The Monetary Authority of Singapore (MAS) announced today the completion of the Equities Market Review Group’s review and release of its final report. Key measures announced today to strengthen the competitiveness of Singapore’s equities market include:

- The establishment of a dual listing bridge connecting the Singapore Exchange (SGX) and Nasdaq.

- The launch of a S$30 million “Value Unlock” Package to help listed companies unlock shareholder value and deepen engagement.

- Appointment of the second batch of asset managers under the S$5 billion Equity Market Development Programme  (EQDP), with a total of S$2.85 billion placed across six managers.

- Trading and market structure enhancements to strengthen market making, modernise post-trade custody, and reduce board lot size.

Cross-Border Partnership to Advance Market Connectivity

As part of the Review Group’s work to enhance our market connectivity through cross-border partnerships, we have encouraged and facilitated the proposal from SGX and Nasdaq to establish a dual listing bridge connecting both exchanges. This provides a direct and harmonised pathway for companies to simultaneously access capital and liquidity across North America and Asia. The bridge aims to attract quality growth companies in Asia with market capitalisation of S$2 billion and above, and which have an Asian nexus and global ambitions, to raise capital from investors in both markets.

The two exchanges 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 for a set of prospectus disclosure requirements comparable to that in the U.S. that will enable issuers to use a single set of offering documents, cutting regulatory friction and costs. Various measures that have been introduced so far such as the EQDP and Anchor Fund @ 65, will also support fundraising and trading liquidity for promising high growth companies on this new Board. The new Board is envisaged to go live around mid-2026.

“Value Unlock” Programme to Drive Value Creation

MAS and SGX will launch a “Value Unlock” programme 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:

a) Capabilities: MAS will allocate S$30 million from the Financial Sector Development Fund (FSDF) to fund two grants[1] 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.

b) Communication: MAS will work with SGX to help companies communicate strategic plans more proactively, effectively and consistently. There are several initiatives 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. We will also provide regulatory clarity to assure companies that their communications and forward projections are acceptable practices that comply with the law.

c) Communities: MAS and SGX will work with ecosystem partners to foster peer learning and collaboration through platforms like the Singapore Institute of Directors’ (SID) Chairpersons Guild[2]. These networks can help create a reinforcing ecosystem that propagates best practices and inspires more companies to prioritise shareholder value creation.

MAS Appoints Second Batch of EQDP Asset Managers, with S$2.85 billion in placements

MAS and the FSDF will place S$2.85 billion with a second batch of six asset managers[3]:

- Amova Asset Management (formerly Nikko Asset Management)

- AR Capital

- BlackRock

- Eastspring Investments (Singapore)

- Lion Global Investors

- Manulife Investment Management (Singapore)

The EQDP’s objective is to develop our 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. With July 2025’s first batch of EQDP appointments[4], total allocation is now S$3.95 billion across nine asset managers. MAS will also review the remaining EQDP submissions, with the next phase of appointments expected in 2Q 2026[5].

Other Moves to Enhance Market Infrastructure and Trading Efficiency

The Review Group also supports the following trading and market structure enhancements:

a) Enhance market-making ecosystem to lower execution costs. MAS and SGX will introduce incentives and grants to strengthen market makers’ capabilities, focusing on newly listed and next-tier small- and mid-cap stocks outside the STI. More details will be announced in 1Q 2026.

b) Modernise post-trade custody model to improve efficiency and reduce costs. SGX will facilitate investor adoption of broker custody accounts[6], enabling broader offering of investment services like portfolio management, fractional trading, and robo-investing for SGX securities. This proposed broker custody account model aligns with the practice in major markets and encourages greater participation by internationally-active asset managers. Retail investors will have the option of keeping their CDP direct accounts if they wish to do so. SGX will consult on rule changes in 1Q 2026 and work closely with stakeholders to ensure a smooth transition.

c) Reduce board lot size to improve investor access. SGX plans to reduce the board lot size for securities above S$10 from 100 to 10 units. This significantly lowers minimum investment requirements, broadening investor participation and boosting trading activity.

Looking Ahead: Sustaining Momentum, Driving Implementation

The initiatives unveiled today, shaped through close consultation with industry stakeholders, complement the earlier tranches of measures announced by the Review Group in February  and July 2025 . Collectively, these measures help to strengthen Singapore’s growth capital ecosystem for quality companies and startups, including through a more pro-enterprise disclosure-based regulatory approach[7] that maintains high standards of disclosure while enhancing investor protection and corporate governance.

Encouraging early signs point to increasing activity and interest in Singapore’s equities market. Average daily turnover in 3Q 2025 climbed 16% year-on-year to S$1.53 billion — the highest since 1Q 2021. In particular, trading activity in small- and mid-cap stocks has picked up.[8] IPOs have also gained pace, raising over S$2 billion so far this year. Further work remains ahead to fully implement all of the Review Group’s measures to continue efforts to broaden our market’s attractiveness and sustain momentum.

The Review Group has formally concluded its review with the issuance of the final report and this set of announcements. Effective implementation remains key to achieving the intended outcome to improve our 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.

***

[1] The two grants are the “Equip” and “Elevate” grants, designed to support listed companies at different developmental stages. Each grant will be subject to their respective eligibility requirements. Listed companies may apply for either or both grants based on their needs. Interested listed companies should approach SGX for further details.

[2] Details on the event can be found on SID’s website at: https://www.sid.org.sg/chairpersonsguild

[3] Asset managers under the EQDP are responsible for the day-to-day investment and portfolio management decisions. MAS’ investment does not guarantee their investment performance, which can vary over time depending on market conditions.

[4] First batch of EQDP appointed managers are: Avanda Investment Management, Fullerton Fund Management, and JP Morgan Asset Management.

[5] Asset managers with good strategies that align with EQDP objectives, but were not selected in Phase I and II, will be considered alongside new submissions in the next batch.

[6] Currently, most Singapore retail investors hold their overseas securities through brokers. Wider adoption of broker custody accounts for SGX securities would allow these investors to manage all their holdings consistently through brokers.

[7] MAS and Singapore Exchange Regulation (SGX RegCo) have conducted public consultations on the relevant legislative amendments and listing rule changes to move Singapore towards a more disclosure-based regime while upholding sound international standards. Please refer to the Review Group’s final report for more details.

[8] Turnover in small- and mid-cap stocks grew 88% quarter-on-quarter, marking an increase in net institutional inflows for nine consecutive months since the Review Group’s first set of measures in February 2025.