KUALA LUMPUR: UOB Malaysia has announced the launch of U-Drive, a comprehensive financing solution for the electric vehicle (EV) ecosystem in the country.

In a statement, the bank said the solution seamlessly connects the EV value chain, including automotive component suppliers, automotive brand owners, dealers, and charging point operators to end-users

It said 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.

“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.

“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,” said UOB Malaysia CEO Ng Wei Wei.

The launch ceremony for U-Drive was officiated by Transport Minister Anthony Loke.