MAS appoints third batch of EQDP asset managers, commits S$20 million to strengthen equities market making activities in Singapore

28 October 2026

On 29 September 2026, the Monetary Authority of Singapore (“MAS”) announced the appointment of the third batch of five asset managers under the S$6.5 billion Equity Market Development Programme (“EQDP”), placing S$1.45 billion with the appointed managers. MAS has also committed S$20 million from the Financial Sector Development Fund (“FSDF”) to the Grant for Equity Market Singapore (“GEMS”) Scheme to enhance equities market making activities in Singapore.

These initiatives form part of the measures introduced by the Equities Market Review Group (“Review Group”) to strengthen the competitiveness of Singapore’s equities market. The Review Group published its final report in November 2025.

Third batch of asset managers under EQDP

MAS will place S$1.45 billion with the third batch of five EQDP asset managers. These managers will leverage their global distribution networks to bring in new sources of international capital seeking exposure to Singapore and the region, thereby broadening investor participation in Singapore’s equities market. Together with the earlier EQDP appointments announced in July and November 2025, total allocations under the programme now amount to S$5.4 billion across 14 asset managers. 

MAS is reviewing the proposals for a fourth batch of asset managers and expects to complete the review in 2027.

Strengthening equities market making activities in Singapore

MAS has committed S$20 million from the FSDF for a new GEMS Market Making Grant to support market making activities in stocks listed on the Singapore Exchange till 31 December 2028. The grant will support appointed market makers in providing trading liquidity for an initial group of approximately 80 eligible small- and mid-cap stocks, as well as newly listed stocks.

The initiative aims to facilitate tighter bid-ask spreads, reduce execution costs, and strengthen price discovery. The list of eligible stocks will be reviewed regularly to include additional stocks that can benefit from enhanced market making support to improve price discovery.

Reference materials

The media release is available on the MAS website www.mas.gov.sg.