Despite an increase in Mobility-as-a-Service (MaaS) initiatives that aim to pave the way for both public and private MaaS Operators, such MaaS models have received limited scholarly attention. Uncertainties therefore remain in terms of how public-private MaaS can be realized and governed. This paper addresses this problem through an exploratory case study of an attempt to reform the business ecosystem for mobility services in Sweden, which is conceptualized as a move towards public-private MaaS. Inspired by the What-is-the-Problem-Represented-to-Be approach, the paper analyzes what problem representations and assumptions underpin the proposed reform and outlines issues of conflict across the involved actors. Drawing on these findings, the paper highlights disagreements on problems, centralization, and responsibilities as challenges to public-private MaaS developments and proposes that an inclusive and pragmatic governance strategy is key for effective and democratic governance of MaaS. Additionally, three avenues for future research are identified: development of analytical tools that better represent the complexity of MaaS governance choices, studies of how the prevailing narrative around MaaS influences developments, and analyses of governance strategies’ effectiveness in relation to political objectives for MaaS developments.