The rescue plan: MAS and SGX reforms
The first set of measures, announced on Feb 21, included a $5 billion Equity Market Development Programme (EQDP) for co-investment with asset managers in SGX-listed equities, tax exemptions reducing the effective rate to 13.6% (from 17%) for fund managers investing in local stocks, and revisions to the Global Investor Programme (GIP) mandating $50 million investments in SGX mid-caps by new family offices.
As the Monetary Authority of Singapore’s (MAS) Equities Market Review Group approaches its August 2025 deadline, the Singapore Exchange (SGX:S68
) (SGX) stands at a critical juncture. With 16 companies announcing delistings in 2025 against a solitary initial public offering (IPO) that raised a mere $6 million through private placement, the exodus of listed entities poses an existential threat to Singapore’s status as a leading financial hub in Asia.
Since its formation in August 2024, the MAS Review Group, alongside SGX Regulation (SGX RegCo), has unveiled a series of measures to reverse this trend. Yet, a fundamental question persists: Do these reforms tackle the root causes of market stagnation, or are they superficial fixes that overlook investor needs?
