Singapore fines Grab and Uber, imposes measures to open up market

FILE PHOTO: A view of Uber and Grab offices in Singapore March 26, 2018. REUTERS/Edgar Su/File Photo

SINGAPORE: Singapore slapped ride-hailing firms Grab and Uber with fines and finalised restrictions to open up the market to competitors after concluding that their merger in March has driven up prices. 

Uber Technologies Inc sold its South-East Asian business to bigger regional rival Grab in March in exchange for a 27.5% stake in the Singapore-based firm.