Singapore’s SGX ties up with Nasdaq for dual listings to boost stock market
Singapore Exchange Ltd. in Singapore on Monday, July 14, 2025. SGX Group sign at the exchange headquarters.
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Singapore is redoubling efforts to make the city-state’s stock market more attractive to companies and investors.
The country’s stock exchange has tied up with Nasdaq to simplify dual listings in the US and Singapore, creating a “Global Listing Board” for companies with a market capitalization of more than S$2 billion (about $1.5 billion).
The “Landmark partnership” aims to enable firms to “access global capital, investors and liquidity through a harmonious cross-border listing framework that bridges the two markets,” according to a statement released by Nasdaq and the Singapore Exchange late Wednesday.
A key feature, SGX said, will be streamlining regulatory obligations and fundraising with a single set of documents and simplified review process by mid-2026. Thus, companies will only need to fill out a single set of documents that meet the regulations on both exchanges.
Speaking to CNBC’s Martin Soong, SGX CEO Loh Boon Chye said this benefits investors because there are dual listings in different time periods.
“You have price discovery almost around the clock…given that there is volatility today, this allows investors to manage risk around the clock and you also give investors options as to whether it can be in US dollars or Sing dollars.”
Adena Friedman, Nasdaq’s CEO, told CNBC that this dual listing bridge is “the first of its kind,” adding that it’s “a very exciting thing for companies that operate in Asia, that want to operate globally, and that want to have a unique regulatory experience.”
SGX said the move is in line with the Singapore government’s broader efforts to strengthen the attractiveness of the Singapore stock exchange for investors and companies seeking to list and access growth capital.
speeding up
The announcement also came from the Monetary Authority of Singapore. More precautions emerged Strengthening the competitiveness of the Singapore stock exchange.
These include a SG$30 million “Unlocking Value” package that will help companies develop capabilities in corporate strategy, capital optimization and investor relations.
“This is an opportune time for companies to strengthen their strategic foundations, improve communications and create value to attract and sustain investor participation,” MAS said.
The central bank also announced that it has allocated SG$2.85 billion to six asset managers in Singapore, on top of its SG$1.1 billion allocation in July this year, aiming to develop Singapore’s fund management industry and increase investor participation in Singapore equities.
CGS International analysts Lock Mun Yee and Lim Siew Kee said in a note that the increase in liquidity is positive for the Singapore stock exchange and that new measures such as the “Unlocking Value” program are complementary to the value chain.
MAS said it had seen “increased” activity and interest in the Singapore stock market, with average daily turnover in the third quarter of 2025 rising 16% year-on-year to SG$1.53 billion, the highest figure since the first quarter of 2021.
Trading activities, especially in small and medium-sized stocks, increased. IPOs have also gained momentum, exceeding SG$2 billion so far this year.
CGS International warned that a potential dual listing in Singapore could expand regional investor access but would remain hampered in the short term by factors such as SGX’s relatively lower liquidity compared to Nasdaq.
The guidelines and implementation details of the “Unlocking Value” program are currently limited, analysts from Goldman Sachs said, adding that recent investor settlements suggest corporate action may be required for further rerating of the Singapore market.
Goldman pointed to Japan and South Korea, which have implemented measures such as dividend tax cuts and disclosure guidelines to encourage corporate action.
Singapore’s STI has risen about 30% since the equity review group was established in August 2024, while Japan and South Korea’s stock markets have risen about 60% after the announcement of their respective reform measures, Goldman said.
