Singapore on Monday fined ride-hailing firms Grab and Uber $9.5 million for breaking competition rules when they merged, saying the deal had increased fares and thrown up roadblocks for competitors. Singapore-headquartered Grab agreed to buy US firm Uber's ride-hailing and food business in Southeast Asia in March, ending a bruising battle between the companies.
In return, Uber received a 27.5 percent stake in Grab. However the deal came under scrutiny across the region, and the Competition and Consumer Commission of Singapore was among watchdogs in several countries that launched probes.
In the conclusion to its investigation, the commission said it had found the merger had substantially reduced "competition in the ride-hailing platform market in Singapore". Grab fares rose between 10 and 15 percent after the deal as the company reduced the number of points earned by riders and made it harder for them to redeem them, it said.
Potential competitors were hampered by exclusivity agreements Grab forged with taxi companies, car rental partners and some of its drivers, the commission said.
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