The Monetary Authority of Singapore (MAS) has unveiled several key measures alongside the release of the equities market review group’s final report on Nov 19.
This includes the appointment of six asset managers that will launch fund strategies under the Equity Market Development Programme (EQDP). MAS will place $2.85 billion out of the $5 billion fund with Amova Asset Management (formerly Nikko Asset Management), AR Capital, BlackRock, Eastspring Investments, Lion Global Investors and Manulife Investment Management.
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.
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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
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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.
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.
