Meet Grab’s new competitor in SG
After Vietnamese ride-hailing firm Fastgo announced its debut in Singapore in April, 500 drivers immediately signed up, 12 hours after registration. “It is a good signal for Fastgo in the Singapore market,” Fastgo CEO Max Nguyen said. In an exclusive interview, Nguyen talked about the company’s launch in Singapore, its expansion plans in Southeast Asia, and its strategy to go against big players already present in the city.
What is your main strategy for expansion?
Fastgo’s strategy is to bring good services and benefits to the driver-partners. Being different from Grab and Go-jek, which collect at least 20% of commission fee from the driver-partners, Fastgo only applies a fixed amount of daily fee to the drivers. In detail, in Singapore, Fastgo will charge less than US$5 if the driver’s income is over US$30 a day. For the customers, there is no surge-pricing during peak hours or bad weather. Our prices are always stable.
How will your fixed daily subscription fee work in Singapore?
The fixed daily subscription fee worked well in Vietnam. It attracts a large number of driver-partners. Till now, Fastgo has more than 50,000 driver-partners around all the markets. Fastgo is confident that Singapore will respond positively to the fixed daily subscription fee of Fastgo. Our fee policy will bring benefits to both the driverpartners and the customers.
How is Fastgo going to distinguish its services from Grab and other ride-hailing services in Singapore?
Firstly, we will focus on drivers, make our drivers happy with our policy. Second is our customer, Fastgo’s price will always be cheaper than others. We plan to be one of the top three ride-hailing applications in Southeast Asia.
What challenges are you expecting with the Singapore expansion?
Singapore market is easy to enter but it’s really hard to have a substantial market share. One reason might be Singapore has an excellent public transport system and a taxi system that doesn’t charge high fares. If we only focus on the local market, we cannot compete with global players.