The week at a glance 21 January 2018

Sabah & Sarawak Wood-based manufacturers’ earnings prospects to face challenges in 2018 Wood-based manufacturers’ earnings prospects are projected by analysts to face some challenges in 2018. The research arm of Hong Leong Investment Bank Bhd believed earnings prospects of the wood-based manufacturing players will face some challenges in 2018, underpinned mainly by the sharp strengthening […]

AirAsia BigPay promises 4 per cent savings on travel cost

KUALA LUMPUR: AirAsia Bhd’s Group chief executive officer, Tan Sri Tony Fernandes today said the airline’s BigPay e-wallet is capable of giving at least 4.0 per cent savings on travel cost and exchange rate. The BigPay application was ready for download from the Google Play store and Apple App store, he said on his Twitter […]

Global airline shares rose 29% in 2017, says IATA

KUALA LUMPUR (Jan 18): Global airline share prices rose 29% over the course of 2017, with sizeable gains for European and Asia Pacific airlines, according…

Stocks In Focus (18-01-2018)

KUALA LUMPUR (Jan 17): Based on corporate announcements and news flow today, stocks in focus on Thursday (Jan 18) may include the following: Vizione Holdings…

GM sees flat 2018 earnings, with pickups picking up in 2019 (VIDEO)

DETROIT, Jan 17 — General Motors Co shares rose yesterday after the company said 2018 earnings will be largely flat compared with 2017 and forecast higher profits in 2019 when its revamped line of high-margin pickup trucks hits the US market….

Malaysia-Singapore ink agreement on rts

SINGAPORE: Malaysia and Singapore signed a bilateral agreement on the 4-km Rapid Transit System (RTS) Link between Johor Bahru and Singapore at the 8th Singapore-Malaysia Leaders’ Retreat yesterday. The cross-border MRT system, first announced in 2010, will run from Bukit Chagar in Johor to Woodlands North station in Singapore. The RTS Link will be able […]

Rts to shorten Johor Bahru-Singapore travel time to 30 minutes

KUALA LUMPUR: The Johor Bahru-Singapore Rapid Transit System Link (RTS Link), which connects Malaysia from Bukit Chagar station in Johor Bahru and Woodlands North in Singapore, is expected to shorten the travel period between both countries to 30 minutes from more than one hour currently. Land Public Transport Commission (SPAD) chief executive officer, Mohd Azharuddin […]

New ride-hailing service DACSEE rides on blockchain technology

PETALING JAYA: A new ride-hailing service that was introduced today will test regulators’ tolerance of the use of cryptocurrency in business, as it looks to grow its driver base by paying out commissions in cryptocurrency.

The brand-new ride-sharing service offered by Decentralised Alternative Cabs Servicing and Empowering Everyone (DACSEE) uses an e-wallet system powered by blockchain technology. A soft launch was held today and the app for the ride-sharing service is to be officially rolled out in April. Science, Technology & Innovation Deputy Minister Datuk Abu Bakar Mohamad Diah attended the soft launch.

The DACSEE platform enables drivers to build their own fleet with partner drivers and users registering with DACSEE automatically become a rookie driver and passenger, which gives drivers and referees a 1-2% overriding commission in the form of DACSEE Token, offering opportunities to earn passive income.

On the part of the riders, the payment method is the same as for other ride-hailing services – with cash, debit card or credit card.

According to a media statement by the company, the tokens can be exchanged at any time into any world currency through authorised cryptocurrency exchanges.

DACSEE’s white paper published on its website revealed that the token is a “decentralised Ethereum ERC20 token that customers will use to pay for taxi rides in a cryptographically-secured, unstoppable fashion”.

“It will be distributed to ICO (initial coin offering) contributors automatically through the Ethereum network and will be accessible to all users online through the DACSEE Wallet App and in Google Play Store. Like all ERC20-compliant tokens, DACSEE tokens may be stored and transferred only with an Ethereum private key and can be used across platforms in many wallets compatible with Ethereum,” the white paper read.

However, at today’s soft launch, DACSEE COO and co-founder Lim Chiew Shan did not directly answer whether the token is a form of cryptocurrency, except to say that it is a “blockchain-based” technology. He also denied any multi-level marketing structure in its business model.

“The technology beneath DACSEE is blockchain because we want the payment to be as transparent as possible. If you are a driver, I deduct RM2 from you, you can check DACSEE’s account (to see) where this RM2 goes … this is why it is (called) crypto,” said Lim.

“The DACSEE token is a reward and the crypto is just a technology beneath it. We are not saying that one has to buy Dacsee tokens to pay. It is not a form of payment, it is basically a technology that runs the platform because we want it to be transparent,” he added.

DMD Technology Sdn Bhd, the app developer, was incorporated on Jan 2, 2018.

All stakeholders including the founders of the platform, drivers and referees will all be rewarded with this token. A driver will have to get three references in order to obtain a driver ID, as part of a verification process. One of the referees will be the Land Public Transport Commission (SPAD).

When contacted, a SPAD spokesperson confirmed that the company did engage with the commission, but stressed that it was merely at the preliminary level whereby the company’s business model had been presented. No approvals have been given.

The Securities Commission declined to comment when contacted regarding the new venture.

Besides Malaysia, DACSEE’s service has already been launched in Thailand. Bangkok Post reported on Dec 25 that the blockchain-based ride-sharing platform was in the ICO phase with the aim of raising US$20 million (3.9 billion baht).

New Dacsee platform seeks to disrupt ride-sharing services

PETALING JAYA, Jan 16 — A new entrant to the local ride-sharing scene is looking to shake up the segment by allowing drivers to form their own fleets and break free of their current reliance on the firms running the services. As its…

Moody’s changes MAHB’s outlook to ‘stable’

KUALA LUMPUR: Moody’s Investors Service has changed Malaysia Airports Holdings Bhd’s (MAHB) outlook to “stable” from “negative” and affirmed its A3 issuer rating. In a statement, Moody’s vice president and senior credit officer, Ray Tay said the change in the outlook to stable reflects the strengthening of MAHB’s credit profile due to stabilisation in its […]