Reply to Impulse:
You have a good point, however, I still stand by my argument and even in the “ultra regulated markets” as you put it, council regulated taxis are still fiendishly expensive and this creates a space, a space for competition, and competition drives innovation and in come the entrepreneurs with their modern fancy new apps. And I must add that a lot of Thai women don’t feel safe with the Thai cabs but feel safer in a Grab.
But the real point I’m making is that Thai Meter Taxis are also well regulated but choose to defy those regulations.
Personally when I’m in Downtown Bangkok I prefer to take my life in my hand and use the motorcycle taxis.