The Chinese bike-sharing firm has nearly doubled its fees - the rate for a single trip now costs $0.99 for every 20 minutes, up from the usual $0.50
Under LTA's new licensing framework, bike-sharing operators have to pay $60 for every bicycle deployed, on top of a $1,500 application fee.
A Singapore-based investor has agreed to invest $1 million to fund the firm's "new chapter", provided that Gbikes secures the operator's license.
Today, ofo announced that it has been awarded a full bike sharing license by the Land Transport Authority to operate a fleet of 25,000 bikes here.
A person with insider knowledge regarding ofo's operations approached us to provide some details regarding their closure in so many markets.
Didi restarted the acquisition talk earlier this month, and it is reportedly coming back with a lower price for every negotiation.
On both online forum Reddit and ofo's Facebook page, users have posted complaints of errant charges found in their bank accounts.
Out of the remaining 5 bike-sharing operators, Anywheel, Mobike, ofo and SG Bike have submitted their applications to LTA to obtain their two-year license.
Bike-sharing operator Mobike waives its $49 deposit policy for its existing and new Singapore-registered users.
The bike-sharing company has neither apologised nor addressed how they will deal with users' deposits and the remaining oBike bicycles still on the road.
According to oBike, the sudden decision to terminate is due to difficulties to fulfil the new requirements released by Land Transport Authority.
ofo responded saying that the sale is actually a move made by their freight forwarding partner in Singapore over a commercial dispute.