Singapore’s SMRT Corporation is setting its sights beyond its homeland, announcing plans to take its rail business to the international stage. Additionally, the transportation conglomerate aims to bolster local growth through a merger with the private-hire industry, as reported by The Straits Times.
SMRT’s chairman, Seah Moon Ming, indicated in an interview that Australia may become the cornerstone of these fresh ventures.
In its quest for global growth, SMRT secured a contract in 2021, earning its role as a “shadow operator” and initiating five new metro lines in Paris, France. The corporation is also contending to run four metro lines in Stockholm, the capital of Sweden.
Seah stressed that SMRT’s growth isn’t solely profit-driven, the strategic decisions made during their international operations are critical to their mission.
SMRT Group’s CEO, Ngien Hoon Ping, reassured Singaporean commuters that the corporation’s dedication to local rail operations remains unwavering. He highlighted that dedicated teams are established for local and international businesses to ensure efficiency and focus.
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Further, Ngien expressed that global partnerships have signalled interest in collaborating with SMRT, reinforcing the quality of Singapore’s transport system.
Regarding SMRT’s ambitions in the private-hire industry, Seah announced a joint venture between SMRT’s taxi division and Premier Taxi. This alliance will propel them to become the second-largest cab operator in Singapore, right behind ComfortDelGro.
The merger also reflects SMRT’s commitment to meeting Singaporean needs. Despite the uncertainties concerning the longevity of Singapore’s private-hire industry, SMRT believes that being a local company enables them to respond better to the local needs.
SMRT also aims to maximise value from its retail and advertising arm, Stellar Lifestyle. Seah highlighted the plans to diversify its portfolio beyond just transport services.
As SMRT embarks on these new business strategies, customers should anticipate further announcements regarding innovative business models and strategies to attract more drivers.
Earlier this year, SMRT announced the merger of Strides Taxi and Strides Automotive with Premier Taxis and Premier Automotive Services. A new joint venture company, Strides Premier, was formed as a result.
Amidst competition from other ride-hailing firms like Comfort and Grab, this merger reinforces SMRT’s position in the market. Strides Holdings, a wholly owned subsidiary of SMRT, now holds a majority stake in Strides Premier and Premier Corporation.
SMRT Corporation continues its pursuit of global rail opportunities while planning for sustainable local growth in the private-hire industry.
Note: This information is based on an article from Marketing Interactive.
