31/03/2025

BIZ & FINANCE MONDAY | MAR 31, 2025

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Bolt sets sights on wider M’sian market

o Company aims to establish its ride-hailing as reliable and accessible solution for urban commuters

Ű BY JOHN GILBERT sunbiz@thesundaily.com

vehicles that are highly sought after for their spaciousness and comfort. “Bolt Executive is tailored specifically for passengers looking for a high-end, business-class ride experience with extra legroom, plush interiors, and a superior level of service. “Demand for premium ride-hailing services in Malaysia is steadily growing, driven by a rising preference for luxury and comfort in urban commuting. “Business professionals, VIP clients, and travellers seeking a more refined transportation option will find Bolt Executive to be a seamless, premium alternative. “The introduction of Bolt Executive and continuous improvements in our ETA efficiency, pricing structure, and safety features help us meet these expectations while providing a seamless experience for users. “Our collaboration with the Ministry of Transport, APAD, and MDEC supports urban mobility, reduces congestion, improves connectivity, and aligns our expansion with national digital and transport goals,” Afzan said. Elaborating further, Afzan said Bolt’s rating systems for drivers and riders promote mutual respect, while the Rider Rating feature helps riders understand behaviors that contribute to a positive experience, notifying them if their actions raise driver concerns. He said in order to maintain privacy and comfort, phone numbers are masked during interactions, preventing direct contact between drivers and passengers outside the app. “Additionally, our chat includes a profanity filter that automatically removes harmful language, fostering a more respectful and professional communication environment for all users. “If drivers or riders ever feel uncomfortable, the in-app audio recording feature allows them to capture audio, securely stored and accessible only if submitted to customer support as part of a safety case,” he said. Afzan reiterated that Bolt’s driver-first approach is designed to maximise driver earnings and provide greater flexibility compared to traditional ride-hailing platforms.

KUALA LUMPUR: Bolt, a European ride-hailing company launched in Malaysia last year, plans to expand ride-hailing services across Malaysia and bring accessible transportation options to more communities outside the Klang Valley. Bolt Malaysia general manager Afzan Lutfi ( pic ) said this expansion will enable Bolt to extend flexibility nationwide, ensuring that more Malaysians can benefit from efficient and cost-effective transportation. “Ultimately, we are excited to grow in Malaysia, contributing to a more connected and accessible transportation network for all,” Afzan told SunBiz . He said Bolt aims to establish its ride-hailing as a reliable, accessible solution for Malaysia’s urban commuters. He said the company’s immediate focus is on expanding and refining its ride-hailing services to meet the increasing demand for flexible, affordable and accessible transportation. “As cities grow and mobility needs evolve, we are committed to making ride-hailing a core part of Malaysia’s urban mobility landscape, supporting the country’s long-term development goals by offering a dependable alternative to private car ownership,” Afzan said. He said since its launch, Bolt has rapidly scaled in Malaysia, recording a 540% increase in driver partners and a 280% rise in registered passengers. This rapid adoption has improved service efficiency, halving estimated arrival times (ETA) and ensuring faster, more reliable rides for passengers. Further, with one of the lowest commission rates at 15%, Bolt has paid out over RM22.8 million to drivers since launch. New drivers receive a RM200 activation bonus to help offset PSV licensing costs, while full trip selection control allows drivers to maximise their schedules and earnings. “Our competitive commission rate of 15% – one of the lowest in the market – ensures drivers retain more of their earnings compared to other platforms. “Additionally, our transparent pricing model, where toll charges are included in fares, has made rides more affordable and predictable for passengers,” Afzan said. Touching on Bolt Executive, Afzan said the premium offering stands out from other similar ride services by offering an exclusive fleet of luxury MPVs, consisting of Toyota Vellfires and Toyota Alphards – KUALA LUMPUR: Encorp Bhd has appointed Nor Azira Abu Bakar as its new non-independent non-executive director. Her appointment underscores Encorp’s commitment to strong corporate governance, financial integrity, and strategic leadership. Nor Azira brings over 20 years of experience in financial and management accounting and treasury matters. With an extensive background spanning both government-linked entities and the private sector, she has demonstrated expertise in financial planning, risk management, regulatory compliance, and corporate reporting, all essential

“Our 15% commission rate – one of the lowest in the market – ensures drivers take home a larger share of their fares compared to competitors who charge 20% or more. “Since our launch, we have paid out over RM22.8 million in driver earnings, reinforcing our commitment to creating sustainable income opportunities,” he said. Encorp appoints Nor Azira as director, redesignates Kamarul Azman as acting CEO

She holds a bachelor’s degree in accountancy from Universiti Utara Malaysia. In addition, Encorp announced the redesignation of the group chief financial officer Kamarul Azman Kamarozaman, who has been serving as officer-in-charge since July 1, 2024, overseeing the duties and responsibilities of the group CEO. Effective March 26, 2025, he has been officially redesignated as acting group CEO. His leadership and strategic direction have been instrumental in guiding Encorp and his new designation further strengthens the company’s executive leadership.

Felda Properties Sdn Bhd between 2007 and 2020. Earlier in her career, Nor Azira held accounting roles at Maju Holdings Bhd, Opcom Holdings Bhd and Suria Resorts Management Sdn Bhd, where she developed her expertise in financial operations. With her vast expertise and deep industry knowledge, Nor Azira’s presence on the board is set to further enhance the company’s financial stewardship and growth trajectory. She is a Certified Public Accountant, affiliated with the Malaysian Institute of Certified Public Accountants (MICPA) and the Malaysian Institute of Accountants (MIA).

in steering organisations toward financial sustainability and operational excellence. Currently, Nor Azira serves as finance director at Lembaga Kemajuan Tanah Persekutuan (Felda), a role she has held since November 2020. She plays a pivotal role in supporting Felda’s strategic and operational financial planning, identifying risks and opportunities, and implementing corrective measures to ensure long-term financial stability. Prior to her tenure at Felda, she held key financial leadership positions at FGV Holdings Bhd, Felda Engineering Services Sdn Bhd and