Can MAS Review Group’s S$5 Billion Boost Revive the SGX?

THE full update on the Monetary Authority of Singapore (MAS) equities market review group’s first set of measures, released on Friday (Feb 21), drew a cautious thumbs up from industry observers over the weekend.

The Business Times spoke to people across the capital market, including investors, fund managers, brokers and lawyers. They differed on the extent that the proposals would have in reviving the local market.

Carol Fong, group chief executive officer of brokerage CGS International, noted that the full update on the measures surpassed expectations, especially after a “comparatively lacklustre teaser” of the tax incentives that were first announced at Budget 2025.

Tay Hwee Ling, accounting and reporting assurance leader for Deloitte South-east Asia, said that mid-market companies with a strong local and regional presence, in particular, stand to benefit most with improved access to growth capital.

Nevertheless, it would require a “concerted effort” across the business ecosystem to attract more companies to list here, added Tay, who also serves on the review group’s enterprise and markets workstream.