Singapore slapped ride-hailing firms Grab and Uber with fines and finalized restrictions to open up the market to competitors after concluding that their merger in March has driven up prices.
Uber sold its Southeast Asian business to bigger regional rival Grab in March in exchange for a 27.5 percent stake in the Singapore-based firm.
While the combined S$13 million ($9.5 million) fine was small compared with the firms’ multi-billion dollar valuations, that and the other measures imposed by the Competition and Consumer Commission of Singapore on Monday represent the strongest censure by a regulator since the deal was unveiled.
