Thursday, 19 December 2024
27.8 C
Singapore

In brief: SG Bike buys Mobike’s license to operate in Singapore for US$1.83M

Singapore homegrown dockless bike-sharing operator SG Bike has inked a US$1.83 million agreement with Chinese bike-sharing startup Mobike to take over the latter’s license to operate in Singapore. The deal is currently awaiting approval from Singapore’s Land Transport Authority (LTA).  The companies are expecting a response from the LTA by 13 September. Following the completion of […]
  • homegrown dockless bike-sharing operator SG Bike has inked a US$1.83 million agreement with Chinese bike-sharing startup Mobike to take over the latter’s license to operate in Singapore.
  • The deal is currently awaiting approval from Singapore’s Land Transport Authority (LTA). 
  • The companies are expecting a response from the LTA by 13 September.
  • Following the completion of the deal and any required systems integration, SG Bike users will be able to unlock both SG Bike and Mobike‘s bicycles on the island-state using the SG Bike app. 
  • Existing Mobike users with account balances and ride passes will be able to transfer them to SG Bike.
  • The agreement was reached just as Mobike is readjusting its international strategy.
  • The bike-sharing market in the island state has been harsh to international players with Ofo then Mobike pulling out consecutively.
  • Both companies reportedly shut down their operations in Singapore due to unsustainable business models in the country.
  • Founded in 2017, SG Bike is Singapore’s first homegrown bike-sharing firm. 
  • Prior to the acquisition, SG Bike’s license allowed it to operate a fleet of 3,000 vehicles in Singapore while Mobike, one of the world’s largest bike-sharing companies, was allowed a fleet of 25,000 bicycles.
  • If the deal goes through, SG Bike will become the dominant player in Singapore’s bike-sharing market with a fleet of 28,000 vehicles out of a total pool of 39,000, with Moov and AnyWheel operating 1,000 and 10,000 bicycles respectively.

Hot this week

LG unveils ThinQ API to boost smart home innovation

LG opens its ThinQ API to developers, enhancing smart home integration and functionality across both consumer and business sectors.

China accelerates innovation in humanoid robotics to drive economic growth

China accelerates humanoid robotics development, with cities like Hangzhou and Nanjing leading plans to modernise its economy through innovation.

OPPO introduces Reno13 series with MediaTek Dimensity 8350

OPPO to launch the Reno13 series with the new MediaTek Dimensity 8350, promising major AI and gaming performance enhancements.

Apple’s AI mishap sparks concerns after BBC headline blunder

Apple faces backlash after its AI notification feature falsely claims a BBC shooting suspect shot himself, prompting calls for urgent fixes.

Xiaomi to open its first directly managed store in Funan

Xiaomi opens its first official store in Singapore at Funan on 21 December, offering exclusive deals on smartphones and gadgets.

YouTuber reveals possible first look at Nintendo Switch 2 with new magnetic Joy-Cons

YouTuber NerdNest reveals a possible dummy model of the Nintendo Switch 2, showcasing magnetic Joy-Cons, larger screen size, and new features.

PlayStation and AMD collaborate to revolutionise gaming with AI

Sony and AMD partner to bring AI-powered gaming innovations, enhancing graphics and gameplay on PlayStation, PCs, and cloud platforms.

Intel outlines fixes to improve Arrow Lake CPU performance

Intel rolls out fixes for Arrow Lake CPU performance issues, addressing Windows updates, gaming optimisation, and future improvements at CES.

Sandisk unveils bold new rebrand

Sandisk unveils a bold rebrand with a modern logo inspired by data and collaboration, setting the stage for its spinoff from Western Digital.

Related Articles

Popular Categories