Singapore-based tech unicorn Carro opens regional office in Hong Kong
Invest Hong Kong (InvestHK) announced today (17 July 2024) that a tech unicorn from Singapore, Carro, has opened a regional office in Hong Kong to expand its online used car marketplace further across Asia.
Singapore-based tech unicorn Carro opens regional office in Hong Kong
The Associate Director-General of Investment Promotion, Dr Jimmy Chiang, welcomed the opening of Carro’s regional office in Hong Kong. He said “Hong Kong has sophisticated high-tech infrastructure and professionals, with effective intellectual property and data protection enforcement. It is an ideal location for Carro to expand in the region.”
The Co-founder and Group CEO of Carro, Mr Aaron Tan, said that the company expanded into Hong Kong through the acquisition of Beyond Cars, a leading used car retailer in the city. It transforms the traditional way of buying and selling cars through proprietary pricing algorithms, AI-enabled capabilities, and innovative technological solutions.
He said, “There is strong potential in the used car market in Hong Kong, coupled with a strong demand and hype for electric vehicles (EVs), which is already the largest new car segment. We are supportive of the government’s EV agenda and want to be a strong sustainability partner.”
“We also want to support Hong Kong’s digital economy. We want to bring peace of mind, hassle-free and digitalised experience to the used car market by leveraging our proprietary technology and AI-enabled solutions. We are also looking to participate in the fintech space to serve the underserved, including the fragmented SME used car dealers,” he added.
Founded in 2015 and headquartered in Singapore, Carro focuses on the automotive ecosystem, with business operations in retail, insurance, aftersales, and financing. It is currently present in 7 markets including Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong.
To get a copy of the photos, please visit www.flickr.com/photos/investhk/albums/72177720318871834.
For more information about Carro, please visit carro.co.
