KUALA LUMPUR (Sept 1): UOB Malaysia introduced U-Drive, a financing solution for the electric vehicle (EV) ecosystem in Malaysia, earlier this week to drive EV adoption in the country.

U-Drive targets EV value chain players, including automotive component suppliers, brand owners, dealers, charging point operators (CPO) and end users. For instance, automotive brand owners that want to expand into new markets and CPOs that plan to install more charging infrastructure can utilise the solution for their working capital needs.

Businesses, including fleet owners and individuals, can also access UOB’s green financing to purchase EVs and charging equipment. Additionally, EV original equipment manufacturers that want to expand into the country can obtain market insights and foreign direct investment advisory from UOB Malaysia, according to the bank’s press release.

“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,” said Ng Wei Wei, CEO of UOB Malaysia.

“UOB is proud to bring U-Drive to the market to support the development of the EV industry in Malaysia. 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.”

The launch of U-Drive on Aug 29 was officiated by Transport Minister Anthony Loke. During the event, the Malaysian Investment Development Authority, Malaysian Green Technology and Climate Change Corporation and the Zero Emission Vehicle Association shared their insights on the EV industry.

The pioneers for U-Drive currently include China auto manufacturer Great Wall Motor (Malaysia); Sime Darby Motors, which represents brands like BYD and BMW; Perak transit, an integrated public transportation service provider; CPO chargEV, which is powered by Yinson GreenTech; and PowerBee, which is a solution by Solarvest.

U-Drive is part of UOB’s suite of sustainable financing solutions under its Smart City Sustainable Finance Framework.