Singapore is making significant strides to bolster its equities market, with the Singapore Exchange (SGX) announcing a groundbreaking collaboration with the U.S. Nasdaq. This "landmark partnership" aims to streamline dual listings for companies seeking access to global capital and liquidity across both markets.
SGX and Nasdaq: A Unified Global Listing Board
The core of this initiative is the introduction of a "Global Listing Board," specifically designed for companies with a market capitalization exceeding S$2 billion (approximately $1.5 billion). This new framework promises a harmonized cross-border listing experience, bridging the Singapore and U.S. markets. A key feature, expected by mid-2026, will be the simplification of regulatory obligations and fundraising processes, allowing companies to use a single set of documents for reviews by both exchanges. This eliminates redundant paperwork, making dual listings significantly more efficient.
Benefits for Investors and Companies
SGX CEO Loh Boon Chye emphasized the benefits for investors, highlighting the opportunity for "almost round the clock" price discovery due to the different time zones. He noted that this allows for continuous risk management and offers investors choices in both U.S. and Singapore dollars. Nasdaq CEO Adena Friedman echoed this sentiment, calling the dual listing bridge a "first of its kind." She stated it's particularly exciting for companies with an Asian footprint looking for global exposure combined with a unified regulatory experience.
Monetary Authority of Singapore Bolsters Market Competitiveness
These efforts by SGX align with broader government initiatives spearheaded by the Monetary Authority of Singapore (MAS) to enhance the attractiveness and competitiveness of Singapore's financial ecosystem. MAS recently unveiled additional measures, including a S$30 million "Value Unlock" package. This program is designed to assist companies in improving corporate strategy, optimizing capital, and strengthening investor relations, encouraging them to demonstrate value creation to investors.
Furthermore, MAS has committed substantial capital, placing S$2.85 billion with six Singapore-based asset managers, building upon a S$1.1 billion allocation earlier in the year. This move is intended to foster the growth of Singapore's fund management industry and boost participation in local equities.
Market Performance and Analyst Views
Evidence suggests these initiatives are already yielding positive results. Singapore's equity market has seen increased activity, with average daily turnover in Q3 2025 rising 16% year-on-year to S$1.53 billion, marking the highest since Q1 2021. Small and mid-cap stocks have been particularly active, and IPOs have collectively raised over S$2 billion this year.
However, analysts offer a nuanced perspective. CGS International acknowledged the liquidity boost as positive but cautioned that SGX's relatively lower liquidity compared to Nasdaq remains a near-term hurdle for potential dual listings. Goldman Sachs analysts pointed out the limited current details regarding the "Value Unlock" program's guidelines and enforcement. They suggested that proactive corporate action, similar to reforms seen in Japan and South Korea (e.g., dividend tax cuts, disclosure guidelines), would be crucial for a significant re-rating of the Singapore market. While Singapore's STI has climbed about 30% since the equities review group's establishment in August 2024, this lags behind the nearly 60% increase observed in Japan and South Korea following their respective reform announcements.
