‘SGX, IMDA NEAR DEAL’
Bid to develop system designed to entice tech-related startups to list on bourse, says source
SINGAPORE
SINGAPORE Exchange Ltd (SGX) is nearing a deal with the city’s technology regulator to develop a system designed to encourage local startups to list on the bourse, according to people familiar with the matter.
Under the agreement, the bourse operator would help pair technology companies with investors with the aim of securing their listing in the city-state, said the people.
SGX and the Infocomm Media Development Authority (IMDA) were close to finalising the accord, said the people.
Stock exchanges around the world are competing for initial public offerings as the fight for global capital intensifies.
SGX’s tie-up with the regulator will deepen the exchange’s socalled sector approach with four industries, including technology, the focus of its listings strategy.
The move also comes as companies with Singapore roots including Razer Inc and Sea Ltd, Southeast Asia’s most valuable startup formerly known as Garena, are said to be considering listing in Hong Kong or the United States.
The deal with IMDA would allow the exchange operator to be engaged with tech-related firms earlier, said the people.
SGX would work with advisers from the securities industry to pair the firms with potential investors, they said.
Like Oyamada, successor Mike is a career insider, joining Mitsubishi Bank in 1979. He served as group head of MUFG’s global business group until this month. Reuters
The bourse in March signed separate agreements with a crowdfunding platform and PricewaterhouseCoopers LLP’s Venture Hub to facilitate capital access for startups.
IMDA oversees the technology, telecommunications and media sectors in Singapore. The regulator has been tasked with creating a globally competitive tech industry in the city by 2025.
Singapore was ranked first in the World Economic Forum’s Global Information Technology Report 2016. Bloomberg