business model: Potential may be high, but a rocky road awaits for the ride-hailing sector due to anger from taxi firms which see their business model under threat and likely moves by regional authorities meant to ensure a level playing field, according to The Japan Times. Despite its relatively small population, Singapore has emerged as a key market for ride-hailing firms due to its position as a key business hub and the unique condition of its transport sector. Fierce competition is looming between Indonesia's Gojek and Singapore-based Grab, which is backed by companies including Soft Bank Group Corp., Toyota Motor Corp. and Yamaha Motor Co. ; Gojek is backed by Singapore's largest local bank DBS Bank technology giant Google, Chinese internet services giant Tencent, Singapore sovereign wealth fund Temasek and Chinese online food giant Meituan-Dianping. The sky-high price of car ownership has boosted demand for ride-hailing services and electric car rentals. That has made car prices in Singapore among the highest in the world and inadvertently turned car ownership into a status symbol. For decades, the wealthy city-state has pursued a policy of curbing the number of private cars to prevent the traffic snarls that have paralyzed many other Southeast Asian cities.
(news.financializer.com). As
reported in the news.
Tagged under business model, gojek singapore-based topics.