The Monetary Authority of Singapore (MAS) has announced the appointment of Avanda Investment Management, Fullerton Fund Management, and JP Morgan Asset Management as the first batch of asset managers under the S$5b Equity Market Development Programme (EMDP). This move, unveiled on 21 July, involves an initial injection of S$1.1b into Singapore equities, aimed at bolstering the local market’s liquidity.
MAS, in collaboration with the Financial Sector Development Fund (FSDF), is also setting aside an additional S$50m to enhance the Grant for Equity Market Singapore (GEMS) scheme. This initiative is designed to strengthen the equity research ecosystem and support the growth of Singapore’s listed product suite. The GEMS scheme will now extend until 31 December 2028, with increased funding for research reports and new grants for research dissemination via digital media.
In a bid to further enhance investor protection, MAS has identified three focus areas: enabling legal action, facilitating self-organisation, and providing funding access. A consultation on these proposals is expected later this year. Additionally, MAS is reviewing other initiatives to improve Singapore’s equities market, including measures to enhance shareholder engagement and market-making mechanisms.
The liquidity boost is seen as a positive development for the stock market, with CGS International noting that it complements the broader efforts to improve research, listing support, and investor confidence. The next phase of asset manager appointments under the EMDP is anticipated by the fourth quarter of 2025.
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