Singapore's MRT (Mass Rapid Transit) infrastructure is built, operated, and managed in accordance with a hybridised quasi-nationalised regulatory framework called the New Rail Financing Framework (NRFF), in which the lines are constructed, and the assets owned by the LTA - Land Transport Authority, a statutory board of the Government of Singapore. The Land Transport Authority allocates operating concessions to two for-profit private corporations, namely SMRT (Singapore Mass Rapid Transit) and SBS TRANSIT (Singapore Bus Services Transit), both of which are responsible for asset maintenance on their respective lines. These operators also run bus and taxi services, thus facilitating the full integration of public transport services in Singapore.