UOB unveils green financing solution to push EV adoption in Singapore

It creates a one-stop ecosystem that connects its users to EV car dealers.

UOB has launched U-Drive, a green financing solution that aims to help drive the adoption of electric vehicles (EV) and green transportation in Singapore.

The solution connects users to automotive brand owners, car dealers, and charging point operators in the EV value chain, the bank said in a press release.

UOB’s U-Drive solution also gives users access to a comprehensive range of green banking facilities, including trade financing, dealer stock financing, UOB Green Hire Purchase Loan, and the UOB Go Green Car Loan. 

As an example, UOB said that automotive brand owners looking to launch green business models such as battery-as-a-service, or car dealers planning to expand their EV inventory, and even charging point operators procuring and installing charging infrastructure, can tap UOB’s green facilities for their working capital needs.

Businesses or individuals can also apply for green financial solutions for their purchases of EVs and charging equipment under the U-Drive solution.

As part of the roll-out of the U-Drive solution, UOB has partnered with Hong Seh Evolution (HSEV), the authorised distributor of commercial EVs from Dongfeng Sokon Automobile and dealer of BYD T3 electric vans in Singapore.

The green facilities HSEV received from UOB under the U-Drive solution has reportedly enabled them to have greater working capital flexibility in managing its commercial EV sales and inventory. 

HSEV and UOB also shared that they are working together to provide end-users with free charging credits with the goal of driving the adoption of commercial electric vehicles in the Lion City.