New $55m fund to supercharge Singapore's financial hub status

The Monetary Authority of Singapore (MAS) has announced its S$75m ($55m) Grant for Equity Market Singapore (GEMS) to boost the country's status as an enterprise financing hub


The Monetary Authority of Singapore (MAS), Singapore's central bank and financial regulatory body, has announced a new S$75m ($55m) grant, called the Grant for Equity Market Singapore (GEMS), with the intention to boost Singapore's status as an enterprise financing hub.

The GEMS grant scheme is Singapore's latest effort to boost the country's reputation as an enterprise financing hub. In November 2018, the MAS announced a $5bn private markets programme (PMP) to fund locally-based fund managers who invest in private enterprises or infrastructure projects.

In a statement, Ng Yao Loong, assistant managing director at MAS, said: "Singapore has been working to enhance our private and public markets so that domestic and international growth enterprises are able to access different types of capital best suited to their needs."

GEMS will be launched on February 14, funded under the Financial Sector Development Fund, and will be three-year initiative split into three components: Listing Grant; Research Talent Development Grant; and Research Initiatives Grant.

The Listing Grant will aim to enable enterprises pursuing a listing on the Singapore Exchange (SGX) by defraying part of their Initial Public Offering (IPO) costs. The Research Talent Development Grant will aim to support Singapore's research coverage of enterprises by training equity research talent. Lastly, the Research Initiatives Grant will be launched to support crowd-sourced initiatives to propel the development of Singapore's equity research ecosystem.

Chew Sutat, head of equities and fixed Income at SGX, said: "The latest grants by MAS are timely amid evolving global equity capital market trends and opportunities."

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