Three takeaways from Uber's Southeast Asia exit

Arsenio Balisacan chairman of the Philippine Competition Commission

Arsenio Balisacan chairman of the Philippine Competition Commission

"As the biggest transport network vehicle provider in the Philippines after the exit of Uber, we want Grab to demonstrate that they could "walk the talk" when it comes to protecting personal data and upholding the data privacy rights of its drivers and users".

As part of the deal, Uber will take a 27.5 per cent stake in Grab and Uber CEO Dara Khosrowshahi will join Grab's board.

It was reported that under the agreement, Grab would acquire all of Uber's operations in a region of 620 million people, including food delivery service UberEats.

As The Associated Press writes: "Since becoming CEO a year ago ..."

The move will free up capital to execute on Uber's growth plans in core markets like North America, Latin America, India and Europe and invest in engineering and product development, they said.

The Competition Commission of Singapore (CCS) said that Singapore's competition law prohibits mergers "that may be expected to result in a substantial lessening of competition", according to a Business Times report.

Go-Jek has become a dominant player and powerful rival in Indonesia, the region's biggest economy, and it has rapidly expanded beyond ride-hailing to digital payments, food delivery and on-demand cleaning and massage.

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The services throughout Asia have long relied on discounts and promotions for consumers and incentives for drivers, which made for tough competition, pushing down profit margins.

For San Francisco-based Uber, pulling out of running its own business in Southeast Asia cuts back on losses ahead of a planned initial public offering in 2019. Uber sold its China operations to rival Didi Chuxing in 2016 in a deal worth Dollars 35 billion. However, the CEO opposed about the consolidation and it was the strategy of the day.

While the industry's current approach of "throwing money at customers" can't last long-term, Felde said some rivals are well funded and could spark a "crazy war" for market share.

Based on Grab's most recent valuation, the deal could be priced at least US$1.65 billion (RM6.43 billion).

Rennu Mahajan, who has driven a combined three-and-a-half years for both companies in Singapore, said some of her driver friends were concerned because now they would not be able to switch to the other app.

SoftBank's Misra sees opportunities for mergers and joint ventures between SoftBank-backed ride-hailing companies, particularly for collaborating on research and development, but the investor would never get actively involved with management decisions, the person familiar with the matter said.