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.

Join Asian Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The bank said the merger is crucial in the REIT sector.
The company also experienced a loss of $647m for H1.
Entry submission runs from 6 September 2021 to 7 January 2022.
This is expected to speed up the electronic exchange of trade documents.
The insurer plans to use the fresh capital for product development.
The digital payments platform has teamed up with bolttech for this latest project.
This will take effect on 11 November 2021.
Cigna has operations in seven markets in Asia-Pacific.
Singapore banks are leading the way in adopting alternative reference rates.
8 out of 10 consumers in the region use online platforms to discover items they want to buy. 
ZALORA provides brands with data-driven insights derived from its 2.6 million users.
81% of banks seek to differentiate their customer experience.
The two hope to dispense over US$1b of loans over the next five years.
Mobile wallet adoption in Thailand, Vietnam far exceed those in the US, the UK.