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Singapore’s central bank to launch $55m grant for Equity Market Singapore

According to a press release, Singapore’s central bank is launching a US $55 million (SG $75 million) grant to help enterprises seeking to raise capital through Singapore’s equity market.

The grant for equity market Singapore (GEMS), will take effect next month and is set to run for three years.

The Monetary Authority of Singapore (MAS)’s grant is made up of three components and follows other programmes for the bond and private equity market initiated in previous years. The Listing Grant, the Research Talent Development Grant, and the Research Initiatives Grant are a part of the scheme.

The Listing Grant will facilitate enterprises seeking a listing on Singapore Exchange (SGX).

Enterprises will be able to apply for the Listing Grant under three tiers, with the scheme co-funding 70% of eligible listing expenses up to US $739,000 (SG $1 million) for ‘new technology sector’ enterprises with a minimum market capitalisation of US $222 million (SG $300 million). New technology sector enterprises do business in the areas of fintech, digital consumer tech, on-demand services, and gaming services and peripherals.

The GEMS Listing Grant will co-fund 20% of eligible listing expenses up to US $369,000 (SG $500,000) for ‘high-growth sector’ enterprises, with a minimum market capitalisation of SG $300 million. High-growth sector enterprises include digital clusters, hubs, and related services, advanced manufacturing, logistics, urban solutions and infrastructure, and healthcare, as identified in the Committee on the Future Economy 2017 report.

The Listing Grant will co-fund 20% of eligible listing expenses up to US $148,000 (SG $200,000) for enterprises from all other sectors, with no minimum market capitalisation.

The GEMS’s Research Talent Development Grant will enhance Singapore’s research coverage, particularly for mid and small-cap enterprises. It will help improve investor knowledge, which will, in turn, facilitate price discovery and liquidity.

The research talent development grant is designed to groom a pipeline of equity research analysts and retain experienced research talent to initiate research coverage primarily of listed mid and small-cap enterprises.

This grant will co-fund 70% of the salaries for fresh graduates hired as equity research analysts; and 50% of the salaries for re-employed experienced equity research analysts.

Under the Research Initiatives Grant, the MAS will earmark funds to crowd-source initiatives that will propel the development of Singapore’s equity research ecosystem.

These initiatives can include the publication of industry or sector primers, and innovative ways to distribute research and disseminate enterprise information to investors.

The MAS Managing Director said that Singapore has been working to enhance its private and public markets so that domestic and international growth enterprises are able to access different types of capital best suited to their needs.

The scheme will be funded by the Financial Sector Development Fund (FSDF). According to its website, the FSDF functions under the Monetary Authority of Singapore Act to develop infrastructure to support the financial services sector in the country.


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