Nabil Luqman

0f9d2dd4f71434084e2b6094de1865e23abb37bb9f28ca51feeabee679ec9be2

Social

subscription

shut down

SOCAR

car sharing

TREVO

SK Inc

car rental

After eight years of operations, on-demand car-sharing platform SOCAR is set to end its services in Malaysia, marking the closure of one of the country&rsquo;s early app-based car-sharing platforms.
SOCAR has informed users that its Malaysian operations will officially cease on 31 August 2026. The company has not disclosed a specific reason for the decision, but users have already begun receiving notifications through the app regarding the upcoming shutdown.
The platform, which launched in Malaysia in 2018, allowed users to rent cars by the hour through its app, offering an alternative to traditional car rentals, e-hailing and public transport.
SOCAR Wallet Top-Ups And New Subscriptions Have Ended
&nbsp;<img src="https://r2.myc.my/c7b43670136a78428a6ac099565081cf214c18722a8fc8071ad7b08a9cd41bc9" />
As the shutdown approaches, SOCAR has also begun winding down several of its services.
From 15 August 2026, users will no longer be able to top up their SOCAR Wallet or purchase new monthly passes. Existing subscriptions will also be discontinued, with eligible users receiving a prorated refund for their remaining subscription period.
Users who still have money in their SOCAR Wallet can request a refund. SOCAR has also indicated that unused wallet balances may be eligible for transfer to a TREVO Wallet, although users should follow the instructions provided through SOCAR's official communication channels.
The company has said that the formal refund process will begin from 1 September 2026, with further instructions expected to be provided to affected users.
For those with remaining balances, it is therefore advisable to check their SOCAR Wallet and account details before the service officially ends.
What Made SOCAR Different From Traditional Car Rentals?
<img src="https://r2.myc.my/2552f9395392d2db1f2ab087600ef95a12b36f1d8b09f936ea7d1e488a1dd03b" />
SOCAR first launched in Malaysia in 2018 with a model designed around convenience and short-term car usage.
Instead of collecting a vehicle from a conventional rental counter, users could locate available SOCAR vehicles through the app, book them by the hour and unlock the cars using their smartphones.
The company's fleet was distributed across various locations, including condominium car parks, shopping malls, hotels and transport hubs, allowing users to pick up a vehicle closer to where they lived, worked or travelled.
The entire rental process was handled through the app, including vehicle inspection, unlocking and returning the car. This made SOCAR particularly appealing to urban users who needed access to a car without the costs and commitment associated with owning one.
At its peak, the service was seen as a potential alternative to car ownership, complementing existing e-hailing and public transport options in Malaysia.
TREVO Will Continue Operating In Malaysia
<img src="https://r2.myc.my/e0b90fe71f0ef652a1eed3230e307bb8df07d1784ce713543cd741804612ac86" />
While SOCAR is shutting down, its sister platform TREVO will continue operating in Malaysia.
The two services use different business models. SOCAR operated its own fleet of vehicles, allowing users to rent cars directly from the platform.
TREVO, meanwhile, follows a peer-to-peer (P2P) car-sharing model. Vehicle owners can list their cars on the platform and rent them out to other users, allowing hosts to earn additional income from their vehicles.
In that sense, TREVO operates somewhat similarly to an Airbnb-style marketplace for cars, with users able to choose vehicles listed by individual owners for trips, weekends and holidays. SOCAR has directed users towards TREVO as an alternative once its own Malaysian car-sharing service ends.
However, the company has not provided details on what will happen to SOCAR's existing fleet following the shutdown.
SOCAR Once Dominated Malaysia's Car-Sharing Market
<img src="https://r2.myc.my/e6feb31abc0d24ace8440241bd5f88458ede6669e9c82224cbc7f7122875bc8d" />
SOCAR's exit marks the end of an eight-year presence in Malaysia, where it became one of the most prominent names in the country's car-sharing industry.
In 2023, SK Inc, SOCAR Mobility Malaysia's largest shareholder, said the Malaysian platform had approximately 1.9 million members and held more than 90% of Malaysia's car-sharing market at the time.
SK Inc had entered Malaysia's mobility sector in 2017 through a joint venture with South Korea's SOCAR before securing management rights in SOCAR Mobility Malaysia in 2020.
In 2021, private equity firm EastBridge Partners and Sime Darby Berhad invested a combined KRW65 billion in the company, which was valued at around KRW250 billion at the time.
The company had also been linked to plans for an initial public offering (IPO), although those plans ultimately did not materialise.
SK Inc Reportedly Bought Out Financial Investors
<img src="https://r2.myc.my/b8309ddb33b11e32e2557b87848260bb5adf9ffdb8bd687ec9ea16e74ff21f6e" />
The shutdown announcement comes shortly after reports that South Korea's SK Inc was moving to buy out the entire stakes held by SOCAR Mobility Malaysia's financial investors.
According to reports by Korea Economic Daily, the transaction would allow the investors to exit following the failure of the company's planned IPO to materialise. The deal was reportedly structured around a US$6 million (approximately RM25 million) debt swap.
The timing of the reported transaction, which came just over a week before SOCAR announced its Malaysian shutdown, has drawn attention, although the company has not officially stated that the deal was connected to its decision to end operations.
What Happens To SOCAR Users Now?
For existing users, SOCAR's Malaysian service will remain available until 31 August 2026.
Those with remaining wallet balances should take note of the refund process, while users with active subscriptions should expect prorated refunds where applicable.
After SOCAR's closure, TREVO remains an available option for car-sharing in Malaysia, although its peer-to-peer model differs from SOCAR's fleet-based service.
SOCAR continues to operate in South Korea, where the company also offers Koro, a service aimed at foreign drivers.
For Malaysian users who have relied on SOCAR for short-term car rentals since its launch in 2018, the shutdown brings an end to an eight-year chapter in the country's growing shared-mobility industry.
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
FOMO much? Follow our&nbsp;<a style="color: #ff0000;" href="https://www.facebook.com/mycclub/">Facebook</a>&nbsp;and&nbsp;<a style="color: #ff0000;" href="https://www.instagram.com/myc_news/?hl=en">Instagram</a>&nbsp;for more updates.

Users can refund or transfer their remaining SOCAR Wallet credit to TREVO before the service ends.

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SOCAR Malaysia To Shut Down On 31 August After Eight Years

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SOCAR Malaysia To Shut Down On 31 August After Eight Years

Users can refund or transfer their remaining SOCAR Wallet credit to TREVO before the service ends.

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