Speed critical for MAS-led review group amid flurry of delistings, IPO drought

Coordination is also key for measures to revive S'pore stock market to be effective

- Kang Wan Chern

Speed and coordination are of the essence as a review group set up to help strengthen Singapore's stock market makes some headway.

Formed in August 2024, the review group will continue to be helmed by Mr Chee Hong Tat, who is now Minister for National Development in Singapore's new Cabinet, after relinquishing his previous roles as Minister for Transport and Second Minister for Finance.

In a May 21 Facebook post, Mr Chee said he will remain as deputy chairman of the Monetary Authority of Singapore (MAS) to support Deputy Prime Minister and MAS chairman Gan Kim Yong, and will continue to work closely with the central bank and tripartite partners to grow Singapore's financial sector.

This helps to provide continuity in the tough task ahead, as there is some urgency in reviving the local stock market, which is struggling with a sharp decline in initial public offerings (IPOs) and a fast-growing number of delistings. Competition from other exchanges in the US and Hong Kong has also intensified, with some Singapore-based companies opting to list there instead.

Meanwhile, tax incentives have been rolled out, and public consultations on proposed changes to listing rules and securities regulations are under way to simplify disclosure requirements for companies intending to pursue IPOs.

Trading activity on the Singapore Exchange (SGX) has improved, with almost 29.5 billion shares worth around $41 billion traded in April, up from around 26.8 billion shares valued at $29.6 billion traded in March, according to the exchange.

Still, progress updates on some of the other measures announced in February remain in the works.