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 Banking & Finance 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!

Anju Abrol has over 30 years of banking experience.
Tse Yi-Mun will lead the bank’s north Asia branch as its managing director and group head.
Clients can now purchase SC Hong Kong’s wealth management products.
Citi plans to offer around 100 types of wealth products from the mainland.
Agents can apply for the loan through the BRILink Mobile application.
The delinquency ratio has been on the decline since May 2018.
The market is forecasted to rebound by over 15% in 2021.
The fund aims to achieve a potential monthly dividend payout of 5% per annum.
Its Vice President of Solution Consulting in Singapore discussed how to bridge the digital gap and humanise the banking experience in the new normal.
There is an increased demand for loans for home purchases and 'jeonse.’
The partnership is eyeing 16 million customers by 2025.
The U-Energy platform has nine partners that can support energy efficiency projects.
The bank expects its own climate financing in 2019-2021 to reach $17b.