The Competition and Consumer Commission of Singapore (CCCS) announced that it has not received any notification from Grab or GoTo regarding a potential merger.

While aware of merger discussion reports, CCCS advised the companies to seek legal advice to comply with competition laws. It remains open to engagement through its merger notification and pre-notification discussion processes.

If Grab and GoTo merge, they could control nearly 90% of Singapore’s ride-hailing market and over 91% in Indonesia.

CCCS has previously intervened in anti-competitive mergers, including fining Grab and Uber US$13 million in 2018.

The regulator can impose financial penalties of up to 10% of a company’s turnover per year for up to three years and may issue directives or interim measures to maintain market competition.

Grab has not responded to requests for comment, while GoTo has declined to provide further statements beyond its latest stock exchange disclosure.