The event, which typically draws about 7,000 participants, was initially postponed from May 9-10 to an unspecified date later this year.
OCBC said full refunds will be made by Sept 14 for those who have registered, although it has also offered participants the option of donating the registration fee to OCBC Cycle’s chosen charity, Care Corner Singapore.
Those keen to take up the option to donate can do so via the OCBC cycle 2020 website (ocbccycle.com) by Aug 14.
It will consist of three categories: The Sportive VR (42km), The Straits Times VR (23km) and Mighty SaversKids VR (5km or 800m).
Participants who cycle the full distance of any of the three categories anywhere safe, whether outdoors or indoors in Singapore, will be considered to have completed the OCBC Cycle 2020 Virtual Ride event.
To show proof of the completion of the virtual ride, the participant has to use a fitness tracker or a workout app on a smartphone that can record the ride details, and submit them to race organisers by Nov 15.
The full distance need not be completed within one ride; participants can have a maximum of four separate rides, as long as it is within Nov 1-15.
Cyclists who complete their OCBC Cycle 2020 Virtual Ride event will each receive the OCBC Cycle 2020 medal and the event tote bag by post by Dec 7.
There are limited slots for the virtual ride, and priority will be given to those who registered for the physical OCBC Cycle 2020 event – they will be allowed to register from July 21 to Aug 14. In addition, those who registered for the “Go Red” option of the physical event and sign up for the virtual ride, will receive the OCBC Cycle 2020 event jerseys or t-shirts.
Other members of the public can sign up between Aug 15 and Sept 18.
Koh Ching Ching, head of group brand and communications at OCBC Bank, said: “With the Covid-19 outbreak, it is only right to not hold this annual mass cycling event this year.
“Instead, without sacrificing the safety of participants, we still hope to bring the joy of cycling to the community via the virtual ride format.
“People deserve to have something they can get excited about during this challenging time.
“We also hope that those who signed up for the physical OCBC Cycle 2020 event will appreciate the option of donating their fees to support members in the community in need.”