Singapore lender DBS and its security service provider Aetos on June 4 launched the city state’s first electric vehicle (EV) for cash and valuables escort (CVE) services. The two companies have committed to convert the rest of the seven CVE vehicles to EVs by end-2023, and all 42 of the operational vehicles used by the bank by 2026.

The programme is in line with the Singapore government’s announced plans to phase out internal combustion engine vehicles and boost the adoption of EVs by 2040.

CVE vehicles are used to transport corporate cash from DBS/POSB branches to a cash processing centre. On average, a single CVE vehicle travels more than 170 kilometres daily. Using an EV instead of an internal combustion engine vehicle reduces carbon dioxide equivalent emissions by up to 47kg per day – or some 17,100kg of emissions a year.  

Aetos executive director and chief executive officer Alfred Fox says: “Aetos is committed to achieving carbon-neutral operations as part of our drive towards sustainability with parent company Surbana Jurong. We strongly believe in working towards safeguarding the environment for future generations. We are glad to collaborate with DBS who supports our long-term goal for sustainability.”

Aetos and DBS have committed to converting all 42 operational vehicles used by the bank to EVs by 2026.

DBS Singapore country head Shee Tse Koon adds: “As part of our commitment to sustainable development, we have been encouraging partners within our ecosystem to adopt carbon reduction practices, in addition to lowering our own footprint. We are heartened to be working with a partner like Aetos, who has taken concrete and comprehensive steps towards reducing carbon emissions and who shares our vision for a better, more sustainable future.” 

The bank has set targets for its operational carbon footprint to ensure net zero operational carbon by 2022. DBS is also re-designing its 24/7 self-service branches to be more energy efficient, reducing its office paper consumption and growing its solar energy capture spaces.

In April, the bank launched the DBS Green Solutions package which provides a comprehensive range of offerings and privileges so consumers can easily integrate green practices in their daily lives – from within their homes, to their transportation modes, to their payments and purchases.

 Aetos, as part of its drive towards EV adoption, will be installing charging infrastructure at their various operational bases, starting with the first alternative current charging station at its West Coast premises. Each station is able to fully charge an electric CVE vehicle in under eight hours.