Singapore is magnifying its efforts to make the city-state’s stock market more appealing to companies and investors. The bourse of the country has been linked to Nasdaq in order to make dual listing in both the U.S and Singapore, initiating a “Global Listing Board” for companies whose market capitalization exceeds 2 billion Singapore dollars (about $1.5 billion).
As per the statement released by the Nasdaq and the Singapore Exchange late Wednesday, the “Landmark partnership” intends to enable companies to “access global capital, investors and liquidity through a harmonized cross-border listing framework that bridges the two markets.”
One notable element, the SGX said, would be ensuring that regulatory requirements and fundraising under a single set of documents and a simplified review process are achieved by mid-2026. Effectively, the companies will just have to complete one set of paperwork that meets the requirements of the two exchanges.
In a conversation with CNBC’s Martin Soong, SGX CEO Loh Boon Chye stated that this is beneficial to investors as it is a dual listing in different time zones.
He added, “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.”
President and CEO of Nasdaq, Adena Friedman, informed CNBC that this dual listing bridge was the “first of its kind,” and cited 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.”
SGX reported that the move resonates with the wider initiative by the Singapore government to enhance the appeal of Singapore’s stock market to investors and businesses interested in listing and accessing growth capital.
The announcement is also following the revelation of further steps by the Monetary Authority of Singapore towards enhancing the competitiveness of Singapore’s stock market.
These involve an investment of SG$30 million “Value Unlock” package to assist companies in acquiring skills in corporate strategy, capital optimization, and investor relations.
MAS stated that “It is an opportune time for companies to reinforce strategic fundamentals, enhance communications, and demonstrate value creation to attract and sustain investor participation.”
The central bank also declared that it had deposited SG$2.85 billion with six asset managers in Singapore, to the existing SG$1.1 billion placement in July this year, as a measure of building the fund management industry in Singapore, and raising the involvement of investors in Singapore equities.
In a note, CGS International analysts Lock Mun Yee and Lim Siew Kee said that the liquidity boost was a positive to the Singapore stock market and new initiatives like the “Value Unlock” program were complementary to the value chain.
The MAS said that it had experienced “increasing” activity and interest in the Singapore equity market, with average daily market turnover in the third quarter of 2025 rising 16 percent year-on-year to SG$1.53 billion, the highest since the first quarter of 2021.
Specifically, trading activity in small- and mid-cap stocks has increased. Therefore, the IPOs have also increased the pace, soaring over SG$2 billion so far this year.
CGS International warned that, though a possible dual listing in Singapore would expand access by regional investors, other issues, like the comparatively lower liquidity of the SGX than the Nasdaq, stood as near-term challenges.
Goldman Sachs analysts indicated that there are limited guidelines and enforcement specifications of the “Value Unlock” program, and that engagement of investors in recent years indicated that more action by the corporation would be needed to re-rate the Singapore market.
Goldman cited Japan and South Korea, which have resorted to incentives like a reduction in dividend taxes and disclosure policies to propel corporate activity.
Goldman added that Singapore’s STI is up approximately 30 percent since the establishment of the equities review group in August 2024, compared to the increase of almost 60 percent in the equity markets of Japan and South Korea after the announcement of their respective reform measures.
