As Singapore gears up to become an electric vehicle (EV) city, UOB is launching a financing solution to support the transition, the bank announced on Thursday in a statement.
UOB's «U-Drive» will support automotive brand owners, car dealers and charging point operators to end-users with green banking facilities, including trade financing, dealer stock financing, UOB Green Hire Purchase Loan and the UOB Go Green Car Loan, the bank said.
Under the program which is part of its Smart City Sustainable Finance Framework, provides automotive brand owners green facilities for their working capital needs, while end-users can tap on financing for their purchases of EVs and charging equipment.
Promoting EV Development
The program has already signed up EV dealer Hong Seh Evolution (HSEV), which was provided green facilities for greater working capital flexibility in managing its commercial EV sales and inventory. The two also plan to provide end-users with free charging credits to drive the adoption of commercial electric vehicles in Singapore.
«We want to help promote the development of the EV sector and simplify the transition to green vehicles, so as to contribute to a cleaner and greener environment,» Karunia Tjuradi, UOB head of sector solutions group, said.
