In brief: Singapore transport authority suspends Ofo’s bike-sharing license

• Ofo’s license to operate its bike-sharing service in Singapore has been suspended by the Land Transport Authority (LTA).
• This comes on the back of Ofo’s failure to comply with LTA’s regulatory requirements, which had a February 12 deadline. The firm has until March 13 to remove all its bicycles from public spaces.
• Ofo had failed to introduce a QR code-based parking system, according to LTA. It also didn’t update its app to allow for the banning of users who repeatedly park outside designated areas.
• The suspension will be lifted if Ofo meets all regulatory requirements. LTA penalties include a fine up to S$100,000 (US$73,611) for each offense or the suspension or termination of their licenses.

Source: The Straits Times