Blockchain ride-hailing platform teams up with insurance giant Axa

Photo credit: Axa

Mass Vehicle Ledger (MVL), the startup that operates ride-hailing service Tada in Singapore, Vietnam, and its home country of South Korea, has partnered with multinational giant Axa to provide insurance to its drivers and riders.

From early next year, Axa will be MVL’s preferred insurance partner for its drivers and users in Singapore.

In a statement, the two companies said they “will also explore technical integration to create next generation mobility insurance products and services leveraging MVL’s blockchain.”

Tada offers a “zero-commission” ride-hailing option for both private car and regulated taxi drivers, differentiating it from competitors like Grab and Go-Jek, which launched in Singapore today. MVL founder Kay Woo recently said that it has close to 100,000 riders and 20,000 drivers – including 2,000 licensed taxis – in the city-state signed up to its blockchain-based platform.

According to Woo, instead of taking a cut of drivers’ earnings, the platform will generate revenue by charging commission from third-party providers looking to sell their services to its drivers and riders. Users will be able to spend MVL Coins -the ecosystem’s digital tokens, which they will earn from giving and receiving good reviews – on these services.

The partnership with Axa seems a significant step in this direction.

“Together, we look to deliver insurance protection and services to MVL’s ecosystem, and offer convenience and value through innovative technological solutions,” said Leo Costes, managing director for retail and chief customer officer at AXA Insurance.

MVL has also added PTI Insurance as a B2B partner in Vietnam. In Cambodia, it’s in talks with a car financing company, a taxi firm, and a payments platform as it prepares to roll out ride-hailing services in the country.

Tada launched private-car hailing in Singapore in July, with a dedicated taxi-hailing service going live earlier this month.