EQDP Expands 30% to S$6.5B: What It Means for Singapore Equity?

Hi Mooers,

If you're tracking the Singapore market, here's what you need to know:

The Government has officially announced an additional injection of S$1.5 billion into the Equity Market Development Programme (EQDP), raising the total fund size from the original S$5 billion to S$6.5 billion. Singapore equities are set to receive another round of institutional backing.

This signals continued policy support to deepen liquidity in Singapore-listed equities—potentially with a stronger impact on quality mid- and small-cap names.

Why the Expansion?

According to disclosures from the Monetary Authority of Singapore (MAS), the expansion is driven by robust industry demand and a strategic push to deepen market liquidity:

1. Strong Institutional Interest: MAS notes that "the EQDP continues to attract strong interest and a robust pipeline of applications from asset managers". The initial tranche of S$3.95 billion in mandates has already been fully allocated to 9 top-tier asset managers.

2. Strategic Push to Deepen Market Liquidity: The increased capital will enable MAS to "fund more high-quality asset managers who employ strategies that invest significantly in Singapore equities," with the next batch expected to be appointed around mid-2026. The expansion aims to "catalyse more third-party investments into the equities market" and "support a well-functioning and vibrant Singapore equities market".

2026 Market Outlook: Building on Strong Momentum

Singapore equities saw a strong 2025, the $FTSE Singapore Straits Time Index (.STI.SG)$, $FTSE Straits Mid-Cap Index (.FSTM.SG)$, and $FTSE Straits Small Cap Index (.FSTS.SG)$ indices all posted solid gains. If institutional flows continue to build through EQDP, it could further support market liquidity and valuations.

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Beyond the S$1.5 billion EQDP expansion, Singapore's market outlook is supported by a structural safe-haven trend as global investors seek stability amid geopolitical uncertainty. The primary beneficiaries are mid and small-cap stocks with strong fundamentals but limited liquidity, which the EQDP specifically targets.

However, large liquid stocks including banks, REITs, and growth companies will also benefit, as fund managers can deploy capital across the entire market without index restrictions.

The EQDP isn't just short-term stimulus—it's positioning Singapore as a go-to destination for institutional capital seeking quality and stability in Asia.

New to EQDP? Learn about the mechanics & 9 fund managers: 👉S$5 Billion Boost! How the New EQDP Plans to Revive Singapore Equities Market

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Event Period: 14:30 Mar 3, 2026 - 23:59 - 23:59 Mar 27, 2026 (SGT)

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Source:
MAS. https://www.mas.gov.sg/news/media-releases/2026/mas-announces-expansion-of-equity-market-development-programme

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This presentation is strictly for informational and educational purposes and is not a recommendation or endorsement of any particular investment or investment strategy.

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