MVL is a new firm that entered Singapore’s ride-hailing market, joining a slew of others which made similar moves following Uber’s exit earlier in 2018, reported recently the daily Straits Times in Singapore.
Mass Vehicle Ledger (MVL) Foundation launched its ride-hailing application Tada at the end of July at its Singapore office. MVL founder Kay Woo said Tada, which means “let’s ride” in Korean, currently has more than 2,000 drivers signed up on its platform.
“We’re aiming to have around 3,000 or 4,000 drivers by next month,” said Mr Woo, who is from South Korea.
With its entry, Singapore now has six ride-hailing services on offer. Tada, Filo Technologies, Ryde, Kardi and India’s Jugnoo are all trying to get a piece of the pie against ride-hailing giant Grab. The market is set to get even more crowded as Indonesian ride-hailing giant Go-Jek is looking to soon enter the Singapore market.
Tada hopes however to attract drivers with a favourable payment model as it actually does not charge commissions in contrary to competitors such as Grab, which charges drivers a fee of 20 per cent per fare.
Mr Woo said this will help ensure fares – which start at $2.30 – are cheaper than those of Grab during these times, though he admitted prices could be slightly higher during periods of low demand.
He added that MVL is currently in partnership talks with four or five car rental firms and a taxi operator here to add taxis to the Tada platform. But he declined to name the companies involved.
Tada has applied for the Land Transport Authority’s third-party taxi booking service provider certificate. MVL currently has funding of about US$16 million (S$22 million), which the firm’s general manager Jonathan Chua said will help sustain Tada’s service despite its zero-commission model.
(Source: The Straits Times, Singapore)