The Monetary Authority of Singapore (MAS) has announced a major initiative to revitalize the local stock market. According to a press release on July 21, MAS will allocate an initial $1.1 billion to three selected asset managers for investment in Singapore-listed equities.
This move aims to deepen market liquidity and restore investor confidence. By channeling significant funds through professional managers, MAS hopes to encourage more trading activity and stabilize share prices.
At a press conference, MAS deputy chairman Chee Hong Tat emphasized the importance of long-term investment. He stated that the goal is to promote sustained participation from retail investors, rather than short-term speculation.
Chee further explained that building long-term wealth through equities can help Singaporeans prepare for retirement. This approach is particularly relevant for younger and middle-aged individuals who are planning for their financial future.
The selection of asset managers is part of a broader strategy to enhance the vibrancy of Singapore’s financial markets. MAS will monitor the performance of these investments and may consider additional funding if positive results are observed.
This initiative reflects Singapore’s commitment to maintaining its status as a leading financial hub in Asia. By strengthening the local stock market, MAS hopes to attract both domestic and international investors.
In summary, the $1.1 billion allocation marks a significant step towards boosting market activity and fostering a culture of long-term investing among Singaporeans.
Three prominent fund managers — Avanda Investment Management, Fullerton Fund Management, and JP Morgan Asset Management — play significant roles in Singapore’s asset management landscape.
Avanda Investment Management was established by Mr. Ng Kok Song, who previously served as the chief investment officer of GIC, Singapore’s sovereign wealth fund. In 2023, Mr. Ng gained national attention as a candidate in the Singapore Presidential Election. Avanda is known for its disciplined investment approach and leverages the expertise of its founding team, many of whom have backgrounds in large institutional funds.
Fullerton Fund Management operates as a subsidiary of Seviora Holdings, an independent asset management group wholly owned by Temasek Holdings. Temasek is one of the world’s largest state-owned investors, managing a portfolio valued at S$382 billion as of 2023, according to Temasek’s official reports. Fullerton benefits from this strong backing, offering a range of investment solutions across equities, fixed income, and multi-asset strategies.
JP Morgan Asset Management, a global leader with over US$2.6 trillion in assets under management (AUM) as reported by JP Morgan in 2023, brings international expertise to Singapore’s financial sector. The firm has a longstanding presence in Asia, providing institutional and retail clients access to global investment opportunities.
Collectively, these three fund managers contribute to Singapore’s reputation as a major financial hub. Their diverse backgrounds and capabilities underscore the depth and resilience of the city-state’s asset management industry. By drawing on both local knowledge and international best practices, they help attract capital and foster growth in the region.
The Monetary Authority of Singapore (MAS) is taking decisive steps to strengthen the country’s equity market through a substantial investment initiative. In February, MAS announced the Equity Market Development Programme (EMDP), setting aside $5 billion to invigorate Singapore’s stock market and enhance the appeal of SGX-listed companies.
A key portion of this effort is the allocation of $1.1 billion, which will be distributed among selected funds. This capital injection aims to stimulate demand for Singapore equities and foster a more dynamic trading environment. According to MAS, both local and foreign fund managers based in Singapore will be eligible to manage these funds, broadening the pool of expertise involved.
Eligible investment strategies under the EMDP include those that concentrate on Singapore-listed stocks or incorporate them significantly within broader regional or thematic portfolios. This approach is designed to provide flexibility while ensuring that a meaningful proportion of the investment benefits the local market.
By channeling resources into diverse fund strategies, MAS hopes to attract greater institutional participation and deepen market liquidity. The initiative also seeks to enhance the overall competitiveness of Singapore as a global financial hub, as highlighted in MAS’s official press releases.
In summary, the $1.1 billion allocation forms a critical part of a larger, multi-billion dollar strategy to revitalise Singapore’s equity market. Through targeted investments and inclusive fund management opportunities, MAS aims to create sustained growth and renewed investor interest in SGX-listed equities.
The Monetary Authority of Singapore (MAS) has appointed three fund managers whose investment strategies closely align with the objectives of its latest programme to strengthen Singapore’s capital markets. This selection was driven by a thorough assessment of how each manager’s proposed fund strategy supports MAS’s goals and their ability to attract substantial third-party capital alongside MAS’s own funding.
A key criterion in the selection process was the commitment of these fund managers to enhance Singapore’s asset management and research ecosystem. According to MAS, these commitments are crucial for building long-term industry capabilities and fostering innovation within the local financial sector.
The chosen fund strategies stand out for their targeted focus on increasing liquidity and encouraging broader market participation in Singapore equities. Specifically, MAS emphasized that a significant portion of the funds must be allocated to small and mid-cap stocks, which are often underrepresented but vital for vibrant market activity.
By integrating these requirements, MAS aims to address gaps in market liquidity and provide more opportunities for investors to participate in the Singapore stock market. This approach is expected to support the growth of promising companies and stimulate overall economic development.
In conclusion, MAS’s selection of these three fund managers reflects a strategic effort to cultivate a robust investment environment. By prioritizing alignment with national objectives and capacity-building, MAS sets a clear direction for the future of Singapore’s capital markets.
The Monetary Authority of Singapore (MAS) believes that diversifying investments across multiple fund managers with distinct strategies can significantly enhance the effectiveness of its investment programme. By selecting a broad range of asset managers, MAS aims to harness each manager’s unique investment expertise and access to different distribution networks. This approach not only increases the potential for innovative investment solutions but also helps attract more commercial capital into Singapore’s financial markets.
Fund managers participating in the programme are entrusted with the responsibility of making daily investment and portfolio management decisions. Their role involves conducting market analysis, executing trades, and managing risks to achieve targeted returns for investors. According to MAS, these asset managers operate independently within the parameters set by the programme.
It is important to note that MAS does not guarantee the performance of these fund managers. Investors should be aware that investment outcomes depend on market conditions and the strategic choices made by individual managers. This policy ensures that the risks and rewards remain with those making the investment decisions.
By leveraging the combined strengths of varied asset managers, MAS aims to foster greater market vibrancy and depth in Singapore’s financial sector. According to industry data from MAS annual reports, such diversification has historically contributed to increased liquidity and resilience within the market.
In conclusion, MAS’s strategy of engaging diverse fund managers is designed to strengthen Singapore’s position as a leading financial hub. Through prudent oversight and reliance on external expertise, MAS seeks to create a dynamic environment where both innovation and capital growth can thrive.
In the heart of Singapore’s bustling financial district, a vision is quietly taking shape — one that seeks not only to invigorate our markets with fresh capital, but to fundamentally transform the very foundations of our fund management industry. Mr Chee, serving not just as a steward of National Development but also as a forward-thinking architect of our economic future, recently shared this vision with the media. His message was clear: progress is more than a matter of pouring money into the marketplace. It is about building robust institutions, nurturing expertise, and empowering asset managers to become catalysts for sustainable growth.
Imagine a Singapore where asset managers don’t simply invest, but actively draw in streams of private capital from around the world. Their expertise and innovation generate renewed excitement and liquidity in our equities market — especially for those small-to-mid cap companies that form the backbone of our entrepreneurial landscape. This is not a distant dream; it is a tangible goal, one already set in motion by the Monetary Authority of Singapore (MAS). The response has been overwhelming: over one hundred global, regional, and local asset managers have expressed keen interest in participating. To ensure we do not lose momentum, MAS is expediting their review process by evaluating applications in batches, accelerating the appointment of new fund managers and the timely deployment of capital.
By the fourth quarter of 2025, the next cohort of fund managers will be revealed — a milestone that will further cement Singapore’s standing as a premier hub for investment and innovation. Yet, let us not be complacent. True market vibrancy is built not just on opportunity, but on trust — a value that must be cherished and vigilantly protected.
It is with this in mind that MAS has announced new measures to enhance investor protection as we transition toward a more disclosure-based regulatory regime. Consider this: for any investor, confidence springs from knowing that if they fall victim to market misconduct, there are fair and effective avenues for civil recourse. This assurance is not a luxury — it is the bedrock of our capital market’s integrity and international reputation. MAS rightly insists that facilitating such recourse is essential if we are to sustain and strengthen investor faith.
But let us acknowledge the reality faced by investors today. As Mr Chee candidly observed, many find themselves stymied by cumbersome processes when seeking justice. The path to civil action can seem daunting — lengthy, complex, and sometimes isolating. Is this the kind of environment we want for those who entrust their hard-earned resources to our markets? Certainly not. We must listen to their voices.
The proposals now open for public consultation are designed to lower these barriers — making it easier for genuine cases to proceed without opening the floodgates to frivolous lawsuits. This is a delicate balance, but an essential one. Our aim should be to foster an ecosystem where transparency prevails, recourse is accessible, and responsible investing thrives — without descending into excessive litigation that could stifle innovation and enterprise.
To those who worry about an overly litigious climate, consider this: robust investor protection does not undermine growth; it underpins it. A market where wrongdoing goes unchecked is a market doomed to mediocrity and mistrust. Conversely, a market where fairness prevails attracts not just capital but conviction — a belief that Singapore is the place where honest ambition is rewarded.
Now is the moment for collective action. Policymakers, asset managers, investors — each has a role to play in shaping a marketplace defined by dynamism and integrity. Let us rally behind these reforms, demanding both opportunity and accountability. Let us welcome new asset managers while insisting on high standards. And above all, let us champion an investment environment where trust is earned every day.
If we act decisively and wisely, Singapore’s capital markets will not merely grow — they will inspire. They will become a beacon for those who believe that prosperity is best built on a foundation of confidence, fairness, and shared purpose. The time to shape that future is now.
Imagine a future where every investor, regardless of their resources or background, stands on equal footing when wronged in the marketplace — a future within our grasp, thanks to bold steps being taken by the Monetary Authority of Singapore (MAS). In an era where investor confidence is the bedrock of thriving capital markets, MAS is leading the way with proposals that promise not only to strengthen legal protections but also to empower individuals and communities alike.
Today, many investors feel daunted by the complexity and cost of seeking justice when market misconduct occurs. Often, the very avenues meant to protect them are out of reach, leaving them isolated and powerless. MAS recognizes this imbalance and is taking decisive action. It intends to seek public input on enhancing existing laws, making it easier for investors to participate in collective court actions or benefit from civil penalties — ensuring that those harmed are not left behind while wrongdoers walk away unscathed.
But MAS is not stopping there. Acknowledging that legal processes can be overwhelming and expensive, especially for smaller investors, it is considering allowing trusted representatives — such as reputable investor advocacy groups — to organize and initiate legal proceedings on behalf of those affected. This approach is not just practical; it is visionary. Imagine the Securities Investors Association Singapore (Sias), a respected not-for-profit body, mobilizing its expertise to champion justice for everyday Singaporeans who might otherwise have no voice.
To bring this vision to life, MAS is also contemplating the introduction of a grant scheme. This initiative would help cover the costs of organizing investors and pursuing legal action in cases where market misconduct has occurred. The significance of this cannot be overstated. By lowering financial barriers, MAS is sending a powerful message: justice should never be reserved only for the wealthy or well-connected.
David Gerald, president of Sias, could hardly contain his optimism at MAS’s announcement. He called these new pathways for investor recourse a “boon” for retail investors and a “game-changer” for Singapore’s capital markets. But Mr Gerald wisely cautioned that litigation should always be a last resort. Sias has long been dedicated to resolving disputes amicably — at the boardroom table rather than in the courtroom — working hand-in-hand with company leaders and regulators to secure fair outcomes for all parties. Nevertheless, as he points out, MAS’s efforts to reduce the cost of seeking recourse will undoubtedly bolster investor trust — a vital ingredient in maintaining Singapore’s reputation as a premier financial center.
Some may argue that such measures risk encouraging a litigious culture or increasing administrative burdens. However, this perspective overlooks the essential truth: robust investor protection does not undermine markets; it strengthens them. When individuals know they have meaningful avenues for redress, they are more likely to invest boldly and confidently. When wrongdoers realize they will be held accountable, market integrity flourishes.
But MAS’s commitment goes beyond legal remedies. It understands that vibrant markets require transparency and informed decision-making. That’s why it is pledging $50 million over the next three years to support equity research and listing activities. This funding will enhance the Grant for Equity Market Singapore (Gems) scheme, extending its life until December 2028. Why does this matter? Because comprehensive, high-quality research enables accurate price discovery and fair company valuations — empowering investors to make smart, timely choices.
Industry voices have made it clear: greater research coverage is needed, particularly for smaller firms often overlooked by analysts. By addressing this gap, MAS ensures that all companies — not just the giants — are fairly represented in the marketplace.
Now is the time for us all — investors, companies, policymakers — to rally behind these reforms. Let us reject complacency and embrace a system where fairness prevails, where every voice matters, and where Singapore continues to set the global standard for integrity and innovation in capital markets.
Let us not be content with half-measures or outdated systems. Let us champion change that honors both justice and opportunity. The path forward is clear: together, we can build a future where investor protection is not just a promise but a reality for all.
Imagine a financial marketplace where groundbreaking research thrives, investment opportunities flourish, and every participant – from institutional giants to everyday investors – benefits from a wellspring of innovation. This vision is not merely aspirational; it is within our grasp, thanks to a series of bold initiatives set to transform Singapore’s capital markets.
To begin with, consider the often-overlooked yet vital role of research houses. These institutions generate invaluable insights that shape investment decisions, illuminate market trends, and drive economic progress. Yet, the cost of sharing their research — especially when making it widely accessible — can be prohibitive. Recognizing this challenge, new grant funding will be made available specifically to help research houses offset the expenses tied to disseminating their findings. This isn’t just a matter of dollars and cents; it’s an investment in knowledge-sharing that will uplift the entire market by equipping investors with reliable, data-driven analysis.
But the commitment doesn’t stop there. In a move that underscores support for homegrown enterprise, the Monetary Authority of Singapore (MAS) will introduce targeted funding for research focused on private companies with significant local presence. The message is clear: if you have a compelling proposal to shine a light on promising Singaporean firms, MAS wants to hear from you. This targeted research will not only deepen our understanding of domestic businesses but also encourage broader investor engagement with local success stories.
Let us turn to another crucial pillar of market vibrancy: product diversity and liquidity. The GEMS listing grant — a cornerstone for fostering growth — will now be broadened. This expansion is designed to encourage a wider array of investment products and foster greater trading activity, ultimately benefiting all market participants.
Concrete steps are being taken to make this vision a reality. For example, the maximum grant for each primary-listed exchange-traded fund (ETF) will jump from $100,000 to $250,000 — a significant increase that will empower more issuers to bring innovative ETFs to our shores. And because we recognize the importance of global connectivity and investor choice, a new funding provision of $180,000 per listing will support cross-listed and feeder ETFs. This is not just about numbers; it’s about providing investors with a richer palette of options and ensuring Singapore remains a magnet for international capital.
Moreover, to further democratize market access, a new funding stream will offer $40,000 for each depository receipt issued — be it for Singapore stocks or foreign shares linked to our homegrown companies. This measure will break down barriers, making it easier for investors everywhere to participate in Singapore’s growth story.
Some may ask: Is this enough? Shouldn’t we do more to fortify our marketplace and ensure its continued relevance on the world stage? The answer is a resounding yes — and plans are already in motion. As Mr Chee aptly noted, authorities are actively exploring additional measures to make Singapore’s market even more dynamic. These include empowering companies to engage more effectively with shareholders, enhancing the appeal of the Catalist board as a fundraising hub, and encouraging greater participation from retail investors.
Let us not underestimate the significance of these changes. In an era where global competition for capital is fierce, and where investors are increasingly discerning, Singapore cannot afford complacency. By strengthening our research ecosystem, broadening product offerings, and lowering barriers to entry, we are sending a powerful signal: Singapore is open for business and committed to staying at the forefront of financial innovation.
The time for action is now. Whether you are an investor seeking new opportunities, a research house with insights to share, or a company aspiring to grow your presence in the market, these initiatives create fertile ground for your ambitions. Let us seize this moment — together — to build a capital market that is not just resilient and competitive but truly world-class.
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