Malaysian entrepreneur and CEO of Capital A (formerly AirAsia) Tony Fernandes will be giving Grab a run for its money in the Philippines as he seeks to establish a ride-hailing firm.
In 2022, AirAsia was renamed Capital A Berhad, aimed at representing the company’s further expansion with businesses in aviation, lifestyle, and travel.
While the enterprise is yet to set foot in the country with its land-based transport business, Capital A already has ride-hailing services under its portfolio operating in various markets, notably in Malaysia.
Presently located in the Philippines, Fernandes, in a discussion with the ANC, told that he is in the country to meet up with Transport Secretary Jaime Bautista.
Despite acknowledging Grab’s dominant position as a transport business, the Capital A exec is confident in getting a share of the pie via a “more affordable” rate, with airports being a possible market.
But unlike Grab, which is known for hiring drivers in a different business model, Fernandes’ will-be ride-hailing business would be unique in that it will employ full-time drivers, inclusive of benefits such as insurance.
Should the venture push through, Tony Fernandes predicts an estimated 2000 or more jobs will be generated in the span of up to 3 years—even more, if it succeeds, he added.
More than just a business plan, Fernandes’ up-and-coming undertaking is already set for launch “soon.”
An undisclosed Philippine conglomerate is also bound to meet the Malaysian entrepreneur, with talks around a likely business partnership for a fintech venture by Capital A, the Big Pay.