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Supporting Public Markets: Singapore’s Equity Market Development Programme (EMDP)

Singapore has long positioned itself as a leading financial hub in Asia. In 2023, the Monetary Authority of Singapore (MAS), in collaboration with the Singapore Exchange (SGX Group), launched the Equity Market Development Programme (EMDP) to strengthen that position by revitalising the country’s public equity markets.

What is the EMDP?

The Equity Market Development Programme is a strategic initiative aimed at:

  • Encouraging more initial public offerings (IPOs) and listings on SGX,
  • Enhancing the visibility and trading liquidity of locally listed companies, and
  • Supporting research, investor engagement, and corporate access to narrow the persistent valuation gaps in Singapore’s equity landscape.

The programme allocates government funding to co-fund listing expenses and support various activities that promote market participation and valuation discovery.

Key Objectives of the EMDP

  1. Increase SGX Listings
    The EMDP supports high-growth companies—particularly in sectors such as sustainability, technology, and industrials—to list on SGX by defraying part of the listing-related costs.
  2. Support Research and Investor Outreach
    A core component of the programme is to co-fund independent equity research, investor relations, and other market engagement efforts that enhance transparency and confidence in listed issuers.
  3. Enhance Trading Liquidity
    The EMDP also targets low-liquidity stocks by facilitating corporate access initiatives, helping bridge the gap between listed companies and institutional investors.

Why EMDP Matters

In recent years, Singapore’s public equity market has seen a rising trend of take-privates and delistings, resulting in a shrinking pool of investable companies—especially among small- and mid-cap stocks. The EMDP is designed to reverse this trend by making it more attractive for companies to go—and stay—public.

For asset managers like Quarz Capital, which focus on undervalued, high-potential small- and mid-cap companies, the EMDP aligns strongly with our mission: to unlock value in public equities through research, active engagement, and long-term capital support.

Our View

We welcome the introduction of the EMDP as a timely and necessary step to bolster Singapore’s equity ecosystem. For the public market to thrive, companies must be incentivised to pursue long-term growth with shareholder alignment, while investors must be equipped with research and access to make informed decisions.

The EMDP has the potential to:

  • Strengthen Singapore’s competitiveness as a regional capital market hub,
  • Broaden the universe of quality public investment opportunities, and
  • Reinforce transparency and liquidity in listed equities.

Quarz Capital is proud to contribute to this landscape by continuing to champion constructive shareholder engagement, value creation, and greater visibility for Singapore-listed companies.

 

For more information on the Equity Market Development Programme, visit the MAS or SGX websites. Let us know if you’d like to learn how Quarz Capital supports and engages with Singapore-listed companies under this evolving market framework.