New SGX-Nasdaq partnership enabling dual listings to launch by mid-2026: MAS

SINGAPORE - Singapore companies will have more options to list here and concurrently in the US, thanks to a new partnership between the Singapore Exchange (SGX) and Nasdaq.

A review group set up by the Monetary Authority of Singapore (MAS) to revive the local stock market announced on Nov 19 that the two bourses will collaborate to establish a “dual-listing bridge” to enable companies to access growth capital and liquidity in Asia and the US. The move is expected to facilitate greater cross-border investment opportunities.

A dual listing allows companies to list on two bourses concurrently with a single set of offering documents.

MAS said the partnership will streamline the regulatory framework, making it easier for companies to list in both countries. It aims to attract quality-growth companies in Asia with a market capitalisation of $2 billion and above that have global ambitions and strong links to Asia. 

This is expected to go live around the middle of 2026.

In the meantime, MAS will work with SGX to consult on the regulatory framework for a set of prospectus disclosure requirements comparable to that in the US, which will enable issuers to use a single set of offering documents to list, cutting regulatory friction and costs.

MAS deputy chairman Chee Hong Tat said the dual-listing bridge will be most relevant for companies with operations and a customer base in Asia that want to tap into the US capital markets.

“Companies of a larger size by Singapore and Asian standards may end up becoming a smaller fish in a much bigger pond, but through such an enrichment with the dual listing, they can better reach out to investors and analysts in Asia where they have a strong Asian nexus in their operations,” said Mr Chee, who is also the Minister for National Development, and chair of the review group.

Enterprise Singapore chairman Lee Chuan Teck, who is a member of the review group, said SGX and Nasdaq complement each other with their different geographical investor bases, and it is critical to ensure absolute fungibility between the two counters.

He added that there has been significant interest in the new bridge, including from venture capital fund managers, and it could attract Asian tech companies with a global focus. 

Additional $2.85b to invest in local stock market

MAS also announced it will allocate $2.85 billion under the Equity Market Development Programme (EQDP) to a second tranche of six asset managers. The EQDP is a $5 billion initiative launched by MAS to invest in and boost the vibrancy of the Singapore stock market.

The fund managers include Amova Asset Management, AR Capital, BlackRock, Eastspring Investments, Lion Global Investors and Manulife Investment Management.

The regulator said these managers adopt a range of investment styles, including absolute and relative return strategies, fundamental quality-driven, growth- and value-focused strategies, and systematic equity strategies based on quantitative trading approaches.

The first batch of asset managers were announced in July, with Avanda Investment Management, Fullerton Fund Management and JP Morgan Asset Management allocated $1.1 billion in total. Avanda and Fullerton have already announced their new funds.

So far, a total of $3.95 billion has been deployed.

MAS said it will announce the third batch of fund managers in the second quarter of 2026, and may explore the possibility of increasing the EQDP funds and appointing additional fund managers in the future.

The focus now is on fully utilising and deploying the $5 billion, which has already led to positive developments in the equities market so far, said Mr Chee.

“It is for the market and investors to judge whether the measures that we put in place will help to enhance the competitiveness and attractiveness of our equities market.

“If the EQDP produces good results and outcomes, along with support from the industry, we can certainly discuss with the Ministry of Finance to see where we can go further.”

SGX firms receive $30m to engage investors

Meanwhile, MAS and SGX will launch a “Value Unlock” programme to help listed companies strengthen investor engagement and sharpen their focus on shareholder value creation. The measure was first announced by Mr Chee in September. 

The programme will allocate $30 million from the Financial Sector Development Fund to support two grants aimed at helping firms improve their corporate strategy, capital optimisation and investor relations. 

The Equip Grant provides up to $15,000 per listed company to co-fund training in areas such as investor relations, media training, corporate strategy and financial managements. Companies are required to meet conditions such as participating in investor or media engagement events or maintaining an active digital presence. 

The Elevate Grant offers up to $200,000 per listed company to co-fund professional services, including the engagement of consultants in investor relations, corporate strategy or financial management, to support firms that undertake more extensive strategies and have demonstrated growth potential. 

These companies must also participate in investor and media engagement events, publish their plans and targets, and disclose their progress publicly.

The two grants are designed to support listed companies at different stages of their development, and firms may apply for either or both grants depending on their needs.

More support for stock market coverage and research

The regulator also announced enhancements to the Grant for Equity Market Singapore (GEMS) scheme, which was introduced in 2019 to support listings and expand the equity research ecosystem here.

This includes additional funding of $1,000 for each research report generated from participating research houses.

A further $1,000 will be awarded if the report is an initiation of research coverage or covers pre-IPO and newly listed companies, as well as companies that take up the Elevate Grant. 

Research houses will receive grant support of up to $4,000 to defray the costs of dissemination through digital media. This aims to broaden eligible dissemination channels and forms of published research, including through social media platforms.

MAS said this can help to increase the coverage of Singapore-listed companies and make the published research more accessible to younger and digitally native investors through new content media such as video summaries and infographics.

Research on private companies with a strong local presence will also be eligible for funding, as such coverage helps investors better understand firms’ business models, financial performance and growth potential. 

On that note, MAS also announced that it will work with SGX to help companies better communicate their strategies. 

This will be supported by new initiatives such as toolkits, outreach events, media engagements and enhanced research coverage for eligible firms under the Gems scheme. 

For example, SGX will work with relevant stakeholders to organise more investor outreach events and platforms, including media features, to raise the public profile of such companies. 

MAS added that it will provide regulatory clarity to assure companies that their communications and forward projections are acceptable and comply with the law.

It will also work with SGX and other ecosystem partners to foster peer learning and collaboration among board directors, management teams, investor relations professionals, and investors. 

This includes initiatives such as the Singapore Institute of Directors Chairpersons Guild, which brings together board chairs of listed companies to share knowledge and learn from global professional firms and international board chairs about their experiences in unlocking shareholder value.

The review group also announced measures to enhance market infrastructure and trading liquidity. 

MAS and SGX will introduce incentives and grants to strengthen market makers’ capabilities, focusing on newly listed and next-tier small- and mid-cap stocks outside the Straits Times Index. More details will be announced in the first quarter of 2026. 

SGX will facilitate investor adoption of broker custody accounts, enabling broader offering of investment services like portfolio management, fractional trading, and robo-investing for SGX securities. 

There are also plans to reduce the board lot size for securities above $10 from 100 to 10 units, which it says will significantly lower minimum investment requirements, broaden investor participation and boost trading activity. 

The bourse said it will consult on these changes in the first quarter of 2026.

Mr Chee said that the measures and initiatives announced by the review group in 2025 were all designed to build and sustain an ecosystem in Singapore’s financial industry.

“Sometimes it’s very tempting to just want to pick one or two measures and think they will be a silver bullet that can solve everything, but it’s unlikely to be like that in practice. Taken together as a package and ecosystem, we hope this will be able to enhance our overall competitiveness.”