Mr Luke Lim, Chairman of SAS
Mr Loh Boon Chye, CEO of SGX
Distinguished guests
Ladies and Gentlemen
1. Good morning.
2. Thank you for inviting me to the inaugural Singapore Equities Forum. I’d like to thank the Securities Association of Singapore (SAS) and the Singapore Exchange (SGX) for organizing the Forum.
3. It is wonderful to see many key stakeholders representing brokers, research analysts, fund managers and investors, here today to collectively write the next chapter for Singapore’s equity market.
4. But we are not just writing the next chapter for Singapore’s equity market. The Government has embarked on an Economic Strategy Review aimed at charting a forward-looking path for Singapore’s economy. We are therefore also in the midst of writing the next chapter of Singapore’s economic story, and the equity market is a key part of our strategy to empower, restructure and rejuvenate the economy.
5. Earlier this week, we celebrated the 60th Anniversary of the Straits Times Index. Over six decades, STI has evolved alongside Singapore’s growth story. The STI is now anchored by our banks, telecommunications and real estate firms. In 2025, STI rose 23%, reflecting global tailwinds and renewed investor interest in Singapore equities.
6. However, there is much more to do, and we are committed to doing more. Our equity market’s true potential extends beyond the STI, with many promising companies that remain overlooked by investors. The Forum’s theme – “Unlocking the next value-up cycle for Singapore equities” is timely. It represents a call to action to spotlight these hidden gems and drive greater interest in the full spectrum of Singapore-listed companies.
7. Last November, the Equities Market Review Group concluded its review and released its final report, setting out a comprehensive set of measures developed through collaboration among various stakeholders. How we execute these measures matter. In a month, we welcome the Year of the Horse in the Lunar calendar. And I thought we could draw inspiration from this most impressive animal as we unpack our strategy for our equity market.
8. Let us consider the three traits of the horse: its Spirit, its Gallop, and its Stamina.
Spirit: Reigniting Market Vitality
9. To “reawaken” a market, we must first infuse it with renewed Spirit. This is about energy and vitality, and it means sparking greater interest in our market. MAS has allocated S$3.95 billion, out of a total of S$5 billion, across nine fund managers through the Equity Market Development Programme. Our goal is to strengthen our local fund management industry, enhance equity research and listing support, and generate greater investor interest in a segment that has typically received less attention – our small- and mid-caps companies.
10. By appointing a diverse mix of local and global fund managers, we are drawing fresh capital and new investors into our ecosystem and our equity market. In turn, this will strengthen the local fund management and equity research ecosystem and bolster market liquidity.
11. Beyond fund managers, the brokerage community – including those represented here through SAS today – plays an equally vital role in our ecosystem. Brokers drive participation across various investor segments, especially among retail investors. With your market expertise and strong local networks, you can raise visibility of promising companies through research coverage and investor dialogues, such as today’s Forum. By sharing insights widely and clearly, you help investors spot value in our market, reignite momentum and give business owners the confidence to raise capital here.
Gallop: Scaling through Structural Reform
12. Once we have ignited our animal spirits, we must find our gallop. This represents the speed and scale of our systemic reforms to improve the overall effectiveness, fundamentals and competitiveness of our equity market.
13. MAS and SGX are pursuing a comprehensive range of reforms to deepen liquidity and improve trading and custody efficiency in our markets. Liquidity is also the lifeblood of the brokerage community, and I ask that you partner us on these key initiatives:
a) Market-making incentives: We are developing market-making initiatives to tighten spreads and improve execution, making trading more cost-effective for investors, focusing on newly listed and next-tier small- and mid-cap stocks outside the STI.
b) Enhanced retail accessibility: SGX plans to reduce board lot sizes from 100 to 10 units for securities priced above S$10. This lowers the “entry jump” for retail investors. Brokers can help us raise awareness of this improvement in accessibility for retail investors, particularly those just starting out.
c) Modernised custody infrastructure: SGX will modernise the Central Depository (CDP)’s post-trade custody model. This allows brokers to reimagine how they deliver execution and custody services seamlessly, unlocking new service possibilities for investors and strengthening our equity market’s value proposition. Investor support and education will be key in harnessing the full potential of this initiative.
d) Improved global connectivity: The SGX-Nasdaq dual listing bridge will connect Singapore and the United States, allowing companies to tap into liquidity in two time zones simultaneously. The goal is to attract more issuers as well as investors into the Singapore ecosystem.
14. To further power our gallop, MAS and SGX’s “Value Unlock” programme will help our listed companies better engage with investors and deliver sustainable shareholder value. “Value Unlock” does this in three thrusts. First, it provides grants to help companies develop capabilities. Second, it amplifies corporate stories. Third, it helps create communities that can promote peer learning and scale value creation efforts across different market segments. Over time, we hope to create a “flywheel” where liquidity attracts quality, and quality attracts even more liquidity.
Stamina: Sustaining Long-Term Value
15. Finally, we must also have Stamina. A market reawakening is not a sprint. It is a long-distance journey. We must sustain the positive momentum we saw in 2025.
16. The upcoming Equity Market Implementation Committee, co-chaired by MAS and SGX, will be the “jockey” steering this process. The Committee will oversee the implementation of the Review Group’s recommendations with the same spirit of collaboration that created them.
17. Ladies and Gentlemen, as the Chinese idiom goes, the longer the journey, the better we can gauge the strength of the horse (路遥知马力).
18. As we welcome 2026 and approach the Year of the Horse, let us move forward with the Spirit to inspire, the Gallop to scale and the Stamina to succeed.
19. Thank you. I wish all of us 马到成功 – to achieve what we have set out in this journey to achieve.
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