Another ride-hailing app enters Singapore’s post-Uber vacuum – and it’s on the blockchain

MVL founder Kay Woo / Photo credit: MVL

With Grab firmly in the driver’s seat after Uber’s departure, and Go-Jek on the way, launching a new ride-hailing service in Singapore may seem like an enterprise doomed to fail.

That hasn’t stopped one or two companies from making a go of it, though. And the latest one to join the ranks thinks it can offer something radically different in this seemingly saturated market.

South Korean blockchain startup MVL – short for Mass Vehicle Ledger – has just launched its ride-hailing app in Singapore. The city-state is its maiden market, with further launches slated for Vietnam, South Korea, and Japan in the near future.

Named Tada – which means “let’s ride” in Korean – the app is built on MVL’s blockchain ecosystem, which is specifically designed to serve the automotive industry, adjacent service industries, and their customers.

Tada’s unique selling point is that it won’t charge any commission from its driver-partners – meaning that they keep the entire fare paid by their passengers, minus the transaction fees when users opt for credit cards or other payment methods that require them.

Speaking at the launch event in Kampong Ubi, Singapore, MVL founder Kay Woo said that the service has already signed up more than 2,000 driver-partners, and expects to onboard between 100 and 200 a day going forward.

Tada drivers will be able to work concurrently for other ride-hailing services if they wish (or if other services allow them to do so).

“We don’t aim to have an exclusive deal with drivers. It’s not our philosophy. They deserve to have choices,” said Woo.

Woo also revealed that Tada is in talks with at least one taxi company in order to bring taxi drivers onto the platform too, though he wouldn’t disclose the names of potential partner companies. Tada has applied for a taxi platform operator’s license with the Singapore Land Transport Authority, and expects the agency’s decision within two months, he confirmed.

Tada’s strategy is not to directly challenge or displace market incumbents, whether other ride-hailing platforms or traditional taxi firms, Woo explained. “We’re not looking to capture the whole market. We can’t do that – there’s a giant that’s already there. What we want to do is bring choice.”

He also suggested that Tada and MVL might even be able to work with Grab and other players in the future, perhaps by linking them to MVL’s blockchain-based rewards system.

Tada will award its MVL digital tokens to driver-partners that receive positive reviews from passengers, who will also be rewarded with cryptocoins when they give feedback.

Woo envisions that the wider MVL ecosystem will eventually include a range of auto industry players, such as carmakers, gas station chains, and insurance providers. Token holders will be able to spend their MVL coins with these service providers, as well as other retailers. MVL is in talks with several potential partners in this regard, he added.