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Building Asia is a collection of business stories on CNA that examines the financial forces driving Asia’s position as an economic powerhouse.
BYD and Rever – Synergy in new energy was first aired on 17 April 2023 under the Building Asia with UOB series. Find out how UOB has supported key EV ecosystem players BYD and Rever Automotive through a comprehensive suite of advisory and green financing solutions, to scale EV adoption in the market.
Transcript
Ke Yubin (General Manager, BYD Thailand):
Rever is BYD’s local partner and sole distributor in Thailand for our passenger vehicles. Prior to our entry into Thailand, UOB provided a lot of information on the local auto industry and passenger car information.
Last year, UOB introduced us to regional dealers with whom they have strong relationships with and helped set up a series of meetings. These meetings greatly increased BYD’s dealership network in Thailand.
Tan Choon Hin (Chief Executive Officer, UOB Thailand):
BYD is an existing client of our UOB China business. We understand their vision for Southeast Asia and their intention to expand their business into Thailand.
Coincidentally, Rever was looking for a banking partner to provide green trade financing facilities to import BYD vehicles. As a bank with such capability, we connected to Rever, and given our like-mindedness, pushed forth the sustainability agenda.
Pratarnporn Phornprapha (Vice-Chief Executive Officer, Rever Automotive Co., Ltd):
A lot of players didn't believe that electric vehicles were basically going to come into full adoption. We did. And so did UOB.
It's funny how everything came in a circle. How UOB worked with BYD China as well, because as soon as we knew that we were going to BYD, we basically asked our contacts and also our colleagues which banks were actually the strongest in green financing in Thailand and UOB was one of the names.
I think from the first meeting actually, our fate was sealed, I would say.
Tan Choon Hin:
We launched our U-Drive programme last year under our Smart City Sustainable Framework targeting the EV ecosystem. For example, for yourself as the sole distributor of BYD, the solution actually helps your upstream manufacturer as well as your downstream dealers.
We hope that with U-Drive, we can work together to advance the EV industry in Thailand and accelerate the adoption of green transportation in Thailand.
Pratarnporn Phornprapha:
I think it's exactly like you said, you know, because I think about us, it's never been just about selling vehicles. We're starting a movement in decarbonisation. So, for UOB to be able to provide green financing for all of our dealerships was very useful.
And in terms of our FX (Foreign Exchange) facility, UOB basically helps us to bench-mark the currencies in order to order our products from China as well as making payments overseas.
Tan Choon Hin:
I'm really glad that you find this service very useful as well.
Pratarnporn Phornprapha:
UOB has been instrumental to our success. I think one of the reasons is because they’re one of the first believers that green technology is coming.
Ke Yubin:
We hope that UOB can continue to support Rever. This would be a great help to BYD.
Tan Choon Hin:
We aim to be the One Bank for our customers who have both domestic as well as regional cross-border needs to expand their business as we develop the EV industry in Thailand.
Pratarnporn Phornprapha:
We look forward to it too.
