Singapore is the next stop for new Vietnamese ride-hailing startup FastGo.
It recently announced a planned entry in Singapore from April 1, adding to an already competitive market including the so-called ridesharing ‘superapps’ Grab and Go-Jek.
It is looking to woo drivers with its distinct business model.
Drivers won’t pay a commission on earnings but instead pay FastGo a fixed daily subscription of $5, which is waived if they earn less than $30 a day.
FastGo is also touting no peak period surge pricing and founder Nguyen Huu Tuat says it will offer the lowest rates in the market.
Specific rates haven’t been disclosed yet.
FastGo is still less than one year old but is already present in 10 provinces on Vietnam and earlier this year expended to Yangon, Myanmar.
It also plans to expand to Thailand, the Philippines, and Indonesia possibly before the end of this year.
Like Grab, it is also looking to expand its services portfolio to include food delivery and digital payments.
