Vietnam’s GSM is planning to kickstart electric two-wheeler services, while Malaysia’s Capital A is looking to launch a ride-hailing company in the Philippines. Separately, Singapore-based B2B fintech Aspire has announced that it has turned profitable.
GSM plans to offer two-wheeler services
Green and Smart Mobility (GSM) is planning to launch electric two-wheeler services, a few months after rolling out its fully electric ride-hailing service Green SM Taxi.
In a social media post, GSM CEO Thanh Nguyen announced that the company is looking for an Operation Director for its GreenBike and Green Express services.
GSM is 95% owned by Pham Nhat Vuong, the billionaire chairman of local conglomerate Vingroup which owns EV manufacturer VinFast. Going forward, GSM targets to partner with more taxi providers and support them in transitioning from fuel-powered vehicles to EVs.
In April, GSM launched the fully electric ride-hailing service Green SM Taxi, looking to lead the country’s transition to green transportation. The company plans to build a fleet of 10,000 shared cars and 100,000 shared motorbikes across the country by this year.
Capital A to launch ride-hailing firm in PH
Capital A, the parent company of Malaysian low-cost carrier AirAsia, is looking to launch a ride-hailing company in the Philippines to challenge Grab’s dominance in the country.
In an interview with ABS-CBN, Capital A CEO Toy Fernandes said the ride-hailing firm that Capital A plans to introduce in the Philippine market will be more affordable and will provide full-time drivers with benefits.
He said the venture will be launched soon and will generate up to 2,000 jobs in the next two to three years.
Fernandes is also exploring a possible partnership with a local conglomerate for the group’s fintech venture, Big Pay.
Aspire hits profitability in Q2
Just months after closing an oversubscribed $100-million Series C round, Singapore-based B2B fintech Aspire has announced that it has achieved profitability.
In the past 12 months, the company has tripled its yearly revenues, hitting profitability in the second quarter of 2023 and $15B of annualized total payment volumes, according to a statement.
“In today’s increasingly volatile macro-economic climate, trust and safety have become paramount for businesses seeking financial solutions. With solid unit economics and partnerships with the region’s leading financial institutions, we have demonstrated a strong financial position and commitment to reliability. We’re proud to be the long term business finance partner our clients can depend on.” said Andrea Baronchelli, CEO of Aspire.