In brief: Mobike applies for formal Singapore exit, may transfer ops to ‘existing licensees’

• “We can confirm that Mobike has submitted a proposal to Singapore LTA [Land Transport Authority] for a managed and orderly withdrawal from the market,” said a spokesman for Mobike owner Meituan Dianping.
• “We will work with LTA to explore all options, including the potential to transfer our operations or license to existing licensees to minimize impact to consumers,” the spokesman said, without giving a date for the startup’s exit.
• Under Singapore’s Parking Places Act, a bike-sharing license may only be surrendered with the LTA’s written consent.
• The LTA confirmed it is considering Mobike’s proposal for a “proper” exit from the city-state. It also said the company had withdrawn its earlier applications to expand its dockless bike fleet and to launch an e-scooter sharing service.

Source: The Straits Times