KUALA LUMPUR: UOB Malaysia has launched U-Drive, a financing solution for the electric vehicle (EV) ecosystem in the country.
The solution aims to connect the EV value chain, including automotive component suppliers, automotive brand owners, dealers, and charging point operators to end-users.
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.
Also, businesses including fleet owners and individuals, can access green financing to buy 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 of UOB Malaysia, said, "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, “We strongly believe that Malaysia can be a vibrant EV marketplace given its diverse mobility landscape, focus on sustainability, and proven leadership as an electrical and electronics (E&E) manufacturing hub in Southeast Asia for the past 50 years. 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.”
The launch ceremony for U-Drive was officiated by Anthony Loke, Minister of Transport Malaysia.
The Malaysian Investment Development Authority (MIDA), Malaysian Green Technology and Climate Change Corporation (MGTC), and the Zero Emission Vehicle Association (ZEVA), also attended the launch and shared their expert insights on the EV industry.
