Thu, 02 Feb 2023

Partnership Combines Lowering Cost of EV Ownership and Enhancing Access to EV Charging Infrastructure

SINGAPORE, Nov. 30, 2022 /PRNewswire/ -- Charge+, a leading integrated EV charging solution provider and Goldbell Financial Services (GBFS), a leading provider of auto-financing solutions, have today announced a strategic partnership to lower both the upfront and operating costs of EV ownership. 

Charge+ CEO, Goh Chee Kiong (L) and Goldbell Financial Services Chairman, Alex Chua (R) at a Charge+ Charging Station at orchardgateway level 7
Charge+ CEO, Goh Chee Kiong (L) and Goldbell Financial Services Chairman, Alex Chua (R) at a Charge+ Charging Station at orchardgateway level 7

This powerful synergy between these two dynamic enablers puts Accessibility at the forefront of the EV ownership proposition. It combines GBFS' highly competitive flexible financing solutions to ease the upfront costs of EV ownership with access to Charge+'s extensive network of EV charging points conveniently located in public housing, condominiums, shopping malls and office buildings island-wide. With more than 700 charging points installed today, Charge+ is rapidly ramping up the network to about 6,000 EV charging points by 2025. Consumers who take up a passenger car loan from GBFS will enjoy up to 3 months of free charging credits, followed by 3 months of discounted charging credits.

This move is consistent with the government's goal of creating a greener, more sustainable land transportation sector and reflects the growing acceptance of EVs in Singapore, with EVs accounting for more than 10% of all new car registrations in 2022, nearly tripling the adoption rate in 2021. In September 2022 alone, it reached a record high of 19%, with one in every five vehicles registered as EVs.

An industry first, GBFS, which has a successful track record of 99.87% performing loans, is the first and only non-bank financial institution to date to offer charging credits in conjunction with EV car loans. "Drawing on our extensive experience in automotive financing, we firmly believe that we can play a pivotal role in accelerating the economy's decarbonisation transition," said Mr Alex Chua, Chairman of GBFS. "The partnership with Charge+ moves us one step closer to our goal of catalysing the progression towards a low-carbon economy for future generations through flexible financing solutions."

"The key bottlenecks to EV adoption in Singapore have been high upfront costs of EV and accessibility to convenient EV charging infrastructure. Therefore, Charge+ is proud to partner GBFS to spur EV adoption by lowering the cost of EV ownership and making the EV charging experience hassle-free. This partnership with GBFS means Charge+ can create more value for our EV drivers beyond just EV charging," said Mr Goh Chee Kiong, CEO of Charge+.

Fast, secure, and convenient, the online car loan application process with GBFS is seamlessly integrated with MyInfo with Singpass and enables consumers to obtain pre-approved car loans (subject to satisfactory credit checks). This will help potential car buyers understand their maximum loan amount and estimated monthly instalments, thus providing greater peace of mind when planning a car purchase. Furthermore, following the loan disbursement, Charge+ will contact eligible customers to guide them through the process of accessing the complimentary and discounted charging credits via the Charge+ app, available to be used at any of the Charge+ public charging locations island-wide.

About Goldbell Financial Services

Goldbell Financial Services (GBFS) has been empowering businesses to survive and thrive in today's competitive economic landscape with capability-enhancing financial support since 2015. Offering automotive, asset-backed and working capital loans, it has become one of the fastest-growing non-bank financial institutions in Singapore, with a cumulative funding of more than S$1 billion (as of 31 March 2022). 

GBFS provides auto financing solutions to an extensive network of over 100 car dealers in Singapore, including distributors of major EV brands. GBFS's strong client portfolio of MNCs and SMEs covers a wide spectrum of industry sectors. These range from warehousing and logistics, F&B, manufacturing, courier service, construction, start-ups and more.

GBFS's venture-build ecosystem includes Polaris, a venture lending platform that accelerates growth by co-creating financial solutions that generate new revenue streams. GEN, a private debt investment platform regulated by the Monetary Authority of Singapore. Rai Capital, an MSMEs Financing Platform designed for microentrepreneurs and individuals to promote financial inclusion. Pilon, a financial technology company that supports financial inclusion; and NXT, a technology hardware leasing company that promotes maximising the useful lives of devices for a sustainable future.

GBFS is one of the participating financial institutions in Enterprise Singapore. 

About Charge+

Charge+ is a leading integrated EV charging solution provider serving Singapore and Southeast Asia, with the mission to catalyse the proliferation of electric mobility in the region. Its suite of integrated solutions include a proprietary ultra-slim charger, smart charging software and innovative business models. Executing its roadmap to implement at least 10,000 charging points by 2030, Charge+ is Singapore's only comprehensive charging operator serving the public housing, condominium, commercial and industrial building segments. With Singapore as the springboard, Charge+ is also operating in Indonesia, Malaysia, Thailand and Vietnam.

For more information, please visit www.chargeplus.com

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