Singapore outlines steps to deepen growth capital, equities market for startups

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Singapore deepens startup capital

Highlights

SGX raised $4.1 billion from 21 new listings in Financial Year 2026, up sharply from $25.7 million the year before.
Singapore's Global Listing Board, developed with Nasdaq, targets dual-access to Singapore and U.S. investors for eligible companies to enhance capital raising opportunities.
The NextGen Tech 30 cohort saw 50% of honorees headquartered in Singapore, underscoring the city-state’s expanding role in Asia’s innovation ecosystem.

Capital market measures and listing pipeline

As reported by the Monetary Authority of Singapore, Minister for National Development and MAS Deputy Chairman Chee Hong Tat says the government is working to connect companies with the capital they need at different stages of growth, from early funding to public market access.

He says MAS and the Ministry of Trade and Industry earlier this year convened the Growth Capital Workgroup, with priorities including support for companies across growth stages, broader exit and capital recycling options, and deeper capabilities across the financing chain.

Chee says public markets also have a role as firms mature, and Singapore wants to offer a compelling venue for companies to list, raise capital and continue expanding. He says the Equities Market Review Group is pursuing measures to lift investor interest and trading liquidity, attract more quality listings, and adopt a more pro-enterprise regulatory stance while maintaining investor confidence.

In Financial Year 2026, SGX has seen 21 new listings so far, raising a total of $4.1 billion, compared with $25.7 million raised the year before. Chee adds that five more managers have just been appointed under the Equities Market Development Programme, while the Global Listing Board, developed with Nasdaq, is intended to give eligible companies a pathway to tap investors and capital in both Singapore and the U.S.

Regional innovation base and ecosystem impact

The speech frames the capital market push as part of a broader strategy to strengthen Singapore's position as a base for high-growth companies. Chee says that when such businesses deepen their presence in Singapore, they create jobs, attract investment, reinforce the enterprise ecosystem and connect the country more closely to regional and global opportunities.

He points to this year's NextGen Tech 30 cohort as evidence of that role, saying half of the final honorees are headquartered in Singapore. The companies recognised span areas including AI in industry, agentic AI and core technologies, highlighting what he describes as the growing breadth and depth of Asia's innovation base.

Chee also says capital alone is not enough, and that companies need a wider support network as they scale. He credits Granite Asia and SGX with bringing together sovereign funds, global tech companies, institutional investors and public agencies, while noting that 83% of this year's nominees were sourced directly by NGT30's nominating partners.

He says the newly introduced Momentum Awards are designed to recognise alumni that have delivered revenue growth or market expansion, reinforcing longer-term ties across the ecosystem. Singapore, he says, will keep working with industry partners to build conditions for startups to become regional and global leaders.

Our earlier report on the Asia-Pacific equity and convertible bond issuance boom showed fundraising accelerating as companies seek capital for AI-driven expansion in chips, data centres and power infrastructure. It noted issuance was running well ahead of last year, with a growing year-end deal pipeline and investors increasingly focused on pricing discipline and companies with real earnings exposure rather than AI narrative alone.

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