The Economic Development Board’s investment arm, EDBI, will establish a Growth IPO Fund, that is starting with a fund size of $ million to invest in growth stage companies, grooming them for IPOs in Singapore. We are bringing down listing costs and improving the research ecosystem. MAS has enhanced its Grant for Equity Market Scheme (GEMS) to provide additional support for listings in Singapore. The GEMS listing grant defrays the cost of listing on SGX by co-funding up to $ million of listing expenses, an increase from $ million before. The coverage of the scheme will be expanded to defray the listing costs of special purpose acquisition companies (SPACs) and real estate investment trusts (REITs). The GEMS research grant seeks to groom equity research talent and expand Singapore’s research coverage of listed companies by co-funding the hiring costs of research analysts. We are expanding the listing pathways for corporates. SGX launched its framework for SPAC two months ago. Traditionally, IPOs can be a time-consuming process, and it can come with some uncertainty over valuations and pricing. 3/4  BIS central bankers' speeches  With good quality sponsors, SPACs can meet the expansion needs of Asia’s fast growing companies by letting them gain greater certainty on price and timing, as well as strategic partners that can help them grow further. We are positioning SGX as a platform for sustainable investments. There is much that capital markets can do to direct funding towards sustainable projects and corporates seeking to reduce their carbon footprint.

With tokenisation, assets can be fractionalised, allowing smaller investors to access investments that were once the domain of large institutional investors. Example: ADDX, a private market exchange backed by the Singapore Exchange, offers eligible investors access to a wide range of investments with just $ – from global names such as Partners Group’ private equity fund to homegrown private companies like XM Studios. Second, a comprehensive suite of solutions for investment risk management. Singapore’s foreign exchange market is the third largest in the world. Daily trading volume is more than $ billion. The deep FX market enables market participants to manage and hedge currency risks in their investments. Singapore is the premier derivatives hub in Asia, and the largest offshore market for Asian equity index derivatives. Corporates and investors can hedge their risks through a wide range of derivative products, across equities, FX, commodities, rates, and fixed income. Let me give two examples of how these derivative products play an important role in managing risks. SGX’s freight futures contracts have proven especially useful in helping companies manage their freight rate risks amid strains in global supply chains and volatility in shipping rates. As a commodities trading hub, Singapore’s deep derivatives market for materials such as iron ore provides global participants with the tools to manage risks as well as express their market views. Singapore’s strengths in technology are helping to make its risk management solutions even more accessible and efficient. Efforts are underway to use blockchain technology to enable a more streamlined and transparent market.