Revisiting the Sharing Economy

Abstract

The sharing economy had only started to take off in Singapore in recent years, but had already shaken up certain sectors, with the likes of Uber, Grab and Airbnb making the biggest splashes. These businesses introduced innovations in the business models and technologies that helped to address market inefficiencies and resource under-utilisation. At the same time, they were at odds with existing regulatory frameworks, challenged incumbents, and produced other knock-on effects. This case study discusses the development of sharing economy in Singapore – particularly ride-sharing and home-sharing which were more prevalent – in a for-profit context, and examines how policymakers in Singapore have approached the sectors, and managed the policy considerations.