Published on August 29th, 2023 | by Subhash Nair0
UOB Launches U-Drive: Financing Solutions For Malaysia’s EV Ecosystem
UOB Malaysia’s U-Drive is aimed at helping the EV industry expand here.
UOB Malaysia has taken a significant step towards accelerating the growth of Malaysia’s electric vehicle (EV) industry with the introduction of U-Drive, an innovative financing solution. This comprehensive offering is aimed at seamlessly connecting all stakeholders within the EV value chain, ranging from automotive component suppliers and brand owners to dealers, charging point operators, and end-users.
A Prominent Launch Ceremony
The official launch of U-Drive was marked by a ceremony graced by YB Anthony Loke, the Minister of Transport Malaysia. The event witnessed the presence of esteemed organizations including the Malaysian Investment Development Authority (MIDA), Malaysian Green Technology and Climate Change Corporation (MGTC), and the Zero Emission Vehicle Association (ZEVA). These entities provided their expert insights into the evolving EV landscape, underscoring the significance of U-Drive for Malaysia’s transition to sustainable transportation.
U-Drive: Driving Sustainability Across the EV Ecosystem
U-Drive has been meticulously designed to cater to the diverse financial needs of all stakeholders within Malaysia’s burgeoning EV ecosystem. The offering spans a comprehensive range of sustainable financing solutions, with a focus on promoting the adoption of green technologies.
For instance, automotive brand owners venturing into new markets, car dealers expanding their EV inventory, and charging point operators procuring and installing charging infrastructure can harness UOB’s green facilities to meet their working capital requirements. Beyond traditional financing, UOB stands ready to offer support to EV original equipment manufacturers (OEMs) intending to establish a presence in Malaysia, extending assistance in the form of market insights and foreign direct investment advisory.
Insights from UOB’s CEO, Ms Ng Wei Wei
Ms Ng Wei Wei, Chief Executive Officer of UOB Malaysia, emphasized the role of U-Drive in propelling Malaysia toward a decarbonized transport system. She articulated the vision of reimagining the entire value chain to achieve sustainability and green practices. Ms Ng expressed UOB’s pride in introducing U-Drive to the market, viewing it as a catalyst for the growth of the EV industry in Malaysia. By streamlining access to financing for all players in the EV ecosystem, UOB aims to facilitate industry expansion and drive the shift towards EV adoption.
Distinguished Partnerships for a Bright Future
UOB Malaysia’s pioneering efforts in launching U-Drive are complemented by strategic collaborations with key players in the EV sector. The partnership roster includes prominent names such as Great Wall Motor (Malaysia), a prominent Chinese auto manufacturer; Sime Darby Motors, representing esteemed global brands like BYD and BMW; Perak Transit, an integrated public transportation service provider; and chargEV by Yinson GreenTech and PowerBee, driving the charging infrastructure network. This collective effort aims to reinforce Malaysia’s position as a dynamic EV marketplace.
A Vision for Malaysia’s EV Future
Ms Ng highlighted Malaysia’s potential to become a robust EV marketplace, citing its diverse mobility landscape, strong focus on sustainability, and historic leadership as a hub for electrical and electronics manufacturing in Southeast Asia. While acknowledging the strides made by the local EV industry in recent years, Ms Ng emphasized the need to realize its full potential. She lauded the collaborative endeavors of the government, industry associations, and key stakeholders in expediting the development and adoption of green mobility solutions.
For more information on U-Drive, please visit uobgroup.com/u-drive/malaysia-en/index.page.