Uber halts decision to shift APAC headquarters from Singapore

Uber Technologies Inc., the American ride-hailing giant, has reportedly halted the company’s decision to relocate its Asia Pacific headquarters from Singapore to Hong Kong until December 2022.

Sources cite that the company’s decision was based on the lack of progress on ridesharing regulations in Hong Kong. The ride-hailing giant declined to comment on the security law introduced in China last month.

According to an official statement, the company claims that it has seen the enthusiasm and robust public support for reform, but not the level of certainty from the government that it needs, As time progresses, the firm will continue these efforts but, in the meantime, it seems to have decided to keep Singapore, the current country, as a regional hub for the medium term.

According to sources, Uber agreed to build employment and opportunities for Hong Kong in its earlier announcement in May, citing how well it was received in the city with a population that had used its services. The company has nearly 250,000 drivers and over 6,400 restaurants in the city involved in its food delivery program in Uber Eats.

Evidently, the overall outlook of the coronavirus pandemic does not look good on China. The nation is being blamed for the pandemic outbreak. National security and trust issues are looming over the nation due to recent Hong-Kong protests. Even other countries have blamed China for its inadequate handling of the Covid-19 outbreak. Overall, the trust factor of China is hanging low with the rest of the world.

With the virus affecting millions of people, companies and governments have decided to take their resources out of the world's second-largest economy. Consequently, China is currently facing a backlash from most of the countries in the world that may take away its position from being the world's preferred factory.

Source Credit -https://in.reuters.com/article/us-uber-singapore/uber-halts-move-of-apac-headquarters-from-singapore-to-hong-kong-idINKCN24V0Y0