Vietnams FastGo expands into Singapore’s ride-hailing market

The startup will offer cheaper ride fares than its rivals and will not charge surcharges during peak hours in the country.

Vietnamese ride-hailing startup, FastGo has recently announced that it will launch its services in Singapore starting April 2019, as part of its expansion plan in South-east Asia. According to sources, drivers willing to join can register on the FastGo mobile app from 1st April while customers will be able to book rides from April 30th.

Reportedly, Singapore marks the third country in which FastGo will operate following Vietnam and Myanmar. The firm is expanding into a market that is dominated by ride-hailing giants like Grab and Indonesia’s Gojek, Tada and Ryde. Moreover, the company claims that it is also planning to launch in the Philippines, Indonesia, and Thailand in the year 2019.

According to TODAY reports, Nguyen Huu Tuat, Chairman & Founder, FastGo, said that their ride fares will be cheaper than its competitors and the company will not charge any extra fares during peak hours. He said that customers can also leave tips for drivers when booking a ride, or choosing for a priority service.

Sources cite that FastGo, unlike some ride-hailing apps, will charge its drivers a fixed regular subscription fee instead of collecting commission payments. Moreover, the app will charge a fee below $5 (S$6.80) to drivers if their income surpasses $30 a day, a strategy which the company claims will help attract customers and driver-partners at a low cost.

For the record, FastGo started as a private car & taxi service in Vietnam in June 2018 and claimed to be one of the top ride-hailing service provider in the country with around 60,000 drivers.

Reliable reports claim that the company, after attaining an undisclosed sum in a Series A investment from venture capital firm VinaCapital Ventures in 2018, is aiming to raise another $50 million in its Series B investment round over the next few months.