Chinese bike-sharing service Mobike launches in Singapore
Beijing bike-sharing start-up Mobike is launching in Singapore in an ambitious overseas expansion. The service, which offers hundreds of smart bikes with airless tyres, a basket with solar panels and a GPS tracker, is the latest to launch in an increasingly saturated market. Chinese rival Ofo and local start-up Obike both started offering bike-sharing services in Singapore earlier this year. However, Mobike is the only one offering smart bikes, which the company hopes will give it a competitive advantage. The companies' bikes rely on mobile apps that allow users to book them on their smartphones and unlock them with a QR code.

A bicycle with airless tires, a solar panelled basket and a GPS tracker isn't your typical mode of transport.

But, Chinese bike-sharing company Mobike is betting the two-wheeled option takes off outside of its home market.

The Beijing-based startup is deploying hundreds of its bikes across Singapore, the first step in an ambitious overseas expansion, as competition in the bike-sharing sector heats up.

"The government [in Singapore] has been very supportive of moving around in more environmentally friendly ways," said Florian Bohnert, head of international expansion for the company.

"We hope to work closely with agencies to put in place a framework for smart bikes to be able to operate safely and securely."

Mobike is just the latest bike-sharing company to launch in an increasingly saturated market.

Chinese Competitor Ofo deployed 1000 bikes in the city-state last month, while home-grown startup Obike rolled out its service earlier this year. All three utilize mobile apps that allow users to book bikes on their smartphones and unlock the wheels with a QR code.

Mobike has attracted big name investors including Tencent , Foxconn , and Temasek Holdings , raising more than $300 million in their latest funding round earlier this year. The company already has one million bikes deployed across 33 Chinese cities, and according to Trustdata took 72.5 percent of market share on the mainland in 2016.