Malaysia’s Dacsee valued at over US$100mil

Explosive growth: In just six months, the number of Dacsee bookings has jumped by almost 800.

KUALA LUMPUR: Dacsee is making a mark in Malaysia’s ride-sharing market, having seen explosive growth in the number of drivers and users since its official launch in July last year. In just six months, the number of bookings has jumped by almost 800%.

In a media statement, Dacsee said that it will expand its services to other South-East Asian countries this year, including Thailand.

South Korea is also another market Dacsee will be launching its platform.

Ride-hailing services in South-East Asia are expected to surge to almost US$30bil by 2025 from US$7.7bil in 2018, according to a Google-Temasek report.

“We are expecting fast market expansion to capitalise on the large Asean market with a systematic approach”, said Dacsee CEO Lim Chiew Shan in the media release.

Affirming its stance in providing a community driven service emphasising the sharing economy, Dacsee is the first in the world to provide ride-sharing services utilising the advantages of blockchain technology and decentralization to reduce platform fees and create a self-sustainable ecosystem.

Dacsee’s blockchain-based, ride-sharing app is getting widespread attention among investors with the company value exceeding US$100mil. Dacsee recently signed a memorandum of agreement with two public listed companies from South Korea, Hanryu AI Center Co Ltd and Sports Seoul Co Ltd to start services in South Korea. The companies will also be developing a unique artificial intelligence technology to be embedded on Dacsee’s platform.

Hanryu AI Center Co Ltd develops AI software and network security products while Sports Seoul Co Ltd is in the media and entertainment industry. Dacsee is actively operating in major cities in Malaysia, namely in the Klang Valley, Penang, Johor, Kota Kinabalu and Kuching as it seeks to create a safe and community-centric environment for drivers and passengers.