Hong Leong Finance Achieves Milestone
in Digital Transformation with Successful Game-Changing
Platform for Vehicle Loans

- Upcoming Public Launch of HLF Digital App
to Enhance Customer Experience

Singapore, 29 April 2025 — Hong Leong Finance (HLF) has achieved a major milestone in its digitalisation strategy aimed at scaling its business and enhancing customer experience. The company has successfully transformed the vehicle loan application process with a game-changing, customised digital platform, which has significantly streamlined the vehicle loan application process for both car dealers and customers. This initiative has achieved remarkable business outcomes.

Building on the success of its digital platform for vehicle loans, HLF's upcoming public launch of HLF Digital, a financial services app, this year will empower customers' financial journey by placing finance at their fingertips.

An In-House-Developed Game-Changing Solution: Transforming Automobile Financing

HLF created the game-changing digital platform with system connectivity with major car dealers for automobile financing. These dealers collectively distribute cars from brands such as BMW, BYD, Lexus, Mazda, Porsche, Skoda, Suzuki, Toyota and Volkswagen. Fully developed in-house, the digital platform was achieved through close collaboration and deep engagement with the car dealers from the onset, with customisation to meet their requirements. It replaces the traditional manual, paper-based system that took multiple days with real-time processing, through seamless integration with car dealers' booking systems to remove redundant data entry, automation of data transfer and elimination of manual paperwork. The platform's integration with GovTech's MyInfo, a personal data management platform, also ensures secure access to verified personal data, reducing errors and enhancing safety.

Furthermore, the platform includes features that are tailored to the specific needs of car dealers, from automatic alerts on customers' submissions and loan application status to electronic Hire Purchase Agreements that feature the car dealer's branding.

Mr Ang Tang Chor, President of HLF, said: “The rapid acceleration of digital adoption has transformed the financial landscape. HLF's focus on transformation and digitalisation has been critical in ensuring we continue to do well in an increasingly competitive market. Our innovative digital platform for vehicle loans has proven to be a game-changer, offering speed and security for both car dealers and customers. This solution has achieved remarkable outcomes for our business.”

Business Impact of Digital Platform and Capturing the Electric Vehicle (EV) Loans Market

HLF's digital platform achieved over 300% increase in the amount of vehicle loans processed from S$99 million in 2023 to S$400 million in 2024. It also gave HLF an early-mover advantage in capturing a leading share of the EV loans market as dealers that were already using the platform started to distribute EVs. In 2024, HLF onboarded S$314 million in new EV loans, up over 300% from the S$73 million achieved in 2023, supporting Singapore's electrification objectives while driving the company's business growth.

HLF Digital — The Next Frontier in HLF's Digital Journey

The upcoming public launch of HLF Digital this year will mark the next frontier in HLF's digital journey. This app is designed to empower customers by providing them with tools to manage their financial services anytime, anywhere. With an intuitive, user-friendly interface, HLF Digital offers a broad range of services, from opening new accounts and placing fixed deposits to making fund transfers and updating personal particulars, all within a secure and seamless digital ecosystem.

Mr Ang added: “The HLF Digital app reflects our commitment to making financial services more accessible, efficient, and tailored to the needs of our customers. We are not just offering a financial solution but creating a platform that enhances customers' experience and fosters long-term relationships. With HLF Digital, we are able to offer an integrated omnichannel approach where our customers can enjoy round-the-clock convenience for financial transactions alongside the personalised face-to-face service of our branches and relationship managers.”

Digital Transformation as a Strategic Imperative Moving Forward

Looking ahead, HLF plans to continue expanding its digital capabilities. The company has already been collaborating with car dealers to introduce new capabilities that will enable them to offer online car markets, bridging virtual and in-person sales interactions while maintaining the benefits of a seamless, digital loan application process.

Mr Ang concluded: “We are excited about the future and the possibilities that digital transformation holds. With the continued evolution of our HLF Digital app and platform for vehicle loans as well as other digital capabilities to come, we aim to set new benchmarks in customer experience, operational efficiency and business growth.”

About Hong Leong Finance

A member of Hong Leong Group Singapore, Hong Leong Finance (HLF) is Singapore's largest finance company with a network of 28 branches and 12 SME Centres island-wide. HLF's loan books stood at S$11.668 billion, with deposit base at S$12.300 billion and shareholders' funds at S$2.108 billion as at 31 December 2024.

HLF is ranked among The Banker's Top 1000 World Banks for the seventh year running and retained its title as ASEAN Finance Company of the Year by Asian Banking & Finance for eleven consecutive years. It is also named one of the Top 100 Singaporean Brands by Brand Finance for eight consecutive years and received the “Best Automobile Financing Product in Asia Pacific” in the TAB Global Excellence in Retail Finance Awards 2025 by The Asian Banker. For details, visit https://www.hlf.com.sg/.