So ISOTeam has incorporated a new subsidiary for the wholesale and leasing of bikes, including provision of bike sharing services.
Bike sharing is not new in Singapore with Ofo, Mobike and Obike having the first mover advantage. Now with SG Bike (ISOTeam's subsi) jumping into the bandwagon, we have a homegrown player in this business.
I like this move of ISOTeam because of two reasons:
1) Green and eco-friendly business development
2) New business that rides with the trend
These two are among the reasons why I initiated a position in this counter and I have blogged about them here previously.
However I feel it's more than these reasons as to why ISOTeam decided to go into this business.
Our government is pushing for a car-lite country and they have long taken steps to move in this direction. Among these is the round the island park connector.
Now with a park connector that is more than 100 km and can connect you to most parts of the country, how do you traverse on it?
Bikes of course! So this makes business sense afterall.
Another plus point for me (I like companies that leverage on the governments initiatives)!