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SINGAPORE - Ryde Group Ltd (NYSE American:RYDE) and Concorde International Group Ltd. (NASDAQ:CIGL), a $44.43 million market cap security services provider with a gross profit margin of 34.46%, announced Wednesday a strategic partnership that will allow Ryde’s driver-partners to accept security-related assignments between rides.
The collaboration aims to create job opportunities for drivers in facilities management and security sectors while addressing manpower demands across various facilities in Singapore, according to a press release from the companies.
Under the partnership, Ryde drivers will undergo specialized security training provided by Concorde, enabling them to perform security tasks during periods when they aren’t providing transportation services.
"This partnership with Concorde opens up an entirely new vertical of earning opportunities," said Terence Zou, Founder, Chairman, and CEO of Ryde Group.
Concorde CEO Swee Kheng (Alan) Chua stated the company plans to onboard up to 5,000 Ryde driver-partners over time. The arrangement will utilize an integrated technological solution to match security needs with available personnel.
The initiative aligns with Ryde’s "7 Driver Commitments" program, which focuses on expanding income streams for its partners. It represents a diversification beyond Ryde’s traditional ride-hailing and delivery services. InvestingPro analysis reveals 8 additional key insights about Concorde’s financial position and market performance, available to subscribers.
Operations are scheduled to begin in October 2025 following completion of initial certification programs and technology integration.
Ryde, founded in 2014, offers carpooling, private hire, taxi, and delivery services. Concorde, established in 1997, provides integrated facilities and security services using its proprietary Cluster Mobile Command Center technology.
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