SGX Group signage at the Singapore Exchange Ltd. headquarters in Singapore, Monday, July 14, 2025.
Bloomberg | Bloomberg | fake images
Singapore is redoubling its efforts to make the city-state’s stock market more attractive to companies and investors.
The country’s exchange has partnered with Nasdaq to simplify dual listings in the United States and Singapore, introducing a “Global Listing Board” for companies with a market capitalization of more than 2 billion Singapore dollars (about $1.5 billion).
The “landmark partnership” aims to enable companies “to access global capital, investors and liquidity through a harmonized cross-border listing framework that bridges the two markets,” according to a statement released by the Nasdaq and Singapore Exchange on Wednesday evening.
A key feature, the SGX said, would be the simplification of regulatory obligations and fundraising with a single set of documents and a simplified review process by mid-2026. Effectively, companies will only need to complete a single set of documents that comply with the regulations of both exchanges.
Speaking to CNBC’s Martin Soong, SGX CEO Loh Boon Chye said this benefits investors because it is a dual listing in different time zones.
“You can discover prices almost 24 hours a day… given the current volatility, this allows investors to manage risk around the clock, and they are also given options, whether in US dollars or Sing dollars.”
Adena Friedman, chief executive of Nasdaq, told CNBC that this dual-listing bridge was “the first of its kind,” adding that it was “a very exciting thing for companies that have an Asian presence, want to have global exposure and have a unique regulatory experience.”
The move aligns with the Singapore government’s broader efforts to strengthen the attractiveness of the Singapore stock market for investors and companies seeking to list and access growth capital, SGX said.
intensifying
The announcement also comes as the Monetary Authority of Singapore unveiled more measures to strengthen the competitiveness of Singapore’s stock market.
These include a SG$30 million “Value Unlocking” package to help companies build capabilities in corporate strategy, capital optimization and investor relations.
“It is an opportune time for companies to reinforce strategic fundamentals, improve communications and demonstrate value creation to attract and sustain investor participation,” MAS said.
The central bank also announced the placement of SG$2.85 billion with six asset managers in Singapore, adding to its allocation of SG$1.1 billion in July this year, with the aim of developing Singapore’s fund management industry and increasing investor participation in Singapore equities.
CGS International Lock analysts Mun Yee and Lim Siew Kee said in a note that the increase in liquidity is positive for the Singapore stock market and that new measures such as the “Value Unlock” program are complementary to the value chain.
The MAS said it had seen “increasing” activity and interest in the Singapore stock market, with average daily turnover in the third quarter of 2025 rising 16% year-on-year to S$1.53 billion, the highest since the first quarter of 2021.
In particular, trading activity in small and mid-cap stocks has picked up. IPOs have also gained pace, raising more than S$2 billion so far this year.
CGS International warned that while a potential dual listing in Singapore could expand access for regional investors, factors such as the SGX’s relatively lower liquidity compared to the Nasdaq remain short-term headwinds.
Analysts at Goldman Sachs said the guidelines and implementation details of the “Value Unlock” program are currently limited, adding that recent investor commitments suggest corporate action would be required for further rerating of the Singapore market.
Goldman pointed to Japan and South Korea that have implemented measures such as dividend tax cuts and disclosure guidelines to boost corporate action.
Singapore’s STI has risen about 30% since the stock review group was established in August 2024, compared to the nearly 60% rise in the Japanese and South Korean stock markets after the announcement of their respective reform measures, Goldman said.
