Singapore needs listing variety, says SGX equities head
Singapore needs diversity in the types of equity listings it attracts, said Ng Yao Loong, head of equities at SGX Group.
Ng said Singapore Exchange needed a balance of different companies, comprising a microcosm of both local and regional companies.
Traditionally Singapore’s equity capital market has depended heavily on real estate investment trusts to boost listings. They account for about 10% of the SGX's market capitalisation, according to the REIT Association of Singapore.
Ng made the comments at a panel discussion as part of the Investment Management Association of Singapore Investment Conference & Masterclass 2026 held in Singapore on Tuesday.
In the same panel discussion, Gillian Tan, assistant managing director – development & international at the Monetary Authority of Singapore, said Singapore's equity market transformation requires three essential elements working together: strong institutions and infrastructure, diverse ideas and strategies, and committed capital deployment.
"Just like in the Italian Renaissance, I don't think there's one single catalyst that you can say spurred the whole thing," said Tan. "It really is a collection of things and that's why the review group had to be a strategic national imperative, a national initiative sponsored at the highest senior political leadership levels in order for this to get done."
The MAS in August 2024 established the Equity Markets Review Group, comprising experts from across the financial and government sectors, to come up with ways to revitalise the equity market.
In February 2025, the MAS and Singapore’s Financial Sector Development Fund said they would place S$5bn (US$3.9bn) with active fund managers to invest in a range of Singaporean stocks under the equity market development programme. In March this year the programme was expanded to S$6.5bn. The fund infusion has boosted market sentiment and the benchmark FTSE Straits Times Index is up 7.8% this year, following a 22.7% gain in 2025, making it one of the best performing markets in Asia.
Pauline Ng, head of ASEAN, emerging markets and Asia Pacific equities at JP Morgan Asset Management, said there was a need for diversity in investor participation in Singapore's stock market. According to her, retail investor participation in the Singapore market is at 25% compared with nearly 50%–60% in Taiwan and South Korea. “A higher retail participation creates vibrancy in the market,” she said during the panel discussion.
Investing in Singapore equities also gives investors broader exposure to South-East Asian growth along with Singapore Inc’s transparency and corporate governance, Pauline Ng said.