Average daily trading volumes exceeded $2b, over 40% above 2025 levels.

The Equity Market Development Programme (EQDP) has attracted more than $1 in private capital for every dollar of public funds invested, said Chee Hong Tat, Minister for National Development and Deputy Chairman of the Monetary Authority of Singapore (MAS).

The programme’s first two phases had laid a strong foundation, with phase 3 announced in September to build on the momentum, Chee said at the SIAS Investors’ Choice Awards.

Singapore’s equities market has also seen average daily trading volumes exceed $2b, over 40% higher than in 2025.

Turnover amongst the Next 50 constituents rose 93% over the same period, reflecting broader participation beyond the market’s largest stocks, whilst the Singapore Exchange (SGX) welcomed 10 new listings as at the end of August, raising about $1.4b.

Chee noted growing interest from companies in sectors including real estate investment trusts, real assets, technology, digital infrastructure, and advanced manufacturing.

The government has also introduced the Global Listing Board to help eligible companies access both Singapore and the US capital markets, particularly those with strong growth prospects in Asia.

Chee said authorities were working with market participants to develop a pipeline of quality issuers.

MAS and SGX RegCo aim to consolidate initial public offering listing reviews under SGX RegCo by January 2027, giving issuers greater certainty through a single regulator.

Both agencies will issue their consultation responses soon, Chee said.