Singapore's SGX enters dual listing alliance with U.S. Nasdaq stock exchange

Asia’s multi-asset exchange, SGX, has entered a strategic partnership with the U.S.-based stock exchange Nasdaq to expand listings and boost Singapore’s equity markets. The partnership will yield a “Global Listing Board” to streamline the cross-border listings.

Singapore’s multi-asset exchange, SGX, has partnered with the U.S. stock exchange, Nasdaq. The partnership will oversee the listing of companies on both exchanges, enabling companies to access global capital across Asia and North America through a single public offering listing.

MAS and SGX pursue a legal framework to house the Nasdaq-SGX alliance

The Monetary Authority of Singapore released a formal announcement on November 19 detailing the completion of the Equities Market review and the release of its final report. The report outlined key measures aimed at strengthening Singapore’s equity market, including the formal partnership between Nasdaq and SGX. The proposal for a dual listing bridge is undergoing regulatory approval processes.

Channel News Asia reported that the move is set to kick off mid-next year. The partnership is among the measures Singapore has implemented to make its equity markets more competitive globally. Last year, Singapore’s stock exchange registered only four IPOs. The low IPO count prompted relevant stakeholders to take measures to strengthen the equity market. Since then, the SGX listing momentum has picked up with nine deals this year alone, according to the news outlet.

The collaboration will provide high-growth Asian stocks with more options for going public and reaching investors in both regions. The alliance will introduce a “Global Listing Board” for large-cap stocks valued at more than 2 billion Singapore dollars to expand global capital access through cross-border listings.

Loh Boon Chye, Chief Executive Officer of SGV Group, stated that the partnership will provide Singapore equities with the option to continue listing in Singapore or go international with a listing on the Nasdaq. He highlighted that the partnership will reduce friction and complexity for companies looking to list in both exchanges.

During a press conference, the deputy chairman of MAS stated that the authority was keen on attracting companies to list on SGX, just like Nasdaq, and “will still be very keen to attract companies to list on Nasdaq.”

Nasdaq CEO Adena Friedman told CNBC that this dual listing bridge was the first of its kind. He added that the alliance is an exciting venture for companies with an Asian footprint that want global exposure with a singular regulatory experience.

MAS steps up to boost Singapore equities  

The news comes amid further measures by the Monetary Authority of Singapore to enhance the competitiveness of Singaporean equities. The authority announced it will launch a “value unlock” package with SGX to help listed companies unlock shareholder value and strengthen investor engagement. 

MAS said it will allocate S$30 million from the Financial Sector Development Fund (FSDF) to fund two grants aimed at developing competencies in corporate strategy, investor relations, and capital optimisation. 

MAS also highlighted that it will work with SGX to help companies communicate their strategic plans more proactively, effectively, and consistently. The authority also explained that its joint venture with SGX will work with ecosystem stakeholders to promote peer learning and collaboration through platforms like the Singapore Institute of Directors’ (SID) Chairpersons Guild.

Singapore’s monetary authority stated that the country’s equity market had experienced “increasing” activity and interest. The statement highlighted that the average daily turnover in the third quarter of 2025 surged 16% year-over-year to SG$1.53 billion, the highest average daily turnover since the first quarter of 2021.

The authority also noted that trading activity in small- and mid-cap stocks has increased, and IPOs are gaining momentum. IPOs in Singapore have raised over S$2 billion so far this year, according to the report.

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