After five years, the Uber brand will stop all its operations in Singapore today. This coming after their decision earlier this year to sell their operations in Southeast Asia to competitor Grab.
“The Uber app will cease to operate in Singapore after 7 May in accordance with directions from the Competition and Consumer Commission (CCCS) of Singapore,” said Uber in a statement issued on Saturday.
Uber had originally planned to halt operations last month on April 15, but the termination was delayed while the CCCS reviewed the Grab-Uber deal.
The Uber-Grab deal included Uber taking a 27.5 percent stake in Grab a move that CCCS viewed as troublesome saying that “these actions have resulted in a merged company which may face less competition and created a merger situation reviewable under the Competition Act”.
It was reported that some Uber drivers were told there would be substantial termination fees, if they didn’t want to make the transition to Grab, but according to Today, they have been able to return vehicles to Uber’s car rental arm, Lion City Rentals (LCR), without penalty.
ComfortDelGro looking to buy a majority stake in Uber’s Lion City Rentals.
The listed taxi operator is said to be in talks with Indonesian app provider Go-Jek, which is keen to enter the small and competitive Singapore market.