Signage for SGX Group at the Singapore Exchange Ltd. stock exchange headquarters in Singapore, on Monday, July 14, 2025.
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Singapore is doubling down on its efforts to make the city-state’s stock market more attractive for companies and investors.
The country’s bourse has tied up with the Nasdaq to simplify dual listings in the U.S. 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” is aimed at enabling firms 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 the Singapore Exchange late Wednesday.
A key feature, the SGX said, would be the streamlining of regulatory obligations and fundraising with a single set of documents and simplified review process by mid-2026. So effectively, the companies will only need to fill a single set of paperwork fulfilling the regulations on both exchanges.
Speaking to CNBC’s Martin Soong, SGX CEO Loh Boon Chye said that this benefits investors, because it’s a dual listing across different time zones.
“You get to have price discovery almost round the clock … given where volatility is today, this allows investors to risk manage 24 hours, and you’re also giving choices to investors, whether that could be US dollars or that could be in Sing dollars.”
Adena Friedman, CEO of Nasdaq, told CNBC that this dual listing bridge was the “first of its kind,” and added that it was “something that’s very exciting for companies that have an Asian footprint, want to have global exposure and have a singular regulatory experience.”
The step aligns with the broader efforts by the Singapore government to strengthen the attractiveness of Singapore’s stock market to investors and companies seeking to list and access growth capital, SGX said.
Stepping up
The announcement also come as the Monetary Authority of Singapore revealed more measures to strengthen the competitiveness of Singapore’s stock market.
These include a SG$30 million “Value Unlock” package to help companies develop abilities in corporate strategy, capital optimization, and investor relations.
“It is an opportune time for companies to reinforce strategic fundamentals, enhance communications, and demonstrate value creation to attract and sustain investor participation,” MAS said.
The central bank also announced placing SG$2.85 billion with six asset managers in Singapore, adding on to its SG$1.1 billion allocation in July this year, aimed at developing Singapore’s fund management industry and increasing investor participation in Singapore equities.
CGS International analysts Lock Mun Yee and Lim Siew Kee said in a note that the liquidity boost is a positive for the Singapore stock market and new measures such the “Value Unlock” program are complementary to the value chain.
The MAS said that it had seen “increasing” activity and interest in Singapore’s equity market, with average daily turnover in the third quarter of 2025 climbing 16% year on year to SG$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 over SG$2 billion so far this year.
CGS International cautioned that while a potential dual listing in Singapore could broaden regional investor access, factors such as the SGX’s relatively lower liquidity compared to the Nasdaq remain near-term hurdles.
Analysts from Goldman Sachs said that the guidelines and enforcement details of the “Value Unlock” program are currently limited, adding that recent investor engagements suggest that corporate action would be required for a further re-rating of the Singapore market.
Goldman pointed to Japan and South Korea that have implemented measures such as dividend tax cuts and disclosure guidelines to drive corporate action.
Singapore’s STI is up about 30% since the equities review group was established in August 2024, compared to the near 60% increase in Japan and South Korea’s equity markets after the announcement of their respective reform measures, Goldman said.
