According to the Land Transport Authority , Ofo's failure to do so could result in regulatory action including the cancellation of its licence. Former employees had earlier told Channel NewsAsia that the company had"practically ceased" with no staff left.This comes on the heels of another China-based bike-sharing provider Mobike announcing it has applied to LTA to surrender its licence, although the regulator said it is assessing the company's request.
Should both Ofo and Mobike lose their licence to operate here, this would leave Singapore startup SG Bike as the only other entity with a full operating licence. Other players such as Anywheel and Qiqi Zhixiang only have a sandbox licence to offer such services here.from investors and expanding quickly to other market.However, issues such as indiscriminate parking by users and abuse of the bicycles put the brakes on these companies' growth.
Source: News Formal (newsformal.com)
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