Singapore's bicycle-sharing sector is seeing its first casualty, amidst stiff competition and a new licensing regime for operators taking effect on 7th July.
GBikes, which started in May last year (2017) and had as many as 3,000 rental bicycles, will cease operations on the same day the licensing regime kicks in.
It has sent out a notice to users informing them of the closure, adding that it is not taking any more deposits or top-ups for GBikes credits to rent the bicycles. It also advised users to use the mobile app to request for a refund of any outstanding amounts.
Similar to its rivals, GBikes operated on a dockless system, in which users could unlock and rent bicycles through a mobile app, and return them to any parking space. Financial technologies solution firm FinTechSG, which was behind GBikes, has not replied to queries from ST regarding the reasons for its exit.
GBikes' fleet was also to be part of Grab's GrabCycle, a marketplace app that allows users to locate and rent bicycles and e-scooters from different partner companies. A check on the GrabCycle app showed that GBikes are not available for rent.
Since the start of 2017, dockless bike-sharing companies have progressively entered the market, contributing to a population of around 100,000 rental bicycles. In addition to GBikes, there are six other players - oBike, ofo, Mobike, Anywheel, SG Bike and ShareBikeSG.
Due to rampant cases of indiscriminate parking, however, the Land Transport Authority announced in March (2018) the licensing regime for these companies, which will limit their fleet sizes and also impose standards on operators. These existing operators have to submit a licence application before 7th July. Those that do not do so will have to cease operations here.
