SG Bike to exit bicycle-sharing market after nearly 7 years; user accounts to be transferred to Anywheel

SINGAPORE: Local bicycle-sharing operator SG Bike is exiting the market after nearly seven years with its user accounts to be transferred to Anywheel by the end of April.

This move would effectively make homegrown firm Anywheel, once a rival of SG Bike, the largest player. 

Under an agreement between both companies, SG Bike users will be allowed to convert their existing wallet balance to the Anywheel platform. 

This will take the form of Anywheel ride-only credits which cannot be used for ride coupons, Anywheel passes or merchandise, both companies said in a joint statement on Thursday (Mar 21). 

The arrangement comes as SG Bike has decided against renewing its licence when it expires on Apr 30 due to a "strategic shift in business direction".

"To ensure the continuity and reliability of bike-sharing services and to ensure minimal disruption to its users in Singapore, this arrangement between Anywheel and SG Bike was made with the best interest of their users in mind," said both operators. 

SG Bike will also stop accepting new sign-ups, new credit top-ups and purchases of passes from Thursday.

All SG Bike users will see their wallet balance reflected in the Anywheel app by May 3 and no further action is required from them, according to a notice on the Anywheel website. 

Those with S$0 or more in their wallet may opt-in earlier for a S$10 ride-only credit incentive. Users who do so will see their wallet balance reflected on the Anywheel app by May 3 or earlier, said the company.

Transfers and conversions can only be done for the same registered or linked phone number, it added. 

SG Bike customers who want to opt out of the conversion can apply online to do so. A refund has not been offered.

"We highly encourage users to proceed with the automatic conversion (or early conversion for added incentives). If they choose to opt out, the conversion will not happen, and their wallet balance will remain on SG Bike app. In such a case, the treatment of the wallet balance will follow existing terms and conditions," said an SG Bike spokesperson. 

"Following, SG Bike will also be clearing all our bicycles off the streets for scrapping."

"NEEDS OF BICYCLE-SHARING MARKET"

In response to queries from CNA, both operators said that the arrangement was not commercial and was made "with the best interest of the bike-sharing community".

"Prior to this agreement, expanding our fleet to meet the growing user demand has always been on our agenda. The decision to increase our fleet size is purely determined by the needs of the bicycle-sharing market, which we closely monitored before applying for any expansion in fleet size," said Anywheel. 

SG Bike launched its services in August 2017, aiming to provide an “active and sustainable” transport alternative for Singaporeans. 

It grew to the biggest bike-sharing operator in the country in 2019 after successfully acquiring Mobike’s 25,000-strong fleet, according to its website. 

Anywheel, which was founded the same year, has since overtaken its competitor and operates a fleet of 30,000 bicycles in Singapore. 

With SG Bike’s exit, it will be one of the only two remaining bike-sharing operators in Singapore. 

The other is Chinese firm HelloRide which got a licence last July that allows it to operate up to 10,000 bicycles. 

"Even before this agreement is reached, we already applied for an expansion of licence to increase our fleet size, to better serve our demand," said Anywheel CEO and founder Htay Aung.

"For the past few years, we've been growing every year, very rapidly, in terms of users and also in terms of ridership."

Additional reporting by Marcus Tan.

Editor's note: This article has been updated to remove incorrect information that Anywheel planned to roll out additional bikes to meet demand. We apologise for the error.