Ryde eyes more tie-ups as part of ‘green’ push

The Singaporean ride-hailing company is set to sign deals with two more EV companies.

Ryde Group Ltd. is partnering with banks, electric vehicle (EV) players, and tech firms to fast-track its push to make its drivers and customers more sustainable and safe.

The New York-listed Singaporean ride-hailing and carpooling company, which operates the Ryde app, is close to finalising tie-ups with two EV companies, Ryde CEO Terence Zou told Singapore Business Review.

Ryde is partnering with EV makers, leasing companies, and EV charging companies to achieve targets under its RydeGreen program, launched in December 2024, he said. The company has partnered with Singapore Electric Vehicles (SEV), the largest EV leasing company in the city-state. 

Ryde, which also offers delivery services, targets 600 more EVs by 2025 and 1,200 by 2027. It has pledged more than $1m in "green bonuses" for driver-partners leasing EVs through SEV to encourage adoption.

Ryde’s sustainability push aligns with Singapore’s national green plan and consumer preference, Zou said, citing a YouGov report showing that 58% of Singaporeans prefer sustainable brands.

“The average vehicle occupancy rate is 1.7. With carpooling, we can increase that metric and thereby reduce the number of cars or make more efficient use of cars on the roads,” he said in a video interview.

Zou expects governments and companies around the world to phase out fossil-fuel cars in favour of EVs and hybrid fleets, driving Ryde’s long-term ambition to become the most sustainable ride-hailing platform in Singapore and beyond.

As part of its environmental, social, and governance (ESG) initiatives, Ryde is also boosting support for its driver-partners by providing insurance.

Ryde partnered with Singapore Life Ltd. (Singlife) in August to offer insurance plans to its drivers, a month before the passage of the Platform Workers bill, which guarantees financial compensation for gig workers in case of workplace injuries. The accident insurance is also offered to Ryde passengers for free.

Ryde’s other safety initiatives for passengers include 3D secure authentication for better credit card and fraud detection, along with an option for passengers to report incidents and accidents. 

“We see safety as a core pillar of our ride-hailing experience and have made numerous improvements in this area,” Zou said.

The company has been working with financial advisory firms to offer insurance and financial products to its driver-partners, the CEO said, adding that they would announce a new insurance partnership in March.

Zou said Ryde has also worked with tech firms to improve artificial intelligence (AI)-powered ride-matching and predictive analytics to enhance rider and driver experience.

Beyond its corporate partnerships, the ride-hailing company is also considering acquisitions to scale its operations, expand to new markets, and solidify its position in the mobility and tech ecosystem.

“We remain committed to forging impactful, long-term partnerships that drive innovation, unlock new revenue streams, and create value across the ride-hailing ecosystem,” Zou said. “We’ll continue to invest in manpower, service, and infrastructure, including the use of AI to improve the entire ride-hailing experience.”