SGX Group and Nasdaq Forge Landmark Partnership for Global Listing Board

In a significant move set to reshape the landscape of dual listings, SGX Group (Singapore Exchange) and Nasdaq, Inc. (Nasdaq: NDAQ) announced a groundbreaking partnership on November 19, 2025. This collaboration aims to simplify the process of dual listings in both the United States and Singapore, providing companies with a market capitalization of S$2 billion and above unprecedented access to global capital, investors, and liquidity.

The Global Listing Board is scheduled to go live around mid-2026, marking a new chapter in cross-border capital formation. This initiative promises to create a more transparent and efficient environment that bridges the two major financial markets.

The proposed Global Listing Board is designed to ease the complexities associated with dual listings on Nasdaq and SGX. By reducing friction and cutting costs, this platform will enable companies to navigate regulatory obligations with greater ease. A notable feature of this initiative is the introduction of a single set of offering documents and a simplified review process, which will significantly enhance the fundraising experience across the Pacific Ocean.

Institutional asset owners and managers in Singapore have expressed enthusiastic support for this new platform. The alignment of market liquidity and regulatory frameworks is expected to facilitate growth for a diverse range of companies—from innovative start-ups to well-established industry leaders—looking to expand efficiently into both the U.S. and Singapore markets.

The Global Listing Board aligns with the efforts of the Singapore Government’s Equities Market Review Group, which is dedicated to enhancing the attractiveness of Singapore’s stock market for companies seeking to list and raise growth capital. This initiative is part of a broader strategy that includes measures such as the Anchor Fund @ 651, aimed at supporting promising high-growth companies in their public fundraising efforts.

The proposed regulatory framework will establish prospectus disclosure requirements in Singapore that are comparable to those in the U.S. This alignment will allow for the adoption of a single set of offering documents for dual listings, subject to the finalisation of implementation details and necessary regulatory approvals.

Loh Boon Chye, Chief Executive Officer of SGX Group, remarked, “The whole-of-ecosystem support has been a key driver in turning this vision into reality. For issuers, the proposition is clear: access to U.S. market depth and Asian growth in a streamlined pathway.” He emphasized the aim to attract quality growth-oriented companies that seek to broaden their investor base while maintaining their roots.

Adena Friedman, Chair and CEO of Nasdaq, highlighted the long-standing partnership between SGX and Nasdaq, stating, “In a world of increasing complexity and sometimes fragmenting markets, this initiative demonstrates that cooperation, smart regulation, and shared standards can create opportunity at scale that benefits both global and regional economies.”

Chee Hong Tat, Minister for National Development and Chair of the Equities Market Review Group, noted that the dual listing bridge would consolidate the strengths of SGX and Nasdaq, helping to anchor dynamic companies in Asia and attract liquidity around these listings.

Rohit Sipahimalani, Chief Investment Officer of Temasek, welcomed the initiative, stating, “As a long-term global investor, we welcome efforts that deepen market connectivity and broaden access to capital.” He emphasized the importance of high standards of governance and disclosure in maintaining investor trust as the framework evolves.

The partnership between SGX Group and Nasdaq to introduce the Global Listing Board represents a pivotal development in the financial markets of Singapore and the United States. By simplifying the dual listing process, this initiative is set to unlock new opportunities for growth companies and facilitate deeper market connectivity, ultimately enhancing access to global capital. As the scheduled launch date in mid-2026 approaches, further details will be released to provide clarity on implementation processes and regulatory frameworks, paving the way for a transformative era in cross-border capital raising.