South Korean transportation blockchain-based startup MVL has officially forayed into Singapore by launching a new ride-hailing service named TADA on Thursday, a top executive of the company said. “Singapore is MVL’s maiden market where it targets to account for 25 per cent market share,” Kay Woo, founder and CEO of MVL told DEALSTREETASIA in an interaction.

“After Singapore, Vietnam will be the next country, scheduled to be launched in October or November.” TADA is built on MVL’s blockchain ecosystem, which is specifically designed to serve the automotive industry, adjacent service industries, and their customers. It states on the website that TADA takes zero commission from drivers and earns from transaction fee on debit/credit cards.

Currently, the service has already signed up more than 2,000 driver-partners, and expects to onboard between 100 and 200 a day going forward. Woo also disclosed that Tada is in talks with at least one taxi company in order to bring drivers onto the platform.

Based on the blockchain platform, TADA will set up a reward mechanism for drivers which can be converted to token. The drivers can sell token on the electronic trading platform accepting it.

“What we want is to give our customers more choices,” Woo said, adding that MVL may work with Grab and other players in the future by linking them to its blockchain-based rewards system. Before MVL’s foray, Indonesian ride-hailing giant Go-Jek had announced its expansion into Singapore. Read more from…

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