Singapore's Parliament passed amendments to the Securities and Futures Act on Thursday, creating a framework for companies to dual-list on the Singapore Exchange (SGX) and Nasdaq with reduced paperwork.
The Global Listing Board (GLB) will launch mid-2026 as SGX's third equity board, targeting companies with a minimum market capitalization of S$2 billion. At least S$75 million or 15% of IPO proceeds must be raised in Singapore. MAS Deputy Chairman Chee Hong Tat stated the new law empowers the regulator to harmonize securities laws with foreign jurisdictions.
Several MPs voiced concerns about liquidity concentration on Nasdaq. MP Victor Lye warned: "If companies list here, but trading migrates overseas, Singapore captures the ceremony of listing, but not the economics of liquidity." MP Jamus Lim argued dual listings may cause Singapore's "already scarce liquidity" to leak abroad.
Chee acknowledged the risks but defended the strategy: "If you don't try, the probability of success is zero. If you try, it's not 100%, but at least we have a shot at it." He reported "healthy interest" from potential issuers.