Singapore, 29 September 2026… The Monetary Authority of Singapore (MAS) announced today the appointment of the third batch of five asset managers under the S$6.5 billion Equity Market Development Programme (EQDP). MAS will place S$1.45 billion with the appointed managers, bringing the total allocation under the EQDP to S$5.4 billion. MAS has also committed S$20 million from the Financial Sector Development Fund (FSDF) to the Grant for Equity Market Singapore (GEMS) Scheme to enhance equities market making activities in Singapore. The announcements were made at the SuperReturn Asia Conference on 29 September 2026 by Mr Chee Hong Tat, Minister for National Development and Deputy Chairman of MAS.

2. These initiatives are part of the Equities Market Review Group’s measures to strengthen the competitiveness of Singapore’s equities market. The Review Group published its final report in November 2025.

MAS Appoints Third Batch of Asset Managers under EQDP

3. MAS will place S$1.45 billion with the third batch of five EQDP asset managers. The appointed managers are:

• Amundi
• Franklin Templeton
• HSBC Asset Management
• M&G Investments
• Natixis Investment Managers

4. These managers will draw on their global distribution networks to bring in new sources of international capital seeking exposure to Singapore and the region, which helps broaden investor participation in Singapore’s equities market. Together with the earlier EQDP appointments announced in July and November 2025MAS announced the first and second batches of EQDP appointments in July and November 2025, with placements of S$1.1 billion across three asset managers and S$2.85 billion across six asset managers respectively., total allocations under the programme now amount to S$5.4 billion across 14 asset managers.

5. MAS is reviewing the proposals for a fourth batch of asset managers, and expects to complete the review in 2027.

MAS Commits S$20 million to Strengthen Equities Market Making Activities in Singapore

6. MAS has committed S$20 million from the FSDF for a new GEMS Market Making Grant to support market making activities in SGX-listed stocks till 31 December 2028. The grant will support appointed market makers in providing trading liquidity for an initial group of around 80 eligible small- and mid-cap stocksThese are stocks that have a minimum level of trading activity and higher execution costs compared to the Straits Times Index (STI) average., as well as newly-listed stocks. It aims to facilitate tighter bid-ask spreads, reduce execution costs, and strengthen price discovery. The list of eligible stocks will be reviewed regularly to cover additional stocks that can benefit from enhanced market making support to improve price discovery. Over time, this can enhance market quality and trading liquidity, attracting greater investor interest in these stocks.

7. Today’s announcements build on the progress made in implementing the Review Group’s measures. MAS will continue to implement the remaining measures to strengthen Singapore’s equities market.

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