Singapore sets up Growth Capital Workgroup to help firms raise funds from seed to IPO
SINGAPORE — Singapore has formed a new Growth Capital Workgroup to strengthen how companies raise money across every stage of growth, from seed funding for start-ups to late-stage financing and initial public offerings (IPOs).
The workgroup will recommend measures to deepen Singapore’s growth capital markets, including venture capital, private equity, private credit and securitised assets, the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) said on Feb 13.
The initiative aims to support Singapore and regional companies as they scale across Asia and beyond, while reinforcing Singapore’s position as a trusted financial hub.
Why the Growth Capital Workgroup was created
National Development Minister Chee Hong Tat said Asia is seeing rising demand for growth capital. At the same time, global investors are looking to diversify portfolios.
He said this creates an opportunity for Singapore, if it can offer a stronger and more connected funding ecosystem.
Singapore already has parts of the capital-raising system in place. However, Mr Chee said there is a need to take a broader view of the entire value chain, especially to support companies at earlier stages.
A full review of the financing value chain
MAS and MTI said the workgroup will study the end-to-end process.
That includes sourcing investment opportunities, structuring deals, raising and deploying capital, and then recycling returns into new investments.
The goal is to widen the funding options available to companies. Private market channels are expected to be a key area, as firms look beyond public markets for growth financing.
Who is on the new workgroup
The workgroup will include senior leaders from finance and industry.
Private sector members include Tan Su Shan, chief executive of DBS Bank; Loh Chin Hua, chief executive of Keppel; Mark Konyn, group chief investment officer of AIA; Andy Tai, head of South-east Asia investment banking at Goldman Sachs; Edwin Low, partner at BlackRock; and Jenny Lee, senior managing partner at Granite Asia.
They will be joined by public sector representatives, with support from MAS and MTI.
Plugging gaps and taking “calculated risks”
Mr Chee said the workgroup intends to identify gaps between new opportunities and existing capabilities.
He said different parts of the ecosystem can reinforce one another. That network effect, he added, could expand the range of services and funding routes for both companies and investors.
He also said the group is prepared to take calculated risks and be more innovative in introducing schemes to strengthen growth capital markets.
Linked to Budget 2026 funding moves
The workgroup was announced after Prime Minister Lawrence Wong unveiled fresh market-support measures in Budget 2026.
These include a $1.5 billion top-up to the Equity Market Development Programme (EQDP) to bolster the equities market, and an additional $1 billion to support private funding for promising start-ups.
Mr Chee said the new workgroup will also draw lessons from earlier efforts, including the MAS Equities Market Review Group, and initiatives linked to planned structures to simplify dual listings between Singapore and the United States.
Why it matters for start-ups and founders in the region
A stronger growth capital ecosystem could make Singapore more attractive to founders, including entrepreneurs from around Asia.
Mr Chee said this would be especially helpful for companies that may struggle to raise capital in their home markets. He added that helping entrepreneurs set up in Singapore and raise capital here supports the country’s broader growth strategy.
The Growth Capital Workgroup is expected to complete its review by the end of 2027. If its recommendations translate into new funding pathways, Singapore could offer a clearer pipeline from early-stage rounds through to regional expansion and, eventually, the public markets.
