Uber looks to move APAC headquarters from Singapore to Hong Kong

Uber said it’s prepared to move its Asia-Pacific headquarters to Hong Kong from Singapore if the government provides a regulatory framework that would legalize its operations in the country.

Photo credit: dacosta / 123RF

The move follows Uber CEO Dara Khosrowshahi’s announcement last week that the company will be closing its Singapore office as part of its business resizing efforts.

The US-based company said it was confident of the long-term economic opportunities in Hong Kong, where trip levels already hover around 70% of the firm’s pre-crisis numbers. Before it fully invests in the city, however, Uber said it plans to work with the state government to build a regulatory framework for ride sharing.

Currently, it’s illegal for vehicles not licensed as taxis or those without hire car permits to “carry passengers for rewards,” according to the Legislative Council of Hong Kong. The city has also been cautious about unfair competition allegations against Uber in other markets as well as its unclear legal relationship with its driver-partners.

Despite these challenges, Uber was able to scale its business in Hong Kong after arriving in the market in 2014. It claims to have almost 250,000 driver-partners that serve over 25% of the city’s population.

“We have always had big ambitions for Hong Kong, but the lack of progress on regulating ride sharing has held back the kind of investments we have made in other global cities,” said Estyn Chung, Uber’s general manager for Hong Kong.

If the company’s plan to move its regional headquarters to Hong Kong materializes, it will establish a local innovation and engineering hub in the city to create job opportunities and help grow Hong Kong’s tech ecosystem.