Singapore fails to show its teeth over Grab merger

A modest fine clears the way for the ride-hailing startup to dominate. But has the Lion City's tame decision left a block on the road for other start-ups?

Singapore's Competition and Consumer Commission has slapped the city-state's most notable start-up, Grab, with a fine for its takeover of Uber's Southeast Asia operation.

But, at just S$13 million $9.5 million, the penalty can hardly dent Grab's latest valuation of $11 billion and represent less than 1% of the $1 billion the company raised in its last fundraising in August. The regulator ruled out blocking the transaction, instead taking measures to reduce the impact of the transaction, including unwinding exclusivity agreements.

For Southeast Asia's biggest unicorn and its investors, the modest penalty is great news, clearing the way for the company to achieve...

¬ Haymarket Media Limited. All rights reserved.

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