Singapore sees inflation in ride-hailing apps

The launch of two new ride-hailing apps brings the current number of such companies in the small city state of Singapore to five. The new entrants are Filo Technologies, which just entered the market with a private-hire car booking services at the end of May, and Kardi, which aims at launching low-cost to luxury private-hire car services on June 5.

This follows the entrance of local company Ryde and India’s Jugnoo earlier in May and makes five in the market, including Grab, which bought out Uber’s Southeast Asian operations three months ago.

Jason Tan, founder of Filo Technologies, said the fares will be cheaper than taxis and comparable with other private-hire car prices. Filo will collect a 12-per cent commission, which is lower than Grab’s 20 per cent, and it will be capped at $400. Drivers will also not be bound by any exclusivity agreements. The company is currently recruiting 300 drivers, and aims to have 2,000 drivers in their fleet by the time they launch.

Kardi is yet to reveal details of its fare structure. Founder Ashwin Selambram said that the firm plans to recruit 3,000 drivers before the launch and will be giving out discount codes to customers to use the app.
While the ride-hailing market in Singapore is getting tighter, the companies are trying to differentiate by individual offerings. Jugnoo, for example, offers a reverse-bidding pricing system: When a rider makes a booking, drivers nearby will be able to bid for the ride. Drivers will be shown three options by the app: Jugnoo’s suggested price; a price ten per cent higher; and a price ten per cent lower. They can select one of the three as their bid, or they can choose to input their own price.

Ryde, in turn, offers a car-pooling network and its private-hire car service RydeX as part of a comprehensive “mobility suite” which includes a real-time matchmaking service between riders and private driver. RydeX has set its commission to ten per cent and also offers a cashback system for customers.

However, the market seems to have still enough space for more participants. Indonesia’s Go-Jek just revealed to launch its services in Singapore, while Malaysia’s DacSee and local Mass Vehicle Ledger Foundation – which plans to launch a blockchain-based “mobility ecosystem” under the brand MVL –are also looking to start operations in the near future.

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The launch of two new ride-hailing apps brings the current number of such companies in the small city state of Singapore to five. The new entrants are Filo Technologies, which just entered the market with a private-hire car booking services at the end of May, and Kardi, which aims at launching low-cost to luxury private-hire car services on June 5.

The launch of two new ride-hailing apps brings the current number of such companies in the small city state of Singapore to five. The new entrants are Filo Technologies, which just entered the market with a private-hire car booking services at the end of May, and Kardi, which aims at launching low-cost to luxury private-hire car services on June 5.

This follows the entrance of local company Ryde and India’s Jugnoo earlier in May and makes five in the market, including Grab, which bought out Uber’s Southeast Asian operations three months ago.

Jason Tan, founder of Filo Technologies, said the fares will be cheaper than taxis and comparable with other private-hire car prices. Filo will collect a 12-per cent commission, which is lower than Grab’s 20 per cent, and it will be capped at $400. Drivers will also not be bound by any exclusivity agreements. The company is currently recruiting 300 drivers, and aims to have 2,000 drivers in their fleet by the time they launch.

Kardi is yet to reveal details of its fare structure. Founder Ashwin Selambram said that the firm plans to recruit 3,000 drivers before the launch and will be giving out discount codes to customers to use the app.
While the ride-hailing market in Singapore is getting tighter, the companies are trying to differentiate by individual offerings. Jugnoo, for example, offers a reverse-bidding pricing system: When a rider makes a booking, drivers nearby will be able to bid for the ride. Drivers will be shown three options by the app: Jugnoo’s suggested price; a price ten per cent higher; and a price ten per cent lower. They can select one of the three as their bid, or they can choose to input their own price.

Ryde, in turn, offers a car-pooling network and its private-hire car service RydeX as part of a comprehensive “mobility suite” which includes a real-time matchmaking service between riders and private driver. RydeX has set its commission to ten per cent and also offers a cashback system for customers.

However, the market seems to have still enough space for more participants. Indonesia’s Go-Jek just revealed to launch its services in Singapore, while Malaysia’s DacSee and local Mass Vehicle Ledger Foundation – which plans to launch a blockchain-based “mobility ecosystem” under the brand MVL –are also looking to start operations in the near future.

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