S$5 Billion Equity Market Development Programme (EQDP) Launched by MAS and FSDF
New initiative targets growth of Singapore-listed equities, with focus on small and mid-caps
On 21 February 2025, the Monetary Authority of Singapore (MAS) and the Financial Sector Development Fund (FSDF) launched the S$5 billion Equity Market Development Programme (EQDP) to deepen liquidity and broaden investor participation in Singapore’s equity market.
Under the EQDP, MAS will allocate capital to strategies managed by Singapore-based asset managers with a strong focus on locally listed equities, particularly small and mid-cap stocks. The initiative seeks to enhance the local asset management and research ecosystem while increasing investor interest beyond large-cap names.
MAS will partner with managers who have a proven track record, robust investment capabilities, and a commitment to strengthening Singapore’s investment and research talent pool. Eligible strategies must:
- Be fully or substantially invested in Singapore public equities (with a preference for small and mid-caps),
- Be actively managed, and
- Demonstrate potential to attract commercial capital beyond EQDP seed funding.
Both existing and newly launched strategies are eligible for consideration. Interested asset managers may contact MAS at EQDP@mas.gov.sg.
The first round of appointments was announced on 21 July 2025, with S$1.1 billion (US$856 million) allocated to selected managers. Further applications are under review.
