Singapore-based ride-hailing service TADA set to enter Hong Kong market

Singapore-based ride-hailing service TADA has announced its plans to enter the Hong Kong market. The platform is scheduled to debut in Hong Kong by the end of the year.

The firm saw immense potential for growth in the Hong Kong market. The city has a strong demand for reliable and efficient technology solutions. Coupled with Hong Kong’s strong economy and population density, TADA saw the perfect opportunity to expand its reach beyond Southeast Asia.

TADA to join Uber-dominated Hong Kong

The platform will be joining three other ride-hailing services currently available in Hong Kong. These include Beijing-based Didi Chuxing and Amap. Meanwhile, US-based Uber has been dominating the market in the past few years. Despite the competition, TADA remains confident in its ability to stand out and establish its presence.

Unlike Uber, TADA runs on a zero-commission model. Its mission is to empower drivers while providing users with a reliable and sustainable platform. This means the firm only charges drivers a platform fee. With the zero-commission model, the Singaporean platform promises passengers better fares and drivers a higher income. Meanwhile, Uber takes a portion of the fares that customers pay per ride, cutting into the share that its drivers would get.

“Expanding into Hong Kong represents a unique opportunity to bring our technology vision and customer-centric services to another dynamic and bustling Asian metropolis,” said Sean Kim, the CEO of TADA.

A time of change

TADA’s announcement comes amidst an ongoing conversation about regulating ride-hailing services. While previously ride-hailing services like Uber have operated in a legal grey zone, the proposed regulations may change that.

Under the proposal, all vehicles providing ride-hailing services will have to obtain a valid license. The hire car permit requires drivers to complete health checks and background screenings as well as service providers to purchase insurance for the vehicle and passengers.

The proposal isn’t set to be completed until next year. However, as it stands, the policy would affect thousands of Uber drivers and their livelihood. Currently, there are only 1,500 hire car permits available from the government, while Uber employs around 10,000 drivers. TADA has not yet stated how many vehicles it would operate in the city.

Despite the turbulent situation, TADA remains optimistic about its arrival in Hong Kong. The company has stated its interest in collaborating with policymakers and government departments to discuss any potential concerns. “We welcome the Hong Kong government’s plans to regulate the ride-hailing space,” said Sean Kim. “As established licensed operators in Singapore and Thailand, we understand how a well-managed regulatory environment can help the industry and society to evolve and grow.”

(Images: TADA Singapore via Facebook)