Distinguished guests,
Ladies and gentlemen,

1. Good morning. Thank you very much for inviting me to join you at SuperReturn Asia.

a. SuperReturn brings together many of the investors, fund managers and asset owners who shape how capital is raised and deployed globally and across the region.

b. Structural shifts are creating new investment opportunities. Advances in AI and digitalisation, the energy transition and the reconfiguration of global supply chains are driving substantial investment needs across economies and sectors.

c. Meeting these investment needs will require substantial amounts of capital. Companies will need financing to grow and expand, while investments in areas such as digital infrastructure, energy and logistics will require significant long-term investment.

d. This creates opportunities for investors and fund managers that can mobilise capital and connect it with quality companies and projects.

2. Singapore is well positioned to bring these different parts of the investment ecosystem together.

a. Our asset management industry has grown strongly, with close to S$7 trillion in assets managed by more than 1,300 asset managers here.

b. Alongside this growth, our capabilities have broadened and deepened across both public and private markets. We host seven of the top 10 global private market managers, alongside a growing base of managers with capabilities spanning the full range of alternative strategies, from buyouts and growth equity, private credit, infrastructure, real estate, venture capital, to secondaries and hedge funds. Many managers use Singapore as a hub for regional investment activities and decision making, with their regional leadership based here.

c. Singapore also provides a trusted and well-connected gateway to capital and opportunities across Asia and globally. This is supported by a deep and vibrant financial sector, established legal and professional services, and connectivity to global capital and opportunities across the region.

Enhancing Singapore’s Attractiveness as an Asset Management Hub

3. We will continue to build on these strengths to enhance Singapore's attractiveness as a leading asset management hub.

a. In August this year, we announced a set of measures to further sharpen Singapore’s asset management proposition. These include a tax exemption for profit-related returns from fund management services provided to qualifying funds.

b. This exemption is expected to take effect from the Year of Assessment 2027 for relevant fund management companies and individuals, covering income earned in the 2026 basis period. This refers to calendar year 2026 for individuals and financial year ending in 2026 for corporates.

c. Further details will be shared during next year’s budget, Budget 2027.

4. We have received strong interest from asset managers since I made the announcement in August. The asset managers have given us feedback that these measures are very welcome and they will help to position Singapore strongly to grow our asset management sector.

5. Fund managers establishing or expanding their activities in Singapore can also expect a clear and efficient licensing process.

a. Over the past three years, MAS has received more than 500 applications for fund management licences, reflecting the strong interest in Singapore as a base for investment management.

b. To make sure new entrants are able to establish their businesses in Singapore efficiently in light of the strong interest, we have enhanced our processes to provide applicants with the outcome of their applications as quickly as possible.

c. The median licence approval time was four and a half months in 2Q 2026. Applicants with established track records and experienced investment teams will receive decisions sooner. The quickest application was approved within 12 weeks.

d. I have asked the MAS team to continue to streamline our approval process and to further shorten the waiting time for applicants, while upholding high standards that are aligned with Singapore’s reputation as a trusted financial centre.

6. People and capabilities are just as important as capital in shaping the development of an asset management hub.

a. Founders, key executives and senior investment professionals bring valuable expertise, networks and leadership. We want Singapore to be an attractive location where they can establish thriving enterprises and to deepen their presence here.

b. From late January 2027, MAS and the Ministry of Manpower will introduce a new Investment Management Track under the Overseas Networks & Expertise Pass (ONE Pass).

i. To better reflect compensation practices in the industry, applicants under the new Investment Management Track will be allowed to meet the ONE Pass qualifying salary of S$30,000 through a combination of a minimum fixed monthly salary of S$15,000, and other variable components of compensation.

ii. Applicants must also meet the qualifying salary criteria for the past three years to demonstrate earning consistency and sustained performance.

iii. The proposed changes provide greater flexibility to attract and anchor asset management talent in Singapore, while ensuring that the ONE Pass continues to target global leaders and senior investment professionals with the potential to contribute or who are already contributing significantly to Singapore’s asset management industry.

c. For senior investment leaders who see Singapore not just as a place to work, but as a home, we welcome them to deepen their roots here through the Global Investor Programme, which provides an accelerated pathway to obtain permanent residency.

i. These include eligible founders, equity partners and senior decision makers of global asset managers.

ii. MAS will support you in applying for permanent residency through the Global Investor Programme.

7. At the same time, we will continue deepening our local talent pipeline in asset management and the broader financial sector in Singapore.

a. MAS works with financial institutions to develop local leaders through overseas postings and leadership programmes for Singaporean professionals.

b. In the last month, we launched two new leadership programmes, including one targeted at younger Singaporeans at the mid-SVP or Director level to start building our leadership pipeline earlier.

c. By combining global expertise with a strong pipeline of local talent, Singapore can continue to attract and anchor more investment activities, and provide more good jobs, career choices and progression opportunities for Singaporeans in the financial services industry.

d. We grow our financial services industry not by building walls or erecting barriers, but by remaining open and enlarging the pie through innovation and collaborations; by maintaining our position as a trusted and competitive international financial centre; and by investing in our people to develop a strong talent pipeline.

Strengthening Singapore’s Growth Capital Ecosystem

8. We know that a strong asset management industry is only one part of what makes a leading financial centre. Equally important is a vibrant capital and financing ecosystem that supports capital formation, investment and growth.

a. Capital is needed at different stages of a company’s growth, from formation to growth, through expansion and internationalisation.

b. Investors, in turn, need pathways to deploy capital, to realise successful investments and to recycle capital into the next generation of opportunities.

c. These different parts of the financing chain are interconnected and mutually reinforcing. And they need a stable and trusted hub to intermediate and converge.

9. We have taken a comprehensive look at Singapore’s capital and financing ecosystem.

a. In 2024, we convened the Equities Market Review Group to strengthen Singapore’s public equity market.

b. Building on that work, MAS and the Ministry of Trade and Industry (MTI) convened the Growth Capital Workgroup earlier this year to examine the broader growth capital ecosystem, including how companies access capital as they scale, how investors realise investments, and how capital can be recycled into new opportunities.

c. Over the past few months, the Workgroup has engaged investors, fund managers, banks, insurers, corporates and other market participants to gather views and ideas.

d. As mentioned earlier, we work very closely with the industry when we review our policies and when we look at how to make Singapore a more vibrant and competitive financial centre; inputs from our industry partners are very valuable.

10. Through our engagement with industry, we have identified three broad opportunities that I believe will build on our strengths:

a. First, supporting companies at different stages of their growth,

b. Next, broadening exits and capital recycling options, and

c. Third, deepening capabilities across the financing chain.

11. Let me elaborate on each one in turn.

a. First, supporting companies through different stages of growth. Companies require different forms of financing as they expand, regionalise and internationalise, from early-stage funding through to larger pools of growth capital.

i. Industry participants see particular potential for Singapore to strengthen our capabilities in growth-stage and mid-market investing.

ii. Across Asia, there is a growing pool of companies seeking capital to scale and expand into new markets, creating opportunities for managers with the expertise and networks to support their growth.

iii. These include managers who can strengthen management teams and governance, help companies access new markets and professionalise operational capabilities.

iv. Singapore can further deepen the ecosystem of managers, investors and intermediaries that can identify promising companies, mobilise capital and support their regional growth.

b. Second, broadening exits and capital recycling options. Capital recycling supports a vibrant investment ecosystem by allowing investors to realise successful investments and redeploy capital into new opportunities.

i. Industry participants see scope to deepen a wider range of exit channels, including mergers and acquisitions, strategic sales, private-market secondaries and continuation vehicles.

ii. These can help to recycle capital more efficiently across our ecosystem and support new investments into growing companies and new opportunities. So this is something that we will look at and see how we can do better.

c. Third, deepening capabilities across the financing chain. A strong growth capital ecosystem requires more than capital and investment opportunities. It also depends on fund managers and intermediaries to originate, structure and finance transactions.

i. Securitisation and asset-backed financing are among the areas that industry participants see opportunities for Singapore to build further capabilities.

ii. Singapore can build on our experience in infrastructure securitisation and our strong institutional investor base to connect a broader range of assets with capital and support capital recycling.

iii. As private markets grow, these opportunities could extend to other private-market assets.

d. Taken together, these three areas reflect an end-to-end holistic view of how capital is formed, deployed and recycled. Strengthening each part of the financing chain can reinforce the others and support a deeper and more dynamic growth capital ecosystem.

12. The next phase of the Workgroup’s efforts will focus on developing concrete measures in each of these three areas.

a. We will consider the many useful ideas suggested by industry participants. These range from capital formation, recycling, and development, including incentives, seed funding and risk-sharing arrangements, measures to strengthen investment and intermediary capabilities, and the supporting conditions for these markets to develop at scale.

b. We will review our policy and regulatory frameworks to see where improvements can be made. The aim is for our regulatory frameworks to remain risk-proportionate, not zero-risk, so that we can facilitate investment, innovation and growth; while maintaining our reputation as a trusted financial hub with appropriate safeguards and high standards.

c. One area we are reviewing is the capital requirements for insurers. MAS will consider if these are sufficiently risk-sensitive to reflect the underlying risk profiles of infrastructure and securitisation assets.

d. Increasing the risk-sensitivity of capital requirements can provide stronger incentives for insurers to invest in high-quality assets and enhance their ability to manage the risks. It can be a win-win outcome for all stakeholders in the ecosystem.

e. Our approach to doing the review and looking at the various measures will be holistic. The most effective solutions are likely to involve a combination of measures that reinforce one another, including mobilising commercial capital, strengthening market capabilities and anchoring more substantive investment activities in Singapore.

f. The Workgroup will continue to engage widely and to speak to different industry partners as we develop these ideas further. And as what I have done for the Equities Market Review Group, we won’t wait until the end before we announce our measures. We will announce the recommendations in batches, and we will share more details as our work progresses.

Deepening Singapore’s Equities Market

13. Let me now turn to another important part of the financing journey – the equities market.

a. Private and public markets are connected parts of the financing journey. Private capital can support companies as they grow and scale. When companies are ready, public markets provide access to a broader investor base and give earlier investors an avenue to realise their investments.

b. A vibrant equities market complements a strong private-markets ecosystem. It provides growing companies with access to capital, while enabling successful investments to be realised and capital recycled into new opportunities.

c. Following the Equities Market Review Group's report that was released in November last year, our focus is now on implementing our proposals effectively to achieve good outcomes.

14. I am pleased to announce this morning that MAS has appointed the third batch of five asset managers under the Equity Market Development Programme (EQDP) and we will allocate S$1.45 billion to these managers. The managers are (i) Amundi, (ii) Franklin Templeton, (iii) HSBC Asset Management, (iv) M&G Investments, and (v) Natixis Investment Managers.

a. The earlier two batches have laid a strong foundation. MAS has allocated, in the earlier two batches, S$3.95 billion across nine appointed asset managers. With the third batch, the total amount allocated has increased to S$5.4 billion.

b. These managers have started to deploy capital into Singapore equities and build investment capabilities here. With strong industry interest in the programme, in Budget this year, the Prime Minister announced that we will expand the EQDP from S$5 billion to S$6.5 billion.

c. This third batch of managers that we are appointing will further deepen investment capabilities and support the creation of quality jobs in Singapore. The managers have strong track records in regional markets and they are committed to continue making significant allocations to Singapore as an integral part of their investment strategies.

d. They bring with them global distribution networks, sources of capital, and expertise that strengthen the depth and dynamism of our public markets.

e. But MAS is not stopping here. As I have mentioned, we have a total of S$6.5 billion, and we have allocated up to now, including the third batch, S$5.4 billion.

f. We are reviewing the proposals for a fourth batch of asset managers and we will announce this next year. For the local and international fund managers which have not yet been appointed, I would like to say, “you still have a chance”. So please continue to engage MAS and share your proposals with us.

15. In addition, we are introducing a new S$20 million market making sleeve under the Grant for Equity Market Singapore (GEMS) scheme.

a. This new GEMS Market Making Grant will strengthen our market making ecosystem, improve trading efficiency and execution quality, and increase the number of institutional grade stocks.

b. This can raise trading interest in SGX-listed stocks and support greater demand through improved execution efficiency.

c. It will target both the “middle segment” of small- and mid-cap stocks with sufficient trading activity, and also new listings.

d. The aim is to improve trading liquidity and narrow the execution costs of these stocks.

e. We expect around 80 stocks outside the Straits Times Index (STI) to benefit from this scheme.

16. Together, these efforts will deepen institutional and retail participation in Singapore equities, making our public markets a more effective destination for listings, financing, and exits within the broader capital ecosystem.

Conclusion

17. To conclude, the initiatives I have announced today and the areas that we are exploring through the Growth Capital Workgroup are all part of our overall efforts to deepen Singapore’s capital ecosystem in a holistic and systematic way.

a. The Government will continue to work closely with our industry partners to identify, develop and capture new opportunities.

b. As demonstrated by our earlier moves through the Equities Market Review Group, and more recently, to enhance Singapore’s competitiveness in hedge fund and asset management, this Government is prepared to take calculated risks and to be decisive in making changes. We are open to reviewing our existing assumptions and policies to ensure they remain pro-business, and can help our companies to innovate, seize new opportunities and become more competitive.

c. Because we know, at the end of the day, we can only have a thriving financial centre here in Singapore if our companies in the financial services industry are competitive and are doing well. They are able to seize new opportunities and the growth that this region can provide.

d. And while we will look for impactful measures, we also recognise that there isn’t just one single silver bullet. Our goal is not to put out something that will stand alone, but to put together a package of mutually reinforcing measures that collectively will make a difference, will move the needle and will get the flywheel turning.

e. Singapore’s continued success will depend on our ability to keep adapting and executing well. It is a competition that will not stop. When we do something, other financial centres will respond. Sometimes they do something, and we respond. This is a dynamic, ongoing, never-ending race. So it is very important for us to keep an eye on what are the key drivers for competitiveness and innovation, as well as the new enablers that can help Singapore to become even more competitive as a trusted financial centre. We will build on our strengths, we will respond to the evolving needs of investors and companies, and we will further increase the level of trust and confidence in Singapore as an international financial centre.

f. Our goal is to make Singapore the place in this region where capital can connect with opportunities and create the next generation of growth.

Thank you very much.