‘SGX, IMDA NEAR DEAL’

Bid to de­velop sys­tem de­signed to en­tice tech-re­lated star­tups to list on bourse, says source

New Straits Times - - Business -

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

BLOOMBERG PIC

Sin­ga­pore Ex­change’s tie-up with the In­fo­comm Me­dia De­vel­op­ment Author­ity will deepen its sec­tor ap­proach with four in­dus­tries, in­clud­ing tech­nol­ogy, the fo­cus of its list­ings strat­egy.

REUTERS PIC

Takashi Oya­mada took over as pres­i­dent and chief ex­ec­u­tive of­fi­cer of Bank of Toky­oMit­subishi UFJ in April last year

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