NEW YORK, April 21, 2026 (GLOBE NEWSWIRE) -- SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), a leader in digitalizing auto insurance and services in China, has won the contract to manage all concierge chauffeur services for the Agricultural Bank of China (“AgBank”). AgBank is generally considered the second-largest bank in the world in terms of total assets.
AgBank is consolidating its concierge chauffeur services on SunCar’s management platform to improve customer experience and rationalize costs. SunCar’s platform will manage these services for three groups: Private Banking Department, Personal Banking, and the Credit Card Center. The contract has a term of three years and a total estimated value of $50 million for the Company over the length of the contract.
The successful bid included a plan for seamlessly migrating and integrating AgBank’s existing concierge chauffeur services, currently managed individually by the three divisions. This marks a significant breakthrough in the depth and breadth of the Company’s cooperation with the largest state-owned banks.
Given the scope of the contract, it demonstrates the Company’s ability to sign enterprise-wide contracts with the corporate headquarters of China’s largest banks. Additionally, it solidifies SunCar’s leadership position in delivering concierge chauffeur services to the banking sector.
Zaichang Ye, Chairman and CEO of SunCar, stated: "Winning such a comprehensive bid from a customer the size of the Agricultural Bank of China demonstrates SunCar’s unique expertise in managing concierge chauffeur services for China’s largest banks. It is a major win for SunCar, given the size of the bid and the three-year term of the deal.”
SunCar has established a leadership position in China’s concierge chauffeur services market with customers such as China Merchants Bank, PICC, Ping An Insurance, CITIC, and China Construction Bank.