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SMRT Buses (originally Trans Island Bus Services (TIBS) ) is a public bus transport operator in Singapore. Singapore currently hosts a duopoly transport system in which SMRT's only competitor is SBS Transit, which also operates bus services in Singapore. The company was incorporated as TIBS on 31 May 1982, in a heavily regulated market, to be a competitor to Singapore Bus Service. In accordance with restructuring at parent company SMRT Corporation, TIBS (Trans-Island Bus Services) was renamed "SMRT Buses" on 10 May 2004.