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.