The Singapore Exchange has launched the Singapore Depository Receipt (SDR) Linkage mirroring renowned Indonesian listed blue chips. This will bring the total number of SDR listed on SGX to 26 securities.
The launch of the Indonesian SDR follows the signing of a Memorandum of Understanding (MOU) between SGX Group and Indonesia Stock Exchange (IDX) back in 2024.
Issued by Phillip Securities, the Indonesia SDRs represent beneficial ownership interests in the underlying IDX-listed companies of Bank Central Asia, Telkom Indonesia and Indofood CBP, maker of the popular instant noodle brand Indomie, all of which are constituents of the benchmark IDX30 Index.
SDRs are instruments that are denominated in Singapore Dollar, with each representing beneficial interest in an underlying security listed on an overseas exchange.
Through SDRs, Singapore investors can gain easy access to Indonesian-listed securities by using their local brokers during SGX trading hours.
SDRs can also bring in a broader group of investors, which helps by increasing liquidity of the underlying market and enhance the visibility of these Indonesia-listed companies here in Singapore.
The launch of the Indonesia SDRs comes at a time when the Jakarta Composite Index (JCI) traded to an all-time high in September 2025.
The JCI delivered a total return of 150% over the past 10 years. This translates to an annualised return of more than 9%.
The strong index performance was mainly attributed to steady economic performance in Indonesia and driven by key sectors such as financials, consumer, communication services & materials.
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According to SGX, SDR’s turnover grew by more than 30 times since the launch of the Hong Kong SDRs back in October 2024 and has hit a record high of $16 million in September 2025 alone. This record was driven by strong retail interest and participation in SDRs.
Furthermore, new underlying SDR and diversity in different sector exposure also attracted wider participation from investors.
In particular, new Hong Kong SDRs such as Contemporary Amperex Technology Co (CATL) and Pop Mart International Group (Pop Mart) launched back in August 2025, were well received by investors and contributed to more than 20% of the daily turnover of all SDRs.
Meanwhile, retail participation in Thailand SDR for 3Q2025 more than doubled year-on-year. Trading interest remained heavy in the banks and technology sector.
“The launch is a significant milestone in our journey to strengthen regional connectivity,” says SGX CEO Loh Boon Chye.
“Collaborations with other exchanges is also one element within the holistic set of recommendations that the Equities Market Review Group had announced in February.
“Indonesia is a dynamic and fast-growing market, and this collaboration enables investors in Singapore to participate seamlessly in its growth story,” says Loh.
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Iman Rachman, president director of the Indonesia Stock Exchange, calls this initiative a strategic milestone in advancing one of IDX’s key strategic focus — regional synergy and connectivity.
“This initiative will enhance market liquidity, expand investor participation, and strengthen cross-border investment flows. By creating new investment channels, the DR Linkage reinforces our mission to expand Indonesia’s capital market that is more inclusive, globally connected, and aligned with regional progress,” he adds.
Luke Lim, managing director of the SDR issuer Phillip Securities, says the SDRs help bring high-quality Indonesian companies to Singapore investors through a familiar framework.
“We believe that cross-border investing within Asean should be straightforward and accessible, allowing investors to focus on building their portfolios,” he says.
