Singapore equity scheme draws private capital at more than 1:1 ratio
Allocations under the Equity Market Development Programme have reached S$5.4 billion across 14 asset managers.
Private investment attracted by Singapore’s Equity Market Development Programme (EQDP) has exceeded public funding at a ratio above 1:1, Minister for National Development Chee Hong Tat said on 21 October at the Securities Investors Association (Singapore)’s 2026 Investors’ Choice Awards.
The programme is in its third phase. Singapore named another batch of participating fund managers in September, taking cumulative allocations to S$5.4 billion across 14 asset managers as it seeks to deepen participation in its equities market.
Chee, who also serves as deputy chairman of the Monetary Authority of Singapore (MAS), said turnover for Next 50 constituents had increased by 93 per cent from 2025. More small- and mid-cap stocks can now accommodate institutional investment flows, he added.
On new listings, Chee said work with market participants to develop prospective issuers for the Global Listing Board remained at an early stage. MAS and Singapore Exchange Regulation aim to implement changes in January 2027 that would simplify listing procedures and bring listing reviews under SGX RegCo.
Singapore also plans IPO guides designed for local investors and is reviewing rules to encourage independent IPO research. Chee said the guides would supplement investors’ risk assessments and available research, rather than recommend investments.
Chee identified corporate governance, informed investors and constructive engagement between companies and shareholders as necessary for sustaining confidence. He said the Corporate Governance Advisory Committee’s review would address implementation of the governance code, board quality and independence, and long-term shareholder value.
