DBS Bank and security firm AETOS announced today (June 4th) the launch of Singapore’s first electric vehicle (EV) for cash and valuables (CVE) services.
The two companies have pledged to convert all 42 operational vehicles the bank used into electric vehicles by 2026, starting with seven CVE vehicles by the end of 2023.
CVE vehicles are used to transport cash from DBS / POSB branches to the cash processing center. According to the bank, one CVE vehicle travels more than 170 km a day on average.
Switching to EV helps reduce carbon dioxide (CO2e) equivalent emissions to 47 kg per day or about 17,100 kg of CO2e per year.
The move is in line with the government’s plans to phase out internal combustion engine (ICE) vehicles and encourage the adoption of EVs by 2040.
Commenting on the partnership, Shee Tse Koon, head of state of DBS in Singapore, said, “As part of our commitment to sustainable development, we encourage partners in our ecosystem to adopt carbon reduction practices, while reducing our own footprint.”
“We are pleased to be working with a partner like AETOS, which has taken concrete and comprehensive steps to reduce carbon emissions and shares our vision for a better, more sustainable future.”
In an effort to adopt EV, AETOS will install charging infrastructure at its various operational bases, starting with the first alternative current (AC) charging station at its West Coast premises.
Each station can fully charge the CVE electric vehicle in less than eight hours.
“AETOS is committed to achieving carbon-neutral operations as part of our sustainability effort with parent company Surbana Jurong. We strongly believe in working to protect the environment for future generations. We are pleased to be working with DBS to support our long-term sustainability goal, ”said Alfred Fox, CEO and CEO of AETOS Holdings.
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Credit for prominent images: DBS bank
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