DBS, AETOS will convert 42 operational vehicles into electric vehicles in 2026

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DBS Bank and security firm AETOS announced today (June 4) the launch of Singapore’s first electric vehicle (EV) for cash and valuables (CVE) escort services.

The two companies have pledged to convert the bank’s 42 operating vehicles to electric vehicles by 2026, starting with seven CVE vehicles by the end of 2023.

CVE vehicles are used to transport corporate cash from DBS / POSB offices to a cash processing center. According to the bank, a CVE vehicle travels more than 170 kilometers a day on average.

Switching to EV helps reduce carbon dioxide (CO2e) equivalent emissions by up to 47 kg per day, or about 17,100 kg of CO2e per year.

This move is in line with the government’s plans to phase out internal combustion engine (ICE) vehicles and push for the adoption of electric vehicles by 2040.

Image credit: DBS Bank

Commenting on the partnership, Shee Tse Koon, head of country at DBS Singapore, said: “As part of our commitment to sustainable development, we have been encouraging our ecosystem partners to adopt carbon reduction practices, in addition. to reduce our own footprint “.

“We are encouraged to work with a partner like AETOS, which has taken concrete and comprehensive measures towards reducing carbon emissions and which shares our vision for a better and more sustainable future.”

In its drive towards the adoption of electric vehicles, AETOS will install charging infrastructures at its various operating bases, starting with the first AC charging station at its west coast facilities. .

Each station is capable of fully charging an electric CVE vehicle in less than eight hours.

“AETOS is committed to achieving carbon-neutral operations as part of our drive towards sustainability with parent company Surbana Jurong. We firmly believe in working to safeguard the environment for future generations. We are excited to partner with DBS, which supports our long-term sustainability goal, ”said Alfred Fox, CEO and CEO of AETOS Holdings.


Electric vehicles is a key content pillar for Vulcan Post. You can find the rest of our EV coverage here.


Featured Image Credit: DBS Bank





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