*Drums and bass noises*
Another one bites the dust.
If you’re planning to go on a romantic bike date with your significant other after the hot weather clears, this might throw a wrench in plans.
Singapore’s bike-sharing landscape is set to undergo a significant shift as SG Bike, a long-standing player in the market, has just announced its exit from the market.
SG Bike, citing financial losses and a “strategic shift”, will cease operations on 30 April 2024 when its license expires. They will stop accepting new sign-ups, credit top-ups, and pass purchases from March 21.
The company’s decision comes after accumulating losses of S$7.4 million in the financial year ending 30 June 2022, and reported losses of S$5.5 million the previous year.
The company also reportedly downsized its fleet of bicycles from 5,000 to 1,500 in July 2023.
According to a spokesperson, who said that the decision to exit the market had been a difficult one, SG Bike was unable to sustain the intended quality experience for its users.
Anywheel to Take Over User Base
SG Bike users need not worry about any service interruptions, however.
In a collaborative effort between SG Bike and rival bike-sharing operator Anywheel, users’ accounts will seamlessly transition to the other platform starting 21 March.
Anywheel’s founder and CEO, Htay Aung, assures SG Bike users that their existing wallet balances will be reflected on the Anywheel app by 3 May.
This move aims to ensure that SG Bike users can continue enjoying bike-sharing services “without obstruction,” according to Htay Aung.
To facilitate the transition, Users who opt to convert their wallet balances between 21 March and 21 April will receive an additional S$10 ride-only credit on top of their existing balance.
However, those who choose not to migrate to Anywheel can opt out by 30 April via the SG Bike application, and will not receive refunds for their wallet balances.
Though Anywheel will absorb SG Bike’s user base, it will not take over SG Bike’s fleet of bicycles. Instead, SG Bike’s bicycles will be cleared from the streets and scrapped by the end of June.
What are Your Remaining Options?
SG Bike’s exit leaves Anywheel and HelloRide as the remaining bike-sharing operators in Singapore.
HelloRide, a Chinese firm, entered the Singapore market in July 2022 and was awarded a license to operate a fleet of up to 10,000 shared bicycles in July 2023.
Htay Aung emphasized that the arrangement between SG Bike and Anywheel was not, in any way, commercial and aimed to ensure a seamless transition for users.
He encouraged SG Bike to pass its user base to Anywheel, allowing users to continue using bike-sharing services without disruption.
Anywheel, which received approval to operate up to 30,000 shared bicycles in June 2022, intends to expand its fleet further to accommodate growing ridership demands.
SG Bike expressed gratitude for the support it received from users over the years and urged cooperation during the transition period. The company encouraged its users to explore Anywheel’s services and thanked them for their understanding during this time of change.
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