Why Is SOCAR Closing Its Operations in Malaysia
SOCAR will officially end its car-sharing operations in Malaysia on 31 August 2026. We share below why this well funded (September 2021 they got RM55 Million) car sharing platform is shutting down and the exact steps to redeem or transfer your wallet credit if you have any left.
After eight years of providing short-term car-sharing across Malaysia, SOCAR has officially announced that all operations will permanently end on 31 August 2026.
The sudden announcement will leave thousands of users asking two major questions: Why is SOCAR pulling out of the market? and …….. How can I get my money back from my SOCAR Wallet?
Here below is everything you need to know about SOCAR’s departure and how to handle your remaining balance.
While SOCAR’s initial announcement did not explicitly detail all corporate drivers, market realities and recent challenges contributed heavily to the closure:
High Operational & Maintenance Overhead: Their fleet of cars suffer high maintenance costs from internal hanky panky which has been identified with high staff turnover, vehicle wear and tear, reckless driving by customers (especially foreigners on holiday) and occurring damage to the vehicles.
Shift to P2P Models: Peer-to-peer (P2P) car rentals shift fleet ownership risks away from the company, making traditional fleet-heavy operational models less sustainable.
Legal and Financial Pressures: Mounting legal liabilities and rising operational expenses put long-term pressure on profit margins. This includes police summons, town council parking fines and more.
How to Redeem Your SOCAR Wallet Balance
SOCAR has disabled wallet top-ups and new subscription purchases. You have two options to manage your remaining wallet credit before or after the deadline:
Option 1: Spend Your Balance (Before 31 August 2026) Use your remaining credits on active drive bookings before midnight on 31 August 2026.
Option 2: Request a Direct Bank Refund (Starting 1 September 2026) If you choose not to spend your balance, official cash refund processing opens on 1 September 2026.
Step 1: Stop making wallet top-ups (disabled as of 15 August 2026).
Step 2: Email [email protected] from your registered email address.
Step 3: Provide your account details (Full Name, Phone Number, SOCAR Registered Email) and Bank Account details for verification.
Step 4: Follow instructions sent out by SOCAR via their official app and email notifications prior to 1 September.
Option 3: Transfer Credit to TREVO which is SOCAR’s sister platform and TREVO is unaffected and continues normal operations. Users can opt to migrate their unused balance over to a TREVO Wallet balance instead of requesting a bank cash refund.
What Happens to Active Subscriptions?
All recurring SOCAR subscriptions have been discontinued. Any remaining days on active passes will be refunded on a prorated basis directly back to your original payment method or SOCAR Wallet balance for payout.
