S'pore equity market can tap tech to outpace regional peers: Ex-DBS chief

Blockchain and tokenisation could be key to gaining an edge, he says

- Sheila Chiang

Singapore should explore innovative moves to reclaim leadership in the equity market instead of trying to catch up with its regional peers, said former DBS chief executive Piyush Gupta.

Harnessing technology such as blockchain and tokenisation could be the key to gaining an edge over its peers, he added.

"For Singapore to really establish a leadership position in these markets, we shouldn't be focused just on playing catch-up. We should really be thinking and trying to figure out... how do we redefine the way that this can be done?"

Noting that Singapore is lagging behind its peers, he said: "We used to be the go-to exchange in Asean. Today, we're not the go-to exchange in Asean. Indonesia, Thailand, Malaysia are doing better."

Mr Gupta, who is also chairman of Singapore Management University, was speaking at Dentons Rodyk Dialogue 2025 held at the university's Yong Pung How School of Law on Sept 9.

He listed some investors' concerns about Singapore's equity market, such as lower valuations, limited growth multiples compared with larger, more liquid markets, as well as a high cost of listing and more onerous compliance requirements.

While acknowledging that recent initiatives such as the Monetary Authority of Singapore's (MAS) $5 billion Equity Market Development Programme (EQDP) are steps in the right direction, he questioned their long-term impact.

"The EQDP is not a bad idea. I worry that $5 billion doesn't really move the needle given our market capitalisation," he said.