Parliamentary Replies
Published Date: 04 April 2022

Reply to Parliamentary Question on the Research Initiatives Grant under the Grant for Equity Market Singapore




Date: For Parliament Sitting on 4 April 2022

Name and Constituency of Member of Parliament

Mr Chua Kheng Wee Louis, MP, Sengkang GRC


To ask the Minister for Finance (a) how much of the Research Initiatives Grant under the Grant for Equity Market Singapore (GEMS) announced in 2019 to crowd-source initiatives to propel the development of Singapore’s equity research ecosystem has been awarded; and (b) what are some of the notable initiatives that have been developed through the GEMS Research Initiatives Grant.

Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:

1. The Research Initiatives Grant under MAS’ Grant for Equity Market Singapore (GEMS) scheme provides support for initiatives that seek to enhance Singapore’s equity research ecosystem and improve the research coverage of companies listed on the Singapore Exchange.
2. Since the launch of the Research Initiatives Grant in January 2019, MAS and SGX have received 30 enquiries and pilot concepts, many of which were exploratory. Fifteen of them were followed through with draft applications. MAS works with applicants to determine if their proposals address existing market gaps in equity research or trading, and whether the proposals have clear implementation plans. It has to date approved grant funding for one project, and is currently reviewing five other grant applications.

3. The project that was granted funding employs digital tools to help smaller Singapore Exchange-listed companies improve their investor engagement. The project went live in mid-2021 and has facilitated close to 20 investor outreach events to-date.

4. MAS continues to welcome proposals that can help enhance equity research and contribute to the growth of our public equity market.  

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