Ryde Secures 3-Year License Renewal in Singapore, Stock Gains

Lekha Gupta

December 26, 2024

Ryde Group Ltd. (AMEX:RYDE) shares are trading higher on Thursday after the company disclosed the renewal of its full ride-hail and carpool service operator licenses for three years in Singapore.

As Singapore’s transportation landscape evolves, Ryde uses technology and AI-driven algorithms to enhance the commuting experience.

Subashini Thanakodi, Associate Director of Operations, said, “We are deeply honored to have achieved this milestone, which reflects Ryde’s commitment to creating sustainable and inclusive mobility solutions for everyone.”

Since 2014, Ryde has focused on empowering driver-partners and improving commuter experiences.

Its 0% commission policy, 7 driver commitments, and 1-day leave scheme ensure higher earnings and better work-life balance for drivers.

For riders, Ryde offers an enhanced app with AI-driven recommendations, faster ride-matching, and seamless booking.

The Ryde+ subscription provides savings, quicker bookings, and exclusive perks, strengthening rider loyalty and affordability.

Last month, Ryde extended its partnership with Singlife, by signing an MOU to implement a Work Injury Compensation Act Protection Plan for platform workers, effective January 1, 2025, building on the RydeSafe initiative for riders.

Price Action: RYDE shares are up 24% at $0.3845 at the last check Thursday.

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