SGX Group Chairman Koh Boon Hwee
The Singapore Exchange (SGX Group) has marked its 25th anniversary with a stunning financial performance, delivering its highest-ever net revenue and profit since listing in FY2025.
This achievement, set against a backdrop of global volatility and shifting trade dynamics, firmly positions SGX Group as a resilient and innovative force in the international financial landscape.
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Net revenue surged by 11.7 per cent to US$950.52 million (S$1,298 million), while net profit climbed 8 per cent to US$479.52 million (S$648 million). This robust growth underscores the success of SGX’s multi-asset strategy, expanded global reach, and commitment to a trusted, high-standard platform.
Unpacking the financial powerhouse
SGX Group’s impressive financial results were driven by growth across all key business segments:
- Fixed Income, Currencies and Commodities (FICC): Net revenue in this segment increased by 8.6 per cent to US$237.98 million (S$321.6 million). This was largely fuelled by significant increases in OTC FX, currency derivatives, and commodity derivatives volumes. Notably, OTC FX net revenue skyrocketed by 25.3 per cent to US$83.62 million (S$113.0 million), with average daily volume (ADV) reaching US$143 billion, marking the fastest year-on-year growth among peer exchanges.
- Equities – Cash: This segment saw an 18.7 per cent rise in net revenue to US$290.59 million (S$392.7 million), now contributing a substantial 30.3 per cent of total net revenue. Securities daily average traded value (SDAV) jumped 26.5 per cent to US$0.99 billion (S$1.34 billion), representing a four-year high and outperforming ASEAN counterparts. Total securities traded value hit US$248.94 billion (S$336.4 billion), a 27.5 per cent increase.
- Equities – Derivatives: Volumes for equity derivatives expanded by 10.3 per cent, reaching 175.8 million contracts, predominantly from higher activity in FTSE China A50 and GIFT Nifty 50 index futures.
Dividends and Shareholder Value: Earnings per Share (EPS) reached US$0.45 (S$0.606), up 8.4 per cent from FY2024. The Board has proposed a final quarterly dividend of 10.5 cents per share, bringing the total FY2025 dividends to US$0.28 (S$0.375) per share, an 8.7 per cent increase. SGX Group anticipates steadily increasing dividends by 0.25 cents per quarter from FY2026 to FY2028.
Chairman’s vision: Nurturing Southeast Asia’s startup ecosystem
In a powerful message to shareholders, Koh Boon Hwee, Chairman of SGX Group, articulated a critical insight into Southeast Asia’s burgeoning venture capital market. With nearly 14,000 startups backed by VCs in the region, Koh highlighted a “gap” in the capital markets, stressing that a healthy ecosystem must serve “not only the exceptional few but the promising many.”
Koh argued that the current reliance on trade sales alone is insufficient for capital recycling, which is vital for the sustainability of the VC market. He called for an enabling policy framework to align market incentives with the long-term growth of this ecosystem. A stark warning was issued: if promising Southeast Asian companies opt to list overseas, Singapore risks losing not only IPOs but also the entire value chain of investment bankers, corporate lawyers, and accountants.
Drawing inspiration from Singapore’s successful transformation into an R&D hub through sustained government investment– escalating from US$1.48 billion (S$2 billion) in 1995 to US$18.5 billion (S$25 billion) in 2025–Koh advocated a similar continuous commitment to capital markets. He lauded the Monetary Authority of Singapore’s (MAS) July 2025 announcement to reframe product suitability, empowering investor decision-making and fostering “bold entrepreneurship… in our policy thinking”.
Innovation, global reach, and regulatory foresight
SGX Group’s strategic priorities for FY2026 include widening product and platform offerings, enhancing capabilities, building overseas presence, and strengthening cross-border collaborations.
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- Market leadership: SGX FX is now among the top three exchange-backed over-the-counter (OTC) FX venues by volume, with a global reach extending to over 200 institutional clients across 12 cities. The inclusion of SGX’s benchmark 62 per cent Fe iron ore contract in S&P Global’s Dow Jones Commodity Index signals strong investor demand for Asia’s first global commodity.
- Geographic expansion: The launch of Brazilian Real (BRL) futures through a partnership with Brazil’s B3 exchange marks a significant strategic move into emerging market currencies beyond Asia.
- Technological edge: SGX is integrating artificial intelligence (AI) and advanced analytics into its platforms to enhance the trading experience for clients. New structured products are also in the pipeline to offer more diverse trading options for investors.
- Regulatory evolution: SGX RegCo is implementing a pro-enterprise regulatory stance, streamlining listing processes, and focusing on clear disclosures for investors. This shift aims to reduce “unintended and disruptive effects on trading and liquidity” while upholding market integrity.
- Sustainability as a core pillar: SGX Group is a leader in sustainable finance, evidenced by its six listed sustainability-themed ETFs, which saw their total Assets Under Management (AUM) grow by 133 per cent year-on-year to US$1.63 billion (S$2.2 billion). The group is progressing towards net-zero emissions by 2050 and has already met its Scope 3 emissions target for engaging data centre suppliers.
Governance and community impact
SGX Group maintains robust governance, with a Board of Directors that boasts approximately 41 per cent female representation, following the appointment of Datuk Maimoonah Hussain. The group’s strong emphasis on corporate social responsibility (CSR) is demonstrated through SGX Cares, which has raised over US$38.48 million (S$52 million) for various causes over two decades, with US$1.67 million (S$2.25 million) raised in the past year alone through events like the Charity Run and Charity Futsal.
Furthermore, SGX Academy’s financial literacy programmes reached more than 22,000 participants in FY2025, particularly engaging young and first-time investors.
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