Singapore Markets close in 4 hrs 5 mins

Vietnamese ride-hailing app FastGo to launch in Singapore in April

Janet Ong
Finance Editor
Drivers in Singapore can sign up with FastGo from 1 April and users will be able to start booking rides from 30 April.

FastGo, a Vietnamese ride-hailing application will launch in Singapore next month as it looks to expand in South-east Asia.

Drivers can register with FastGo from April 1 and customers will be able to book rides from 30 April, the company said in a statement on Wednesday (20 March).

Singapore is the third country for FastGo after Vietnam and Myanmar. The company plans to enter Indonesia next via Jakarta, followed by Thailand and the Philippines. FastGo aims to be in the six South-east Asian nations by this year.

FastGo, part of technology start-up NextTech Group, began its ride-hailing service in Vietnam in June last year after Uber withdrew from the region. It has nearly 60,000 driver-partners in Vietnam.

Six months later it entered Yangon, Myanmar, with Asia Sun Group.

Unlike some ride-hailing apps, FastGo will charge its driver-partners a fixed daily subscription fee instead of collecting commission fees. It expects to charge a fee of below US$5 (S$6.80) if a driver’s income exceeds US$30 a day, and there will be no fees if the driver makes less than US$30.

“Despite being a follower, FastGo’s model brings the best economic benefit to the drivers and customers,” said Nguyen Huu Tuat, FastGo’s founder and chairman.

FastGo received Series A investment from VinaCapital Ventures last August. The company is  aiming to raise more funds in its Series B investments for expansion.

Related stories:

Grab vs. Go-Jek: Inside Asia’s Battle of the ‘Super Apps’

Gojek extends services in beta phase for users to sign up across Singapore

Grab Financial to offer consumer credit, expand lending services