ShuttleOne, a DeFI blockchain company, funds the first commercial electric vehicles in Singapore
· ShuttleOne, the decentralized finance company, has successfully financed the first batch of electric vehicles for commercial use in Singapore as part of the Climate Change Agenda.
· The ultimate beneficiary of the commercial electric vehicles, SMRT is the operator of taxis, buses, motorbikes fleets in Singapore and is heading to change their entire taxi fleet into electric vehicles.
· Decentralized finance as part of blockchain technology at its early stage is still being developed and adopted mostly within the industry. However, the power of decentralized finance can be used and implemented in many industries. The successful deal is a milestone for the decentralized finance community as one of the biggest and most progressive use cases of decentralized finance in real-world businesses.
Singapore — ShuttleOne is pleased to announce that we have successfully funded Singapore’s first batch of commercial electric vehicles, as part of the electrical vehicles adoption scheme from the Singapore government. This makes us the first decentralized finance company to successfully fund real businesses using the technology.
Bestlink Auto (SMRT contractor) who is responsible for bringing 250 electric vehicles to Singapore has used CALISTA Finance — a financing solution powered by ShuttleOne decentralized finance technology — to fund the purchase and shipping the first batch of vehicles to Singapore.
This marks a milestone for ShuttleOne and blockchain-based financial industry, as one of the biggest use cases of decentralized finance service in real-world businesses.
“ShuttleOne is delighted to play a part in the Climate Change agenda for Singapore beginning with Electric Vehicles. This not only supports the green revolution of our nation but also showcases what the transformative power of decentralized finance can do.” — said HongZhuang Lim, ShuttleOne’s CEO.
The first batch of 2 electric vehicles, financed by ShuttleOne, is the beginning of SMRT (the transportation operators)’s plan to change its entire taxi fleet into electric vehicles. Deputy Prime Minister Heng Swee Keat said in his budget speech in February that the government aims to push the adoption of electric vehicles. The government aims to have 60,000 charging points for electric vehicles at public car parks and private premises by 2030.
ShuttleOne, a decentralized finance technology company, offers blockchain-based form of finance services to real businesses. Merchants across Southeast Asia and China get access to CALISTA Finance powered by ShuttleOne, the 24–72 hours financial services solution for businesses. See how the partnership works here.
In 2020, we have serviced more than 4,000 merchants over US$3,500,000 of trade financing, bridging the gap between decentralized finance solutions and real businesses.
Decentralized finance is financial products that are available to businesses and people without the central intermediaries such as banks, exchanges or brokerages. In the ShuttleOne network, we offer real asset-based loans to businesses, using the capital power from cryptocurrencies investors.
Learn how to participate and add liquidity to ShuttleOne.Network.
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