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Grab, GoTo may face new rules as Singapore reviews ride industry

Bloomberg
Updated ·1-min read
The number of daily rides in Singapore has increased to 613,000 in July 2023 from 517,000 in November 2020.
The number of daily rides in Singapore has increased to 613,000 in July 2023 from 517,000 in November 2020. (Ore Huiying/Bloomberg) (Bloomberg)

By Ville Heiskanen

(Bloomberg) — Grab Holdings Ltd. and GoTo Group may face new rules in Singapore after the wealthy city-state said it plans to review regulations and structure governing the fast-growing ride-hailing industry.

The Land Transport Authority said Thursday it’s looking to change the framework for the taxi and ride-hailing industries. It’ll focus on availability of supply, resilience and the inclusivity of services, while also looking at matters such as the adoption of clean-energy vehicles.

Grab and GoTo, which both went public in recent years, are struggling to reach profitability as intense competition across Asia weighs on their prices. The companies also face pressure to award more benefits for riders and other employees, as governments around the world focus on ensuring fair treatment of gig-economy workers.

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The number of daily rides in Singapore has increased to 613,000 in July 2023 from 517,000 in November 2020, the local agency said. Authorities plan to complete their review by the end of 2024’s second quarter.

Grab and GoTo’s competitors include Singapore-listed taxi company ComfortDelgro Corp. and Ryde Group Ltd., which recently filed for an initial public offering in the US.

© 2023 Bloomberg L.P.