SGX Group and Nasdaq have agreed to build a cross-border “Global Listing Board” that would let large companies list in Singapore and the United States using a more unified process, as the city-state tries to revive a stock market that has struggled to attract high-growth issuers.
Under the plan, firms with market capitalisation of at least S$2 billion (about $1.5 billion) could pursue a dual listing on both exchanges with a single set of offering documents and a streamlined review, cutting legal and regulatory duplication.
The framework is expected to go live around mid-2026, subject to final rules and approvals.
Singapore’s equities market has leaned heavily on REIT flotations this year, while technology and other fast-growing companies have often favoured U.S. venues for deeper liquidity and higher valuations.
Policymakers have been rolling out a broader package, including new liquidity programmes and incentives for institutional participation, to reverse a backdrop of thin trading and more delistings than IPOs in recent years.
Officials and investors backing the initiative argue that reducing “friction” around dual regulatory regimes could help anchor Asian-linked companies in Singapore without forcing them to choose between home-region visibility and U.S. capital depth.
The bridge also seeks prospectus standards in Singapore that are comparable to U.S. requirements, enabling the single-document approach.
If executed cleanly, the tie-up could make SGX a more credible second home for Southeast Asian tech and consumer champions that already look to Nasdaq for scale, analyst said.
Still, success will hinge on whether Singapore can translate easier listing mechanics into sustained secondary-market liquidity, the factor that ultimately drives where founders and funds want their shares to trade.
