Singapore’s bourse reported a 14% jump in yearly revenue to $1.17 billion, after the country rolled out a series of market reforms in 2025 aimed at revitalizing its sluggish stock market. The measures, which included tax rebates for newly-listed companies and a government-led injection of 1.5 billion Singapore dollars into the local equity market, have paid off.
The Singapore Exchange (SGX) saw a 24.6% increase in net profits in FY2026, and its 21 new IPO listings raised a total of $3.2 billion. The IPO reboot seems to have the greatest effect in year-over-year change: the six listings the year before raised just $20 million.
“We achieved a milestone year, delivering our highest ever full year revenue and earnings,” Daniel Koh, the CFO of SGX, said during a results briefing on Aug 6. “This strong performance was built on structural market changes and focused execution.”
At the heart of SGX’s refresh is a dual listing partnership with U.S. stock exchange Nasdaq, which allows companies to simultaneously raise capital on both exchanges using a single set of offering documents. The new platform, called the Global Listing Board (GLB), went live on June 29, after a bill establishing the framework for dual-listing arrangements was passed in Singapore’s parliament.
“The Global Listing Board is now operationally ready,” Pol de Win, SGX’s head of global sales and origination said during the results briefing. “A number of companies have started preparations to list on it, and we hope that translates into actual listings in the remainder of the year.”
So far, no firms have confirmed plans to list on the GLB, though data center operator DayOne and Singtel-backed Nxera were reportedly mulling over a dual IPO in the U.S. and Singapore. “The dual listing substantially reduces the friction for companies which want to access global capital,” Boon Chye Loh, SGX’s CEO, explained. “In particular, our focus is on high-growth companies with a nexus to Asia.”
Broad-based growth
Aside from looking to reignite investor activity, SGX has also worked to diversify its asset portfolio. Since FY2016, the bourse has deepened its push into fixed income, currencies and commodities, or FICC, on top of its traditional focus on derivatives and cash equities.
“We’ve launched five Asian government bond contracts; they’re fairly unique and we hope to grow them,” Michael Syn, SGX’s president, said during the results briefing, adding that the bourse was also getting “quite significantly sucked” into the Japanese interest rate market. “We launched 20-year Japanese Government Bonds and short-term Japanese interest rates, since Japan is back in a very large and idiosyncratic way.”
The Singapore Exchange is also expanding into what Syn describes as “physically-linked derivatives”.
As part of Singapore’s goal to become a gold trading hub, the SGX is looking to establish an over-the-counter gold clearing system for physical gold stored in the country. (The initiative, announced by Singaporean politician Gan Kim Yong during the Asia-Pacific Precious Metals Conference in June, is set to take effect by the end of the year.)
“It’s not just a futures contract in gold,” Syn explained. “We’re helping the Monetary Authority of Singapore and gold bullion providers create a complete, local ecosystem, which includes physical gold clearing, vaulting, as well as gold warrants, futures and derivatives.”
Ultimately, SGX’s CEO Loh was optimistic that the bourse would be able to capture new opportunities amid geopolitical and economic uncertainty. “Global investors are seeking cross-asset solutions and more efficient ways to manage their risk,” he concluded. “The deep and diverse liquidity across our franchise anchors them.”