The Monetary Authority of Singapore (MAS) announced on November 19 that the Equity Market Review Group has completed a comprehensive assessment and released its final report. To enhance the competitiveness of Singapore's stock market, MAS unveiled a series of significant measures, including establishing a "dual-listing bridge" between the Singapore Exchange (SGX) and Nasdaq. This initiative will allow companies to prepare a single set of IPO documents for simultaneous listings in both markets. Additionally, MAS introduced a SGD 30 million "Value Unlocking" package and appointed the second batch of asset management firms under the "Equity Market Development Programme" (EQDP).
One of the key proposals in the report is the establishment of a dual-listing mechanism between SGX and Nasdaq. This framework aims to facilitate high-growth companies with Asian roots and global ambitions by enabling them to access capital and liquidity in both North American and Asian markets through unified documentation, thereby reducing regulatory friction and costs. The initiative primarily targets companies with a market capitalization of SGD 2 billion or more, with the new listing segment expected to launch by mid-2026.
The move comes as Singapore, despite being a major Asian financial hub, has faced challenges in developing its securities market. Due to insufficient liquidity, emerging Singapore-based tech firms such as ride-hailing company Grab and "Southeast Asia's Tencent" Sea Limited have opted for direct listings in the U.S. Meanwhile, local established companies like massage chair maker OSIM and warehouse operator GLP have delisted from the local market in recent years.
According to LESG data, as of early November, SGX's mainboard recorded only five IPOs this year—its best performance in recent years—but still lagged far behind regional competitor Hong Kong Exchanges and Clearing (HKEX). In contrast, Hong Kong Chief Executive John Lee revealed earlier this month that the city's stock market averaged over USD 32 billion in daily trading volume this year, doubling from last year. In the first 10 months of 2024, Hong Kong hosted 80 IPOs raising more than USD 26 billion, ranking first globally in IPO fundraising.
MAS noted that Singapore's stock market recorded an average daily trading volume of SGD 1.53 billion in Q3 2024, its highest level since Q1 2021.