The ESG Phenomenon - United Overseas Bank

Editorial Staff

17 September 2021

United Overseas Bank
has launched U-Drive, an integrated green financing solution for the electric vehicle ecosystem in Singapore.

The solution connects the EV value chain - from automotive brand owners, car dealers and charging point operators to end-users - seamlessly, helping to increase the adoption of green transport.

The bank said its solution is designed to meet the financial needs of all EV ecosystem players, providing banking including trade financing, dealer stock financing, UOB Green Hire Purchase Loan and the UOB Go Green Car Loan. For example, automotive brand owners launching business models such as battery-as-a service, car dealers planning to expand their EV inventory can use the facilities for working capital.

The bank is rolling out the offering with Hong Seh Evolution (HSEV), the authorised distributor of commercial EVs from Dongfeng Sokon Automobile and dealer of BYD T3 electric vans in Singapore.