Can Singapore ever build a proper stock market?

Singapore is using tax rebates, looser listing rules, research subsidies and a S$6.5bn co-investment programme to revive a stock market long bypassed by local champions such as Sea. Since 2024 the Straits Times index is up around 75%, daily trading volume has risen by more than half since the programme began and roughly 50 firms are reportedly preparing listings. The real step-change could come in 2028 if Singapore’s $500bn pension system channels savings into lifecycle products and local equities, but recent IPO performance remains weak.