The Monetary Authority of Singapore (MAS) has announced it will allocate an additional S$1.45 billion to five new asset managers to support the growth and liquidity of Singapore’s equities market. This marks the third tranche of investments under the S$6.5 billion Equity Market Development Programme, which was launched in 2025 to revitalize the local equity landscape.
The newly appointed asset managers—Amundi, Franklin Templeton, HSBC Asset Management, M&G Investments, and Natixis Investment Managers—bring the total committed capital to S$5.4 billion across 14 firms. MAS Deputy Chairman and Minister for National Development Chee Hong Tat made the announcement on September 29 at the SuperReturn Asia Conference, highlighting the progress made by the first two batches, which received S$3.95 billion.
“These managers have begun deploying capital into Singapore equities and building investment capabilities here,” Chee said, emphasizing that strong industry interest has continued throughout the programme. He also noted that the third batch of managers is expected to deepen investment expertise and contribute to job creation locally.
MAS is currently reviewing applications for a fourth batch of asset managers, with further appointments expected in 2027. Chee indicated that fund managers not yet appointed still have opportunities to join the initiative.
In addition, MAS launched a new S$20 million market-making sleeve under the Grant for Equity Market Singapore scheme. Targeting small- and mid-cap stocks as well as new listings, the program aims to boost trading efficiency, improve liquidity, and reduce execution costs in roughly 80 SGX-listed companies outside the Straits Times Index. “This can raise trading interest in SGX-listed stocks and support greater demand through improved execution efficiency,” Chee said.
HSBC Asset Management Singapore’s CEO Lim Pang Qi expressed enthusiasm about the appointment, stating the firm looks forward to supporting Singapore’s equity market development and attracting broader investor participation.
Beyond these investments, Singapore is continuing efforts to enhance its position as a global asset management hub. In August, the government introduced measures such as tax exemptions on profit-related returns from fund management services to qualifying funds, designed to incentivize asset managers to establish or expand operations in the city-state. Further details will be announced during the 2027 Budget.
Chee also revealed enhancements to the Overseas Networks & Expertise (ONE Pass) scheme aimed at attracting senior asset management professionals by providing greater flexibility in meeting qualifying salary thresholds. From January 2027, candidates can combine fixed and variable compensation to meet the S$30,000 monthly requirement, with a minimum fixed salary of S$15,000.
These initiatives are complemented by efforts to strengthen local talent development in asset management and the broader financial sector.
In parallel, MAS has convened the Growth Capital Workgroup to assess Singapore’s capital ecosystem, focusing on how companies access funding, investor exit options, and capital recycling mechanisms. The review will inform potential adjustments to regulatory frameworks to maintain a balance between facilitating investment and innovation while preserving Singapore’s reputation as a trusted financial center with robust safeguards.
Chee concluded that these coordinated efforts across asset management, market development, and regulatory policy aim to deepen both institutional and retail participation, making Singapore’s public markets a more effective venue for listings, financing, and exits within the broader capital ecosystem.