Financial Services Bulletin December 2025: Allen & Gledhill

18 December 2025

Capital Markets

Equities Market Review Group publishes final report and announces SGX-Nasdaq dual listing bridge, value-creation programme, second batch of EQDP asset managers, and trading and market structure enhancements

Corporate / M&A

ACRA issues Financial Reporting Practice Guidance No. 1 of 2025 on areas of review focus for FY2025 financial statements

ESG & Public Policy

Key outcomes from COP30 and Singapore’s commitments

SGX RegCo and ISCA jointly develop roadmap to navigate SGX’s climate reporting timelines

Singapore, Gold Standard, and Verra publish crediting protocol

Singapore and Thailand publish list of eligible programmes and methodologies under Implementation Agreement on carbon credits

Singapore and Bhutan invite applications for carbon credit projects under Implementation Agreement

Singapore and Ethiopia sign MOU on carbon credits collaboration

Singapore and Malawi sign MOU to collaborate on Article 6 to accelerate climate action

Financial Regulatory & Compliance

MAS consults on proposed Guidelines for Artificial Intelligence Risk Management

MAS revises requirements relating to preparation of financial statements and reports in Code on Collective Investment Schemes

FinTech

MAS issues Guide on the Tokenisation of Capital Markets Products

Regional News

China

Singapore and China sign MOUs to promote international arbitration as preferred method of dispute resolution

Singapore and Zhejiang enter new partnerships to strengthen cooperation in digital economy and innovation

Singapore and Guangdong strengthen cooperation as Guangzhou Knowledge City marks 15 years of connecting Singapore companies to China

Indonesia

Indonesia issues new regulation on waste-to-energy processing

Malaysia

Proposed amendments to Malaysia’s Stamp Act 1949

Securities Commission Malaysia seeks feedback on proposals under the market segmentation review

Bank Negara Malaysia issues exposure draft on open finance

Vietnam

Vietnam’s international financial centres take shape

Publications

Practical Law: Transactions with Directors Requiring Approval of Members of a Company, and Appointing a Director of a Private Company - Singapore (2025)

Practical Law: Securities Regulatory Framework and Disclosure Obligations of Listed Companies - Singapore (2025)

Practical Law: Regulation of Cryptoassets - Singapore (2025)

Practical Law: Default Judgment - Singapore (2025)

Practical Law: Without Prejudice Privilege - Singapore (2025)

ICLG: Foreign Direct Investment Regimes 2026 (7th Ed) - Singapore

Lexology In-Depth: Technology Disputes (5th Ed, 2025) - Singapore

The Legal Industry Reviews: China & Hong Kong (Edition 8, November 2025)

Deals

Issue of S$1 billion fixed rate notes by Housing and Development Board

US$400 million initial public offering and listing of UltraGreen.ai Limited

Establishment of S$500 million multicurrency medium term note programme and issue of S$100 million notes by MoneyMax Treasure Pte. Ltd.

S$390 million term and revolving facilities to Gerbera Land Pte Ltd and TSH Capital Pte Ltd.

Issue of S$300 million notes by StarHub Ltd

Awards & Rankings

A&G Asia continues to be recognised for its leading position in the region by Chambers and Partners in its 2026 rankings

Allen & Gledhill named Singapore Firm of the Year at Lexology Index Awards 2025

Allen & Gledhill ranked in top band by Global Competition Review

Allen & Gledhill and Rahmat Lim & Partners ranked in top 100 restructuring and insolvency practices worldwide

Allen & Gledhill’s Shanghai Representative Office recognised in The Legal 500’s Greater China 2026 guide