MAS expands equities market support with S$1.45 billion manager allocation, S$20 million market-making grant

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MAS expands equities market support

Highlights

MAS appoints five new asset managers under its S$6.5 billion Equity Market Development Programme, allocating S$1.45 billion and bringing total allocations to S$5.4 billion.
MAS launches a S$20 million GEMS Market Making Grant to support trading liquidity for around 80 SGX-listed small and mid-cap stocks until 31 December 2028.
These measures, announced at SuperReturn Asia Conference 29 September 2026, aim to boost Singapore's equities market competitiveness and further attract international capital.

New allocations under market development plan

As reported by MAS, citing the Monetary Authority of Singapore, MAS is appointing a third batch of five asset managers under its S$6.5 billion Equity Market Development Programme and will place S$1.45 billion with them. The latest appointments bring total allocations under the programme to S$5.4 billion across 14 asset managers.

The newly appointed managers are Amundi, Franklin Templeton, HSBC Asset Management, M&G Investments and Natixis Investment Managers. MAS says the firms are expected to use their global distribution networks to attract new international capital seeking exposure to Singapore and the wider region, broadening investor participation in the city-state's equities market.

The announcements are made at the SuperReturn Asia Conference on 29 September 2026 by Chee Hong Tat, Singapore's Minister for National Development and deputy chairman of MAS. MAS is also reviewing proposals for a fourth batch of asset managers and expects to complete that review in 2027.

Liquidity support for SGX-listed small and mid caps

MAS is also committing S$20 million from the Financial Sector Development Fund to a new Grant for Equity Market Singapore, or GEMS, Market Making Grant. The scheme supports market-making activity in SGX-listed stocks until 31 December 2028.

The grant is designed to support appointed market makers providing trading liquidity for an initial group of about 80 eligible small- and mid-cap stocks. MAS says the measure aims to tighten bid-ask spreads, reduce execution costs and improve price discovery, with the broader goal of lifting market quality and attracting greater investor interest.

The steps form part of the Equities Market Review Group's measures to strengthen the competitiveness of Singapore's equities market. The group published its final report in November 2025, and MAS says it continues to implement the remaining measures.

In our earlier coverage of tightening emerging-market financing conditions, we explained how stronger borrowing demand in developed economies and higher U.S. Treasury yields were drawing capital away and making external funding harder to secure. We noted that the impact is uneven across countries, with markets more sensitive to U.S. rate moves facing greater volatility, while inflation risks and geopolitical uncertainty add to refinancing pressure.

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