The Monetary Authority of Singapore (MAS) has moved forward with proposed changes to the Securities and Futures Act 2001 that would make it easier for companies to pursue dual listings on the Singapore Exchange and overseas markets.
The proposed framework is designed to support the Global Listing Board, a partnership between SGX and Nasdaq, while also enabling similar cross-border listing collaborations in the future.
For Singapore, the initiative forms part of a broader push to strengthen its role as a capital formation hub for growth companies, including technology, fintech, and innovation-led issuers seeking access to both Asian and US investors.
MAS said respondents to its public consultation broadly supported efforts to reduce friction in the initial public offering process for dual listings.
Market participants also proposed further harmonization in areas such as investor outreach, prospectus registration timing, and post-listing activities in Singapore.
Under the proposed rules, Global Listing Board issuers may prepare a single set of offering documents for a simultaneous listing on SGX and Nasdaq.
The approach is intended to cut duplication and make the IPO process more efficient for issuers, advisers, and investors.
Issuers will also be allowed to conduct pre-marketing outreach with accredited and institutional investors in Singapore before lodging a preliminary prospectus.
MAS said this would allow companies to assess investor interest earlier in the IPO process, subject to safeguards.
The framework will also introduce safe harbors for Global Listing Board issuers covering forward-looking statements, share repurchases, and pre-determined trades.
These safe harbors may be used as a defense against specified market misconduct provisions under the SFA for trading activity in both markets.
MAS said it will also proceed with amendments that apply to all offers made in conjunction with an SGX listing, including those on the Global Listing Board.
The reforms may help Singapore compete more effectively for high-growth companies that need access to deeper pools of capital.
For fintech and digital finance firms, a smoother dual-listing route could provide another pathway from private funding rounds to public markets, while allowing issuers to tap both regional and global investor demand.
