fostering sustainable growth and innovation. Over 70% of CapBay’s financing transactions have supported the United Nations’ Sustainable Development Goals (SDGs), with a target to increase this to 90%.
CapBay’s collaboration with Sleek EV directly contributes to several SDGs, including:
- SDG 7: Affordable and Clean Energy: Promoting the adoption of electric motorcycles to enhance access to sustainable energy.
- SDG 11: Sustainable Cities and Communities: Supporting urban sustainability through zero-emission transportation solutions.
- SDG 13: Climate Action: Aligning with global efforts to combat climate change by reducing carbon emissions.
Since its inception, CapBay has empowered clients with impactful financing programs. For instance, CapBay facilitated RM800,000 in funding through its P2P platform in collaboration with MyCIF, supporting the installation of Hybrid Heat Recovery systems that reduce CO2 emissions by 200 million tonnes annually. Additionally, CapBay has partnered with hospitality groups to implement energy-saving measures, resulting in the reduction of 150,000 tonnes of CO2 emissions. Notably, its collaboration in solar panel installations spans over 300 acres, supporting biodiversity with 22,000+ plant species and 2,200+ solar panels.
As part of its ESG strategy, CapBay incentivises its sales staff to acquire ESG-focused clients, aligning acquisition strategies with ESG targets. The company also develops financing products linked to ESG performance, supporting sectors like renewable energy, sustainable agriculture, and clean technology. CapBay recently launched an ESG-focused financing program, offering investors opportunities to invest in environmental and social projects while providing issuers with reduced financing rates, reflecting investor interest in ESG projects.
CapBay’s commitment to ESG excellence was recently recognised with the prestigious “ESG Tech – Financial Services” award at the Malaysia Technology Excellence Awards 2024, underscoring its innovative contributions to the financial services sector.
The Mission Zero event highlighted Sleek EV’s pursuit of zero carbon emissions through cutting-edge electric bike technology. The event garnered strong interest, with over 10 dealers eager to pilot CapBay’s dealer financing program and more actively engaged in the initiative. CapBay’s financing initiative with Sleek EV exemplifies a mutually beneficial partnership promoting national sustainability through green energy, enhancing Sleek EV’s business growth, and driving meaningful innovation towards a cleaner future.
