Singapore's Global Listing Board Initiative: Nasdaq Dual Listing Pathway Attracts Interest Amid Liquidity and Threshold Concerns

The Monetary Authority of Singapore and Singapore Exchange announced on January 8, 2026, a landmark partnership with Nasdaq to launch the Global Listing Board, a program designed to provide Southeast Asian companies with a streamlined pathway to dual listings on both exchanges using a single prospectus with coordinated regulatory review [1]. This initiative represents Singapore’s most ambitious effort to address structural challenges in its equity market and reposition SGX as a competitive listing destination for growth companies seeking access to both Asian investor recognition and US capital market liquidity.

The timing of this announcement is particularly significant given the broader trends shaping Southeast Asian capital markets. The region recorded 116 IPO deals raising US$4.9 billion in 2025, with Singapore leading in proceeds despite Malaysia leading in deal volume [3][4]. More notably, 27 Southeast Asian companies listed in the US during 2025, representing an 80% increase from 2024, demonstrating strong appetite among regional growth companies for access to American capital markets [8]. The Global Listing Board aims to capture a portion of this outbound listing interest by offering a more structured and potentially less costly alternative to direct US listings.

Singapore’s IPO market demonstrated recovery momentum in 2025, with 12-13 IPO deals marking the highest total deal value since 2019 [3][4]. The market raised approximately US$2.5 billion in new listing proceeds, driven largely by two substantial REIT listings: NTT DC REIT (US$773 million) and Centurion Accommodation REIT (US$771.1 million) [3]. This positive trajectory provides a supportive backdrop for the Global Listing Board’s launch, though bankers and analysts emphasize that sustaining this momentum will require demonstrable success in attracting quality dual-listings.

The Global Listing Board’s minimum market capitalization requirement of S$2 billion (approximately US$1.55 billion) has emerged as a focal point of industry discussion [1]. According to Roshan Raj, Partner at RedSeer Strategy Consultants, only approximately 8 Southeast Asian tech firms currently meet this threshold, with an additional 2-3 companies close to qualifying [1]. This narrow addressable market suggests that initial take-up will be limited to a select group of established growth companies rather than representing a broadly accessible pathway.

SGX’s liquidity profile presents another structural challenge. Average daily turnover reached approximately S$1.8 billion in November 2025, representing a 20% year-on-year increase, but this remains modest compared to regional competitor Hong Kong’s approximately US$29 billion daily turnover [1][6]. The disparity underscores the historical difficulty Singapore has faced in developing deep liquid markets for its listed securities, a factor that potential issuers will inevitably consider when evaluating the dual-listing proposition.

The Monetary Authority of Singapore has acknowledged these challenges while emphasizing the comprehensive reform agenda underpinning the initiative. The Equities Market Development Programme (EQDP), with its S$5 billion (approximately US$4 billion) fund to support small- and mid-cap equities, represents Singapore’s largest commitment to domestic equity market development [1][7]. Much of this capital is expected to enter the market during Q1 2026, potentially providing crucial liquidity support for the Global Listing Board’s success [7]. The MAS reported that average daily traded value of securities for full year 2025 was the highest since 2010, indicating early positive momentum from these initiatives [6].

The initiative positions SGX to compete more directly with Hong Kong and US exchanges for Southeast Asian listings. While Hong Kong maintains significant liquidity advantages, Singapore’s regulatory stability, English-language environment, and this new dual-listing pathway may appeal to companies seeking diversified investor bases across both time zones and market structures. The MAS has emphasized that the initiative provides “a bridge for Asian growth companies to access capital and liquidity across two key global market venues with one single prospectus” [6].

Carro, the auto marketplace backed by Temasek and SoftBank Group, represents the most high-profile potential issuer, targeting a US IPO valuation exceeding US$3 billion [1]. The company has indicated interest in the Global Listing Board alongside other regional platforms including Carsome (used-car trading), Funding Societies (digital financing), and Hummingbird Bioscience (biotechnology) [1]. All four companies have indicated interest but declined to elaborate on specific IPO plans, suggesting a cautious approach to committing to the new pathway before observing early deal flow.

Tay Hwee Ling, Capital Markets Services Leader at Deloitte Southeast Asia, noted that the initiative’s broader impact will depend critically on three factors: early deal flow success, sustained liquidity support from the EQDP, and potential future threshold relaxations [1]. This assessment highlights the staged nature of the initiative’s potential success, with initial outcomes likely to influence subsequent developments in both market structure and issuer appetite.

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The Global Listing Board represents an emerging model of cross-border market integration that could influence how exchanges globally approach regulatory coordination and market access. By enabling a single prospectus with coordinated regulatory review across SGX and Nasdaq, the initiative reduces procedural complexity that has historically complicated dual listings [1][2]. If successful, this model could serve as a template for similar arrangements between other exchange pairs, potentially reshaping competitive dynamics in global capital markets.

The initiative’s success will ultimately depend on whether Singapore can demonstrate that its market, combined with Nasdaq’s liquidity, provides a superior alternative to direct US listings. The next 12-18 months will be critical in establishing proof of concept and building momentum for what could become a model for cross-border market integration.

Beyond direct listing activity, the initiative carries implications for Singapore’s broader financial services ecosystem. The prospect of handling dual-listed securities creates demand for enhanced capabilities in investment banking, legal services, advisory, and market making. Pol de Win, Head of Global Sales and Origination at SGX, defended the threshold, stating it is “sized sufficiently to support meaningful trading volumes and liquidity across both markets” [1], suggesting confidence that the initiative will attract sufficient scale to justify ecosystem development.

The healthcare and technology sectors are expected to pursue listings on SGX, driven by favorable market conditions and supportive regulatory mechanisms [3]. The Global Listing Board’s focus on larger, established companies with S$2 billion+ valuations aligns with investor preferences for companies with strong fundamentals and proven business models, potentially attracting higher-quality issuers to the Singapore market.

The 80% increase in Southeast Asian companies listing in the US during 2025, combined with post-debut underperformance among many of these listings, highlights both the opportunities and challenges of cross-border capital access [8]. The Global Listing Board aims to address some of these challenges by providing a more structured pathway that combines Asian market recognition with US market liquidity, potentially improving post-listing performance through broader investor base diversification.

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: The S$2 billion valuation threshold restricts the potential issuer pool to approximately 8-11 Southeast Asian tech firms, significantly limiting near-term deal flow and potentially constraining the initiative’s ability to demonstrate broad-based success [1]. This narrow pipeline creates execution risk if early-adopting companies encounter challenges or delays.

: SGX’s average daily turnover of approximately S$1.8 billion remains substantially below Hong Kong’s US$29 billion, raising questions about whether the Singapore portion of dual-listed securities will achieve meaningful liquidity [1][6]. Thin liquidity could deter potential issuers who perceive the Singapore listing as offering limited incremental value beyond the Nasdaq component.

: Hong Kong and other regional exchanges may introduce competing initiatives or enhance existing programs to retain listings that might otherwise consider the Singapore pathway. The competitive dynamics surrounding Southeast Asian IPOs are likely to intensify as the Global Listing Board’s launch approaches.

: The success of the initiative will be heavily influenced by early deal flow. If initial listings encounter pricing challenges, regulatory delays, or post-listing underperformance, subsequent issuer appetite may diminish substantially.

: The S$5 billion EQDP fund deployment expected in Q1 2026 represents a significant opportunity to address liquidity concerns ahead of or coinciding with the Global Listing Board’s launch [7]. If successful, this capital injection could demonstrate improved market conditions that support dual-listing success.

: Companies that participate as early adopters in the Global Listing Board may benefit from enhanced visibility, preferential positioning in analyst coverage, and the opportunity to establish track records on a new listing pathway. Carro’s potential participation, with its high-profile institutional backing, could set important precedents.

: The single prospectus approach with coordinated regulatory review reduces complexity and costs compared to traditional dual-listing processes, potentially attracting companies that previously found cross-border listings prohibitively cumbersome [1][6].

: Success in establishing the Global Listing Board could position Singapore as a leader in cross-border market integration, potentially attracting future partnerships and enhancing the city-state’s broader financial services proposition.

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The Global Listing Board initiative represents Singapore’s strategic response to structural challenges in its IPO market and growing competition from regional and global exchanges for Southeast Asian listings. The program, launching mid-2026, will provide a fast-track dual-listing pathway to Nasdaq with a single prospectus and coordinated regulatory review.

Key program parameters include a minimum market capitalization threshold of S$2 billion (approximately US$1.55 billion), targeting established growth companies with proven business models and sufficient scale to support meaningful trading volumes [1]. Interest has been confirmed from several prominent regional companies including Carro (auto marketplace, Temasek and SoftBank-backed, targeting US$3 billion+ valuation), Carsome (used-car trading), Funding Societies (digital financing), and Hummingbird Bioscience (biotechnology) [1].

Industry analysis indicates approximately 8 Southeast Asian tech firms currently meet the valuation threshold, with 2-3 additional companies close to qualifying [1]. This narrow addressable market suggests initial take-up will be limited, with success depending heavily on early deal flow and liquidity improvements.

Singapore has introduced the S$5 billion Equities Market Development Programme fund to support small- and mid-cap equities, with capital expected to deploy in Q1 2026 [1][7]. The initiative arrives as Singapore’s IPO market shows recovery momentum, with 2025 recording 12-13 deals representing the highest total deal value since 2019 [3][4]. The broader Southeast Asian IPO landscape recorded 116 deals raising US$4.9 billion in 2025, with 27 companies listing in the US—an 80% increase from 2024—demonstrating strong regional appetite for US capital access [3][8].

Bankers and analysts caution that while the initiative addresses procedural barriers to dual listing, the combination of high valuation thresholds and SGX’s thin liquidity may limit take-up to a handful of qualified issuers in the near term [1]. The initiative’s medium-term success will depend on early deal flow outcomes, sustained liquidity improvement through the EQDP, and potential threshold adjustments if initial take-up proves disappointing.