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Carro Establishes Inaugural SGD450 Million Asset-Backed Securitisation Warehouse Facility

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First-ever Singapore Automotive Loan Receivables Asset-Backed Securitisation (“ABS”) Rare COE-backed new Automotive Asset Class largely underpinned by the Singapore government via one-of-a-kind Certificate of Entitlement framework Novel ABS via Singapore’s MAS-approved bankruptcy-remote special purpose vehicle

SINGAPORE, Oct. 22, 2026 /PRNewswire/ — Carro, Asia Pacific’s leading AI-enabled online automotive marketplace, has established a SGD450 million Asset-Backed Securitisation (ABS) backed by Singapore automotive loan receivables. The ABS warehouse facility serves to optimise funding and represents a key milestone in diversifying Carro’s long-term capital sources.

The ABS warehouse facility is structured as a bankruptcy-remote special purpose vehicle (“SPV”) to purchase and securitise Singapore automotive loan receivables originated by Genie Financial Services, a wholly-owned subsidiary of Carro.

“Being a pioneer of the first-ever Singapore automotive loan receivables ABS is a testament to the strength of our AI-enabled platform, data infrastructure, and underwriting capabilities. By turning automotive loan receivables into an institutional-grade asset class, we are setting a new standard for automotive financing in Southeast Asia. This landmark facility provides us with the financial flexibility and capital depth required to accelerate our growth strategically across the region while delivering sustainable value to our stakeholders.” says Aaron Tan, Co-Founder and Chief Executive Officer at Carro.

To maximise bank liquidity while preserving tax efficiency, a multi-funder structure was designed to allow lenders to participate via either capital markets notes or direct bank loans on a pari-passu basis within the same MAS-approved SPV.

The transaction also establishes a brand-new asset class for Hire Purchase securitisation in Singapore to facilitate capital diversification. Comprising vehicle-secured Hire Purchase receivables, the structure leverages Singapore’s unique Certificate of Entitlement (“COE”) system, which provides an intrinsic floor value and regulatory certainty, offering strong underlying collateral stability and risk mitigation.

Designed to deliver institutional-grade safeguards and enhance transparency in Singapore’s ABS market, the transaction is underpinned by a robust, multi-layered framework of fraud risk mitigants and asset protection measures. Key features include independent preparations by third-party calculation agents and automated data integrity controls supported by a planned active API integration, enabling real-time, auditable performance reporting and transaction trigger monitoring.

“As Carro prepares for its next phase of growth, we are keen to unlock long-term, cost-effective, diversified funding sources, including bank loans, block discounting, and securitisations,” says Ernest Chew, Chief Financial Officer at Carro. “This is an innovative structure which features a unique bankruptcy-remote hybrid loan and notes format that meets Singapore MAS-approved SPV regime, allowing global banks to participate via either notes or loans on a pari-passu basis, broadening our access to a wider pool of funding partners. Establishing Singapore’s inaugural automotive loan receivables ABS broadens our capital funding universe, strengthens our balance sheet, and creates a highly scalable template for our future global expansion. We’re thankful for the support by three of the largest global banks who have structured and held onto the loans and notes.”

Carro is a leading online car marketplace in Asia Pacific (excluding China and India). The company transacted over 120,000 units of new and used vehicles in FY2026 and is active across 8 markets. It is a leading auto fintech, auto digital insurance broker and aftersales service provider in the region.

Mizuho (arranger), HSBC and J.P. Morgan acted as loan providers and bond subscribers.

About Carro
Founded in 2015, Carro is a leading online car marketplace in the Asia Pacific (excluding China and India). By offering a trustworthy and transparent experience, Carro transforms the traditional way of buying and selling cars through proprietary pricing algorithms, AI-enabled capabilities, and innovative technological solutions. In 2025, Carro expanded its product line to include Brand New cars in Singapore and Malaysia, offering customers even more options.

Headquartered in Singapore, the unicorn startup has raised over S$700 million from Softbank Vision Fund as well as several sovereign funds and government-linked investors. Together with its subsidiaries and business lines, Carro is supported by more than 4,500 employees across Asia Pacific:

Carro, Asia Pacific’s largest online used marketplace with a strong key presence in Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan region, Hong Kong SAR and AustraliaCarro Care, Carro’s in-house refurbishment and after-sales servicing capabilitiesGenie Financial Services, a next-generation fintech automotive financing provider in Singapore, Malaysia, Indonesia and ThailandCarro Auction, a leading automotive auction platform in ThailandMPM Rent, leading mobility solutions company in Indonesia specialising in leasing / fleet financing transportation servicesInnorithm, a next-generation fleet management solutions company leveraging state-of-the art IoT and machine learningKaidee, Thailand’s largest online shopping and classifieds platformDriven Communications, leading Malaysian integrated digital content & marketing services agency including notable sites like paultan.org

For more information, please visit: www.carro.co. 

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ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

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Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/st-engineering-idirect-and-mbsat-partner-to-build-next-generation-sovereign-connectivity-services-across-oman-and-the-middle-east-302918467.html

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ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

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Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/st-engineering-idirect-and-mbsat-partner-to-build-next-generation-sovereign-connectivity-services-across-oman-and-the-middle-east-302918467.html

SOURCE ST Engineering iDirect

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Global Security & Technology Summit Unveils Month-Long Program of Activities Ahead of December Event

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RIYADH, Saudi Arabia, Oct. 24, 2026 /PRNewswire/ — The Organizing Committee of the Global Security & Technology Summit (GSTS) held an introductory session today at the Ministry of Interior’s headquarters in Riyadh, bringing together representatives from the government, private, and nonprofit sectors to introduce the program of activities leading up to the summit. The upcoming summit will be held in Riyadh under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, under the supervision of HRH Prince Abdulaziz bin Saud bin Naif bin Abdulaziz Al Saud, Minister of Interior, and organized by the Ministry of Interior in cooperation with Tuwaiq Academy.

During the session, the Organizing Committee presented the comprehensive GSTS program, comprising three key components: GSTS Month, running from November 1 to 30, 2026; the Global Security & Innovation Fair (SAIF), taking place from November 24 to 26, 2026; and the main Summit, scheduled for December 18 to 20, 2026, in Riyadh. Together, these events form an integrated program designed to advance security and technology innovation, strengthen national capabilities, and foster international cooperation.

GSTS Month will feature working groups, boot camps, training programs, knowledge-sharing sessions, and technical workshops across Saudi Arabia’s 13 administrative regions, delivered both in person and remotely in collaboration with specialized entities. The month-long program aims to develop national capabilities, identify emerging talent, enrich knowledge-sharing opportunities, and equip professionals with the knowledge and skills needed to develop innovative solutions to future security and technology challenges.

The main Summit will bring together global leaders, decision-makers, experts, and innovators to explore the future of security and technology, promote the integration of advanced technologies within the security sector, strengthen national capabilities, support innovation, and foster international cooperation, further positioning the Kingdom as a global hub for security and technology.

Showcasing the latest technological breakthroughs and security solutions, the summit will bring together government entities, private sector organizations, academic institutions, and research centers to facilitate knowledge exchange and collaboration across key fields, including cybersecurity, artificial intelligence (AI), the Internet of Things (IoT), smart security solutions, emerging technologies, and crisis management. The program will also feature main sessions, specialized discussions, and interactive exhibitions. Registration is available at gsts.sa.

Advisor to HRH the Minister of Interior and Chairman of the GSTS Organizing Committee, Ahmed Altowayan, stated that the summit builds on Saudi Arabia’s efforts to establish an advanced security and technology ecosystem focused on knowledge and innovation, keeping pace with rapid developments and future challenges.

Mr. Altowayan noted that the summit is a global platform for strengthening cooperation and exchanging expertise, anticipating future developments in security and technology, and developing strategic partnerships and innovative solutions that enhance the efficiency and readiness of security systems.

Vice Chairman of the GSTS Organizing Committee, Eng. Abdulaziz Alhammadi, said that the summit will offer a range of integrated programs and activities focused on enhancing national skills, encouraging innovation, and supporting international cooperation.

He added that GSTS Month will help build national capabilities, discover talent, and develop skills, with SAIF providing a platform for innovators and researchers from around the world to showcase leading technological solutions, while the main Summit will bring together leaders and experts to discuss the future of security and technology and explore new strategic partnership opportunities.

SAIF will take place at the Riyadh International Convention & Exhibition Center, bringing together innovators, researchers, technology talents, and industry experts from around the world to showcase promising innovations and projects across 14 fields of technology and innovation. The fair will provide opportunities to engage with project owners, including students, graduates, and entrepreneurs, and explore the different stages of innovation development through interactive zones, panel discussions on emerging security and innovation trends, and knowledge-sharing workshops led by specialists. Visitor registration is open to participants from within and outside the Kingdom through saifair.sa.

The introductory session also featured contributions from representatives of government, private, and nonprofit sector entities, alongside members of the media. Discussions focused on developing national capabilities in security and technology, strengthening students’ technical expertise, translating scientific research into practical solutions, and supporting Saudi companies in developing security and technology solutions and advancing digital transformation.

Organized by the Ministry of Interior in cooperation with Tuwaiq Academy, GSTS is produced by Tahaluf, with the Ministry of Education serving as Strategic Scientific Partner, Tahakom as Founding Partner, and Elm as Principal Partner.

Registration for participants from within and outside the Kingdom is available at gsts.sa.

Click here to view the media kit. 

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