Singapore is intensifying its efforts to enhance the competitiveness of its stock market, unveiling a landmark partnership with Nasdaq alongside a suite of measures designed to attract more companies, boost liquidity, and strengthen investor engagement.
The initiatives, announced by the Singapore Exchange (SGX) and the Monetary Authority of Singapore (MAS), reflect the government’s broader ambition to develop the city-state into a more dynamic capital-raising hub in the region.
Global listing bridge with Nasdaq aims to draw major companies
In a significant development, SGX and Nasdaq have agreed to streamline dual listings between the US and Singapore through a newly created “Global Listing Board.”
The framework, set to be operational by mid-2026, targets companies with market capitalizations above 2 billion Singapore dollars (approximately $1.5 billion).
It promises a simplified cross-border listing experience, allowing firms to use a single set of documents to meet regulatory requirements for both exchanges.
According to the exchanges’ joint statement, the initiative aims to give companies broader access to capital, liquidity, and global investors.
SGX CEO Loh Boon Chye told CNBC the arrangement benefits investors as well, noting that dual listings across time zones enable nearly round-the-clock price discovery and risk management.
He added that the structure allows investors to choose whether to transact in US dollars or Singapore dollars.
Nasdaq CEO Adena Friedman described the bridge as the “first of its kind,” emphasizing that it would be particularly attractive for companies with Asian operations seeking global exposure but wishing to navigate a single regulatory framework.
The partnership aligns with long-running efforts by Singapore to reinforce its capital markets, especially as regional competition intensifies and companies increasingly seek global visibility.
MAS unveils measures to strengthen market competitiveness
Complementing the SGX-Nasdaq initiative, the Monetary Authority of Singapore introduced new measures designed to support corporate growth and deepen market participation.
A key component is a SG$30 million “Value Unlock” program aimed at helping companies strengthen their corporate strategy, capital optimization efforts, and investor relations capabilities.
MAS said it sees this as an opportune moment for firms to sharpen their fundamentals and better communicate value creation to investors.
The central bank also announced it would place SG$2.85 billion with six asset managers in Singapore, expanding on its SG$1.1 billion allocation earlier in the year.
The move is intended to support the development of the local fund management industry and stimulate greater investor engagement in Singapore equities.
CGS International analysts described the liquidity boost as positive for the market, noting that the new programs are complementary to the broader value chain.
However, they cautioned that the SGX’s lower liquidity relative to major global exchanges such as Nasdaq remains a short-term challenge.
Market activity rises, but structural hurdles persist
Recent data indicate that Singapore’s equity market is gaining momentum.
MAS said activity and interest have been increasing, with average daily turnover rising 16% year-on-year in the third quarter of 2025 to SG$1.53 billion—its highest level since early 2021.
Small- and mid-cap trading has picked up, and IPOs have raised more than SG$2 billion so far this year.
Still, analysts warn that further progress will depend on meaningful corporate action.
Goldman Sachs noted that guidelines and enforcement mechanisms for the “Value Unlock” program remain limited, and pointed to Japan and South Korea—where reforms such as dividend tax incentives and stronger disclosure requirements have helped drive significant equity re-ratings.
While Singapore’s Straits Times Index has climbed about 30% since its equities review group was formed in August 2024, the gains lag behind Japan and South Korea, which have seen increases of nearly 60% following their respective reform announcements.
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