SunCar Wins Bid to Provide Concierge Transportation Services for Shanghai Rural Commercial Bank's Valued Clientele
SunCar Technology Group (Nasdaq: SDA) has won a bid to provide premium concierge transportation services for Shanghai Rural Commercial Bank's (SRCB) clientele, extending their decade-long partnership that began in 2014. The services include designated driver assistance, high-speed rail station transfers, and international airport transportation for credit card customers.
Following SRCB's strategic retail transformation in October 2023, which restructured operations into key departments including Retail Finance and Wealth Management, SunCar secured the bid to manage SRCB's retail points-based travel benefits. The agreement encompasses concierge car services, designated driver assistance, and VIP lounge access, reinforcing SunCar's position in delivering customer-focused solutions in the financial services sector.
SunCar Technology Group (Nasdaq: SDA) ha vinto un appalto per fornire servizi di trasporto concierge premium per la clientela della Shanghai Rural Commercial Bank (SRCB), ampliando la loro partnership decennale iniziata nel 2014. I servizi includono assistenza con autisti designati, trasferimenti da stazioni ferroviarie ad alta velocità e trasporti per aeroporti internazionali per i clienti con carta di credito.
Seguendo la trasformazione strategica al dettaglio di SRCB nell'ottobre 2023, che ha ristrutturato le operazioni in dipartimenti chiave tra cui Finanza Retail e Gestione Patrimoniale, SunCar ha ottenuto l'appalto per gestire i benefici di viaggio basati sulle spese al dettaglio di SRCB. L'accordo include servizi di auto concierge, assistenza con autisti designati e accesso alle lounge VIP, rafforzando la posizione di SunCar nel fornire soluzioni orientate al cliente nel settore dei servizi finanziari.
SunCar Technology Group (Nasdaq: SDA) ha ganado una licitación para proporcionar servicios de transporte concierge premium para la clientela del Shanghai Rural Commercial Bank (SRCB), ampliando su asociación de diez años que comenzó en 2014. Los servicios incluyen asistencia de conductor designado, traslados desde estaciones de tren de alta velocidad y transporte al aeropuerto internacional para clientes con tarjeta de crédito.
Tras la transformación minorista estratégica de SRCB en octubre de 2023, que reestructuró las operaciones en departamentos clave como Finanzas Minoristas y Gestión de Patrimonio, SunCar obtuvo la licitación para gestionar los beneficios de viaje basados en puntos al por menor de SRCB. El acuerdo incluye servicios de automóvil concierge, asistencia de conductor designado y acceso a salas VIP, reforzando la posición de SunCar en la entrega de soluciones enfocadas en el cliente en el sector de servicios financieros.
SunCar Technology Group (Nasdaq: SDA)는 상하이 농촌 상업 은행 (SRCB) 고객을 위한 프리미엄 컨시어지 운송 서비스를 제공하기 위한 입찰에서 승리하여 2014년에 시작된 10년간의 파트너십을 연장했습니다. 제공되는 서비스에는 지정된 운전사 지원, 고속철도역 전송 및 신용카드 고객을 위한 국제 공항 운송이 포함됩니다.
2023년 10월 SRCB의 전략적 소매 혁신 이후, 운영이 소매 금융 및 자산 관리와 같은 주요 부서로 재구성되면서, SunCar는 SRCB의 소매 포인트 기반 여행 혜택을 관리하기 위한 입찰을 확보했습니다. 이 계약은 컨시어지 자동차 서비스, 지정된 운전사 지원 및 VIP 라운지 접근을 포함하여, 금융 서비스 분야에서 고객 중심 솔루션을 제공하는 SunCar의 입지를 강화합니다.
SunCar Technology Group (Nasdaq: SDA) a remporté un appel d'offres pour fournir des services de transport concierge haut de gamme à la clientèle de Shanghai Rural Commercial Bank (SRCB), prolongeant leur partenariat de dix ans qui a commencé en 2014. Les services incluent l'assistance d'un chauffeur désigné, les transferts depuis les gares à grande vitesse et le transport vers les aéroports internationaux pour les clients titulaires de cartes de crédit.
Suite à la transformation stratégique du commerce de détail de SRCB en octobre 2023, qui a restructuré les opérations en départements clés tels que les Finances de détail et la Gestion de patrimoine, SunCar a remporté le contrat pour gérer les avantages de voyage basés sur des points de vente au détail de SRCB. L'accord englobe des services de voiture concierge, l'assistance d'un chauffeur désigné et l'accès aux salons VIP, renforçant ainsi la position de SunCar dans la livraison de solutions axées sur le client dans le secteur des services financiers.
SunCar Technology Group (Nasdaq: SDA) hat einen Auftrag gewonnen, um Premium-Concierge-Transportdienste für die Klientel der Shanghai Rural Commercial Bank (SRCB) bereitzustellen, wodurch ihre zehnjährige Partnerschaft, die 2014 begann, erweitert wird. Die Dienstleistungen umfassen Unterstützung durch einen Designated Driver, Transfers von Hochgeschwindigkeitsbahnhöfen und internationalen Flughafenverkehr für Kreditkartenkunden.
Nach der strategischen Einzelhandelsumwandlung der SRCB im Oktober 2023, die die Abläufe in Schlüsselabteilungen wie Einzelhandelsfinanzierung und Vermögensverwaltung umstrukturiert hat, sicherte sich SunCar den Auftrag zur Verwaltung der auf Punkte basierenden Reisevorteile im Einzelhandel von SRCB. Die Vereinbarung umfasst Concierge-Auto-Dienstleistungen, Unterstützung durch einen Designated Driver und Zugang zu VIP-Lounges, wodurch die Position von SunCar bei der Bereitstellung kundenorientierter Lösungen im Finanzdienstleistungssektor gestärkt wird.
- Secured new contract with existing major client SRCB
- Extended and expanded 10-year partnership with established financial institution
- Diversified service offering to include retail points-based travel benefits
- None.
Insights
The contract win with Shanghai Rural Commercial Bank represents an incremental revenue opportunity for SunCar, though the financial terms and potential revenue impact remain undisclosed. The deal's strategic value lies in deepening SunCar's foothold in China's financial services sector, particularly in the lucrative high-net-worth client segment. The 10-year relationship with SRCB and expanded service scope suggests strong execution capability and client satisfaction.
SRCB's recent retail transformation, focusing on wealth management and private banking, aligns well with SunCar's premium service offerings. The integration into SRCB's loyalty program could drive higher service utilization and recurring revenue. However, without specific financial details or contract terms, the immediate impact on SunCar's bottom line remains uncertain.
This partnership expansion is strategically positioned in China's growing wealth management sector, where premium concierge services are increasingly vital for client retention. SRCB's retail transformation indicates a broader industry trend of banks enhancing their high-net-worth client services. The deal strengthens SunCar's competitive position in the B2B auto services market, potentially opening doors to similar partnerships with other financial institutions.
The comprehensive service package, including airport transfers and VIP lounge access, targets the expanding affluent Chinese consumer segment. While positive for brand positioning and market presence, the revenue impact may take time to materialize as it depends on service adoption rates and SRCB's success in growing its premium client base.
Over the past decade, SunCar has worked closely with SRCB to offer tailored services, including designated driver assistance, high-speed rail station transfers, and international airport transportation for credit card customers. The collaboration has also involved the development of SRCB's proprietary car owner service platform, solidifying SunCar's role as a trusted partner in delivering innovative and high-quality solutions.
In October 2023, SRCB launched a strategic retail transformation, restructuring its retail operations into key departments such as Retail Finance, Wealth Management & Private Banking, Personal Loan Services, and Base Customer Management. The bank integrated its credit card services into its broader retail business, paving the way for an enhanced loyalty points and benefits system led by the Retail Finance Division.
As part of this evolution, SunCar recently successfully secured the bid to manage SRCB's retail points-based travel benefits, encompassing concierge car services, designated driver assistance, and VIP lounge access. Under the renewed partnership, SunCar remains committed to delivering superior and professional travel services tailored to the needs of SRCB's valued clientele.
"We are proud to expand our partnership with Shanghai Rural Commercial Bank, supporting their efforts to deliver exceptional value to their VIP clients," commented Ye Zaichang, Chairman and CEO of SunCar Technology Group. "This new agreement strengthens SunCar's longstanding relationship with SRCB while reinforcing our commitment to driving growth in the financial services sector by delivering seamless and superior customer-focused solutions."
About SunCar Technology Group Inc.
Founded in 2007, SunCar is transforming the customer journey for auto services and auto insurance in China, the largest passenger vehicle market in the world. SunCar develops and operates cloud-based platforms that seamlessly connect drivers with a wide range of auto services and insurance coverage options through a nationwide network of sales partners. As a result, SunCar has established itself as the leader in China in the B2B auto services market and the auto eInsurance market for electric vehicles. The Company's intelligent cloud platform empowers its enterprise clients to access and manage their customer database and offerings optimally, and drivers gain access to hundreds of services from tens of thousands of independent providers in a single application. For more information, please visit: https://suncartech.com.
Forward-Looking Statements
This press release contains information about the Company's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company encourages you to review other factors that may affect its future results in the Company's annual reports and in its other filings with the Securities and Exchange Commission.
Contact Information:
SunCar:
Investor Relations: Ms. Hui Jiang
Email: IR@suncartech.com
Legal: Ms. Li Chen
Email: chenli@suncartech.com
U.S. Investor Relations
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
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SOURCE SunCar Technology Group Inc.
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