Singapore, 13 February 2025… The Equities Market Review Group announced its first set of measures to strengthen Singapore’s equities market development. These include proposals to introduce tax incentives to spur more listings and investments in Singapore’s equities market, which the Review Group has submitted to the Prime Minister and Minister for Finance.

2. Since its formation, the Review Group has engaged a wide range of stakeholders across the capital markets ecosystem to gather feedback and ideas. The Review Group thanks all stakeholders and members of the public who have contributed their views and ideas.

3. With technology making global markets more accessible, listings and liquidity have gravitated to a few global stock exchanges, making it more challenging for other exchanges to compete for investor interest and liquidity. For example, a significant proportion of global capital is now concentrated in US public markets. The Review Group recognises there are no silver bullets or easy solutions to reverse those trends.

4. Against this context, the Review Group has developed a set of measures aimed at helping Singapore enterprises access growth capital, and attracting quality enterprises with a regional presence to list in Singapore. This includes mid-sized companies that may not have ready access to major capital markets, but could use Singapore as a launch pad for their capital raising. It also includes companies who are already listed elsewhere, but are interested to seek a secondary listing in Asia.

5. The Review Group’s focus is to strengthen the competitiveness of our equities market through a set of proposals to catalyse investor interest and boost the supply of quality listings, and to streamline the regulatory process for initial public offerings. The first set of measures include proposed tax incentives to attract enterprises and fund managers to list in Singapore, and to incentivise the launch and growth of funds with substantial investment in domestic equities.

6. The Review Group will provide a fuller update on its first set of measures on 21 February 2025. It will also continue to work on the next set of measures to foster longer-term development and sustainable growth of Singapore’s equities market, which will be presented in 2H 2025.

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