Singapore is working hard to become a powerhouse in global equities. With the release of the Equities Market Review Group’s final report, the Monetary Authority of Singapore (MAS) has unveiled a suite of initiatives designed to sharpen the nation’s competitive edge, deepen liquidity, and attract the next generation of high-growth companies.
The Review Group has proposed a dual listing bridge between the Singapore Exchange (SGX) and Nasdaq. This cross-border link aims to create a seamless pathway for companies – especially Asia-based growth firms valued at S$2 billion or more – to tap investors on both sides of the Pacific. For ambitious businesses with regional roots and global horizons, the bridge offers a powerful value proposition: one listing, twice the visibility.
SGX and Nasdaq have shared that the proposal is subject to the completion of relevant regulatory processes. MAS will work with SGX to consult on the regulatory framework so that issuers can use a single set of offer documents, thus reducing regulatory friction and costs.
MAS and SGX are also turning their attention inwards with the “Value Unlock” programme, which is intended to help listed companies strengthen investor engagement, and sharpen their focus on shareholder value creation. With investor interest picking up in the Singapore equities market, it is an opportune time for companies to reinforce strategic fundamentals, enhance communications, and demonstrate value creation to attract and sustain investor participation.
The programme comprises three reinforcing pillars:
1) Capabilities
MAS will allocate S$30 million from the Financial Sector Development Fund (FSDF) to fund two grants to build competencies in corporate strategy, capital optimisation, and investor relations. These are fundamental to helping companies articulate compelling value propositions and build more effective investor relationships.
2) Communications
MAS will work with SGX to help companies communicate strategic plans more proactively, effectively and consistently. Several initiatives have been introduced to assist companies to do this well, including through toolkits, outreach events, media engagements and enhanced research coverage for eligible companies under the Grant for Equity Market Singapore (GEMS) scheme. Going forward, there will be more regulatory clarity to assure companies that their communications and forward projections are acceptable practices that comply with the law.
3) Communities
MAS and SGX will work with ecosystem partners to foster peer learning and collaboration through platforms like the Singapore Institute of Directors’ Chairpersons Guild2. These networks can help create a reinforcing ecosystem that propagates best practices and inspires more companies to prioritise shareholder value creation.
MAS and FSDF will place S$2.85 billion with a second batch of six asset managers. This follows the initial S$1.1 billion, managed by three appointed asset managers. The second batch comprises:
The EQDP’s objective is to develop the local fund management industry and increase investor participation in Singapore equities. To this end, these local, regional and global managers bring diverse expertise, investment strategies and distribution networks to attract a broader investor base to Singapore’s equities market. Their EQDP fund strategies can also participate in initial public offerings (IPOs), adding to the pool of capital that supports cornerstone investments for high-quality new listings.
Including July 2025’s first batch of EQDP appointments, total allocation now stands at S$3.95 billion across nine asset managers. MAS will review the remaining EQDP submissions, with the next phase of appointments expected in 2Q 2026.
The Review Group also supports the following trading and market structure enhancements:
The Review Group has formally concluded its review with the issuance of the final report. Effective implementation remains key to achieving the intended outcome to improve Singapore’s equities market.
MAS will establish an Equity Market Implementation Committee, co-chaired by MAS Managing Director Chia Der Jiun and SGX CEO Loh Boon Chye, to oversee implementation of the Review Group’s measures. Details will be announced in 1Q 2026.
