Remember oBike?
It was one of three bicycle-sharing businesses – Ofo and Mobike – which launched in early 2017, back when coughing in public wasn’t an unforgivable sin.
Residents were understandably impressed with this new technology because of the affordability and convenience it afforded.
However, when the authorities introduced licensing the following year, the bike-sharing platform started shutting down its operations.
With all the other bike-sharing companies in existence at that point, no one would have been overly concerned, except that they left Singapore and allegedly transferred around S$10 million in subscribers’ deposits here to its Hong Kong office.
So, the police began investigating the company for misappropriation of funds, and three years later, they’ve finally reached a conclusion.
oBike Cleared of ‘Wrongdoing’ After No Evidence Found
The police have cleared oBike of all wrongdoing after investigations showed no evidence of an offence.
As a result, after consulting with the Attorney-General’s Chambers (AGC), the police have decided not to take any further action against oBike Singapore.
Last week, the Land Transport Authority said it was “unfortunate” that oBike chose to pull out of Singapore.
It added that oBike’s abrupt and disorderly exit demonstrates the need for a strong device-sharing operators regulatory framework.
How it Started
It was actually one of oBike’s liquidators who alleged in 2018 that the company transferred about $10 million collected from users here to its Hong Kong operations.
In total, oBike collected $11.7 million in usage fees and deposits from users to rent their bicycles.
Each user is believed to have deposited either $19 or $49.
The remaining $1.7 million was reportedly used to refund customer deposits and for other operational expenses, but no one is known to have received a refund.
When it exited Singapore, it left behind around 50,000 abandoned bicycles, some of which were bought by former competitors.
Its parent company also filed for insolvency.
Expanded to Other Countries
oBike first launched in 2017 here and was founded by Chinese entrepreneur Shi Yi. When it came to Singapore, it rolled out around 50,000 bicycles all over the country.
The wheels of their bicycles are locked and can only be unlocked once a user registers with the company and makes a deposit.
To ride, users must have an internet connection and Bluetooth enabled the entire time.
oBike first started in Singapore, but it has since expanded to 24 countries all over Asia and Europe as well.
This includes Malaysia, Thailand, Taiwan, Korea, Belgium, Australia, France, Portugal, and the United Kingdom.
Read Also:
- oBike S’pore Now Has $551K Cash But Still Owed $8.9 Million To Former oBike Users
- oBike Might Be Coming Back with a New Owner But Refunds Still Unknown
Feature Image: Andy.LIU / Shutterstock.com
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