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DBS, AETOS to convert the bank’s fleet of 42 operational vehicles to EVs by 2026

aetos ev

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

The two companies have committed to convert all 42 operational vehicles used by the bank to EVs by 2026, starting with seven CVE vehicles by the end of 2023.

CVE vehicles are used to transport corporate cash from DBS/POSB’s branches to a cash processing centre. According to the bank, one CVE vehicle travels more than 170km daily on average.

By switching to EV, it helps to reduce carbon dioxide equivalent emissions (CO2e) by up to 47kg per day, or some 17,100kg of CO2e a year.

This move in in line with the government’s plans to phase out Internal Combustion Engine (ICE) vehicles and boost the adoption of EVs by 2040.

dbs bank
Image Credit: DBS Bank

Commenting on the partnership, Shee Tse Koon, DBS Singapore Country Head said, “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.”

In its drive towards EV adoption, AETOS will be installing charging infrastructure at their various operational bases, starting with the first alternative current (AC) charging station at their West Coast premises.

Each station is able to fully charge an electric CVE vehicle in under eight hours.

“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,” said Alfred Fox, Executive Director & 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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