The new technology startups in Singapore have experienced rapid growth in recent years.

There are currently four strong players in the market for shared bicycles. The brands: ofo, obike, Mobike and SG Bike, are very common in this small Asian country. In addition, there are startups that share scooters with innovative features and innovative business models that have emerged on the scene.

Many people might think that the Singapore market is very saturated with so many players active every day in a very small market. But financial solutions company FinTechSG has thought differently and has bet on GBikes. This initiative is basing its business model on sharing bicycles. They have even announced the launch of at least 3,000 of their bikes throughout Singapore by the end of September.

Do you know how to use GBikes?

GBikes is characterized by its security system. Their bikes are equipped with front and rear lights that work with kinetic energy, which reduces the need to use lithium batteries, which may not be environmentally friendly. These bicycles can operate in the same way as the rest of the shared bicycles in Singapore.

Users wishing to use GBike should download a smartphone application. this app will allow them to locate the bike closest to them and scan their QR code to unlock it. In addition, users who want to use this service must pay a security deposit of $ 49, which can be withdrawn after 3 months.

Once the GBike has been used by any user, they will be able to park the GBike in the designated yellow parking box, block it and confirm the final journey through the mobile.

Every half hour of use is charged at $ 1, which is a cost similar to the rest of your competitors.

Another element to consider in this innovative business model of GBike is formed by some drawbacks. Many cases have been known in which these bicycles block the pedestrian paths, in addition to provoking some cases of irresponsible parking, blocking the exits of houses and private condominiums. Some spokespeople have also said that some of these GBikes have been mistreated by users. There are even videos circulating ne social networks where it is possible to see drivers who are thrown into the canals and high floors.

“I can not say that (such incidents) will not happen with GBikes,” said Joe Chia, Chief Financial Officer of FinTechSG and GBikes. He also warned that the company’s bicycles will be equipped with technologies to prevent such abuse.

For example, an alarm sounds if they move after they are locked. It is also working to implement geofencing technology to prevent irresponsible parking.

GBikes has also implemented a rewards system to reward all those users who have good behavior and respect the traffic signals. Thanks to this, users can earn rewards points that will provide them with promotions and prizes. This has been done in order to promote good behavior and awareness of users about sharing a road with other road users.

Could an E-Bikes arrive?

GBikes has sought to expand its business by introducing electric bicycles. In addition, GBikes has received US $ 20 million for financing to reach cooperation agreements with companies in the United States and Europe. But that is not all. They introduce some innovations in their business model and on bicycles. For example, they will incorporate electronic payment methods so that users can use the bikes without restrictions.

Locally, it is looking to expand its business here by introducing electric bicycles.

GBikes executives have described Singapore as a “very good starting point” for bike sharing services. because this small country has excellent infrastructure for this type of vehicles.

According to the government’s view on the car, the bicycle network is expected to expand to over 700 km across the island by 2030. In addition, more facilities such as bicycle crossings and bicycle parking facilities are being introduced. Cadadia plus Singapore is working hard to position itself as a global leader in the use of bicycles.

In China, where bike sharing is booming, some cities have bicycle lanes almost as wide as car lanes.

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