The Singapore Exchange (SGX Group) and Nasdaq have established a strategic partnership aimed at simplifying dual listings and enhancing the integration of the capital markets of the US and Singapore.
The collaboration will introduce a Global Listing Board, creating a harmonised cross-border framework designed to ease capital raising, enhance visibility, and improve access to investors for large companies.
Scheduled to commence operation around mid-2026, the Global Listing Board aims to foster a transparent and efficient environment for global capital formation. The framework is tailored for companies possessing a market capitalisation of SGD 2 billion (US$1.5 billion) and above.
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This initiative is set to significantly reduce the friction, complexity, and cost associated with pursuing a dual listing on both Nasdaq and SGX. A critical feature of the framework is the streamlining of regulatory obligations and fundraising requirements across the Pacific Ocean. This is achieved through the use of a single set of documents and a simplified review process, allowing issuers to navigate the complexity of dual regulatory regimes more efficiently.
Strategic implications for Asia
The platform has received strong support from institutional asset owners and managers in Singapore, viewing it as a crucial springboard into both the US and Singapore markets for issuers. This regulatory alignment and combination of market liquidity are intended to enable a new wave of growth companies — ranging from innovative start-ups to established industry leaders — to scale agilely and unlock new pools of growth capital.
Chee Hong Tat, Minister for National Development and Chair of the Equities Market Review Group, emphasised the strategic connectivity provided by the partnership. He stated that the “dual listing bridge will bring together the strengths of two major market operators SGX and Nasdaq, and help anchor the listings of dynamic companies in Asia and attract liquidity around these listings”.
Loh Boon Chye, CEO of SGX Group, noted that the proposition for issuers is clear: “access to US market depth and Asian growth in a streamlined pathway”. He expressed the hope of attracting quality, growth-oriented companies with an Asian nexus that seek to expand their investor base while remaining true to their roots.
Regulatory and financial support
The proposed regulatory framework aims to establish prospectus disclosure requirements in Singapore that are comparable to those in the US, which will permit the utilisation of a single set of offering documents for the dual listing process. Implementation details and relevant regulatory processes are currently being finalised.
This move aligns with the Singapore government’s broader efforts, led by the Equities Market Review Group, to strengthen the attractiveness of the local stock market for companies seeking to list and access growth capital. Supporting these efforts is the “S$1.5 billion Anchor Fund @ 65”, established in 2021 by the Ministry of Trade and Industry and Temasek.
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This fund is designed to support promising high-growth enterprises and market leaders in their public fundraising in Singapore’s public equity market, including listings on the new Board.
Adena Friedman, Chair and CEO of Nasdaq, highlighted the importance of cooperation, stating: “In a world of increasing complexity and sometimes fragmenting markets, this initiative demonstrates that cooperation, smart regulation, and shared standards can create opportunity at scale that benefits both global and regional economies.”
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