SunCar Technology Announces Two-Year Service Agreement with China Merchants Bank

Core Insights - SunCar Technology Group Inc. has been selected as the provider of concierge car services for China Merchants Bank Private Banking, marking a significant partnership [1][2] - This two-year service framework agreement aims to enhance the customer experience for CMB's elite private banking clients through a technology-driven integration model [1][2] Company Overview - SunCar, founded in 2007, is a leader in cloud-based B2B auto services and auto e-insurance in China, the largest passenger vehicle market globally [3] - The company operates a cloud-based platform that connects drivers with a variety of auto services and insurance options through a nationwide network of sales partners [3] - SunCar has established itself as a leader in the B2B auto services market and the auto e-insurance market for electric vehicles in China [3] Industry Context - China Merchants Bank is recognized as the largest and most comprehensive private bank in China, known for its innovative wealth products and extensive non-financial value-added services [2] - CMB has received numerous awards for its private banking services and was the first Chinese bank to open a branch in the United States in 2008 [2]