S Korean startup MVL launches blockchain-based ride-hailing app TADA in Singapore

TADA is built on MVL’s blockchain ecosystem, which is specifically designed to serve the automotive industry. Graphic: DEALSTREETASIA

South Korean transportation blockchain-based startup MVL has officially forayed into Singapore by launching a new ride-hailing service named TADA on Thursday, a top executive of the company said.

“Singapore is MVL’s maiden market where it targets to account for 25 per cent market share,” Kay Woo, founder and CEO of MVL told DEALSTREETASIA in an interaction. “After Singapore, Vietnam will be the next country, scheduled to be launched in October or November.”

TADA is built on MVL’s blockchain ecosystem, which is specifically designed to serve the automotive industry, adjacent service industries, and their customers. It states on the website that TADA takes zero commission from drivers and earns from transaction fee on debit/credit cards.

Currently, the service has already signed up more than 2,000 driver-partners, and expects to onboard between 100 and 200 a day going forward. Woo also disclosed that Tada is in talks with at least one taxi company in order to bring drivers onto the platform.

Based on the blockchain platform, TADA will set up a reward mechanism for drivers which can be converted to token. The drivers can sell token on the electronic trading platform accepting it.

“What we want is to give our customers more choices,” Woo said, adding that MVL may work with Grab and other players in the future by linking them to its blockchain-based rewards system.

Before MVL’s foray, Indonesian ride-hailing giant Go-Jek had announced its expansion into Singapore. In May, the giant said it will invest $500 million in its expansion into the four Southeast Asian markets of Vietnam, Thailand, Singapore and the Philippines in the next few months.

It claims to have over 900,000 registered drivers throughout the country and says it facilitates over 100 million transactions per month.

Uber in March agreed to sell its Southeast Asian operations to Grab, withdrawing from yet another fast-growing region to end a war of attrition with a fierce local rival.

Since the departure of Uber, many ride-hailing apps are also looking to enter the Singapore market.

Local start-up Filo Technologies, which was founded late last year, said in May that it intends to launch its private-hire car booking services. Meanwhile, home-grown ride-hailing app firm Ryde tapped into the growing private-hire car market in a bid to compete with Grab and fellow newcomers.

Founded in 2012 by a group of mostly Korean founders in New York, MVL is now based in Singapore and operates in markets such as Korea, Taiwan, Hong Kong and Singapore via the  Easi6 platform which provides reservation services to customers by its system of 25,000 vehicles.

MVL is a new blockchain-based ecosystem for all vehicle-related services. Participants from automobile-related companies, services or trade industry will be connected and they will insert core data related to driving, traffic accidents, repairs and other car-related transactions into the blockchain.

Also Read:

Singapore blockchain-based ride hailing platform MVL to drive into Vietnam in July

Ride-hailing firms protest new rules in Indonesia even as Singapore allows taxis to introduce surge pricing

Go-Jek to invest $500m in expansion to four Southeast Asian countries 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.