In August 2024, the Monetary Authority of Singapore ( MAS ) convened a high-level group to assess and reinvigorate the city-state’s equities market.

The Equities Market Review ( EMR ) group was tasked with proposing bold, actionable measures to attract quality listings, deepen market liquidity, and enhance Singapore’s position as a global financial hub. The group was made up of senior leaders from government, industry, and the investment community, including Temasek Holdings CEO Dilhan Pillay.

After a year of deliberations, the EMR group has now released its final report, a comprehensive set of strategic recommendations designed to inject dynamism into Singapore’s equities market and elevate investor participation.

Access to capital  

One of the most significant outcomes is the proposal to establish a dual-listing bridge between the Singapore Exchange ( SGX ) and Nasdaq.

This bridge will provide high-growth Asian companies – those with market capitalization of S$2 billion ( US$1.53 billion ) and above, and with regional roots and global aspirations – with streamlined access to capital and liquidity in both North America and Asia. The proposal remains subject to completion of regulatory processes between the two exchanges.

In addition, MAS has announced a S$30 million “value unlock” package to support listed companies in enhancing shareholder returns and market visibility.

To strengthen institutional activity, MAS has also appointed a second batch of asset managers under the S$5 billion Equity Market Development Programme ( EMDP ).

A total of S$2.85 billion will be placed across six firms: Amova Asset Management ( formerly Nikko Asset Management ), AR Capital, BlackRock, Eastspring Investments ( Singapore ), Lion Global Investors, and Manulife Investment Management ( Singapore ).

They join the first cohort appointed earlier this year: Avanda Investment Management, Fullerton Fund Management, and J.P. Morgan Asset Management.

Trading enhancements

The final report also calls for upgrades to trading infrastructure and market access. MAS and SGX will introduce new incentives and grants to support market makers for newly listed and small-to-mid-cap stocks outside the Straits Times Index, with the aim of lowering execution costs and improving liquidity.

To modernize post-trade processes, SGX will promote the adoption of broker custody accounts. This shift will enable a wider range of services, including portfolio management, fractional trading, and robo-investing, and bring Singapore’s custody model in line with international norms.

In a further move to improve accessibility, SGX plans to reduce the board lot size for securities priced above S$10 from 100 to 10 units. This change significantly lowers entry costs for retail investors and is expected to stimulate broader participation and trading activity.

These latest reforms build on earlier measures introduced in February and July 2025, which were aimed at fostering a more pro-enterprise, disclosure-based regulatory regime, one that preserves high standards of corporate governance while encouraging innovation and access to capital.

Early signs indicate that momentum is building. In Q3 2025, average daily trading turnover rose 16% year-on-year to S$1.53 billion, the highest level since Q1 2021. Small- and mid-cap activity has picked up notably, and initial public offerings have raised over S$2 billion year-to-date.

To ensure effective execution of the recommendations, MAS swill establish an Equity Market Implementation Committee, co-chaired by MAS managing director Chia Der Jiun and SGX CEO Loh Boon Chye.