ADM, Hyundai Corporation and FINCOM Form Joint Venture
Tashkent, Uzbekistan (UzDaily.uz) — ADM, Hyundai Corporation Singapore and leasing company FINCOM have established a joint venture in Uzbekistan to expand access to financing for vehicle purchases. Initial investment in the project will amount to about US$40 million.
Over five years, the partners plan to build an investment and leasing portfolio of up to US$100 million.
The project is expected to expand opportunities for purchasing vehicles through installment plans and leasing and contribute to the further development of Uzbekistan’s automotive industry.
The partnership agreement was signed as part of the Tashkent International Investment Forum. The new project combines international financial expertise, modern leasing instruments and ADM’s automotive infrastructure.
FINCOM Co-Founder Stanislav Kim said each partner brings its own expertise and resources to the joint project.
Hyundai Corporation Singapore will provide access to international financial instruments, global experience and modern corporate governance practices. FINCOM will focus on developing leasing products, operational management and customer service. ADM, in turn, will provide access to its dealer network, production and distribution facilities, as well as its broad customer base.
From Kia vehicles to expanded leasing products
At the first stage, the new leasing solutions will be available for Kia vehicles produced in Uzbekistan and sold through ADM’s dealer network.
The partners subsequently plan to expand the product range to other automotive brands represented within the ADM ecosystem, including CHERY, HAVAL, TANK, Changan and Hyundai Truck & Bus.
The joint venture also plans to develop transport leasing and introduce financial solutions for the acquisition of special equipment, commercial real estate and financing for corporate customers.
A new instrument for expanding the market
The joint venture is being established amid growing demand for alternative financing mechanisms for purchasing vehicles and equipment. Leasing allows financial costs to be spread over a longer period and may provide an additional tool for developing small and medium-sized businesses.
The project participants expect that combining Hyundai Corporation Singapore’s international financial experience, FINCOM’s specialized expertise and ADM’s automotive infrastructure will enable the companies to offer more flexible and accessible leasing solutions.
In the longer term, the expansion of leasing products could increase access to vehicles while supporting the development of corporate and commercial vehicle fleets, the special equipment market and related sectors of the economy.
