SunCar Signs $1.93 Million Deal with China Construction Bank to Enhance Banking Services

SunCar Technology Expands Its Banking Partnerships in China

SunCar Technology Group Inc., a prominent player in the auto e-insurance and cloud-based B2B services sector, has recently made headlines with a new contract that showcases its expanding footprint within the financial services ecosystem. On February 20, 2025, the company announced it has finalized a significant contract worth RMB 14 million (approximately $1.93 million) with China Construction Bank (CCB) to manage the car wash program for CCB's Long Card members in Hunan province. This two-year agreement, which is set to extend through December 2026, builds upon existing partnerships SunCar has already established in Fujian and Yunnan provinces.

The contract marks a vital step in SunCar's strategy to integrate its automotive services with CCB's banking offerings, allowing for a more seamless customer experience. Under the terms of the agreement, SunCar will provide exclusive car wash services through its extensive network of service locations in Hunan, leveraging existing technological capabilities that have already proven successful in Yunnan.

Ye Zaichang, the CEO of SunCar Technology, emphasized the importance of this win in his statements following the announcement. He expressed confidence that the partnership not only demonstrates the company's ability to scale its banking collaborations across the nation but also sets a precedent for future collaborations within the automotive ecosystem. By aligning the vast customer base of CCB with SunCar's innovative service network, the company is positioned to redefine the standards for integrated automotive services and banking solutions in China.

Background of SunCar Technology

Founded in 2007, SunCar has actively aimed to transform the auto services and insurance landscape in China, the world’s largest market for passenger vehicles. The company develops and operates advanced cloud-based platforms that provide drivers with a comprehensive suite of auto services and insurance options. This accessibility is facilitated through a broad network of sales partners, allowing consumers to connect with numerous service providers via a single application.

With its intelligent cloud platform, SunCar empowers clients to efficiently manage their customer databases and service offerings. As a result, SunCar has emerged as a leader in both the B2B auto services market and the rapidly growing eco-friendly auto e-insurance segment for electric vehicles. Its dedication to innovation and integration sets the stage for a promising future in the automotive landscape, positioning the company favorably against competitors in the sector.

The partnership with CCB is not just a financial agreement; it signifies a larger trend in which vehicle care and financial services are merging. As consumers increasingly seek out more convenient options, companies like SunCar are adapting by creating integrated service offerings that cater to modern needs.