Grant for Equity Market Singapore Scheme

The Singapore equity market serves as a gateway for Asian enterprises to access a diversified pool of regional and global investors for growth capital to support their business expansion. MAS introduced the Grant for Equity Market Singapore (GEMS) scheme to help issuers defray some of the listing costs and to enhance the research ecosystem, which will in turn facilitate better price discovery and liquidity for public listed companies.

Grant Details

GEMS comprises three components and is valid for three years from 14 February 2019:

1. Listing Grant to encourage potential issuers to list on the Singapore Exchange (SGX) by co-funding part of the eligible expenses.

	Details
Qualifying Issuer	Issuers with an Initial Public Offering, excluding Real Estate Investment Trusts and Business Trusts, on SGX.
Qualifying Issuance, funding level and per-issuance cap	New Technology SectorsIncludes financial technology, consumer digital technology, on-demand services and gaming services/peripherals. • Listed on SGX. • Market capitalisation of at least SGD 300 million at the point of listing. • 70% co-funding of eligible expenses with a cap of SGD 1 million.	High Growth SectorsIncludes digital cluster, advanced manufacturing, hub services, logistics, urban solutions & infrastructure, and healthcare. • Listed on SGX. • Market capitalisation of at least SGD 300 million at the point of listing. • 20% co-funding of eligible expenses with a cap of SGD 500,000.	All other Sectors • Listed on SGX. • No minimum market capitalisation required. • 20% co-funding of eligible expenses with a cap of SGD 200,000.
Eligible Expenses	• Issuer manager fees • Sponsor fees • Underwriting fees • Placement fees • Auditor fees • Legal fees • Market research fees • SGX listing fees

Details

Qualifying Issuer

Issuers with an Initial Public Offering, excluding Real Estate Investment Trusts and Business Trusts, on SGX.

Qualifying Issuance, funding level and per-issuance cap

New Technology SectorsIncludes financial technology, consumer digital technology, on-demand services and gaming services/peripherals.

• Listed on SGX.
• Market capitalisation of at least SGD 300 million at the point of listing.
• 70% co-funding of eligible expenses with a cap of SGD 1 million.

High Growth SectorsIncludes digital cluster, advanced manufacturing, hub services, logistics, urban solutions & infrastructure, and healthcare.

• Listed on SGX.
• Market capitalisation of at least SGD 300 million at the point of listing.
• 20% co-funding of eligible expenses with a cap of SGD 500,000.

All other Sectors

• Listed on SGX.
• No minimum market capitalisation required.
• 20% co-funding of eligible expenses with a cap of SGD 200,000.

Eligible Expenses

• Issuer manager fees
• Sponsor fees
• Underwriting fees
• Placement fees
• Auditor fees
• Legal fees
• Market research fees
• SGX listing fees

2. Research Talent Development Grant to encourage financial institutions to hire research professionals by co-funding hiring costs.

	Details
Qualifying Issuer	Financial institutions based in Singapore with equity research capabilities.
Funding level	• 70% of the salaries of fresh graduates hired as equity research analysts. • 50% of the salaries for re-employed experienced equity research analysts.
Eligible Expenses	Fixed basic salary including fixed allowances, but not including bonuses or variable income.

3. Research Initiative Grant is earmarked to fund crowd-sourced initiatives that will propel the development of Singapore’s equity research ecosystem. Such initiatives could include new format of equity research, or innovative ways to distribute research and disseminate enterprise information to investors.

Application

Interested applicants can write to fsdf@mas.gov.sg for more information.

Applicants of the Listing Grant should submit their applications no later than 3 months after the issue date.

Applicants of the Research Talent Development Grant and Research Initiative Grant should submit their applications at least 3 months before commencement of projects, and hire only when their applications are approved by MAS.