One Filing, Dual Listings: Singapore Exchange and Nasdaq Partner to Launch "Global Listing Board"

To boost its appeal to top-tier regional tech firms, Singapore has introduced a policy allowing companies to submit just one set of documents for simultaneous listings on the Singapore Exchange (SGX) and Nasdaq in the U.S.

 

According to an announcement from SGX and Nasdaq released Wednesday evening, SGX will roll out the "Global Listing Board" in mid-2026. It offers a unified and simplified "Trans-Pacific Financing Framework" for companies with a market capitalization of at least S$2 billion.

 

(Source: SGX Group)

 

In essence, qualifying companies will need only one filing to meet the regulatory requirements of both exchanges.

 

The new framework and Global Listing Board target a clear audience: high-growth firms with Asian roots seeking global reach. Nasdaq CEO Adena Friedman called this dual-listing bridge "the first of its kind," adding that it's "very exciting for companies with an Asian footprint that want global exposure and a singular regulatory experience."

 

SGX Group CEO Loh Boon Chye echoed the benefits for investors, noting the advantages of cross-time-zone listings: "You can almost have round-the-clock price discovery... Given current volatility, this enables 24-hour risk management for investors, while offering choices in USD or SGD denominations."

Market Liquidity Remains a Concern

The push for this new framework comes as Singapore, a key Asian financial hub, grapples with challenges in developing its securities market.

 

Liquidity shortages have driven several Singapore-headquartered tech firms—like ride-hailing giant Grab and "Southeast Asia's Tencent" Sea Limited—to opt for direct U.S. listings. Meanwhile, established local names such as massage chair maker OSIM and logistics operator GLP have delisted from the local bourse in recent years.

 

LESG data shows that as of early November, SGX's main board has seen just five IPOs this year—the best performance in recent times—but it pales in comparison to regional rival Hong Kong Exchanges.

 

Singapore's Monetary Authority (MAS) noted that local stock market daily turnover hit S$1.53 billion in Q3—the highest since Q1 2021.

 

Alongside the new cross-border listing channel, MAS unveiled a "Value Unlock" initiative to sharpen the edge of Singapore's equity market. As the city-state's central bank, MAS also committed S$2.85 billion to six asset managers to grow the fund industry and draw in more investor participation.