Mobike eyes expansion to 200 cities worldwide

Chinese bike-sharing giant Mobike is planning an expansion of its business to up to 200 cities around the world, reports New York-based Bloomberg News.

Mobike CEO Wang Xiaofeng says the company is reportedly looking for overseas mobile payment and credit card partners for its business expansion.

Mobikes parked on a street in Beijing. [Photo: China Plus]

Bloomberg reports that bike-sharing companies have boomed in China over the past year, and thanks to investment from the Chinese tech giant Tencent and Singapore’s Temasek, Mobike has maneuvered itself into the position of being the largest market player.

The emerging industry has attracted many investors who believe greater bike use is the key to relieving severe traffic conditions in Chinese cities, according to Bloomberg.

Mobike is already available in over 80 cities including Singapore and cities across China.