One such example is the Equity Market Development Programme (EQDP), which is an “important source” of fresh funds. Since its inception, the EQDP has placed $3.95 billion with nine asset managers across two tranches.
JP Morgan analysts Harsh Wardhan Modi and Daniel Andrew Tan have issued several upgrades to the banks and Singapore Exchange (SGX) as they see a “step change” on Singapore’s evolution as a financial centre this year.
“This is evident across flows, governance, micro-structure and participation, partly with help from the policymakers. The scale of this change, as well as its second-order implications, are understandably under-appreciated, for now,” the analysts write in their Nov 28 report.
