Meet Grab’s new com­peti­tor in SG

Singapore Business Review - - CONTENTS -

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.

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