- SG Bike will cease operations on April 30.
- The company has partnered with rival Anywheel to ensure a smooth transition for users.
- Singapore’s bike-sharing sector now has only two players: Anywheel and Alibaba-backed HelloRide.
End of the road for SG Bike
SG Bike, a homegrown Singapore bike-sharing company, has announced its decision to cease operations on April 30 after choosing not to renew its operating license.
The company cited a “strategic shift in business direction” as the reason for its closure. As of today, SG Bike has stopped registering new users and accepting credit top-ups, marking the end of its seven-year journey in the competitive bike-sharing market.
In a bid to ensure a smooth transition for its users, SG Bike has partnered with rival Anywheel, allowing SG Bike users to convert their existing credits for use in the Anywheel app.
This arrangement aims to minimize the inconvenience caused to SG Bike’s customers and provide them with an alternative bike-sharing option.
Not so many competitors, actually
SG Bike’s closure leaves Singapore’s once-crowded bike-sharing sector with only two players: Anywheel and Alibaba-backed HelloRide. Anywheel currently dominates the market with 30,000 bikes and 1.3 million users, while HelloRide secured a license last year to operate 10,000 bikes.
The sector has seen a significant decline since 2019 when competitors Ofo and oBike wound down their Singapore operations due to tighter regulatory requirements.
To read the original article: https://www.techinasia.com/sg-bike-cease-operations-move-users-anywheel
