In press advertisements yesterday, Uber, the San Francisco-based transport app provider, marked its third anniversary in Singapore by launching a bold car-financing scheme that promises consumers can secure loans of up to 80 percent of the car's price, reported The Straits Times. 

Having been doing so implicitly for the past year, Uber is now making it quite explicit that it is targeting people who want to own a car but cannot afford the 40 percent to 50 percent downpayment required by law.

The scheme initially appears to flout Monetary Authority of Singapore (MAS) regulations, but Uber, which is no stranger to controversy the world over, said the deal does not break any law in Singapore. It stated that cars must be registered under a company name, and under a scheme that allows them to be used for offering paid rides - even if not with Uber. 

MAS concurred, saying, "MAS' motor vehicle financing restrictions do not apply to loans for the purchase of private-hire cars. Drivers should be aware that they will incur additional costs, including higher insurance premiums, should they enter into such arrangements." Uber Singapore General Manager Warren Tseng claimed, however, that Uber has "negotiated deals with insurance partners which can offer premiums at as low as $1,300 (per year) for a comprehensive insurance package which covers personal and private-hire use".