Singapore’s ride-hailing landscape is getting a boost as the Land Transport Authority (LTA) has officially converted Geolah and Trans-Cab’s provisional licences into full three-year licences. This announcement was made on 22 December 2024, marking a significant milestone for both companies as they step into the competitive ride-hailing market.
Full Licences Granted
The full Ride-hail Service Operator Licences (RSOL) will take effect as these operators gear up to provide services starting from 1 January 2025. LTA noted that Geolah and Trans-Cab have successfully demonstrated compliance with regulatory standards over the past year, qualifying them for this status.
Regulatory Framework and Market Overview
- With the addition of Geolah and Trans-Cab, Singapore now has seven licensed ride-hailing operators.
- The other operators include Grab, Ryde, Tada, Gojek, and CDG Zig.
- Eligibility for full licencing is based on having 800 or more bookable vehicles on the platform.
Under the LTA’s point-to-point regulatory framework, operators will be classified according to the type of service they provide, such as street-hail, ride-hail, or car-pool. Initially, when awarded provisional licences in December 2024, both Geolah and Trans-Cab were in developmental phases—Geolah had fewer than 800 vehicles and Trans-Cab was still establishing its ride-hailing platform.
Future Implications
As these two operators officially launch their services, commuters can look forward to increased options in the ride-hailing sphere. This is particularly significant in a market largely dominated by established names. The LTA’s initiative aims to enhance competition, potentially leading to better service and pricing for consumers.
It’s an exciting time for ride-hailing in Singapore as new players enter the fray, promising more choices and improved services for everyone.