Blockchain-based firm MVL Foundation unveils cab booking app TADA Taxi

MVL Foundation, the Singapore-based company behind blockchain-based ride-hailing app TADA, on Thursday launched TADA Taxi.

The new service, which is a standalone app separate from TADA's existing TADA app, lets commuters book rides from taxi drivers who have registered with MVL.

While the TADA Taxi app is standalone, the taxi option will also be available on the existing TADA app.

Premier is the first Singapore taxi company to have partnered MVL - though not all Premier taxi drivers are on board the MVL platform.

The Business Times understands that the onus is on the taxi drivers to initiate the sign-up process, not the taxi company.

To-date, TADA Taxi has added some 2,000 taxi drivers to the existing fleet of drivers already registered on the TADA app, said MVL. Its target is to amass 5,000 taxi drivers by end-2018.

Like TADA, TADA Taxi will operate on a zero-commission model, and no levy will be imposed on the booking fee set by respective taxi companies for drivers.

TADA Taxi's launch comes almost a week after MVL received the Third-Party Taxi Booking Service Provider licence from the Land Transport Authority.

Kay Woo, chief executive officer of MVL, said: "TADA Taxi will benefit drivers who find that driving taxis may help them generate more revenue, and certain demographics of riders who ultimately prefer taxis over private-hire car options.

He added: "We also want to support existing taxi drivers by giving them a ride-hailing platform of their own in the form of the TADA Taxi application so they can reach more riders."