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You know what they say about buses: You wait ages for one, and then two come along at the same time. Unfortunately, this doesn’t apply to ride-hailing drivers in Singapore.
While apps like Grab, GoJek, and Tada are seeing demand for their services increase, they are short of a crucial part of the ride-hailing experience: drivers.
Today’s featured story looks at how drivers are caught in a squeeze between diminishing incentives and rising expenses, leaving fewer of them on the road and available to work. The timing is pretty poor for ride-hailing platforms as well since tourism in the city-state is expected to boom this year.
Meanwhile, passengers may be left standing on the curb while drivers look for better routes to earning a living.
Today we look at:
- Ride-hailing stalled in Singapore
- Indonesian digibank Bank Jago’s profit increase
- Other newsy highlights such as Malaysia planning to tighten its chip regulations and the GoTo-Google Maps collaboration on navigation
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A ride, my kingdom for a ride
Image credit: Timmy Loen
Singapore’s ride-hailing industry expects demand to keep growing this year, but there’s a problem on the supply end: Where are the drivers?
- Perfect storm: The city-state is facing a shortfall in ride-hailing drivers, especially during peak hours or major events like concerts. Drivers have faced increased costs for fuel, vehicle rental, and other key expenses, while the platform incentives they earn have gone down.
- Alternatives: Drivers also have better options for employment today than they may have had in the past. While wages for private-hire car drivers have stagnated since 2022, taxi drivers and delivery workers are earning more.
- Into third gear: Ride-hailing platforms expect demand for their services to climb, driven by factors like the popularity of hybrid work arrangements, Singapore’s economic climate, and a continued rise in international travel.
Read more: Singapore’s ride-hailing boom faces a crisis: driver shortages
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