Following Tesla’s return to Singapore, two banks have shown great initiative in the adoption of electric vehicles.
The Business Times reports, that on Monday, OCBC had announced a strategic partnership with Charge+, a Singaporean EV solutions firm.
Charge+ aims to install 10,000 EV charging points in Singapore by 2030, in line with the government's target of 60,000 EV charging points.
The partnership intends to encourage property developers (who are customers of OCBC) to install charging points at their premises. Property owners who are customers of OCBC will also be encouraged to do the same.
Besides that, OCBC will implement digital payment solutions for Charge+ charging points, and look into the financing for the infrastructure.
Another possible outcome of the OCBC and Charge+ partnership is free charging for those who purchase their EV with a loan from OCBC.
Other than OCBC, DBS (The Development Bank of Singapore) is also pushing for EVs. On Monday, DBS said that it will launch Singapore’s first Green Car Loan on 1 March 2021.
The Green Car Loan will be available to all customers purchasing new and used electric and hybrid vehicles at a low interest rate of 1.68 % per annum.
The low interest rate is already available for Tesla cars in Singapore, as DBS is Tesla’s financing partner in Singapore.
Both infrastructure and financial services are crucial in the adoption of green technology, and Singapore is showing us how it’s done.