SOCAR to accelerate expansion in Malaysia

By LYDIA NATHAN

SOCAR, South Korean car-sharing service, plans to accelerate its expansion into Malaysia by implementing Oracle NetSuite to support its rapid growth.

SOCAR was successfully launched in Kuala Lumpur in January 2018 using NetSuite Inc, an American cloud computing company that provides software services to help run businesses more smoothly.

With the software, SOCAR has been able to drive efficiencies, improve its decision-making and successfully scale its business.

According to a statement by SOCAR, NetSuite has enabled it to achieve a complete view into critical business information and efficiently manage its high volume of expenses, revenue and sales transaction data.

“As a result, the SOCAR accounting and finance teams now have an accurate cashflow data and access to the general ledger at any time and from anywhere, which is crucial for any business to grow,” the car-sharing service said.

SOCAR said it saw 72,000 new members being added in five months and has recorded over 24,000 usage hours on its platform to date.

Its CEO Leon Foong said the car-sharing market has been growing exponentially and the benefits are many, including cleaner air, less traffic and more accessible amenities.

“Our business has grown rapidly in South Korea and we are seeing a huge demand in Malaysia.

“We plan to have more than 1,000 cars available in Malaysia by the end of this year, which is a big increase from the 240 cars we started off with, and NetSuite is playing a huge role in supporting that growth,” he said.

Oracle NetSuite GM of Asia, Hong Kong and Taiwan Ronen Naishtein said the growth in car sharing will be huge, with 35 million users expected to sign up for 25 million hours of driving time monthly by 2021.

“SOCAR is perfectly positioned to ride that growth with NetSuite. The SOCAR team has a flexible and integrated approach to support its changing business requirements and expand into overseas markets quicker,” he said.

SOCAR was originally launched in South Korea in 2011, becoming an on-demand, keyless car-sharing service that offers customers the convenience of a car without the commitment of ownership where customers are able to book a car from any location via its mobile app.

All cars on the SOCAR platform are keyless and prices are inclusive of petrol and insurance.

According to SOCAR, it has also signed up more than 3.4 million members and offered over 8,200 cars in 3,200 zones throughout the country, and they are ready to branch out internationally and has chosen Malaysia as their first overseas branch.

Today, SOCAR Malaysia is the fastest growing business-to- consumer car-sharing platform globally, having grown its fleet to 450 cars in just six months.