LTA greenlights SG Bike and Mobike deal

SG Bike will soon operate 25,000 bicycles.

SG Bike has received in-principle approval from the Land Transport Authority (LTA) to transfer the license of Chinese bike-sharing unicorn Mobike in a deal that will see the former operate a fleet size of 25,000 bicycles, according to a statement from SG Bike.

"SG Bike is working closely with Mobike to complete and test system and user transfer integration. It is expected to be completed in the upcoming weeks," SGBike said in a statement. It added that existing users can still continue to use the Mobike app to unlock Mobike bicycles.

Also read: Faltering bike-share industry receives lifeline in SG Bike and Mobike tie-up

SG Bike will purchase the license issued by the LTA to Mobike along with unutilised amount of licensee fees for US$875,000; the security deposit paid to the regulator for US$550,000; and 25,000 bicycles for US$422,800, according to an earlier SGX filing by ISOTeam which owns 51% of SG Bike.

Currently available at Yishun, Tampines, and East Coast Park area, SG Bike is aiming to expand its reach and hit the streets of North, North East, East and West following regulatory approval. With its current license, SG Bike can only operate 3,000 bicycles.

In March, Mobike applied to surrender its Singapore license to the LTA which comes after the license of ofo was suspended in February. oBike and ShareBikeSG similarly exited the domestic market in 2018.

Photo from SG Bike's Facebook page

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