Including the first batch of EQDP appointments that placed $1.1 billion with three asset managers in July, MAS has allocated a total of $3.95 billion with nine asset managers. The remaining EQDP submissions will be reviewed and the next phase of appointments is slated to be released in 2Q2026.
New initiative for companies to dual-list on Nasdaq and SGX
The review group is also looking at establishing a dual-listing bridge connecting both the Singapore Exchange (SGX) and Nasdaq. The bridge aims to attract quality growth companies in Asia with a market capitalisation of $2 billion and above to raise capital from investors in both markets. These companies should have an Asian nexus and global ambitions, says MAS.
Both exchanges said the proposal is subject to the completion of relevant regulatory processes.
See also: Amova to launch two funds under EQDP in 1Q
Meanwhile, MAS will work with SGX to consult on the regulatory framework for a set of prospectus disclosure requirements comparable to those of the US. With this, issuers will be able to use a single set of offering documents. Shares are also fungible on both markets. There will be a new Board for these companies looking to dual-list on both exchanges.
Measures such as the EQDP and the Anchor Fund @ 65 will support fundraising and trading liquidity for promising companies. The new Board is expected to go live around mid-2026.
‘Value Unlock’ programme
See also: AR Capital to launch its EQDP-appointed fund in 'early 2026'
MAS, together with the SGX, will launch a “Value Unlock” programme to help listed companies strengthen investor engagement and sharpen their focus on creating value for shareholders.
Minister Chee Hong Tat first announced the programme in September at the Singapore Institute of Directors’ (SID) conference. He added that more details will be unveiled in November at a DBS event in October.
Under the programme, MAS will allocate $30 million from the Financial Sector Development Fund to two grants to build competencies in corporate strategy, capital optimisation and investor relations.
MAS will also work with SGX to help listcos communicate their strategic plans more proactively, effectively and consistently.
In addition, MAS and SGX will collaborate with ecosystem partners to encourage peer learning and collaboration through platforms like the SID’s Chairpersons Guild. Such networks will help reinforce a system that propagates best practices, among other things.
Equity Market Implementation Committee
With the conclusion of the review, MAS will establish an Equity Market Implementation Committee to ensure effective implementation of the measures proposed.
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The committee will be co-chaired by MAS’s managing director, Chia Der Jiun and SGX’s CEO Loh Boon Chye. More details to come in 1Q2026.
Read more about the latest updates from the equities market review group:
- Amova, Manulife IM, Lion Global reveal details of fund strategies chosen under MAS’s $5 bil EQDP
- SGX to reduce board lot sizes to 10 units for securities above $10
- SGX and Nasdaq to simplify dual listings by streamlining regulations and fundraising
- Smaller board lots: The race to $10 starts at 10
Read more about the equities market review group and the Equity Market Development Programme:
- MAS consults on measures to enhance investor recourse for losses from market misconduct (October)
- More details on ‘Value Unlock’ programme for listcos to be unveiled in November: Chee Hong Tat (October)
- Fullerton launches first retail fund under EQDP to ‘value up’ SGX stocks (October)
- From America to Asia, ‘timing is right’ for SGX measures: Ng Kok Song (July)
- JPMAM’s EQDP-appointed fund strategy to focus on Asian equities with ‘majority’ allocated to Singapore stocks (July)
- MAS picks Avanda, Fullerton, JP Morgan under $5 bil Equity Market Development Programme (July)
- Equities market review group targeting ‘mid-sized but good-sized’ companies to list in Singapore (February)
- Proposing equity market changes a ‘balancing act’ that comes with ‘trade-offs’: Chee Hong Tat (February)
