Singapore, 29 September 2026—The Monetary Authority of Singapore (MAS) announced today the appointment of the third batch of five asset managers under the SGD 6.5 billion ($5.1 billion) Equity Market Development Programme (EQDP). MAS will place SGD 1.45 billion ($1.13 billion) with the appointed managers, bringing the total allocation under the EQDP to SGD 5.4 billion ($4.2 billion). MAS has also committed SGD 20 million ($15.6 million) from the Financial Sector Development Fund (FSDF) to the Grant for Equity Market Singapore (GEMS) Scheme to enhance equities market making activities in Singapore. The announcements were made at the SuperReturn Asia Conference on 29 September 2026 by Chee Hong Tat, Minister for National Development and Deputy Chairman of MAS. These initiatives are part of the Equities Market Review Group’s measures to strengthen the competitiveness of Singapore’s equities market. The Review Group published its final report in November 2025. MAS appoints third batch of asset managers under EQDP MAS will place SGD 1.45 billion ($1.13 billion) with the third batch of five EQDP asset managers. The appointed managers are: Amundi Franklin Templeton HSBC Asset Management M&G Investments Natixis Investment Managers These managers will draw on their global distribution networks to bring in new sources of international capital seeking exposure to Singapore and the region, which helps broaden investor participation in Singapore’s equities market. Together with the earlier EQDP appointments announced in July and November 2025, total allocations under the programme now amount to SGD 5.4 billion ($4.2 billion) across 14 asset managers. MAS is reviewing the proposals for a fourth batch of asset managers, and expects to complete the review in 2027. MAS Commits SGD 20 million ($15.6 million) to strengthen equities market making activities in Singapore MAS has committed SGD 20 million from the FSDF for a new GEMS Market Making Grant to support market making activities in SGX-listed stocks till 31 December 2028. The grant will support appointed market makers in providing trading liquidity for an initial group of around 80 eligible small- and mid-cap stocks, as well as newly-listed stocks. It aims to facilitate tighter bid-ask spreads, reduce execution costs, and strengthen price discovery. The list of eligible stocks will be reviewed regularly to cover additional stocks that can benefit from enhanced market making support to improve price discovery. Over time, this can enhance market quality and trading liquidity, attracting greater investor interest in these stocks. Today’s announcements build on the progress made in implementing the Review Group’s measures. MAS will continue to implement the remaining measures to strengthen Singapore’s equities market. In a separate statement, Pang Qi Lim, CEO of HSBC Asset Management Singapore and Head of Strategic Partnerships for South East Asia, said: “HSBC Asset Management is honoured to be selected by the Monetary Authority of Singapore for its Equity Market Development Programme (EQDP). Supported by the broader HSBC Bank and our One Bank infrastructure, we are excited to contribute to the continued development and internationalisation of Singapore’s equity market, building on HSBC’s longstanding commitment to Singapore and its asset management ecosystem” “Bringing together HSBC Asset Management’s investment capabilities and the bank’s deep institutional banking and wealth network, with both local and global reach – we are uniquely positioned to connect clients across markets to trade, invest, grow, and manage risk internationally. We look forward to leveraging these strengths to attract capital, broaden investor participation to further support the growth of a more vibrant and internationally connected equity market.” Re-disseminated by The Asian Banker
