The Mobility-as-a-Service (MaaS) industry in Southeast Asia has witnessed significant growth, reflecting the region's status as a burgeoning market. The region's increasing urbanization, rapid technological advancements, cost-effectiveness, and shifting consumer preferences are the three pivotal factors propelling the remarkable growth of the MaaS market focusing on convenient and sustainable transportation solutions. With numerous startups and established brands entering the scene, the MaaS market in Southeast Asia is on an upward trajectory, poised to reshape the way people move and revolutionize the transportation landscape in the region. Today, many are now considering alternatives to traditional ownership like renting, subscribing, sharing or buying secondhand.
MaaS providers like SOCAR Malaysia’s top MaaS service provider, are poised to unlock unprecedented opportunities and foster a greener, more efficient transportation ecosystem across Southeast Asia through their innovative car sharing solutions. CEO of SOCAR Malaysia, Shylendra Nathan sheds more light on the internal functioning of the firm. Here are some highlights from our recent interaction.
What are the major pain points faced by your customers in this segment? How do you solve them?
Consumers in the mobility segment face four key pain points. Firstly, the lack of a well-established connectivity network hinders seamless transitions between different transportation modes. Our business model complements public transportation, providing one-way vehicle usage near transportation hubs. Secondly, high car ownership costs make it infeasible for many. We offer affordable pricing options, starting from RM8.50 per hour, and subscription contracts through SOCAR's Monthly Pass. Thirdly, diverse travel needs require flexible options. We provide a range of vehicles, catering to individual preferences. Lastly, we simplify the complex traditional car rental process with our all-in-one app, removing administrative complexities for a smoother experience.
How is SOCAR positioned in this market? What are the major factors that set it apart from other players in the market?
SOCAR stands out in the vehicle rental market through six key factors. We pioneered car-sharing, providing ondemand access to vehicles for shorter durations, even by the hour. Our seamless digital experience allows easy reservations and management via our user-friendly app. We offer commitment-free bookings without requiring a deposit.
Safety is ensured with accident insurance and reduced repair charges through Super Collision Damage Waiver (SCDW). SOCAR-2-YOU provides convenient pick-up and delivery services, while SOCAR+ offers optional drivers. Lastly, our diverse and well-maintained fleet ensures the best driving experience for our customers.
What are the flagship services offered by your company? How are they different from other services in the market?
Our flagship services include Round Trips, allowing customers to rent a vehicle and return it to the same location. SOCAR-2-YOU offers on-demand pick-up and delivery services. Super Collision Damage Waiver (SCDW) provides comprehensive insurance coverage. Our one-way intercity is for guest to drive intra-state, for example, from Kuala Lumpur to/from Johor Bahru, Ipoh, Penang and they can end their booking there. MONTHLYPASS offers a fixed subscription fee for month-long car availability. SOCAR+ provides personal driver services. BOSS by SOCAR offers a subscription-based model for businesses, eliminating the need for a fleet. SOCAR Business Mobility (SBM) is tailored for SME owners.
Tell us about your team’s expertise. How is your combined experience helping the firm to grow?
SOCAR's talented team comprises experts from diverse backgrounds, with previous experience in similar industries. The team hails from over 10 countries, including Malaysia. To remain at the forefront of the industry, SOCAR Korea's expert team incorporates best practices and provides operational assistance. Our dedicated tech engineering team supports daily operations and continuously enhances the app. Additionally, we have an AI team focused on studying consumer behavior to deliver optimal solutions for our users.
SOCAR-2-YOU provides convenient pick-up & delivery services, while SOCAR+ offers optional drivers
How has been the journey of the company since its inception? How has been its growth in terms of client acquisition and geographical expansion?
With a vision to revolutionize the car rental industry, we cater to evolving customer needs through unique services like car-sharing and on-demand rentals. Our targeted marketing, exceptional customer service, and word-of mouth referrals have helped us build a substantial client base. Geographically, we have expanded to various cities and regions within our home country, including Johor, Penang, Melaka, Ipoh, and Kota Kinabalu. To support the ride-sharing ecosystem, we launched TREVO, a peer-to-peer car rental platform, enabling car owners to earn income by renting out their idle vehicles. SOCAR has been honored with the 2023 Southeast Asia Car Sharing Market Leadership award by Frost & Sullivan. This recognition acknowledges SOCAR's innovation-driven approach, significant market presence, and continuous efforts to transform the mobility industry in the region.
What is the future roadmap of your company? Are you working on any expansion of your service portfolio?
The peer-to-peer rental concept has gained popularity as a way for car owners to monetize their idle assets. Recognizing this potential, we have plans to expand our services to neighboring countries in Southeast Asia. In Malaysia, our focus is on enhancing service availability in key cities across the country, including both Peninsular Malaysia and Borneo. This ensures individuals in various regions can benefit from peer-to-peer car rentals through TREVO. Additionally, we aim to strengthen our presence in Jakarta and Bali. These expansion efforts allow us to tap into existing markets and solidify our position as a leading player in the car rental industry.
Shylendra Nathan, CEO
Shylendra Nathan brings 25 years of experience including 15 years of extensive experience building Internet marketplaces in Southeast Asia and South Asia. He is a strong technology professional with comprehensive product development expertise, known for building the largest online marketplaces operating in Malaysia.
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