OmiseGo is a Thailand-based Financial service provider started by Jun Hasegawa and Donnie Harinsut in 2013, headquartered in Bangkok and Thailand. Its token OMG was probably the first Ethereum project that exceeded one billion US dollars.
According to a leading news outlet report, OmiseGo recently has signed an MOU (memorandum of understanding) with the Mass Vehicle Ledger (MVL), the firm behind the well-known Taxi app TADA.
As per the legal agreement, both the firms are collaborating to research on technology development. It is believed that they have teamed up to create a strong proof-of-concept (POC) for how blockchain technology and specifically the OmiseGo platform can amend the TADA app.
Vansa Chatikavanij, the managing director of OmiseGo declared this collaboration and said they are overwhelmed to have signed an MOU with MVL company to develop a POC for its Taxi app TADA. This represents a step forward in OmiseGO’s efforts to display the benefits of the technologies.
TADA is a Singapore-based app which uses blockchain to provide customers a cheaper fare for the cab contrast to the centralized services like Grab and Uber. The TADA app does not charge a commision.
Though the app was just launched in summer this year, it has managed to pick up significant momentum. Currently, more than 100,000 individuals in Singapore had used the app with approximately around 17,000 car owners registered as drivers.
TADA’s present blockchain records information on transactions, accidents, traffic flow, and car movements onto the MVL blockchain. The aim is that the information recorded by MVL can be sent straight onto the OMG network.
Kay Woo, the CEO of MVL also revealed that the OMG blockchain is to develop the payment options for TADA customers and this may include providing options for users to pay for the rides in digital currency also in the local fiat currency.
The rail-hailing ride app has also expanded its services across many other nations within its region that include South Korea. It is planning to set up its services in Malaysia, Cambodia, and Vietnam in the future.