Grab Holdings Ltd and GoTo Group may face new rules in Singapore, after the city state said it plans to review regulations and the structure governing the ride-hailing industry, Bloomberg reported.

The Land Transport Authority said on Thursday it is looking to change the framework for the taxi and ride-hailing industries. It will focus on availability of supply, resilience and the inclusivity of services, while also looking at matters such as the adoption of clean-energy vehicles, according to the report.

The number of daily rides in Singapore had increased to 613,000 in July 2023, from 517,000 in November 2020, the local agency said. Authorities plan to complete their review by the end of the second quarter of 2024.

Competitors in the industry include Singapore-listed taxi company ComfortDelGro Corp and Ryde Group Ltd, which recently filed for an initial public offering in the US.

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