Singapore’s Land Transport Authority terminates Ofo’s license

Written by Robin Moh Published on 

Ofo is out

After missing another deadline to remove bicycles from public spaces, Singapore’s Land Transport Authority (LTA) today canceled Ofo’s license to operate in the city-state, Channel NewsAsia reports.

The Chinese bike sharing company had been granted an extension until March 28 because it had told LTA of new partnership plans which would have made it possible to continue its operations in Singapore.

Those partnerships seem to be offering too little, too late. Ofo held a bike sale on April 1st, where it auction off 7,900 of its bikes, symbolic of Ofo’s impending exit from Singapore.

The debt-laden company will now no longer be able to offer its bike-sharing services in the city-state. It has already vacated its Singapore office and fired its operations team.

Meanwhile, fellow competitor Mobike is also making a global retreat back to China. Currently, Mobike is still operating in Singapore while the LTA is evaluating the firm’s request to surrender its bike-sharing license.


You might like these

  • News

    Patrick Grove files to raise USD 250 million through blank-check firm


    Tech in Asia

    27 Jan 2021    02:18 AM

KrASIA InsightsKrASIA Insights

  • Picus will invest up to USD 75 million in Asia’s early-stage tech startups.


    German investment firm Picus Capital to focus on Asia in 2021: Q&A with Oliver Heinrich

    By Avanish Tiwary

    25 Jan 202101:05 AM

Most PopularMost Popular

See All