Singapore-based financial services company, OCBC (Oversea-Chinese Banking Corporation), has reportedly inked a strategic partnership deal with Charge+, a renowned operator and purveyor of EV charging solutions, to accelerate the ‘greening’ of the land transport sector of Singapore.
The step further contributes to OCBC’s aim to build a $25 billion portfolio of sustainable finance by 2025, an objective that was announced last year in June.
On 15th February, the two firms signed a MOU (memorandum of understanding) that would spur the leading EV solution provider’s plans to install around 10,000 electric vehicles charging points throughout the island by 2030. This is in line with the revised goal of the Singapore government of rolling out 60,000 electric vehicle charging points by 2030.
As a part of the memorandum of understanding, OCBC bank would encourage its property development clients to install EV charging points at their locations, in an effort to support the planned goal of Charge+.
In addition, both the companies are also planning to develop incentives to encourage the customers of OCBC Bank to buy EV and charging them at the charging points of Charge+. In that regard, OCBC Bank would be implementing a comprehensive digital payment solutions for the charging service.
Chairman of Charge+, Ong Tze Boon stated that the firm is thrilled to join forces with OCBC Bank, a partner who shares its corporate dream of turning the country’s mobility sector green and also catalyze EV transition in the process.
Head of global corporate banking, OCBC Bank, Elaine Lam stated that this is just the beginning for both the firms. The company is thrilled to support the broader approach to bring others into the ecosystem, including utilities businesses, EV manufacturers and distributors, as well as property owners and developers.
Lam added that this alliance with Charge+ also marks the banks efforts to offer much more than banking solutions through new partnerships as well as generating innovative ideas together with its corporate customers.