A vital step came on an auspicious day on Monday, with the appointment of the first group of professional financial advisers.

These so-called 'sponsors' play a central role in Catalist's new approach to fostering listed businesses by ushering a company through the listing process then mentoring it later on.

They were introduced amid much fanfare at the Singapore Exchange on what was dubbed the first day of spring - one of the most auspicious days on the Chinese calendar.

The unveiling also took place against the backdrop of a hongbao rally, with the benchmark Straits Times Index soaring by as much as 3 per cent, while

China's Shanghai Composite Index soared 8.1 per cent.

The race is now on to roll out the first Catalist IPO by March. The time-frame for listing a firm on the revamped board has been cut to just five to six weeks from 12 to 17 weeks as it was on Sesdaq.

Catalist is part of SGX's strategy to give small, fast-growing firms as well as large ones a viable Asian listing destination, other than London's Alternative Investment Market (AIM) which they have so far gravitated to.

Unlike a mainboard listing, Catalist hopefuls need not formally demonstrate a business track record or meet any prescribed financial entry requirements.

Once they are listed, Catalist firms also have a freer hand to raise funds and engage in mergers and acquisition activities.

They do need to have a sponsor to hold their hands though.

Singapore Exchange's head of listings Lawrence Wong said on Monday that the response to Catalist has been very encouraging.

The existing 150-odd Sesdaq firms, which have been given a transitional period of at least two years to get a sponsor, will also be given plenty of opportunities to meet up with the financial advisers and form partnerships.

Initially, SGX has appointed 10 firms to be full sponsors and another six firms to be continuing sponsors. It has also 'approved' 72 professionals from these firms to do work linked to Catalist.

Full sponsors are financial advisers which can prepare a Catalist hopeful for listing and mentor it while it stays on the board.

The 10 include the Big Three local banks, DBS Bank, OCBC Bank and UOB Asia, United Overseas Bank's investment banking arm, as well as big US investment banks, Merrill Lynch and Morgan Stanley.

Others on the list were HL Bank, local brokerages Phillip Securities and CIMB-GK, boutique finance house PrimePartners Corporate Finance, and Collins Stewart, with experience in handling London's AIM listings.