The Capital Maharaja Group (CMG) has joined eTukTuk on its mission to introduce sustainable transportation powered by blockchain in Sri Lanka. The partnership is set to facilitate the growth of the network throughout the country starting in 2023.
CMG and eTukTuk — the world’s first automotive project built on the Cardano blockchain — have entered into a deal that will herald seamless integration of a unique transportation network, with first moves to be made in Sri Lanka’s capital, Colombo. This will provide affordable and accessible mass transportation solutions to drivers and passengers whose current travel is disrupted by the rising cost and dwindling supply of fossil fuels across the globe.
CMG — the first-mover in the private sector across many industries — is the number one privately held conglomerate in Sri Lanka, with more than 44 global partnerships. Their interests include chemicals, ICT, media, entertainment and communication, personal care and consumer products, plastics, infrastructure projects, shipping and logistics and Ceylon tea.
The partnership is spearheaded by the group director on the main board at CMG, Niro Cooke.
“eTukTuk’s holistic solution is what attracted us to the opportunity. It is not just a ‘hardware solution’ — it is an all encompassing, sustainable, e-mobility ecosystem. The solution is unique because it includes a sustainable recharging network incorporating renewable resources, a tokenized payment solution spanning ride hailing fares, as well as payments for recharging,” He shared.
eTukTuk will leverage blockchain to onboard billions of digital identities as part of the network, enabling and empowering drivers to diversify their income and earning opportunities. The pairing with CMG will allow for the strategic expansion of the network as well as further local partnerships throughout the region.
“eTukTuk is uniquely placed to alter transportation systems across the globe. Forging a strong partnership with the Capital Maharaja Group will ensure that we have first-hand expertise of our first region and the insight into the Sri Lankan markets that we need to thrive. eTukTuk is proud to have a partner with the calibre of CMG on board and it speaks volumes to the potential of the network in Sri Lanka in the coming years,” George Cox, chief marketing officer for eTukTuk said.
There seems to be exciting months ahead as eTukTuk and Capital Maharaja Group pair together to ensure the smooth transition from ICE (internal combustion engine) vehicles to eTukTuks in Sri Lanka. eTukTuk also recently launched its ambassador program for community members to build awareness around the blockchain project.
“The eTukTuk team has understood the key economic drivers in a market like Sri Lanka, and acknowledged the importance of local manufacturing and assembly against FBU (fully built-up) imports. Sri Lanka, in this instance, lends itself as the perfect test market for a solution of this nature. I believe that eTukTuk will not only be successful in Sri Lanka, but that it will merely be the first step in creating a robust e-mobility solution that will be transformative for the rest of the developing world,” Cooke added.