SINGAPORE: A review group has been set up to give recommendations on how to strengthen the development of Singapore’s stock market, the Monetary Authority of Singapore (MAS) announced on Friday (Aug 2).
It comes after the Singapore Exchange (SGX) had its worst year for listings last year.
The review group is led by Second Minister for Finance Chee Hong Tat, who is also the Transport Minister and a board member of MAS.
It will involve private sector stakeholders and public sector representatives.
They will recommend a set of measures and complete their report within 12 months, MAS said.
In 2023, there were only six initial public offerings (IPO) in the SGX compared with 11 in the year before.
According to Deloitte, just US$35 million was raised in 2023, a 92 per cent decline from 2022.
Hong Kong, Singapore’s rival as an Asian financial hub, had 68 IPOs last year and raised US$5.3 billion.