Singapore equities boost: MAS to inject another $1.5 billion to widen investor participation
The Monetary Authority of Singapore (MAS) will inject an additional $1.5 billion to increase investor participation in Singapore equities, Prime Minister Lawrence Wong said in his Budget speech on Feb 12.
Mr Wong said the top-up to the Financial Sector Development Fund (FSDF) will also support the development of Singapore’s fund management industry, as authorities seek to strengthen the broader equities ecosystem.
Singapore equities boost builds on EQDP momentum
The new $1.5 billion injection builds on the Equity Market Development Programme (EQDP), a $5 billion MAS initiative launched in July 2025 to invest in Singapore-listed shares and support market vibrancy.
Under the EQDP, MAS has allocated $3.95 billion so far to nine fund managers to invest in the local market. Mr Wong said industry response has been encouraging. He added that the additional FSDF funding will help sustain the push to deepen liquidity and participation.
MAS is expected to announce a third tranche of fund managers under the EQDP sometime in 2026.
FSDF funding backs market development and talent
MAS set up the FSDF in 1999 to provide grants to firms and individuals in the financial services sector, with the aim of promoting Singapore as a financial centre.
Mr Wong said the latest top-up will help develop the fund management industry while supporting efforts to strengthen the equities market. He positioned the measure as part of a wider strategy to keep Singapore competitive in a more uncertain global environment.
IPO activity showed signs of revival in 2025
Mr Wong said the EQDP has also helped lift activity in Singapore’s primary market.
There were 16 listings on the Singapore Exchange (SGX) in 2025, starting with local software-as-a-service provider Info-Tech’s listing in July. This followed weaker listing activity on the SGX mainboard in 2023 and 2024.
The additional FSDF funding takes effect as part of Budget measures announced on Feb 12, with further details to be issued by MAS on implementation and related programmes
