UOB Malaysia announced the launch of U-Drive, a comprehensive financing solution for the electric vehicle (EV) ecosystem in the country.
U-Drive is designed to meet the financial needs of all EV ecosystem players by providing a comprehensive range of sustainable financing solutions.
For example, automotive brand owners expanding into new markets, car dealers planning to expand their EV inventory and charging point operators procuring and installing charging infrastructure can tap into UOB’s green facilities for their working capital needs.
Additionally, businesses, including fleet owners and individuals, can access green financing to purchase EVs and charging equipment.
Beyond financing, UOB can also support EV original equipment manufacturers (OEMs) seeking to expand into the country by providing market insights and foreign direct investment advisory.
Ng Wei Wei, CEO, UOB Malaysia, said, ”Malaysia’s pathway to net zero will require a decarbonised transport system and the reimagining of the entire value chain to become green and sustainable. By simplifying access to financing for EV ecosystem players and connecting those in need of capital, we aim to power the growth of the industry and encourage the switch to EVs.”
UOB Malaysia is pioneering U-Drive with a few key EV players in the country. They include Great Wall Motor (Malaysia) a leading Chinese auto manufacturer; Sime Darby Motors, one of Asia Pacific’s leading automotive groups that represents global brands including BYD and BMW; Perak Transit, an integrated public transportation service provider, as well as chargEV by Yinson GreenTech and PowerBee, an e-mobility arm by Solarvest, who are players leading the charging infrastructure network.
Ng added, “While the local EV industry has made good progress in recent years, it is still far from realising its full potential. Nonetheless, it is encouraging to note the strong collective effort from the government, industry associations and key players in the EV value chain, pushing to accelerate the development and adoption of green mobility in Malaysia.”