Trevo Launches Financial Aid Initiative, Offers RM200 Incentive To New Hosts

Alex Cheong Pui Yin

15th September 2020 - 3 min read

(Image: The Malaysian Reserve)

Peer-to-peer (P2P) car-sharing startup Trevo has collaborated with the Ministry of Transport to roll out the Trevo Financial Aid initiative, which sees the company offering car owners a RM200 incentive when they join Trevo’s car sharing marketplace.

According to the company, this initiative aims to encourage car owners to capitalise on their underutilised vehicles and to share them via Trevo’s P2P car sharing service for extra income. It is also in line with the government’s effort to mitigate the public’s financial challenges through the PENJANA economic recovery plan.

trevo financial aid initiative

Trevo has allocated a total investment of RM2 million for this initiative; it is looking to disburse the RM200 incentive to the first 10,000 new hosts who sign up with the platform. To qualify for the incentive, you must meet the following requirements:

Malaysian based in the Klang Valley, Penang, or Kota Kinabalu
Possesses a valid driving licence
Car owned is not older than 12 years (as of 31 December 2020)
Car must be made available for booking for at least 14 days each month

Note that the RM200 incentive will be paid to you in two monthly instalments; it is only disbursed to your registered bank account at the end of the month if you meet the final requirement listed above.

If you’re interested, then go ahead and install the Trevo app, and sign up with the referral code (MOTxTREVO). The registration process will require you to upload several documents, including your MyKad, driving licence, vehicle ownership certificate, road tax, and motor insurance cover note.

In addition to supporting the government’s PENJANA efforts, the Trevo Financial Aid initiative also serves as the kick-off of a proof of concept (POC) exercise currently carried out by the startup. The POC study, which runs from August 2020 to August 2021 in several phases, seeks to demonstrate the sustainability of P2P car sharing in Malaysia, thereby reiterating its role in the nation’s mobility ecosystem.

Transport Minister Datuk Seri Dr Wee Ka Siong said that Trevo’s effort is in line with the National Transport Policy (NTP) 2019-2030, particularly with respect to inclusivity and accessibility. “In addition, this POC study also aligns with the NTP’s policy thrust to strengthen governance to create a conducive environment for the transportation sector, by strengthening and streamlining the regulatory and development framework to meet market demands,” he said.

(Image: Lowyat.NET)

The general manager of Trevo, Susan Teoh, concurred. “Our POC is a collaborative effort with the Ministry of Transport to understand and enhance the industry further with focus on protecting public interest,” she said.

Trevo is a subsidiary of SOCAR Malaysia that was established early this year. You can head on over to company’s website to find out more about the Trevo Financial Aid initiative, which will run until 31 December 2020.

(Source: Lowyat.NET)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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