ofo to meet all regulatory requirements or face licence suspension

The Land Transport Authority (LTA) released a statement on Tuesday (15 January) saying, "Since the opening of licence applications in May 2018, LTA has been communicating to potential licensees the regulatory requirements and the necessity of complying with these requirements after licences have been granted. LTA has also been working with licensees after the first batch of licences was awarded in October 2018 to help them comply with the requirements."

Despite being given an ample preparation period for compliance, ofo has breached multiple regulatory requirements. ofo has not been able to reduce its deployed bicycle fleet to the stipulated maximum fleet size of 10,000, despite multiple warnings and regulatory action taken against them.

ofo also has not managed to implement the QR-code parking system by 14 January. "We view these as serious breaches of critical requirements. Therefore ofo must meet all regulatory requirements by 13 February 2019, failing which LTA intends to suspend ofo's licence. LTA reminds all licensees to fully comply with all licence conditions and standards of performance."