Revitalising Singapore’s Equities Market: A Path to Bold Change

Singapore is embarking on an ambitious journey to rejuvenate its equities market under the leadership of Chee Hong Tat, who has emphasized the need for “bold changes.” His approach aims to tackle long-standing issues in the financial ecosystem while balancing innovation with investor protection.

Chee’s comments suggest a willingness to rethink traditional norms, particularly the perception of a “sacred cow” mentality surrounding investor safeguards. While the disclosure-based regulatory regime places responsibility on investors to make informed decisions, legal mechanisms must empower them to enforce their rights effectively. This forms the backbone of creating a genuinely transparent market.

The Monetary Authority of Singapore (MAS), led by a review group chaired by Chee, has developed actionable ideas to bolster the local bourse. These initiatives, which will roll out in phases after risk assessments, reflect a calculated approach to market reform.

The review emphasizes Singapore’s strengths, such as its status as a leading hub for real estate investment trusts (REITs) outside Japan. By nurturing supportive regulatory ecosystems for such niches, Singapore can attract listings that leverage these advantages rather than competing directly with larger exchanges.

A vibrant equities market supports Singapore’s competitiveness by enabling enterprises to access growth capital. The government is exploring policy measures and incentives to strengthen the equities market and improve the financing ecosystem, ensuring alignment with Singapore’s broader economic objectives.