Another year, another bike-sharing firm calling it quits.
And this time, it’s Mobike.
Mobike Leaving Singapore
Mobike is the biggest of four bike-sharing firms in Singapore right now.
But it won’t be, soon.
Back in March 2019, Mobike submitted an application to surrender its bicycle-sharing license in Singapore.
The claim was confirmed by the Land Transport Authority (LTA).
Back then, LTA said that if the application is approved, Mobike must:
- Conduct a proper exit by removing all bicycles from public places
- Provide refunds for user deposits and pre-paid credits, in agreement with the company’s terms and conditions
They don’t want a repeat of the ofo incident, after all.
Well, if you’re a Mobike user and waiting to see if you can get your money back, here’s an update on the situation.
SG Bike To Take Over
This is SG Bike.
They’re young, vibrant and completely ready to dominate the bike-sharing scene in Singapore.
So much so that they’re more than happy to take over Mobike’s bike-sharing license at the price of $2.54 million.
Both operators have submitted an application to LTA and are awaiting approval.
If Approved, SG Bike Will Become Biggest Player In S’pore
Currently, SG Bike can operate 3,000 bicycles in Singapore. They’re the second smallest bike-sharing firm, with only Moov Mobility below them operating 1,000 bicycles.
But, if their application is approved?
They’ll take over Mobike’s 25,000 bicycles and operate 28,000 bicycles here, far above the current number one (after Mobike leaves), which is Anywheel at 10,000 bicycles.
SG Bike mainly serves in Yishun, Tampines and the East Coast Park area.
With the increase in bicycles, they will be looking to concentrate their expanded fleet to several towns.
But that’s not what you care about. What you really care about? It’s this
What Happens To Mobike Users Then?
No worries about the repeat of a certain ofo incident that should never happen again.
From 13 Sep 2019 onwards, existing mobike users will not be able to unlock Mobikes anymore.
However, you’ll be able to transfer your account balances as well as ride passes to SG Bike by downloading their app.
If you still have existing deposits with Mobike, you can ask for refunds or have it converted into SG Bike credits.
SG Bike also said it’ll repay Mobike’s user deposits and prepayments.
So how likely will this happen? Pretty high, considering LTA said they’ll work with Mobike to ensure a smooth departure, including any transfer of assets and licenses.
Here’s a simplified summary of the South Korea martial law that even a 5-year-old would understand:
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