Third-party taxi-booking service providers like Uber and Grab have transformed Singapore's taxi industry.

They provide common taxi-booking platforms, or ride-sharing platforms, that offer "dynamic pricing", under which fares fluctuate according to demand.

Taxis that are not using the shared booking platforms and still going with the metered-fare system are facing a hard time in the new environment.

The regulatory authorities seem to understand the merits of a common taxi-booking system, such as cheaper fares and more timely service to commuters and a more efficient industry in the long term.

Taxi drivers who use the ride-hailing apps experience less time cruising with their vehicles empty and gain more revenue through increased booking fees.

However, some cabbies still prefer the street-hire system and think they are getting a raw deal (Uber-Comfort tie-up may see all taxis offer demand-based fares; Dec 27).

The "share more, consume less'' slogan of bike-sharing firm ofo speaks well for one of the key benefits of the sharing economy. The teething problems should be solved over time.

Looking at the big picture, it is a small issue whether the Government or the service providers should pay for any additional infrastructure.

Developed economies worldwide are undergoing a transformation; they are turning into sharing economies. The examples given are just two of the many new business models.

American consultant Murat Uenlue has identified elements of a shared economy business model, showing that the potential of developing businesses using information, resource or capacity sharing is virtually limitless.

The Government and businessmen, as well as workers and consumers, should make some effort in learning more about such developments abroad, and see what ideas or models can be introduced here.

As a resource-and manpower-scarce nation, Singapore should proactively work towards becoming a well-developed sharing economy to stay at the forefront of this new global environment.

We have to start thinking now of how we can engage ourselves in a borderless sharing economy on a global scale.

Albert Ng Ya Ken