MAS Review Group Unveils Bold Reforms to Supercharge Singapore’s Equities Market

2025-11-20 · Regulation · QuoteReporter

Singapore’s equities market is set for a transformative upgrade, as the Monetary Authority of Singapore (MAS) today announced the completion of its comprehensive Equities Market Review. The initiative, aimed at bolstering the city-state’s position as a global financial powerhouse, introduces groundbreaking measures like a dual listing bridge with Nasdaq, a S$30 million “Value Unlock” package for listed companies, and fresh capital injections into local asset management. These steps build on earlier reforms from February and July 2025, responding to calls for deeper market connectivity, enhanced value creation, and broader investor access.
With average daily turnover already up 16% year-on-year to S$1.53 billion in the third quarter—and IPOs raising over S$2 billion year-to-date—these enhancements come at a pivotal moment. They underscore Singapore’s ambition to attract high-growth firms with an Asian nexus and global reach, while fostering a more inclusive and efficient trading ecosystem.
A Dual Listing Bridge to Unlock Cross-Border Capital
At the heart of the review is the establishment of a SGX-Nasdaq Dual Listing Bridge, designed to create a seamless pathway for eligible companies to tap into liquidity pools on both sides of the Pacific. Targeting firms with a market capitalisation of at least S$2 billion, the bridge will enable simultaneous capital raising in North America and Asia, reducing friction and costs associated with traditional dual listings.
MAS plans to consult on streamlined prospectus disclosure requirements—aligning them closely with U.S. standards—to allow a single offering document. Backed by the Equity Market Development Programme (EQDP) and the Anchor Fund @ 65, the new board is slated to go live around mid-2026. This move not only positions Singapore as a gateway for Asian enterprises eyeing U.S. markets but also draws American innovators closer to Asia’s vibrant economy.
Empowering Companies: The S$30 Million “Value Unlock” Package
To sharpen corporate focus on shareholder value, MAS is rolling out a S$30 million “Value Unlock” Package drawn from the Financial Sector Development Fund (FSDF). Structured around three pillars, the programme equips listed companies with tools to elevate investor engagement and strategic execution:

Capabilities: Grants for corporate strategy advisory, capital optimisation, and investor relations training.
Communication: Toolkits, outreach events, media support, enhanced research under the Global Equity Market Study (GEMS), and regulatory clarity for forward-looking projections.
Communities: Peer-learning platforms, including integration with the Singapore Institute of Directors’ (SID) Chairpersons Guild.

By addressing common pain points like fragmented investor outreach, this package aims to drive sustainable growth and long-term value creation, ultimately benefiting both issuers and the broader market.
Boosting Local Expertise: Second Wave of EQDP Allocations
In a bid to deepen domestic investor participation, MAS has appointed a second batch of six asset managers under the EQDP, committing S$2.85 billion in fresh allocations. This brings the total programme funding to S$3.95 billion across nine managers, including heavyweights like BlackRock, Eastspring Investments, and Manulife Investment Management.
The new appointees—Amova Asset Management, AR Capital, BlackRock, Eastspring Investments (Singapore), Lion Global Investors, and Manulife—will channel capital into Singapore-listed equities, nurturing a robust local fund management ecosystem. A third phase is eyed for the second quarter of 2026, with ongoing reviews of additional submissions. This infusion not only amplifies liquidity but also cultivates specialized strategies tailored to Singapore’s market nuances.
Modernising Infrastructure: Trading and Post-Trade Upgrades
The review doesn’t stop at high-level strategy; it drills down into operational efficiencies. Key enhancements include:

Strengthened Market Making: Incentives and grants for liquidity providers targeting small- and mid-cap stocks, with details forthcoming in the first quarter of 2026.
Post-Trade Custody Overhaul: A shift to broker custody accounts to slash costs, streamline settlements, and unlock innovations like fractional trading and robo-advisory services. Retail investors can opt to retain direct accounts with the Central Depository (CDP). SGX will launch consultations on rule changes in early 2026, drawing inspiration from leading global markets.
Reduced Board Lot Sizes: Lowering the minimum from 100 to 10 units for securities priced above S$10, making shares more accessible to retail participants and potentially sparking higher trading volumes.

These tweaks promise a more agile, cost-effective market, aligning Singapore with international best practices while safeguarding investor protection.
Implementation and Oversight: A Coordinated Push Forward
To ensure swift execution, MAS is forming an Equity Market Implementation Committee, co-chaired by MAS Managing Director Chia Der Jiun and SGX Group CEO Loh Boon Chye. The committee will monitor progress, refine proposals through consultations, and adapt to emerging needs. Initial details on trading incentives and custody reforms are expected in Q1 2026, setting the stage for a revitalised market by mid-year.
The Bigger Picture: Singapore’s Equities Renaissance
These reforms reflect a holistic, forward-thinking approach to counter global headwinds like fragmented liquidity and geopolitical uncertainties. By fostering connectivity with Nasdaq, empowering issuers, and modernising infrastructure, Singapore is not just defending its turf—it’s expanding it. As regional IPO activity rebounds and tech-driven firms seek dual-market exposure, the Lion City stands ready to roar.
For listed companies and investors alike, the message is clear: Singapore’s equities market is evolving to deliver deeper liquidity, richer opportunities, and uncompromised integrity.
Source: Monetary Authority of Singapore Media Release, “Review Group Completes Equities Market Review, Unveils SGX-Nasdaq Dual Listing Bridge, S$30 million ‘Value Unlock’ Package, and Second Batch of EQDP Asset Managers,” 20 November 2025.

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