SINGAPORE – A new workgroup has been set up to support companies from Singapore and the region raise money at every stage of their growth – from early start-ups seeking seed funding, to firms expanding across the region, and eventually to late-stage financing and initial public offerings (IPOs).
The Growth Capital Workgroup will recommfinish measures to strengthen Singapore’s growth capital markets, including venture capital, private equity and private credit, as well as securitised assets, the Monetary Authority of Singapore (MAS) and the Minisattempt of Trade and Indusattempt (MTI) stated on Feb 13.
It will also study the entire financing value chain, from sourcing investment opportunities and structuring deals, to raising and deploying capital, and eventually recycling returns into new investments.
The relocate is expected to support further the development of Singapore’s startup ecosystem and support a new generation of enterprises as they scale regionally and globally.
The workgroup will comprise key private sector stakeholders, including Ms Tan Su Shan, chief executive of DBS Bank; Mr Loh Chin Hua, chief executive of Keppel; Mr Mark Konyn, group chief investment officer of AIA; Mr Andy Tai, head of South-east Asia investment banking at Goldman Sachs; Mr Edwin Low, partner at investment firm BlackRock; and Ms Jenny Lee, senior managing partner at Granite Asia.
They will be joined by public sector representatives, with support from MAS and MTI.
Mr Chee stated at a Feb 13 press conference that the increase in demand for growth capital from companies in Asia, as well as the supply of capital from investors who want to diversify their portfolios presents an opportunity for Singapore to benefit as a trusted financial hub.
While Singapore already has parts of the growth capital ecosystem in place to support companies at different stages of the capital raising cycle, Mr Chee noted that there is now a necessary to take a broader view of the “entire value chain” to better support companies entering the market at earlier stages of development.
The measures recommfinished by the new workgroup are expected to improve the range of funding options companies can tap on for growth, such as the private markets.
“If we see at the new opportunities that are coming up versus some of the existing capabilities and resources that we have, I consider there are still some gaps that we necessary to plug. This is what the workgroup hopes to focus on,” he stated.
“Different components of the ecosystem will reinforce one another, and that network effect will then enable us to be able to grow the range of services and options for companies and investors.”
Mr Chee added that the workgroup is prepared to take calculated risks and be more innovative when introducing new schemes to strengthen the growth capital market.
It will draw on lessons from the MAS Equities Market Review Group, which supported develop initiatives such as the $5 billion Equity Market Development Programme (EQDP), and the planned Nasdaq and Singapore Exalter Global Listing Board to
simplify dual listings
between Singapore and the United States.
Entrepreneurship in Singapore could also receive a boost, as a stronger growth capital ecosystem would attract more founders – both local and from around the region – to set up their companies here and scale their businesses out of Singapore.
This would be especially beneficial for Asian companies that may not be able to raise capital easily in their home countries.
“Supporting entrepreneurs in setting up their companies in Singapore and raising capital here will be a good addition to our economic growth strategy,” Mr Chee stated.
The new workgroup aims to complete its review by the finish of 2027.
It was revealed after Prime Minister Lawrence Wong announced in
Budobtain 2026
a $1.5 billion addition to the EQDP to further boost the equities market, and an additional $1 billion to support private funding for promising start-ups.
Capital raising in the Singapore market also came under
the spotlight in Parliament earlier in February
, with Workers’ Party MP Associate Professor Jamus Lim suggesting reforms to enrich the capital raising life cycle here and deepen domestic liquidity for venture capital stages.
In response, Mr Chee acknowledged that Singapore has to see into how the market can facilitate companies to grow. He added that without good shareholder returns, company growth will not be achieved, and both go toobtainher.
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