On 19 November 2025, the Monetary Authority of Singapore (“MAS”) announced a suite of measures designed to bolster Singapore’s equity markets.
The measures include:
1. The establishment of a dual-listing bridge connecting the Singapore Exchange (“SGX”) and Nasdaq.
2. The launch of a S$30 million “Value Unlock” Package.
3. Appointment of the second batch of asset managers under the S$5 billion Equity Market Development Programme, with a total of S$2.85 billion placed across six managers.
4. Trading and market structure enhancements.
SGX-Nasdaq Dual-Listing Bridge
The announcement of a streamlined dual-listing bridge between the SGX and Nasdaq marks a significant milestone in Singapore’s equity-markets evolution and presents a unique opportunity for Singapore companies. Under this initiative, issuers that meet certain criteria will be able to pursue a dual listing on the SGX and the Nasdaq exchange via a single set of offering documents, thereby reducing regulatory friction and costs. It will be interesting to note the specific prospectus disclosure requirements which will be implemented jointly by SGX and Nasdaq to effect this. Companies with a market capitalisation of S$2 billion and above will qualify for this initiative.
The dual-listing bridge is expected to go live around mid-2026, subject to regulatory consultation and implementation. To operationalise the bridge, SGX will introduce a new “Global Listings Board”. Companies would find it easier to pursue a dual listing on both Nasdaq and SGX under this new initiative.
This could start a shift in trend towards dual listings, over single-jurisdictional listings, for companies looking to capture an investor base overseas whilst maintaining a presence in the Singapore market. This innovative and collaborative approach by both exchanges is a welcomed initiative to attract more listings of good quality companies.
“Value Unlock” Programme
Under this programme, MAS and SGX will allocate S$30 million from the Financial Sector Development Fund (“FSDF”) to fund two grants. These grants are (a) the “Equip Grant”, a training grant of up to S$15,000 per listed company to co-fund training and capacity building on investor relations, media training, corporate strategy or financial management, and (b) the “Elevate Grant”, a professional services grant of up to S$200,000 per listed company, to co-fund the engagement of investor relations, corporate strategy or financial management consultants.
In addition, several initiatives will be introduced to help companies communicate strategic plans more proactively, effectively and consistently. MAS and SGX will also work with ecosystem partners to foster peer learning and collaboration through platforms like the Singapore Institute of Directors (SID) Chairpersons Guild.
A further S$2.85 billion to be placed under the Equity Market Development Programme (“EQDP”)
MAS and the FSDF will place a further S$2.85 billion with a second batch of six asset managers under the S$5 billion EQDP. With July’s first batch of EQDP appointments, the total allocation is now S$3.95 billion across nine asset managers. MAS expects the next phase of appointments to take place in the second quarter of 2026.
Trading and market structure enhancements
The Equities Market Review Group’s final report recommended a range of market reforms and enhancements such as:
(a) The introduction of incentives and grants to strengthen market makers’ capabilities, focusing on newly listed and next-tier small and mid-cap stocks outside the Straits Times Index (STI), with more details to be announced in the first quarter of 2026.
(b) An initiative to facilitate investor adoption of broker custody accounts. SGX will further consult on this matter in first quarter of 2026.
(c) The reduction of board-lot sizes for securities above S$10 from 100 to 10 units with a view to lower minimum investment requirements.
This Client Update was authored by Gwendolyn Gn (Partner), Lin Yu Mei (Partner), Leow Jen Wei (Associate) and Julian Cheng (Practice Trainee).
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For further information, please contact:
Gwendolyn Gn, Partner, Shook Lin & Bok
gwendolyn.gn@shooklin.com
