Equity Market
Equities Market Review Group
MAS set up the Equities Market Review Group in August 2024, chaired by Mr Chee Hong Tat, Minister for National Development and Deputy Chairman of MAS, and comprising private and public sector representatives, to recommend measures to strengthen equities market development in Singapore.
Second Set of Measures Announced by the Equities Market Review Group
21 July 2025
Building upon the first set of measures announced by the Review Group in February 2025, MAS announced a further set of measures aimed at increasing investor interest, improving the ecosystem’s attractiveness to quality listings, and adopting a more pro-enterprise regulatory stance while strengthening investor confidence. These initiatives include:
- The appointment of the first batch of asset managers under the S$5 billion Equity Market Development Programme (EQDP), with a total of S$1.1 billion placed across three managers.
- The commitment of S$50 million from the Financial Sector Development Fund to strengthen local equity research capabilities and coverage, and to grow a more vibrant listed product ecosystem.
- Proposals to enhance investor recourse avenues for losses suffered due to market misconduct. These seek to reduce frictions faced by retail investors in commencing civil action. At the same time, the proposals also seek to guard against frivolous claims.
Final Report and Set of Measures Announced by the Equities Market Review Group
19 November 2025
On 19 November 2025, the Review Group completed its review and released its final report. Additional measures to strengthen the competitiveness of Singapore’s equities market include:
- Facilitating the establishment of a dual listings bridge between the Singapore Exchange (SGX) and Nasdaq.
- The launch of a S$30 million “Value Unlock” Programme to help listed companies sharpen their focus on shareholder value creation and strengthen investor engagement.
- Appointment of the second batch of asset managers under the S$5 billion EQDP, with a total of S$2.85 billion placed across six managers.
- Trading and market structure enhancements to strengthen market making, modernise post-trade custody, and reduce board lot size.
MAS also announced plans for the establishment of an Equity Market Implementation Committee, co-chaired by Mr Chia Der Jiun, Managing Director of MAS, and Mr Loh Boon Chye, CEO of SGX RegCo, to oversee the implementation of the Review Group’s measures.
- Speech by Mr Chee Hong Tat, Minister for National Development, and Deputy Chairman of MAS, “Transformational Directorship - Unlocking Shareholder Value in Singapore's Listed Companies” delivered 12 September 2025 at the Singapore Institute of Directors’ Directors Conference
- MAS media release, published 29 October 2025, on proposals to streamline listing review functions under SGX
- MAS media release, published 19 November 2025, on the Review Group’s final report
- Remarks by Mr Chee Hong Tat, Minister for National Development, and Deputy Chairman of MAS, at the Equities Market Review Group Media Conference on 19 November 2025
- MAS media release, published 9 January 2026, on proposed legislative and regulatory changes to facilitate dual listings on Global Listing Board
Expansion of the EQDP to $6.5 Billion through Top Up to the FSDF
12 February 2026
MAS announced the expansion of the EQDP from S$5 billion to S$6.5 billion, following Prime Minister and Minister for Finance Mr Lawrence Wong’s announcement at the Budget 2026 speech on the Financial Sector Development Fund top-up for this purpose.
Singapore Institute of Directors’ Launch of the SID Chairpersons Guild
16 January 2026
At the Singapore Institute of Directors’ Launch of the SID Chairpersons Guild, Mr Chee Hong Tat, Minister for National Development and Deputy Chairman of MAS, encouraged the Guild and business leaders to foster peer learning on good leadership and to uphold strong corporate governance standards. He launched the Value Unlock programme’s Equip and Elevate grants, and encouraged companies to leverage these to build capabilities that drive shareholder value.
Singapore Institute of Directors’ Inaugural Chairpersons Guild Forum
6 March 2026
At the SID’s inaugural Chairpersons Guild Forum, Mr Chia Der Jiun, Managing Director of MAS, encouraged Chairmen and directors of listed companies to drive shareholder value, through stronger governance, disciplined capital stewardship, and meaningful investor engagement underpinned by well-developed strategies. He outlined three ways that MAS would continue supporting companies in their transformation journeys: Building capabilities through the Value Unlock programme, including the Equip and Elevate grants; reviewing the Code of Corporate Governance to raise market norms; enhancing disclosure requirements to strengthen shareholder communication.
STI’s 60th Anniversary Celebration
5 January 2026
At the Straits Times Index’s (STI) 60th Anniversary, Mr Chee Hong Tat, Minister for National Development and Deputy Chairman of MAS, emphasised the development of the STI over the years and its mirroring of Singapore’s development in his opening remarks. There were encouraging signs from the Review Group’s measures, reflecting increasing liquidity, improving market functionality and stronger two-way interest from market participants. Minister Chee called on all ecosystem players to work together to draw in more quality listings.
Inaugural Singapore Equities Forum
9 January 2026
At the inaugural Singapore Equities Forum organised by the Securities Association of Singapore and the SGX, Mr Alvin Tan, Minister of State for National Development and Trade and Industry and MAS Board Member, highlighted the equities market as a key plank in Singapore’s strategy to empower, restructure and rejuvenate the economy. He noted measures to spark and sustain interest within the capital markets put forth by the Equities Market Review Group and encouraged the brokerage community to share their insights across various investor segments to raise visibility of promising companies.