TREVO
If you are one of SOCAR Malaysia's 1.9 million users, you probably saw the notification pop up in your app recently. After eight years of operations, SOCAR is shutting down its Malaysian car-sharing service on 31 August 2026.
The announcement came via an in-app notice on 14 August 2026, followed by an email to users. SOCAR apologised for the late notice, but the reality is clear — if you have wallet balance, an active subscription, or upcoming trips planned, you need to act now.
Here is exactly what you need to do, what happens to your money, and where to rent a car in Malaysia after SOCAR is gone.
At A Glance
- SOCAR Malaysia ceases operations: 31 August 2026
- Wallet top-ups stopped: 15 August 2026
- New subscriptions stopped: 15 August 2026
- Official refund process begins: 1 September 2026
- TREVO (P2P car sharing): Still operating as usual
1. Check Your SOCAR Wallet Balance Immediately
The very first thing you should do is open your SOCAR app right now and check your wallet balance. From 15 August 2026, SOCAR stopped accepting new wallet top-ups, and any new monthly pass subscriptions are no longer available either.
You have two options for your remaining balance:
- Use it up — rent a car and spend your balance before 31 August
- Request a full refund — or transfer it to your TREVO Wallet
The official refund process starts on 1 September 2026. SOCAR says it will share the required steps and instructions through official communication channels before that date.
Pro tip: Screenshot your wallet balance, transaction history, and any active subscriptions right now. Save them outside the app in case access changes after the shutdown date.
2. Cancel or Use Your Active Subscriptions
If you have an existing SOCAR monthly pass or subscription, it will be discontinued as part of the closure. The good news is that SOCAR has confirmed eligible remaining value will be refunded on a prorated basis.
That means if you paid for a full month but the service ends mid-month, you should get back the unused portion. Make sure your registered email is up to date so you receive the refund instructions when they are sent out.
Pro tip: If your subscription still has significant value remaining, consider using it for a trip you already had planned rather than waiting for the prorated refund.
3. Save All Your Booking and Payment Records
This is a step many people will skip, but it matters. Before 31 August, download or screenshot the following from your SOCAR account:
- All past booking confirmations and receipts
- Your current wallet balance and transaction history
- Any active or upcoming bookings
- Subscription details and expiry dates
- Your registered email and account information
Why? If there are any disputes about refunds, deposits, or charges after the service ends, you will need proof. The AskLegal consumer guide also recommends keeping the SOCAR closure notice email with its date and sender details.
Pro tip: If you have any unresolved damage disputes or deposit deductions, raise them with SOCAR support now before the team winds down.
4. Understand Why SOCAR Is Closing
SOCAR was launched in South Korea's Jeju Island in 2011 and entered Malaysia in 2018 through a joint venture with SK Inc. At its peak in 2023, SOCAR Malaysia claimed 1.9 million members and commanded over 90% of Malaysia's car-sharing market.
In 2021, private equity firm EastBridge Partners and Sime Darby Berhad invested a combined KRW65 billion (approximately US$55 million) into the company, which was valued at around KRW250 billion (US$213 million) at the time.
However, a planned initial public offering (IPO) never materialised. In early August 2026, South Korea's SK Inc — the largest shareholder — bought out the financial investors through a US$6 million (approximately RM25 million) debt swap, effectively allowing them to exit.
The debt swap effectively valued SOCAR Malaysia at just US$6 million — a fraction of the US$213 million valuation from 2021. This dramatic devaluation signals that the fleet-based car-sharing model struggled to achieve sustainable unit economics in the Malaysian market, despite its dominant market share.
For context, SOCAR operated at an hourly rate starting from RM6, which — while consumer-friendly — left thin margins when factoring in vehicle depreciation, insurance, parking zone rentals, and maintenance costs. The pandemic also disrupted usage patterns, and recovery was never sufficient to satisfy investor return expectations.
Pro tip: The shutdown only affects SOCAR's fleet-based car-sharing service. Its peer-to-peer platform, TREVO, operates independently and continues as normal.
5. Make the Switch to TREVO (It Is Easier Than You Think)
Here is something most news articles are not highlighting enough — SOCAR users can transfer their remaining wallet balance directly to a TREVO Wallet. No need to wait for a refund and then top up somewhere else.
TREVO is a peer-to-peer (P2P) car-sharing platform, which means real car owners list their vehicles for rent. Instead of picking up a car from a designated SOCAR zone, you browse available cars near you, book through the app, and arrange pickup with the host.
What makes TREVO different from SOCAR:
- Wider vehicle selection — from Perodua Axia to luxury cars, because real owners list their personal vehicles
- Daily rental model — rent by the day (from RM70/day), perfect for weekends, holidays, and road trips
- Flexible pickup locations — meet the host at a convenient spot rather than hunting for a SOCAR zone
- Insurance coverage included — every booking on TREVO comes with TREVO Guard protection
At A Glance: SOCAR vs TREVO
- Model: Fleet rental (SOCAR) vs P2P car sharing (TREVO)
- Pricing: Hourly/daily from RM6/hr (SOCAR) vs daily from RM70/day (TREVO)
- Vehicle range: Fixed fleet vs 1,000+ owner-listed cars
- Pickup: Designated zones vs flexible host meetup
- Status: Closing 31 Aug 2026 vs fully operational
Booking on TREVO is straightforward. Download the app, browse available cars in your area, select your dates, and confirm. The host will arrange pickup details — usually at a convenient location near you. No need to travel to a designated parking zone like with SOCAR.
For SOCAR users specifically, the transition is designed to be seamless. SOCAR's own official notice directs users to TREVO as the recommended alternative, and the wallet transfer option means your existing credit moves with you. Many SOCAR hosts have also listed their vehicles on TREVO, so you may even recognise some of the same cars.
If you were a frequent SOCAR user, consider becoming a TREVO host yourself. If you own a car that sits idle during weekdays, listing it on TREVO can generate passive income while helping other Malaysians find affordable car rentals. It is the P2P model in action — the community fills the gap that fleet operators leave behind.
Pro tip: Transferring your SOCAR wallet balance to TREVO means zero downtime. Your credit moves with you, and you can book your first car immediately.
Ready to make the switch from SOCAR?
Download the TREVO app and book your first car today. Transfer your SOCAR wallet balance to get started instantly.
Download the TREVO AppFrequently Asked Questions
Q: Will I lose my SOCAR Wallet balance?
A: No. SOCAR has confirmed that users can request a full refund of their remaining wallet balance, or transfer it to a TREVO Wallet. The official refund process begins on 1 September 2026.
Q: What happens to my SOCAR monthly subscription?
A: All existing subscriptions will be discontinued. Eligible remaining value will be refunded on a prorated basis. No new subscriptions can be purchased from 15 August 2026.
Q: Is TREVO also shutting down?
A: No. TREVO is a separate peer-to-peer car-sharing platform and is fully operational. SOCAR's own closure notice directs users to TREVO as an alternative for car rentals.
Q: Can I still use SOCAR until 31 August 2026?
A: Yes. SOCAR remains operational until 31 August 2026. You can still use your remaining wallet balance to book cars until that date.
Q: How do I get my SOCAR refund?
A: The official refund process starts on 1 September 2026. SOCAR will share the required steps through its official communication channels (app and email) before that date. Make sure your registered email is current.
Q: What is the best alternative to SOCAR in Malaysia?
A: For daily and multi-day rentals, TREVO offers the widest selection with 1,000+ cars from RM70/day. SOCAR itself is directing users to TREVO as the go-to alternative.
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