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.